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HVPE Harbourvest Global Private Equity Limited

2,280.00
-25.00 (-1.08%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Harbourvest Global Private Equity Limited LSE:HVPE London Ordinary Share GG00BR30MJ80 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -25.00 -1.08% 2,280.00 2,290.00 2,295.00 2,320.00 2,280.00 2,320.00 88,977 16:35:14
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -50.86M -65.22M -0.8245 -27.84 1.82B
Harbourvest Global Private Equity Limited is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker HVPE. The last closing price for Harbourvest Global Priva... was 2,305p. Over the last year, Harbourvest Global Priva... shares have traded in a share price range of 1,986.00p to 2,450.00p.

Harbourvest Global Priva... currently has 79,104,622 shares in issue. The market capitalisation of Harbourvest Global Priva... is £1.82 billion. Harbourvest Global Priva... has a price to earnings ratio (PE ratio) of -27.84.

Harbourvest Global Priva... Share Discussion Threads

Showing 476 to 500 of 500 messages
Chat Pages: 20  19  18  17  16  15  14  13  12  11  10  9  Older
DateSubjectAuthorDiscuss
17/3/2024
20:57
Note the buybacks had started last week. Small pull back on Friday. A rise this week depends on the US sentiment however downside somewhat protected with these buybacks. Discount now 40%. Slow and hopefully steady 10 year investment.
mrscruff
07/3/2024
10:41
Bit of catch up here, can see these nearer 2500p fairly soon if markets hold steady.
its the oxman
02/3/2024
21:11
Hope you got some below 2250 Oxman. I was too slow/busy, despite having sold some HRI ie had a little cash.

And MrScruff I reckon that's as good a guess as any, especially relative to US and global indices - world MSCI is 21% higher than the last time HVPE was around £22.

And Donald good point about IPO market.

apple53
01/3/2024
12:12
2250p , time to top up i reckon
its the oxman
29/2/2024
22:49
CousinIT, of course APEO has 50% of the shares held by Phoenix, and its shares have always been relatively illiquid, hence the nice jump on v little buyback.

Meanwhile, PIN has no problem buying back decent amounts even after the tender. With the share price still around the tender strike price.

rambutan2
29/2/2024
22:39
apple53, I very much agree with you re excess cash buybacks. And I don't think HVPE has helped its cause with its slightly ostrich head in the ground approach to the market realities of sitting on a 40-50% discount. I don't see why they couldn't have trimmed new commitments a little last year and given themselves a bit more flexibility. They always have access to plenty of deal flow.
rambutan2
29/2/2024
22:20
All this noise is now reflected in the discount of 43 percent. I call bottom 🤙
mrscruff
28/2/2024
10:30
There was some useful discussion on the Money Makers podcast this week.

The general views were (as we know) that the sector needs to shrink and without cash bids that this could take some time. Buybacks and capital returns help but is a slow process. Demand should improve if the cost disclosure issues are fixed but unlikely to be transformational.

This would suggest that eventually the tide will start lifting all (credible) boats, including HVPE. Recognise that fewer buybacks aren't as accretive to NAV, but even at these wide discounts that may be in the 2-3% region.

Interested to see how the APEO buyback progresses. The discount has tightened in quite significantly so you'd suspect that money will be recycled from there into other names.

cousinit
28/2/2024
09:33
But FWIW my view is the new policy was launched after discussions with shareholders. I assume mainly wealth managers. And the lack of buying since (compared to PIN) suggests those shareholders were hoping for more. A couple of exits are needed to show how it works in practice
donald pond
28/2/2024
09:22
The Russell index looks to be breaking out of a long weak period. With other indices at all time highs we should expect the IPO market to open up. That's the final piece in the jigsaw imo
donald pond
28/2/2024
09:05
I get what you are saying, rambutan, but one thing is possibly a non-sequiteur. Buybacks do not have to be a drag on NAV growth - quite the opposite. Regular dividends require a margin of safety, but buybacks don't if you only do them out of 'excess' cash, and can increase marginally your investment discipline as you can slightly raise your return targets when you have an alternative 'investment' for your marginal dollar.
However, your points about calls before distributions and the existing relatively lean structure are well made and taken, and may indeed mean buybacks are delayed. I will buy more if we dip further, even though I am heavy.

apple53
28/2/2024
04:56
Until distributions really pick up, I don't see them doing anything much in buybacks. Currently they are over 15% geared and if calls pick up before distributions then that figure could easily go over 20%. The allocated pipeline is $1.8bn.

