HarbourVest’s Joel Hwang and Jackie Peradotto announced the final close of HCF VII at $4.75bn. The Boston firm aims to give investors a diversified global portfolio of direct co‑investments across buyout and growth equity, including a dedicated $500m fund to capture transformative trends in AI, healthcare, and other high‑growth industries.

The buyout sleeve will target primary buyouts, carve‑outs, or take‑private deals across all market segments, while the growth sleeve will pursue primary financings, direct secondary rounds, and other transaction types. Hwang notes the “AI moment” is a unique opportunity to access growth markets, especially in healthcare, where AI can transform existing industries.

Recent deals include a $225m Series C in Beacon and a $125m Series B in Exaforce, both AI‑native companies. HarbourVest emphasizes rigorous research to ensure portfolio firms truly benefit from AI tailwinds. The fund plans roughly 80 investments, with 50 % deployed and the rest expected by end‑2027.

HCF VII’s limited partners include Ventura County Employees Retirement Association, Howard County Retirement Plan, and San Antonio Fire and Police Pension Fund. The program typically invests in 50‑70 companies per vintage, and HarbourVest is actively exploring technology, pharma services, home care, animal health, and specialty clinical services.