REG - HarbourVest Global - Net Asset Value(s)

Harbourvest Global Private EquityAnnouncement

22/05/2026 07:00

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RNS Number : 3446F  HarbourVest Global Priv. Equity Ltd  22 May 2026

 

 

 

22 May 2026

 

 

HVPE ESTIMATED NAV PER SHARE UPDATE AT 30 APRIL 2026

 

·    The estimated NAV per share of $59.91 (£44.03) at 30 April 2026
represents an increase of 1.7% in US dollars and a decrease of 1.1% in
sterling over the previous month. This increase in US dollar terms was
primarily driven by public market and material events adjustments in the Fund
of Funds portfolio, favourable FX movements, and Q4 2025 valuation gains in
the Fund of Funds portfolio.

·    April saw positive net cash of $12m, with distributions of $16m from
the portfolio, and $4m of capital calls.

·    There were 47 M&A transactions and IPOs in the month, above the
last 12-month average of 38.

·    The Distribution Pool balance was $184 million at 30 April.

·    During April, HVPE was in the market for 20 days buying back $25
million worth of shares.

·    Since the Board commenced share buybacks in September 2022, a total
of $315 million has been bought back, adding 6.7% to NAV per share. Of this
total, $257 million has been deployed under HVPE's Distribution Pool mechanism
initiated on 1(st) February 2024.

·    The Company's annual Capital Markets Day is to be hosted in London on
the afternoon of Thursday 11th June. You can register for the event here.
(https://pages.harbourvest.com/2026_Q2_HVPE_Capital_Markets_Day_Registration.html?mkt_tok=NTA5LVRSSS00NjUAAAGg7C3USrbOrtq75JbxkZwRp71tgSZXgz4kilhkkIA3Wv3Zeq1N_ZOKDm2uQj0VyiIrR4okxHO8_qZlRX-xakV6VRQYhsP87f32RNiyNXNlNVxADCc)

 

HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a FTSE
250 investment company with global exposure to private companies, managed by
HarbourVest Partners, today announces its estimated Net Asset Value ("NAV") at
30 April 2026.

 

 Total Return     YTD                  1 year  3 years  5 years  10 years  Inception (2007)
 NAV per share ($)                 3%  8%      24%      64%      252%      499%
 Share price total return ($)      4%  36%     69%      52%      217%      327%
 Share price total return (£)      3%  34%     56%      56%      242%      539%
 FTSE AW total return ($)          7%  32%     75%      71%      235%      314%

 

 Compound Annual Growth Rate          3 years  5 years  10 years  Inception (2007)
 HVPE NAV ($)                         7%       10%      13%       10%
 HVPE Share Price ($)                 19%      9%       12%       8%
 Share price (£)                      16%      9%       13%       11%
 FTSE AW TR ($)                       20%      11%      13%       8%

 

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

·    The Company's Investment Pipeline (unfunded commitments) decreased by
$4 million from the prior month.

·    As of 30 April 2026, the Investment Pipeline totalled $2.3 billion
(54% of NAV). In April, borrowing at the HarbourVest fund level amounted to
$533 million.

 

Investment

·    During April 2026, HVPE invested $4 million into HarbourVest funds
(compared to $36 million in March 2026).

·    The largest individual investment during the month was made to a 2023
vintage Global infrastructure and real assets fund

 

Growth

 

 Estimated NAV as at  Prior month Estimated NAV  Movement vs prior month   Movement vs prior month  Comment

                                               ($)

 30 April                                                                  (£)

 2026
 $59.91               $58.91 (£44.53)            1.7%                      -1.1%                    Primarily driven by public market and material events adjustments in the Fund

                                               (+$1.00)                  (-£0.50)                 of Funds portfolio, favourable FX movements, and Q4 2025 valuation gains in
 (£44.03)                                                                                           the Fund of Funds portfolio.

 

Consistent with previous estimated NAV reports, valuations are also adjusted
for foreign exchange movements, cash flows, and any known material events to
30 April 2026. The valuation breakdown of the HVPE portfolio as reported here
is as follows:

 

·    6% of the portfolio is based on actual 30 April 2026 valuations
(representing the public companies in the portfolio).

·    94% is based on actual 31 December 2025 valuations.

·    This compares to 6% actual 31 March 2026, 86% actual 31 December
2025, and 8% actual 30 September 2025 valuations, used in the 31 March 2026
estimated NAV per share calculation.

 

Realisation

·    HVPE received distributions of $16 million from HarbourVest funds
during April 2026 (compared to $69 million in March 2026). The largest source
of proceeds was related to a 2020 vintage global secondary fund, arising from
an LP-led transaction involving a preferred equity structure.

