HarbourVest DEI Report

A review of our diversity, equity, and inclusion efforts

Fostering inclusion

We continue to work together to ensure all employees are seen, heard, and valued because establishing a culture where all employees can thrive is key to our success. All levels of our organization have a voice in this effort, and we have focused our strategy on three centers of influence: our DEI Council, Employee Resource Groups, and Regional Roundtables.

Building on a solid foundation

Our DEI Council was established in 2019 with the mission to operate under three key principles: opportunity for all, mutual respect, and global strength. Membership in the DEI Council was expanded this year to ensure the inclusion of leaders across business units and global regions.  

The vision for the DEI Council is to help all colleagues across HarbourVest feel like this is a place where they belong. We are continuing to unpack how DEI impacts different regions as each location has unique cultural nuances. We are prioritizing awareness and sharing local perspectives with partners across the globe because we are committed to building a strong global organization that enables colleagues, no matter their location or position, to thrive.
Lydia Hao Managing Director

Committing to inclusion

Employee Resource Groups (ERGs) were formed to provide team members with a platform to share, connect, and support one another. Our ERGs are committed to personal and professional development, leadership, and operating in the best interest of their members to ensure the workplace is an inclusive, collaborative environment. To date, over 50% of global HarbourVest employees are actively involved as an identifying member and/or ally in at least one ERG. See our list of ERGs below:

(Abled and Disabled Allies Partnering Together)

ERG supporting all types of disabilities and allies.

“This important initiative is near and dear to my heart. My brother has Autism, and he is my inspiration for everything. I want to make sure 
everyone with different abilities, including my brother, has access to 
what they need to thrive.”

- Alma Brucal, IT Manager and Co-lead of ADAPT

ERG supporting DEI initiatives in the Asia-Pacific region.

“The team size in Asia and the number of offices throughout the region have grown tremendously over the years. Yet, culturally, each Asian office is different. As such, it’s important that we have a dedicated ERG, sponsored by the firm, to provide resources and guidance so our Asia team feels connected and supported.”

- Amanda Chen, Principal and Co-lead of APAC Regional ERG

ERG supporting Asian and Pacific Islander identifying colleagues and allies in the US and EMEA.

“APHV has found common ground in sharing both cultural and professional experiences and has benefitted from a highly engaged leadership team sharing career advice and taking a personal interest in our members. As the company grows and we continue our DEI journey together, I'm excited to have our voices heard as we support Asian employees at HarbourVest.”

- Anita Ware, Human Resources Manager and Co-lead of APHV

ERG supporting Black colleagues and allies.

“As we look forward to the future of BlackVest, I am inspired by the continuous opportunity to shape HarbourVest into a space where Black talent can feel connected and thrive.”

- Maya Read, Human Resources Analyst and Co-lead of BlackVest

(Families and Caregivers ERG)

ERG supporting colleagues in caregiving roles and allies.

"The world of work is changing, and we're becoming much more aware of the struggles families and caretakers have when it comes to bringing your whole self to work. We will continue bringing awareness, create community and solidarity, and ensure HarbourVest is a place for all, no matter our responsibilities outside of the office."

- Jackie Peradotto, Principal, Executive Sponsor of FACE

ERG supporting colleagues focused on building intergenerational synergy in the workplace.

“Ultimately, age is not static, and neither is HarbourVest. Between how we work together day-to-day, differing communication styles, and the potential of today’s junior employees who could be tomorrow’s leaders - it’s important for us to listen to one another and strengthen collaboration across generational differences.”

- Olivia Jackson, Investor Relations Analyst and Co-lead of GenVest

(HarbourVest Latine Association)

ERG supporting Latino/a/e colleagues and allies.

"We have representation across LATAM countries and organize events where we can share our cultural traditions with each other, our allies, and HarbourVest colleagues to elevate awareness across the firm."  

- Analia Graham, Senior Vice President, Vanguard Program Specialist, and Co-lead of HOLA

ERG supporting LGBTQ+ colleagues and allies.

