HarbourVest Global Priv. Equity Ltd Edison review on HarbourVest Global Private Equity

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HarbourVest Global Priv. Equity Ltd

13 June 2016

London, UK, 13 June 2016

Edison issues research review on HarbourVest Global Private Equity

HarbourVest Global Private Equity (HVPE) takes a fund-of-funds approach to investing in private equity, aiming to achieve capital growth over the long term from a diversified portfolio (almost 7,000 underlying operating companies), accessed mainly through funds managed by HarbourVest. Since launch in 2007 it has achieved its aim of excess annualised returns of 5% compared with the total return on global equities (measured by the MSCI All Country World index) and has a strong track record over the medium to long term compared with peers that take a similar approach. Following a move to the Main Market of the London Stock Exchange, HVPE is now one of only three listed private equity funds in the FTSE 250 index.

At 8 June HVPE's shares were trading at a 22.4% discount to the estimated sterling NAV at 30 April. This is close to the average discount over one and three years and narrower than the five-year average. Like most private equity funds, HVPE's discount has been on a narrowing trend since the post-financial crisis widening, and reached a 12-month low of 15.4% in August 2015, shortly before the move to the main market. Index inclusion should help the discount to continue narrowing, although a climate of risk-aversion has caused short-term discount volatility.

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June 13, 2016 05:06 ET (09:06 GMT)