News & Analysis

HarbourVest invests 66% of Dover Street VIII

Dover Street VIII has acquired interests in Apollo Investment Fund VII, Carlyle Partners V and KKR 2006 Fund, among others.

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HarbourVest Partners has invested 66 percent of its latest fund of funds, as of 31 January, according to documents from the Ventura County Employees’ Retirement Association.

HarbourVest declined to comment.

Dover Street VIII raised $3.6 billion in mid-2013. The fund launched in 2011 with a $3 billion target, but was oversubscribed. Ventura committed $67.5 million to the fund.

The fund has been deployed across 23 transactions. Traditional secondaries deals account for 44 percent of the deals, while structured deals make up 42 percent and direct secondaries make up 14 percent.

Dover Street, London. Credit: Steve Cardam/Wikimedia Commons
Dover Street, London. Credit: Steve Cardam/Wikimedia Commons

Select primary funds Dover Street VIII has acquired include Apollo Investment Fund VII, Carlyle Partners V, Chrysalis Ventures II, Hellman & Friedman VI, KKR 2006 Fund, Madison Dearborn Funds V and VI, Pamlico Capital Fund II and Thomas H Lee Equity Partners VI.

Dover Street VIII’s investments are divided geographically; currently 46 percent of the deals are focused on the US, 32 percent on Europe and 22 percent on Asia and the rest of the world.

Last July, HarbourVest managing director Tim Flower told Secondaries Investor the firm had been working on GP restructuring transactions in Australia and eyeing opportunities in Japan.

The fund was generating a net internal rate of return of 60.6 percent as of 31 December, the pension documents revealed.