HarbourVest Partners Closes Direct Co-Investment Fund Above Target
HarbourVest Partners Co-Investment IV was oversubscribed and closed at its hard cap of $1.75 billion
Boston, Mass., July 12, 2017-- HarbourVest Partners, a global private markets asset manager, today announced the final close of its fourth co-investment fund at its hard cap of $1.75 billion. HarbourVest Partners Co-Investment IV, which had an original target of $1.0 billion and hard cap of $1.5 billion, was oversubscribed. The fund’s hard cap was raised from $1.5 billion to $1.75 billion during fundraising, with the support of limited partners.
“We’re excited by the confidence our clients have placed in us that resulted in such a successful fundraise,” said Peter Wilson, Managing Director and member of the Executive Management Committee, HarbourVest. “HarbourVest has been investing directly in companies since 1983 and our co-investment funds capitalize on the general partner relationships we have built since then. These relationships allow us to provide clients with access to a strong and diverse pipeline of global investment opportunities in an ever-evolving private equity market.”
The fund has invested approximately 30% of its capital to 11 co-investments alongside lead sponsors diversified across the Americas, Europe, and Asia.
“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, Managing Director, HarbourVest. “We are utilizing an experienced and dedicated team with local presence in key geographies to ensure a consistent flow of proprietary investment opportunities. The strong response to this latest fundraise is a clear indication of the value our clients achieve through our differentiated co-investment strategy.”
The fund’s initial investments include the acquisition by EQT Partners of Press Ganey, a healthcare database company, and a co-investment alongside ABRY Partners in Acrisure, a national retail insurance broker.
HarbourVest Partners Co-Investment IV has more than 100 investors from across a range of geographies including Australia, China, Colombia, Korea, Israel, Peru, Switzerland, the United Kingdom and the United States. It includes institutional clients such as private and public pensions, corporations, foundations, and family offices, as well as clients through private distribution partners.
HarbourVest is an independent, global private markets asset manager with more than 30 years of experience and more than $40 billion in assets under management. The Firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in commingled funds or separately managed accounts. HarbourVest has more than 400 employees, including more than 100 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $31 billion to newly-formed funds, completed over $15 billion in secondary purchases, and invested over $6 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, actionable insights, and proven results.
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