HarbourVest Direct Lending Fund closes oversubscribed and above target at over $892 million
BOSTON – HarbourVest Partners, a global private markets asset manager, today announced the final close of its HarbourVest Direct Lending Fund (HDL) at over $892 million in limited partner commitments, including the General Partner commitment. The Fund was oversubscribed and closed above the target size of $600 million. This close follows the firm’s final close of Credit Opportunities Fund II, HarbourVest’s junior credit offering, earlier this year.
“We are pleased to mark the final close of our inaugural, dedicated direct lending fund, bringing our total capital under management for credit investments to over $3.3 billion*,” said John Toomey, Managing Director, HarbourVest Partners. “The past year has demonstrated the resilience of the asset class and reinforced our objective to broaden the reach of HarbourVest’s solutions to help clients invest in rapidly growing strategies.”
The Fund targets senior credit investments in private equity-backed middle-market companies, predominantly in North America. The Fund seeks to build a diversified portfolio including first lien, unitranche, and second lien debt that provides investors with consistent cash yield and strong downside protection.
“HarbourVest’s credit platform differentiates itself in the marketplace through our proprietary sourcing engine, which is driven by the breadth and depth of our primary and secondary partnerships,” said Karen Simeone, Managing Director, HarbourVest Partners. “Private credit deal flow continues to accelerate, propelled by increased private equity deal activity and by sponsors increasingly choosing the flexibility and certainty of execution that private financings offer versus the syndicated loan market.”
The Fund was supported by limited partners in North America, Australia, Israel, Europe, and Latin America including public and private pension funds, insurance companies, endowments, family offices, and ultra-high net worth private sector investors.
*As of August 31, 2021. Reflects total capital raised plus leverage expected to be available across the HarbourVest Private Credit platform.
HarbourVest is an independent, global private markets investment specialist with over 35 years of experience and more than $80 billion in assets under management, as of June 30, 2021. The Firm’s powerful global platform offers clients investment opportunities in private equity, private credit and real assets through primary fund investments, secondary investments, and direct co-investments, in commingled funds or separately managed accounts. HarbourVest has more than 700 employees, including more than 170 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $48 billion to newly-formed funds, completed over $29 billion in secondary purchases, and invested over $23 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, and actionable insights.
Nothing herein should be construed as a solicitation, offer, recommendation, representation of suitability, legal advice, tax advice, or endorsement of any security or investment and should not be relied upon by you in evaluating the merits of investing in HarbourVest funds or in any other investment decision. Information about the fund is not representative of any other HarbourVest fund or investment product.