HarbourVest Partners Closes Fifth Non-U.S. Fund-of-Funds Above Target
BOSTON — 05 January 2007 — HarbourVest Partners, LLC (the "Firm"), a leading global private equity investment firm, today announced the final close of HarbourVest International Private Equity Partners V-Partnership Fund ("HIPEP V Partnership Fund") at €2,375.0 million, and the final close of HIPEP V-Asia Pacific and Rest of World Partnership Fund L.P. (HIPEP V Asia Fund) at $527.3 million. Both funds surpassed their targets of €2,000.0 million and $300.0 million respectively."HarbourVest has been making investments outside the U.S. for more than 20 years. This latest fund closing represents our fifth dedicated non-U.S. fund," said Brooks Zug, senior managing director at HarbourVest. "Our leadership in non-U.S. markets is directly attributed to our exceptional team of 63 investment professionals who are located around the globe."
Targeting funds outside the U.S., the HIPEP V Partnership Fund will build a portfolio of newly-raised private equity partnerships and purchases of secondary positions in existing partnerships. It will focus on investing in small, medium, and large buyouts and venture capital partnerships in Europe, with selected investments in Asia Pacific, Australia, Japan, and other non-U.S. regions.
This fund began investing in June 2005, and it is expected to continue through 2008. Currently more than 50 percent of the fund is committed to investments.
In total, 106 institutional investors committed to the Fund, including corporate pensions, public pensions, endowments, foundations, family trusts, and corporations. Approximately half are based in the U.S., while the remaining limited partners are located in Europe and various countries around the world.
"We are very pleased with the interest this fund has generated and the investment opportunities that we are currently reviewing in Europe and other countries," said George Anson, managing director at HarbourVest Partners (U.K.) Limited. "Europe continues to be a thriving market for us, and we will continue to grow our business in this region."
The HIPEP V Asia Fund has a more concentrated focus of investments in Asia Pacific, with some diversification in Israel, Eastern Europe, Latin America, and South Africa. It will focus on newly-raised partnerships that principally invest in buyout transactions. The HIPEP V Asia Fund, which closed in July of 2006, is expected to continue to make investments through 2008. More than 40 percent of the Fund is committed to investments. A total of 21 institutions invested in the Fund.
"HarbourVest has had a significant presence in the Asian private equity market for more than 20 years, with an office in the region since 1996," said Philip Bilden, managing director at HarbourVest Partners (Asia) Limited. "HarbourVest is unique among fund-of-funds managers investing in this part of the world, given the relationships we've developed over two decades with some of the leading Asia Pacific managers in the region."
HarbourVest's prior non-U.S. fund-of-funds program began investing in 2001 and was fully committed over four and a half years.
About HarbourVest
HarbourVest Partners, LLC is an independent global private equity investment firm and an SEC registered investment advisor, providing vehicles for institutional investors to invest in the venture capital and buyout markets in the U.S., Europe, and elsewhere through primary partnerships, secondary purchases, and direct investments. HarbourVest and its subsidiaries have 164 employees, including 63 investment professionals deployed in Boston, London, and Hong Kong. In 25 years of investing in private equity, the team has committed more than $15.7 billion to newly formed funds, representing relationships with 200 private equity managers. The team has also completed over $3.8 billion in secondary purchases of partnership interests and invested $2.7 billion directly in operating companies. The firm's clients consist of 240 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/.
This communication has been approved for issue in the United Kingdom by HarbourVest Partners (U.K.) Limited, which is regulated by the Financial Services Authority.