Boston-based private markets asset manager HarbourVest Partners has announced the opening of its office in Singapore, expanding the firm’s footprint to 11 locations worldwide.
The Singapore office will be overseen by the regional head and HarbourVest managing director Hemal Mirani, alongside investment professionals focused on primary, secondary and co-invest strategies.
Hemal oversees the firm’s operations and strategy for Asia Pacific, which includes Beijing, Hong Kong, Seoul and Tokyo. The firm also has a presence in Bogota, Dublin, London, Tel Aviv, and Toronto.
HarbourVest’s managing director John Toomey said the Asia Pacific region continues to represent an area of meaningful strategic importance for the firm’s growth, both in terms of its client base and investment activities.
“We have been active in this region for more than 25 years and are excited to be formally establishing a presence in Singapore, further reinforcing our commitment and interests in this dynamic part of the world,” he added.
The Singapore team will initially include four employees from across the investment, investor relations, operations, and regulatory functions.
The office will operate under HarbourVest Partners (Singapore) Pte Ltd, which was authorised by the Monetary Authority of Singapore (MAS) on May 24 as a fund manager to conduct regulated activities within Singapore on behalf of HarbourVest.
Separately, HarbourVest also announced the appointment of Lydia Hao in its Hong Kong office. As the managing director of the firm’s primary investments team in Hong Kong, the appointment is expected to enhance HarbourVest’s offering to Asian managers and investors.
Founded in 1982, HarbourVest had more than $76 billion in assets under management as of March 31. The global team has committed more than $46 billion to newly-formed funds, completed over $29 billion in secondary purchases, and invested over $21 billion directly in operating companies.
Recently, there are other private market asset managers that have announced setting up their operations in Singapore. One prominent example is Boyu Capital, a private equity firm co-founded by the grandson of former Chinese president Jiang Zemin, which relocated part of the firm’s operations from its Hong Kong headquarters to Singapore in February.
Other investment management firms such as US-based Barings, Switzerland-based GAM Investments, London-based Marshall Wace and US-based Citadel have announced plans to open a Singapore office.
D E Shaw & Co, which was planning to raise a $1 billion private equity-style fund, also made a similar announcement late last year.