HarbourVest in market with ninth secondaries fund – exclusive

The fund of funds manager's ninth dedicated secondaries fund will target more than its previous fund, according to a source.

HarbourVest Partners, the fund of funds manager, is in market with its latest dedicated secondaries fund, targeting a higher figure than its latest $3.6 billion eighth fund, according to a source familiar with the fundraising.

The firm registered its ninth secondaries fund, Dover Street IX AIF, in the UK in June, according to a regulatory filing.

HarbourVest’s eighth secondaries fund, Dover Street VIII, held final close on $3.6 billion in 2013 after launching two years earlier and it is expected the firm will target a higher figure for its latest fund, the source said.

A spokesperson for the New Hampshire Retirement System, an investor in Dover Street VIII, said the pension fund had initiated the process to evaluate Dover Street IX and was yet to make a decision on whether to invest in the fund.

In July, the firm bought two stakes in two PAI Partners buyout funds from the Canada Pension Plan Investment Board through 10 funds it manages, including Dover Street VIII, Secondaries Investor reported.

HarbourVest did not respond to requests for comment.