Boston-based HarbourVest Partners just closed its sixth co-investment fund at $4.2 billion in capital, including the commitment from the GP.
Originally targeting $3.5 billion, HarbourVest Partners Co-Investment Fund VI is set to invest in a diversified portfolio of direct co-investments in buyout, growth equity and other private markets transactions, officials said in an announcement. The co-investment deals will be alongside top-tier private markets managers. Investments will be made in companies located primarily in North America, Europe, Asia Pacific, and select emerging markets.
“The continuation of our flagship co-investment program enables us to remain the partner of choice for GPs on a global level,” said Craig MacDonald, managing director at HarbourVest. “In addition to being a provider of capital at scale, we continue to provide general partners with solutions that provide an access point for investors to gain exposure to market leading, private equity backed companies across industries and geographies.”
According to Ian Lane, managing director on HarbourVest, the current market for co-investment demands a dedicated focus and expertise in providing solutions to general partners.
“We are proud of the team and infrastructure we have built to support private equity managers globally in their most challenging and sensitive investment opportunities,” Lane added in a statement. To date the $101 billion firm has committed more than $52 billion to newly formed funds, completed over $43 billion in secondary purchases, and invested over $31 billion in directly operating companies.
HarbourVest Partners Co-Investment Fund VI was supported by more than 115 global investors, including institutional clients such as private and public pensions, corporations, endowments, foundations, and family offices, as well as high net worth clients.