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Annual Report and Accounts 12 Months to 31 January 2020

Supplementary Data

Building Long-term Wealth by Investing in Private Companies

1Supplementary Data

HVPE’s HarbourVest Fund investments and secondary co-investments are profiled below.

Financial information at 31 January 2020 for each fund is provided in the Financial Statements of the Company’s Annual Report and Accounts on pages 79 to 82.

V = Venture, B = Buyout, O = Other, P = Primary, S = Secondary, D = Direct Co-investment

HarbourVest Fund Phase Vintage Year Stage Geography Strategy

Investment Phase

HarbourVest Real Assets IV Investment 2019 O Global S

HarbourVest Credit Opportunities Fund II Investment 2019 O US D

Dover Street X Investment 2019 V, B Global S

HarbourVest 2019 Global Fund Investment 2019 V, B, O Global P, S, D

HarbourVest Partners Co-Investment V Investment 2018 V, B, O Global D

HarbourVest Adelaide Investment 2018 B, O US, EUR, RoW S, D


HarbourVest Partners XI Venture Investment 2018 V US P, S, D

HarbourVest Partners XI Micro Buyout Investment 2018 B US P, S, D

HarbourVest Partners XI Buyout Investment 2018 B US P, S, D

HIPEP VIII Asia Pacific Fund Investment 2017 V, B AP P, S, D


HIPEP VIII Partnership Fund Investment 2017 V, B EUR, AP, RoW P, S, D

Secondary Overflow Fund III Investment 2017 V, B, O Global S

HarbourVest Partners Co-Investment IV Investment 2016 V, B Global D

Dover Street IX Investment 2016 V, B Global S

HarbourVest Real Assets III Investment 2016 O Global S


Growth Phase

HarbourVest 2015 Global Fund Growth 2015 V, B, O Global P, S, D

HarbourVest Canada Growth Fund Growth 2015 V US, CAN P, D

HarbourVest Mezzanine Income Fund Growth 2015 O US D

HarbourVest X Buyout Growth 2015 B US P, S, D

HarbourVest X Venture Growth 2015 V US P, S, D

HarbourVest Global Annual Private Equity Fund

Growth 2014 V, B, O Global P, S, D

HIPEP VII Asia Pacific Fund Growth 2014 V, B AP P, S, D

HIPEP VII Emerging Markets Fund Growth 2014 V, B RoW P, S, D

HIPEP VII Europe Fund Growth 2014 V, B EUR P, S, D

HIPEP VII Partnership Fund Growth 2014 V, B EUR, AP, RoW P, S, D

HarbourVest 2013 Direct Fund Growth 2013 V, B Global D

Dover Street VIII Growth 2012 V, B Global S

HarbourVest Cleantech Fund II Growth 2012 V Global P, S, D

HarbourVest Partners IX Buyout Fund Growth 2011 B US P, S, D

HarbourVest Partners IX Credit Opportunities Fund

Growth 2011 O US P, S, D

HarbourVest Partners IX Venture Fund Growth 2011 V US P, S, D

HVPE’s HarbourVest Fund Investments at 31 January 2020

Supplementary Data2

HarbourVest Fund Phase Vintage Year Stage Geography Strategy

Mature Phase

Conversus Capital Mature 20121 V, B, O Global S

Absolute Private Equity Mature 20111 V, B, O Global S

HIPEP VI Asia Pacific Fund Mature 2008 V, B AP P

HIPEP VI Emerging Markets Fund Mature 2008 V, B RoW P

HIPEP VI Partnership Fund Mature 2008 V, B EUR, AP, RoW P

Dover Street VII Mature 2007 V, B Global S

HarbourVest Partners 2007 Direct Fund Mature 2007 B Global D

HIPEP V 2007 European Buyout Fund Mature 2007 B EUR P

HarbourVest VIII Buyout Fund Mature 2006 B US P, S, D

HarbourVest VIII Mezzanine and Distressed Debt Fund

Mature 2006 O US P, S, D

HarbourVest VIII Venture Fund Mature 2006 V US P, S, D

HarbourVest VII Buyout Fund Mature 2003 B US P, S

HarbourVest VII Venture Fund Mature 2003 V US P, S

HIPEP IV Direct Fund Mature 2001 V, B EUR, AP, RoW D

HIPEP IV Partnership Fund Mature 2001 V, B EUR, AP, RoW P, S

HarbourVest VI Buyout Fund Mature 1999 B US P, S

HarbourVest VI Direct Fund Mature 1999 V, B US D

HarbourVest VI Partnership Fund Mature 1999 V, B US P, S

HIPEP III Partnership Fund Mature 1998 V, B EUR, AP, RoW P, S

HarbourVest V Partnership Fund Mature 1996 V, B US P, S

1 Year of secondary purchase.

