HVPE reported an estimated net asset value of $58.27 per share (£42.58) at the end of January, up 0.2% in US dollar terms and down 1.4% in sterling month on month. This increase in US dollar terms was primarily driven by Q3 2025 valuation trends in the Fund of Funds portfolio, partially offset by public market adjustments in the Direct Funds portfolio, and operating expenses.
The month saw negative net cash flow of $12m, with distributions of $19m and $31m of capital calls. 67 M&A transactions and IPO’s were executed in the month, above the 12 month average of 39
HVPE repurchased $11m of shares during the month and has now bought back $252mn since the programme began in September 2022, adding an estimated 5.6% to NAV per share. The distribution pool stood at $80m at the end of January.