Independent private markets asset manager HarbourVest Partners announced the final closing of its eleventh dedicated private equity secondaries fund, Dover Street XI. This fund was oversubscribed and closed at its hard cap of $15.1 billion, including the General Partner’s commitment. Plus, the firm held a final close for Secondary Overflow Fund V at $3.4 billion for secondary co-investment opportunities.
This fundraising cycle was completed without extension and complements additional secondary allocations across other separately managed accounts and commingled funds. The size of this close marks a significant milestone for HarbourVest and demonstrates the continued investor interest in the firm’s differentiated secondary strategy.
The firm’s secondaries team utilizes HarbourVest’s global platform to tap general partner relationships and differentiated information access to identify opportunities that may generate meaningful outperformance. And since its founding, HarbourVest has deployed over $55 billion into almost 650 secondaries transactions, focusing on a balanced mix of LP-led and GP-led opportunities.
The limited partners in the fund span the globe and consist of corporations, pension funds, endowments, foundations, sovereign wealth funds, and private wealth investors.
KEY QUOTES:
“More than 35 years after our first secondary transaction, the continued success of our secondaries program is a reflection of our team’s dedication to building an investment pipeline that benefits investors across multiple strategies and separately managed accounts. Through our platform approach and access to decades of data across strategies, our firm has deep institutional relationships that position us as a trusted and reliable investment partner.”
- John Toomey, Managing Director, HarbourVest Partners
“The secondaries market has grown in both size and complexity, and HarbourVest continues to differentiate ourselves in our ability to deliver customized liquidity solutions to GPs and LPs at scale. Our global secondaries team has decades of experience working together, delivering bespoke LP-led and GP-led solutions.”
- Jeff Keay, Managing Director, HarbourVest Partners