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HarbourVest Partners Completes Joint Venture Secondary Transaction
BOSTON — 06 November 2003 — HarbourVest Partners, LLC, a leading global private equity investment firm, and UBS AG, one of the world's leading financial firms, today announced the completion of a structured secondary transaction involving the private equity fund portfolio of UBS. In this transaction, the two organizations have created a single joint venture to acquire more than 50 limited partnership interests from UBS.This transaction represents one of the largest secondary investments to date involving a portfolio of limited partnership interests. The structure of the deal allows both firms to share in the future economics of the assets, which represent more than $1.3 billion in original fund commitments.
"HarbourVest is delighted to complete this transaction after considerable efforts by both parties to create a product that offers an alternative to an outright secondary sale or a securitization," said Fred Maynard, managing director at HarbourVest. "This is a major milestone in our 18 year history as a secondary investor."
About UBS
UBS AG is one of the world's leading financial firms, combining financial strength with a reputation for innovation and a global culture that embraces change. UBS is the world's largest wealth manager, a premier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking. UBS, headquartered in Zurich and Basel, employs almost 67,000 people, and has operations in over 50 countries and in all major financial centers.
About HarbourVest
HarbourVest Partners, LLC is a global private equity investment firm and 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 113 employees, including 51 investment professionals, deployed in Boston, London, and Hong Kong. In over 20 years investing limited partners' capital, the team has committed more than $8.4 billion to newly formed funds managed by top tier general partners. The team has also completed $2.1 billion in purchases of secondary partnership interests, and invested $2.0 billion directly in operating companies. The firm's clients include 200 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/.