HarbourVest Partners has announced the final close of its seventh flagship co-investment fund at approximately $4.75 billion, surpassing its initial target. The fund aims to provide access to a diversified global portfolio of direct co-investments. A dedicated portion of over $500 million is earmarked for growth equity and expansion stage opportunities, specifically targeting transformative trends in AI and healthcare innovation.

In the technology space, HarbourVest recently led a $225 million Series C round in Beacon, a company leveraging AI to improve business operations. Managing directors Joel Hwang and Jackie Peradotto noted that AI is expected to rewire existing industries, particularly within healthcare where services remain resilient against automation.

Meanwhile, the beverage sector is seeing significant private equity activity. Monogram Capital Partners closed a single-asset continuation fund for Mountaintop Beverage to fund expansion. Other major moves include Bain Capital’s agreement to acquire the tea brand Gong cha and a $5.6 billion joint venture between Platinum Equity and Nestlé to form Peranel. These deals highlight a growing interest in both consumer brands and specialized beverage manufacturing.