SURS Smitten By Adams Street Partners

Nov 14 2007 | 10:07am ET

The $16 billion State Universities Retirement System of Illinois is committing $100 million to the Adams Street Partners 2008 Global Offering Program, a private equity fund of funds. 

The Global Offering will be structured to combine three separate private equity funds, the U.S. fund, the non-U.S. fund and the direct fund into one offering, according to an internal memo. The new vehicle will invest in a portfolio of private equity partnerships diversified by time, manager and subclass such as venture capital, buyout, mezzanine/subordinated debt, restructuring/distressed debt and special situations. Typically, commitments will be invested over a three to four year period.

Over the years, SURS has invested over $1 billion in several Adams Street Partners funds. Of this amount, $920 million has been distributed back to SURS and as of March 31 the market value of its investments in Adams Street Partners was $500 million.

“Investment performance with Adams Street Partners has been excellent for SURS. The inception-to-date internal rate of return, net of fees, for the relationship is 27.5%,” according to the memo.

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