HarbourVest Partners announced the final close of the HarbourVest Partners Co-Investment Fund VII Program with approximately $4.75 billion in total commitments. The program exceeded its $4 billion target, reflecting demand from a global group of new and existing limited partners.
HCF VII is HarbourVest’s seventh direct co-investment program. It is designed to give investors access to a diversified global portfolio of direct co-investments across buyout and growth equity strategies.
The program will invest alongside private market sponsors across a range of transaction types. HarbourVest said the strategy is intended to help investors access high-quality private market opportunities while maintaining diversification and disciplined portfolio construction.
In addition to HarbourVest’s core buyout strategy, HCF VII includes a dedicated fund that has raised more than $500 million for growth-equity and expansion-stage investments. This portion of the program will target opportunities tied to transformative trends, including AI, healthcare innovation, high-growth industries, and disruptive technologies.
Over the past two years, HarbourVest has also raised more than $10 billion in co-investment capital alongside HCF VII. This includes other commingled closed-end funds, separately managed accounts, and evergreen capital under management.
HarbourVest said this broader capital base enables the co-investment platform to operate at scale. The firm believes this scale further strengthens its role as a partner of choice for private equity managers globally.
The fundraise comes as sponsors increasingly seek co-investment partners that can provide certainty of execution, flexible capital, scale, and strategic support. HarbourVest said it is seeing improving market conditions, greater transaction activity, and more opportunities to generate liquidity.
HCF VII builds on HarbourVest’s more than 40-year history of direct co-investing. The firm’s global co-investment platform is supported by more than 60 dedicated investment professionals and relationships with more than 650 active private markets managers worldwide.
Since inception, HarbourVest has committed approximately $47 billion across more than 1,350 direct equity co-investments. Over the past decade, the firm has invested more than $40 billion across more than 820 transactions.
HarbourVest is an independent global private markets firm with more than 43 years of experience. The firm had $161 billion in assets under management as of December 31, 2025.
The firm’s platform provides access to primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. HarbourVest has more than 1,200 employees, including more than 225 investment professionals across Asia Pacific, Europe, the Middle East, and the Americas.
KEY QUOTES:
“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. 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.”
John Toomey, CEO of HarbourVest
“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. 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.”
Ian Lane, Managing Director at HarbourVest