Adams Street Private Equity Navigator Fund LLC (ASPEN)

Adams Street Private Equity Navigator Fund LLC (ASPEN) is a perpetual, registered evergreen interval fund managed by Adams Street Advisors, LLC, the registered investment adviser affiliate of Adams Street Partners — a 100% employee-owned private markets firm headquartered in Chicago with nearly $70 billion in assets under management and more than 50 years of institutional investing experience across 15 global offices. ASPEN is the registered successor to the Adams Street Global Private Markets Fund LP, a Cayman Islands exempted limited partnership that commenced operations on February 2, 2021. The predecessor fund converted to a Delaware limited liability company on March 26, 2025, registered under the Investment Company Act of 1940 on April 1, 2025, and the redesigned wealth-channel product was publicly launched on September 9, 2025. The fund is structured as a non-diversified, closed-end management investment company offering continuous monthly share issuance, providing individual investors and financial advisers with institutional-quality access to global private equity markets at a minimum subscription of $25,000 (Class S, D, and M shares) or $1,000,000 (Class I shares), with simplified Form 1099 tax reporting.

ASPEN seeks long-term capital appreciation through a diversified, multi-strategy portfolio of private equity interests, investing across three complementary approaches: primary fund commitments to leading PE managers at inception; secondary purchases of limited partner interests in existing private equity funds — including both LP-led secondary transactions and GP-led continuation vehicles; and direct co-investments alongside established private equity sponsors in individual portfolio companies. The fund targets high-growth, middle-market companies on a global basis, with predominant exposure in North America and Europe spanning more than 30 countries. Portfolio construction is designed to achieve diversification across manager, geography, vintage year, sub-asset class, sector, and investment strategy. ASPEN also maintains a sleeve of liquid, high-quality fixed-income assets to support day-to-day operational flexibility and to fund quarterly repurchase obligations.

The fund's track record is anchored in the predecessor Adams Street Global Private Markets Fund LP, which has delivered an annualized net return of approximately 16.68% since its February 2021 inception as of May 31, 2026 (Class I shares). As of May 31, 2026, ASPEN's net asset value had grown to $641.1 million with a Class I NAV per share of $11.03. The portfolio provides exposure to over 1,000 underlying portfolio companies across more than 100 leading private equity firms. In January 2026, Adams Street further extended the ASPEN platform by launching ASPEN Lux, a Luxembourg-domiciled open-ended evergreen vehicle for professional and eligible investors outside the United States, establishing Adams Street as a leading platform for democratizing private equity access globally.