Harbourvest Global Priva... Share Discussion Threads

[apple53] 12/10/2021 13:17

Given the NAV/share price track record (despite fees), and the continued demonstration that subjective valuations are mostly conservative, there is no fundamental reason for a bigger discount than a typical investment trust, imo.
So personally I am looking for more like 10% discount to the real-time NAV, which is probably around £32-33,ie £29 ish.

[apple53] 12/10/2021 13:12

There was a comment recently about Ohio's reduced shareholding. Their holding was for historical reasons and they can no longer justify a large holding in a large sterling, UK-listed PE FoF (esp given all the US, USD options). They could shrink further, but check out the volume they've done - this must have been a drag on the share price. Quilter's rebalancing also hasn't helped.

Although the price has gone sideways for a bit, a) at least it has indeed held up during market falls, and b) with much/most of the hangover gone the price might perform a bit better.

[its the oxman] 11/10/2021 08:47

Deserves to be 2500p minimum so a bit more to go for here, more if next nav is positive which I think it will be.

[donald pond] 11/10/2021 08:32

On the cusp of next leg up

[its the oxman] 08/10/2021 12:10

Certainly holding up well in the current market mayhem, wish I held a few k more.

[makinbuks] 24/9/2021 13:04

Yes PE as an asset class really enjoying its time in the sun. Combination of growth in EBITA of investments and increased multiples driving 25%+ YOY NAV growth. With cheap money and a wall of dry powder my expectation is this will run for a couple more years at least

[rambutan2] 24/9/2021 10:20

Agree. Worth noting that PIN now has 9% March valuations, while HVPE still has 30%.

[donald pond] 24/9/2021 07:44

Smashing NAV update at PIN, Up 9.8% last month

[cerrito] 21/9/2021 23:37

Having sold out at circa 1750p a couple of years back I have messed up here.
Looking at getting back in and am a sterling based investor.
Looking at the AR for the year to January 2021 I see that 80 pc of the assets are in USD, 15pc in Euros and 2pc in sterling.
The amount of USD exposure I want to have is something I need to consider

[rambutan2] 21/9/2021 19:52

August details:

-- Estimated NAV per share of $42.92 (GBP31.20), up 7.2% over the month
o 17% of Investment Portfolio (public company holdings) valued at 31 August 2021

o 53% at 30 June 2021 marks; remaining 30% valued at 31 March 2021

-- Strong result lifts HVPE's 10-year compound annual growth rate in NAV per share to 14.5%
-- Positive cash flow during the month with a net $51.3 million received
HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a closed-end investment company, today announces the usual detail on its estimated Net Asset Value ("NAV") at 31 August 2021 following the flash announcement made on 15 September 2021.

HVPE provides a complete private equity solution for public investors, managing the portfolio through four phases of the private equity cycle to create value: Commitments, Investment, Growth, and Realisation.

Commitments

During August, HVPE made two new commitments totalling $52.0 million. Both commitments were to secondary co-investment transactions and were split $30.0 million and $22.0 million respectively. The new commitments, alongside capital funded and foreign exchange rate movements, contributed to a net increase of $28.9 million in HVPE's Investment Pipeline (unfunded commitments), which totalled $1.72 billion at 31 August 2021.

Investment

During August, HVPE invested $21.3 million into HarbourVest funds (compared to $60.9

million in July 2021). The largest individual investment during the month was made to a secondary co-investment transaction.

Growth

At 31 August 2021, HVPE's estimated NAV per share was $42.92 (GBP31.20), compared to the 31 July 2021 estimate of $40.02 (GBP28.78). This represents a gain of 7.2% in US dollar terms over the previous month.

The significant increase in the 31 August 2021 NAV resulted from positive valuation gains

across the portfolio, particularly in the fund-of-funds, following receipt of 30 June 2021 marks (see breakdown below). These have reflected strong, largely unrealised gains across all strategies since the previous report, which was based primarily on 31 March 2021 valuations.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 17% actual

31 August 2021 (representing the public companies in the portfolio); 53% actual 30 June 2021; and 30% actual 31 March 2021. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cashflows, and any known material events to 31 August 2021.

