HarbourVest Partners
The latest research and outlooks in the ProAllocate library
- Private Markets
Five Questions I’d Ask Before Buying an Evergreen Fund
HarbourVest argues that evergreen fund resilience during 2026's private credit redemption wave depended on structural design—investor mix, liquidity tools, deployment discipline and valuation practices—rather than asset quality alone. It outlines five due-diligence questions investors should ask managers before committing capital.
- Private Markets
Private Credit 2.0 for Insurance Allocators: Diversification, Liquidity, Capital Efficiency
HarbourVest argues insurers are reshaping private credit portfolios by diversifying into secondaries and Schedule BA strategies while using rated note feeders and collateralized fund obligations to secure favorable regulatory capital treatment. These structures convert illiquid private credit exposure into rated, fixed-income-like instruments aligned with insurers' balance-sheet needs.
- Private Markets
More Than Meets the Eye: Understanding the Economics of Credit Secondaries
HarbourVest argues that credit secondary transactions' value extends well beyond the headline discount to NAV, with pull-to-par accretion, post-reference-date cash flows and deal structuring materially shaping returns. It contends disciplined underwriting must assess these combined mechanics rather than discount size alone.
- Private Markets
The Case for Secondaries: The Infrastructure Addition
HarbourVest argues infrastructure secondaries offer a distinct, underpenetrated opportunity, combining mature asset visibility, discounted entry and J-curve mitigation with attractive risk-adjusted returns relative to primary infrastructure strategies.
- Private Markets
Credit Secondaries: Early Days of a New Asset Class
HarbourVest argues private credit secondaries are an undercapitalized, fast-growing market following private equity secondaries' earlier growth path, with volumes potentially rising severalfold as private credit assets expand toward $4 trillion by 2030.
- Thematics
The Infinitumscape
HarbourVest's Scott Voss argues that technology has outpaced governance across oceans, orbit and AI, creating ungoverned frontiers where private platforms wield state-like power. He urges investors to underwrite contested sovereignty and governance timelines, not just business models, using a three-question diligence test.
- Private Markets
Lessons from a Decade of Investing in Canadian Technology
HarbourVest draws on a decade of investing in Canadian venture and growth companies to argue the market has matured into a disciplined, globally oriented ecosystem. It contends future returns will reward selectivity and local relationships rather than passive exposure to innovation.
- Private Markets
Private Equity Liquidity Today
HarbourVest argues private equity liquidity has structurally improved despite longer hold periods and fewer IPO exits, as secondaries, continuation vehicles and recapitalizations now provide a broader, more durable liquidity toolkit. Investors should focus on diversification and manager experience across multiple exit channels rather than expecting a return to historical distribution norms.
- Private Markets
Five Themes Reshaping Healthcare Co-Investment
HarbourVest's Gurdeep Nagra identifies five structural themes shaping healthcare co-investment opportunities: vertical software modernisation, direct-pay consumer care, employer cost pressure, fragmented specialty clinics, and life-sciences infrastructure. He argues durable value lies in company-level evidence of recurring revenue and workflow entrenchment, not sector momentum alone.