HarbourVest Partners Closes HIPEP VIII Partnership Fund above Target
16 March 2018
HarbourVest Partners HIPEP VIII was oversubscribed and closed at $1.7 billion
Boston, MA – March 16, 2018 – HarbourVest Partners, a global private markets asset manager, today announced the final close of its flagship Europe, Asia, and emerging markets focused fund, HIPEP VIII Partnership. The fund closed at $1.7 billion, exceeding its target and an increase over the HIPEP VII Partnership fund which closed in August 2015 at $1.5 billion.
“HarbourVest has long believed that solving for the unique challenges that our investors face must be at the core of everything we do,” said Peter Wilson, Managing Director and member of the Executive Management Committee, HarbourVest. “HarbourVest has invested more than $25 billion in Europe, Asia Pacific and other emerging markets over the last 30 years. These long-term relationships allow us to provide clients with access to local and specialized insights in an evolving global private equity market.”
The fund’s strategy is to make primary fund investments in leading managers, as well as secondary investments and direct co-investments. The fund began making commitments in May 2017 and has committed approximately 29% of its capital, in-line with a planned 3-4 year investment period. The portfolio currently includes 10 commitments to leading private equity managers in Europe and Asia Pacific, all of which have been oversubscribed.
“This latest fundraise shows the demand from existing and new investors for global, ex-US private equity,” said Carolina Espinal, Managing Director, HarbourVest. “Our thematic strategy resonated with investors targeting the region due to the flexibility of access to value and growth opportunities and a diversified cash flow profile.”
HIPEP VIII has more than 40 investors from across a range of geographies including Germany, Japan, the United Kingdom, and the United States. It includes institutional clients such as private and public pensions, corporations, foundations, and family offices, as well as clients through private distribution partners.
HarbourVest is an independent, global private markets asset manager with more than 35 years of experience and more than $49 billion in assets under management. The Firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in commingled funds or separately managed accounts. HarbourVest has more than 400 employees, including more than 100 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $32 billion to newly-formed funds, completed over $18 billion in secondary purchases, and invested over $7 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, actionable insights, and proven results.