Investors in HarbourVest Private Equity, a private equity fund of funds set to list on Euronext Amsterdam next month, will have an exposure of only 5% to large buyouts as the US manager heralds a downturn in profits from the multi-billion dollar deals of the last three years.

HarbourVest spent 18 months structuring the $830m (€573m) fund of private equity funds to create a portfolio of 524 investments. It said it had decided to create a listed vehicle to increase access to its funds for those investors hitherto barred by onerous tax and regulatory burdens.