HarbourVest Partners Closes Structured Solutions Vehicle for Private Market Secondaries

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Key Terms

private equity financial

Private equity involves investing money directly into private companies or buying out public companies to make them private, with the goal of improving their performance and increasing their value over time. For investors, it offers an opportunity to earn returns by helping companies grow or restructure, often requiring a longer-term commitment and a higher level of involvement than typical stock investments.

private credit financial

Private credit is a form of borrowing where companies or organizations obtain loans directly from private lenders rather than traditional banks or financial markets. It often involves customized financing arrangements that are not traded publicly, making it a way for businesses to access funding outside of standard channels. For investors, private credit offers the potential for higher returns, but typically comes with increased risk and less liquidity compared to more conventional investments.

private market secondaries financial

Private market secondaries are transactions where existing owners of privately held company shares — such as early investors, employees, or funds — sell their stakes to other investors instead of waiting for a public listing or company sale. They matter to investors because they provide a way to buy or sell ownership in private businesses, offering liquidity and price discovery in a market that is otherwise hard to trade; think of it like buying a used car from its first owner rather than waiting for a brand-new model to appear.

senior financing financial

Debt or capital that must be repaid before other obligations if a company runs into trouble; it usually has priority in the company’s repayment order and often comes with stricter terms. For investors, senior financing matters because it reduces risk for those holding it but can limit returns or squeeze equity holders—think of it as being first in line at a checkout, leaving others to wait if funds are short.

fund finance solutions financial

Fund finance solutions are borrowing arrangements and credit lines tailored for investment funds to manage cash flow, pay expenses, and bridge timing gaps between capital calls and investments. Think of them as a household line of credit for a fund: they smooth operations and let managers act quickly, but they also introduce interest costs and leverage that can amplify returns or risks, so investors watch them closely.

01/27/2026 - 08:00 AM

BOSTON--(BUSINESS WIRE)-- HarbourVest Partners, a global leader in private markets investing, today announced the closing of HarbourVest Partners Structured Solutions 2025, an investment vehicle with the capacity to invest $1.1 billion into diversified secondary investments in private equity and private credit.

HarbourVest Partners’ Structured Solutions program combines the firm’s investment strategies for a broad range of institutional investors and expands access to private market secondaries.

Transaction highlights

100% private market secondaries in private equity and private credit
Highly diversified portfolio construction: 4,000+ companies, 400+ funds, 100+ GPs, 10+ vintages
Legal counsel to HarbourVest: Debevoise & Plimpton
Financial advisor to HarbourVest: Evercore

HarbourVest and Ares Alternative Credit funds, affiliates of Ares Management Corporation (“Ares”), have agreed to capitalize the vehicle, with funds managed by Blackstone Credit and Insurance (“BXCI”) providing senior financing.

Jeff Keay, Chairman of HarbourVest’s Secondaries Investment Committees, commented: “We are thrilled to partner with Ares and BXCI on this innovative structured solution that we believe meets the evolving needs of institutional investors seeking tailored exposures to private market secondaries.”

Richard Sehayek, Partner & Co-Head of European Alternative Credit at Ares, commented: “We are pleased to provide our scaled, flexible capital to support a HarbourVest-managed vehicle, building on our longstanding relationship. This transaction is a testament to growing demand for innovative fund finance solutions, and we look forward to deepening our participation in this expanding market.”

About HarbourVest Partners

HarbourVest Partners is a global private markets investment firm with nearly $150 billion in assets under management, 1,200+ colleagues, and a 40-plus year track record of delivering value across private equity, credit, and infrastructure. The firm is a global leader in diversified private markets, with expertise spanning North America, EMEA, and Asia Pacific. For more information, please visit www.harbourvest.com.

About Ares Management Corporation

Ares Management Corporation (NYSE:ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2025, Ares Management Corporation's global platform had over $595 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

Disclosure:

HarbourVest Partners, LLC is a registered investment adviser under the Investment Advisers Act of 1940. The information on this site is intended solely for the benefit of firms and companies seeking private equity investment capital by providing general information on our services and philosophy. The material on this site is for informational purposes only and does not constitute an offer or solicitation to purchase any investment solutions or a recommendation to buy or sell a security nor is it to be construed as legal, tax or investment advice. Unless otherwise indicated, any information available through this site is as of the date indicated therein and may not be updated or otherwise revised to reflect information that subsequently becomes available. HarbourVest is under no obligation to update the information contained on this site. Additionally, the material on this site does not constitute a representation that the solutions described therein are suitable or appropriate for any person and HarbourVest does not accept any liability with respect to the information.