Vintage year is year of initial capital call. HarbourVest Fund-of-Funds typically call capital over a multi-year period.

HVPE’s HarbourVest Fund Investments at 31 January 2020 continued

3Supplementary Data

/ / No single portfolio company represented more than 1.9% of the Investment Portfolio.

/ / The five largest companies represented 7.7% of the Investment Portfolio.

/ / The 25 largest companies represented 18.8% of the Investment Portfolio.

/ / In total, the top 100 companies represented $772.2 million or 37.4% of the Investment Portfolio.

The 100 largest portfolio company investments based on Investment Portfolio value are listed by percentage of investment value. Some companies below are held at least in part in HarbourVest direct funds (shown in bold). In most cases, HarbourVest has access to more detailed financial and operating information on these companies, and in some cases, HarbourVest representatives sit on the companies’ Board of Directors.

Company Strategy %Amount (m) Location Status Description

DP World Australia Pty Ltd

Real Assets 1.9% $38.2 Australia Private Operates marine terminal and provides cargo handling services and container terminals throughout Australia

Itinere Infraestructuras, S,A.

Real Assets 1.8% $37.7 Spain Private Provides civil infrastructure management services engaged in management operation, maintenance and conservation of toll roads in Northern Spain

Rodenstock GmbH Buyout 1.5% $31.6 Germany Private Manufactures spectacles, contact lenses and other ophthalmic devices

Preston Hollow Capital, LLC

Buyout 1.4% $28.1 United States Private Specialty municipal finance company

Anhui Three Squirrels Electronic Commerce Co

Venture 1.1% $23.3 China Public Retailer and distributor of their own brand of nuts and other snacks

Undisclosed Buyout 0.9% $18.0 Netherlands Private Undisclosed

Valeo Foods Buyout 0.7% $15.4 Ireland Private Owns a collection of market leading ambient food brands in Ireland, United Kingdom, and Europe

H-Line Shipping Buyout 0.7% $15.3 South Korea Private Bulk and LNG shipping

TeamViewer GmbH Buyout 0.7% $14.8 Germany Public Global remote connectivity platform

SolarWinds, Inc. Buyout 0.7% $14.6 United States Public IT management software

Lytx, Inc. Buyout 0.6% $12.3 United States Private Driver risk management software

Knowlton Development Corporation

Buyout 0.6% $11.6 Canada Private Consumer products contract manufacturer

Infinitas Learning Buyout 0.6% $11.4 Netherlands Private Leading pure-play education content and services business in Europe spanning from curriculum content and online learning to printed textbooks

Ssangyong Cement Industrial Co., Ltd.

Buyout 0.5% $11.0 South Korea Public Integrated cement manufacturer and distributor

Largest Underlying Companies at 31 January 2020

Supplementary Data4

Largest Underlying Companies at 31 January 2020 continued


Ministry Brands, Llc Growth Equity

0.5% $10.7 United States Private Faith-based organization management software

Albany Molecular Research Inc.

Buyout 0.5% $10.6 United States Private Outsourced pharmaceutical contract manufacturer

Appriss Inc. Growth Equity

0.5% $10.1 United States Private Proprietary data and analytics solutions

Kuoni Group Buyout 0.5% $9.9 Switzerland Private Travel and tour operations

Undisclosed Buyout 0.5% $9.6 United States Private Home repair and maintenance services franchisor

Project Precision Buyout 0.5% $9.4 United States Private Contract component manufacturer

Compuware Corporation

Buyout 0.4% $9.3 United States Private Provides software and web performance solutions, professional services, and application services in the United States, Europe, and Africa

CrownRock, L.P. Venture 0.4% $8.9 United States Private Develops oil and gas properties in the Permian Basin and Rocky Mountain regions of the United States

San Miguel Industrias PET S.A.

