HarbourVest has held a final close of its sixth co-investment fund, HarbourVest Partners Co-Investment Fund VI LP (HPCI VI), with $4.2 billion in capital. The new fund had an initial target of $3.5 billion.
The new fund has more than 115 limited partners – from across Europe, the Middle East, North America, South America, and the Asia Pacific region – and includes private and public pensions, corporations, endowments, foundations, family offices, and high net worth individuals.
Like its predecessor fund, HPCI VI 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 continuation of our flagship co-investment program enables us to remain the partner of choice for general partners on a global level,” said Craig MacDonald, a managing director at HarbourVest. “In addition to being a provider of capital at scale, we continue to provide general partners with solutions that provide an access point for investors to gain exposure to market leading, private equity backed companies across industries and geographies.”
HarbourVest’s earlier co-investment fund, HPCI V, closed in November 2019 with $3 billion of commitments; and HPCI IV closed in July 2017 with $1.75 billion in commitments.
“Our four decades of experience have shown that macro dislocations often present an opportune time to deploy capital in private markets, and the current volatile environment provides another chance to source and invest in compelling opportunities,” said Ian Lane, a managing director at HarbourVest. “The current co-investment market demands a dedicated focus with expertise providing solutions to general partners as they pursue fast-moving, complex transactions. We are proud of the team and infrastructure we have built to support private equity managers globally in their most challenging and sensitive investment opportunities.”
Boston-headquartered HarbourVest has more than 1,000 employees, including more than 190 investment professionals across Asia, Europe, and the Americas. As of June 2022, the firm had $101 billion in assets under management across a range of strategies including venture capital, buyout, mezzanine debt, credit, and real estate.
© 2022 Private Equity Professional | November 23, 2022
