HVPE (LON:HVPE) is a constituent of the FTSE 250 and provides a complete private equity solution for public investors by managing the portfolio through four phases of the private equity cycle to create value: Commitments, Investment, Growth, and Realisation (Mature).
COMMITMENTS
HVPE commits capital to newly-formed HarbourVest funds during their fundraising process and co-invests alongside HarbourVest funds in certain co-investments. The HarbourVest funds to which HVPE commits then make primary fund commitments, secondary investments, and direct co-investments across geographies and venture, buyout, and debt strategies. This forward-looking strategy enables HVPE to be fully invested throughout the market cycle.
INVESTMENT PHASE
As the newer and developing HarbourVest funds in the HVPE portfolio commit to new investments, HVPE invests capital in the HarbourVest funds to build the portfolio. Based on the scope of the HarbourVest fund investments, the HVPE portfolio is highly diversified by stage, phase, geography, and strategy.
GROWTH PHASE
HVPE’s HarbourVest funds create value in their portfolios as the investments develop over time. HVPE’s NAV growth is driven by changing valuations for privately-held and publicly-traded investments, as well as liquidity events within the portfolio (including M&A transactions, IPOs, and recapitalisations).
MATURE PHASE
As HVPE’s maturing HarbourVest fund investments achieve liquidity and create proceeds, the HarbourVest funds distribute cash realisations to HVPE. These realisations can then be used to fund the new HarbourVest fund commitments and investments.
Further information can be seen at hvpe.com
HVPE ESTIMATED NAV PER SHARE INCREASES 2% IN DECEMBER Estimated NAV per share of $46.80 (£34.58); up 2.4% in US …
HARBOURVEST GLOBAL PRIVATE EQUITY ANNOUNCES US$100M INCREASE TO ITS CREDIT FACILITY Credit facility has increased from US$600m to US$700m with …
HVPE ESTIMATED NAV PER SHARE INCREASES 3.4% IN NOVEMBER Estimated NAV per share of $45.71 (£34.37); up 3.4% over the …
HVPE ESTIMATED NAV PER SHARE INCREASES 1% IN OCTOBER Estimated NAV per share of $44.20 (£32.30); up 1.0% over the …
RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2021 Record net asset value (“NAV”) per share growth in an interim …
HVPE ESTIMATED NAV PER SHARE INCREASES 2% IN SEPTEMBER Estimated NAV per share of $43.78 (£32.49), up 2.0% over the …
| Summary of NAV | 31 Jan 2021 US$~m | 31 Jan 2020 US$~m |
|---|---|---|
| Net Asset Value | 2,873 | 2,203 |
| NAV Per Share | 35.97 | 27.58 |
| Balance Sheet | 31 Jan 2021 US$~m | 31 Jan 2020 US$~m |
|---|---|---|
| Investments | 2,889.2 | 2,065.6 |
| Cash & Equivalents | 98.4 | 131 |
| Total Assets | 2,995 | 2,205 |
| NAV Performance | Nob2021 | Oct 2021 | Sep 2021 | Aug 2021 | July 2021 | June 2021 |
|---|---|---|---|---|---|---|
| Monthly NAV Estimate (US $~m) | 3650.6 | 3530.1 | 3496 | 3427.9 | 3196.2 | 3,226.1 |
| Monthly estimated NAV per share (US $) | 45.71 | 44.20 | 43.78 | 42.92 | 40.02 | 40.40 |
| Shares outstanding (~m) | 79.9 | 79.9 | 79.9 | 79.9 | 79.9 | 79.9 |
Quilter – 13.05%
State Teachers Retirement System of Ohio – 12.88%
M & G IM – 10.17%
City of Edinburgh Council – 5.55%
Washington State Investment Board – 5.31%
Schroders – 4.82%
Lazard AM – 4.44%
Mattioli Woods – 2.23%
Legal & General – 2.17%
Daily Telegraph (June 2017): “Private equity investment trusts look for fast-growing firms in their early stages before their shares are listed on the stock market. These trust were hit heavily in the financial crisis with many seeing their valuations plummet. This scared many investors off, but gradually the sector has picked up. Discounts on these trusts…have been narrowing in recent months and some analysts expect them to narrow further.”
Investors Chronicle (Jan 2021)
“Buy HarbourVest Global for diversified private equity”
The Times (Dec 2020): Tempus – Harbourvest offers a taste of the world of private equity
“…Harbourvest is a way for investors to find exposure to the sometimes highly rewarding gambit of investing in privately held businesses without having to pay fat fees. Listed since 2010, it is managed by Harbourvest Partners. The vehicle almost always invests by buying into funds run by Harbourvest, which provides details of the companies in its underlying portfolio. The funds invest in initial private equity fundraisings, buy direct stakes in operating companies and take part in follow-on sales….”
Jefferies (May 2017)
“FY17 represented a more straightforward year for HVPE after the shareholder enfranchisement, LSE listing and step-up in commitments delivered in the previous year. While the NAV made good progress during the year, there is increasing evidence the former of these actions have allowed HVPE to fully participate in the recent re-rating of the LPE sector.”
Winterfloods (May 2017)
“HVPE has come a long way since its Euronext listing almost ten years ago. From being on the periphery of the listed private equity sector it is now a mainstay, offering size, increasing liquidity and highly diversified private equity exposure.”
