Listed private equity offers exposure to the private equity model with the liquidity, transparency, and access of public markets.

In a world where access to alpha is increasingly gated behind high minimums and closed-end structures, listed private equity represents an intriguing bridge between public investors and private market returns.

Listed private equity companies, also known as publicly traded private equity vehicles, include both investment firms with direct private equity exposure (such as Partners Group, EQT, or Blackstone) and closed-end investment trusts that own portfolios of private equity stakes (such as HarbourVest Global Private Equity in the UK).

FTSE 250 HarbourVest Global Private Equity’s (HVPE) is it’s diversity in terms asset class, geography and sector. Over the decade to late 2024, HVPE delivered an annualized NAV return of ~13%, outperforming the FTSE All‑World (~10%).

Below is a video which explains the structure and USP’s behind HarbourVest Global Private Equity proposition. This includes interviews with members of HVPE’s board and management team

 

Listed private equity offers investors a window into the performance of private markets—particularly leveraged buyouts, growth capital, and secondary transactions—without the capital lock-ups and commitment structures of traditional private equity funds.

Over the past two decades, private equity has consistently outperformed public markets net of fees, particularly in the small- and mid-cap segments. While listed private equity does not offer pure-play exposure—it blends market sentiment with underlying private asset value—it has nonetheless delivered strong long-term returns.

Many listed private equity vehicles trade at a discount to net asset value (NAV). For contrarian investors, that discount can represent a margin of safety—or an arbitrage opportunity if sentiment reverts.

Moreover, listed private equity offers a form of diversification not easily replicated in traditional equity portfolios. Exposure spans geographies, sectors, deal vintages, and financing structures—many of which are uncorrelated to the public equity cycle.

Traditional private equity is characterised by illiquidity and long time horizons: investors typically commit capital for 10–12 years, with limited visibility on cash flows or interim performance.

Listed vehicles sidestep this. Investors can buy and sell shares on a stock exchange, just like any other equity instrument. While prices are subject to market volatility, the ability to access private equity-like returns without a decade-long lock-in is an attractive trade-off for many.

For wealth managers and private clients, particularly in Europe, listed vehicles also avoid the regulatory and administrative hurdles of committing to closed-end private equity funds.

With private markets now accounting for over $13 trillion globally, and retail demand for alternatives accelerating, the relevance of listed private equity is likely to grow. Regulatory developments in Europe and the US—such as moves to broaden access to semi-liquid and listed alternative vehicles—may further tilt the balance.

Ultimately, listed private equity is not a perfect mirror of traditional private equity. But in a world where access, liquidity, and diversification are increasingly at a premium, it may be one of the more elegant compromises the markets currently offer.