HarbourVest Partners, an international alternative investment firm, has closed the oversubscribed Dover Street VII secondaries fund at its cap of $2.9 billion.
Dover Street VII saw 197 institutional investors commit capital, including corporate and public pensions, endowments and foundations across Europe, the US and Asia Pacific. The fund makes secondary investments in private equity assets including venture capital and LBOs, as well as portfolios of operating companies.
“A critical component to our success is our ability to leverage the HarbourVest platform and more specifically our relationships with general partners, many of which are attributable to our primary and direct investment businesses as well as our secondary practice, to gain insights about the expected performance of portfolio companies, the funds, and the managers we evaluate in a secondary opportunity,” says Fred Maynard, managing director of HarbourVest.
Dover Street VII began investing in December 2007 and recently completed a transaction in partnership with Lehman Brothers Venture Partners. HarbourVest acquired Lehman’s limited partner interests and enabled the LBVP team to spin-out from Lehman and form an independent entity, Tenaya Capital.
In the past 25 years HarbourVest has committed over $21.3 billion to newly formed funds. The firm has also completed over $5.8 billion in secondary purchases..
D.C.