HarbourVest to open Dublin office to minimise Brexit disruptions

HarbourVest Partners Ireland Limited, which will accommodate investment managers and other functions, is awaiting approval from the Irish regulator.

HarbourVest Partners is opening a Dublin office in response to the UK’s impending exit from the EU, according to a managing director at the firm, as reported by sister title Private Equity International.

Olav König, who leads the investment firm’s sales and client service activities in EMEA, said on Tuesday the Ireland office would accommodate a “substantive” number of employees from across functions, including an unspecified number of investment professionals. The firm is awaiting approval from the Irish regulator.

“HarbourVest plans to open an office in Dublin in 2019 to help minimise Brexit-related disruptions to our clients, our funds, and our business,” the firm said in a follow-up statement.

According to a filing with the Irish Companies Registration Office, HarbourVest Partners Ireland Limited was registered on 24 September.

A number of general partners have discussed setting up an office in EU countries so they can continue to serve clients there. In December Goldman Sachs picked Dublin as the new home for its European asset management business.

This month sister publication pfm reported that the ease of setting up a presence in Dublin was quickly making it the destination of choice in Europe for GPs.

HarbourVest has $50 billion in assets under management across primary fund investments, secondaries investments and direct co-investments. The firm is seeking $6.5 billion for its latest secondaries fund, Secondaries Investor revealed in July.