HarbourVest eyes $400m offering

Fund-of-funds and secondaries specialist HarbourVest intends to raise up to $400m via a stock market offering. Money raised will be invested in HarbourVest Global Private Equity Ltd, a newly-formed, closed ended investment company. The Guernsey-based company will invest in a range of HarbourVest's funds and have rights mimicking the private equity firm's existing LPs.

The vehicle, which expects an initial market capitalisation of $825m, will be 90%-invested at listing. HarbourVest will pay all listing fees, and no performance fees will be levied on returns. The vehicle's initial investments provide exposure on 524 funds and 5,570 portfolio companies, providing backwards diversification stretching up to 15 years.

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