Adams Street raises over $5B for secondaries, closes Fund 8 at $2.7B
What's the deal? Adams Street Partners has raised more than $5 billion for its latest Secondaries Investment Program, including a $2.7 billion close of Global Secondary Fund 8. The firm, which manages $73 billion in assets, drew commitments from new and existing institutional investors globally.
Why now? The raise is roughly 50% larger than the firm's previous secondaries program, landing as the secondary market hits record scale. EvercoreDealroom has a profile for this one. Try Dealroom → estimates total secondary deal volume reached about $226 billion in 2025, topping $200 billion for the first time.
What's the endgame? Adams Street says the backdrop supports a targeted strategy focused on the most attractive secondary opportunities worldwide. The market is expanding across both LP-led and GP-led transactions, widening the opportunity set.
"Rising transaction volumes highlight the growing role of secondaries as a liquidity and portfolio management tool for private markets participants," said Jeff Akers, partner and head of secondary investments.
The signal: Secondaries — once a niche corner of private markets — have become a mainstream liquidity mechanism as exits stay slow and investors seek to rebalance portfolios. As volumes cross $200 billion, capital is consolidating with managers that have the reach and underwriting depth to compete for deals.
Read more: Morningstar
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