Adams Capital Seeks –

$125M For Fund II

SWICKLEY, Pa. – Less than two years after raising its first vehicle, Adams Capital Management in August was on the fund raising trail again, seeking more than twice the amount of capital collected in its first effort.

Adams Capital Management II has a target of $125 million and a cap of $150 million. The firm has commitments for more than half the fund, including capital from return investors such as FLAG Venture Management, Pennsylvania State Employes’ Retirement System (SERS), Mellon Bank, Bessemer Venture Partners, PNC Bancorp, Greystone Ventures and Duquesne Light Co., said General Partner Joel Adams.

“We’re very pleased with the receptivity [of existing investors],” Adams said. “We’re using the same strategy and the same people.” Adams and Bill Hulley are stationed in Swickley, Pa., while Bill Frezza works from Philadelphia and Jerry Sullivan from Austin, Texas. All are general partners.

The firm’s $55 million first fund closed in December 1997 (VCJ, February 1998, page 14). The vehicle, which had completed 12 deals by press time, will make about three more investments, Adams said. The firm invested $6.5 million in Waltham, Mass.-based data catching technology developer InfoLibria Inc. in April 1998 (VCJ, June 1998, page 35).

Adams Capital II will invest in first-stage information technology and telecommunications deals ranging between $3 million and $5 million. The firm has no geographic focus.