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
FTSE 250 HarbourVest Global Private Equity (LON:HVPE) this morning reported their ninth year of consecutive NAV growth. Over the 12 …
HarbourVest Global Consistent NAV growth sustained with 8% increase over period HarbourVest Global Private Equity Limited (“HVPE” or the “Company”), …
Harbourvest, the FTSE 250 private equity business, well-known for it’s early investments in goliaths such as Facebook, Uber and LinkedIn, …
HarbourVest Global Result of AGM 20 July 2017 NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO THE UNITED …
HarbourVest Global Annual Financial Report 12 May 2017 RESULTS FOR THE YEAR ENDED 31 JANUARY 2017 10% NAV growth marks …
| Summary of NAV | 31 Jan 2018 US$~m | 31 Jan 2017 US$~m |
|---|---|---|
| Net Asset Value | 1713.3 | 1474.9 |
| NAV Per Share | 21.46 | 18.47 |
| Balance Sheet | 31 Jan 2018 US$~m | 31 Jan 2017 US$~m |
|---|---|---|
| Investments | 1,452.2 | 1,295.7 |
| Cash & Equivalents | 257 | 175.2 |
| Total Assets | 1,716 | 1,476.2 |
| NAV Performance | May 2018 | Apr 2018 | Mar 2018 | Feb 2018 | Jan 2018 | Dec 2017 |
|---|---|---|---|---|---|---|
| Monthly NAV Estimate (US $~m) | 1740 | 1695.3 | 1,700 | 1669.8 | 1677.9 | 1,660.5 |
| Monthly estimated NAV per share (US $) | 21.79 | 21.23 | 21.29 | 20.91 | 21.01 | 20.79 |
| Shares outstanding (~m) | 79.9 | 79.9 | 79.9 | 79.9 | 79.9 | 79.9 |
State Teachers Retirement System of Ohio – 13.79%
M & G IM – 10.60%
Old Mutual – 9.65%
City of Edinburgh Council – 5.81%
Lazard AM – 5.77%
Washington State Investment Board – 5.59%
Baillie Gifford – 2.42%
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 2018)
“Private Equity makes a surprising alternative”
Telegraph (August 2017)
“Questor: buy this private equity trust for its huge diversification and superior returns”
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.”