“We are creating a community at HarbourVest that not only strengthens our mission of inclusion and ensures all team members can bring their authentic selves to work every day but reinforces the message that we all belong in this industry.”

- Richard Campbell, Managing Director and Executive Sponsor of HVPRIDE

ERG supporting veterans, family members, and allies.

“As a Marine Corps veteran that served in Afghanistan and Iraq, I’m grateful for the opportunity to foster community and create a welcoming atmosphere with fellow veterans, family members, and allies.”

- Bill Shallies, Performance Measurement Director and Co-lead of Veterans ERG

ERG fostering wellness through holistic support and initiatives.

“To achieve any version of success, it is important for employees to feel well and have a balanced lifestyle. A well employee is much more ready to face challenges, solve problems, and think creatively to help both themselves and the firm flourish.”

- Jennie Moore, Client Service Assistant Manager and Co-lead 
of Wellness ERG

ERG supporting women-identifying colleagues and allies.

“We created the Women’s Network to be a space for women to find personal and professional support, build community, and have opportunities to both lead and participate in specialized programming.”

- Karen Chung, Vice President and Co-lead of HWN

Colleagues spoke, we listened 

Regional Roundtables were created as a result of feedback we heard from employees across the firm: they wanted to be involved in the DEI strategic plan and its implementation. These sessions ensure the unique needs of each global office are met by providing a localized forum on a range of topics essential to our culture.

Our first series of roundtables focused on Inclusion, and over 300 colleagues in APAC, the Americas, and EMEA provided region-specific feedback on what HarbourVest is doing well and where we can improve. With collective contribution, we are shaping the future of what it means to work at our firm.

It's incredible that there is a space at HarbourVest for me to connect with my colleagues and identifying LGBTQ+ folks. There's value in feeling seen and validated as our whole selves, and this ERG highlights that. There's confidence that comes with feeling secure, and the authenticity across the firm allows us all to do our best work and be our best selves.
Amanda Russo
Executive Assistant and HVPRIDE member 
Ensuring equity

Important Disclosures:

This material does not constitute an offer or solicitation for any fund sponsored by HarbourVest Partners, LLC (“HarbourVest”) or its affiliates, or any investment services provided by HarbourVest, and may not be relied on in any manner as legal, tax, or investment advice or as an offer to sell or a solicitation of an offer to buy an interest in a fund or any other investment product sponsored by HarbourVest. No sale will be made in any jurisdiction in which the offer, solicitation, or sale is not authorized or to any person to whom it is unlawful to make the offer, solicitation or sale. This document includes information obtained from published and non-published sources that HarbourVest believes to be reliable. Such information has not been independently verified by HarbourVest. Unless otherwise specified, all information is current at the time of issue. Any opinions expressed are those of HarbourVest and not a statement of fact. The opinions expressed do not constitute investment advice and are subject to change.

The companies and GPs discussed in this report are intended for illustrative purposes only, do not represent all of the investments made, sold, or recommended for funds or client accounts, and should not be considered an indication of the performance or characteristics of any current or future performance HarbourVest fund or investment strategy. It should not be assumed that an investment in the company or fund sponsored by a GP discussed in this report was or will be profitable. Actual investments will vary for each fund and client and there is no guarantee that a particular client’s account will hold any or all of the investments identified herein.

Any published third-party ratings or rankings discussed herein are not representative of any one client’s experience with HarbourVest and are not indicative of HarbourVest’s future performance. Ratings and rankings have inherent limitations and qualifications, and are not indicative of the experience of any client or investor or of the future performance of any product. There can be no assurance that the universe upon which the awards were based included all investment products within each category that are actually in operation or existence. Unless otherwise specified, all awards shown are based on the one-year period immediately preceding the date listed.

Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, or “believe” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making an investment decision. Any forecast provided herein is based on HarbourVest’s opinion of the market as of the date of preparation and is subject to change, dependent on future changes in the market.

