Increase in NAV Per Share

18th August 2023 | HarbourVest Global Private Equity (FTSE 250)

FTSE 250 Private Equity Fund HVPE has reported an increase in estimated NAV per share.

  • Estimated NAV per share of $49.60 (£38.64); up 0.8% in US dollar terms over the month
    • 7% of Investment Portfolio valued at 31 July 2023 (representing the public companies in the portfolio)
    • 5% valued at 30 June 2023; remainder (88%) valued at 31 March 2023
  • A net $8 million invested in July 2023

HarbourVest Global Private Equity Limited (“HVPE” or the “Company”), a FTSE 250 investment company with global exposure to private companies, managed by HarbourVest Partners, today announces its estimated Net Asset Value (“NAV”) at 31 July 2023.

HVPE provides a complete private equity solution for public investors, managing the portfolio through four phases of the private equity cycle to create value: Commitments, Investment, Growth, and Realisation.

The full announcement can be found here:


During July 2023, no new commitments were made to HarbourVest funds. The Company’s Investment Pipeline (unfunded commitments) decreased by $10 million from the prior month, following capital called for investments, as highlighted below, and foreign exchange movements. The Investment Pipeline totalled $2.7 billion at 31 July 2023.


During July 2023, HVPE invested $10 million into HarbourVest funds (compared to $130 million in June 2023). The largest individual investment during the month was made to a 2021 vintage US-focused buyout fund of funds.


At 31 July 2023, HVPE’s estimated NAV per share was $49.60 (£38.64), compared to the 30 June 2023 estimate of $49.22 (£38.75). This represents a 0.8% increase in US dollar terms over the previous month and was mainly driven by an increase in the public market portion of the fund of funds portfolio.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 7% actual 31 July 2023 (representing the public companies in the portfolio), 5% actual 30 June 2023 and 88% actual 31 March 2023. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cash flows, and any known material events to 31 July 2023. This compares to 7% actual 30 June 2023 (representing the public companies in the portfolio), 90% actual 31 March 2023 and 3% actual 31 December 2022, used in the 30 June 2023 estimated NAV per share calculation.


HVPE received distributions of $2 million from HarbourVest funds during July 2023 (compared to $68 million in June 2023). The largest source of proceeds came from a 2012 vintage global multi-strategy fund of funds.

During July 2023, there were a total of 30 known M&A transactions and IPOs across HVPE’s underlying portfolio, compared to June’s total of 13, and a last 12-month average of 18. These were broken down into 27 M&A transactions and three IPOs.

Balance Sheet and Credit Facility

At 31 July 2023, HVPE had $600 million available on its credit facility. Borrowing at the HarbourVest fund level amounted to $571 million, an increase of $5 million from the previous month. HVPE’s cash and cash equivalents ($221 million) and available credit ($600 million) totalled $821 million.

Additional detail about HVPE’s NAV and investment diversification can be found on HVPE’s website, in the Monthly Update for 31 July 2023.

The HVPE team is here to discuss any questions you may have, so please do not hesitate to contact Richard Hickman using the contact details below.

Below is HVPE’s recent results interview with Managing Director, Richard Hickman

Meet HVPE Management