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
RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2020 Resilient net asset value (“NAV”) performance HarbourVest Global Private Equity Limited …
HarbourVest Global Private Equity Limited (LON: HVPE) the FTSE 250 Private Equity business has today released a robust set of …
HVPE ESTIMATED NAV PER SHARE UPDATE AT 30 SEPTEMBER 2020 Estimated NAV per share of $28.48 (£22.04), broadly flat over …
HVPE ESTIMATED NAV PER SHARE UP 2% IN JULY 2020 Estimated NAV per share of $26.26 (£20.07), an increase of …
Estimated NAV per share of $25.67 (£20.70), broadly flat over month Public company holdings (11% of Investment Portfolio) valued at …
FTSE 250 HarbourVest Global Private Equity (LON: HVPE) has this morning announced annual results. The video below walks investors through …
| Summary of NAV | 31 Jan 2020 US$~m | 31 Jan 2019 US$~m |
|---|---|---|
| Net Asset Value | 2,203 | 1,924 |
| NAV Per Share | 27.58 | 24.09 |
| Balance Sheet | 31 Jan 2019 US$~m | 31 Jan 2018 US$~m |
|---|---|---|
| Investments | 1,760.2 | 1,452.2 |
| Cash & Equivalents | 156 | 257 |
| Total Assets | 1,926 | 1,716 |
| NAV Performance | Aug 2020 | Sep 2020 | Aug 2020 | July 2020 | June 2020 | May 2020 |
|---|---|---|---|---|---|---|
| Monthly NAV Estimate (US $~m) | 2284.2 | 2274.6 | 2271.7 | 2097.4 | 2050.3 | 2050.3 |
| Monthly estimated NAV per share (US $) | 28.60 | 28.48 | 28.45 | 26.26 | 25.67 | 25.67 |
| 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.”
Shares Magazine (Nov 2019)
“HarbourVest is cheap and a great way to play the private equity space.”
Telegraph (May 2019)
“You may have heard of a fund of funds, but have you ever heard of a fund of funds of funds? HarbourVest Global Private Equity (HVPE) owns stakes in unlisted companies through 46 different HarbourVest funds. These funds invest in private businesses, as well as in other venture capital funds. As a result, investors are able to tap into the early stages of growth of more than 8,000 unlisted firms, including ride-sharing app Uber.”
Investors Chronicle (Jan 2018)
“Private Equity makes a surprising alternative”
Shares Magazine (June 2017)
“The private equity sector is awash with cash as funds offload holdings in investee companies and investors enthusiastically put up new money in the hope of getting exposure to the next big thing.”
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.”