The principles related to sustainable and responsible investing discussed above represent general goals that will not be achieved by investment selected. These goals are not representative of current processes or outcomes for every strategy, and may not be fully realized for all products or client accounts. There can be no assurance any initiatives or anticipated developments described herein will ultimately be successful. The information provided is solely for informational purposes and should not be relied upon in connection with making any investment decision. It should not be assumed that any ESG initiatives, standards, or metrics described herein will apply to each asset in which HarbourVest invests or that any ESG initiatives, standards, or metrics described have applied to each of HarbourVest’s prior investments. ESG is only one of many considerations that HarbourVest takes into account when making investment decisions, and other considerations can be expected in certain circumstances to outweigh ESG considerations. The information provided is intended solely to provide an indication of the ESG initiatives and standards that HarbourVest applies when seeking to evaluate and/or improve the ESG characteristics of its investments as part of the larger goal of maximizing financial returns on investments. Any ESG initiatives described will be implemented with respect to a portfolio investment solely to the extent HarbourVest determines such initiative is consistent with its broader investment goals. Accordingly, certain investments may exhibit characteristics that are inconsistent with the initiatives, standards, or metrics described herein.

For additional legal and regulatory disclosures related to HarbourVest offices and countries, please refer to Important office and country disclosures.

Professional Investor Definition

“Professional Investor” under the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the “SFO”) and its subsidiary legislation) means:

(a) any recognised exchange company, recognised clearing house, recognised exchange controller or recognised investor compensation company, or any person authorised to provide automated trading services under section 95(2) of the SFO;

(b) any intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong;

(c) any authorized financial institution, or any bank which is not an authorised financial institution but is regulated under the law of any place outside Hong Kong;

(d) any insurer authorized under the Insurance Ordinance (Cap. 41 of the Laws of Hong Kong), or any other person carrying on insurance business and regulated under the law of any place outside Hong Kong;

(e) any scheme which-

(i) is a collective investment scheme authorised under section 104 of the SFO; or

(ii) is similarly constituted under the law of any place outside Hong Kong and, if it is regulated under the law of such place, is permitted to be operated under the law of such place,

or any person by whom any such scheme is operated;

(f) any registered scheme as defined in section 2(1) of the Mandatory Provident Fund Schemes Ordinance (Cap. 485 of the Laws of Hong Kong), or its constituent fund as defined in section 2 of the Mandatory Provident Fund Schemes (General) Regulation (Cap. 485A of the Laws of Hong Kong), or any person who, in relation to any such registered scheme, is an approved trustee or service provider as defined in section 2(1) of that Ordinance or who is an investment manager of any such registered scheme or constituent fund;

(g) any scheme which-

(i) is a registered scheme as defined in section 2(1) of the Occupational Retirement Schemes Ordinance (Cap. 426 of the Laws of Hong Kong); or

(ii) is an offshore scheme as defined in section 2(1) of that Ordinance and, if it is regulated under the law of the place in which it is domiciled, is permitted to be operated under the law of such place,

or any person who, in relation to any such scheme, is an administrator as defined in section 2(1) of that Ordinance;

(h) any government (other than a municipal government authority), any institution which performs the functions of a central bank, or any multilateral agency;

(i) except for the purposes of Schedule 5 to the SFO, any corporation which is-

(i) a wholly owned subsidiary of-

(A) an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or

(B) an authorized financial institution, or any bank which is not an authorised financial institution but is regulated under the law of any place outside Hong Kong;

(ii) a holding company which holds all the issued share capital of-

(A) an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or

(B) an authorized financial institution, or any bank which is not an authorised financial institution but is regulated under the law of any place outside Hong Kong; or

(iii) any other wholly owned subsidiary of a holding company referred to in subparagraph (ii); or

(j) any person of a class which is prescribed by rules made under section 397 of the SFO for the purposes of this paragraph as within the meaning of this definition for the purposes of the provisions of the SFO, or to the extent that it is prescribed by rules so made as within the meaning of this definition for the purposes of any provision of the SFO.

