HarbourVest Partners
Private markets insights from HarbourVest Partners.
United States5 articlesLast published 10 Jun 2026
Private MarketsAlternatives
Research
HarbourVest PartnersPrivate Markets
PIK Your Spots: Why PIK Can Be an Alpha Tool for Investors - HarbourVest
HarbourVest examines payment-in-kind (PIK) structures in private credit, distinguishing between productive PIK - used opportunistically in junior credit to fund high-ROI investments - and problematic PIK, which often masks cash flow stress in senior secured loans. The piece provides a practical framework for evaluating PIK across purpose, leverage, structure, sponsor alignment, and market context, arguing that disciplined PIK usage can enhance MOIC, diversify fixed/floating rate exposure, and generate alpha.
10 Jun 2026
HarbourVest PartnersFixed Income
Navigating Uncertainty: The Strategic Case for Floating Rate Assets - HarbourVest
HarbourVest argues that floating rate assets offer a strategic complement to traditional fixed income by providing low duration exposure, inflation resilience, and improved equity diversification in the current environment of elevated rate volatility and a steepening yield curve. The piece makes the case for blending fixed and floating rate instruments, highlighting structural pressures on long-duration bonds and the disconnect between market rate-cut expectations and Fed projections.
10 Jun 2026
HarbourVest PartnersPrivate Markets
Direct Co-Investing: Powering Evergreens with Selectivity at Scale - HarbourVest
HarbourVest outlines three structural advantages of direct co-investing within evergreen private equity structures: scalable selectivity (reviewing 1,000+ deals annually with a sub-10% acceptance rate), cost efficiency from low/no-fee structures, and intentional portfolio construction. The piece also highlights how deal-by-deal transparency enables targeted exposure to AI-aligned software businesses amid widening outcome dispersion.
10 Jun 2026
HarbourVest PartnersPrivate Markets
Infrastructure: An Emerging Tool for Enhancing Portfolio Efficiency - HarbourVest
HarbourVest uses 15 years of Preqin and proprietary performance data to demonstrate that private infrastructure allocations of 10 - 30% improve Sharpe ratios, reduce volatility, and enhance returns in private markets portfolios. The piece further argues that infrastructure secondaries offer additional risk-adjusted advantages through shorter duration, improved capital efficiency, and reduced blind pool risk.
5 Jun 2026
HarbourVest PartnersPrivate Markets
From Pangea to Antipode: The Sovereignty Rewrite Through an Investor’s Lens - HarbourVest
HarbourVest argues that geopolitical fragmentation and the assertion of state control over technology, energy, and capital flows have made sovereignty a first-order underwriting variable for private market investors. The piece provides a regional SWOT analysis (US, Europe, China) and sector-level takeaways on how investors must reframe portfolio construction, exit risk, and cost of capital in a world of managed deglobalization.
4 Jun 2026