Compared against all funds.
1Y return
+3.5%
19th pctile · behind most peersas of 2026-06-08
Since inception
not stated in filings
Distribution rate
not stated in filings
exceeds net investment incomeNet assets
$675.4M
as of 2026-06-08
Net expenses
3.05%
42th pctile · cheaper than median
Repurchase
5% quarterly, at the sole discretion of the Board
1 of 293 peers matchLevel 3
21.4%
36th pctile · less model-priced than peersLast offer
no offer yet
4 offers on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.25% management fee)3.05%
Minus interest on borrowings, the cost of portfolio leverage0.16%
Minus incentive fees accrued this period, which vary with returns0.76%
Ongoing cost, determined from the filings2.01%
Ongoing cost is about 2.01% a year on the cheapest Class I shares: a 1.25% management fee plus about 0.76% of other operating costs, which the adviser caps at 0.75%. That 1.25% fee is fully waived only through 31 December 2026, so the year just ended showed only 0.76%. Excluded are 0.16% of credit facility cost and a 0.76% performance fee. Underlying fund fees add 0.12%.
This record does not state which class's load is inside the figure, so the holding period leaves it unchanged. Loads across the classes reach 0%.not stated
Total drag per year2.01%
This is the cost for class I.
Based on Base: audited annual report for the fiscal year ended March 31, 2026 (Class I net expenses 1.68%, an annual figure, not annualised by me). Adjusted fo.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (At the end of each calendar quarter the Adviser is entitled to an Incentive Fee equal to 12.5% of the excess, if any, of the net profits of the Fund for the period over the then balance of the Loss Recovery Account; the Adviser earned $4,180,309 in Incentive Fees for the year ended March 31, 2026.) apply only to returns earned. Net expenses reflect a fee waiver expiring December 31, 2026; the gross ratio is 3.48%. How this is calculated
Against all funds
Total drag
50th pctile · cheaper than most
1Y return
19th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Base: audited annual report for the fiscal year ended March 31, 2026 (Class I net expenses 1.68%, an annual figure, not annualised by me). Adjusted for one persistent change shown in the August 1, 2026 prospectus: the management fee waiver to 0.00% ends December 31, 2026 and the 1.25% fee resumes January 1, 2027. Forward figures used are the prospectus estimates for the year ending March 31, 2027 (Class I 3.48% gross, 3.05% net)..
Open the filing on sec.gov (0001193125-26-261191)Size and leverage
Net assets$675.4M?
Borrowings$0?
Leveragedebt to equity0.00x?
Investments held57?
Started2025-04-01?
What the manager charges
Management feeof net assets1.25%?
Performance fee12.5% of the excess of net profits for the quarter over the balance of a Loss Recovery Account; accrued monthly, paid quarterly; incentive fee accruals are not deducted from NAV for purposes of calculating the fee?
High water markYes?
Expense cap0.75%?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly, at the sole discretion of the Board?
Share of the fund offered5.00%?
Early repurchase fee2.00%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income0.00%?
Return of your own capital0.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Priced by the managerno market price available21.40%?
MostlyInformation Technology (30.6% of total investments excluding short-term investments)?
Who is involved
AdviserHarbourVest Registered Advisers L.P.?
AuditorPricewaterhouseCoopers LLP?
Valuedmonthly?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class A | 0.75% | 3.50% | 3.80% | $50,000 |
| Class D | 0.25% | 0.00% | 3.30% | $50,000 |
| Class I | 0.00% | 0.00% | 3.05% | $1.0M |
Also worth knowing
- The Adviser contractually reduced the Management Fee to an annual rate of 0.00% through December 31, 2026; unless extended, the fee reverts to 1.25% on January 1, 2027 and that reduction is not subject to recoupment.
- No shares were repurchased in the fiscal year ended March 31, 2026; the capital share tables show zero repurchases for Class A, Class D and Class I.