Buyout 0.4% $8.7 Peru Private PET bottles and preforms

Vantage Airport Group Ltd.

Buyout 0.4% $8.6 Canada Private Provides airport management and development services

Froneri Limited Buyout 0.4% $8.5 United Kingdom

Private Ice cream and frozen food manufacturer in Europe

Klarna Ab Growth Equity

0.4% $8.2 Sweden Private Online consumer payment solutions

AllFunds Bank S.A. Buyout 0.4% $8.0 Spain Private European B2B fund distribution platform

SI Group Buyout 0.4% $8.0 United States Private Intermediate and additive manufacturer

Staples, Inc. Buyout 0.4% $8.0 United States Private Office supply retailer

Kuaishou Technology Venture 0.4% $7.7 China Private Mobile video sharing platform and social network

Undisclosed Growth Equity

0.4% $7.6 United States Private Undisclosed

Profi Rom Food Group SRL

Buyout 0.4% $7.6 Romania Private Convenience store chain

Hub International Limited

Buyout 0.4% $7.3 United States Private Commercial insurance brokerage

Colisée International SAS

Buyout 0.4% $7.3 France Private Nursing homes and home care

Undisclosed Buyout 0.3% $7.0 United States Private Undisclosed

5Supplementary Data


NEW Asurion Corporation

Buyout 0.3% $6.8 United States Private Leading provider of consumer product protection programs in the United States

Verisure Holdings AB Buyout 0.3% $6.8 Sweden Private Largest European provider of monitored alarm and security solutions for residential and small businesses

Edelman Financial Services LLC

Buyout 0.3% $6.5 United States Private Wealth management services provider

Meituan Dianping Venture 0.3% $6.5 China Public Leading player in online group-buying market

Datadog, Inc. Venture 0.3% $6.4 United States Public Provides a platform for both IT developers and IT operations to monitor, contextualize, visualize, and collaborate events and metrics from a variety of tools and services


Point Resources Buyout 0.3% $6.2 Norway Private Production and development of oil and gas assets in Norwegian North Sea.


PlanView, Inc. Venture 0.3% $6.2 United States Private Project and portfolio management software solutions

ARGO Merchants Group LLC

Credit 0.3% $5.5 United States Private Operator of a global cold storage logistics platform

Global Claims Services, Inc.

Mezzanine 0.3% $5.4 United States Private Residential replacement value assessment and product matching services

CleanSlate Centers, Inc. Venture 0.3% $5.4 United States Private Operates a network of physician-led outpatient addiction treatment centers

Undisclosed Venture 0.3% $5.4 United States Private Undisclosed

Saba Software, Inc. Buyout 0.3% $5.4 United States Private Talent management software solutions

Ascent Holdings, LLC Venture 0.3% $5.3 United States Private Provides renewable power

Nets A/S Buyout 0.3% $5.3 Denmark Private Digital payment services

Prolacta Bioscience, Inc.

Venture 0.3% $5.3 United States Private Manufactures, develops and sells four FDA regulated nutritional formulas targeted at high-acuity preterm infant patients

Hermetic Solutions (WCI-HSG HoldCo)

Buyout 0.3% $5.2 United States Private Highly-engineered components for aerospace and defense

Supplementary Data6


Investment Metrics Mezzanine 0.3% $5.2 United States Private Investment performance and risk attribution reporting software

Asia Pacific Education Holdings Sdn Bhd

Buyout 0.3% $5.2 Malaysia Private Educational institutions

Yifeng Pharmacy Chain Co. Ltd.

Venture 0.2% $5.1 China Public Operator of a chain of retail stores that specialize in pharmaceutical and over the counter remedies and personal care products in China

Janalakshmi Financial Services Pvt., Ltd.

Growth Equity

0.2% $5.1 India Private Microfinance institution

Ion Media Networks, Inc.

Credit 0.2% $5.0 United States Private Television broadcasting company with the largest wholly-owned U.S. broadcast network and station footprint

Boardriders, Inc. Credit 0.2% $5.0 United States Private Together with its subsidiaries, designs, develops, and distributes branded apparel, footwear, accessories, and related products

CrowdStrike Holdings, Inc.

