HarbourVest Global Private Equity Limited (FTSE-250:HVPE) reported resilient first-half results despite continued global market turbulence.
NAV per share rose 6.2% to a record $57.55 in the six months to 31 July 2025, supported by strong valuation gains in infrastructure (+11.4%) and European investments (+13.4%). Realisations from 243 M&A and IPO transactions totalled $142 million, 16% higher than the same period last year, with an average uplift of 53% to carrying value. The share price, however, fell 1.8% to £27.10 amid broader equity volatility.
Over the past decade, HVPE’s NAV per share has grown 304% in sterling terms, outperforming the FTSE All-World Index’s 223% total return. The company repurchased $44m of shares in the half-year, adding 5.2% to NAV per share since the buyback programme began in 2022.
The company ended the period with $115 million in cash, $629m available on its credit facility, and unfunded commitments reduced to $2.3bn. Early signs of a private market recovery, particularly in technology and AI, position HVPE to capitalise on growth opportunities.
Chairman Ed Warner said:
“I am pleased to report another period of strong performance for HVPE, with NAV per share reaching an all-time high and significant progress made in implementing our strategic initiatives. Despite ongoing market volatility, HVPE’s portfolio has demonstrated resilience, with strong valuation gains and steady realisations achieved over the first half of the year.
“As private markets show signs of recovery, HVPE is uniquely positioned to capitalise on these opportunities. Our new SMA structure enhances our cost efficiency and flexibility, while our active share buyback programme continues to deliver value for shareholders. With a robust balance sheet and a high-quality, diversified portfolio, we remain confident in our ability to deliver long-term value for shareholders.”
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
The initial allocation reflects HVPE’s strategic priorities, with 80 per cent earmarked for primary fund investments and 20 per cent for co-investments. By stage, 70 per cent will target buyouts, while 30 per cent will be directed toward venture and growth capital. Geographically, the portfolio will skew towards North America (60 per cent), followed by Europe (25 per cent) and Asia (15 per cent).
The SMA structure is expected to materially reduce HVPE’s look-through exposure to borrowing at the HarbourVest fund level over the next four years, as legacy funds mature and deleverage. The company also anticipates a decline in unfunded commitments, which should result in more predictable cash flows and a reduced reliance on borrowing at the HVPE level.
“This transition represents a significant milestone in HVPE’s long-term strategy,” the board said in a statement. “The SMA provides enhanced flexibility to manage investment pacing and portfolio composition, while reinforcing our commitment to disciplined capital allocation.”
The move comes amid growing investor demand for transparency and control in private equity structures, particularly as macroeconomic uncertainty and tightening credit conditions place pressure on traditional fund models. HVPE’s adoption of the SMA is seen as a proactive response to these dynamics, positioning the company to better navigate market cycles and deliver sustainable value to shareholders.