HarbourVest Global Priv. Equity Ltd
London, UK, 29 November 2017
Edison issues update on HarbourVest Global Private Equity (HVPE)
HarbourVest Global Private Equity (HVPE) is celebrating 10 years since its launch in December 2007. Over the period since its inception to end-October 2017, HVPE has outperformed global equity markets and its listed private equity peer group, represented by the LPX 50 index, in both NAV and share price terms. In this note, we analyse a series of alternative performance measures which show that, on a risk-adjusted basis, HVPE's share price performance has tended to compare favourably to global equity markets, while its risk-adjusted NAV returns have also compared positively to its listed private equity peer group over most time periods.
Having previously traded at a premium to NAV, HVPE's share price moved to a 60% discount to NAV in 2009 during the global financial crisis. Subsequently, the discount has followed a narrowing trend, reaching a low of 9.6% in May 2017. This means that, while HVPE's share price return is lower than its NAV return over the 10 years since its launch, its share price returns have outperformed its NAV returns over one, three and five years, as the discount has narrowed.
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