HarbourVest raises record $18.5bn for latest secondaries fundraising

HarbourVest Partners has raised a record $18.5bn in its latest private equity secondaries fundraising – $15.1bn for the oversubscribed main Dover Street XI fund, and an additional $3.4bn for Secondary Overflow Fund V, dedicated to secondary co-investment opportunities.

The fundraising cycle was completed without the need for an extension.

Since its inception, HarbourVest has invested over $55bn across nearly 650 secondaries transactions, balancing both limited partner (LP)-led and general partner (GP)-led opportunities.

John Toomey, Managing Director at HarbourVest Partners, commented: "More than 35 years after our first secondary transaction, the continued success of our secondaries programme reflects our team’s commitment to building an investment pipeline that benefits investors across multiple strategies.

"Our platform approach and decades of data have established us as a trusted and reliable investment partner."

The firm's limited partners include corporations, pension funds, endowments, foundations, sovereign wealth funds and private wealth investors.

Jeff Keay, another Managing Director at HarbourVest, added: "The secondaries market has grown in both size and complexity, and HarbourVest continues to set itself apart by delivering customised liquidity solutions to both GPs and LPs at scale.

"Our global secondaries team brings decades of experience, providing tailored LP-led and GP-led solutions."

HarbourVest has more than $127bn in assets under management as of March 2024 and operates across Asia, Europe and the Americas. The firm’s platform offers access to investment strategies including global primary funds, secondary transactions, direct co-investments, real assets, infrastructure and private credit.