HVPE reported an estimated net asset value of $58.13 per share (£43.18) at the end of December, up 0.6% in US dollar terms and down 1.2% in sterling month on month. The increase in US dollar terms was primarily driven by Q3 2025 valuation trends in the Fund of Funds portfolio, public market adjustments in the Direct Funds portfolio, and favourable FX movements, partially offset by the impact of the asset sale announced during the month.
The portfolio generated positive net cash flow of $49m during the month, with distributions of $115m exceeding capital calls of $66mn. There were 48 M&A transactions and IPOs completed in December, above the 12-month average.
HVPE repurchased $11m of shares during the month and has now bought back $240mn since the programme began in September 2022, adding an estimated 5.5% to NAV per share. The distribution pool stood at $85m at the end of December.