HarbourVest Partners is approaching the finishing line on fundraising for its flagship secondaries vehicle.
The Boston-headquartered alternatives manager had raised $5 billion for Dover Street X against a target of $5.75 billion as of April, according to documents prepared for Ventura County Employees’ Retirement Association.
The fund has already committed at least $1 billion. The largest cheques it has written are $275 million for a Europe-based asset sale and $268 million for a US-based tender offer. Secondaries Investor understands that these deals respectively involved PAI Partners and Court Square Capital, as previously reported.
Dover Street X has a 0.75 percent annual management fee and carried interest on invested profits of 12.5 percent, Secondaries Investor reported in April last year. The preferred return is 8 percent.
The 2015-vintage Dover Street IX, which raised $4.77 billion against a target of $3.6 billion, had achieved a net internal rate of return of 36.7 percent and a net total value to paid-in multiple of 1.4x as of 31 December, according to the documents.
The documents also show that HarbourVest Real Assets Fund IV has raised $351 million of its $700 million target. Between 60 percent and 70 percent of the fund can be invested in secondaries. The fund had invested $28 million of capital across two deals as of April.
Secondaries Investor reported in July that VCERA had approved a $50 million commitment to the 2018-vintage Real Assets Fund IV, the US pension’s first real assets fund commitment.
HarbourVest did not wish to comment.