Emerging managers catch the eye of HarbourVest

  • HarbourVest buys emerging manager platform from BofA
  • Will continue the platform’s long-time focus
  • Six-person investment team joins HarbourVest


Emerging managers have yet another name to consider when hitting the fundraising trail: HarbourVest Partners.

HarbourVest just acquired BAML Capital Access Funds, a fund-of-funds platform that commits to managers of first, second or third funds; firms run by women and minorities; and managers that invest in companies in underserved areas. The group was formed by Bank of America in 2002 and has advised on about $1.9 billion in commitments.

As Buyouts reported last August, emerging mangers have found themselves more in demand as LPs seek to diversify their private equity portfolios. Several major LPs, such as the New York City Retirement System and the California Public Employees’ Retirement System, have expanded their emerging manager efforts even as they have cut back on their overall number of PE managers.

Capital Access Funds has been renamed HarbourVest Horizon and its six-person investment team has moved over to HarbourVest, including Managing Directors Craig FowlerMatt HoganBruen, Edward J. Powers and Sanjiv K. Shah and Vice Presidents Matthew Autrey and Brook Critchfield.

Since 2010, Bank of America has sold or divested more than $73 billion of non-core assets, including a number of private equity businesses. “The sale was driven by our decision to sell non-core assets,” a Bank of America spokesperson said.

Boston-based HarbourVest manages $39 billion in assets. Since its founding over three decades ago, the firm has committed more than $30 billion to newly formed funds.

Action Item: Contact HarbourVest at 617-348-3707

Photo: Painted chicks sold as pets for 4 pesos (8 cents) each are displayed outside a market in Manila July 29, 2009. REUTERS/Cheryl Ravelo