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Share Name Share Symbol Market Type Share ISIN Share Description
Harbourvest Global Private Equity Limited LSE:HVPE London Ordinary Share GG00BR30MJ80 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -50.00 -2.29% 2,130.00 24,712 13:32:48
Bid Price Offer Price High Price Low Price Open Price
2,125.00 2,135.00 2,155.00 2,130.00 2,130.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -10.69 1,762
Last Trade Time Trade Type Trade Size Trade Price Currency
13:55:52 O 97 2,132.458 GBX

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Date Time Title Posts
27/6/202221:27Harbourvest Global PE347

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DateSubject
29/6/2022
09:20
Harbourvest Global Priva... Daily Update: Harbourvest Global Private Equity Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker HVPE. The last closing price for Harbourvest Global Priva... was 2,180p.
Harbourvest Global Private Equity Limited has a 4 week average price of 1,992p and a 12 week average price of 1,992p.
The 1 year high share price is 2,945p while the 1 year low share price is currently 1,992p.
There are currently 82,700,000 shares in issue and the average daily traded volume is 95,665 shares. The market capitalisation of Harbourvest Global Private Equity Limited is £1,761,510,000.
27/6/2022
14:30
skyship: I won't post verbatim; but pleased that Hickman replied to my email querying the no-dividend aspect. Unfortunately he rather ducked the issue - "I would like to assure you that we take into account the views of all shareholders when considering topics such as the payment of dividends or the repurchase of the Company’s shares. We engage regularly with shareholders via a programme of meetings and events, and via our website at www.hvpe.com. If you would like to review our most recent results presentation, a video recording is available at the first link below." He then directed me to P5 of their Annual Report; and beneath a ghastly pic of the Chairman rubbing his hands in glee at all the money the managers are making, came the piece below, which once again spectacularly fails, quite deliberately, to address the dividend solution as a DCM: "Share Price and Discount to NAV The sterling share price increased by 48% over the year to 31 January 2022. Despite this very strong performance, the shares continue to trade at a discount to the value of the Company’s net assets. We remain frustrated that discounts in the listed private equity sector as a whole remain stubbornly wide, and note that the recent widening trend has also been reflected in the share prices of some newer entrants in the market which were previously trading at premiums. In addressing HVPE’s discount, we are resolved to take the action that we believe is in the best long-term interest of shareholders. One option that we evaluate on a regular basis is buying back shares. At our most recent review, having consulted with our advisers, we concluded that reinvesting capital into new private markets opportunities, rather than buying back shares, should provide a better outcome for our shareholders over the long term. We have not seen evidence that buybacks are an effective discount control mechanism in our sub-sector. Instead, we will continue to look for ways to ensure that our long-term track record is understood and recognised by the market. With Directors personally invested in the Company, we are aligned with our investors and right now we believe this is the best course of action on behalf of all the Company’s owners. The Board will, however, re-evaluate this position on a regular basis, and to this end has developed a framework to ensure that discussions on the topic of share buybacks are well-structured, and focused on optimising long term shareholder returns."
27/6/2022
12:55
kenmitch: SKYSHIP. You obviously feel very strongly, so I won’t pester you with different thoughts after this, especially as your opinions usually make sense. But at present Private Equity discounts are often unusually large AND even Trusts that often traded at significant premiums are at quite big discounts. E.g HG 21% discount and 3i 13% discount. Oakley which I’ve held for ages is at 34% discount and ICG 41% and Pantheon and HVPE both on 46% discounts. I sold HVPE but if the discount gets to over 50% I’ll buy again and wait for discounts to narrow again. After all at a discount of 50% a share would double without any increase in NAV if discount were to go altogether. I know that’s unlikely for HVPE but imo a significant narrowing of discounts across the sector is likely at some point and with no reason why HVPE can’t join in either with or without paying a dividend. I do strongly agree about them not allowing the Mello Presentation to be transcribed for compliance reasons is a nonsense excuse. So I hope that is put to Hickman.
