SECURITIES AND EXCHANGE COMMISSION
Investment Company Act Release No. 35445; File No. 812-15568
HarbourVest Private Investments Fund, et al.
January 10, 2025
AGENCY: Securities and Exchange Commission (“Commission” or “SEC”).
ACTION: Notice.
Notice of application for an order (“Order”) under sections 17(d) and 57(i) of the Investment
Company Act of 1940 (the “Act”) and rule 17d-1 under the Act to permit certain joint
transactions otherwise prohibited by sections 17(d) and 57(a)(4) of the Act and rule 17d-1 under
the Act.
Summary of Application: Applicants request an order to permit certain business development
companies (“BDCs”) and closed-end management investment companies to co-invest in portfolio
companies with each other and with certain affiliated investment entities.
Applicants:
HarbourVest Private Investments Fund, HarbourVest Registered Advisers L.P., HarbourVest
Partners, LLC, HarbourVest Partners L.P., HarbourVest Advisers L.P., HarbourVest Partners
(Ireland) Limited, HarbourVest Partners (Canada) Limited, HarbourVest Air Canada Fund L.P.,
HarbourVest Amitim Fund L.P., Anggerik HV L.P., HarbourVest AP7 PE Investment L.P.,
HarbourVest Asia Pacific 5 Investment Holding L.P., HarbourVest Asia Pacific 5 Secondary
L.P., HarbourVest Asia Pacific Fund 5 L.P., HarbourVest Asia Pacific 5 AIF SCSP ,
HarbourVest Blue Ridge Fund L.P., HarbourVest Broadway Co-Investment L.P., HarbourVest
Bvk Co-Investment Fund 2022 SCSP, Calstrs Lower Middle Market Fund IV, LLC, Calstrs
Lower Middle Market Fund V, L.P., Calstrs Lower Middle Market Fund VI L.P., Calstrs Lower Middle Market Fund VII L.P., HarbourVest Canada Growth Fund L.P., HarbourVest Canada
Growth Fund II L.P., HarbourVest Canada Growth Fund III L.P., HarbourVest Cc Portfolio
Fund L.P., HarbourVest Centre Street Co-Investment Fund L.P., CHV Investments Fund L.P.,
HarbourVest Citrine Fund L.P., HarbourVest Partners Cleantech Fund II L.P., HarbourVest Co-
Invest 2017 Private Equity Partners L.P., HarbourVest Co-Invest 2018 Private Equity Partners
L.P., HarbourVest Co-Invest 2019 Private Equity Partners L.P., HarbourVest Co-Invest 2020
Private Equity Partners L.P., HarbourVest Co-Invest 2021 Private Equity Partners L.P.,
HarbourVest Co-Invest 2022 Private Equity Partners L.P., HarbourVest Co-Invest 2023 Private
Equity Partners L.P., HarbourVest Partners Co-Investment Fund IV L.P., HarbourVest Partners
Co-Investment IV AIF L.P., HarbourVest Partners Co-Investment Fund IV Aiv L.P.,
HarbourVest Co-Investment Opportunities Fund L.P., HarbourVest Partners Co-Investment
Fund V L.P., HarbourVest Partners Co-Investment V AIF L.P., HarbourVest Partners Co-
Investment Fund V AIV L.P., HarbourVest Partners Co-Investment VI Aggregator L.P.,
HarbourVest Partners Co-Investment Fund VI L.P., HarbourVest Partners Co-Investment VI AIF
SCSP , HCF6 Holdings LLC, Hcf5 Holdings LLC, HarbourVest Co-Investment VII Buyout
Aggregator L.P., HarbourVest Co-Investment Fund VII Growth L.P., HarbourVest Co-
Investment Fund VII Buyout L.P., HarbourVest Co-Investment Fund VII Combined L.P.,
HarbourVest Credit Opportunities II AIF SCSP , HarbourVest Credit Opportunities Fund II L.P.,
HarbourVest COF III Investment L.P., HarbourVest Credit Opportunities Fund III L.P.,
HarbourVest Credit Opportunities III AIF SCSP , Csc Private Investments L.P., HarbourVest Ct
