HarbourVest Partners has held the final close of its flagship Europe, Asia, and emerging markets focused fund, HIPEP VIII Partnership at USD1.7 billion, exceeding its target and an ahead of the HIPEP VII Partnership fund which closed in August 2015 at USD1.5 billion.
“HarbourVest has long believed that solving for the unique challenges that our investors face must be at the core of everything we do,” says Peter Wilson, Managing Director and member of the Executive Management Committee, HarbourVest. “HarbourVest has invested more than USD25 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 specialised 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 per cent of its capital, in-line with a planned three-four 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,” says 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.
