Harvest Partners has closed Harvest Partners IX, a buyout fund, with $5.34 billion of commitments, exceeding its target of $5.25 billion, said a Nov. 7 release.
Harvest Partners IX is 30% larger than the firm's prior private equity fund, which raised $4.1 billion of commitments in 2019 and has been fully deployed, the release noted.
Harvest's private equity strategy focuses on businesses with enterprise values between $300 million to $5 billion in five target sectors: business and industrial services, consumer, industrials, healthcare and software, the release added.
Investors in the fund include the $114.6 billion North Carolina Retirement Systems, Raleigh; the $97.4 billion Michigan Retirement Systems, East Lansing; the $63.6 billion Tennessee Consolidated Retirement System, Nashville; and the $16.4 billion Los Angeles Water & Power Employees' Retirement Plan
Harvest Partners IX has more than 90 investors, primarily institutional and well diversified pension funds, sovereign wealth funds, insurance companies, asset managers and family offices, the release added.
Harvest and its affiliates have more than $20 billion of assets under management.