HarbourVest's Asia secondaries head becomes managing director

Flower is responsible for traditional, structured and secondary direct transactions. He has been with HarbourVest since 2008, having previously worked at Bridgepoint, MCF Corporate Finance, Nordea Securities and Ernst & Young.

Flower led HarbourVest's involvement in the spin-out of the Bank of America Merrill Lynch Asia private equity team to form direct secondaries specialist NewQuest Capital Partners two years ago. The team took 21 private equity positions with them and raised a $400 million fund backed by HarbourVest, Paul Capital, LGT Capital Partners and Axiom Asia.

HarbourVest has re-upped for NewQuest's second fund, which reached a first close of $215 million earlier this month.

In February, the firm teamed up with Axiom to support Asia Growth Capital Advisors' (AGCA) acquisition of a portfolio of eight assets from its former parent. AGCA spun out from Credit Suisse three years earlier and was tasked with managing the assets on behalf of LPs, including Credit Suisse. All but one of these investors was replaced by HarbourVest and Axiom, and a new GP was created.

Flower said at the time that AGCA could fulfill a similar role to NewQuest, picking up existing private equity portfolios from LPs seeking an exit as well as pursuing single-asset deals from GPs.

HarbourVest reached a final close of $3.6 billion on its latest global secondaries fund in July, exceeding the $3 billion target. The fund, Dover Street VIII, is also larger than its predecessor, which reached closed at $2.9 billion in 2009.

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