HarbourVest and Vanguard agree strategic partnership

The strategy will initially be offered to institutional clients of Vanguard Institutional Advisory Services, while Vanguard intends to expand access to individual investors in the future.

HarbourVest managing director Pete Wilson said the firm will act as an adviser to the funds, with complete discretion over allocations.

New vehicles will be raised annually, allowing investors more control over their commitments. The funds will be structured as traditional limited partnerships and Vanguard clients will act as LPs in the funds.

It is unclear how large the funds will be, but Wilson said: "We'll start off walking before we begin to run. We expect to have a better sense of the size of the vehicles in Q2 2020 and to begin executing investments from the middle of the year."

The strategy of the funds will encompass all aspects of private equity investing that HarbourVest currently offers, including direct investments, investments in managed funds, secondaries and co-investments.

Wilson said the platform will invest globally, and while the geographical composition of the strategy has not yet been finalised, the funds are likely to invest in Europe. :Part of Vanguard's interest in working with us is because they want to take advantage of our broader global footprint, which includes Europe," he said.

HarbourVest is currently raising several of its own funds, including HarbourVest International Private Equity Partners IX and Dover Street X, which has a target of $5.75bn.

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• Topics
• Funds
• Fund-of-funds
• Secondaries
• Buyout
• LPs
• HarbourVest
• United Kingdom