Co-Investment Fund L.P., HarbourVest Ct Private Debt Fund L.P., HarbourVest D2022 Fund
L.P., HarbourVest Dai-Ichi Life PE Fund L.P., Denso Hv Pep L.P., Denso Hv Pep II Holdings
LLC, Denso Hv Pep II L.P., HarbourVest Dl II Investment Holding A (L) L.P., HarbourVest Dl II Investment Holding A (U) L.P., HarbourVest Dl II Investment Holding B (L) LLC,
HarbourVest Dl II Investment Holding B (U) L.P., HarbourVest Direct Lending Fund II (U)
L.P., HarbourVest Direct Lending II Parallel Fund (U) L.P., HarbourVest Direct Lending II AIF
(U) SCSP , HarbourVest Direct Lending Fund II (L) L.P., HarbourVest Direct Lending II
Parallel Fund (L) L.P., HarbourVest Dl Investment Holding I (L) LLC, HarbourVest Direct
Lending Fund (L) L.P., HarbourVest Direct Lending AIF (L) SCSP , HarbourVest Dover Street
IX Investment L.P., Dover Street IX L.P., Dover Street IX AIF L.P., Dover Street 2014 Holdings
LLC, Dover VII Holdings LLC, Dover Street VIII Holdings L.P., HarbourVest Dover Street X
Investment L.P., Dover Street X L.P., Dover Street X AIF SCSP , HarbourVest Dover Street Xi
Investment L.P., Dover Street Xi L.P., Dover Street Xi AIF SCSP , HarbourVest Emmpt PE
Fund L.P., Enervest LLC, HarbourVest FFV Fund L.P., HarbourVest Finance Street AIV L.P.,
HarbourVest Finance Street II AIV L.P., HarbourVest Finance Street II L.P., HarbourVest
Finance Street III AIV L.P., HarbourVest Finance Street III L.P., The First Capital Access Fund,
L.P., HarbourVest Frenchmen Street Fund L.P., HarbourVest FRS R3 LLC, HarbourVest
Partners IX-Buyout Fund L.P., HarbourVest Partners IX-Credit Opportunities Fund L.P.,
HarbourVest Partners IX-Venture Fund L.P., HarbourVest Partners X AIF Buyout L.P.,
HarbourVest Partners X AIF Venture L.P., HarbourVest Partners X Buyout Fund L.P.,
HarbourVest Partners X Secondary L.P., HarbourVest Partners X Venture Fund L.P.,
HarbourVest Partners XI Buyout Fund L.P., HarbourVest Partners XI Buyout AIF L.P.,
HarbourVest Partners XI Micro Buyout Fund L.P., HarbourVest Partners XI Micro Buyout AIF
L.P., HV Xi Secondary L.P., HarbourVest Partners XI Venture AIF L.P., HarbourVest Partners
XI Venture Fund L.P., HarbourVest Partners XII Buyout Fund L.P., HarbourVest Partners XII
Buyout AIF SCSP, HarbourVest Partners XII Micro Buyout Fund L.P., HarbourVest Partners XII Micro Buyout AIF SCSP, HV XII Secondary L.P., HarbourVest Partners XII Venture Fund
L.P., HarbourVest Partners Xii Venture AIF SCSP , HarbourVest Partners Xiii Buyout Fund
L.P., HarbourVest Partners Xiii Buyout AIF SCSP , Hv Xiii Secondary L.P., HarbourVest
Partners Xiii Small Cap Fund L.P., HarbourVest Partners Xiii Small Cap AIF SCSP ,
HarbourVest Partners Xiii Venture Fund L.P., HarbourVest Partners Xiii Venture AIF SCSP ,
Gf2018 Holdings LLC, Gf2019 Holdings LLC, Hv 2019 Global Holdings LLC, HarbourVest
Global Annual Private Equity Fund L.P., HarbourVest 2015 Global Fund L.P., HarbourVest
2016 Global Fund L.P., HarbourVest 2016 Global AIF L.P., HarbourVest 2017 Global Fund
L.P., HarbourVest 2017 Global AIF L.P., HarbourVest 2018 Global Fund L.P., Hv 2018 Global
Investment L.P., HarbourVest 2018 Global AIF L.P., HarbourVest 2019 Global Investment L.P.,
HarbourVest 2019 Global Fund L.P., HarbourVest 2019 Global AIF SCSP , HarbourVest 2020
Global Investment L.P., HarbourVest 2020 Global Fund L.P., HarbourVest 2020 Global AIF
