HarbourVest Global Private Equity (FTSE 250: HVPE) reported a year of improving momentum in 2025, combining steady net asset value growth with a marked tightening of its share price discount, as the group stepped up shareholder returns and balance sheet flexibility. The HarbourVest Partners-managed vehicle said its shares rose 18% over the year while NAV per share advanced 11% with the discount narrowing to 27% as buybacks and capital allocation measures gained traction. A shift to a more flexible separately managed account structure, alongside an expanded distribution pool funding $93m of repurchases, underpinned the effort to close the valuation gap. Cash generation turned positive, supported by $424m of distributions, while a $300m secondary sale agreed at a modest discount highlighted improving liquidity conditions. With exit activity picking up and further proceeds earmarked for shareholder returns, the company enters 2026 positioning itself to sustain cashflow discipline and capitalise on a gradually reopening private equity market, despite a backdrop of persistent macroeconomic uncertainty.
