HarbourVest Partners has completed the final close of its seventh direct co-investment program, raising approximately $4.75 billion in investor commitments, exceeding its $4 billion fundraising target as institutional demand for private equity co-investments continues to grow.
The HarbourVest Partners Co-Investment Fund VII Program (HCF VII) attracted commitments from a global base of new and existing limited partners and further expands the firm’s ability to invest alongside leading private equity sponsors across buyout and growth equity transactions.
The fund is designed to provide investors with a diversified portfolio of direct co-investments spanning global buyout and growth equity opportunities. In addition to HarbourVest’s core buyout strategy, the program includes a dedicated growth equity vehicle that raised more than $500 million to target expansion-stage companies benefiting from long-term secular trends, including artificial intelligence, healthcare innovation and other high-growth technology sectors.
The successful fundraising strengthens HarbourVest’s position in one of private equity’s fastest-growing segments. Over the past two years, the firm has raised more than $10 billion in additional co-investment capital alongside HCF VII through complementary investment vehicles, including separately managed accounts, evergreen strategies and other commingled funds, providing the platform with significant capital to support transactions globally.
“As private markets become an increasingly important part of long-term portfolios, investors are looking for ways to access high-quality opportunities while maintaining diversification and disciplined portfolio construction,” said John Toomey, Chief Executive Officer of HarbourVest. “We believe co-investments can play an important role in helping clients meet those objectives, and HCF VII reflects our ongoing commitment to providing clients with access to small- and mid-market investment opportunities, backed by the partnership and investment capabilities they need in today’s market.”
Co-investments have become an increasingly important component of institutional private market portfolios, allowing investors to deploy capital directly alongside private equity sponsors while gaining exposure to individual transactions across a diversified portfolio. HarbourVest said current market conditions continue to create attractive opportunities as deal activity and liquidity improve across the private equity landscape.
“The co-investment market continues to evolve as sponsors seek partners that can provide certainty of execution, flexible and scaled capital, and strategic support across increasingly complex transactions,” said Ian Lane, Managing Director at HarbourVest. “We are seeing improving market conditions, greater transaction activity, more opportunities to generate liquidity, and continued opportunities across both buyout and growth equity. Through HCF VII, we believe we are positioned to invest alongside leading sponsors globally while building a diversified portfolio that balances the visibility of mature businesses with exposure to growing companies that benefit from powerful secular trends, including AI.”
The latest fund builds on HarbourVest’s long-established direct co-investment platform, which has been developed over more than four decades. The firm maintains relationships with more than 650 active private markets managers worldwide and supports its investment strategy through a dedicated global team of more than 60 co-investment professionals.
Since launching its co-investment strategy, HarbourVest has committed approximately $47 billion across more than 1,350 direct equity co-investments, including over $40 billion invested in more than 820 transactions during the past decade. The scale of the platform enables the firm to participate in transactions across industries, geographies and company sizes while providing private equity sponsors with a source of flexible execution capital.
With $161 billion in assets under management as of Dec. 31, 2025, HarbourVest is one of the world’s largest independent private markets investment firms. The successful close of HCF VII reinforces the firm’s strategy of expanding its co-investment capabilities while capitalizing on increasing institutional demand for direct exposure to private equity investments through diversified, globally managed portfolios.