Private markets asset manager HarbourVest Partners has set up an office in the Irish capital of Dublin.

The move is a hedge against Brexit-related uncertainties.

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The new office will trade under HarbourVest Partners (Ireland), which secured the regulatory approval to serve as an EU Alternative Investment Fund Manager (AIFM).

The board governing HarbourVest Partners (Ireland) comprises HarbourVest managing directors Peter Wilson and Craig MacDonald.

Michael Morris is the non-executive director of the board, while Tom Coghlan is its chair and non-executive director.

With immediate effect, HarbourVest will shift the management of its existing alternative investment funds to Ireland.

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HarbourVest managing director Peter Wilson said: “We are pleased to receive authorisation by the Central Bank of Ireland for our Irish AIFM which will ensure a seamless transition for our clients, our funds, and our business ahead of Brexit.”

The new location will be initially staffed by eight people.

These employees will cover investment, investor relations, operations, and regulatory functions.

The Dublin business will be headed by MacDonald.

It is the firm’s tenth office across the globe.

The firm’s other offices are located in Beijing, Bogota, Boston, Hong Kong, London, Seoul, Tel Aviv, Tokyo and Toronto.

HarbourVest manages over $58bn in assets and has a staff headcount of more than 500.

Dublin is becoming a preferred destination among firms seeking to build their post-Brexit EU hubs.

The latest to join this group is London-based asset manager Trium Capital, which announced a Dublin base last month.