HarbourVest Raises $4.77B For Oversubscribed Secondaries Fund

Nov 7 2016 | 10:03pm ET

Global private markets manager HarbourVest Partners has raised $4.77 billion for its latest secondaries fund, closing well above its target of $3.6 billion. 

The new fund, named Dover Street IX, was significantly oversubscribed, according to the company. HarbourVest’s secondaries platform focuses on acquiring fund interests diversified by stage, geography and investment year. The company made its first secondary investment in 1986 and has completed more than 400 transactions since then. 

Investors in the new fund consist of global corporations, pension funds, endowments, foundations and high net worth private sector investors.

“Our global secondaries team has decades of experience and deep industry relationships. As the secondaries market continues to evolve, these competitive advantages have helped us to remain well positioned to continue to provide our investors with access to the best opportunities available,” said Brett Gordon, managing director of HarbourVest, in a statement. “Our experience and expertise to execute on even the most complex transactions is what makes HarbourVest a sought after partner as both LPs and GPs actively seek liquidity solutions.”

Founded in 1982 and headquartered in Boston, HarbourVest manages more than $40 billion in primary fund investments, secondary investments, and direct co-investments in co-mingled funds or separately managed accounts.

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