HarbourVest closes direct co-investment fund above target at USD1bn
HarbourVest Partners has held the final close of HarbourVest Partners 2013 Direct Fund LP, a global direct co-investment fund, at USD1.0bn, above its USD750m target.
HarbourVest’s prior co-investment fund, 2007 Direct, a USD734m fund, is fully invested with accelerating distributions.
The 2007 Direct portfolio includes buyout and growth equity investments across the US, Europe, and the Asia Pacific region.
Similar to the 2007 Direct Fund, which invested more than 64 per cent in companies with enterprise values below USD1.5bn, the 2013 Direct Fund intends to have a majority of its portfolio focused on small and mid-market companies.
The 2013 Direct Fund makes global direct co-investments in buyout, recapitalisation, growth financing, and special situation transactions. More than 30 investors are participating in the fund including a broad array of institutions such as corporate pensions, public pensions, endowments, Taft Hartley plans, and foundations from around the globe.
“Over the past three decades, HarbourVest’s team has invested over USD4bn in 270 companies,” says Rob Wadsworth, managing director at HarbourVest. “A critical component of our success is our direct investment pipeline made up of qualified, actionable opportunities that are often pre-screened by general partners prior to HarbourVest’s review. Our direct co-investment team of more than 20 investment professionals is flexible in providing capital solutions to general partners and selective in identifying high value opportunities for our investors.”
Through April 2014, the 2013 Direct Fund has already closed ten buyout and growth equity deals in the US, Australia, and Latin America, representing 25 per cent of the fund.
In January 2014, HarbourVest announced a significant liquidity event within the portfolio. Online and mobile banking solution provider Digital Insight was acquired by consumer transaction technology provider NCR for approximately USD1.65bn. 2013 Direct and other HarbourVest-managed funds invested in the company in August 2013 in partnership with funds managed by Thoma Bravo.
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