Venture 0.2% $4.9 United States Public Provider of security services for enterprises and governments intellectual property and national security information

Slack Technologies, Inc. Venture 0.2% $4.9 United States Public Provides real-time collaboration software for business operations, product design, general management, and games

First Data Corporation Buyout 0.2% $4.8 United States Private Provides electronic commerce and payment services

Solace Systems Growth Equity

0.2% $4.8 Canada Private Enterprise messaging solutions

McLarens Global (ACP McLarens Holdings)

Mezzanine 0.2% $4.8 United States Private Claims management and loss adjustment services

Information Resources, Inc.

Buyout 0.2% $4.7 United States Private Market information solutions, analytics, and consulting services

Sign-Zone Mezzanine 0.2% $4.7 United States Private Portable display products

Peloton Computer Enterprises

Growth Equity

0.2% $4.7 Canada Private Well data and drilling software

Undisclosed Buyout 0.2% $4.6 Netherlands Private Undisclosed


Undisclosed Buyout 0.2% $4.6 United States Private Undislcosed


7Supplementary Data


Undisclosed Growth Equity

0.2% $4.6 United States Private Undisclosed

esure Group plc Buyout 0.2% $4.6 United Kingdom

Private Non-life insurance company

Hyland Software, Inc. Buyout 0.2% $4.5 United States Private Develops enterprise content management software

Custom Ink Growth Equity

0.2% $4.5 United States Private Custom designed apparel retailer

BluSky Restoration Mezzanine 0.2% $4.5 United States Private Specialty building contractor


Undisclosed Buyout 0.2% $4.3 United Kingdom

Private Undisclosed

Pharmaceutical Product Development, Inc.

Buyout 0.2% $4.3 United States Private Pharmaceutical contract research organization providing discovery, development and post-approval services

Coinbase, Inc. Venture 0.2% $4.3 United States Private Bitcoin wallet and platform where merchants and consumers can transact with the new digital currency Bitcoin

Parts Authority, Inc. Buyout 0.2% $4.1 United States Private Engages in the distribution of automotive and truck parts primarily for wholesale customers

Undisclosed Buyout 0.2% $4.1 Poland Private Undisclosed

ByteDance Technology Co.

Venture 0.2% $4.0 China Private Offers personal information recommendation engine services which includes news, pictures, and essays

Sonder Canada Growth Equity

0.2% $4.0 United States Private Temporary apartment accomodations

FlixMobility GmbH Venture 0.2% $4.0 Germany Private Bus travel


Cortefiel, S.A. Buyout 0.2% $3.9 Spain Private Multi-brand apparel retailer

Belcan, LLC Buyout 0.2% $3.8 United States Private Global supplier of engineering consultancy services and technical staffing solutions

RedPrairie Corporation Buyout 0.2% $3.8 United States Private Designs, engineers, and produces equipment and software

Undisclosed Buyout 0.2% $3.8 France Private Undisclosed

Avantor Performance Materials, Inc.

Buyout 0.2% $3.8 United States Public Manufacture chromatography, microelectronics, laboratory and pharmaceutical products

Supplementary Data8


Option Care Enterprises Inc.

Buyout 0.2% $3.8 United States Private Provides specialty pharmaceutical products and related services, infusion therapy, and other ancillary healthcare services

Zobele Group Buyout 0.2% $3.7 Italy Private Manufacturer of electric air fresheners and insecticides for domestic use

Undisclosed Mezzanine 0.2% $3.6 United States Private Undisclosed

National Financial Partners

Buyout 0.2% $3.6 United States Private Consolidator of life insurance and financial services firms

Exxelia International SAS

Buyout 0.2% $3.6 France Private Passive electronic components

Capstone Logistics, LLC

Buyout 0.2% $3.6 United States Private Leader in outsourced, productivity-driven workforce solutions designed to enhance supply chain efficiency at client distribution centers

Qlik Technologies, Inc. Buyout 0.2% $3.6 United States Private Leader in business discovery-user driven Business Intelligence (BI)

Project Arriendo Buyout 0.2% $3.6 Mexico Private Leasing and structured credit

SambaSafety, Inc. Mezzanine 0.2% $3.5 United States Private Data-driven driver risk management solutions

Plaid Technologies Venture 0.2% $3.5 United States Private Offers API's that allow developers to programatically interact with banks and credit cards, giving them access to account and transactional data, including merchant names, addresses, and geocodes


9Supplementary Data

Largest US Managers at 31 January 2020

Based on the Investment Portfolio

/ / No external manager represented more than 2.6% of the Investment Portfolio.

