HarbourVest Partners closed its latest private equity secondaries fund, Dover Street XI, at $15.1 billion, said an Aug. 16 news release.
A spokesperson for HarbourVest confirmed that the $15.1 billion fundraising was a record for the company.
The fund was oversubscribed and closed at its hard cap, including the general partner’s commitment. In addition, HarbourVest held a final close for Secondary Overflow Fund V, at $3.4 billion for secondary co-investment opportunities.
The firm noted in the release that this fundraising cycle was completed without extension, and complemented additional secondaries allocations across other separately managed accounts and commingled funds.
Investors in the fund include the $12.2 billion New Hampshire Retirement System, Concord; the $10.6 billion Arkansas Public Employees Retirement System, Little Rock; the $2.1 billion Anne Arundel County Retirement and Pension System, Annapolis, Md.; and the $1.6 billion Howard County Retirement Plans, Ellicott City, Md.
The predecessor fund, Dover Street X, held its final closing in October 2020 at $8.1 billion at its hard cap.
Since inception, HarbourVest has deployed over $55 billion into almost 650 secondaries transactions, focusing on a balanced mix of limited partner-led and GP-led opportunities.
As of March 31, 2024, HarbourVest had more than $127 billion of assets under management.
