Adams Street Hires Justine Huang Burns to Grow Venture Secondaries

Adams Street Partners has added Justine Huang Burns to its team as the firm moves to expand its venture secondaries business, according to an announcement reported by citybiz.

The hire signals where one of the most established names in private markets sees the next phase of growth. Secondaries — the market for buying and selling existing stakes in private funds and companies — have become one of the most active corners of private equity and venture capital as investors seek liquidity without waiting for funds to wind down on their natural timelines.

Adams Street Partners, a Chicago-headquartered firm with a decades-long track record across primary fund investments, secondaries and direct growth equity, has built out its secondaries platform over many years. Bringing Burns on board points to a deliberate push to deepen the firm's coverage of venture-focused secondary transactions specifically.

The venture secondaries segment has grown in strategic importance for large private markets managers. Limited partners increasingly use secondary sales to rebalance portfolios, while employees and early shareholders at late-stage startups turn to secondaries for liquidity in a market where public listings and M&A exits have been harder to time.

Justine Huang Burns joins a firm that has historically promoted from within and hired senior specialists to lead expansion into adjacent strategies. Her mandate, per the citybiz report, centers on expanding the venture secondaries effort — a role that spans sourcing transactions, evaluating portfolios of existing stakes and structuring deals for sellers seeking exits from venture positions.

For Adams Street, the addition fits a broader pattern. Firms with scale across the private markets stack can cross-reference primary fund relationships, direct company exposure and secondary opportunities — an advantage as more venture liquidity moves into negotiated, bespoke transactions rather than standardized fund stakes.

The hire also reflects competition for experienced secondaries professionals. As the asset class has matured, established players and new entrants alike have competed for investors who can underwrite portfolios of existing positions, a skill set that differs from originating new investments.

Adams Street has not disclosed the terms of Burns's compensation or the size of the team she joins, and the announcement did not detail specific transaction targets. What the move does make clear is the firm's intent: venture secondaries are a priority, and Adams Street intends to compete for those deals with dedicated senior talent.

Investors watching the private markets should expect the venture secondaries market to remain a venue where pricing discipline and sourcing relationships determine outcomes. Burns's arrival at Adams Street is one more sign that established managers are positioning for a market where more venture liquidity is likely to clear through secondary channels in the years ahead.