The £1bn (€1.6bn) Cambridgeshire County Council pension fund has appointed Adams Street Partners and HarbourVest Partners to run private equity fund of fund mandates worth £25m each.

Adams Street will invest in a global private equity fund. The firm, which has been in business since 1979, was spun out of UBS-owned Brinson Partners at the beginning of 2001, with UBS retaining a 25% interest, and now was its headquarters in Chicago and an office in London.