The first of such classes of additional “professional investor”, under the Securities and Futures (Professional Investor) Rules (Cap. 571D of the Laws of Hong Kong), are:

(k) any trust corporation (registered under Part VIII of the Trustee Ordinance (Cap. 29 of the Laws of Hong Kong) or the equivalent overseas) having been entrusted under the trust or trusts of which it acts as a trustee with total assets of not less than HK$40 million or its equivalent in any foreign currency at the relevant date (see below) or-

(i) as stated in the most recent audited financial statement prepared-

(A) in respect of the trust corporation; and

(B) within 16 months before the relevant date;

(ii) as ascertained by referring to one or more audited financial statements, each being the most recent audited financial statement, prepared-

(A) in respect of the trust or any of the trust; and

(B) within 16 months before the relevant date; or

(iii) as ascertained by referring to one or more custodian (see below) statements issued to the trust corporation-

(A) in respect of the trust or any of the trusts; and

(B) within 12 months before the relevant date;

(l) any individual, either alone or with any of his associates (the spouse or any child) on a joint account, having a portfolio (see below) of not less than HK$8 million or its equivalent in any foreign currency at the relevant date or-

(i) as stated in a certificate issued by an auditor or a certified public accountant of the individual within 12 months before the relevant date; or

(ii)  as ascertained by referring to one or more custodian statements issued to the individual (either alone or with the associate) within 12 months before the relevant date;

(m) any corporation or partnership having-

(i) a portfolio of not less than HK$8 million or its equivalent in any foreign currency; or

(ii) total assets of not less than HK$40 million or its equivalent in any foreign currency, at the relevant date, or as ascertained by referring to-

(iii) the most recent audited financial statement prepared-

(A) in respect of the corporation or partnership (as the case may be); and

(B) within 16 months before the relevant date; or

(iv) one or more custodian statements issued to the corporation or partnership (as the case may be) within 12 months before the relevant date; and

(n) any corporation the sole business of which is to hold investments and which at the relevant date is wholly owned by any one or more of the following persons-

(i) a trust corporation that falls within the description in paragraph (k);

(ii) an individual who, either alone or with any of his or her associates on a joint account, falls within the description in paragraph (k);

(iii) a corporation that falls within the description in paragraph (m);

(iv) a partnership that falls within the description in paragraph (m).

For the purposes of paragraphs (k) to (n) above:

  • “relevant date” means the date on which the advertisement, invitation or document (made in respect of securities or structured products or interests in any collective investment scheme, which is intended to be disposed of only to professional investors), is issued, or possessed for the purposes of issue;
  • “custodian” means (i) a corporation whose principal business is to act as a securities custodian, or (ii) an authorised financial institution under the Banking Ordinance (Cap. 155 of the Laws of Hong Kong); an overseas bank; a corporation licensed under the SFO; or an overseas financial intermediary, whose business includes acting as a custodian; and
  • “portfolio” means a portfolio comprising any of the following (i) securities; (ii) certificates of deposit issued by an authorised financial institution under the Banking Ordinance (Cap, 155 of the Laws of Hong Kong) or an overseas bank; and (iii) except for trust corporations, cash held by a custodian.

Institutional Investor / Accredited Investor Definition

An institutional investor as defined in Section 4A of the SFA and Securities and Futures (Classes of Investors) Regulations 2018 is:

(a) the Singapore Government;

(b) a statutory board as may be prescribed by regulations made under section 341 of the SFA, as prescribed in the Second Schedule of the Securities and Futures (Classes of Investors) Regulations 2018;

(c) an entity that is wholly and beneficially owned, whether directly or indirectly, by a central government of a country and whose principal activity is —

(i) to manage its own funds;

(ii) to manage the funds of the central government of that country (which may include the reserves of that central government and any pension or provident fund of that country); or

(iii) to manage the funds (which may include the reserves of that central government and any pension or provident fund of that country) of another entity that is wholly and beneficially owned, whether directly or indirectly, by the central government of that country;

