HarbourVest Partners Acquires BAML Capital Access Funds Group
3 February 2016
BAML Capital Access Funds Team Will Continue to Focus on Emerging and Diverse Managers as HarbourVest Horizon
HarbourVest Partners (“HarbourVest”), an independent, global private markets specialist, today announced that it has acquired the BAML Capital Access Funds group (“BAML CAF”), an experienced private equity fund-of-funds manager and adviser, from Bank of America. BAML CAF has historically focused on emerging and diverse managers and has advised on approximately $1.9 billion in capital commitments since its inception in 2002. As part of HarbourVest, BAML CAF will continue to focus on these investment areas and will be renamed HarbourVest Horizon. In addition, BAML CAF’s six-person investment team will join HarbourVest.
“We are excited to broaden the capabilities of our global platform with HarbourVest Horizon,” said John Toomey, Managing Director at HarbourVest. “Our clients value our ability to provide access to the best managers in the industry, and this acquisition both complements and expands our current offerings. The Capital Access Funds team has a proven track record and brings valuable expertise in several niche markets, particularly emerging and diverse managers.”
The HarbourVest Horizon team includes former BAML Capital Access Funds Managing Directors Craig Fowler, Matt HoganBruen, Edward J. Powers, and Sanjiv K. Shah; and Vice Presidents Matthew Autrey and Brook Critchfield. The group was the first fund-of-funds to measure, capture, and report on the social impact of its investments and has been consistently recognized for its emphasis on socially responsible investing.
“The CAF team is excited to be joining HarbourVest, an industry leader and a firm that is committed to meeting its clients’ evolving needs through innovative private market solutions,” said Powers. “HarbourVest Horizon will remain focused on investing in newly-formed general partners, women and minority-led funds, and organizations that have historically lacked access to capital, among others. Being part of HarbourVest gives our clients access to a broader range of alternative investment products, all supported by HarbourVest’s experienced investment team and world-class operational platform.”
HarbourVest Horizon manages and designs mandates to meet the individual and specific needs of sophisticated institutional investors, focusing on opportunities in emerging managers (first, second and third funds); diverse managers (led by women or minority general partners); the lower middle market, and underserved markets (funds investing in companies that have historically lacked access to capital).