Double Vision
What fundraising challenge? HarbourVest Partners clearly hasn’t read the memo. The firm’s executives are seeing double, following news that the Boston-based asset manager has raised $18.5 billion for its latest secondary fund; that’s nearly twice the size of its previous vintage. Dover Street XI secured $15.1 billion of investor commitments in addition to $3.4 billion for its Secondary Overflow Fund V, which invests in parallel. The fund will invest in both LP-led and GP-led secondaries, including fund portfolios, single companies and groups of companies. Such has been the level of investor demand, it suggests investors view PE secondaries as a ‘safe harbour’ to continue building their exposure in the asset class. With sponsor-led deals expected to increase, HarbourVest will be busy exploring the depths of secondaries as it puts Dover Street XI’s capital to work.