- The revolving credit facility with JPMorgan Chase was amended on July 16, 2026 to increase the commitment from $50 million to $130 million at SOFR plus 2.90% with a 1.20% fee on the unused amount.
- Class A and Class D remain seed-sized ($1,175,765 and $10,710 of net assets respectively at March 31, 2026), so their reported ratios rest on a very small asset base.
- Management fee waiver expiry: 1.25% fee resumes January 1, 2027 percent per annum (The fee that was fully waived during the reported year is the single largest element of future cost and roughly triples the ongoing charge an investor pays.)
- Unfunded commitments: 63,986,122 USD (Equal to about 9.5% of net assets and callable at the discretion of unaffiliated general partners, competing with quarterly repurchase demand for the same cash.)
- Credit facility upsized: $130 million at SOFR plus 2.90%, 1.20% fee on unused amount (Facility fees on the undrawn amount are a real cash cost even when nothing is borrowed, and the larger line raises that fee base; the fee sits outside the 0.75% expense cap.)
- Incentive fee charged on unrealised appreciation: 4,180,309 USD (The performance fee was paid on gains that were largely unrealised and is not refundable if those gains reverse, so investors can pay a fee on value that never arrives.)
- Recoupable expense reimbursements: 6,777,885 USD (The adviser can claw these amounts back from the Fund between April 2028 and March 2029, which can push realised costs back up to the cap in later years.)
- Two different reported returns: 3.54% transactional NAV versus 7.11% GAAP percent (The NAV used for subscriptions and repurchases differs materially from the audited GAAP NAV, which affects what buyers pay and what sellers receive.)
- Class A all-in cost including load: 3.93 percent per annum (The most expensive class costs roughly double the institutional class once the 0.75% servicing fee and the 3.50% sales load spread over three years are counted.)
- Seed portfolio contributed in kind: 451,194,368 USD (Two thirds of the Fund's assets arrived as a single in-kind transfer from an affiliated predecessor vehicle rather than being bought in the market, so early performance reflects that legacy book.)
Fees
Management fee1.25%
Incentive feevaries across filings
Sales load0%
Acquired fund fees and expenses0.12%
Interest on borrowings0.16%
Incentive fees accrued0.76%
Total annual expenses, gross3.48%
Waiver expireschanged · Jul 2026December 31, 2026
Liquidity terms
Repurchase frequencyvaries across filingsquarterly
Repurchase percentage of shares outstanding5%
Early repurchase feeunchanged, 6 filings2%
Minimum investmentunchanged, 5 filings$50,000
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Valuation frequencyvaries across filingsmonthly
Structure
Legal structurevaries across filings
Share classesvaries across filingsClass A, Class D, Class I
Feeder structure
Tax reporting formunchanged, 5 filings1099
Stated benchmarkMSCI World Index
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2025-12-122026-07-28
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$675.4M
Total annual expenses, net of waiver3.05%
Total annual expenses, gross3.48%
Distributions exceed net investment incomechanged · Dec 2025yes
Total return, 1 yearvaries across filings3.63%
Level 3 inputs21.4%
Offer dateOfferedRequestedAcceptedSource
2026-09-16···SC TO-I
2026-06-16···SC TO-I/A
2026-03-16···SC TO-I/A
2025-12-19···SC TO-I/A
2026-08-17SC TO-IIssuer tender offer2026-07-30SC TO-I/AAmended issuer tender offer2026-07-28486BPOSPost-effective amendment, effective2026-06-09N-CENAnnual census of service providers2026-06-08N-CSRAnnual shareholder report2026-05-15SC TO-IIssuer tender offer2026-03-24SC TO-I/AAmended issuer tender offer2026-03-06424B3Prospectus supplement2026-02-13SC TO-IIssuer tender offer2026-02-06424B3Prospectus supplement2026-01-08SC TO-I/AAmended issuer tender offer2025-12-12N-2Registration statement and prospectus2025-12-05N-CSRSSemiannual shareholder report2025-11-21SC TO-IIssuer tender offer2025-03-06N-2/AAmended registration statement
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.