HarbourVest Partners, a global alternative investment firm, has announced the final close of Dover Street VII, a global secondary fund, at USD2.9bn.
HarbourVest Partners, a global alternative investment firm, has announced the final close of Dover Street VII, a global secondary fund, at USD2.9bn.
The fund closed at its cap and was oversubscribed.
Dover VII makes secondary investments in venture capital, leveraged buyout, and other private equity assets, as well as portfolios of operating companies. In total, 197 institutional investors committed capital to Dover VII, including corporate pensions, public pensions, endowments, and foundations located in the US, Europe, and Asia Pacific.
‘Since our first secondary investment in 1986, HarbourVest has helped pioneer the global secondary market,’ says Fred Maynard, managing director at HarbourVest Partners. ‘A critical component to our success is our ability to leverage the HarbourVest platform and more specifically our relationships with general partners, many of which are attributable to our primary and direct investment businesses as well as our secondary practice, to gain insights about the expected performance of portfolio companies, the funds, and the managers we evaluate in a secondary opportunity. We are able to use this unique perspective of identify attractive or undervalued assets that offer compelling investment opportunities for our clients, as well as to create tailor-made solutions for sellers.’
Dover Street VII began investing in December 2007 and recently completed the Tenaya
Capital transaction, in which HarbourVest partnered with the Lehman Brothers Venture Partners team. In this transaction, HarbourVest acquired Lehman’s limited partner interests and helped the LBVP team spin-out from Lehman and form an independent entity, Tenaya Capital.
HarbourVest’s secondary programme acquires private equity assets of all stages, types, vintages, and geographies. The firm has completed transactions ranging from less than USD10m to more than USD1.0bn in size with all types of sellers, including financial institutions, corporations, pension plans, governmental entities, endowments, and family offices.
