HarbourVest Partners Closes Latest Secondaries Funds at Record $18.5 Billion

Dover Street XI oversubscribed at $15.1 Billion, with additional allocations to Secondary Overflow Fund V closing at $3.4 Billion

BOSTON--()--HarbourVest Partners, a global, independent private markets asset manager, today announced the final close of its eleventh dedicated private equity secondaries fund, Dover Street XI. The fund was oversubscribed and closed at its hard cap of $15.1 billion, including the General Partner’s commitment. In addition, 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 secondaries allocations across other separately managed accounts and commingled funds.

The size of this close marks a milestone for HarbourVest and demonstrates the continued investor interest in the Firm's differentiated secondary strategy. The Firm’s secondaries team leverages HarbourVest’s global platform to tap general partner relationships and differentiated information access to identify opportunities that may generate meaningful outperformance. Since inception, HarbourVest has deployed over $55 billion into almost 650 secondaries transactions, focusing on a balanced mix of LP-led and GP-led opportunities.

“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,” said John Toomey, Managing Director, HarbourVest Partners. “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.”

Limited partners in the fund span the globe and consist of corporations, pension funds, endowments, foundations, sovereign wealth funds, and private wealth investors.

“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,” said Jeff Keay, Managing Director, HarbourVest Partners. “Our global secondaries team has decades of experience working together, delivering bespoke LP-led and GP-led solutions.”

ABOUT HARBOURVEST

HarbourVest is an independent, global private markets firm with over 42 years of experience and more than $127 billion of assets under management as of March 31, 2024. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,200 employees, including more than 230 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than $59 billion to newly-formed funds, completed over $55 billion in secondary purchases, and invested over $40 billion in direct operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities.

HarbourVest Partners, LLC is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes and should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here. This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest.

Nothing herein should be construed as a solicitation, offer, recommendation, representation of suitability, legal advice, tax advice, or endorsement of any security or investment and should not be relied upon by you in evaluating the merits of investing in HarbourVest funds or in any other investment decision.

Contacts

Andrew Hopkins
+1 617-348-8372
AHopkins@Harbourvest.com

Contacts

Andrew Hopkins
+1 617-348-8372
AHopkins@Harbourvest.com