SCSP , HarbourVest 2021 Global Investment L.P., HarbourVest 2021 Global Fund L.P.,
HarbourVest 2021 Global AIF SCSP , HarbourVest 2022 Global Investment L.P., HarbourVest
2022 Global Fund L.P., HarbourVest 2022 Global AIF SCSP , HarbourVest 2023 Global Fund
L.P., HarbourVest 2023 Global Investment L.P., HarbourVest 2023 Global AIF SCSP ,
HarbourVest 2024 Global Investment L.P., HarbourVest 2024 Global Fund L.P., HarbourVest
2024 Global AIF SCSP , HarbourVest 2025 Global Investment L.P., HarbourVest 2025 Global
Fund L.P., HarbourVest 2025 Global AIF SCSP , Great Lakes Fund L.P., HarbourVest
Guardian Co-Investment Fund L.P., HarbourVest Braemar Holdings LLC, HarbourVest Ci
Secondaries L.P., HarbourVest Harvest Fund II L.P., HarbourVest Harvest Fund L.P., Hcf4
Holdings LLC, HarbourVest Global Private Solution Sicav S.A. – Diversified Private Equity
Fund, HGPS-DPE Delaware Holdings LLC, HGPS-DPE Luxembourg Holdings SCSP , HarbourVest Infrastructure Income Portfolio 1 L.P., HarbourVest Infrastructure Income Portfolio
1 Holdings L.P., HarbourVest Infrastructure Income Portfolio 2 L.P., HarbourVest Infrastructure
Income Portfolio 3 L.P., Hipep Ix De Holdings LLC, Hipep Ix Investment Holding L.P., Hipep
Ix Secondary L.P., Hipep Ix Fund L.P., Hipep Ix AIF SCSP , Hipep Select Asia Fund L.P.,
Hipep Select Asia Fund II L.P., Hipep Select Asia Fund III L.P., Hipep VII Emerging Markets
Fund L.P., Hipep VII Em Holdings LLC, Hipep VII Europe Holdings LLC, Hipep VII
Partnership Holdings LLC, Hipep VII Secondary Holdings LLC, Hipep VII (AIF) Asia Pacific
Fund L.P., Hipep VII (AIF) Partnership Fund L.P., Hipep VII Asia Pacific Fund L.P., Hipep VII
Europe Fund L.P., Hipep VII Partnership Fund L.P., Hipep VII Secondary L.P., Hipep VIII
Partnership Fund L.P., Hipep VIII Partnership AIF L.P., Hipep X Fund L.P., Hipep X Holdings
LLC, Hipep X Secondary L.P., HarbourVest Homestead Fund L.P., HarbourVest Homestead
Holdings LLC, Horizon Impact Fund L.P., Hv 2022 Global Holdings LLC, Hv 2023 Global
Holdings LLC, HarbourVest Adelaide L.P., Hv Amitim Uniform Holdings LLC, HarbourVest
Ap7 Holdings 2 LLC, HarbourVest Asia Pacific Fund VIII L.P., HarbourVest Asia Pacific VIII
AIF L.P., HarbourVest Blue Secondary 2018 L.P., HarbourVest Braemar Fund L.P.,
HarbourVest Cb Global Co-Inv Fund L.P., HarbourVest Finance Street L.P., Hv Great Lakes
Series I 2020 Holdings LLC, Hv Harvest Holdings LLC, Hv International VIII Secondary L.P.,
Hv Meranti III A1 Holdings LLC, Hv Nest Uniform Holdings LLC, Hv New Street Franklin
Series Holdings LLC, HarbourVest Pathway Holdings LLC, Hv Ra II LLC, HarbourVest Red
Dragon L.P., Hv Si – Apollo Sengai Fund L.P., Hv Special Situations Fund L.P., Hv VIII
Holdings LLC, Hv Z Global Private Equity Fund, L.P., Hv Z Global Private Equity Holdings
LLC, HarbourVest Zebra 1 L.P., HarbourVest Zebra 2 L.P., HarbourVest Zebra 3 L.P., HVSHP
L.P., HVSHP Holdings LLC, HarbourVest Iof3 Holdings L.P., HarbourVest Infrastructure Opportunities Fund III L.P., HarbourVest Infrastructure Opportunities III AIF SCSP , Juni
Private Equity Fund H (Usd) L.P., Juni Private Equity Fund H (Usd) Holdings 1 L.P., Kpi-
HarbourVest Multi-Strategy Fund I L.P., Kps-HarbourVest Multi-Strategy Fund I L.P., Kpi-
HarbourVest Multi-Strategy Investment Holdings LLC, HarbourVest Ktcu Co-Investment Fund
