HarbourVest Partners

• IMA Financial Group Completes $4B Equity Recapitalization With Oak Hill and New Mountain as Minority Backers

  May 13, 2026

  Buyer

  Oak Hill Capital, New Mountain Capital, HarbourVest Partners, SkyKnight Capital, The Stephens Group

  Target

  IMA Financial Group, Inc.

  Seller

  SkyKnight Capital, The Stephens Group

  Industry

  Insurance

  Location

  Colorado, United States

  Type

  Recapitalization

  IMA Financial Group, Inc., a North American insurance brokerage, completed an equity recapitalization valued at about $4 billion. Oak Hill Capital and New Mountain Capital took minority stakes, with HarbourVest Partners and select institutional co-investors participating, while IMA’s 3,000+ employees retained majority ownership.

• InTandem Capital and Co-Investors Complete Investment in The Phia Group

  December 2, 2025

  Buyer

  InTandem Capital Partners, HarbourVest Partners, Partners Capital, WestView Capital Partners

  Target

  The Phia Group

  Industry

  Healthcare Services

  Location

  Massachusetts, United States

  Type

  Growth capital

  InTandem Capital Partners completed an equity investment in The Phia Group, a Canton, Massachusetts-based leader in healthcare cost containment. HarbourVest Partners and Partners Capital joined as co-investors, while WestView Capital Partners remains a significant existing investor; advisors to the transaction included Houlihan Lokey and TripleTree.

• ECI Partners Exits CSL into Continuation Fund Led by Carlyle AlpInvest, HarbourVest and Pantheon

  October 6, 2025

  Buyer

  ECI Partners continuation fund (ECI-managed continuation vehicle), Carlyle AlpInvest, HarbourVest Partners, Pantheon

  Target

  CSL Group

  Seller

  ECI Partners

  Industry

  Telecommunications

  Location

  United Kingdom

  Type

  Divestiture

  ECI Partners has exited CSL, the UK-based critical IoT connectivity specialist, into an ECI-managed continuation fund led by existing ECI investors Carlyle AlpInvest, HarbourVest Partners and Pantheon, generating a 3.5x return on ECI’s investment. CSL grew c.20% organically during ECI’s ownership, has launched products such as rSIM, and will continue its expansion strategy (including M&A) under the continuation vehicle.

• HarbourVest Partners Invests in Citation Group alongside KKR and Hg

  December 18, 2024

  Buyer

  HarbourVest Partners, KKR, Hg

  Target

  Citation Group

  Industry

  Cloud & SaaS

  Location

  England, United Kingdom

  Type

  Growth capital

  Citation Group, a UK-based provider of tech-enabled compliance and certification subscription solutions for SMEs, has welcomed a new investment from HarbourVest Partners. HarbourVest joins existing majority investors KKR and Hg to support Citation's international growth, AI product development and strategic acquisitions; financial terms were not disclosed.

• Zelis Sells Minority Stake to Mubadala, Norwest and HarbourVest

  November 26, 2024

  Buyer

  Mubadala Investment Company, Norwest, HarbourVest

  Target

  Zelis

  Industry

  Healthcare Services

  Location

  Massachusetts, United States

  Type

  Growth capital

  Zelis, a Boston-based healthcare technology company, sold a minority stake to a group of investors led by Mubadala Investment Company and including Norwest and HarbourVest, with Parthenon and Bain Capital remaining the majority owners. The transaction closed November 26, 2024 and brings strategic capital and investor support to fuel Zelis's continued growth in healthcare payments and financial technology.

• Oakley Capital Raises Continuation Fund to Extend Partnership with IU Group

  May 17, 2023

  Buyer

  Oakley Capital, Oakley Capital Fund V, TPG GP Solutions, HarbourVest Partners, Goldman Sachs Asset Management, Glendower Capital, Pantheon

  Target

  IU Group

  Seller

  Oakley Capital Fund III

  Industry

  Education

  Location

  Bavaria, Germany

  Type

  Recapitalization

  Oakley Capital has raised a continuation fund, backed by investors including TPG GP Solutions, HarbourVest Partners, Goldman Sachs Asset Management, Glendower Capital and Pantheon, to acquire IU Group alongside Oakley Capital Fund V from Oakley Capital Fund III. The transaction is a continuation/recapitalization that extends Oakley's partnership with IU's management to support further international expansion, technology (AI) investment and continued growth in the online higher-education market.

