Harbourvest Global Priva... Share Discussion Threads

[bowlhead] 29/9/2012 00:46

I see the discount has narrowed a bit in the last 6 months or so, but at 35% is still quite compelling if you believe in the private equity sector. Compared to some global PE funds-of-funds (e.g. PIN), this has quite high US exposure (approaching 70%) and a bit more venture (about a third of total NAV), with only 15% exposure to the Euro (total Europe inc UK is 25%), as well as diversification across a lot of vintage years.

Balance sheet looks strong enough to handle ongoing new commitments, and the recent announced acquisition of Conversus, with which the diversification spreads further. With their fingers in so many pies (6000+ underlying portfolio companies which will increase with Conversus and Absolute investments this year) you could combine this one with a couple of other ITs to tweak the geographical mix, then simply sit back for a pretty passive approach to long-term PE investing.

I have these in an ISA and my SIPP, and the volume is very low. I found that if there's no liquidity, with TD Direct Investing you can just leave an At Best order with them online and it will generally get dealt quite quickly. With Sippdeal, you can't leave a limit order as their system doesn't like USD listed stocks, so you have to put the order in over the phone which costs three times an online order, but the FX rate is usually so much better than TD's that it makes up for it.

[rambutan2] 22/6/2011 01:27

HarbourVest Global Private Equity Limited ("HVPE") is a Guernsey-incorporated
closed-end investment company which has a dual listing on both the London Stock
Exchange and Euronext Amsterdam. HVPE is designed to offer shareholders long-term capital appreciation by investing in a private equity portfolio diversified by geography, by stage of investment, by vintage year, and by industry. It invests in and alongside HarbourVest-managed funds which focus on primary partnership commitments, secondary investments, and direct investments in operating companies. HVPE is advised by HarbourVest Advisers L.P., an affiliate of HarbourVest Partners, LLC.

HVPE can be thought of as a ready-made private equity programme for public market investors. To this end, the Company aims to ensure a steady pace of investment into new opportunities to balance distributions received. Cash is re-invested as the HarbourVest funds in HVPE’s portfolio call down capital. The diverse nature of HVPE’s commitments, combined with variations in activity levels in different parts of the private equity market, means that the profile of these new investments can change from one period to the next. The one constant is that HVPE is always investing, helping to spread risk across multiple vintage years.

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