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Overview

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

Directors

  • Ed Warner OBE (Chair & Ind. NED): Chairman Air Partner PLC, Blackrock Energy & Resources Income Trust & Grant Thornton. Ex Chair Standard Life Private Equity Trust, Panmure Gordon.
  • Peter Wilson (NED): Member of HarbourVest’s Executive Management Committee and co-leads HarbourVest’s secondary investment activity in Europe.
  • Steven Wilderspin (Ind NED & Chair or Risk & Audit Committee): Chair of Risk Committee of London-listed Blackstone / GSO Loan Financing Limited. Ex Director 3i Infrastructure plc.
  • Alan C. Hodson (Ind. NED): Ex global head of equities for SG Warburg & member of executive committee for UBS AG Group Managing Board.
  • Andrew W. Moore (Ind NED): Ex head of corporate trust & fund administration for RBS in Guernsey.
  • Carolina Espinal (NED): Carolina Espinal is an MD in the Primary team at HarbourVest Partners.
  • Francesca Barnes (Ind NED): Previous senior positions at UBS & Chase Manhattan. Recently NED for Electra Private Equity PLC.
  • Elizabeth Burnes (NED): 20yrs at PwC in Channel Islands & Australia

Financials

Summary of NAV31 Jan 2020
US$~m
31 Jan 2019
US$~m
Net Asset Value2,2031,924
NAV Per Share27.5824.09
Balance Sheet31 Jan 2020
US$~m
31 Jan 2019
US$~m
Investments2,065.61,760.2
Cash & Equivalents131156
Total Assets2,2051,926
NAV PerformanceMar 2021Feb 2021Jan 2021Dec 2020Nov 2020Oct 2020
Monthly NAV Estimate (US $~m)2,825.72,5912544.62513.22496.72284.2
Monthly estimated NAV per share (US $)35.3832.4431.8631.4731.2628.60
Shares outstanding (~m)79.979.979.979.979.979.9

 

Peer Group

  • Electra Private Equity (LSE: ELTA): investment trust targeting return on equity of 10-15% PA over the long-term by investing in PE
  • NB Private Equity Partners Ltd (LSE: NBPE) closed-end fund – invests across PE asset class, geography, industry, vintage year & sponsor.
  • Pantheon International Plc (LSE: PIN) closed-end fund. Invests in PE funds and directly in private companies.
  • Aberdeen Private Equity  (LSE:APEF) closed-ended investment company. Invests in PE funds.
  • Standard Life Euro Private Equity (LSE: SLPE) primary fund investing, secondary opportunities and direct co-investment.
  • ICG Enterprise Trust (LSE:ICGT) Invests in private equity funds & directly into private companies

Major Shareholders

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%

Macro Indicators

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.”

Media Coverage

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….”

 

Broker Coverage

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.”

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