HarbourVest raises $636m for secondary co-investments

HarbourVest Partners has collected more than half a billion dollars for a secondary co-investment fund.

The Boston-headquartered asset manager has raised $635.6 million for Secondary Overflow Fund IV from 12 individual investors, according to a filing with the Securities and Exchange Commission. Secondaries Investor understands this fund will co-invest alongside flagship secondaries fund Dover Street X, which is in market targeting $6.5 billion.

Among the investors is Connecticut Retirement Plans and Trust Funds, which committed $50 million to SOF IV and $100 million to Dover Street X, Secondaries Investor reported in January.

In December, a 5.76 percent interest in Bridgepoint Europe Portfolio IV was transferred from Dover Street X to SOF IV, according to a UK public filing. In October, Secondaries Investor reported that HarbourVest and Hamilton Lane were to back the restructuring of Bridgepoint Europe IV, a €4.8 billion crisis-era buyout fund.

HarbourVest’s Secondary Overflow Programs may make investments that are more concentrated in terms of number, geographic location and type of transaction than the Dover Street funds, noted documents prepared for Imperial County Employees’ Retirement System in November 2018.

In 2018, HarbourVest Global Private Equity, the listed investor in HarbourVest’s products, made a $75 million commitment to predecessor SOF III, noting that its lower fee structure would help reduce the overall burden for the listed vehicle’s limited partners, according to a July 2018 investment manager’s report.

Secondaries Investor reported in May that Dover Street X was to hold a first close on around $2.7 billion, with support from LPs such as New Hampshire Retirement System, which committed $50 million, and Vermont State Retirement System, which committed $100 million.

HarbourVest did not wish to comment.