HarbourVest Partners is aiming to join the ranks of the very largest secondaries funds.
The Boston-headquartered alternatives manager is targeting $13.5 billion for Dover Street XI, according to two sources familiar with the matter, a 67 percent increase on the amount raised for 2018-vintage Fund X.
This would place it second behind Ardian’s ASF VIII and Lexington Capital Partners IX, which each raised $14 billion, on the list of largest secondaries funds ever raised, according to Secondaries Investor data.
It is not clear if the vehicle is officially in market. A Luxembourg-domiciled alternative investment vehicle was registered in October.
A HarbourVest spokesperson declined to comment.
Dover Street X closed on its $8.1 billion hard-cap in October 2020. It was targeting $5.75 billion. Investors included State of Michigan Retirement Systems, which committed $150 million, Connecticut Retirement Plans and Trust Funds ($100 million) and Nebraska Investment Council ($50 million), according to Secondaries Investor data.
Among the deals backed by HarbourVest in the past year are a $362 million single-asset process on Alpine Investors portfolio company TEAM Services Group and a continuation fund and staple commitment involving Spanish venture capital firm Kibo Venture Partners, Secondaries Investor reported.
The firm also led the acquisition of a $1.5 billion portfolio from Public Sector Pension Investment Board, which included unfunded capital for the Canadian pension’s co-investment programme, affiliate title Buyouts reported.
The largest secondaries firms have started to return to market in the past six months. Lexington Partners launched its 10th fund in May with a target of $15 billion, Secondaries Investor reported.
Strategic Partners raised $12.8 billion in a single quarter against a target of $13.5 billion for its latest fund, Secondaries Investor reported last month.
Strategic Partners Fund IX “is on track to reach approximately $20 billion, which will be the largest secondaries vehicle ever raised”, said COO Jonathan Gray during a recent Blackstone earnings call.