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Private Equity

HarbourVest Partners closes co-investment fund at $1.75 billion

HarbourVest Partners closed its latest co-investment private equity fund, HarbourVest Partners Co-Investment IV, at its revised $1.75 billion hard cap, said Brian Ruby, spokesman, in an email.

The fund's original fundraising target was $1 billion with an original hard cap of $1.5 billion. HarbourVest executives raised the fund's hard cap to $1.75 billion during the fundraising process, with the support of limited partners.

The fund has already invested 30% of its capital in 11 co-investments.

Investors in the fund include Michigan Department of Treasury, Bureau of Investments, on behalf of the $57.6 billion Michigan Retirement Systems, East Lansing: $3.7 billion Louisiana Parochial Employees' Retirement System, Baton Rouge; $2.8 billion Nashville (Tenn.) & Davidson County Metropolitan Government Employee Benefit Trust Fund; $1.8 billion Louisiana Municipal Police Employees Retirement System, Baton Rouge; $1.3 billion Louisiana Firefighters' Retirement System, Baton Rouge; and $824 million Ohio State Highway Patrol Retirement System, Columbus.