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Laxman Pai, Opalesque Asia: The global private markets asset manager closed its latest alternative investment flagship fund, HarbourVest Fund XI, with $2.61 billion, exceeding its $2 billion fundraising target.
The new fund is also 74% larger than its predecessor, HarbourVest Fund X, which closed with about $1.5 billion.
HarbourVest Fund XI's strategy is to make high-quality buyout, micro buyout, growth equity, and venture capital investments in North America.
The fund began making commitments in 2018 and has committed approximately 65% of its capital, in line with the planned three- to four-year investment period.
"We continue to see strong demand for primary partnership funds, especially among US investors that are new to private markets, and global investors seeking exposure to North American assets," said John Toomey, Managing Director, HarbourVest Partners.
Fund XI has more than 90 investors globally, including private and public pensions, corporations, foundations, family offices, and high-net worth individuals through private distribution partners.
Investors in the fund include the Vermont Pension Investment Committee, Montpelier, which runs for the $4.5 billion Vermont State Retirement Systems; $1.6 billion Louisiana Firefighters' Retirement System, Baton Rouge; and $80 million Calvert County Employees Retirement Plan and the Calvert County Sheriff's Department Pension Plan, both in Prince Frederick, Md.
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