HarbourVest, the world's biggest independent manager of private equity funds of funds, has promoted one fifth of its investment staff as it gears up to invest the $2.8bn (€2.39) fund raised last year and a US fund it is raising now.

The US-based firm has promoted 11 of 51 investment executives. Senior promotions include London-based Hannah Tobin, who has been made a vice-president. Most of last year's $2.8bn fund has been earmarked for Western Europe.