HarbourVest hits $1.7bn for latest fund-of-funds

The fund-of-funds is the latest edition in HarbourVest's non-US strategy, investing in Europe, Asia and emerging markets. It will chiefly target primary buyout fund investments (80%) but also has the capability to do co-investments and secondaries.

It is already 29% invested across 10 primaries in Europe and Asia Pacific, all of which were oversubscribed raises.

Like its predecessor, the vehicle's investment period will run for between three and four years. HIPEP VII held a final close on $1.5bn in August and was 34% invested as of March 2017.

Investors
More than 40 investors from Germany, Japan, the UK, and the US backed the fund, including private and public pensions, corporations, foundations and family offices, as well as clients through private distribution partners. Harbourvest itself contributed $57m to the fund.

The raise was popular with pension funds on both sides of the Atlantic; at least 11 UK-based pension plans made commitments of $10m or more and the New Hampshire Retirement System was among the larger US funds to invest, taking a $50m stake.

A longer list of LPs is available on the fund's Unquote Data profile.

Investments
HIPEP VIII will invest 80% of its capital in primary raises for buyout funds in Europe, Asia and emerging markets. It will also invest in secondary transactions and make co-investments selectively.

HarbourVest has previously backed brand-name European GPs including BC Partners, EQT, Hg, Bridgepoint and IK Investment Partners, according to the LP's Unquote Data profile.

People
HarbourVest Partners – Carolina Espinal (managing director).

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