HarbourVest Partners
Encyclopedia
HarbourVest Partners is a private equity
fund of funds
and one of the largest private equity investment managers globally. The firm invests in all types of private equity funds, including venture capital and leveraged buyout
funds, and also directly in operating companies. HarbourVest manages investments in North America, South America, Europe, Asia, Australia and Africa.
Founded in 1982 as Hancock Venture Partners
, a subsidiary of John Hancock Insurance
, HarbourVest is based in Boston, Massachusetts with offices in London
and Hong Kong
. HarbourVest has approximately 80 investment professionals globally and manages approximately $18 billion of investor commitments.
Investors in HarbourVest funds include various types of institutional investors such as public and corporate pension fund
s, endowments
, foundations and financial institutions.
In 2001,HarbourVest Partners got inducted to the Private Equity Hall of Fame.
investments in private equity:
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
fund of funds
Fund of funds
A "fund of funds" is an investment strategy of holding a portfolio of other investment funds rather than investing directly in shares, bonds or other securities. This type of investing is often referred to as multi-manager investment...
and one of the largest private equity investment managers globally. The firm invests in all types of private equity funds, including venture capital and leveraged buyout
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
funds, and also directly in operating companies. HarbourVest manages investments in North America, South America, Europe, Asia, Australia and Africa.
Founded in 1982 as Hancock Venture Partners
John Hancock Insurance
John Hancock Financial is a loose term for a United States insurance company which existed, in various forms, from its founding on April 21, 1862, until its acquisition in 2004 by the Canadian insurance company Manulife Financial. It was named in honor of John Hancock, a prominent patriot...
, a subsidiary of John Hancock Insurance
John Hancock Insurance
John Hancock Financial is a loose term for a United States insurance company which existed, in various forms, from its founding on April 21, 1862, until its acquisition in 2004 by the Canadian insurance company Manulife Financial. It was named in honor of John Hancock, a prominent patriot...
, HarbourVest is based in Boston, Massachusetts with offices in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. HarbourVest has approximately 80 investment professionals globally and manages approximately $18 billion of investor commitments.
Investors in HarbourVest funds include various types of institutional investors such as public and corporate pension fund
Pension fund
A pension fund is any plan, fund, or scheme which provides retirement income.Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold...
s, endowments
Financial endowment
A financial endowment is a transfer of money or property donated to an institution. The total value of an institution's investments is often referred to as the institution's endowment and is typically organized as a public charity, private foundation, or trust....
, foundations and financial institutions.
In 2001,HarbourVest Partners got inducted to the Private Equity Hall of Fame.
Secondary transactions
HarbourVest has completed a number of significant secondary marketPrivate equity secondary market
In finance, the private equity secondary market refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds....
investments in private equity:
- 2008 - Macquarie Capital Alliance, in June 2008, announced a takeoverTakeoverIn business, a takeover is the purchase of one company by another . In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.- Friendly takeovers :Before a bidder makes an offer for another...
offer from a consortium of private equity secondary firms including AlpInvest PartnersAlpInvest PartnersAlpInvest Partners is a private equity investment manager and at the end of 2009 globally managed over €42 billion ....
, HarbourVest Partners, Pantheon VenturesPantheon VenturesPantheon is a private equity investment manager, operating through a series of fund of funds as well as a publicly traded private equity vehicle, Pantheon International Participations. Pantheon invests through new private equity funds as well as secondary market purchases of existing private...
, Partners GroupPartners GroupPartners Group is a global private markets management firm with over EUR 20 billion in investment programs under management in private equity, private debt, private real estate, private infrastructure and absolute return strategies...
, Paul Capital Partners, Portfolio Advisors and Procific (a subsidiary of the Abu Dhabi Investment AuthorityAbu Dhabi Investment AuthorityThe Abu Dhabi Investment Authority is a sovereign wealth fund owned by Abu Dhabi, United Arab Emirates founded for the purpose of investing funds on behalf of the Government of Abu Dhabi....
) in one of the first public to private transactions of a publicly traded private equity company completed by secondary market investors.
- 2007 - California Public Employees' Retirement System (CalPERS)CalPERSThe California Public Employees' Retirement System or CalPERS is an agency in the California executive branch that "manages pension and health benefits for more than 1.6 million California public employees, retirees, and their families"...
agrees to the sale of $2.1 billion portfolio of legacy private equity funds at the end of 2007, after a process that had lasted more than a year. The buying group included Oak Hill Investment Management, Conversus Capital, Lexington PartnersLexington PartnersLexington Partners, is a leading independent manager of secondary private equity and co-Investment funds, founded in 1994. Lexington Partners manages approximately $18 billion of which $3.8 billion was committed to the firm's sixth and latest fund .Lexington was founded by former investment...
, HarbourVest, Coller CapitalColler CapitalColler Capital, founded in 1990 by Jeremy Coller, is one of the leading global investors in the Private equity secondary market ....
and Pantheon Ventures.
- 2006 - American Capital StrategiesAmerican Capital StrategiesAmerican Capital is an alternative asset management company based in Bethesda, Maryland. Founded in 1986 and publicly traded since 1997, American Capital is the largest U.S. publicly traded private equity fund and one of the largest publicly traded alternative asset managers...
sells a $1 billion portfolio of investments to a consortium of secondary buyers including HarbourVest Partners, Lexington PartnersLexington PartnersLexington Partners, is a leading independent manager of secondary private equity and co-Investment funds, founded in 1994. Lexington Partners manages approximately $18 billion of which $3.8 billion was committed to the firm's sixth and latest fund .Lexington was founded by former investment...
and Partners GroupPartners GroupPartners Group is a global private markets management firm with over EUR 20 billion in investment programs under management in private equity, private debt, private real estate, private infrastructure and absolute return strategies...
- 2003 - HarbourVest acquired a $1.3 billion of private equity fund interests in over 50 funds from UBS AGUBS AGUBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
through a joint venture transaction
See also
- Fund of fundsFund of fundsA "fund of funds" is an investment strategy of holding a portfolio of other investment funds rather than investing directly in shares, bonds or other securities. This type of investing is often referred to as multi-manager investment...
- Private equity secondary marketPrivate equity secondary marketIn finance, the private equity secondary market refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds....
- Equity co-investmentEquity co-investmentAn equity co-investment is a minority investment, made directly into an operating company, alongside a financial sponsor or other private equity investor, in a leveraged buyout, recapitalization or growth capital transaction. In certain circumstances, venture capital firms may also seek...
- Limited partner
External links
- HarbourVest fund raises $300M in IPO
- HarbourVest to raise $400 mln in Amsterdam IPO
- Buyout Fund-of-Funds Scales Back I.P.O.
- Euronext buy-out funds feel drain of liquidity
- HarbourVest closes eighth fund above target on $5.5bn
- HarbourVest to list new investment vehicle on Euronext Amsterdam
- HarbourVest raises $2bn for venture fund-of-funds
- HarbourVest completes major secondary funds transaction with UBS
External links
- HarbourVest Partners (Company website)