London, UK, 19 September 2019
Edison issues review on HarbourVest Global Private Equity (HVPE/HVPD)
HarbourVest Global Private Equity (HVPE) has recorded a 12-month rise in NAV (based on a preliminary figure at end-July 2019) of 8.7%, which is a solid beat versus the public benchmark. Over the last six months, HVPE remained a net investor deploying US$202m into HarbourVest funds (compared to US$139m distributions), mostly on the back of the real assets deal in February. We note that despite HVPE's limited UK portfolio exposure and long-term NAV outperformance vs UK equities, its short-term price returns are largely driven by the UK market sentiment.
HVPE's share price discount of 16.1% to end-July NAV estimated by the company compares to its five-year average of 20.0%. We note the discount widens during periods of relative weakness of the FTSE compared to global markets, despite the limited exposure of the portfolio to UK-based companies. In the long run, however, the share price naturally follows NAV developments.
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