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HarbourVest leads restructuring of Doughty Hanson IV, V – exclusive

The firm paid €150m for limited partner interests in Funds IV and V, and committed roughly €65m to Doughty Hanson’s latest fund in market.

HarbourVest Partners has led the restructuring of Doughty Hanson Funds IV and V, and committed to the firm’s newest fund via a stapled transaction, Secondaries Investor has learned.

Doughty Hanson offered limited partners in its €1.5 billion Fund IV and €3 billion Fund V the option to liquidate their stakes at a fixed price set by HarbourVest. Both funds are partially liquidated and together their net asset value is more than €3 billion. Few LPs in the funds actually exercised the liquidation option, according to two sources familiar with the matter.

HarbourVest paid €150 million for select stakes in the two funds, which sources said is a modest discount to the stakes’ net asset value. As part of the transaction HarbourVest also committed roughly €65 million to Doughty Hanson VI, which launched in 2013 with a €2 billion target, according to PEI’s Research and Analytics division.

HarbourVest’s London-based managing director David Atterbury led the restructuring, a source said.

Credit Suisse’ London-based secondaries advisory team advised on the transaction and the Credit Suisse private funds group is advising Doughty Hanson on its latest fund.