Realisation

HVPE received $72.6 million of distributions from HarbourVest funds during August 2021 (compared to $28.9 million in July 2021). The largest source of proceeds came from a 2015 vintage US-focused venture fund-of-funds. During August, there were a total of 40 liquidity events across HVPE's underlying portfolio compared to July's 53 events, and a last 12-month average of 41.

Balance Sheet and Credit Facility

During the month, $30.0 million was repaid on the Company's credit facility, leaving

the total balance outstanding at $55.0 million. Borrowing at the HarbourVest fund level amounted to $389.6 million, a decrease of $12.2 million from the previous month. HVPE's cash and cash equivalents ($138.4 million) and available credit ($545.0 million) totalled $683.4 million.

[its the oxman] 15/9/2021 09:54

Yes 20% discount puts us at 2500p but is still excessive perhaps, icgt and others have narrowed recently so should be scope to see this nearer 15% if markets can stay steady.

[donald pond] 15/9/2021 09:50

Up 7.2% in August. Great performance so added

[its the oxman] 03/9/2021 09:57

See these nearer 2500p soon. Next nav update might gives us a lift.

[the real stan] 18/8/2021 11:08

Nothing at all. Removing an overhang will be good for share price. I don't think Ontario teachers have any secret sauce and who knows what their PE allocation is, indeed if they were more positive might be investing MORE directly rather than fund of funds.

[skyship] 17/8/2021 09:58

Nothing at all really. Great profit and a little fund diversification.

[bottomfisher] 17/8/2021 09:39

Ohio State Teachers Retirement fund, a conservative long-term investor, used to be HVPE's second biggest shareholders with a 13.6% stake. According to latest RNS it has now nearly halved its shareholding from 9.81% to 4.93%. What does that tell us about the views of a professional fund manager for the outlook for the private equity industry?
















Does it Is thatH

[bottomfisher] 17/8/2021 09:39

Ohio State Teachers Retirement fund, a conservative long-term investor, used to be HVPE's second biggest shareholders with a 13.6% stake. According to latest RNS it has now nearly halved its shareholding from 9.81% to 4.93%. What does that tell us about the views of a professional fund manager for the outlook for the private equity industry?
















Does it Is thatH

[arja] 12/8/2021 08:18

problem is that there is so little competition for IG to worry about as hardly anyone offers L2 I think . They must make a fortune on finance charges if clients hold for a while and we are mugs but what can we do ! ( smile ). Have a good day and I see HVPE still CREEPING up but wish it would suddenly take off !

[skyship] 11/8/2021 21:12

arja - so agree with that. Closed my profitable CFD bet in PIN; but paid a whole lot of holding charges!

[arja] 11/8/2021 16:17

with this trust , the question is how long is a piece of string . NOR situation !
Skyship - I did have a trade in PIN and made a fair bit as bought when chart showed it was turing up - thanks again and it seems to go i n waves and have pullbacks unlike HVPE which just grinds slowly upwards . I have a small spreadbet running on this one but hate overnight finance charges with high interest rates - ripoff really with bank rate at near zero !

[donald pond] 11/8/2021 11:17

Finally bought in here yesterday. Intend to hold for a long time

[its the oxman] 05/8/2021 11:09

Given most of nav is still March i suspect we have another 100p plus to go at least , as nav is disclosed. Hvpe has a habit of just grinding higher.

[arja] 02/8/2021 10:37

thanks skyship and wish I had seen your post yesterday ( wry smile ) . Quite a big move by PIN today and I just checked and can open position with a CFD with IG for this stock . Nioe medium term uptrending chart and seems to have turned up again after profit taking in last week or so . Thanks again and I will keep an eye on PIN in future .

[skyship] 01/8/2021 17:07

ARJA - then perhaps switch horses to PIN @ 2625p for a 25.5% discount. Those two usually track each other discountwise.