/ / As the Investment Manager of the HarbourVest direct funds, HarbourVest Partners, LLC is the largest manager held in HVPE, although not listed here.

/ / The five largest managers represented 8.5% of the Investment Portfolio.

/ / The 25 largest managers represented 25.7% of the Investment Portfolio.

/ / In total, the largest managers (0.2% of invested value or larger) represented 41.0% of the Investment Portfolio.

Manager Strategy Sum of NAV % NAV

Insight Venture Management, LLC Primary $54.0 2.61%

Thoma Bravo Primary $41.4 2.00%

Battery Ventures Primary $27.3 1.32%

Oaktree Capital Management Secondary $27.2 1.32%

The Jordan Company, LP Secondary $25.7 1.24%

Spark Capital Primary $25.6 1.24%

Hellman & Friedman LLC Primary $24.5 1.18%

Accel Partners Primary $21.8 1.06%

The Blackstone Group Secondary $21.2 1.03%

Lightspeed Venture Partners Primary $20.6 1.00%

Court Square Capital Management, L.P. Secondary $20.1 0.97%

Bain Capital Ventures Primary $20.0 0.97%

Vista Equity Partners Primary $19.8 0.96%

Redpoint Ventures Primary $19.3 0.93%

Kleiner Perkins Caufield & Byers Primary $19.3 0.93%

Andreessen Horowitz Primary $18.3 0.89%

Berkshire Partners LLC Primary $18.1 0.87%

Silver Lake Management, L.L.C. Primary $17.4 0.84%

Harvest Partners, Inc. Primary $15.3 0.74%

Silversmith Management, L.P. Primary $13.4 0.65%

Welsh, Carson, Anderson & Stowe Secondary $12.9 0.63%

GTCR, L.L.C. Primary $12.1 0.59%

Madison Dearborn Partners, LLC Secondary $11.9 0.57%

Pamlico Capital Primary $11.7 0.56%

ABRY Partners, LLC Primary $11.4 0.55%

TA Associates Primary $9.9 0.48%

AE Industrial Partners, LLC Primary $9.8 0.48%

Lime Rock Management LP Secondary $9.7 0.47%

SK Capital Partners Primary $9.0 0.43%

Sun Capital Partners Secondary $8.7 0.42%

Corsair Capital Infrastructure Partners Secondary $8.6 0.42%

NGP Energy Capital Management LLC Secondary $8.4 0.41%

Providence Equity Partners L.L.C. Secondary $8.4 0.41%

Supplementary Data10


Gridiron Energy Management, LLC Secondary $8.3 0.40%

Canaan Partners Primary $8.1 0.39%

Carlyle U.S. Buyout Secondary $7.8 0.38%

Lee Equity Partners Secondary $7.6 0.37%

New Mountain Capital, LLC Secondary $7.6 0.37%

Bain Capital, LLC Primary $7.4 0.36%

Searchlight Capital Partners LLP Primary $7.2 0.35%

Eos Management, L.P. Secondary $7.2 0.35%

Arroyo Energy Group Secondary $7.1 0.35%

Granite Growth Health Partners GP, L.L.C. Secondary $7.0 0.34%

Vector Capital Primary $6.8 0.33%

Leonard Green & Partners Primary $6.6 0.32%

Kohlberg Kravis Roberts & Co. Secondary $6.5 0.32%

Third Rock Ventures, LLC Primary $6.4 0.31%

Vestar Capital Partners Primary $6.4 0.31%

Bessemer Venture Partners Primary $6.4 0.31%

Crestline Management, L.P. Secondary $6.4 0.31%

AIP, LLC (American Industrial Partners, L.P.) Primary $6.3 0.31%

Clayton, Dubilier & Rice, LLC Secondary $5.9 0.28%

Endeavour Capital LLC Secondary $5.7 0.28%

Pharos Capital Partners Secondary $5.7 0.28%

1901 Partners Management, LP Secondary $5.5 0.26%

DCM Primary $5.2 0.25%

Marlin Equity Partners, LLC Primary $5.2 0.25%

TSG Consumer Partners Primary $5.2 0.25%

B-29 GP, LLC Secondary $5.1 0.25%

Centerbridge Partners Primary $5.0 0.24%

Black Diamond Capital Management, LLC Secondary $4.9 0.24%

Kelso & Company Primary $4.8 0.23%

Health Evolution Partners Secondary $4.8 0.23%

Georgian Partners Primary $4.8 0.23%

Windjammer Capital Investors (formerly Pacific Mezzanine Investors)

