HarbourVest Partners and CVC Capital Partners have closed their latest private equity funds above their fundraising targets: $3 billion HarbourVest Partners Co-Investment Fund V and $1.6 billion CVC Growth Partners Fund II, according to the firms' spokesmen.
HarbourVest's latest co-investment fund was oversubscribed and above its $2.5 billion target. CVC Capital Partners' middle-market growth company fund, including a sidecar co-investment vehicle, exceeded its $1 billion target.
Both funds exceed their predecessors in their respective series. HarbourVest Partners Co-Investment Fund IV closed in July 2017 at $1.75 billion. CVC Growth Partners Fund I closed in 2016 with $1 billion.
Investors in HarbourVest Partners Co-Investment Fund V include the $82 billion Virginia Retirement System, Richmond; $5.7 billion Ventura County (Calif.) Employees' Retirement Association; $4.1 billion VermonLouisiana Parochial Employees' Retirement System billion Louisiana Parochial EmployeeSan Antonio Fire & Police Pension Fund2 billion San Antonio Fire & Police Pension Fund; and $234 million Manchester (N.H.) Employees' Contributory Retirement System.
Investors in CVC Growth Partners Fund II include the $216.2 billion New York State Common Retirement Fund, Albany.