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HarbourVest Private Investments Fund
Evergreen fund structure provides immediate exposure to a diversified portfolio in a single solution
HarbourVest Private Investments Fund (“HPIF”) is a ‘40 Act registered investment vehicle that provides qualified clients with access to a diversified private markets portfolio, leveraging HarbourVest’s 40+ year history and global platform. HPIF’s investment objective is to seek to generate capital growth over the long term.
Direct deal flow alongside experienced managers
Seeking cost-effective private investments sourced through long-term relationships and allocated on a pro-rata basis.
Focus on small and middle market private companies
Exposure to fast growing, hard-to-access companies with, in our view, strong outperformance potential.
Diversified seed portfolio from a US institutional investor
Private markets portfolio of seasoned investments across multiple vintages seeded by institutional anchor client.
Portfolio Construction
Since 1983, HarbourVest has been investing directly in private companies alongside experienced managers who possess industry knowledge, cultural familiarity, and investment expertise. HarbourVest has invested over $35 billion in 1,100+ direct companies.1 HPIF is designed as a single point of entry to HarbourVest’s direct private equity platform with the potential to deliver diversification benefits and attractive risk-adjusted returns.2 The fund will invest in fast growing private companies diversified across investing style, geography, sector, deal size, and investment manager.
Target Portfolio3:
Strategy
Stage
Geography
HPIF’s portfolio management process leverages HarbourVest’s dedicated Evergreen Portfolio Management team, who provide tactical plan oversight and approval, allocation inputs, pipeline review, and performance oversight. The team also utilizes valuable model-based insights from HarbourVest’s Quantitative Investment Sciences (QIS) team to inform portfolio management decisions. The Portfolio Management team brings together a blend of senior-level expertise across functions, using sophisticated data tools and analysis.
The HarbourVest Advantage
With a track record of over 40 years of investing across private markets strategies and through economic cycles, we have gained invaluable expertise and built long-term relationships with sought-after partners. In total, HarbourVest has been an indirect investor in about 40,000 distinct portfolio companies through commitments to private market managers. Our extensive network has generated more than 1,000 direct investment opportunities annually since 2021.4
Combined with our proprietary data and advanced analytical tools, we believe HarbourVest’s systems can assist in generating a pipeline of investment opportunities in a specific industry, geography, or stage of development, positioning HarbourVest as a trusted party for a potential direct investment in the next round of funding or sale to another private market manager.
We seek to leverage our deep network, our integrated approach, proactive deal sourcing, and rigorous due diligence process to serve our clients and to fulfill our mission to unlock the power of private markets around the world.
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Footnotes
Represents all equity direct co-investments across all pools of capital, as of September 30, 2024. Note: direct investments include both co-investment and continuation deals.
Diversification does not ensure a profit or protect against a loss. Portfolio diversification is subject to change. Investing in the Fund carries a certain degree of risk, including possible loss of principal and there is no insurance that an investment in the Fund will provide positive performance over any period of time. Past performance is not a reliable indicator of future results.
Portfolio allocation targets are provided for illustrative purposes and may differ substantially from the actual portfolio allocation of the Fund. The target allocations are not prescriptive guidelines.
- Annual deal funnel statistics based on all direct deals evaluated for a HarbourVest fund/account between January 1, 2021 and December 31, 2024, including buyout, growth equity, and venture capital.
Important Disclosures
Investors should carefully consider HarbourVest Private Investments Fund’s (the “Fund”) investment objectives, risks, charges and expenses before investing. For this and other information about the Fund, please call 617-348-3707 or download a free prospectus. Read the prospectus carefully before investing or sending money. This information is not an offer to sell securities issued by the Fund.
IMPORTANT NOTE ON INVESTOR ELIGIBILITY: Although the Fund’s shares of beneficial interest (“Shares”) will be registered under the Securities Act of 1933, as amended (the “Securities Act”), the Shares will be sold only to persons or entities that are both “accredited investors,” as defined in Section 501(a) of Regulation D under the Securities Act, and “qualified clients,” as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended. The qualifications required to invest in the Fund will appear in subscription documents that must be completed by each prospective investor.
The Fund is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) designed for long-term investors and not as a trading vehicle. The Fund differs from open-end investment companies in that investors do not have the right to redeem their Shares on a daily basis. The Shares are subject to substantial limitations on transferability, and liquidity will be provided only through limited repurchase offers. Although the Fund may offer to repurchase Shares from time to time, the Shares will not be redeemable at an investor’s option, nor will they be exchangeable for Shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his or her Shares. The Fund’s investment adviser, HarbourVest Registered Advisers L.P., intends to recommend that, in normal market circumstances, the Fund’s Board conduct quarterly repurchase offers of no more than 5% of the Fund’s net asset value. The repurchases of Shares are subject to the approval of the Fund’s Board. The Shares are not listed on any securities exchange or traded in any other market, and it is not anticipated that a secondary market for the Shares will develop. An investment in the Fund may not be suitable for investors who may need the money they invested in a specified timeframe. LIQUIDITY IN ANY GIVEN QUARTER IS NOT GUARANTEED. YOU SHOULD NOT INVEST IN THE FUND IF YOU NEED A LIQUID INVESTMENT.
The Fund is non-diversified, which means that it may be invested in a relatively small number of underlying funds or portfolio companies, which subjects the Fund to greater risk and volatility than if the Fund’s assets had been invested in a broader range of issuers. No assurance can be given that the Fund will achieve its investment objective or that the Fund’s investment strategy will be successful. An investment in the Fund should be viewed only as part of an overall investment program. An investment in the Fund is speculative and involves substantial risks. It is possible that investors may lose some or all of their investment. In general, alternative investments such as private equity involve a high degree of risk, including potential loss of principal invested. These investments can be highly illiquid, charge higher fees than other investments, and typically do not grow at an even rate of return and may decline in value. The Fund has limited operating history upon which investors can evaluate potential performance. In addition, past performance is not necessarily indicative of future results. Diversification does not ensure profit nor protect against loss.
In addition to all of the risks inherent in alternative investments, an investment in the Fund involves specific risks associated with private equity investing. Underlying funds and many of the securities held by underlying funds may be difficult to value and will be priced in the absence of readily available market quotations, based on determinations of fair value, which may prove to be inaccurate. Fund investors will bear asset-based fees and expenses at the Fund level, and will also indirectly bear fees, expenses and performance-based compensation of the underlying funds. Underlying funds will not be registered as investment companies under the 1940 Act, and the Fund’s investments in underlying funds will not benefit from the protections of the 1940 Act. The value of the Fund’s investments in underlying funds will also fluctuate and may decline. The Fund’s investment portfolio will consist primarily of direct co-investments and continuation solutions, complemented to a lesser extent by primary partnership investments and secondary transactions. Such investments involve a high degree of business and financial risk that can result in substantial losses. Subject to the limitations and restrictions of the 1940 Act, the Fund may use derivative transactions for hedging purposes. Derivative transactions present risks arising from the use of leverage (which increases the magnitude of losses), volatility, the possibility of default by a counterparty, and illiquidity. Use of derivative transactions for hedging purposes by the Fund could present significant risks, including the risk of losses in excess of the amounts invested.
Investment products are not FDIC insured, are not bank guaranteed and may lose value.
The investment adviser of the Fund is HarbourVest Registered Advisers L.P. The Fund is distributed by Paralel Distributors LLC, a member of FINRA/SIPC. Paralel Distributors LLC and HarbourVest Registered Advisers L.P. are unaffiliated.
