HarbourVest has held a final, hard cap, and oversubscribed close of its fifth co-investment fund, HarbourVest Partners Co-Investment Fund V LP (Fund V), with $3 billion of commitments.
The new fund has more than 100 limited partners from across Europe, the Middle East, North America, South America, and the Asia Pacific region. Its institutional investors include private and public pensions, corporations, foundations, family offices, and wealth managers.
HarbourVest’s earlier co-investment fund, HarbourVest Partners Co-Investment IV LP, was oversubscribed and closed at its hard cap of $1.75 billion in July 2017. The fund’s hard cap was raised from $1.5 billion to $1.75 billion during fundraising.
Like its predecessor fund, Fund V will make direct co-investments in buyout, growth equity, and other private transactions in partnership with private equity firms. HarbourVest has been investing directly in companies since 1983 and its co-investment funds benefit from the general partner relationships it has formed over the years that provide a consistent pipeline of co-investment opportunities. The co-investment program has now invested more than $8 billion in 350 companies with 146 private exits and 75 exits via initial public offerings. The firm’s current co-investment portfolio has holdings in 80 companies worldwide and 40 in North America alone.
“HarbourVest’s direct co-investment program has established itself as a leader within the private equity space,” said Peter Wilson, a managing director at HarbourVest. “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’s co-investment program continues to expand due to the strength of our track record and our differentiated sourcing capabilities,” said Corentin du Roy, a managing director at HarbourVest. “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 have been key to the growth and success of our co-investment program.”
HarbourVest has more than 500 employees, including more than 125 investment professionals across Asia, Europe, and the Americas with offices in Beijing, Bogotá, Boston, Dublin, Hong Kong, London, Seoul, Tel Aviv, Tokyo, and Toronto. As of September 30, 2019, HarbourVest had $63 billion in assets under management across a range of strategies including venture capital, buyout, mezzanine debt, credit, and real estate.
© 2019 Private Equity Professional | November 15, 2019