HarbourVest Partners has beaten the $600m target for its Credit Opportunities Fund II by reaching an $833m final close. The oversubscribed fund is double the size of the firm’s debut in the strategy, which it closed on $375m in 2017.
The latest raise comes hot on the heels of HarbourVest raising $2.1bn for its flagship US investment vehicle, HarbourVest Fund XI, in January.
Credit Opportunities II will target junior credit investments complemented by equity co-investment. The firm said the strategy can provide investors with downside protection through credit exposure and opportunistic upside through equity exposure. It will invest in private equity sponsor-backed mid-market companies, predominantly in North America.
The fund doubled its investor base from previous fundraise, with a high re-up rate from existing investors according to the firm.
HarbourVest managing director Peter Lipson said, “We are pleased to mark the close of our latest credit fund and are grateful for the strong support of our limited partners.
“In an environment where investors are searching for consistent yield, the fund’s cash flow profile combined with the opportunity for a meaningful money multiple resonated with investors.”
HarbourVest has been investing in credit since 2003 and has committed over $1.4bn to assets across the private credit market.
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Source: https://www.altassets.net/private-equity-news/by-news-type/fund-news/harbourvest-partners-closes-oversubscribed-credit-fund-on-833m-four-months-after-2-1bn-flagship-raise.html