L.P., Kwasa Nexus Fund L.P., Lindenstone PE SCSP, Longhorn Hv Co-Investment 1 L.P.,
Longhorn Hv Co-Investment 2 L.P., Longhorn Hv Co-Investment Opps A L.P., Longhorn
Hv Co-Investment Opps B L.P., Longhorn Hv Reveille 1 L.P., HarbourVest Lungo III Fund Scs,
HarbourVest Lungo IV Fund SCSP , The Maple Fund L.P., Meranti Fund II L.P., Meranti Fund
III L.P., Meranti Fund L.P., Meranti Holdings LLC, Meranti II Holdings LLC, HarbourVest
Mercurius L.P., HarbourVest Partners Mezzanine Income Fund L.P., Migdal-HarbourVest 2016
Fund L.P., Migdal-HarbourVest 2016 Holdings LLC, HarbourVest Mvpe 5 SCSP , HarbourVest
Mvpe 5 Holdings LLC, Mvpe 6 SCSP , Mvpe 6 Holdings LLC, Mvpf 2 SCSP , HarbourVest
Mvpf SCSP , HarbourVest Mvpf Holdings LLC, HarbourVest Nespf L.P., HarbourVest Nest Co-
Investment L.P., Nour Fund I L.P., Nps Co-Investment (A) Fund L.P., Nps Co-
Investment (A) Holdings LLC, Nps Co-Investment (A) Holdings L.P., Nps Co-Investment Fund
II L.P., Nps Fund II Holdings L.P., Nyscrf Pioneer Partnership Fund A-II, L.P., Nyscrf Pioneer
Partnership Fund III L.P., Nyscrf Transition Annex Fund L.P., HarbourVest/Nystrs Co-
Invest Fund L.P., HarbourVest/Nystrs Co-Invest Fund II L.P., HarbourVest/Nystrs Co-
Invest Fund III L.P., HarbourVest Ontario Private Equity Fund L.P., HarbourVest Orbit AIF
SCSP , HarbourVest Pa Co-Investment Fund L.P., Pacific Coast Senior Credit Finance 1 L.P.,
Pacific Coast Senior Credit L.P., HarbourVest L Global PE SMA L.P., HarbourVest L Global PE
Holdings LLC, HarbourVest Pc Secondaries 2020 Fund L.P., HarbourVest Pc Secondaries 2022
Fund L.P., HarbourVest Pc Secondaries 2024 Fund L.P., HarbourVest Private Equity Continuation Solutions Aggregator L.P., HarbourVest Private Equity Continuation Solutions
L.P., HarbourVest Private Equity Continuation Solutions AIF SCSP , Pecs Overflow Fund L.P.,
Peninsula HarbourVest Fund L.P., HarbourVest Persla PE Fund L.P., HarbourVest Poba Co-
Investment Fund L.P., HarbourVest New Street Fund L.P., Ra4 Holdings LLC, HarbourVest
Real Assets – Energy Fund L.P., HarbourVest Real Assets – Energy Fund II L.P., HarbourVest
Real Assets Fund III L.P., HarbourVest Ra4 Holdings L.P., HarbourVest Real Assets Fund IV
L.P., HarbourVest Real Assets IV AIF SCSP , HarbourVest Real Assets Olive Fund L.P.,
HarbourVest Reynolds Fund I L.P., HarbourVest Secondary 2017 Private Equity Partners L.P.,
HarbourVest Secondary 2018 Private Equity Partners L.P., HarbourVest Secondary 2019 Private
Equity Partners L.P., Dover Street 2014 Overflow Fund L.P., Secondary Overflow Fund III L.P.,
Secondary Overflow Fund IV L.P., Secondary Overflow Fund V L.P., HarbourVest Skew Base
AIF L.P., HarbourVest Slo Fund L.P., HarbourVest Slo Holdings LLC, Hvst-Tope LLC, Smrs-
Capp LLC, Smrs-Hvdl LLC, Smrs-Tope LLC, Smrs-Ncrp LLC, Stc HarbourVest Pecs Fund
L.P., Stc HarbourVest Private Debt Fund L.P., HarbourVest Partners Stewardship Investment
L.P., HarbourVest Partners Stewardship Fund L.P., HarbourVest Partners Stewardship AIF
SCSP , HarbourVest Summit Hill Fund L.P., Sunvest II LLC, Sunvest LLC, HarbourVest Tbw
L.P., HarbourVest Tju Declaration Fund L.P., HarbourVest Tmrs Polaris SMA L.P., Trsl Co-
Investment Fund L.P., Vanguard HarbourVest 2020 Private Equity Fund L.P., Vanguard
HarbourVest 2021 Private Equity Fund L.P., Vanguard HarbourVest 2021 Private Equity
