HarbourVest Closes $1.1B Continuation Fund (PECS)

HarbourVest Partners has closed its inaugural Private Equity Continuation Solutions (PECS) Fund at more than $1.1bn. The fund and related parallel vehicles received commitments from a global group of institutional and private wealth investors.

HarbourVest’s PECS strategy targets high-performing, sponsor-backed companies across North America and Europe, giving GPs a mechanism to extend ownership of “trophy assets” while providing liquidity to existing LPs. HarbourVest said continuation transactions have shifted from opportunistic to mainstream and that it has committed more than $12bn across over 120 continuation deals to date.