(d) any entity —

(i) that is wholly and beneficially owned, whether directly or indirectly, by the central government of a country; and

(ii) whose funds are managed by an entity mentioned in sub‑paragraph (c);

(e) a bank that is licensed under the Banking Act 1970;

(f) a merchant bank that is licensed under the Banking Act 1970;

(g) a finance company that is licensed under the Finance Companies Act 1967;

(h) a company or co‑operative society that is licensed under the Insurance Act 1966 to carry on insurance business in Singapore;

(i) a company licensed under the Trust Companies Act 2005;

(j) a holder of a capital markets services licence;

(k) an approved exchange;

(l) a recognised market operator;

(m) an approved clearing house;

(n) a recognised clearing house;

(o) a licensed trade repository;

(p) a licensed foreign trade repository;

(q) an approved holding company;

(r) a Depository as defined in section 81SF of the SFA;

(s) a pension fund, or collective investment scheme, whether constituted in Singapore or elsewhere;

(t) a person (other than an individual) who carries on the business of dealing in bonds with accredited investors or expert investors;

(u) a designated market‑maker as defined in paragraph 1 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations;

(v) a headquarters company or Finance and Treasury Centre which carries on a class of business involving fund management, where such business has been approved as a qualifying service in relation to that headquarters company or Finance and Treasury Centre under section 43D(2)(a) or 43E(2)(a) of the Income Tax Act 1947;

(w) a person who undertakes fund management activity (whether in Singapore or elsewhere) on behalf of not more than 30 qualified investors;

(x) a Service Company (as defined in regulation 2 of the Insurance (Lloyd’s Asia Scheme) Regulations) which carries on business as an agent of a member of Lloyd’s;

(y) a corporation the entire share capital of which is owned by an institutional investor or by persons all of whom are institutional investors;

(z) a partnership (other than a limited liability partnership within the meaning of the Limited Liability Partnerships Act 2005) in which each partner is an institutional investor.

An accredited investor as defined in Section 4A of the SFA and Securities and Futures (Classes of Investors) Regulations 2018 is:

(i)  an individual —

(A) whose net personal assets exceed in value $2 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;

(B) whose financial assets (net of any related liabilities) exceed in value $1 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount, where “financial asset” means —

(BA) a deposit as defined in section 4B of the Banking Act 1970;

(BB) an investment product as defined in section 2(1) of the Financial Advisers Act 2001; or

(BC) any other asset as may be prescribed by regulations made under section 341; or

(C) whose income in the preceding 12 months is not less than $300,000 (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;

(ii)  a corporation with net assets exceeding $10 million in value (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe, in place of the first amount, as determined by —

(A) the most recent audited balance sheet of the corporation; or

(B) where the corporation is not required to prepare audited accounts regularly, a balance sheet of the corporation certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance sheet, which date must be within the preceding 12 months;

(iii) A trustee of a trust which all the beneficiaries are accredited investors; or

(iv) A trustee of a trust which the subject matter exceeds S$10 million; or

(v) An entity (other than a corporation) with net assets exceeding S$10 million (or its equivalent in a foreign currency) in value. “Entity” includes an unincorporated association, a partnership and the government of any state, but does not include a trust; or

(vi) A partnership (other than a limited liability partnership) in which every partner is an accredited investor; or

(vii) A corporation which the entire share capital is owned by one or more persons, all of whom are accredited investors.

Continuation solutions encompass a host of transaction types in which a GP secures interim liquidity and/or additional primary capital for their LPs in a strongly performing asset, or set of assets, that the GP will continue to own and control. Specifically, they include continuation funds, new funds created by GPs for the purpose of acquiring the asset(s) that continue to be managed by the same GP and capitalized by one or several secondary buyers, or equity recapitalizations involving a direct equity or structured equity investment into a portfolio company. These transactions can also include a parallel investment from the GP’s latest fund into that same pool of assets (a “cross-fund trade”).