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HarbourVest streaks past target with $1bn co-investment fund close

14 Apr 2014

wharf-harbour-boats-ships-seaGlobal private equity firm HarbourVest has beaten the target for its latest co-investment vehicle by holding a $1bn final close.

The firm was aiming to raise $750m for HarbourVest Partners 2013, making the new vehicle larger than the $743m predecessor fund it raised in 2007.

That vehicle made buyout and growth equity investments across the US, Europe and the Asia Pacific region, and invested more than 64 per cent of its capital in companies with enterprise values below $1.5bn.

HarbourVest said it planned to have a majority of the new fund’s portfolio invested in small and mid-market companies.

Rob Wadsworth, a manging director at the firm, said, “Over the past three decades, HarbourVest’s team has invested over $4 billion in 270 companies.

“A critical component of our success is our direct investment pipeline made up of qualified, actionable opportunities that are often pre-screened by general partners prior to HarbourVest’s review.

“Our direct co-investment team of more than 20 investment professionals is flexible in providing capital solutions to general partners and selective in identifying high value opportunities for our investors.”

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