HarbourVest Partners has closed its inaugural Private Equity Continuation Solutions (PECS) Fund at more than $1.1bn.

The Boston-based private markets firm said the fund and related parallel vehicles attracted commitments from a global group of institutional and private wealth investors. The strategy targets high-performing, sponsor-backed companies across North America and Europe, offering GPs a mechanism to extend ownership of so-called “trophy assets” while providing liquidity to existing LPs.

Continuation transactions have moved from opportunistic to mainstream. HarbourVest has committed more than $12bn across over 120 such deals to date and deployed approximately $2.8bn into continuation opportunities last year alone. The PECS programme formalises what the firm describes as a long-standing approach to structured liquidity solutions.

The strategy is built around customised, scaled capital solutions for general partners seeking to hold assets beyond traditional fund timelines. As sponsors increasingly opt to retain top-performing portfolio companies rather than exit into uncertain M&A or IPO markets, continuation vehicles have become a core portfolio management tool.

John Toomey, Chief Executive Officer of HarbourVest, said continuation solutions reflect how the firm supports sponsors’ evolving liquidity and portfolio objectives. Valérie Handal, Managing Director, added that the single-asset market continues to expand as GPs seek to balance liquidity with continued exposure to their strongest companies.

The PECS Fund sits within HarbourVest’s broader $146bn global private markets platform spanning private equity, private credit, real assets, and infrastructure.

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