HarbourVest Partners has held an oversubscribed and hard cap close of its latest secondaries fund, Dover Street X LP (Dover X), with $8.1 billion of capital commitments.
The hard cap close of Dover X follows strong net IRR performances by earlier Dover funds including Dover IX (2016 vintage) at 65.6%; Dover VIII (2012) at 22.4%; Dover VII (2008) at 9.9%; Dover VI (2005) at 5.0%; and Dover V (2003) at 18.3%.
Limited partners in Dover X include corporations, pension funds, endowments, foundations, sovereign wealth funds, and ultra-high net worth investors.
Over the past 35 years, HarbourVest has invested over $25 billion into secondaries transactions. “Nearly 35 years after our first secondary transaction, it is exciting to close the 10th fund in our Dover Street program,” said Jeff Keay, a managing director at HarbourVest. “We’ve completed more than 500 transactions over the past three decades, providing our investors with high-performing, mature, global portfolios of private market assets.”
HarbourVest has more than 600 employees, including more than 145 investment professionals across Asia, Europe, and the Americas. As of June 30, 2020, HarbourVest had $69 billion in assets under management across a range of strategies including venture capital, buyout, mezzanine debt, credit, and real estate.
“As the secondaries market continues to grow in both size and complexity, HarbourVest’s ability to deliver customized liquidity solutions to GPs and LPs at scale has become a key differentiator for us,” added Mr. Keay. “Our global secondaries team has decades of experience and deep industry relationships, which, combined with our expertise, have continued to make HarbourVest a preferred partner in private markets.”
HarbourVest has offices in Beijing, Bogotá, Boston, Dublin, Hong Kong, London, Seoul, Tel Aviv, Tokyo, and Toronto.
Private Equity Professional | October 16, 2020