Dover Street X has a 0.75 percent annual management fee and carried interest on invested profits of 12.5 percent. The management fee is calculated over 14 years, assuming the general partner uses its four single-year extensions. The preferred return is 8 percent, the documents noted.
Boston-headquartered HarbourVest offers an annual fee reduction of 5 basis points to LPs that irrevocably commit to the fund on or before 31 May.
Since the 2003-vintage Dover Street V, complex secondaries deals have accounted for between 60 percent and 70 percent of HarbourVest’s flagship funds, the documents revealed. Over the period complex deals have achieved a gross internal rate of return of 21.8 percent and portfolio sales 18.5 percent.
The 2015-vintage Dover Street IX, which raised $4.77 billion against a target of $3.6 billion, was 80 percent committed as of 30 September. It had achieved a net IRR of 54.9 percent and a net total value to paid-in multiple of 1.4x as of the same date.
Secondaries Investor revealed in July that HarbourVest was returning to market in the second half of 2018 seeking as much as $6.5 billion for Dover Street X, including co-investment capital.
It is not clear if Ventura has committed to Dover Street X. It committed $60 million to Dover Street IX, according to PEI data.
In January HarbourVest backed a $185 million GP-led process on a mature technology fund managed by Investcorp, Secondaries Investor reported. In November the firm bought a portfolio of stakes worth $750 million from the University of Michigan.
Secondaries funds in market were targeting more than $78 billion as of February, according to Secondaries Investor‘s annual secondaries fundraising review.
HarbourVest declined to comment.