HarbourVest Partners has closed its seventh global secondaries fund with $2.9 billion in capital commitments. It will invest in secondary interests of things like venture capital funds, leveraged buyout funds and portfolios of operating companies.
HarbourVest Partners, LLC (“HarbourVest” or the “Firm”), a leading global alternative investment firm, today announced the final close of Dover Street VII L.P., a global secondary fund, at $2.9 billion. The fund closed at its cap and was oversubscribed.
Dover VII makes secondary investments in venture capital, leveraged buyout, and other private equity assets, as well as portfolios of operating companies. In total, 197 institutional investors committed capital to Dover VII, including corporate pensions, public pensions, endowments, and foundations located in the U.S., Europe, and Asia Pacific.
“Since our first secondary investment in 1986, HarbourVest has helped pioneer the global secondary market,” said Fred Maynard, Managing Director at HarbourVest Partners, LLC. “A critical component to our success is our ability to leverage the HarbourVest platform and more specifically our relationships with general partners, many of which are attributable to our primary and direct investment businesses as well as our secondary practice, to gain insights about the expected performance of portfolio companies, the funds, and the managers we evaluate in a secondary opportunity. We are able to use this unique perspective of identify attractive or undervalued assets that offer compelling investment opportunities for our clients, as well as to create tailor-made solutions for sellers.”
Dover Street VII began investing in December 2007 and recently completed the Tenaya Capital transaction, in which HarbourVest partnered with the Lehman Brothers Venture Partners team. In this transaction, HarbourVest acquired Lehman’s limited partner interests and helped the LBVP team spin-out from Lehman and form an independent entity, Tenaya Capital.
HarbourVest’s secondary program acquires private equity assets of all stages, types, vintages, and geographies. The Firm has completed transactions ranging from less than $10 million to more than $1.0 billion in size with all types of sellers, including financial institutions, corporations, pension plans, governmental entities, endowments, and family offices.
HarbourVest Partners, LLC is an independent global alternative investment firm and an SEC-registered investment advisor, providing programs for institutional investors to invest in venture capital, buyout, mezzanine debt, distressed debt, and real estate. HarbourVest invests in these sectors globally through primary partnerships, secondary purchases, and direct investments. HarbourVest and its subsidiaries have 230 employees, including 80 investment professionals deployed in Boston, London, and Hong Kong. In 25 years of investing in private equity, the team has committed more than $21.3 billion to newly formed funds, representing relationships with 200 private equity managers. The team has also completed over $5.8 billion in secondary purchases and invested $3.6 billion directly in operating companies. The firm’s clients consist of 250 institutional investors, including pension funds, endowments, foundations, and financial institutions throughout the U.S., Canada, Europe, Australia, and Japan. To learn more about HarbourVest, visit www.harbourvest.com.