Fund of funds manager HarbourVest Partners has acquired stakes in two Doughty Hanson funds in a secondaries transaction that has also allowed the investor to commit to the private equity firm's latest fund.

HarbourVest paid about €150 million for stakes in Doughty Hanson's fourth and fifth funds worth more than €200 million from a group of roughly 10 investors, known as limited partners, according to people familiar with the matter.