HarbourVest Partners has raised almost half the target of its latest real assets fund which can invest in secondaries.
The Boston-headquartered investment firm has collected $245.1 million for Real Assets Fund III, according to a filing with the US Securities and Exchange Commission. It is understood the fund’s target is around $500 million.
Real Assets Fund III launched in February and has received commitments from eight limited partners. Bank Julius Baer is listed as helping to raise the fund, the filing shows.
Secondaries buyers were preparing for a rise in real assets opportunities in the first half of the year amid a collapse in commodity pricing and increasing acceptance of deals in related asset classes, as Secondaries Investor reported.
Deal sourcing in real assets, which can include infrastructure, energy, timberland and agri, and metals and mining exploration, had been “huge” and was starting to accelerate, Kevin Warn-Schindel, who leads HarbourVest’s real assets programme, told Secondaries Investor in April.
HarbourVest logged around $11 billion in potential real asset secondaries deals last year, with 2015 accounting for around one-third of total dealflow the firm had seen over the last five years, he said.