HarbourVest Raises $865M for Third Infrastructure Opportunities Fund 

HarbourVest Partners has announced the final close of Infrastructure Opportunities Fund III (IOF III) at $865 million, more than twice the size of its predecessor. The firm has been deploying capital since December 2023, investing alongside high-quality GPs and offering investors exposure to hard-to-access segments and resilient infrastructure assets. 

IOF III centers on secondary opportunities while also allocating to direct co-investments across infrastructure in North America and Western Europe. Institutional backers include the Fresno County Employees’ Retirement Association, which committed $55 million earlier this year. 

“With infrastructure secondaries still vastly undercapitalized and demand for liquidity rising, HarbourVest believes it is well-positioned to deliver resilient performance and enhance portfolio durability in today’s dynamic market,” said Michael Dean, managing director at HarbourVest Partners. 

HarbourVest has been active in infrastructure since 2014, with secondaries representing a significant portion of its overall platform. Following robust secondaries deal flow in 2024, the firm has projected 2025 to be another strong year, as LPs continue to seek portfolio liquidity and differentiated access to infrastructure assets.