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HarbourVest Global Private Equity

Accessing global megatrends in private markets

Update | Investment Companies | 16 Mar 2018

HarbourVest Global Private Equity (HVPE) offers broad, selected exposure to leading private equity managers globally, and has a highly diversified underlying portfolio. HVPE celebrated its 10th anniversary in December 2017, and its 10-year sterling NAV total return of 12% pa is ahead of its global listed equity benchmark’s 10% pa return, as well as the 6% pa return of the LPX 50 Index, representing its global listed private equity peers. However, an 11% gain in sterling versus the US dollar (HVPE’s functional currency) has weighed heavily on its one-year sterling returns. Looking ahead, HVPE believes its unique access to HarbourVest funds should enable it to capture the opportunities created by key global megatrends that are expected to dominate private markets over the next 10 years.

HarbourVest Global Private Equity

Celebrating its 10th anniversary

Update | Investment Companies | 29 Nov 2017

HarbourVest Global Private Equity (HVPE) is celebrating 10 years since its launch in December 2007. Over the period since its inception to end-October 2017, HVPE has outperformed global equity markets and its listed private equity peer group, represented by the LPX 50 index, in both NAV and share price terms. In this note, we analyse a series of alternative performance measures which show that, on a risk-adjusted basis, HVPE’s share price performance has tended to compare favourably to global equity markets, while its risk-adjusted NAV returns have also compared positively to its listed private equity peer group over most time periods.

HarbourVest Global Private Equity

Closing in on a successful decade

Review | Investment Companies | 16 Aug 2017

HarbourVest Global Private Equity (HVPE) gives investors access to selected private equity (PE) managers globally and a highly diversified portfolio of over 7,000 underlying companies. HVPE will celebrate its 10th anniversary in December 2017 and since inception its shares have outperformed global listed and unlisted equities, represented by the FTSE All-World and LPX 50 indices, by 11% and 36%, respectively. This solid performance is consistent with the mandate to generate long-term capital growth above global equities, and has been achieved with relatively low volatility due to HVPE’s high level of diversification.

LPEQ

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Sector report: | Investment Companies | 02 Mar 2017

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HarbourVest Global Private Equity

Index inclusion invites investor interest

Review | Investment Companies | 13 Jun 2016

HarbourVest Global Private Equity (HVPE) takes a fund-of-funds approach to investing in private equity, aiming to achieve capital growth over the long term from a diversified portfolio (almost 7,000 underlying operating companies), accessed mainly through funds managed by HarbourVest. Since launch in 2007 it has achieved its aim of excess annualised returns of 5% compared with the total return on global equities (measured by the MSCI All Country World index) and has a strong track record over the medium to long term compared with peers that take a similar approach. Following a move to the Main Market of the London Stock Exchange, HVPE is now one of only three listed private equity funds in the FTSE 250 index.

HarbourVest Global Private Equity

Disciplined, diversified approach to private equity

Review | Investment Companies | 06 Oct 2015

Judging by prevailing discounts to net assets, broad fund of fund investors in private equity are not a particularly favoured group within the investment company sector. However, a fund such as HarbourVest Global Private Equity (HVPE) can be seen as having appealing attributes: in addition to a still wide discount, it is structured and managed to ensure diversification by vintage, stage, geography, strategy and industry. The management team has substantial experience, a wide industry network and follows a consistent approach to investment, further mitigating the risks inherent in private equity investment. The NAV performance since inception compares well with the MSCI All World and private equity indices.

HarbourVest Global Private Equity

Selective, consistent private equity investment

Initiation | Investment Companies | 03 Jun 2015

HarbourVest Global Private Equity (HVPE) is a fund of funds that aims to provide capital growth through investment in a selected range of private equity funds globally. The portfolio is well diversified by stage, sector, vintage and underlying fund. The manager, HarbourVest, through its established relationships, is able to access leading managers contributing to a robust NAV performance since launch relative to both the MSCI World and LPX 50 (private equity) indices. Valuation uplifts of over 40% on realisations in FY15 and FY14 are encouraging indicators of the potential for future NAV progress.

HarbourVest Global Private Equity

Discount narrowing

Update | Investment Companies | 22 Jan 2013

HarbourVest Global Private Equity's (HVPE) share price gained 24% during 2012, helping to reduce the discount to NAV to 34%. During the period, a clear divergence of strategies emerged within the listed private equity sector. Some are increasing near-term cash returns to investors through dividends and share buybacks, even accelerating the realisation of assets to fund this. Others, including HVPE, are for now continuing to find investment opportunities which they believe will generate better long-term returns. HVPE's discount to NAV remains attractive in both absolute terms and relative to peers (29%), given ongoing realisations in excess of carrying value and good long-term NAV performance. We believe sector consolidation and disinvestment by those companies wishing to do so will move the sector towards a smaller number of larger, increasingly liquid entities with more stable shareholder bases. Combined with satisfactory investment performance this should see discounts narrow further.

HarbourVest Global Private Equity

Continuing to invest

Update | Investment Companies | 09 Jul 2012

HarbourVest Global Private Equity (HVPE) has joined with other HarbourVest funds to acquire Conversus Capital's (CCAP) portfolio of private equity fund-of-funds for $1.4bn. The assets are being acquired at a 14% discount to its adjusted NAV, only in line with the average global secondary transaction during H211 despite the mature cash generative nature of the portfolio. The secondary market continues to trade at a significant premium to the listed market, which is currently trading on a 36% discount. We believe one factor behind this large discount is LPE's lack of share trading liquidity, hindering shareholders from selling and discouraging new investment. The consolidation of this sector allows investors that wish to invest, like HVPE, to do so at attractive prices while providing immediate liquidity to those that do not.

HarbourVest Global Private Equity

One-stop shop

Outlook | Investment Companies | 21 Jun 2012

HVPE is a private equity fund of funds, listed since December 2007. The management group, HarbourVest Partners, has a strong 30-year performance track record. Private equity returns are not immune from economic cycles, but continue to show a good long-term performance versus listed equities and many other asset classes. For many investors, listed private equity (LPE) is the only practical way to gain exposure to this asset class, but since the financial crisis LPE has suffered from large discounts to NAV and generally thin trading liquidity. There are signs of polarisation, with some funds deciding to effectively enter run-off mode. For others, HVPE among them, it is business as usual, continuing to invest for future growth and looking to take advantage, through the secondary market for investments, of others' withdrawal. HVPE offers a well diversified exposure across geographies and strategies, with a strong performance record, and attractive (c 36%) discount to NAV.

BB Biotech

Investment Trusts Quarterly: Biotechnology & healthcare trusts

Sector Commentary: | Investment Companies | 24 May 2012

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Carador Income Fund

Investment Trusts Quarterly: Growth and income

Sector Commentary: | Investment Companies | 13 Jan 2012

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