Private equity fund of funds manager HarbourVest Partners has raised $830 million (€570 million) in fresh capital through a listing on the Euronext amsterdam. Each share was priced at $10. The public offering, HarbourVest's first, was comprised of $300 million in fresh capital, $100 million below the original target, and $530 million from shares allocated to existing investors in the firm's unquoted fund of funds. HarbourVest Global Private Equity (HVPE), HarbourVest hopes, become a permanent source of capital in its funds.
To quell criticism of fee duplication, HarbourVest is not charging fees on the listed ?fund of funds of funds? structure. Investors in the public vehicle will pay the same fees as investors in underlying fund partnerships. The firm is also picking up 100 percent of the offering expenses, thus avoiding dilution of net asset value. Below are charts taken from HarbourVest's disclosure filings.