HarbourVest closes secondaries fund at $2.9bn

01 May 2009

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Fund

Global firm HarbourVest Partners has held a final close of Dover Street VII LP, a global secondaries fund, at $2.9bn. The fund, which was raised and began investing in 2007, closed at its cap and was oversubscribed. The fund is structured as a Delaware Limited Partnership. Debevoise & Plimpton provided legal advice.

Investors

In total, 197 institutional investors committed capital to Dover VII, including corporate and public pensions, endowments, and foundations located in the US, Europe, and Asia Pacific.

Investments

Dover VII makes secondary investments in venture capital, leveraged buyout, and other private equity assets, as well as portfolios of operating companies.

The fund recently completed the Tenaya Capital transaction, in which HarbourVest partnered with the Lehman Brothers Venture Partners team. The deal saw HarbourVest acquire Lehman's limited partner interests, which helped the LBVP team spin-out from Lehman and form an independent entity, Tenaya Capital.

HarbourVest's secondaries program acquires private equity assets of all stages, types, vintages and geographies. The firm has completed transactions ranging from less than $10m to more than $1bn in size with all types of sellers, including financial institutions, corporations, pension plans, governmental entities, endowments, and family offices.

People

The secondaries team operates from HarbourVest's offices in Boston, London and Hong Kong, and is led by managing directors Fred Maynard, John Begg, Brett Gordon, Peter Wilson and John Toomey. They are supported by a team of 18 principals, vice presidents, senior associates and associates.

Name: Dover Street VII

Closed on: $2.9bn April 2009

Focus: Secondaries, global

Contact: Fred Maynard

Address:

HarbourVest Partners, LLC

One Financial Center

44th Floor

Boston MA 02111

Tel: +1 617 348 3707

Fax: +1 617 350 0305

Advisers: Debevoise & Plimpton (Legal).