HarbourVest Global Priv. Equity Ltd
London, UK, 16 March 2018
Edison issues review on HarbourVest Global Private Equity (HVPE)
HarbourVest Global Private Equity (HVPE) offers broad, selected exposure to leading private equity managers globally, and has a highly diversified underlying portfolio. HVPE celebrated its 10th anniversary in December 2017, and its 10-year sterling NAV total return of 12% pa is ahead of its global listed equity benchmark's 10% pa return, as well as the 6% pa return of the LPX 50 Index, representing its global listed private equity peers. However, an 11% gain in sterling versus the US dollar (HVPE's functional currency) has weighed heavily on its one-year sterling returns. Looking ahead, HVPE believes its unique access to HarbourVest funds should enable it to capture the opportunities created by key global megatrends that are expected to dominate private markets over the next 10 years.
HVPE's discount narrowed from its five-year wide point of 33.7% at the end of June 2016 to its five-year low of 9.6% in May 2017, and has since widened moderately. The current 18.8% discount is wider than its 16.0% one-year average, although narrower than its 19.7% and 20.7% three- and five-year averages.
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