Primary $4.7 0.23%

Nautic Partners Primary $4.7 0.23%

Flagship Pioneering (Flagship Ventures Management, Inc.)

Primary $4.7 0.23%

H.I.G. Capital Primary $4.7 0.23%

TPG Capital, L.P. Secondary $4.6 0.22%

Apollo Management, L.P. Secondary $4.5 0.22%

CIFC Asset Management Secondary $4.3 0.21%

Pfingsten Partners, L.L.C. Primary $4.3 0.21%

EIG Global Energy Partners, LLC Secondary $4.2 0.20%

Largest US Managers at 31 January 2020 continued

11Supplementary Data


WestView Capital Management, L.P. Primary $4.1 0.20%

Sageview Capital Partners Secondary $4.0 0.20%

TOTAL $864.4 41.0%


Largest European Managers at 31 January 2020









Index Ventures Primary $36.5 1.77%

Compass Partners Investments Master GP Limited Secondary $33.6 1.63%

Advent International Corporation Primary $21.4 1.04%

Permira Advisers Limited Secondary $19.2 0.93%

EQT Managers Primary $17.9 0.87%

CVC Capital Partners Limited Primary $16.9 0.82%

Bridgepoint Capital Secondary $15.8 0.77%

Inflexion Managers Limited Primary $15.0 0.73%

CapVest Equity Partners Secondary $14.2 0.69%

Holtzbrinck Ventures Primary $12.5 0.61%

PAI Partners Secondary $12.0 0.58%

HitecVision Primary $10.7 0.52%

Waterland Private Equity Investments B.V. Primary $9.9 0.48%

IK Investment Partners Primary $8.6 0.41%

ECI Partners LLP Primary $8.5 0.41%

Investindustrial Primary $8.4 0.41%

Portobello Capital Secondary $7.7 0.37%

Bridgepoint Development Capital Primary $6.4 0.31%

Summa Equity Primary $5.5 0.27%

TDR Capital LLP Primary $5.4 0.26%

Innova Capital, Ltd. Secondary $5.2 0.25%

Apax Partners Ltd. (UK) Secondary $5.0 0.24%

Mid Europa Partners Primary $4.9 0.24%

Christofferson Robb & Company Secondary $4.9 0.24%


Cinven Limited Secondary $4.5 0.22%

CGS Management & Co Primary $4.4 0.21%

HgCapital Primary $4.4 0.21%

DH Private Equity Partners Secondary $4.3 0.21%

Summit Partners Primary $4.2 0.20%

TOTAL $369.3 17.9%


Largest Asia/Rest of World Managers at 31 January 2020








IDG Capital Partners (IDG-Accel China Capital Associates)

Secondary $66.6 3.22%



TPG Asia Secondary $16.2 0.79%

Trustbridge Partners Primary $14.7 0.71%

Boyu Capital Primary $13.0 0.63%

Legend Capital Primary $11.6 0.56%

Bain Capital Partners Asia Primary $11.2 0.54%

Avataar Capital Management Secondary $10.2 0.49%

Advent International (Argentina) Primary $10.1 0.49%

Helios Investment Partners LLP Primary $9.9 0.48%

KKR Associates Asia L.P. Primary $8.0 0.39%

Pemba Capital Partners (RMB Capital Partners Pty Ltd)


