HarbourVest Partners will close its third direct co-investment vehicle, HarbourVest Partners 2013 Direct Fund, on $1 billion by the end of March, according to a source familiar with the matter.
HarbourVest declined to comment.
HarbourVest launched the fund in 2012 with a $750 million target, according to Private Equity International’s Research and Analytics Division. Limited partners in the fund, which will make co-investments globally, include the Oregon Investment Council, according to PEI data.
The expected final close amount of $1 billion will include a $100 million commitment from HarbourVest Global Private Equity (HVPE), the group’s Euronext-listed listed vehicle.
Harbourvest Partners 2007 Direct fund held a final close on $734 million.
Last June, HarbourVest held a final close on $3.6 billion for its latest secondaries fund, Dover Street VIII. The fund was oversubscribed and received strong support from existing investors.
Last May, HarbourVest said it would pay out about $40 million to its investors in the next two years, effectively as a fast-tracked profit share following its acquisitions in the listed space, Absolute Private Equity and Conversus Capital.
HarbourVest was founded in 1978 and has invested approximately $38 billion since inception, with a focus on fund of funds as well as secondary, co-investment and direct strategies. In addition to Tokyo and Hong Kong, the firm maintains offices in Boston, London and Bogotá.
Brian Cantwell contributed to this report