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For Immediate Release
Adams Capital Management, Inc. Hits $700 Million Under Management With Close of Third Fund
Sewickley, PA - Adams Capital Management III, L.P., closed with total capital commitments of $420 million, exceeding its $300 million target. Strong appetite, from new and existing institutional investors pushed the vehicle over its target. With the closing of this fund, the third for the venture capital firm, Adams Capital Management, Inc. currently manages $700 million.
General Partner, Joel Adams stated that the firm chose to raise a significantly larger third fund in response to the increased support of its markets-first investment strategy by entrepreneurs and limited partners. "We are particularly pleased with the increased level of support from our existing investors and the vote of confidence from new investors such as INVESCO Private Capital, State Teachers Retirement System of Ohio, Allegheny Technologies, Erie Indemnity, University of Richmond and Ft. Washington Investment Advisors," says Adams.
"Adams Capital's five general partners have developed very strong domain expertise in the fiber optics, supply chain and information technology markets," stated Joe Manzinger, Vice President of The Hillman Company, a current investor. "Their markets-first investment strategy is well-defined and they have proven their ability to execute it in a consistent manner."
The new fund will continue to follow the same value investing strategy as did its two predecessors, Adams Capital Management L.P. (ACM LP) and Adams Capital Management II, L.P. (ACM II LP), launched in September 1997 and October 1999, respectively; which backed first-stage companies in the telecommunications and information technology industries. The firm's average investment will grow with the new fund to about $15 to $30 million, per company, a significant increase from prior levels. "We anticipate making approximately 20 investments over the course of the next few years. And, while we make investments nationally, the majority of our deals come from the areas around our regional offices. As a first-stage, lead investor, we like to be within two hours travel time of our portfolio companies," stated Adams.
Adams Capital's first fund, ACM LP, a $55 million fund has returned $104 million to date to its partners and currently holds 15 investments, three of which have gone public in the last year. Their second fund, ACM II LP, a $150 million fund, is also fully invested. "We couldn't be more satisfied with the composition and performance of these funds," adds Adams, " and we expect that our track record of value investing in momentum markets will yield positive results for this new fund as well."
The new fund completed its first investment in an Austin, Texas based fabless semiconductor company, Intrinsity (www.intrinsity.com). "Our investment in Intrinsity is ideally suited to our investment strategy, as it is pushing the envelope of very high speed design technology," stated General Partner, Jerry Sullivan. "On the IT side, we are looking for companies developing novel hardware technology dedicated to the open services movement."
Adams Capital Management, Inc., a national venture capital firm with $700 million under management, has offices in Austin, Palo Alto, Boston, and Pittsburgh. Adams Capital Management invests in first-stage telecommunications and information technology companies with compelling market opportunities. Adams Capital Management General Partners include: Joel Adams, Bill Frezza, Jerry Sullivan, and George Ugras. If you would like more information on Adams Capital Management or its portfolio companies, please contact Joel Adams at 412.749.9456 or Andrea Stephenson at 412.749.9986.
Date: December 14, 2000
Contact: Robin Moorcroft - Fitting Creative 412.434.6934 x324
Andrea Stephenson at 412.749.9986
als@acm.com
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