HarbourVest closes co-investment fund on $1.75bn hard-cap

The fund comprises two vehicles: a Delaware limited partnership and a UK-domiciled alternative investment fund.

According to publicly available documents, management fees for the fund are 1% of invested capital over the first five years of the fund's life, declining by 20% thereafter. Carried interest will be 10% of net profits until limited partners receive 2x contributed capital, when carry will increase to 20% of net profits with no GP catch-up.

The fund will target a 15-20% IRR and an investment multiple of at least 2.0x, both net of fees.

For more detail on HarbourVest Partners Co-Investment Fund IV, see the dedicated fund profile on unquote" data

Investors
LPs in the fund include Tyne & Wear Pensions Fund, Swansea Pension Fund and insurance company Harel. HarbourVest Partners Co-Investment IV has more than 100 investors in total from a range of geographies. This includes institutional clients such as private and public pensions, corporations, foundations and family offices, as well as clients through private distribution partners.

Investments
To May 2017, the fund had made 12 investments, calling 31% of committed capital. These include a $36.5m contribution towards the acquisition by Mid Europa of Romanian supermarket chain Profi, and $20.2m in Permira, Cinven and Mid Europa's acquisition of Allegro, a Polish online marketplace. The fund can invest across the capital structure, with a focus on buyout and growth capital plays, as well as an option to make mezzanine investments.

People
HarbourVest Partners – Peter Wilson, Ian Lane (managing directors).

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