US-based private equity company HarbourVest Partners has announced the final closure of its eleventh dedicated private equity secondaries fund, dubbed Dover Street XI.
HarbourVest has closed the oversubscribed fund at $15.1bn, including the General Partner’s commitment.
In addition, the private equity company has held a final close for Secondary Overflow Fund V, at $3.4bn for secondary co-investment opportunities.
HarbourVest said that the fundraising cycle was completed without extension and complements additional secondary allocations across other separate accounts and commingled funds.
HarbourVest Partners managing director John Toomey said: “More than 35 years after our first secondary transaction, the continued success of our secondaries program is a reflection of our team’s dedication to building an investment pipeline that benefits investors across multiple strategies and separately managed accounts.
“Through our platform approach and access to decades of data across strategies, our firm has deep institutional relationships that position us as a trusted and reliable investment partner.”
HarbourVest said that the size of the close of the secondary funds indicates continued investor interest in the company’s differentiated secondary strategy.
The secondaries team leverages its global platform to tap general partner relationships and access to differentiated information to identify opportunities for meaningful outperformance.
HarbourVest has deployed more than $55bn into almost 650 secondaries transactions, focusing on a balanced mix of LP-led and GP-led opportunities, since its inception.
The limited partners in the fund span include global corporations, pension funds, endowments, foundations, sovereign wealth funds, and private wealth investors.
HarbourVest Partners managing director Jeff Keay said: “The secondaries market has grown in both size and complexity, and HarbourVest continues to differentiate ourselves in our ability to deliver customized liquidity solutions to GPs and LPs at scale.
“Our global secondaries team has decades of experience working together, delivering bespoke LP-led and GP-led solutions.”
