FTSE 250 private equity trust HarbourVest Global Private Equity (HVPE) has today announced its Year End Results for the 12 month period ending 31st January 2025

Below is an interview with Chairman Ed Warner & Managing Director, Richard Hickman who outline the highlights from the period, the case for listed private equity and outlook for the coming year

HVPE is a listed private equity investment company on the London Stock Exchange, offering exposure to a diversified portfolio of private companies through a fund-of-funds model.

The Company invests exclusively in funds managed by HarbourVest Partners, an independent global private markets investment manager with over $143 billion in assets under management. HVPE’s portfolio includes exposure to primary funds, secondaries, co-investments, infrastructure, and private credit, spanning more than 650 managers and over 1,000 private companies.

HVPE operates as a listed alternative to traditional private equity structures, aiming to provide access to private market investments without the high minimums, illiquidity, or closed nature typically associated with the asset class. Over the ten-year period to 31 January 2025, HVPE reports a NAV per share total return of 233% in US dollar terms.

For the financial year, HVPE reported a 19% increase in its share price, alongside $106 million in share buybacks. Realisations totalled $381 million, up 23% year-on-year, with the majority of activity occurring in the second half of the year. Commitments to new HarbourVest funds totalled $415 million, lower than in prior years due to a cautious deployment strategy amid subdued exit activity.

In January 2025, HVPE introduced three structural initiatives: an Enhanced Distribution Pool, a simplified investment structure via a separately managed account (SMA), and the announcement of a continuation vote scheduled for the 2026 AGM. The allocation to the distribution pool was increased from 15% to 30% of gross distributions. The SMA structure is expected to offer greater flexibility in capital deployment and portfolio liquidity management.

The Board notes a reduction in the discount to NAV from 42% to 35% since these initiatives were announced. HVPE states that its current approach is intended to position the Company to respond to ongoing market conditions and improve long-term capital efficiency. The Company also reports no new commitments post-period-end, as capital is now being deployed through the new SMA structure.