27/6/2022
10:11
kenmitch: SKYSHIP. Might an even bigger discount attract investors to a fabulous bargain price? I like dividends but not token ones. We’ve argued buybacks to death but whatever the plus and minus points there’s no guarantee that other than temporarily they will see the NAV discount narrow. e.g SREI (I hold) buybacks don’t seem to have helped with the crazy SREI current 32% discount and it was even wider last week. Does HVPE performance really justify your view that “There is no buffer as there is no return.” HVPE performance isn’t bad:- https://www.theaic.co.uk/companydata/0P0000TJH7/performance That’s similar to the sector average except over 10 years where at UP 345% it lags sector average of Up 455%. Have just seen that HVPE share price is up 75p/3.7% so far today. Like others HVPE looks very oversold.
27/5/2022
11:35
kenmitch: Tania. Discounts are wide across the Private Equity sector:- Lhttps://www.theaic.co.uk/aic/find-compare-investment-companies?invsec=VDC&sortid=Name&desc=false 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.
27/5/2022
10:59
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?
27/5/2022
09:27
kenmitch: Donald pond I voted up your post but unfortunately it didn’t record. That often happens when I’m using the iPad. I agree strongly with HVPE’s comment on buybacks in their results comment today. It’s far better to invest wisely and get the NAV up that way than by artificial means imo. So I hope HVPE Managers will continue to resist pressure to go for buybacks. So often when Investment Trusts waste money on buybacks the discount does narrow for a while, but often only to widen again when the buybacks stop. Give me the 13% dividend I get from AEWU (not buying back) rather than the lower dividend and inferior share price performance I get from SREI (buying back and both Commercial Property Trusts) for example. HVPE are brave in continuing to resist them and are one of the few Trusts who seem to have cottoned on that buybacks are not an effective way to reduce NAV discounts. Good for them! AND note that they’ve just announced their biggest ever NAV increase! On a discount well over 40% HVPE look a stunning bargain. Here’s the relevant section from HarbourVest on buying back:- “Share Price and Discount to NAV The sterling share price increased by 48% over the year to 31 January 2022. Despite this very strong performance, the shares continue to trade at a discount to the value of the Company's net assets. We remain frustrated that discounts in the listed private equity sector as a whole remain stubbornly wide, and note that the recent widening trend has also been reflected in the share prices of some newer entrants in the market which were previously trading at premiums. In addressing HVPE's discount, we are resolved to take the action that we believe is in the best long-term interest of shareholders. One option that we evaluate on a regular basis is buying back shares. At our most recent review, having consulted with our advisers, we concluded that reinvesting capital into new private markets opportunities, rather than buying back shares, should provide a better outcome for our shareholders over the long term. We have not seen evidence that buybacks are an effective discount control mechanism in our sub-sector. Instead, we will continue to look for ways to ensure that our long-term track record is understood and recognised by the market. With Directors personally invested in the Company, we are aligned with our investors and right now we believe this is the best course of action on behalf of all the Company's owners. The Board will, however, re-evaluate this position on a regular basis, and to this end has developed a framework to ensure that discussions on the topic of share buybacks are well-structured, and focused on optimising long-term shareholder returns. More detail can be found on page 24, under our Section 172 disclosures.“
27/5/2022
09:11
tania67: Today’s release includes this: “At its meeting in November 2021 and having consulted with the Company's advisors, taking into account shareholder sentiment, the Board adopted a policy that sets out the criteria that need to be met in order for the Board to consider implementing a buyback programme. These criteria include the extent and duration of any discount of the Company's share price to NAV per share, as well as requiring that the Investment Manager should have good reason to believe that a share buyback at the prevailing discount to NAV would generate superior risk-adjusted returns to an incremental new commitment to a HarbourVest fund or co-investment. These criteria have not been met.” Key points this statement raises: (1) Have these criteria been released to shareholders? Astonishing that they think shareholders should have to suffer current discount because it is still not of adequate “extent and duration”. (2) The “as well as…” above also shows very fuzzy thinking. EITHER shrinking the discount OR the automatic boost in NAV/shr should be entirely adequate reasons for buybacks, as HVPE’s competitors already do successfully. (3) The key question: just what level of (slow and risky) returns do they anticipate on their PE commitments that makes them superior to the 33% instant and risk-free NAV/shr boost from buybacks (using 25% discount as an example, as per my #287 above)?