·    During April 2026 there were a total of 47 realisations, with 42
M&A transactions and five IPOs across HVPE's underlying portfolio (which
is above March's total number of 19 realisations and the 12-month average of
38).

 

Distribution Pool

·    The Distribution Pool balance was $184 million at 30 April, which the
Board has indicated will be utilised for a tender offer later this year as
well as share buybacks for the foreseeable future.

·    Contributions to the Pool during April totalled $5 million,
representing 30% of the cash distributions from HarbourVest funds received
during the month.

·    HVPE was in the market for 20 days buying back shares in April. Over
this time, 590,000 ordinary shares were repurchased for a total consideration
of $25 million which resulted in a $0.15 accretion to estimated NAV per share.

·    From 1st February 2024 to 30th April 2026, the Company bought back
$257 million of shares, representing 28% of gross distributions received
during the period and adding 4.7% to NAV per share, while the share price
increased by 40% over the same period. The Board is continuing to deploy cash
from this Distribution Pool consistently month on month, believing that it
will provide material benefits to shareholders over the long term.

·    Since the Board commenced share buybacks in September 2022, a total
of $315 million has been deployed in this way, adding 6.7% to NAV per share.

 

Balance Sheet and Credit Facility

·    At 30 April 2026, HVPE had $630 million available on its credit
facility.

·    Borrowing at the HarbourVest fund level amounted to $533 million (13%
of HVPE NAV), an increase of $6.2 million from the previous month.

·    HVPE's cash and cash equivalents ($207 million) and available credit
($630 million) totalled $837 million.

·    Net debt was $363 million or 9% of NAV.

 

Recent Events Impacting HVPE Portfolio Companies

We have seen some recent positive signs of potential future performance
uplifts and realisation events in the portfolio including:

·    Eli Lilly (NYSE: LLY) (<0.1% NAV) and Centessa Pharmaceuticals
(Nasdaq: CNTA) (<0.1% NAV) has announced a definitive agreement for Lilly
to acquire Centessa. This transaction is subject to customary closing
conditions, including regulatory approvals.

 

Additional detail about HVPE's NAV and investment diversification can be found
on HVPE's website, in the Monthly Update for 30 April 2026.
(https://www.hvpe.com/media/fephicwh/30-april-2026-monthly-update.pdf)

 

HVPE will be announcing its annual results
(https://urldefense.com/v3/__https:/www.londonstockexchange.com/news-article/HVPE/hvpe-to-announce-annual-results-on-28-may-2026/17593554__;!!DGG50TTD_m0wdjTV_O86qg!sOmCJ6ju1scaixpvBZ5wvUD0TvC1oPuWl33qZVKX3gSiA5hcOVkMpsKISTdqL9nncxuWvvdYBwTpGFMj0FFf2FnNxBMsSA$)
 for the 12 months ended 31 January 2026 on Thursday, 28 May 2026. The Annual
Report and Audited Consolidated Financial Statements, along with the
accompanying RNS, will be available on HVPE's website at the same time.

 

The HVPE team is here to discuss any questions you may have, so please do not
hesitate to contact Richard Hickman or Stephanie Hocking using the contact
details below.

 

- ENDS -

LEI: 213800NBWV6WWV8TOL46

 

Enquiries:

 Shareholders
 Richard Hickman        Tel: +44 (0)20 7399 9847    rhickman@harbourvest.com (mailto:rhickman@harbourvest.com)
 Stephanie Hocking      Tel: +44 (0)20 7399 9834    shocking@harbourvest.com (mailto:shocking@harbourvest.com)

 Camarco
 Billy Clegg            Tel: +44 (0)20 3757 4980    HVPE@camarco.co.uk (mailto:HVPE@camarco.co.uk)

 Jennifer Renwick       Tel: +44 (0)20 3757 4980

 Amrith Uppuluri        Tel: +44 7763 083 058

 Media

 HarbourVest Partners                               media@harbourvest.com (mailto:media@harbourvest.com)

 

 

 

 

 

 

Notes to Editors:

 

About HarbourVest Global Private Equity Limited:

HarbourVest Global Private Equity Limited ("HVPE" or the "Company") is a
Guernsey-incorporated, closed-end investment company which is listed on the
Main Market of the London Stock Exchange and is a constituent of the FTSE 250
index. HVPE is designed to offer shareholders long-term capital appreciation
by investing in a private equity portfolio diversified by geography, stage of
investment, vintage year, and industry. The Company invests in and alongside
HarbourVest-managed funds which focus on primary fund commitments, secondary
investments and direct co-investments in operating companies. HVPE's
investment manager is HarbourVest Advisers L.P., an affiliate of HarbourVest
Partners, LLC, an independent, global private markets asset manager with over
43 years of experience.

