HarbourVest has closed its latest secondaries fund Dover Street X at a hard cap of $8.1 billion. The fund’s limited partners include corporations, pension funds, endowments, foundations, sovereign wealth funds, and ultra-high net worth private sector investors.
BOSTON–(BUSINESS WIRE)–HarbourVest Partners, a global private markets asset manager, today announced the final close of its latest secondaries fund, Dover Street X. The fund was oversubscribed and closed at its hard cap, resulting in a fund size of $8.1 billion including the General Partner’s commitment.
The size of this fund marks a milestone for HarbourVest and demonstrates the continued success of the firm’s strategy of focusing on the less efficient segments of the secondary market to seek outperformance. HarbourVest has deployed over $25 billion into secondaries transactions since inception, leveraging the firm’s global capabilities and experience to help identify attractive opportunities for investors.
“Nearly 35 years after our first secondary transaction, it is exciting to close the 10th fund in our Dover Street program,” said Jeff Keay, Managing Director, HarbourVest Partners. “We’ve completed more than 500 transactions over the past three decades, providing our investors with high-performing, mature, global portfolios of private market assets.”
Limited partners in the fund span the globe and consist of corporations, pension funds, endowments, foundations, sovereign wealth funds, and ultra-high net worth private sector investors.
“As the secondaries market continues to grow in both size and complexity, HarbourVest’s ability to deliver customized liquidity solutions to GPs and LPs at scale has become a key differentiator for us,” said Keay. “Our global secondaries team has decades of experience and deep industry relationships, which, combined with our expertise, have continued to make HarbourVest a preferred partner in private markets.”
HarbourVest is an independent, global private markets investment specialist with over 35 years of experience and more than $69 billion in assets under management, as of June 30, 2020. 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 600 employees, including more than 145 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $42 billion to newly-formed funds, completed over $25 billion in secondary purchases, and invested over $18 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, and actionable insights.