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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Harbourvest Global Private Equity Limited | HVPE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 75.00 | 2.87% | 2,690.00 | 16:35:27 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2,605.00 | 2,600.00 | 2,730.00 | 2,690.00 | 2,615.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 07/6/2024 08:02 by raj k I just watched the last HVPE annual report video and they say they are drawn 275million on the RCF. Does anyone know what ibnterest they pay on this RCF facility? |
Posted at 05/6/2024 13:03 by spangle93 apple - the video is quite detailed on performance and holdings - it was intended to introduce new investors to this area, but I think it would benefit experienced folks like yourself more than people looking to enter PE.It makes lots of noise about its 10-year performance vs the sector, but does acknowledge that some years are better than others, and that the last couple of years have been pretty lean. It also doesn't hide the negative cash flow over the last year, due to a shortage of deals. They have more more set aside for promotion, and have committed to a formula that will be used for distribution to shareholders (though with a discount above 40% this will initially just be for buy backs) I would have liked a bit more commentary on how HVPE differs from other PE funds (rather that "it doesn't pay dividends"). It makes sense if you're spruiking it to say "why buy HVPE versus others" than "why buy PE". However it does (like a few other commentators) feel that deals are more likely in 2024, and exits are generally at a premium to a conservative carried value. Whether it's the best PE fund, I couldn't say. I own stocks in 4, plus a couple of others like SMT that have a PE component. But it has scale, a big discount as a buffer to what's becoming clearer isn't an inflated NAV, and hopefully a swing of the pendulum this way when the interest rates start falling, so I'll hold |
Posted at 30/5/2024 21:43 by donald pond I would prefer buybacks to a divi tbh. A tender would be even better. Most of all though we need to see the nav increasing. It has been a very odd market with the US economy booming, most markets at all time highs, and yet ipo activity still depressed. Politics as well play a part with Shein getting pushback now on its ipo. |
Posted at 30/5/2024 20:59 by skyship Took a good profit. Disappointed that they still avoid paying a divi. |
Posted at 30/5/2024 17:16 by spangle93 Citywire summaryWith the company planning to treble the amount of money for share buybacks in the next two years to tackle its 42% discount, the widest in its peer group, chair Ed Warner said: ‘The investment case for HVPE remains compelling. The company has outperformed public equity markets over the past 10 years, and we are optimistic that this will continue in the long term.’ .... In February HVPE announced it would create a distribution pool, storing 15% of cash profits for share buybacks and special dividends to enhance shareholder returns while their stakes were undervalued. Around $52m has been allocated to the pool, though this is expected to rise to between $150m and $250m in 2024 and 2025. Speaking to Citywire, Warner stressed the manager would not be deducting any costs from the distributions, an ‘evergreen&rsq ‘I don’t accept that [we were slow to act] on the basis that HVPE has been in existence since 2007 and has significantly outperformed the public markets and pretty much all the peer group by taking a long-term view. I’ve watched some other funds make decisions and come up with policies that, to my mind, they might regret at leisure. ‘And that’s why we came up with something which is very much evergreen – it doesn’t have caveats around where our discount might be at any one time and what calls on the balance sheet of the funds might be that would then determine buybacks. We’ve thought very carefully about the need to give shareholders dependability and visibility,’ he said. Investors can look at HVPE’s monthly net asset value returns, see what the distributions are and work out exactly how much will be spent on buybacks, he added |
Posted at 28/2/2024 04:56 by rambutan2 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. |
Posted at 24/2/2024 17:53 by mrscruff 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! 💪 |
Posted at 04/2/2024 20:24 by cerrito 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 ‘specific̵ 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%. |
Posted at 01/2/2024 09:39 by riverman77 Good to see HVPE follow the likes of PIN and APEO in retuning cash to shareholders. I think a distribution pool is a sensible approach - gives them flexibility to adjust the amount of returns depending on the level of realisations, and also decide whether to go for dividends or buybacks depending on level of discount. The last thing you want is for them to commit to a fixed dividend which they then have to cut, for example if realisations temporarily dry up. The fact they have put in place a fully independent board to oversee all this is another positive.Also worth noting - the total amount of cash allocation to the Pool in 2024 will be materially greater than the amount spent on buybacks since Sep 22. The buybacks were worth 1. 3% so hopefully at least 2.5% to 3%. They say the average realisations over past 3y is 568m USD - 15% of this would represent a roughly 3.8% shareholder return at current market price. Not bad. |
Posted at 31/1/2024 23:27 by lynton3 I found this in Peel Hunt's 2024 recs on Citywire. Has anyone seen any other reference to HVPE looking at implementing a dividend policy?Peel Hunt’s corporate client HarbourVest Global Private Equity (HVPE) ... The board has bought back 2.2m shares over the last 18 months for £48m, but still trades 39% below par and is in discussions with shareholders about a potential dividend policy to be funded by realisations. |
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