Adams Street Launches ASPEN Lux, a Luxembourg-Domiciled Evergreen Private Equity Fund

Unlocking Broader Access to Private Markets to Eligible Wealth Investors

• The Fund offers diversified global private equity exposure, which will pursue a similar strategy to the ASPEN Program’s¹ well-established US-domiciled vehicle
• ASPEN Lux targets diversified small- and mid-market companies, emphasizing technology and healthcare sectors through both direct and indirect investments
• The Fund seeks to offer access to growing, innovative portfolio companies not available in the public markets

LONDON--(BUSINESS WIRE)--Adams Street Partners, a leading private markets investment management firm with more than $65 billion in assets under management (“Adams Street”), today announced the launch of the Adams Street Private Equity Global Fund (“ASPEN Lux” or the “Fund”), a Luxembourg-domiciled, open-ended evergreen vehicle designed to provide professional and eligible investors² outside the United States with institutional-quality private equity opportunities.

ASPEN Lux follows the well-established portfolio construction principles, sector exposures, and investment objectives as the ASPEN Program’s US-domiciled vehicle. The Fund offers access to a globally diversified portfolio with a primary focus on small- and mid-market buyouts. It targets market segments experiencing structural, durable growth, with a strong emphasis on the technology and healthcare sectors.

ASPEN Lux features monthly subscriptions and quarterly liquidity subject to availability (not guaranteed and subject to restrictions),³ which is designed to give qualified investors access to a more flexible structure that supports ongoing capital deployment and efficient capital recycling.

The Fund is initially available in EUR-, GBP-, and USD-denominated share classes and is intended for distribution in select jurisdictions outside the United States. The minimum initial subscription is EUR 100,000, GBP 100,000, or USD 100,000 (subject to country-specific regulations).⁴

Jeffrey Diehl, Managing Partner & Head of Investments, added: “ASPEN Lux represents the continued evolution of our evergreen solutions, enabling qualified investors across Europe, the UK, and Asia to participate in our global private equity platform. As an employee-owned firm, we are well-aligned with our clients’ long-term interests, and ASPEN Lux reflects our commitment to broadening access to high-conviction, diversified private equity strategies.”

Jim Walker, Partner & Global Head of Wealth at Adams Street, commented: “Global investors are seeking solutions that offer the potential for long-term capital appreciation, along with transparency, alignment, and access to the same high-quality private equity opportunities as institutional investors. ASPEN Lux extends this opportunity to non-US investors, combining the benefits of a regulated evergreen vehicle with Adams Street’s decades of investment expertise.”

For more information about the Fund, visit aspen-lux.evergreen-funds.adamsstreetpartners.com

About Adams Street Partners
Adams Street is a global investment firm managing a comprehensive suite of private markets investment solutions. The firm provides private equity and private credit strategies to institutional investors, growth capital to innovative companies, and evergreen funds that offer access to multiple strategies through a single, investor-friendly commitment. The firm also supports wealth advisors with private markets solutions structured to be more flexible and accessible than traditional closed-end funds. With over 50 years of experience, Adams Street leverages deep market insights, global relationships, and proprietary data as it seeks to help investors achieve long-term investment goals. The firm is 100% employee-owned, manages $65 billion in assets, and operates out of 15 offices globally. Visit www.adamsstreetpartners.com

1. Please refer to “Important Information – ASPEN Program” below for a detailed description of the ASPEN Program.
2. Eligibility criteria is country dependent and subject to local national law.
3. The Fund expects to make offers to repurchase shares from shareholders on a quarterly basis (subject to board approval). It is anticipated that under normal circumstances, the Fund will conduct repurchases of up to 5% of the Fund’s NAV each quarter. Redemptions are not guaranteed and there can be no guarantee that shares will ultimately be repurchased in the amount, or on the schedule described herein. In addition, redemption rights may be suspended in exceptional circumstances, as described in the Fund’s prospectus.
4. ASPEN Lux may, in the discretion of its investment adviser, aggregate the accounts of clients of financial intermediaries for purposes of determining satisfaction of minimum investment amounts or otherwise reduce the investment minimum amounts for certain investors.

Important Disclosure Information
This is a marketing communication. This communication has been prepared and issued by Adams Street (Europe) GmbH.

An investment in the Fund involves subscribing to shares of a collective investment and not of a given underlying asset.

