HarbourVest Closes New Flagship Above $2 Billion Target
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HarbourVest Closes New Flagship Above $2 Billion Target

HarbourVest has held an above-target final close of its flagship US fund, HarbourVest Fund XI LP (Fund XI), at $2.6 billion. The firm’s target for the new fund was $2 billion.

Fund XI has more than 90 limited partners including private and public pensions, corporations, foundations, family offices, and high net worth individuals.

“We continue to see strong demand for primary partnership funds, especially among US investors that are new to private markets, and global investors seeking exposure to North American assets,” said John Toomey, a managing director at HarbourVest. “HarbourVest’s access to attractive managers, combined with our more than 35 years of portfolio construction experience and expertise, provides our investors with fully diversified, comprehensive fund portfolios that help meet their return objectives.”

Like earlier funds, Fund XI invests predominately in US buyout funds, complemented by secondary investments and direct co-investments. The new fund began making investments in 2018, and – in line with its targeted investment term of three to four years – has already committed approximately 65% of its capital.

“Our value proposition to investors is a combination of continued access to established funds and the expertise needed to identify funds early on that are well-positioned to emerge as future market leaders,” said Scott Voss, a managing director at HarbourVest. “The ability to execute on this value proposition and drive strong performance is a result of the long-standing relationships our team has built over the past decade.”

HarbourVest has been actively fundraising. Back in November 2019, the firm held a final, hard cap, and oversubscribed close of its fifth co-investment fund, HarbourVest Partners Co-Investment Fund V LP, with $3 billion of commitments.

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.

© 2020 Private Equity Professional | January 22, 2020

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