25/5/2022
22:56
strathroyal: Whilst HVPE's discount is the highest of the PE trusts, most of them suffer from large discounts including PIN whose share split doesn't seem to have helped the share price and it also carries out buybacks. Even those paying dividends don't fare much better. For me, it's simply the lack of interest in these shares that cause periodic excessive discounts. This board/blog has been set up 11 years and yet less than 300 posts. Share register doesn't show any predators, all resolutions passed at AGMs without any dissent, it really is a cosy existence for the directors. Why would they change anything?
24/5/2022
09:47
tania67: It would be nice to think that the current massive discount might finally shame the management into share buybacks, a dividend, or at least a stock split (like PIN last year). They have been consistently dismissive of buybacks in particular (e.g. the 2021 Half-year report, extract below). I wonder if “For the time being…” below is a sign that the facts are finally eroding their complacency, but I’m not holding my breath! “While HVPE has delivered consistently strong NAV per share growth in recent quarters, building further on an impressive long-term track record, the market has yet to award the Company's shares any meaningful re-rating and they continue to trade at a wide discount to net assets. This remains a source of frustration for the Board, and we note that some shareholders and analysts have suggested share buybacks as a potential solution. We believe that our share price over the period has been held back to some extent by the presence of two notable large sellers in the market. Natural demand has, nonetheless, been very strong, and there are encouraging signs that the recent selling pressure is beginning to subside. For the time being the Board remains convinced that continuing to focus on HVPE's established investment strategy, while also taking further steps to promote the HVPE proposition, will help to ensure a narrower discount over the longer term.”
21/9/2021
19:52
rambutan2: August details: -- Estimated NAV per share of $42.92 (GBP31.20), up 7.2% over the month o 17% of Investment Portfolio (public company holdings) valued at 31 August 2021 o 53% at 30 June 2021 marks; remaining 30% valued at 31 March 2021 -- Strong result lifts HVPE's 10-year compound annual growth rate in NAV per share to 14.5% -- Positive cash flow during the month with a net $51.3 million received HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a closed-end investment company, today announces the usual detail on its estimated Net Asset Value ("NAV") at 31 August 2021 following the flash announcement made on 15 September 2021. HVPE provides a complete private equity solution for public investors, managing the portfolio through four phases of the private equity cycle to create value: Commitments, Investment, Growth, and Realisation. Commitments During August, HVPE made two new commitments totalling $52.0 million. Both commitments were to secondary co-investment transactions and were split $30.0 million and $22.0 million respectively. The new commitments, alongside capital funded and foreign exchange rate movements, contributed to a net increase of $28.9 million in HVPE's Investment Pipeline (unfunded commitments), which totalled $1.72 billion at 31 August 2021. Investment During August, HVPE invested $21.3 million into HarbourVest funds (compared to $60.9 million in July 2021). The largest individual investment during the month was made to a secondary co-investment transaction. Growth At 31 August 2021, HVPE's estimated NAV per share was $42.92 (GBP31.20), compared to the 31 July 2021 estimate of $40.02 (GBP28.78). This represents a gain of 7.2% in US dollar terms over the previous month. The significant increase in the 31 August 2021 NAV resulted from positive valuation gains across the portfolio, particularly in the fund-of-funds, following receipt of 30 June 2021 marks (see breakdown below). These have reflected strong, largely unrealised gains across all strategies since the previous report, which was based primarily on 31 March 2021 valuations. The valuation breakdown of the HVPE portfolio as reported here is as follows: 17% actual 31 August 2021 (representing the public companies in the portfolio); 53% actual 30 June 2021; and 30% actual 31 March 2021. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cashflows, and any known material events to 31 August 2021. Realisation HVPE received $72.6 million of distributions from HarbourVest funds during August 2021 (compared to $28.9 million in July 2021). The largest source of proceeds came from a 2015 vintage US-focused venture fund-of-funds. During August, there were a total of 40 liquidity events across HVPE's underlying portfolio compared to July's 53 events, and a last 12-month average of 41. Balance Sheet and Credit Facility During the month, $30.0 million was repaid on the Company's credit facility, leaving the total balance outstanding at $55.0 million. Borrowing at the HarbourVest fund level amounted to $389.6 million, a decrease of $12.2 million from the previous month. HVPE's cash and cash equivalents ($138.4 million) and available credit ($545.0 million) totalled $683.4 million. hTtps://www.hvpe.com/~/media/Files/H/Hvgpe/reports-and-presentations/estimated-monthly-nav/2021/31-august-2021-monthly-update.pdf
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