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HarbourVest Global Private Equity (HVPE)

Business description

HarbourVest Global Private Equity Limited (HVPE) is a Guernsey closed ended investment company that aims to provide long-term capital appreciation through a private equity portfolio well diversified by vintage year, geography, industry and strategy.

Discount narrowing

Update | Investment Companies | 22/01/2013

HarbourVest Global Private Equity’s (HVPE) share price gained 24% during 2012, helping to reduce the discount to NAV to 34%. During the period, a clear divergence of strategies emerged within the listed private equity sector. Some are increasing near-term cash returns to investors through dividends and share buybacks, even accelerating the realisation of assets to fund this. Others, including HVPE, are for now continuing to find investment opportunities which they believe will generate better long-term returns. HVPE’s discount to NAV remains attractive in both absolute terms and relative to peers (29%), given ongoing realisations in excess of carrying value and good long-term NAV performance. We believe sector consolidation and disinvestment by those companies wishing to do so will move the sector towards a smaller number of larger, increasingly liquid entities with more stable shareholder bases. Combined with satisfactory investment performance this should see discounts narrow further.

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Stock data

Market cap.US$1129.3m
Last closeUS$1414.000
High / Low (52 weeks)US$1446.0 / US$1178.0
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

Price performance

Relative *1.03.623.9

* % Relative to local index

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