Fundraising

The asset manager raised $500m more than its original target.

Unlike its predecessor fund, DB Secondary Opportunities Fund II targeted US investors, which make up 40% of the fund commitments.

The Connecticut-based fund of funds manager is back in the market with a new fund seeking $400 million to invest in opportunistic and value-added real estate vehicles as well as secondaries.

The $49.5 billion pension system will make sizable investments in new value-added funds from Blackstone and Paramount, as well as its own co-investment and secondary program.

The niche secondaries investor - which has helped firms including SVG with refinancing needs - had a 75% re-up rate for a fund that's more than double the size of its predecessor.

The firm is expected to hold a first close on its third mid-market secondaries fund by the end of the year.

The firm has already put one-fifth of its over-subscribed new fund to work with an eye to invest more in Asian secondaries than ever before.

HarbourVest Partners’ latest secondaries vehicle is offering an average annual management fee of 0.81%, according to University of Houston documents.

The bank’s alternative investments group is set to beat its $600m target for its second investment vehicle to buy fund interests, and will likely wrap-up fundraising around the end of the year.

The Nebraska Investment Council made a total of $50m in commitments to HarbourVest’s latest 'Dover Street' fund - targeting $3bn - and RCP’s eighth fund of funds vehicle.