HVPE

Harbourvest Global Private Equity Limited

2,190.00
10.00 (0.46%)
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
  10.00 0.46% 2,190.00 14,848 08:07:07
Bid Price Offer Price High Price Low Price Open Price
2,180.00 2,190.00 2,190.00 2,180.00 2,185.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Trust,ex Ed,religious,charty 1,063.81 1,049.42 1,314.00 1.63 1,732.39
Last Trade Time Trade Type Trade Size Trade Price Currency
08:42:44 O 1,915 2,185.40 GBX

Harbourvest Global Priva... (HVPE) Latest News

Harbourvest Global Priva... (HVPE) Discussions and Chat

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Date Time Title Posts
29/5/202319:56Harbourvest Global PE431

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Harbourvest Global Priva... (HVPE) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
07:42:452,185.401,91541,850.41O
07:37:372,185.712375,180.14O
07:36:492,185.714529,879.43O
07:33:492,185.713196,972.43O
07:30:452,185.2475016,389.31O

Harbourvest Global Priva... (HVPE) Top Chat Posts

Top Posts
Posted at 26/5/2023 11:13 by apple53
Annual report published. $25m of buybacks announced. This is somewhat more than last year, and is not prefaced with the 'excess funds from unusual transaction' caveat. Also they continue to look for ways to tackle discount.....
If they do a third of daily volume, this should be 40+ trading days.

With dollar weakening (2% since end April), MSCI World up 7% ytd and tech outperformance I am confident real time NAV is (well) above £40.

I had to sell some recently for margin calls (!), but managed to buy some back today.

Posted at 02/5/2023 15:28 by rambutan2
So, 2022 cleared with no big nav write down - Mr Mkt 0, believers 1. But the battle continues into 2023 with that huge discount telling us that Mr Mkt remains deeply sceptical. I remain trenchant in my view that Mr Mkt is wrong, confused about what PE really is, too lazy to do his homework, and that the current share price offers both big upside but also a huge moat of downside protection.

htTps://www.hvpe.com/media/eymf4ivm/31-march-2023-monthly-update.pdf

Posted at 25/3/2023 13:42 by skyship
1910 - good trade that; followed by a c4% bounce.

Feb'23 NAV shown as 4015p; so at the 1984p close the discount at a remarkable 50.6%.

The REITs & PEITs showing some really crazy prices; is this a sign of sector capitulation rather than Market capitulation.

Of course, HVPE (in common with PIN) pays no dividend; so perhaps nothing to stop the fall. When will those two outliers wake up and follow all other PEITs with a dividend based upon a fixed %age of NAV. NBPE pays 3.4% of NAV; APAX pays 5%.

PIN the more egregious as the BoD states they are astounded at the discount level and can't understand why! The world & his wife knows why - NO DIVIDEND.

HVPE & PIN prefer not to make payments to shareholders, as by not doing so they can maximise their fees.

Still, there's a price for everything; so may make a trade here soon...hopefully will be holding when an activist appears to shake this up.

Posted at 20/2/2023 23:10 by rambutan2
A quiet January:

"At 31 January 2023, HVPE's estimated NAV per share was $48.43 (GBP39.31), compared to the 31 December 2022 estimate of $48.04 (GBP39.76). This represents a 0.8% increase in US dollar terms over the previous month and was mainly driven by an increase in the public market portion of the fund of funds portfolio."

htTps://www.hvpe.com/media/oiqfmlps/31-january-2023-monthly-update.pdf

Posted at 23/12/2022 20:51 by rambutan2
Sept valuations kick in, without waves:

"At 30 November 2022, HVPE's estimated NAV per share was $47.93 (GBP39.73), compared to the 31 October 2022 estimate of $47.31 (GBP41.19). This represents a 1.3% increase in US dollar terms over the previous month. This was driven by FX movements and valuation gains as the majority of the portfolio was updated for Q3 valuations.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 7% actual 30 November 2022 (representing the public companies in the portfolio), 89% actual 30 September 2022, and 4% actual 30 June 2022. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cash flows, and any known material events to 30 November 2022. This compares to 7% actual 31 October 2022 (representing the public companies in the portfolio), 6% actual 30 September 2022, and 87% actual 30 June 2022, used in the 31 October 2022 estimated NAV per share calculation."

htTps://www.hvpe.com/media/5dsmhcdn/30-november-2022-estimated-net-asset-value.pdf

Posted at 24/8/2022 11:07 by apple53
Bought £10k of ICGT and £20k of HVPE. Had to sell India capital growth, a little NBPE and even some precious OSB to add to modest cash.
HVPE priced at 21.55 for £10k. I split my second trade into two lots of £5k and got a better price on ii, 21.50. Still not under the theoretical offer though. Rare and a bit disappointing.
ICGT I got 2p cheaper than offer.

Posted at 27/6/2022 14:30 by 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."

Posted at 27/6/2022 10:11 by 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.

Posted at 27/5/2022 09:27 by 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.“

Posted at 21/9/2021 19:52 by 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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