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Harvest closes fifth fund on $815m20/06/2007. Source: AltAssets. 
 New York-based private equity firm Harvest Partners has closed its latest fund, Harvest Partners V, on $815m. The fund had an original target of $600m. Investors in the new fund include New York Life Capital Partners, AXA Private Equity, Abbott Capital and Citigroup.
HP V will invest in industrial, business services and consumer/retail companies in North America. In January 2007, HP V made its first investment when HP IV and HP V acquired Aquilex Corp. and its subsidiary Welding Services, a provider of outsourced specialty welding solutions, providing critical field and shop services to the nuclear, fossil power, refinery/petrochemical and other process industries.
In connection with the formation of HP V, the firm also completed its ownership transition from its founders to senior managing directors Thomas Arenz, Stephen Eisenstein and Ira Kleinman.
Harvest has also announced that it has promoted Michael B DeFlorio to senior managing director from managing director. DeFlorio joined Harvest in June 2003 and led the recent acquisition of Aquilex Corp.
The closing of HP V increases the amount of invested and committed capital under management to approximately $1.7bn.
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