HarbourVest closes secondaries fund on $4.77bn

According to a statement, the vehicle was oversubscribed and closed above its $3.6bn target. The vehicle, which targets secondary investments globally, is also reported to have exceeded its original $4.25bn hard-cap.

Investors
LPs that committed capital to the vehicle consist of corporations, pension funds, endowments, foundations and high-net-worth private sector investors.

According to press reports, the fund raised capital from several pension funds, including the State of Michigan Retirement Systems, which committed $100m; the New Hampshire Retirement System and the Nebraska Investment Council with $50m each; the Vermont Pension Investment Committee investing $30m; and the Public School Teachers' Pension and Retirement Fund of Chicago with a $20m commitment.

Investments
Like its predecessor, Dover Street VIII, which closed on $3.6bn in July 2013, the vehicle focuses on fund interests diversified by stage, geography and investment year, and targets buyouts funds, as well as growth equity and venture capital vehicles.

People
HarbourVest Partners – Brett Gordon (managing director).

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