Exclusive HarbourVest to close 1bn coinvest fund

The 2013 Direct Fund includes a $100m commitment from HVPE, the firm’s Euronext-listed vehicle. 

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