 

About HarbourVest Partners, LLC:

HarbourVest is an independent, global private markets firm with over 43 years
of experience and $161 billion of assets under management as of December 31,
2025. Our interwoven platform provides clients access to global primary funds,
secondary transactions, direct co-investments, real assets and infrastructure,
and private credit. Our strengths extend across strategies, enabled by our
team of more than 1,200 employees, including more than 230 investment
professionals across Asia, Europe, and the Americas. We partner strategically
and plan our offerings innovatively to provide our clients with access,
insight, and global opportunities.

 

This announcement is for information purposes only and does not constitute or
form part of any offer to issue or sell, or the solicitation of an offer to
acquire, purchase or subscribe for, any securities in any jurisdiction and
should not be relied upon in connection with any decision to subscribe for or
acquire any Shares.  In particular, this announcement does not constitute or
form part of any offer to issue or sell, or the solicitation of an offer to
acquire, purchase or subscribe for, any securities in the United States or to
US Persons (as defined in Regulation S under the US Securities Act of 1933, as
amended ("US Persons")).  Neither this announcement nor any copy of it may be
taken, released, published or distributed, directly or indirectly to US
Persons or in or into the United States (including its territories and
possessions), Canada, Australia or Japan, or any jurisdiction where such
action would be unlawful. Accordingly, recipients represent that they are able
to receive this announcement without contravention of any applicable legal or
regulatory restrictions in the jurisdiction in which they reside or conduct
business. No recipient may distribute, or make available, this announcement
(directly or indirectly) to any other person. Recipients of this announcement
should inform themselves about and observe any applicable legal requirements
in their jurisdictions.

 

The Shares have not been and will not be registered under the US Securities
Act of 1933, as amended (the "Securities Act") or with any securities
regulatory authority of any state or other jurisdiction of the United States
and, accordingly, may not be offered, sold, resold, transferred, delivered or
distributed, directly or indirectly, within the United States or to US
Persons.  In addition, the Company is not registered under the US Investment
Company Act of 1940, as amended (the "Investment Company Act") and
shareholders of the Company will not have the protections of that act.  There
will be no public offer of the Shares in the United States or to US Persons.

 

This announcement has been prepared by the Company. No liability whatsoever
(whether in negligence or otherwise) arising directly or indirectly from the
use of this announcement is accepted and no representation, warranty or
undertaking, express or implied, is or will be made by the Company, the
Investment Manager or any of their respective directors, officers, employees,
advisers, representatives or other agents ("Agents") for any information or
any of the opinions contained herein or for any errors, omissions or
misstatements. None of the Investment Manager nor any of their respective
Agents makes or has been authorised to make any representation or warranties
(express or implied) in relation to the Company or as to the truth, accuracy
or completeness of this announcement, or any other written or oral statement
provided. In particular, no representation or warranty is given as to the
achievement or reasonableness of, and no reliance should be placed on any
projections, targets, estimates or forecasts contained in this announcement
and nothing in this announcement is or should be relied on as a promise or
representation as to the future.

 

Other than as required by applicable laws, the Company gives no undertaking to
update this announcement or any additional information, or to correct any
inaccuracies in it which may become apparent and the distribution of this
announcement. The information contained in this announcement is given at the
date of its publication and is subject to updating, revision and amendment.
The contents of this announcement have not been approved by any competent
regulatory or supervisory authority.

 

This announcement includes statements that are, or may be deemed to be,
"forward looking statements".  These forward looking statements can be
identified by the use of forward looking terminology, including the terms
"believes", "projects", "estimates", "anticipates", "expects", "intends",
"plans", "goal", "target", "aim", "may", "will", "would", "could", "should" or
"continue" or, in each case, their negative or other variations or comparable
terminology. These forward looking statements include all matters that are not
historical facts and include statements regarding the intentions, beliefs or
current expectations of the Company.  By their nature, forward looking
statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future and may be
beyond the Company's ability to control or predict. Forward looking statements
are not guarantees of future performance. More detailed information on the
potential factors which could affect the financial results of the Company is
contained in the Company's public filings and reports.

 

All investments are subject to risk. Past performance is no guarantee of
future returns. Prospective investors are advised to seek expert legal,
financial, tax and other professional advice before making any investment
decision. The value of investments may fluctuate. Results achieved in the past
are no guarantee of future results.

 

This announcement is issued by the Company, whose registered address is BNP
Paribas House, St Julian's Avenue, St Peter Port, Guernsey, GY1 1WA

 

© 2026 HarbourVest Global Private Equity Limited. All rights reserved.

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