MONEY MANAGEMENT

HarbourVest closes latest secondary private equity fund at $4.77 billion

HarbourVest Partners closed the $4.77 billion Dover Street IX, its secondary private equity fund, a spokesman said.

The secondary private equity fund, which acquires fund interests diversified by stage, geography and investment year, well exceeded its $3.6 billion target. The previous fund, Dover Street VIII, closed at $3.6 billion in 2013.

Investors include the $54.9 billion Michigan State Retirement Systems, Lansing; Nebraska Investment Council, Lincoln, which oversees a total of $22 billion in assets; Montana Board of Investments, Helena, which oversees $9.9 billion in pension fund assets; $7.5 billion New Hampshire Retirement System, Concord; Vermont Pension Investment Committee, Montpelier, which oversees the $3.7 billion Vermont State Retirement Systems; and University of Houston System on behalf of its $610 million endowment.