HighVista Hauls In $675M for Fund X

HighVista Strategies LLC, an alternative asset manager that invests in public and private markets, closed HighVista Private Equity X LP at an oversubscribed $675 million, including a sizable GP commitment and other affiliated capital.

Like its predecessor funds, the fund will invest in a pool of small, privately held companies, typically with enterprise values of less than $150 million. The fund has a strategy of partnering with sub-$500 million specialist private equity sponsors, co-investing directly into founder-owned and founder-led businesses in the U.S. and acquiring lower middle-market secondary interests.

The small-company buyout universe is where the firm has observed less competition as a provider of capital and entry valuations that are more attractive.

“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,” said John Dickie, partner and co-head of private equity strategy.

Boston-based HighVista, which acquired abrdn’s private market’s business in 2023, has over $10 billion in assets. The team’s investment strategies include lower middle market private equity, early-stage venture capital and private credit, public markets, including biotechnology equities and hedged public markets strategies, as well as multi-strategy alternatives.