Fund-of-funds manager HarbourVest Partners has raised US$2.9bn for its global secondaries fund Dover Street VII at final closing.
Hitting its cap and oversubscribed, the vehicle attracted investment from 197 institutional
Investors, including corporate pensions, public pensions, endowments, and foundations from across the world.
A generalist fund, it will invest in venture capital, leveraged buyout, and other private equity assets, as well as portfolios of operating companies.
It has been active since December 2007, and in February acquired Lehman Brothers Venture Partners (LBVP) alongside the management team. The deal saw the GP interest transfer to independent fund manager Tenaya Capital, which is managed by former LBVP head Thomas Banahan. HarbourVest acquired Lehman’s limited partner interests.
Tenaya, based in Menlo Park, California, and Boston, Massachusetts, has approximately US$750m under management and around 45 investee companies.