Now I'm not saying that they are going to get into trouble, as they've been through plenty of cycles before, but the reason HVPE has performed so well, say compared to Pantheon, is 1) it has access to the very best managers, and 2) it is tuned for high performance and runs lean. So no cash drag/big margin of safety. The single objective was capital growth. This (Porsche) model will have to be gradually detuned and back seats added (BMW?) in order to fit in the likes of dividends, buybacks and the stuff that shareholders currently think they want. It will take time. And it will cost (nav) performance.

Personally, I would prefer HVPE to stick to its proven formula for outperformance. As a long term shareholder it has served me very well. I hold other PEITs for divs and particular exposures that they offer.

rambutan2
27/2/2024
23:56
Does feel oversold and probably a good buying level.
its the oxman
27/2/2024
21:51
Well no buy backs yet just small but significant director buy. Let's see what happens to the DP when the buybacks come in.
mrscruff
27/2/2024
11:23
Agree, there are sellers out there, once cleared this should rise. I have added more today.
chc15
27/2/2024
09:05
I agree Scruff but I think the recent price weakness reflects institutional exasperation at the poor corporate governance here. As John Singer at PIN has made clear, if you are trading at a 40% discount your starting point must be to wind the structure up. The board is there to represent shareholders. The recent announcement on returning capital had the tone of someone being dragged to an execution. There is no point buying back reluctantly. You either take the PIN/PSH route or else it will make no difference. Agree that a couple of IPOs would help. With US markets at aths the scepticism around valuations across the sector is baffling
donald pond
24/2/2024
17:53
Sky and River. I believe we made an assumption about HVPE. The recent fall in its value may actually be due to the temporary pause in share buybacks, possibly in anticipation of upcoming results out at the end of last week. Additionally, forecasts in rate cuts have been delayed and reduced.

However, I remain optimistic. As someone who also holds buyout-focused ICGT shares, I recognise that HVPE has significant exposure to the US market that is doing well. The dollar remains strong with fewer rate cuts. This, combined with some rate cuts favouring venture capital (VC), as well as the ongoing buybacks and high leverage, should bode well for HVPE. The strategic shift toward real assets is sensible, especially considering the possibility of acquiring undervalued publicly traded companies and taking them private. Private real assets tend to offer a higher internal rate of return (IRR) than their public counterparts.

Historically, rate cuts have benefited geared investments, and I expect HVPE to follow suit. The companies HVPE invests in have a modern edge, including well-known names like Discord and Figma (an Adobe competitor). In my view, HVPE stands alongside other strong performers like HGT, Apollo, OCI, and KKR.

Keep the faith! 💪

mrscruff
23/2/2024
13:58
riverman - I bt back into ICGT today - posted over on their thread.
skyship
23/2/2024
09:39
HVPE's plans got a lukewarm reception from analysts so that probably explains the pullback. They could have certainly done more. Looks very cheap again, although not sure it's going to massively rerate anytime soon. ICGT currently my pick as they pay a reasonable dividend and doing buybacks, while on a wider discount than most of its peers.
riverman77
23/2/2024
09:30
Discount has opened up again and is materially higher than all its peers, with ICGT probably the closest.
MSCI World is up 17% since end September, which remains the valuation date for 92% of the portfolio in today's end Jan statement. If you assume that half of this jump in global markets feeds into valuations if done today, then NAV would be £42.3 vs today's published £39.2. If you do the same calculation for PIN (but based on end Dec NAV), today's NAV would be 517p. I try to do the same for the other peers, and generally discounts are 30-40%. For ICGT the same calculation is based on end July world MSCI, and results in £20.63.
Please note that in terms of published data even when we move the majority of HVPE (and PIN) valuations forward, which we will presumably only get in April for end March (??), we will still only have valuations based on end December, and World MSCI is up 5% since then.

I am not attempting to comment on whether HVPE's discount deserves to be higher than its peers.

