Vanguard has teamed up with HarbourVest Partners for its first entry into private equity investments, writes Greg Ryan for the Philadelphia Business Journal.

The Malvern-based company renowned for helping to expand investing to the masses and offering low-cost index and mutual funds had stayed away from private equity, a lucrative but more costly arena, until now.

At first, the strategy will only be available to institutional investors. Over time, however, Vanguard expects to open it up to individual investors.

Vanguard decided to go with HarbourVest after spending more than a year in talks with a number of investment firms about entering the private equity business.

Vanguard CEO Tim Buckley called the new partner a “world-class adviser.”

HarbourVest manages around $68 billion in assets and is one of the busiest private equity firms in Boston, where it is headquartered.

Read more about Vanguard in the Philadelphia Business Journal here.

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