HarbourVest hits $375m final close for Mezzanine Income Fund I

The fund held a final close on its $375m hard-cap, exceeding the $250m target, and will co-invest with private equity fund managers as well as HarbourVest's direct co-investment equity vehicle.

Concurrently to the fund close, the firm also held a final close on $366m for its third real assets vehicle, which focuses on the energy, power, infrastructure and natural resources sectors.

Investors
According to a statement, the GP raised 50% of commitments from new LPs. The fund's investors-base includes pension funds, insurance companies, endowments and family offices across the US, Canada, Latin America, Asia and Europe.

Investments
The fund invests through a so-called equity-oriented mezzanine strategy. According to a source familiar with the situation, this means that the fund will invest throughout the credit stack, such as structured preferred equity, subordinated debt, second lien, first lien, unitranche and senior facilities, and will also complement its investments with equity positions.

The fund is opportunistic in terms of sectors and focuses on lower and middle market enterprises mainly based in the US.

People
HarbourVest Partners – John Toomey, Peter Lipson (managing directors).

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• Topics
• Funds
• Mezzanine
• HarbourVest Partners Limited