News & Events - News
Update for Limited Partners Regarding Recent Market Developments
BOSTON — 15 September 2008 — In the wake of Lehman Brothers Holdings Inc.'s filing for Chapter XI bankruptcy protection, we want to inform our limited partners that none of HarbourVest's funds have investments in any Lehman-sponsored private equity funds, other than Dover Street IV L.P. which holds a small secondary position (less than $535,000 in value) in Lehman’s 1997 vintage fund, Lehman Brothers Offshore Investment Partners II, which we have been informed is a separate legal entity and is not part of the bankruptcy filing.Additionally, none of the HarbourVest funds are directly involved in any transactions where Lehman is a counterparty and none of the HarbourVest funds have active accounts with Lehman or any investments in Lehman-sponsored short-term investment vehicles.
We will continue to monitor the evolving financial market conditions and keep you apprised of any new developments that may impact the HarbourVest funds.
About HarbourVest
HarbourVest Partners, LLC is an independent global alternative investment firm and an SEC-registered investment advisor. HarbourVest provides investment programs for institutional investors to invest in venture capital, buyout, mezzanine debt, distressed debt, and real estate. HarbourVest invests in these sectors globally through primary partnerships, secondary purchases, and direct investments. HarbourVest and its subsidiaries have 216 employees, including 77 investment professionals deployed in Boston, London, and Hong Kong. In over 25 years of investing in private equity, the team has committed more than $20.6 billion to newly formed funds, representing relationships with 200 private equity managers. The team has also completed over $5.1 billion in secondary purchases and invested $3.4 billion directly in operating companies. The firm’s clients consist of 250 institutional investors, including pension funds, endowments, foundations, and financial institutions throughout the U.S., Canada, Europe, Australia, and Japan. To learn more about HarbourVest, visit http://www.harbourvest.com/.