Adams Street launches a $363.5 million evergreen venture fund, AVNGR, opening to qualified clients on 1 December 2026. The closed-end, perpetual-term tender offer fund operates under the US Investment Company Act of 1940. Investors may subscribe monthly, paying all capital upfront instead of through capital calls.
The adviser plans quarterly repurchases of up to 2.5% of outstanding shares at net asset value, subject to board approval and pro-rata scaling if oversubscribed. The fund primarily invests in secondaries and venture growth co-investments targeting fast-growing private companies worldwide. Co-investments focus on venture and growth deals, with smaller exposure to buyouts and recapitalisations.
Mike Lucarelli, partner for wealth management at Adams Street, emphasized the backdrop of value creation in private markets. Evergreen structures avoid the capital calls and decade-long lock-ups of traditional closed-end funds, making them the main vehicle for selling private assets to the wealth channel. Secondaries and co-investments deploy capital faster than new fund commitments.
The platform leverages Adams Street's relationships with general partners to build diversified portfolios across strategies and stages.
Source: PE Insights · Summarized by HeadlinesBriefing