HarbourVest raises $1.75b for co-investment fund

The original target was $1 billion, but the vehicle was substantially oversubscribed. More than 100 LPs committed capital to the fund, including private and public pensions, corporations, foundations, and family offices, as well as clients participating through private distribution partners.

HarbourVest Partners Co-Investment IV is already approximately 30% committed, having completed 11 co-investments alongside sponsors in the Americas, Europe and Asia. The firm previously closed a direct co-investment fund – HarbourVest Partners 2013 Direct Fund – in 2014 at $1 billion, having originally targeted $750 million.

“The larger fund size, combined with our ability to invest across the capital structure – growth equity, buyout and mezzanine – positions us as a strategic partner to leading private equity firms who are attempting to win and close transactions,” said Ian Lane, a managing director at HarbourVest, in a statement. “We are utilizing an experienced and dedicated team with local presence in key geographies to ensure a consistent flow of proprietary investment opportunities.”

The firm has more than $40 billion in assets under management across primary fund investments, secondaries, and co-investments, offering clients co-mingled funds or separately managed accounts. Direct investment into operating companies started in 1983 and more than $6 billion has been deployed to date. 

In April, HarbourVest closed its debut mezzanine co-investment fund, which provides debt for buyout transactions, at $375 million. The firm completed fundraising for its most recent global secondaries vehicle last November with commitments of $4.8 billion.

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• Topics
• LPs
• Buyout
• Buyouts
• Fundraising
• HarbourVest Partners