Swedish pension fund AP7 has partnered with HarbourVest Partners as a founder investor in a new private equity open-ended solution.

The USD 835m anchor investment was made in January 2023 in a new open-ended evergreen private equity strategy designed for non-US institutional and high net worth investors.

HarbourVest, which is a global private markets investment specialist, said the open-ended nature of the new secondaries and direct co-investment solution complements its existing range of solutions by including a liquidity-generating mechanism.

Its partnership with AP7 aims to deliver a solution for both institutional and private clients.

HarbourVest stated that its 40-year private market tenure, scale, and ability to deploy more than USD 10bn a year in direct co-investments and secondaries enabled it to access a large volume of what it believes are quality deals from leading managers across open-architecture solutions.

Commenting on the announcement, AP7 acting CIO, Per Olofsson, said: “During our 20-year partnership with HarbourVest, we have built a relationship based on collaboration, insights and opportunity.

“This new open-ended solution presents a compelling opportunity to address AP7’s strategic objectives and continue to shape our private equity exposure achieving both short, and long-term goals.

“While this solution started as a private client initiative, we have seen its effectiveness in helping to augment existing alternative allocations for institutional investors.”

HarbourVest managing director and head of private client group in EMEA and APAC, Simon Jennings, added: “Private equity has historically outperformed public markets and offers the opportunity to deliver attractive returns at a time when private and institutional investors are looking for diversity and, if their investment parameters change, liquidity.

“This new solution provides this flexibility and access to investment solutions previously only available to very large institutional investors.”

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