HarbourVest closes latest fund-of-funds at $1.6b
HarbourVest Partners has closed its latest flagship private equity fund-of-funds, which will target Asia Pacific and Europe, at USD 1.6bn, beating a target of USD 1.25bn.
It comes amid a concerted Asian expansion by the firm, with the opening of a Singapore office last year concurrent with the hiring of Lydia Hao, formerly of Neuberger Berman, to strengthen the Hong Kong team. As recently as December, HarbourVest recruited Cicely Sun from Allianz Global Investors as a managing director and co-head of the Beijing office.
HarbourVest International Private Equity Partners (HIPEP IX) will make primary and secondary investments, as well as direct co-investments. Its target market has been described as representing 63% of global GDP and 59% of global economic growth. LPs were described as spanning four continents, including public and private pension funds, and endowments.
HIPEP VIII raised USD 1.7bn in 2018 with support from some 40 investors across Asia, North America, and Europe, including pensions, corporations, foundations, and family offices. They included Massachusetts Housing Finance Agency Retirement System, New Hampshire Retirement System, and Public School Teachers’ Pension and Retirement Fund of Chicago.
“Our HIPEP program is a reflection of the continued demand from investors for focused private equity solutions,” Till Burges, a managing director at HarbourVest, said in a statement. “With a large and growing team, HarbourVest has had a presence in Europe for over 30 years and in Asia for over 25 years, committing more than USD 29bn across multiple business cycles.”
HarbourVest also pursues an exclusively Asia-focused fund-of-funds strategy under the HIPEP banner. The third vintage was launched in 2018.
HarbourVest had more than USD 86bn in assets under management as of September across private equity, private credit, and real assets. The firm has about 750 employees globally, including at least 180 investment professionals. It has committed USD 48bn to newly-formed funds, completed USD 31bn in secondary purchases, and invested USD 25bn directly in operating companies to date.
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