Adams Street Partners, LLC, a private markets investment management firm with more than US$76 billion in assets under management, announced on October 13, 2026 the launch of the Adams Street Venture & Growth Fund, also known as AVNGR. The new closed-end, perpetual-term tender offer fund is designed to give qualified clients evergreen access to venture capital opportunities. AVNGR launches with US$363.5 million in net assets funded by anchor investors and will be broadly available beginning December 1, 2026.
Fund Structure and Accessibility
AVNGR is structured as a closed-end, perpetual-term tender offer fund that offers monthly subscriptions with all capital funded up front and no capital calls. The Fund intends to provide periodic liquidity through quarterly repurchase offers, giving qualified clients a streamlined way to access private companies. It will be available on all major custodian platforms and is designed for investors seeking evergreen exposure to venture capital.
Investment Strategy and Focus
The Fund seeks long-term capital appreciation through investments in innovative and growing companies globally. It primarily invests in secondaries and venture growth co-investments, providing exposure to companies in the venture and growth stages of development. AVNGR constructs multi-strategy and multi-stage portfolios through a coordinated cross-team process that draws on Adams Street's broad relationships with general partners and its global venture and growth platform.
Decades of Venture Capital Expertise
Adams Street has more than five decades of venture capital investing experience and has built an established global venture and growth platform across multiple market cycles. This platform spans primary fund investments, secondaries, and venture growth co-investments, providing a broad foundation for AVNGR's strategy. The Fund leverages this infrastructure and the firm's long-standing relationships with general partners to identify opportunities and construct diversified portfolios.
Leadership Commentary
Mike Lucarelli, Partner, Wealth Management at Adams Street, noted that venture investing has been core to the firm's platform for decades. He said AVNGR brings that experience to qualified clients through an evergreen structure that streamlines access to venture and growth opportunities. Lucarelli also highlighted a favorable backdrop for investing in innovative companies as more of their growth and value creation occurs in private markets.
Regulatory and Eligibility Details
AVNGR is registered under the Investment Company Act of 1940 and is available to eligible investors that are qualified clients, as defined under Rule 205-3 of the Investment Advisers Act of 1940. The Fund's regulatory structure supports its monthly subscription and quarterly repurchase offer framework while maintaining a perpetual-term format. Investors should consult with their financial advisor to determine whether the Fund is appropriate for their portfolio.
Availability and Next Steps
The Fund launches with net assets of US$363.5 million funded by anchor investors. It will become broadly available beginning December 1, 2026, and will be accessible on all major custodian platforms, giving eligible qualified clients a streamlined entry point. Interested investors should work with their financial advisor to evaluate whether AVNGR fits their portfolio objectives and risk tolerance.
The launch of AVNGR represents a significant expansion of evergreen venture capital access for qualified clients. With a perpetual-term tender offer structure, monthly subscriptions, and quarterly repurchase offers, the Fund aims to simplify private market participation while drawing on Adams Street's decades of experience across primary fund investments, secondaries, and venture growth co-investments. Its initial US$363.5 million in net assets and broad December 1, 2026 availability position it as a notable addition to the private wealth investment landscape.