HarbourVest Partners closes eighth Europe, APAC fund at over $1.6b

Mar 7, 2022 | News

US-based private markets asset manager HarbourVest Partners has held a final close of its HIPEP IX Fund, a vehicle that will invest in Europe and the Asia-Pacific, at over $1.6bn.

The fund close surpassed its target of $1.25bn, HarbourVest said in a statement.

HarbourVest Partners is a private equity fund of funds and one of the world’s largest private equity investment managers globally. It invests in all types of private equity funds, including venture capital and leveraged buyout funds, aside from directly in operating companies.

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The firm said its primary business, complemented by secondary transactions and direct co-investments, was expected to accelerate performance and enhance overall returns, with attractive market opportunities in Europe and the Asia Pacific. The two regions jointly made up 63% of global GDP and represented almost 59% of global economic growth by the end of September 2021.

HarbourVest has been present in Europe for over 30 years and in Asia for over 25 years, committing more than $29bn across multiple business cycles, according to Till Burges, managing director of the firm.

“The fund is designed to focus on the leading managers across key investment themes in Europe and Asia, and exposure to the next generation of emerging managers in these regions,” he said.

HIPEP IX’s predecessor fund, HIPEP VIII, closed in 2018 at $1.7bn, which was 13% more than the seventh fund that was raised in August 2015.

HarbourVest managed more than $86bn in assets as of September 30, 2021. It committed more than $48bn to newly-formed funds, completed over $31bn in secondary purchases, and invested over $25bn directly in operating companies.

Asia focus

Last June, HarbourVest announced the opening of its office in Singapore and the expansion of its investment team in Hong Kong.

The Singapore office has added to HarbourVest’s Asian operations in Beijing, Seoul, Tokyo and Hong Kong, and is overseen by HarbourVest managing director, Hemal Mirani. She also leads operations and strategy for the Asia Pacific region.

In its 2021 annual report, HarbourVest said it had raised its allocation to the Asia Pacific to 15% from 12% of the NAV in 2019.

Other fund-of-funds with a focus on Asia include Adams Street Partners, Asia Alternatives, Axiom Asia, and Hamilton Lane.

Source: Deal Street Asia

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