HarbourVest racks up $4.77 bln for ninth secondary fund

HarbourVest Partners closed its latest oversubscribed secondary fund at $4.77 billion, beating its $3.6 billion target.

Dover Street IX will focus on acquiring secondary stakes in funds diversified by stage, geography and investment year.

The fund’s limited partners included corporations, pension funds, endowments, foundations and high-net worth private sector individuals.

In July 2013, HarbourVest closed its previous secondary fund Dover Street VII at $3.6 billion, sweeping past its $3 billion target. No data is available on the fund’s performance.

According to HarbourVest, which was founded in 1982, it is currently managing more than $40 billion in assets.

Photo: Businessman with a briefcase full of money on gray background. Photo ©iStock/Staras