apple53
19/2/2024
09:04
HVPE is clearly a high quality long term play at a very large discount. However, the response to the recent news on buybacks was very predictable. The purpose of buybacks has to be value creation: PSH have bought back in size most days for many years and while it has done little to narrow the discount it improves the NAV all the time. BUT you have to buyback in size and consistently. PIN set out the model for PEs. The HVPE approach seems half-hearted and the market has seen through it. They don't really want to do it but all their shareholders have asked so OK, we'll do some. No good: either commit fully or don't bother.
donald pond
04/2/2024
20:24
I held HVPE about 8 years ago and was impressed by Harborvest when they managed £50m for a pension fund I was involved in the last decade but they have been out of sight out of mind for me till I read today the following in Citywire.
Will contain nothing new for many of you but interesting for some of you will be a good synopsis.
quote
HarbourVest Global Private Equity (HVPE) hopes to finally narrow its wide share price discount after it announced plans to return more capital to shareholders and move to a fully independent board.
In response to shareholder feedback, including from wealth manager Quilter Cheviot, which began red-carding weak boards last September, the global private equity investor will establish a ‘distribution pool’ funded by profits on disposals that will be used for share buybacks and special dividends.
The board and manager have agreed that 15% of cash realisations will go to the pool, which launches immediately, helped by a decision to place on hold a ‘specific̵7; investment commitment that releases a ‘material cash sum’.
The company has languished on a discount of about 40% since 2022, giving the £3.1bn portfolio of funds and direct company stakes a market value of £1.8bn.
A £25m buyback plan launched last May did nothing to move the dial. HVPE has purchased £45m worth of shares since September 2022 but expects the returns from the pool to be ‘materially greater’. As an indication, it said total annual cash proceeds received from disposals averaged $568m (£448.9m) over the last three calendar years.
HVPE said that in deciding the timing, amount and nature of distributions, it would take into account the macroeconomic environment, the discount, market sentiment and ‘relative merits of distributing capital against the potential benefit of committing to new investment opportunities’.
Ed Warner, chair of HVPE, said he had ‘engaged actively’ with shareholders in coming up with the proposals, and that the ‘new, more flexible policy, including the potential to pay dividends for the first time since HVPE was created, will make a significant difference to shareholders’.
‘It will help ensure they benefit more directly from the strong value growth delivered by HVPE’s high-quality portfolio, which has consistently outperformed public market benchmarks over the long term,’ he said.
HVPE has delivered total underlying returns of 121% and 349% over five years and 10 years respectively, compared with the MSCI World, which rose 77% and 210%. However, investors haven’t reaped all the benefit as the shares have returned 62% and 254% over the same periods.
Activity from the private equity sector has picked up in recent months after Pantheon International (PIN) was applauded by analysts for its ‘bold’ £200m buyback plan, with the board called ‘a leader’ in the space. Earlier this month, Abrdn Private Equity (APEO) said it was planning to use proceeds from selling its stake in Dutch discount retailer Action to start a buyback programme.
Board independence
The investment company also improved its governance structure following feedback from shareholders, including wealth manager Quilter Cheviot, who holds 4.6% of shares.
Carolina Espinal, a managing director at HVPE, will not stand for re-election as a non-executive director at the annual general meeting in July. As a result, the board will be fully independent of its investment manager.
However, Espinal and Richard Hickman, another managing director at HVPE, will be non-voting participants of the board and join the investment committee alongside managing director John Toomey and chief investment officer Greg Steno.
‘Board independence is an increasingly important area of focus for investors and I am confident HVPE will be viewed as having adopted best practice in this regard,’ said Warner.
In September, the wealth management firm said it was opposed to employees of a trust’s fund manager sitting on the board as a non-independent as it set out its wider expectations for boards of the sector.
Gemma Woodward, head of responsible investment at Quilter Cheviot, said she had engaged with the private equity company on independence and was ‘really pleased to see HVPE’s board take the move to become fully independent’.
‘It is good to see the power proactive engagement can have to help get boards acting in the interests of shareholders,’ said Woodward. ‘This sets a strong example to other trusts within the sector, which continue to have manager representation on the board.’
Quilter Cheviot’s sister company Quilter Investors also has a stake in HVPE with 2.5% of shares.
Other large shareholders include M&G with 7.5%, Evelyn Partners and Lothian pension fund with 5.6% apiece, and Schroders with 5%.

cerrito
03/2/2024
21:18
Shame but I had to flip some of my recent purchases as in desperate need of cash. I was, however, fortunate that it was yesterday afternoon that I realised and I didn't trade til 4:12 so I got 2382. I always plan to hold forever but if the discount closes towards 30% but opens elsewhere......

By the way I think HVPE have come a long way in 3-4 years in their thinking. Yes it's been slow, but I imagine there are internal barriers to each step, whether or not they are driven by a desire to avoid slowing fee growth by spending.

apple53
03/2/2024
15:04
surprisingly big move on friday in not exactly a bullish overall market . probably a pullback on monday on profit takinng but one can never be sure in markets :)
arja
02/2/2024
17:45
As expected a nice rise after a short delay for markets to digest the news.
riverman77
Chat Pages: 20  19  18  17  16  15  14  13  12  11  10  9  Older

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