This "first-ever" evergreen vehicle of the like, designed to target secondary investments in US-focused buyout funds, was eyeing a $100 million debut on the NYSE.
The new Class A shares will carry a 3.5% maximum upfront sales charge and a $25,000 minimum investment.
The recently registered tender offer fund will invest in venture capital and growth opportunities across LP-led secondaries, direct secondaries, continuation vehicles, and co-investments.
Adams Street Venture & Growth Fund will target private companies in the early and growth stage through secondaries and co-investments.
The SEC application follows similar relief granted to ARK Venture Fund last month and could give investors additional liquidity outside scheduled repurchase offers.
ARK has outlined plans to list Class X shares on the Texas Stock Exchange under ARKV and offer a separate tokenized class, providing investors with additional liquidity options.
We dive into FLEX, outlining the performance, portfolio composition, and other details of the secondaries-focused tender offer fund, leveraging EvergreenLink Data.
We highlight key aspects of the newly registered tender-offer fund, which will target both LP-led and GP-led secondaries.
As of March, secondaries accounted for 48.2% of the tender offer fund's portfolio, according to EvergreenLink Data.
The newly registered tender offer fund will primarily target mid- to late-stage private tech companies through primary and secondary investments.
