HarbourVest Closes Fifth Fund at $3 Billion

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The Boston private equity shop has closed well above its target

HarbourVest Partners announced it has closed its latest fund at $3 billion. The private equity shop announced the HarbourVest Partners Co-Investment Fund V at oversubscribed. its original target was $2.5 billion.

“HarbourVest’s direct co-investment program has established itself as a leader within the private equity space,” said Peter Wilson, Managing Director at the private equity firm. “Our longstanding relationships with proven managers have created access to compelling investment opportunities in partnership with some of the best sponsors in the industry.”

HarbourVest Partners’ Strategy

Meanwhile, the fund discussed its strategy in a press release. It will create a global, diversified portfolio of direct co-investments centered around buyout, growth equity, and other private market transactions. The fund has more than 100 investors from areas including Asia Pacific, Europe, Middle East, North America, and South America.

“[The firm’s] co-investment program continues to expand due to the strength of our track record and our differentiated sourcing capabilities,” said Corentin du Roy, Managing Director, HarbourVest Partners. “The depth of our relationships with private equity managers across the globe combined with our execution capabilities to deliver co-investment solutions throughout the capital structure has been key to the growth and success of our co-investment program.”

Furthermore, investors in the fund include the Manchester (N.H.) Employees’ Contributory Retirement System; the Virginia Retirement System, Richmond; the Vermont Pension Investment Committee, Montpelier; the San Antonio Fire & Police Pension Fund; and the Ventura County (Calif.) Employees’ Retirement Association.

Finally, the company closed Fund IV in July 2017 at $1.75 billion.

Related: Vanguard Launches Actively Managed International Fund

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