Harbourvest Global Private Equity: Half Year Results to 31st July 2017

28th September 2017 | Harbourvest Global Private Equity Limited

HarbourVest Global

Consistent NAV growth sustained with 8% increase over period

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

Continued growth

  • In the six months, 8% growth in net asset value (“NAV”) per share to $19.98
    • NAV per share approximately doubled since $10.00 starting point at inception in 2007
    • Annual compound growth rate of 12% in the five years to 31 July 2017 (US dollars)
  • Share price up 6% to £12.70 at 31 July 2017
  • Active portfolio management, supporting next wave of growth
    • $162m committed to new HarbourVest funds (H1 2016: $200m)
    • $119m invested in private companies through HarbourVest funds (H1 2016: $131m)
    • $126m value growth from investment portfolio (H1 2016: $76m)
      • Strong performance from early venture assets, direct co-investments and the European portfolio
      • A 2006 vintage US buyout fund-of-funds was the largest individual contributor to NAV
    • Net realisations over period with $149m received (H1 2016: $101m); larger exits realised at sustained weighted average of 30% above carrying value
  • Net cash of $200m on balance sheet, zero borrowings

Sir Michael Bunbury, Chairman of HVPE, said:

“The six months to 31 July 2017 has been a period of continued progress for HVPE. The Company has delivered NAV growth of 8% in US dollars, building on eight consecutive full financial years of increasing NAV. Furthermore, the Company has reached a significant milestone, with NAV per share now having doubled since launch. This is testament to the ongoing success of HVPE’s consistent and proven investment strategy.

“As HVPE approaches its ten-year anniversary this December, I would like to thank all our investors for their continued support. As the Company enters its second decade, it is well-placed to take advantage of the investment opportunities available in private markets as the asset class continues to develop.”

HVPE provides a complete private equity solution for institutional and retail investors via access to a well-diversified portfolio managed through four phases of the private equity cycle – Commitments, Investment, Growth, and Realisation (Maturity) – in order to create value.

To view the Company’s semi-annual report please follow this link: Semi Annual Report – Period Ending 31 July 2017.

The semi-annual report will also shortly be available on the National Storage Mechanism, which is situated at www.morningstar.co.uk/uk/nsm.