A latest partnership with private markets giant HarbourVest Partners offers clients seamless access to a high-quality evergreen private equity solution, made available in Hong Kong and Singapore for the first time.
HONG KONG, SINGAPORE, 4 JULY 2024 – Endowus has partnered with Boston, Massachusetts headquartered private markets firm HarbourVest Partners (“HarbourVest”) to bring their evergreen solution to Singapore and Hong Kong, and further enable seamless access to private markets with lower entry minimums for Endowus Private Wealth (EPW) individual and family office clients in these markets.
Endowus Private Wealth has officially launched in Hong Kong to deliver its technology-driven capabilities with the human expertise of its Investment Office and dedicated client advisors, and provide personalised advisory services tailored to meet the unique needs of Professional Investors (PIs), family offices, and institutions in the market.
The HarbourVest evergreen solution is an open-ended private equity structure with an evergreen investment strategy, aimed at providing investors with majority secondary and direct co-investments exposure through a single, compounding investment, introduced for the first time in Hong Kong and Singapore.
HarbourVest, with 14 offices globally, has a more than 40-year track record in private markets and one of the largest and longest-standing investment teams in secondary and direct co-investments. This solution provides access to a pure play private equity strategy, providing investors immediate access to HarbourVest’s robust deal flow with the capability to deploy more than HK$100 billion (SG$17 billion) a year across private equity direct co-investments and secondaries. It leverages HarbourVest’s open architecture and multi-manager approach, with diversified access to quality deals from leading private equity managers.
Secondaries provide diversification across managers and companies along with a lower blind pool risk and dispersion of returns. As a result, secondaries can have an attractive risk-return profile. On the other hand, co-investments provide investors with more targeted exposure to attractive companies, along with greater transparency and control. Co-investments are also often offered at much lower fees than traditional buyout or venture funds.
In a rapidly changing private markets landscape, an increasing number of investors are considering alternatives to traditional closed-end funds. This solution has the potential to deliver attractive benefits to these investors, and addresses some of the limitations presented by closed-end funds. It is intended to provide ease of access to private equity, through lower entry minimums than may have been traditionally offered; the ability to gain immediate exposure to private equity with no ramp-up period, and without the administrative burden of managing capital calls.
Gregory Van, Co-founder and CEO of Endowus, said, “Endowus is proud to partner with HarbourVest, a global leader in private equity, to offer our EPW client’s access to solutions with enhanced liquidity terms. Offering investors immediate, diversified private equity exposure through an open-end vehicle provides more flexibility than closed-end funds because they have some liquidity with terms allowing investors to periodically redeem units, and generally have lower investment minimums, making it easier for more investors to allocate to private markets — with the added benefit of mitigating a potential J-curve effect on return outcomes. This collaboration underscores our commitment to delivering Best-in-Class investment solutions and our dedication to empowering investors with transparent and trustworthy financial advice.”
Simon Jennings, HarbourVest’s Managing Director and head of private client group in EMEA and APAC, said, “By combining HarbourVest’s deep expertise in private markets with Endowus’ innovative platform and data-driven approach to long-term investing, we can help Endowus Private Wealth clients achieve their financial goals. Private equity offers the opportunity to deliver attractive returns as it has historically outperformed public markets, which is particularly important at a time when private wealth clients, family offices and institutional investors are looking for diversification and liquidity.”
Hemal Mirani, Managing Director of HarbourVest and head of Asia-Pacific, said, “HarbourVest is pleased to partner with Endowus, a leader in digital wealth management in the region. Our presence in Asia dates back to 1984. Over that time, investments in private markets and alternative assets have continued to gain more traction. This collaboration represents a step forward in our shared mission to provide investors with access to diversified private market opportunities.”
Endowus honours its commitment to offering Best-in-Class products by providing access to strategies managed by top-performing global alternative fund managers such as Ares, Carlyle, EQT, KKR, Oaktree, Partners Group, and more. HarbourVest is the latest to join this illustrious list.
About Endowus
Endowus is Asia’s leading independent digital wealth platform. With entities licensed by the Securities & Futures Commission of Hong Kong and Monetary Authority of Singapore, Endowus is the first digital advisor in the region to span personal savings, private wealth and public pension (CPF & SRS in Singapore), helping investors – individuals, family offices, endowments, and institutions – grow their wealth holistically, with conflict-free advice and access to institutional financial solutions at low and fair fees, through a personalised digital wealth experience.
Founded in 2017, Endowus has raised a total of US$95 million in funding from investors including UBS Next, Citi Ventures, MUFG Innovation Partners, EDBI, Lightspeed Venture Partners, Prosus Ventures, Samsung Ventures, SBVA, Singtel Innov8, and Z Venture Capital. Other investors include some of the largest Family Offices in Asia, as well as the founders and employees of Endowus.
Endowus continues to push the boundaries on innovation and democratising access, as it partners with 80+ global fund managers across public markets, private markets, hedge funds and alternatives to provide world-class solutions to its clients at a fair and transparent cost, delivered through Endowus’ fee-only business model. Endowus Private Wealth clients have access to a comprehensive range of expertly curated strategies in private markets and alternatives from firms such as EQT, Carlyle, Partners Group, KKR, Ares, Oaktree, Millennium, Point72, Balyasny, Brevan Howard, Bridgewater, Schonfeld, Hudson Bay, LMR and more.
Endowus’ leadership and growth have been recognised by the industry and it has attained numerous awards including, Singapore’s Best Digital Wealth Management (Asia Asset Management’s Best of the Best Awards 2024), Singapore’s Best Digital Upgrade for enhancements made on the Endowus app (The Asset Triple A Digital Awards 2024), Singapore’s Best Digital Wealth Management Experience (The Asset Triple A Digital Awards 2023), and Best WealthTech Solution 2023 (Asian Private Banker 9th Technology Awards). Endowus is also among the firms named in the World Economic Forum’s Technology Pioneers 2023, LinkedIn Top Start-ups 2023 and Forbes’ “100 to Watch” list for 2022.
The Endowus Group comprises Endowus’ licensed companies in Hong Kong and Singapore, as well as Hong Kong-based multi family office Carret Private. Endowus Group serves over a hundred thousand clients with content, advice and access. With group assets of over US$6 billion, it is one of the largest independent wealth managers in Asia. From a combination of 100% trailer fees rebates as direct cashback to clients, savings from the access to institutional share class and exclusive funds, Endowus has created more than US$40 million in savings per year for its clients.
For more information, visit www.endowus.com/en-hk. Endowus HK Ltd is for Hong Kong residents only. For Singapore residents, please contact Endowus Singapore Pte Ltd or visit www.endowus.com.
About HarbourVest
HarbourVest is an independent, global private markets firm with over 40 years of experience and more than $125 billion of assets under management as of December 31, 2023. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,150 employees, including more than 230 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than $59 billion to newly-formed funds, completed over $53 billion in secondary purchases, and invested over $39 billion in direct operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities.
For more information, visit https://www.harbourvest.com/.
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Yuri Okutsu
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Disclaimer
HarbourVest Partners, LLC is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes and should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here. This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest.
Nothing herein should be construed as a solicitation, offer, recommendation, representation of suitability, legal advice, tax advice, or endorsement of any security or investment and should not be relied upon by you in evaluating the merits of investing in HarbourVest funds or in any other investment decision.
*The solution described above is not available to US investors.