This communication is presented for informational purposes only. This communication does not constitute a solicitation or offer by Adams Street Partners, LLC, Adams Street Advisors, LLC. or their affiliates to buy or sell any securities of any kind or provide any investment advice or service.

The information provided herein should not be construed in any way as tax, capital, accounting, legal or regulatory advice. Investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision. Opinions expressed are subject to change at any time and are not guaranteed and should not be considered investment advice.

Important Information — ASPEN Program
The “ASPEN Program” is an investment program consisting of multiple Adams Street managed funds that pursue a common investment strategy and are advised by a shared group of investment professionals. Each ASPEN Program fund uses “ASPEN” as part of its trade name; the term “ASPEN Lux” as used herein refers solely to Adams Street SICAV SA - Adams Street Private Equity Global. In no case should such reference be read to refer to any other fund or investment vehicle managed by Adams Street (including other funds or investment vehicles within the ASPEN Program). Each vehicle within the ASPEN Program is a distinct and independent investment fund that operates separately from, and is not legally, economically, or operationally correlated with, the other funds or investment vehicles within the ASPEN Program. The structure, performance, portfolio composition, risk profile, and investment results, among other features, of each vehicle within the ASPEN Program are entirely independent and should not be interpreted as indicative of, comparable to, or derived from, any other ASPEN Program fund. Each vehicle may have specific jurisdictions in which it may be offered; no references contained herein to a vehicle should be construed as an offer of such vehicle in jurisdictions where Adams Street has not received authorization to offer such product or where it would otherwise not be permissible to market such product to an investor. ASPEN Lux is currently the only product part of the ASPEN Program authorized for marketing in the EEA/UK.

Each fund is governed by the terms of its final offering and organizational documents, and there are numerous differences between the funds established within the ASPEN Program including, but not limited to, the funds’ inception date, the amount of assets under management, portfolio holdings, investment restrictions, investor eligibility, distribution policy, fee structure, liquidity structure, tax considerations, and currency denomination. Additionally, there may be differences in the named portfolio managers but such individuals will generally still represent the same Adams Street teams and investment strategies. Such differences can result in substantial deviations in the track record and future performance of investment funds or vehicles within the Investment Program. Accordingly, any reference to “ASPEN” or the “ASPEN Program” should not be construed as implying a shared performance history, investment exposure, or investor outcomes across vehicles within the ASPEN Program. As a result of such differences, prospective investors (i) should ensure they understand which prospective vehicle they are reviewing, including the composition of the portfolio and associated past performance (which is not necessarily indicative of future results); (ii) acknowledge and accept that an investment in one ASPEN Program fund is not an investment in any other ASPEN Program fund and provides no exposure to the portfolio or performance of such other fund; and (iii) are advised to carefully review the relevant fund’s prospectus and other offering documents, including in coordination with their financial, tax, legal or other advisors, before deciding to invest.

Important Information – Risk Disclosures
Prospective investors should carefully read the “Risk Factors” described in the dedicated section of the prospectus of Adams Street SICAV SA (and the supplement therein pertaining to the Fund) (together, the “Prospectus”) and Key Information Document (KID) of the Fund before taking an investment decision. Prospective investors must rely on their own examination of the Prospectus and the terms of the offering, including the merits and risks involved. Investors should not consider the information herein as legal, tax, investment or accounting advice.

An investment in ASPEN Lux involves a high degree of risk that can result in substantial losses and is suitable only for investors for whom an investment in ASPEN Lux does not represent a complete investment program and who have the financial ability and sophistication to fully understand and are capable of bearing the risks of an investment in ASPEN Lux.

Potential investors should not invest unless they can readily bear the consequences of partial or total loss of capital. Investors should carefully review the risk factors described in the Prospectus before making an investment in ASPEN Lux.

The below summary is not a complete list of the risks, tax considerations and other important disclosures involved in investing in the Fund and is subject to the more complete disclosures in ASPEN Lux’s offering documents. Investors are invited to carefully review the Prospectus and other offering documents before making any final investment decisions.

