HarbourVest Partners has raised $2.4 billion for private credit secondaries, The Wall Street Journal reported. The capital will buy existing stakes in private credit funds from investors who want out before those funds reach the end of their term. HarbourVest has not issued a press release, and the fund’s name, target and investor base have not been disclosed.
The raise comes less than a year after HarbourVest formally built out the strategy. In October 2025 the firm set up a dedicated credit secondaries team, co-led by Greg Ciesielski from its secondaries group and Sean Gillespie from its credit team, covering both LP-led and GP-led deals. At the time, HarbourVest said the private credit market passed $1.6 trillion in 2024 and credit secondary volumes reached $10 billion, up from $3 billion in 2020. Only $6.8 billion of global secondaries dry powder was allocated to credit. The new fund alone equals more than a third of that figure.
“We believe credit secondaries will be one of the fastest-growing segments of the secondaries market over the next several years,” CEO John Toomey said when the team launched.
Credit is the newest leg of one of the oldest secondaries franchises in the market. HarbourVest made its first secondary investment in 1986 and has completed more than 500 transactions since. The firm reports more than $83 billion committed to secondaries as of June 30, 2026. Its flagship Dover Street XI closed at $15.1 billion in August 2024, alongside the $3.4 billion Secondary Overflow Fund V. HarbourVest has not yet announced a close for the successor, Dover Street XII, which counts Taiwan’s Fubon Life among its investors, according to Private Equity International.
The firm has also been splitting the franchise into specialist pools. In January it closed HarbourVest Partners Structured Solutions 2025, a $1.1 billion vehicle for diversified private equity and private credit secondaries, capitalised alongside Ares Alternative Credit funds with senior financing from Blackstone Credit & Insurance. In February its inaugural Private Equity Continuation Solutions fund closed at $1.1 billion to back single-asset continuation vehicles. At $2.4 billion, the credit vehicle is the largest of the three specialist secondaries pools HarbourVest has disclosed this year.
Sources: The Wall Street Journal; Dealroom; HarbourVest Partners, "HarbourVest Partners Expands Credit Secondaries Platform" (October 9, 2025); HarbourVest Partners, Secondary Investments strategy page; HarbourVest Partners, "HarbourVest Partners Closes Latest Secondaries Funds at Record $18.5 Billion" (August 16, 2024); Private Equity International; HarbourVest Partners, "HarbourVest Partners Closes Structured Solutions Vehicle for Private Market Secondaries" (January 27, 2026); HarbourVest Partners, "HarbourVest Partners Closes Inaugural Private Equity Continuation Solutions (PECS) Fund at $1.1 Billion" (February 17, 2026); ION Analytics (Mergermarket).