HarbourVest Partners has beaten the target on its latest dedicated secondaries fund by collecting over $1 billion more than the fund’s initial target.
The Boston-headquartered firm held the final close on $4.8 billion for the oversubscribed Dover Street IX. The fund, which launched in June 2015, was targeting $3.6 billion, according to PEI data.
It was not clear what the hard-cap was.
HarbourVest is celebrating the 30th anniversary of its first secondaries fund this year, Brett Gordon, managing director at the firm, said. “We’ve completed more than 400 transactions over the past three decades, providing our investors with high-performing, mature global portfolios of private markets assets. We look forward to doing the same with Dover IX.”
HarbourVest used Dover IX to launch its hostile takeover bid on SVG Capital in September. That deal ended with SVG agreeing to sell its portfolio to HarbourVest for £806.6 million ($1 billion; €905 million), a 0.6 percent premium to the vehicle’s 31 July net asset value, with funds from Dover IX backing the final deal.
A mix of global investors including corporations, pension funds, endowments, foundations and high net worth private sector investors backed the fund. These include Michigan Department of Treasury, which committed $100 million, and Ventura County Employees Retirement Association, which committed $60 million, according to PEI data.
The fund’s predecessor, the 2013-vintage Dover Street VIII, closed above its $3 billion target on $3.6 billion.
HarbourVest uses its secondaries programme to acquire fund stakes diversified by stage, geography and investment year, and also invests in complex deals, according to the statement.
The firm has more than $40 billion in assets under management and has invested over $14 billion in secondaries.