Adams Street Partners has raised $7.5bn for its third private credit fund, more than doubling the size of its previous vehicle and reinforcing institutional appetite for the asset class.

The fundraise brings the firm’s total private credit platform to approximately $15bn, positioning Adams Street among a growing group of managers scaling direct lending strategies despite broader market volatility.

The vehicle focuses on senior loans to private equity-backed middle-market companies, a segment that continues to attract capital due to its risk-adjusted return profile and alignment with sponsor-led deal flow.

The fundraising process took place over the past year during a period marked by geopolitical tensions, tariff uncertainty, and market dislocation in sectors such as technology. Despite these conditions, the fund reached its target, highlighting a divergence between institutional and retail investor sentiment.

Bill Sacher, Head of Private Credit at Adams Street, said, “In our view, this successful fundraise is reflective of the quality of our portfolio and our investors’ confidence in our ability to protect capital as we seek to deliver consistent performance.”

The fund attracted a global investor base, with approximately 40% of commitments coming from outside the US, as Adams Street continues to expand its footprint in Europe alongside its established North American lending platform.

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