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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
|
|
|---|---|---|---|---|
| 15.00 | 0.66% | 2,290.00 | 10:16:33 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2,285.00 | 2,280.00 | 2,290.00 | 2,275.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
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 17/10/2023 09:18 by the real stan Maybe PIN will do the work for them. When investors see the discount differential they'll sell PIN and exchange for HVPE! |
Posted at 29/5/2023 19:56 by rambutan2 Nice to read a truth teller re PE trusts, for a change: |
Posted at 21/9/2022 13:52 by apple53 Up til today, I had thought the comparison that mattered was NPV uplift of new investment vs NAV uplift from buyback.Then I thought you might have discovered a deeper truth. In a sense you have, ie that returns on the existing portfolio do matter, since the expected (btw, not actual) return on any incremental investment is unlikely to be massively different from the portfolio as a whole. [Yes opportunities might be somewhat better during market turmoil.] A key element is indeed looking at it from the perspective of the investor. They may feel that the cash spent on buybacks has gone forever, so yes they can achieve a 50-100% return instantly on a buyback (for a discount of 33-50%), but they can't use that same cash to triple its value over x years. However, if I sell 10% of my shares when HVPE repurchases 10% of its total shares, then I get the NAV (and AT LEAST corresponding price) uplift on my 90%, and I get to reinvest the sale proceeds. For example I can buy back into HVPE and still make the normal HVPE return. And since we've established (see above) that return on existing portfolio is likely to be similar to any incremental investment, then the buyback impact on NAV really is fully incremental (at least on the 90% of shares that I retained). I think I'm getting there gradually. I still can't believe I didn't buy more this morning, even at 2160. New news on both NAV and buybacks should really have a big impact even if slowburn, even if the buybacks are relatively muted. I also take your point about selling existing investments to buy bigger opportunities, though there are caveats again in terms of long term commitments etc. |
Posted at 11/8/2022 06:58 by mirfield Along with other PE Trusts, HVPE mentioned here. 41% discount to NAV. https://www.telegrap |
Posted at 21/6/2022 13:32 by melloteam Mello Events is hosting a FREE Investment Trusts and Funds event on Thursday 23rd June at 12:30pm. The programme is as follows: 12.30 pm Mello welcome from Karin Schulte and Company presentation from Ocean Dial 1.05 pm Company presentation from Invesco 1.40 pm Moira O’Neill from Interactive Investor analyses how retail investors are asset allocating in 2022 2.00 pm Company presentation from HarbourVest 2.35 pm Nigel Hawkins present on REIFs (Renewable Energy/Infrastructur 3.05 pm Company presentation from TB Amati Strategic Innovation Fund 3.40 pm Mark Bentley presents his best performing income trusts for 2022 To register for free, please click here: |
Posted at 27/5/2022 11:35 by kenmitch Tania.Discounts are wide across the Private Equity sector:- L Read again that paragraph I posted earlier from HVPE about buybacks to see why they are far from convinced about them. I agree with their reasoning. They will surely have looked at Trusts buying back and the subsequent effect on the discount when coming to their conclusion. It’s not their fault if investors are giving HVPE and other successful Private Equity Trusts (e.g NBPE) a wide berth! HVPE have just announced their highest ever NAV increase. Successful investments they make can be realised for perhaps double or more the money they originally invested. That can’t happen with money spent instead on buybacks. Yes. As you say the NAV increase from buybacks is permanent. But there’s a maximum benefit from them that can’t be more than the money invested, whereas an investment they make can multi bag. That’s another reason why I much prefer to see Trusts and Companies invest successfully rather than spend £millions ( £billions sometimes) on buybacks. Also when successful Trusts are trading on very wide discounts I see that as an excellent buy opportunity. An example was when Commercial Property Trusts were on discounts sometimes as high as those on Private Equity Trusts now, a couple of years ago. I bought several then and with dividends added, AEWU has more than doubled (and yield is 13% at my buy price) and the others have all gone up a lot even before adding dividends of 8% or more. Private Equity Sector will likely be more in favour with investors in time, and at current prices while on huge discounts, some (with HVPE a good example) look a steal. |
Posted at 27/5/2022 10:59 by tania67 Donald – thank you for your offer (your 290) to pass on comments. Here’s one more that I hope will convince… (and then I am done, honest!)HVPE clearly expects to continue outperforming the market and they still pay no dividend. These factors will further increase HVPE’s NAV as a proportion of total market capitalisation. Thus they are asking the average investor to hold an ever-increasing proportion of his/her portfolio in HVPE. But the current discount shows that average investor does not want to hold even the current proportion, and HVPE are intent on increasing it! This seems likely to increase the discount. Their only response is to blame the customer, complaining that investors clearly don’t understand how great HVPE is (“we will continue to look for ways to ensure that our long-term track record is understood and recognised by the market.”). Naturally, I hope this policy works, but it is really complacent: they think their product is great and they will continue to produce it in ever-larger amounts regardless of whether customers are willing to buy it. Would HVPE be willing to invest in a company that showed such contempt for consumers and ignored what the market was saying loud and clear? |
Posted at 15/5/2022 22:22 by melloteam Mello2022, the popular three-day Investor event takes place on 24TH-26TH MAY at the Clayton Hotel & Conference Centre, Chiswick, W4. The breakdown of the three days is as follows:Tuesday 24th May, 9am - 6pm - Mello Investment Trusts and Funds (WE ARE GIVING AWAY 20 FREE TICKETS TO THE TRUST AND FUNDS EVENT - THE FREE CODE IS FIRST20TF) Wednesday 25th & Thursday 26th May, 9am - 6pm - Smaller Growth and Mid-Cap Companies (Tickets for 1 day are £115 and tickets for 2 days are £189. To get 50% off, use code MMTADVFN50). Just to let shareholders and prospective investors know that HARBOURVEST will be among the Trusts and Funds attending. There will also be keynote speakers such as Lord John Lee, Andy Brough, Rosemary Banyard, Clarke Carlisle and Gervais Williams. For more information, please visit the event webpage: |
Posted at 15/5/2022 21:51 by davidosh Mello2022, the popular three-day Investor event takes place on 24TH-26TH MAY at the Clayton Hotel & Conference Centre, Chiswick, W4. The breakdown of the three days is as follows:Tuesday 24th May, 9am - 6pm - Mello Investment Trusts and Funds Wednesday 25th & Thursday 26th May, 9am - 6pm - Smaller Growth and Mid-Cap Companies WE ARE GIVING AWAY 20 FREE TICKETS TO THE T&F EVENT on the 24th when Harbourvest will be presenting. THE FREE CODE IS FIRST20TF. Just to let shareholders and prospective investors know that HVPE will be among the 60+ LSE Small Cap and AIM listed companies attending on the 25th May too. There will also be keynote speakers such as Lord John Lee, Andy Brough, Rosemary Banyard, Clarke Carlisle and Gervais Williams. Tickets for 1 day are £115 and tickets for 2 days are £189. To get 50% off, use code MMTADVFN50. For more information, please visit the event webpage: |
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