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Janalakshmi backer HarbourVest marks final close of flagship fund at $1.7 bn

20 March, 2018

Global private equity investment firm HarbourVest Partners LLC, which has backed Indian lending companies such as Janalakshmi Financial Services and Clix Capital, has announced the final close of its latest fund at $1.7 billion.

The fund, which focuses on Europe, Asia and emerging markets, is named HarbourVest International Private Equity Partners VIII Partnership (HIPEP VIII).

“This latest fundraise shows the demand from existing and new investors for global, ex-US private equity,” said Carolina Espinal, managing director of HarbourVest.

The fund’s mandate is to make primary investments in leading fund managers in addition to secondary investments and direct co-investments.

US-headquartered HarbourVest said in a statement that the fund had started making commitments last May. It has committed nearly 29% of its capital, in line with a planned investment period of three to four years.

The fund’s portfolio currently includes 10 commitments – all of which have been oversubscribed – to unnamed PE fund managers in Europe and Asia Pacific.

There are more than 40 investors in the fund which includes private and public pension funds, corporations, foundations, and family offices, as well as clients through private distribution partners.

HarbourVest had closed its seventh fund, HIPEP VII Partnership, at $1.5 billion in August 2015.

HarbourVest has more than $49 billion in assets under management. The firm has more than 400 employees, including more than 100 investment professionals across Asia, Europe, and the Americas.

The firm handles fund of fund investments as well as direct co-investments with other PE firms it has backed.

The global team has committed more than $32 billion to newly-formed funds, completed over $18 billion in secondary purchases, and invested over $7 billion directly in operating companies.

In India, HarbourVest recently invested in Bengaluru-based microlender Janalakshmi Financial Services Pvt. Ltd, which had secured a licence for floating a small finance bank.

HarbourVest is also a co-investor in Gurugram-based lending company Clix Capital, according to its website.

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Janalakshmi backer HarbourVest marks final close of flagship fund at $1.7 bn

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