• Triton Sells Assemblin, EQOS Energie, Flokk and Unica into Triton IV Continuation Fund

  May 4, 2023

  Buyer

  Triton IV Continuation Fund (TIV CF), HarbourVest Partners, LGT Capital Partners, Eurazeo, Pantheon

  Target

  Assemblin, EQOS Energie, Flokk, Unica

  Seller

  Triton Fund IV

  Industry

  Industrial Services

  Location

  Multiple (Sweden, Germany, Norway, Netherlands)

  Type

  Divestiture

  Triton Fund IV has sold a portfolio of four companies—Assemblin, EQOS Energie, Flokk and Unica—into a new vehicle, Triton IV Continuation Fund (TIV CF), which closed at €1.63 billion. The continuation fund was underwritten by HarbourVest Partners and LGT Capital Partners with anchor commitments from Eurazeo and Pantheon, and provides liquidity to Triton Fund IV investors while allowing rollovers into the new vehicle.

• Greater Sum Ventures Leads Majority Investment in Vehlo

  June 6, 2022

  Buyer

  Greater Sum Ventures, PSG, HarbourVest Partners, Parkwood, Lightyear Capital

  Target

  Vehlo

  Industry

  Cloud & SaaS

  Location

  Tennessee, United States

  Type

  Buyout

  Greater Sum Ventures (GSV) led a majority strategic growth investment in Vehlo, joined by existing investors PSG, HarbourVest Partners and Parkwood, and new investor Lightyear Capital. The financing will support Vehlo’s product innovation, customer success initiatives and additional add-on acquisitions as it expands its cloud-based software and fintech solutions for the automotive repair industry.

• Investment Metrics Acquires Style Analytics

  January 12, 2021

  Buyer

  Investment Metrics, Resurgens Technology Partners, HarbourVest Partners

  Target

  Style Analytics

  Seller

  Horizon Capital LLP

  Industry

  Cloud & SaaS

  Location

  United Kingdom

  Type

  Addon

  Investment Metrics has acquired London- and Boston-based Style Analytics, a cloud-based SaaS platform for factor and ESG exposure analysis, from Horizon Capital. The deal expands Investment Metrics' portfolio analytics, reporting and data capabilities and extends its global footprint for institutional investment clients.

• GHO Capital Leads Consortium to Acquire Majority Stake in Envision Pharma Group from Ardian

  November 5, 2020

  Buyer

  GHO Capital Partners LLP, Mubadala Investment Company, HarbourVest Partners, Northwestern Mutual, Envision management and employees

  Target

  Envision Pharma Group

  Seller

  Ardian

  Industry

  Healthcare Services

  Location

  United Kingdom

  Type

  Buyout

  GHO Capital Partners, leading a consortium that includes Mubadala Investment Company, HarbourVest Partners and Northwestern Mutual, together with Envision management and employees, has acquired a majority stake in Envision Pharma Group as Ardian exits its investment. The transaction will support Envision's continued growth, wider rollout of its iEnvision medical affairs platform and strategic acquisitions to expand its medical affairs, communications and technology capabilities.

• Cornell Capital-Backed KDC/ONE to Acquire Zobele Group

  February 19, 2020

  Buyer

  KDC/ONE, Cornell Capital, Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec, HarbourVest Partners

  Target

  Zobele Group

  Industry

  Consumer Products

  Location

  Trentino-Alto Adige, Italy

  Type

  Addon

  KDC/ONE, a Cornell Capital-backed global contract manufacturer for beauty, personal care and household products, has agreed to acquire Zobele Group, an Italian-based innovator and manufacturer of home and air care products. The deal (financed with significant reinvestment from Cornell Capital and CDPQ) expands KDC/ONE’s global manufacturing footprint and capabilities; Zobele’s management and headquarters in Trento, Italy will remain in place.

• Cornell Capital-Backed KDC/ONE to Merge with HCT Group

  December 17, 2019

  Buyer

  KDC/ONE, Cornell Capital LLC, Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec, HarbourVest Partners, LLC

  Target

  HCT Group

  Industry

  Manufacturing

  Location

  California, United States

  Type

  Addon

  KDC/ONE, a Cornell Capital-backed custom formulator and manufacturer, entered into a definitive agreement to combine with HCT Group to create an integrated global provider of manufacturing and packaging solutions for the beauty and personal care industry. The transaction brings together complementary capabilities in formulation, design, manufacturing, filling and logistics, with existing ownership (Cornell Capital, CDPQ, Investissement Québec, HarbourVest) reinvesting alongside HCT management; specific financial terms were not disclosed.

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