HarbourVest Partners closed its eighth global private equity fund, the $1.7 billion HarbourVest International Private Equity Partners VIII Partnership, exceeding its fundraising target, said Brian Ruby, spokesman for HarbourVest, in an email.
HarbourVest's new fund raised 13% more than the prior fund, which closed in August 2015 with $1.5 billion.
The new fund is expected to invest in private equity funds as well as invest on the private equity secondary markets and make direct co-investments.
Investors in the fund include $9.8 billion Chicago Public School Teachers' Pension & Retirement Fund; $9 billion New Hampshire Retirement System, Concord; $4 billion Vermont State Retirement Systems, Montpelier; $3.1 billion Nashville (Tenn.) & Davidson County Metropolitan Government Employee Benefit Trust Fund; and $200 million Manchester (N.H.) Employees' Contributory Retirement System.
