Adams Street Partners is a global investment firm headquartered in the U.S., widely recognized as one of the largest and most experienced fund-of-funds platforms in the world. With $62 billion in assets under management, the firm has a long history of backing top-tier venture capital funds across global markets. In 2025, Adams Street launched its first dedicated European venture fund to formalize and scale its 20+ years of investing in the region. The Europe Fund is spearheaded by Partner Ross Morrison and aims to support the next generation of fund managers and startups across the continent.
The Adams Street Europe Fund primarily invests in European VC funds, with up to 30% of its capital reserved for secondaries and direct co-investments in startups.
The fund is designed to build a diversified exposure to approximately 400 early-stage companies over the next two to three years through partnerships with 10 to 20 general partners (GPs).
Adams Street favors generalist GPs with strong track records and institutional pedigree, whether from large full-stack firms or small, emerging solo GPs. The firm places high value on ownership discipline, execution focus, and the ability to back exceptional founders without being confined by overly narrow sector themes.
In May 2025, Adams Street Partners closed its debut European venture fund with over €270 million in capital commitments, significantly exceeding its original €200 million target.
The fund attracted interest from a diverse mix of limited partners, including British Business Investments (under the British Business Bank), other UK and European institutions, and investors from Asia.
The rapid fundraising reflects both confidence in Adams Street’s model and growing global interest in the European venture landscape.
As of mid-2025, the fund has already deployed more than 50% of its capital, including five confirmed fund commitments and several co-investment opportunities in closing.
Over the next decade, the firm aims to back multiple funds per GP where appropriate, focusing on consistency, long-term alignment, and exposure to the continent’s highest-performing founders through their early backers.
Leadership
Adams Street is known for its rigorous manager selection process, backing fewer than 2% of funds it evaluates.
The firm’s philosophy, as expressed by Ross Morrison, is centered on “venture math”, prioritizing entry point, ownership, and a repeatable investment model. Adams Street is comfortable backing a range of fund sizes and structures but looks for GPs with operational excellence, exposure to world-class companies, and proven sourcing and selection acumen.
While the firm prefers generalist strategies, many of its favored managers have deep domain knowledge in areas such as enterprise or consumer tech.
The firm views Europe as entering a golden age of company creation, with the maturity of its startup ecosystem now comparable to the U.S. Adams Street’s presence and experience in navigating multiple market cycles make it a steady, long-term partner in an increasingly complex and dynamic European VC landscape.
Notable Investments
While Adams Street does not disclose its full portfolio, PitchBook data indicates that the firm has backed funds from Accel, Index Ventures (where Morrison serves on the advisory board), and Balderton Capital.
These partnerships give the firm exposure to many of Europe’s most successful startups through its underlying fund managers.
