HarbourVest Partners has closed it eleventh fund at $2.61 billion. The target was $2 billion. Fund XI’s investors include private and public pensions, corporations, foundations, family offices, and high–net worth individuals through private distribution partners. The fund invests predominately in primary partnerships in U.S. buyouts, complemented by secondary investments and direct co-investments.
BOSTON–(BUSINESS WIRE)–HarbourVest Partners, a global private markets asset manager, today announced the final close of its flagship US fund, HarbourVest Fund XI. The fund closed above its $2 billion target at $2.61 billion.
“We continue to see strong demand for primary partnership funds, especially among US investors that are new to private markets, and global investors seeking exposure to North American assets,” said John Toomey, Managing Director, HarbourVest Partners. “HarbourVest’s access to attractive managers, combined with our more than 35 years of portfolio construction experience and expertise, provides our investors with fully diversified, comprehensive fund portfolios that help meet their return objectives.”
The fund’s strategy is to make high-quality buyout, micro buyout, growth equity, and venture capital investments in North America. The fund began making commitments in 2018, and has committed approximately 65% of its capital, in line with the planned three- to four-year investment period.
“Our value proposition to investors is a combination of continued access to established funds and the expertise needed to identify funds early on that are well positioned to emerge as future market leaders,” said Scott Voss, Managing Director, HarbourVest Partners. “The ability to execute on this value proposition and drive strong performance is a result of the long-standing relationships our team has built over the past decade.”
HarbourVest Fund XI invests predominately in primary partnerships in US buyouts, complemented by secondary investments and direct co-investments. Fund XI has more than 90 investors globally, including private and public pensions, corporations, foundations, family offices, and high–net worth individuals through private distribution partners.
HarbourVest is an independent, global private markets investment specialist with over 35 years of experience and more than $63 billion in assets under management, as of September 30, 2019. The Firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in commingled funds or separately managed accounts. HarbourVest has more than 500 employees, including more than 125 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $39 billion to newly-formed funds, completed over $22 billion in secondary purchases, and invested over $14 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, actionable insights, and proven results.