Blackstone HarbourVest Partners has closed a $1.1bn structured solutions vehicle focused on private market secondaries.

The vehicle, HarbourVest Partners Structured Solutions 2025, has the capacity to invest $1.1bn and is capitalised by HarbourVest alongside alternative credit funds affiliated with Ares Management. Funds managed by Blackstone Credit and Insurance are providing senior financing.

Jeff Keay, chairman of HarbourVest’s Secondaries Investment Committees, said: “We are thrilled to partner with Ares and BXCI on this innovative structured solution that we believe meets the evolving needs of institutional investors seeking tailored exposures to private market secondaries.”

The strategy is 100% dedicated to private market secondaries and is designed to deliver broad diversification. HarbourVest said the portfolio is expected to span more than 4,000 underlying companies, over 400 funds, more than 100 general partners, and in excess of 10 vintages.

Richard Sehayek, partner and co-head of European alternative credit at Ares, added: “This transaction is a testament to growing demand for innovative fund finance solutions, and we look forward to deepening our participation in this expanding market.”

Evercore acted as financial adviser to HarbourVest, while Debevoise & Plimpton served as legal counsel.

The closing highlights continued momentum in structured secondaries, with investors increasingly seeking downside protection, tailored risk profiles, and access to private markets through non-traditional fund structures.

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