Holdings LLC, Vanguard HarbourVest 2022 Private Equity Fund L.P., Vanguard HarbourVest
2022 Private Equity Holdings LLC, Vanguard HarbourVest 2023 Private Equity Fund L.P.,
Vanguard HarbourVest 2024 Private Equity Fund L.P., VRS HV 2013 Separate Account LLC,
VRS HV 2016 Separate Account LLC, HarbourVest Vsma1 Asia Fund L.P., HarbourVest Vsma1 Asia Holdings LLC, HarbourVest Vulcanus L.P., HarbourVest Wespath Impact
Investment Fund L.P., HarbourVest Co-Invest 2024 Private Equity Partners L.P., HarbourVest
Emmpt PE Holdings LLC, HarbourVest Ffv Holdings LLC, Hv Si – Apollo Sengai Holdings
LLC, HarbourVest Red Dragon Holdings LLC, HarbourVest Tju Declaration Holdings LLC,
HarbourVest As Fund L.P., HarbourVest Alberta Fund L.P., HarbourVest Suncor Fund L.P,
HarbourVest Vsma1 Credit Fund L.P., PECS Delaware Overflow Fund L.P., Vanguard
HarbourVest 2025 Private Equity Fund L.P., HGPS Secondary Holdings LLC
Filing Dates: The application was filed on April 24, 2024, and amended on October 15, 2024 and
December 19, 2024.
Hearing or N otification of Hearing: An order granting the requested relief will be issued unless
the Commission orders a hearing. Interested persons may request a hearing on any application by
e-mailing the SEC’s Secretary at Secretarys-Office@sec.gov and serving the Applicants with a
copy of the request by e-mail, if an e-mail address is listed for the relevant Applicant below, or
personally or by mail, if a physical address is listed for the relevant Applicant below. Hearing
requests should be received by the Commission by 5:30 p.m. on, February 5, 2025, and should
be accompanied by proof of service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0-5 under the Act, hearing requests should state the nature
of the writer’s interest, any facts bearing upon the desirability of a hearing on the matter, the
reason for the request, and the issues contested. Persons who wish to be notified of a hearing
may request notification by emailing the Commission’s Secretary at Secretarys-Office@sec.gov.
ADDRESSES: The Commission: Secretarys-Office@sec.gov. Applicants: Monique Austin,
HarbourVest Private Investments Fund, at maustin@harbourvest.com; and Daniel Chisholm,
HarbourVest Private Investments Fund, at dchisholm@harbourvest.com; and Rajib Chanda, Simpson Thacher & Bartlett LLP, Rajib.Chanda@stblaw.com; and Ryan Brizek, Simpson
Thacher & Bartlett LLP, ryan.brizek@stblaw.com.
FOR FURTHER INFORMATION CONTACT: Taylor Evenson, Senior Counsel, or Terri
Jordan, Branch Chief, at (202) 551-6825 (Division of Investment Management, Chief Counsel’s
Office).
SUPPLEMENTARY I NFORMATION: For Applicants’ representations, legal analysis, and
conditions, please refer to Applicants’ second amended and restated application, dated December
19, 2024, which may be obtained via the Commission’s website by searching for the file number
at the top of this document, or for an Applicant using the Company name search field, on the
SEC’s EDGAR system. The SEC’s EDGAR system may be searched at
http://www.sec.gov/edgar/searchedgar/legacy/companysearch.html. You may also call the
SEC’s Public Reference Room at (202) 551-8090.
For the Commission, by the Division of Investment Management, under delegated
authority.
Sherry R. Haywood,
Assistant Secretary.
