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