HarbourVest closes real assets fund on $366m

HarbourVest Partners has held the final close on its first commingled real assets fund.

Real Assets Fund III raised $366 million against a target of $300 million, according to a statement from the company. The fund’s original target was $500 million, according to a HarbourVest document outlining details of the fund obtained by Secondaries Investor.

Fund III will apply the strategy behind HarbourVest’s Dover Street secondaries funds to the real asset market, which is “less competitive but fast-growing”, according to the statement.

According to the fund document, this means a combination of traditional and complex secondaries transactions in the energy, power, infrastructure and natural resources sectors, complemented by an allocation of up to 20 percent in real asset primaries and direct co-investments.

Investors in the fund comprise of pension funds, insurance companies, endowments and family offices from North America, Latin America and Europe, more than half of which are new to HarbourVest.

Real Assets Fund III launched in February 2016 and held a first close on $245.1 million in December, according to a filing with the US Securities and Exchange Commission.

Boston-headquartered HarbourVest has previously launched two funds focused on the renewables and cleantech space. Cleantech Fund II closed in August 2014 after almost two years of fundraising and raised $130 million out of its $250 million target, according to PEI data. Cleantech Fund I launched in 2008 and beat its $150 million target to close on $203 million in February 2010.

HarbourVest has more than 400 employees across Asia, Europe, and the Americas, according to its website. It has committed more than $31 billion to newly-formed funds, completed over $15 billion in secondaries purchases and invested over $6 billion in operating companies.