HarbourVest raises $227.52m

The Boston private equity firm closed its second Canada-focused fund.

HarbourVest Partners held a final closing of HarbourVest Canada Growth Fund II at a CA$300 million ($227.52 million) hard cap. The diversified fund is part of a greater mission led by the Government of Canada’s Venture Capital Catalyst Initiative (VCCI) to grow the supply of venture capital throughout Canada.

Fund II received capital commitments from several institutional investors across multiple regions including the United States, Canada and Europe. Most notably, the fund received an unspecified commitment from The Business Development Bank of Canada.

Founded in 1982, HarbourVest Partners is a global firm that invests in alternatives across multiple asset classes including private equity, infrastructure, private debt and secondaries. The firm manages over $64 billion in assets as of 30 June 2019.