Despite buoyant fundraising, the number of LPs actively investing in secondaries funds fell from last year, according to a survey by Probitas Partners.
HarbourVest Partners' listed investment vehicle is around 5 percentage points above its target allocation for the strategy amid a rising valuations environment.
A revamped internal structure, new business lines and a focus on separate accounts have helped the firm thrive in a tough market for funds of funds, says head of secondaries Wouter Moerel.