Hahn & Company Primary $7.7 0.37%

Baring Vostok Capital Partners Primary $6.9 0.33%

Turkven Private Equity Primary $5.9 0.29%

FIMI Opportunity Funds Primary $5.7 0.28%

Amadeus Capital Partners Limited Secondary $5.2 0.25%

Everstone Capital Management Primary $4.8 0.23%

ZhenFund Primary $4.7 0.23%

CITIC Capital Partners Ltd. Primary $4.7 0.23%

Capital Today Group Secondary $4.6 0.22%

Clearvue Partners Primary $4.4 0.21%

Multiples Alternate Asset Manager Pvt. Ltd. Primary $4.3 0.21%

KV Asia Capital Pte Ltd Primary $4.2 0.20%

Chiratae Ventures (IDG Ventures India) Secondary $4.2 0.20%

Orchid Asia Group Management Limited Primary $4.1 0.20%

TOTAL $314.4 15.2%


Largest Buyout Managers at 31 January 2020








Thoma Bravo Primary $41.4 2.00%

Compass Partners Investments Master GP Limited Secondary $33.6 1.63%

The Jordan Company, LP Secondary $25.7 1.24%

Hellman & Friedman LLC Primary $24.5 1.18%

Advent International Corporation Primary $21.4 1.04%

The Blackstone Group Secondary $21.2 1.03%

Court Square Capital Management, L.P. Secondary $20.1 0.97%

Vista Equity Partners Primary $19.8 0.96%

Permira Advisers Limited Secondary $19.2 0.93%

Berkshire Partners LLC Primary $18.1 0.87%

EQT Managers Primary $17.9 0.87%

Silver Lake Management, L.L.C. Primary $17.4 0.84%

CVC Capital Partners Limited Primary $17.1 0.83%

TPG Asia Secondary $16.2 0.79%

Bridgepoint Capital Secondary $15.8 0.77%

Inflexion Managers Limited Primary $15.0 0.73%

CapVest Equity Partners Secondary $14.2 0.69%

Harvest Partners, Inc. Primary $13.7 0.66%

Welsh, Carson, Anderson & Stowe Secondary $12.9 0.63%

GTCR, L.L.C. Primary $12.1 0.59%

PAI Partners Secondary $12.0 0.58%

Madison Dearborn Partners, LLC Secondary $11.9 0.57%

Pamlico Capital Primary $11.7 0.56%


Bain Capital Partners Asia Primary $11.2 0.54%

HitecVision Primary $10.7 0.52%

Advent International (Argentina) Primary $10.1 0.49%

Helios Investment Partners LLP Primary $9.9 0.48%

Waterland Private Equity Investments B.V. Primary $9.9 0.48%


AE Industrial Partners, LLC Primary $9.8 0.48%

SK Capital Partners Primary $9.0 0.43%

Sun Capital Partners Secondary $8.7 0.42%



IK Investment Partners Primary $8.6 0.41%

ECI Partners LLP Primary $8.5 0.41%

Investindustrial Primary $8.4 0.41%

Providence Equity Partners L.L.C. Secondary $8.4 0.41%

KKR Associates Asia L.P. Primary $8.0 0.39%

Pemba Capital Partners (RMB Capital Partners Pty Ltd)


