Adams Street Launches $363.5M Evergreen Venture Fund

Adams Street Partners has launched the Adams Street Venture & Growth Fund (AVNGR), a closed-end, perpetual-term tender offer fund designed to give qualified clients evergreen access to venture capital.

The fund launches with $363.5 million in net assets from anchor investors and will be broadly available starting Dec. 1 on all major custodian platforms.

AVNGR seeks long-term capital appreciation by investing in innovative, growing companies globally, primarily through secondaries and venture growth co-investments. The fund offers monthly subscriptions with all capital invested up front, so investors face no capital calls. It plans to offer periodic liquidity through quarterly repurchase offers.

“Venture investing has been core to Adams Street’s platform for decades,” said Mike Lucarelli, partner, wealth management at Adams Street. “AVNGR brings that experience to qualified clients through an evergreen structure that streamlines access to venture and growth opportunities.”

The launch extends a steady build-out of the Chicago-based firm’s wealth offerings. In September 2025, Adams Street launched the Adams Street Private Equity Navigator Fund, or ASPEN, a perpetual evergreen vehicle for individual investors and financial advisors. In January, it followed with ASPEN Lux, a Luxembourg-domiciled evergreen fund for qualified investors in Europe, the U.K. and Asia. As of mid-2025, the firm managed over $2 billion in global evergreen assets across four evergreen products.

Founded more than 50 years ago, Adams Street is employee-owned and manages more than $65 billion in assets across private equity, private credit, growth capital and private markets solutions.