Adams Street launches $364M evergreen venture fund for wealthy clients
What's the deal? Adams Street Partners has launched the Adams Street Venture & Growth Fund (AVNGR)Dealroom has a profile for this one. Try Dealroom →, a $363.5 million evergreen venture capital vehicle funded by anchor investors. The fund will be broadly available from December 1, 2026, across all major custodian platforms.
Who can invest? AVNGR targets qualified clients — eligible investors as defined under the Investment Advisers Act of 1940 — rather than only large institutions. It offers monthly subscriptions with all capital funded up front and no capital calls, plus quarterly repurchase offers for periodic liquidity.
What's the endgame? The closed-end, perpetual-term fund seeks long-term capital appreciation by investing in growing companies globally, primarily through secondaries and venture growth co-investments. It draws on Adams Street's venture platform and its relationships with general partners to build multi-strategy, multi-stage portfolios.
Why now? The firm argues more company value is being created in private markets. "We see a backdrop for investing in innovative companies as more of their growth and value creation occurs in private markets," said Mike Lucarelli, partner, wealth management at Adams Street.
By the numbers: Adams Street manages $76 billion in assets across 15 offices and has more than five decades of venture investing experience. The firm is 100% employee-owned.
The signal: Evergreen structures are becoming a favoured route for bringing private markets to individual investors. By removing capital calls and offering regular liquidity windows, Adams Street is packaging institutional-grade venture access into a format aimed at wealth advisors and their clients.
Read more: business.thepilotnews.com
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