Liquidity Risk – Whilst ASPEN Lux will offer potential investors the opportunity to redeem on a quarterly basis, investors should note that the majority of ASPEN Lux’s investments are fundamentally illiquid and therefore an investment into ASPEN Lux should be considered an illiquid investment, with no guarantee that investors will receive 100% of their redemption requests in any given quarter. Whilst ASPEN Lux is structured with limited liquidity, investors should note that an investment into ASPEN Lux is recommended as a long -term hold, and we suggest a minimum holding period of at least 5 years (but ideally 10 years or longer) in order to fully experience the liquidity risk premium associated with incorporating private equity into a portfolio allocation. Your ability to redeem interests will be limited and subject to certain restrictions and conditions under the Prospectus. Redemptions across the Fund are generally limited to 5% of aggregate NAV per calendar quarter. No secondary public market for the sale of the interests exists, nor is one likely to develop. In addition, your interests will not be freely transferable. Investment in ASPEN Lux requires a long-term commitment, with no certainty of return. ASPEN Lux’s Investments are expected to be predominantly illiquid and there can be no assurance that ASPEN Lux will be able to generate returns for investors, that the returns will be commensurate with the risks of investing in the type of transactions and issuers.

Potential loss of investment – No guarantee or representation is made that the investment program used by Adams Street Partners will be successful. An investment in the Fund is not suitable for all investors. An investor could lose all or a substantial portion of his/her/its investment. Accordingly, investors should understand that past performance is not indicative of future results. Private funds typically represent that their returns have a low correlation to the major market indices. Investors should be aware that private equity funds may incur losses both when major indices are rising and falling.

Use of derivatives – The Fund may be subject to risks related to hedging and risks related to hedging and derivative transactions. Derivative instruments may increase losses.

Use of leverage – The Fund may utilize leverage. The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavorable as well as favorable, in the value of that investment and, in turn, the value of the Fund.

Valuations – The net asset value of the Fund may be determined by its administrator in consultation with its manager or adviser, or based on information from the manager(s) of the underlying fund(s). Certain portfolio assets may be illiquid and without a readily ascertainable market value and accuracy of valuations of other managers may be difficult to verify. Since the value assigned to portfolio securities affects a manager’s or adviser’s compensation, the manager’s or adviser’s involvement in the valuation process creates a potential conflict of interest. The value assigned to such securities may differ substantially from the value the Fund is able to realize. Instances of mispriced portfolios, due to fraud or negligence, have occurred in the industry.

Fees, expenses and performance fees – Management fees and performance fees of the Fund will reduce any profits generated by its investments. Funds may be subject to substantial charges for management, advisory and other fees. Please refer to the Prospectus for a more complete description of risks and a comprehensive description of each expense to be charged the Fund. Currency fluctuations may also have an adverse effect on the costs of the Fund which may increase or decrease as a result of changes in exchange rates.

Availability of suitable investments; limited number of investments; track record – The Fund has not yet commenced operations and therefore has no operating history upon which prospective investors may evaluate its performance. Further, the Fund will compete for investments with third parties, including other financial managers, investment funds, pension funds, corporations, endowments and foundations, wealthy individuals and family offices, among many others. The Fund competes for limited capacity in such investments. There can be no assurance that the Fund will be able to locate and complete suitable investments, or that such investments will be successful. The Fund may make a limited number of investments and, as a consequence, the aggregate return of the Fund may be adversely affected by the unfavorable performance of even a single investment.

Reliance on key persons – The success of the Fund will depend, in large part, upon the skill and expertise of certain Adams Street Partners professionals. In the event of the death, disability or departure of any of the key Adams Street Partners professionals, the business and the performance of the Fund may be adversely affected.

Target Allocations – There can be no assurance that the Fund will achieve its objectives. Allocation strategies and targets depend on a variety of factors, including prevailing market conditions and investment availability. There is no guarantee that such strategies and targets will be achieved and any particular investment may not meet the target criteria.

Market and economic risks – The Fund and its portfolio companies may be materially affected by market, economic and political conditions globally and in the jurisdictions and sectors in which they invest or operate, including factors affecting interest rates, the availability of credit, currency exchange rates and trade barriers. Local, regional, or global events such as war (e.g., Russia/Ukraine), acts of terrorism, public health issues like pandemics or epidemics (e.g., COVID-19), or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession in the U.S. and global economies and have a significant impact on the Fund and its investments.

Tax risks – Investment in the Fund may have tax consequences for the investors and investors should seek appropriate advice on the tax consequences for them of an investment in the Fund.