Chicago-based investment manager Adams Street Partners has closed its latest annual fund-of-funds at $820 million, 25% smaller than the 2022 programme that had gathered $1.1 billion in commitments.

Similar to previous years, Adams Street 2023 Global Fund Program targets primaries, secondaries, co-investments, growth equity, and private credit, across North America, Europe, and Asia, according to a statement on Wednesday.

The programme, which started in 1996, aims to outperform public equity markets by 3-5%.

Backers of the new fund include new and existing investors across public, corporate and Taft-Hartley pension plans, high-net-worth individuals, insurance companies, foundations, and endowments.

“Our fundamental approach is to partner with top-tier general partners and business owners to drive returns for our clients. We focus on seeking exposure to companies that drive value by growing market share and revenue, without depending on excess leverage,” said Miguel Gonzalo, partner & head of investment strategy and risk management at Adams Street. 

“This strategy has proven to be highly attractive and resilient, particularly in recent years, amid market volatility due to the pandemic and increasing interest rates.”

Adams Street currently manages $58 billion in assets with offices in the US, the UK, Germany, Australia, China, Korea, Singapore, and Japan.