Technology In technology, we invest across several sub-sectors including consumer internet, software, business services, financial technology, clean tech, communications and components. We seek rapidly growing companies with seasoned management, unique products/services, capital efficient business models and large addressable markets. Most of our technology investments are made in companies at or near EBITDA breakeven, meaning that we are typically investing in the last private financing round before an exit event. We will opportunistically invest in earlier stage opportunities where we either know the founding team or when market dislocations create outsized risk-adjusted return potential.

Life Sciences In life sciences, we invest in two primary sub-sectors – medical devices and biopharmaceuticals. We seek management teams who have developed unique intellectual property that has the potential to become the standard of care in a large clinical area with unmet needs. The clinical indications on which we focus include oncology, cardiology, diabetes, neurology, infectious diseases, respiratory, pain management, psychiatry and immunology.

Most of our life sciences investments will be made in companies pursuing late stage clinical trials that have strong investor syndicates who can fund those trials to completion. Similar to the technology sector, we will opportunistically invest in earlier stage opportunities where we either know the founding team or when market dislocations create outsized risk-adjusted return potential.

Portfolio Construction and Risk Management Our objective is to generate exceptional risk-adjusted returns. We seek to do this through a rigorous focus on assessing the underwriting risk in each particular deal and we are compensated for the risks we are assuming. In addition to this deal-risk focus, we also adhere to Adams Street's strict portfolio construction tenets by seeking to ensure that funds have proper time, sub-sector and stage diversification.