Harbourvest Global Priva... Share Discussion Threads

[budd_foxx77] 06/3/2025 15:03:14

looks like HVPE is available to buy again with HL

[sharesoc] 17/2/2025 09:15:58

ShareSoc Webinar with HarbourVest Global Private Equity (HVPE) – March 18, 2025, at 6PM


Join us for an insightful session with Richard Hickman, Managing Director of HarbourVest Global Private Equity (HVPE), as he discusses HVPE's performance and future outlook.

Register here:

You can now view the recording of this webinar on the ShareSoc Youtube channel

Watch here:

[spangle93] 01/2/2025 03:36:49

Citywire summary of the RNS and its ramifications



The Investor Meet presentation on Tuesday has just become more interesting

[apple53] 31/1/2025 05:43:56

A continuation vote! That is a surprise. Has HVPE, long the laggard, gone zipping past the others on the outside? If it demands closure (July 2026), then how much of a loss on the portfolio to close it down? What are the alternatives to closure?

[dickiehh] 30/1/2025 22:22:55

This wasn't leaked at all was it? Wondering why the share price has been going up over the last month and other Private Equity funds haven't The FSA can't be bothered to look at this, but it's so biased against private investors

[foetus in your brain] 30/1/2025 08:06:29

Looks like a raft of sensible ideas to close the discount. Let's hope it succeeds, long term PE has been a great option and I don't want to see HVPE go. I just want a discount in the 10-15 range

[rambutan2] 17/1/2025 21:46:39

Most recent factsheet:



Noting total gearing of $867m on $4.3bn of assets ie approx 20%, which with the current favourable direction of nav provides a useful kicker.

[the real stan] 16/1/2025 18:35:24

Thanks for chasing up. Very odd.

[budd_foxx77] 13/1/2025 16:49:22

HVPE shares are not currently available to buy via HL (same issue with HICL). Something related to new FCA guidance re IT costs/charges/Mifid 2 etc. I heard back from HVPE IR today they are liaising with HL to resolve it so hopefully will be available to buy again soon.

[apple53] 09/1/2025 17:42:16

Correction re. ICGT - I don't think we'll get a quarterly end Oct NAV. Only half years I think.

Meanwhile OXMAN was spot on, and I narrowly failed to sell some around the same spot. I did sell some c. 2560, some of which I have bought back just 80p cheaper, at (back) above 40% discount vs

I'm wondering if the drift down is a mixture of market volatility and disappointment there is no more news on the activist. It is against a backdrop of further sterling weakness. I also wonder if the 6th Jan statement, though positive, was still a bit disappointing, as it was evolutionary rather than revolutionary. If they can get more like 15-17% distributions in 25, then I would have thought this puts them in a strong position to increase buybacks and even do the odd tender.

Sizeable uncrossing trade at 2510 bodes reasonably well.

[sharesoc] 09/1/2025 11:46:28

Upcoming Event: ShareSoc Growth Company Seminar

Tuesday, 11 February 2025, 5 PM

Presenting Companies:
* HarbourVest Global Private Equity (HVPE) – Richard Hickman, Managing Director
* Shepherd Neame Ltd (SHEP) – Jonathan Neame (CEO) & Mark Rider (CFO)
* Supermarket Income REIT (SUPR)

Each company will give a 25-minute presentation, followed by a Q&A. Great opportunity to hear directly from senior management and meet fellow investors. Register for the in-person seminar or the online event.

More info and registration:

[makinbuks] 06/1/2025 12:13:35

Nice positive announcement today. I feel momentum is with us now.

I particularly liked this: " The Board and Investment Manager are expecting a further recovery in distributions for 2025, bringing the total for the year ahead closer to HVPE's 10 year average of 19% of opening NAV."

[apple53] 31/12/2024 12:30:34

Thanks Oxman. That's normally my job, but maybe you have indeed taken one for the team.
I recently updated my spreadsheet and hvpe remained the cheapest (ignoring wendel and IP), but pantheon (PIN) was neck and neck. I use my 'real-time' estimate of NAV adjusting for world msci and currency. At 26.6 the discount is 37%. I await PIN's Nov NAV but at the mo I reckon a discount of around 37-38%. The others are clustered around 30 except ICGT c. 35 but waiting for end Oct NAV. I am not sure if ICGT can sustain it's buyback.
In a different group, weirdly, CLDN and NAS around 35 so I have been buying.
Clear

[its the oxman] 31/12/2024 11:48:46

Sold a few c. 2650p , will probably move sharply higher again now.

[foetus in your brain] 20/12/2024 09:10:36

Decent NAV update. Feels like the supertanker has turned around.

[deadly] 19/12/2024 16:12:34

Very lively towards the close on a market down day.

[riverman77] 16/12/2024 20:34:59

I notice this is now a top 10 holding of AVI Global Trust - they hold a few PE funds (CHRY, OCI) but wasn't aware till now they also had HVPE. Good to have them on board as very smart investors, and when needed they can take quite an activist approach to unlock value.

[foetus in your brain] 09/12/2024 13:31:48

Very poor to have had no response to the activist letter.

[spangle93] 30/11/2024 09:31:30

Investment company activist Metage Capital has demanded HarbourVest Global Private Equity (HVPE) introduce quarterly tenders or wind-up the £3.4bn ($4.3bn) portfolio to rectify the chronically wide discount on its shares.

In an open letter to shareholders, Metage chief investment officer Tom Sharp said the capital allocation policy announced by HVPE’s chair Ed Warner in February had clearly failed with the shares standing 45% below net asset value at the end of October.

continues

[the real stan] 29/11/2024 14:34:09

Good point here. Personally I am loading up on HVPE as buying at current discount is better value than committing to a new fund at par. So why doesn't HVPE do the same?

[donald pond] 29/11/2024 11:30:34

Someone on a twitter group tipped me off.
It is getting traction and in this article the suggestion is that Metage owns 0.9% of HVPE:

[integer] 29/11/2024 11:20:18

very interesting DP. how did you find the article? Do you know if Metage funds hold any HVPE?

[donald pond] 29/11/2024 11:09:16

Looks like an activist is getting involved:

[steelbreeze] 03/11/2024 20:20:25

The Investor Presentation on Tuesday 5 Nov is a good chance to grill them over their pathetic buyback policy. To me the key questions are:

HVPE recently made a large new fund commitment. What return is anticipated on this investment? How can this be expected to outperform the instant and risk-free 72.4% NAV uplift that would be earned by using this cash instead to buy back more shares at 58p in the pound (a 42% discount)?

HVPE presumably expects to outperform listed equities. By paying no dividend (whilst most equities do) it must therefore expect to become an ever-larger proportion of investors’ portfolios. But the current massive discount clearly shows that investors do not want to hold even the current NAV. Will the Board finally accept that shareholder interests would be best served by reversing this, i.e. for the fund to shrink substantially by making no new commitments and instead distributing 100% of cash receipts?

[hindsight] 01/11/2024 11:49:56

I was thinking that 5% higher up but proven wrong, partly by yield curve shift
Rightly or wrongly I tend to think thats a two sided coin as investee companies should be worth more in future with higher inflation