Adams Street Partners has closed its private credit platform, including its third private credit fund, Private Credit III, with $7.5bn (£5.6bn) in committed capital, including leverage.
The firm said its private credit program has attracted strong demand from both new and existing institutional investors globally, with approximately 40 per cent of commitments coming from investors outside the United States.
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Adams Street’s private credit platform has been continuing to expand its presence in Europe alongside its established North American business in a bid to build a scaled, global direct lending platform. Its private credit team focuses on providing senior financing to sponsor-backed middle-market companies.
With the close of the third private credit platform, Adams Street’s total private credit strategy assets have grown to $15bn, making it the firm’s second-largest investment strategy and reflecting significant growth since the program’s inception in 2016.
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“We are extremely pleased with the continued support for Adams Street’s Private Credit Program,” said Bill Sacher, partner and head of private credit at Adams Street.
“In our view, this successful fundraise is reflective of the quality of our portfolio and our investors’ confidence in our ability to protect capital as we seek to deliver consistent performance, in part by leveraging the full Adams Street platform which has helped us to access many high-quality opportunities and apply differentiated underwriting insight.”
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