HVPE reported an estimated net asset value of $57.79 per share (£43.69) at the end of November, up 0.3% in US dollar terms and down 0.3 per cent in sterling month on month. The dollar increase was driven by third-quarter valuation gains in the fund-of-funds portfolio, partly offset by public market movements and operating costs.
The portfolio generated positive net cash flow of $5mn during the month, with distributions of $23mn exceeding capital calls of $18mn. Market activity remained firm, with 37 M&A transactions and IPOs completed in November, above the 12-month average.
HVPE repurchased $11m of shares during the month and has now bought back $232mn since the programme began in September 2022, adding an estimated 5.3% to NAV per share. The distribution pool stood at $60m at the end of November.
Below is an animated film which highlights the key points from the update