HarbourVest makes senior secondaries promotions

The Boston-headquartered firm, which is seeking $6.5bn for Dover Street X, has promoted Edward Holdsworth to managing director and added several principals.

HarbourVest Partners has made a number of promotions in its secondaries investments team.

London-based Edward Holdsworth has been promoted to managing director, according to a statement from the firm. He has been with the firm since 2011, working on the origination and execution of traditional and complex secondaries transactions, primarily in Europe.

Boston-based secondaries professional Abuzar Anaswala and Hong Kong-headquartered Dominic Goh and Martin Yung were promoted to principal. Anaswala joined the firm in 2016, having done stints as a senior associate at Paul Capital and as an analyst at Cogent Partners. Goh joined in 2012 from Coller Capital, Yung in 2014 from Pomona Capital.

Across the organisation, HarbourVest promoted five to managing director, eight to principal and three to senior vice-president. The firm’s secondaries team now numbers 41 worldwide, including 12 managing directors, according to its website.

HarbourVest is in market with flagship secondaries vehicle Dover Street X seeking $6.5 billion, Secondaries Investor reported.

Its 2015-vintage predecessor Dover Street IX held its final close on $4.77 billion in November 2016 after almost a year-and-a-half of fundraising, according to PEI data. Investors in Dover IX include Michigan Department of TreasuryHouston Firefighters’ Relief and Retirement Fund and Nebraska Investment Council, according to PEI data.

Dover Street IX had made a net internal rate of return of 69.66 percent and a total value to paid-in multiple of 1.35x as of the end of March 2018, according to data from the Vermont Pension Investment Committee.

Deals that HarbourVest has backed in recent months include a $185 million GP-led process on Investcorp‘s 2007-vintage technology fund and the acquisition of $750 million of private equity stakes from the University of Michigan, Secondaries Investor reported.