Carlyle U.S. Buyout Secondary $7.8 0.38%

Portobello Capital Secondary $7.7 0.37%

Hahn & Company Primary $7.7 0.37%

Lee Equity Partners Secondary $7.6 0.37%

New Mountain Capital, LLC Secondary $7.6 0.37%

ABRY Partners, LLC Primary $7.6 0.37%

Bain Capital, LLC Primary $7.4 0.36%

H.I.G. Capital Primary $7.3 0.35%

Searchlight Capital Partners LLP Primary $7.2 0.35%

Eos Management, L.P. Secondary $7.2 0.35%

Baring Vostok Capital Partners Primary $6.9 0.33%

Vector Capital Primary $6.8 0.33%

Leonard Green & Partners Primary $6.6 0.32%

Kohlberg Kravis Roberts & Co. Secondary $6.5 0.32%

Vestar Capital Partners Primary $6.4 0.31%

Bridgepoint Development Capital Primary $6.4 0.31%

AIP, LLC (American Industrial Partners, L.P.) Primary $6.3 0.31%

Turkven Private Equity Primary $5.9 0.29%

Clayton, Dubilier & Rice, LLC Secondary $5.9 0.28%

Endeavour Capital LLC Secondary $5.7 0.28%

FIMI Opportunity Funds Primary $5.7 0.28%

Summa Equity Primary $5.5 0.27%

TDR Capital LLP Primary $5.4 0.26%


Innova Capital, Ltd. Secondary $5.2 0.25%

TSG Consumer Partners Primary $5.2 0.25%

Apax Partners Ltd. (UK) Secondary $5.0 0.24%

Mid Europa Partners Primary $4.9 0.24%

Kelso & Company Primary $4.8 0.23%

Nautic Partners Primary $4.7 0.23%

CITIC Capital Partners Ltd. Primary $4.7 0.23%

TPG Capital, L.P. Secondary $4.6 0.22%

Cinven Limited Secondary $4.5 0.22%

Apollo Management, L.P. Secondary $4.5 0.22%



CGS Management & Co Primary $4.4 0.21%

HgCapital Primary $4.4 0.21%

Multiples Alternate Asset Manager Pvt. Ltd. Secondary $4.3 0.21%

Pfingsten Partners, L.L.C. Primary $4.3 0.21%

DH Private Equity Partners Secondary $4.3 0.21%

KV Asia Capital Pte Ltd Primary $4.2 0.20%

WestView Capital Management, L.P. Primary $4.1 0.20%

TOTAL $821.8 39.8%

Largest Buyout Managers at 31 January 2020 continued


Largest Venture Capital/Growth Equity Managers at 31 January 2020








IDG Capital Partners (IDG-Accel China Capital Associates)


Insight Venture Management, LLC Primary $54.0 2.61%

Index Ventures Primary $38.9 1.88%


Battery Ventures Primary $27.3 1.32%

Spark Capital Primary $25.6 1.24%

Accel Partners Primary $23.2 1.12%

Lightspeed Venture Partners Primary $20.6 1.00%

Bain Capital Ventures Primary $20.0 0.97%

Kleiner Perkins Caufield & Byers Primary $19.7 0.95%

Redpoint Ventures Primary $19.3 0.93%

Andreessen Horowitz Primary $18.3 0.89%

Trustbridge Partners Primary $14.7 0.71%

Silversmith Management, L.P. Primary $13.4 0.65%

Boyu Capital Primary $13.0 0.63%

Holtzbrinck Ventures Primary $12.5 0.61%

Legend Capital Primary $11.6 0.56%

Avataar Capital Management Secondary $10.2 0.49%

Canaan Partners Primary $8.1 0.39%

Summit Partners Primary $7.5 0.37%

Granite Growth Health Partners GP, L.L.C. Secondary $7.0 0.34%

Third Rock Ventures, LLC Primary $6.4 0.31%

Bessemer Venture Partners Primary $6.4 0.31%

Pharos Capital Partners Secondary $5.7 0.28%

Amadeus Capital Partners Limited Secondary $5.2 0.25%

Health Evolution Partners Secondary $4.8 0.23%

Georgian Partners Primary $4.8 0.23%

ZhenFund Primary $4.7 0.23%

Flagship Pioneering (Flagship Ventures Management, Inc.)

Primary $4.7 0.23%

Capital Today Group Secondary $4.6 0.22%


Clearvue Partners Primary $4.4 0.21%



Chiratae Ventures (IDG Ventures India) Secondary $4.2 0.20%

Orchid Asia Group Management Limited Primary $4.1 0.20%

Sageview Capital Partners Secondary $4.0 0.20%

TOTAL $530.9 25.7%

Largest Venture Capital/Growth Equity Managers at 31 January 2020 continued


Largest Real Assets/Other Managers at 31 January 2020









Lime Rock Management LP Secondary $9.3 0.45%

NGP Energy Capital Management LLC Secondary $8.4 0.41%

Gridiron Energy Management, LLC Secondary $8.3 0.40%

Arroyo Energy Group Secondary $7.1 0.35%

Crestline Management, L.P. Secondary $6.4 0.31%

1901 Partners Management, LP Secondary $5.5 0.26%

B-29 GP, LLC Secondary $5.1 0.25%

Black Diamond Capital Management, LLC Secondary $4.9 0.24%

Christofferson Robb & Company Secondary $4.9 0.24%

CIFC Asset Management Secondary $4.3 0.21%

EIG Global Energy Partners, LLC Secondary $4.2 0.20%

TOTAL $167.4 8.1%

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