HighVista Strategies has held a final and oversubscribed closing of HighVista Private Equity X LP with $675 million of capital commitments.
In addition to several new limited partners, Fund X was backed by a group of longstanding investors, including pension funds, endowments, foundations, and family offices.
Like all its earlier funds, Fund X invests in privately held companies with enterprise values of less than $150 million. HighVista’s investing strategy targets partnering with sub-$500 million private equity sponsors, co-investing directly into founder-owned and founder-led businesses in the United States, and opportunistically acquiring lower middle market secondary interests.
“We are deeply grateful for the support from our existing investors, as well as many new investors, particularly in this challenging fundraising environment,” said John Dickie, a partner at HighVista and co-head of HighVista’s private equity strategy. “We believe our steadfast focus on the lower middle market and long history of supporting the growth of small private companies resonates with a wide range of clients. There is an unusually compelling opportunity today to invest in the small end of the private equity ecosystem, and we are excited to have a fresh pool of capital to deploy against this opportunity.”
“The HighVista private equity team has been investing in the lower middle market for over 20 years, and we have continuously refined our approach to capturing alpha in the small buyout market,” said Scott Reed, a partner and co-head of the firm’s private equity strategy. “This latest fund close speaks to the trust our investors have placed in our team’s ability to drive attractive returns across cycles in this segment of the private equity landscape.”
“HighVista’s North Star as a firm is the pursuit of outsized alpha for our clients, and we are at our highest conviction when investing in structurally inefficient markets,” said André Perold, HighVista’s CIO and co-founder. “The small-company buyout universe is a perfect example, where we observe less competition as a provider of capital, and entry valuations are more attractive. With the closing of this fund, we look ahead toward continued success in delivering for our clients.”
Boston-headquartered HighVista was founded in 2004 and has more than$10 billion of capital under management. The firm’s investment strategies include lower middle market private equity, early-stage venture capital and private credit, public markets and multi-strategy alternatives.
© 2024 Private Equity Professional | May 3, 2024
