Harbourvest Annual Financial Report 2017

12th May 2017 | Harbourvest Global Private Equity Limited

HarbourVest Global
Annual Financial Report
12 May 2017


10% NAV growth marks eighth consecutive year of increasing NAV

HarbourVest Global Private Equity Limited (“HVPE” or the “Company”), a closed-end investment company, announces its audited results for the year ended 31 January 2017.  All figures relate to the year ended 31 January 2017 unless otherwise stated.

Strong performance

  • Continued growth in net asset value (“NAV”) per share
    • In the year, 10% growth to $18.47
    • Annual compound growth of 11% since 2010 (US dollars)
  • Share price up 37% to £11.95 at 31 January 2017
    • Further rise of 7% to £12.78 between financial year end and 10 May 2017
  • Discount to NAV narrowed from 26% to 19% over year
    • Continued to close post-reporting period
  • Active portfolio management, supporting next wave of growth
    • $425m committed to new HarbourVest funds (2016: $526m)
    • $270m invested in private companies through HarbourVest funds (2016: $211m)
    • $148m value growth from investment portfolio (2016: $82m)
      • Direct-co-investments and buyouts key drivers
    • $251m realisations (2016: $363m); larger exits realised at an average 30% above carrying value
  • Net cash of $175.2m on balance sheet, zero borrowings

Sir Michael Bunbury, Chairman of HVPE, said:

“I am very pleased to report another year of steady progress for HVPE. This represents the eighth consecutive financial year of positive NAV growth and reflects the continuing success of HVPE’s consistent investment strategy.

“Through committing to HarbourVest-managed funds, this Company provides shareholders with access to a ready-made and globally diversified private equity programme – a strategy which aims to deliver long-term capital appreciation for shareholders. From inception in December 2007 to 31 January 2017, HVPE has delivered a share price total return of 140% in sterling terms.

“As we approach our tenth year of existence, we remain confident that the private markets will continue to offer superior returns and that your Company is well-positioned to take advantage of this.”

To view the Company’s Annual Financial Report please follow this link: Annual Report – Year Ending 31 January 2017.