REG - HarbourVest Global - 2025 ANNUAL CASHFLOW UPDATE

Harbourvest Global Private EquityAnnouncement

29/01/2026 07:00

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RNS Number : 7858Q  HarbourVest Global Priv. Equity Ltd  29 January 2026

 

 

 

 

29 January 2026

 

HVPE 2025 ANNUAL CASHFLOW UPDATE

 

 

HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a FTSE
250 investment company with global exposure to private companies, managed by
HarbourVest Partners ("HarbourVest"), is today publishing its annual cashflow
update for the calendar year ended 31 December 2025.

 

A Year of Strong Performance and Strategic Progress

 

2025 was a landmark year for HVPE, marked by robust share price performance,
continued NAV growth, and a significant narrowing of the discount to NAV at
which the shares trade. The decisive actions taken by the Board and Investment
Manager over the past year have delivered tangible results for shareholders,
positioning HVPE as a clear leader among its listed private equity peers.

 

·      Share Price and NAV Growth: HVPE's share price rose 18% over the
calendar year to £31.35 at 31 December 2025, building on the 13% increase
achieved in 2024. Estimated NAV per share increased by 11% to $58.13,
reflecting the strength and resilience of HVPE's globally diversified
portfolio.

 

·      Discount to NAV: The discount to NAV narrowed further to 27% at
year-end, from 37% at the end of 2024, as the market responded positively to
HVPE's enhanced shareholder returns and proactive capital allocation strategy.

 

·      Delivering on Shareholder-Friendly Measures

January 2026 marks the first full year since the introduction of HVPE's suite
of three ambitious initiatives designed to maximise shareholder value and
address the persistent discount to NAV:

o  Doubling the Distribution Pool: The Board doubled the allocation of gross
cash realisations to the Distribution Pool from 15% to 30%, providing
significant resources for share buybacks. Over the calendar year, HVPE
deployed $93 million to repurchase 2.6 million shares, representing 2.4% of
opening NAV and delivering 1.6% accretion to NAV per share. Since inception of
the buyback programme in September 2022, HVPE has deployed $240 million to
repurchase shares delivering 5.5% accretion to NAV per share.

o  Simplified SMA Structure: The transition to a Separately Managed Account
(SMA) structure was completed in August 2025, giving HVPE greater control and
flexibility over capital deployment, reducing embedded leverage, and enhancing
portfolio liquidity.

o  Continuation Vote: HVPE will hold a Continuation Vote at the 2026 AGM,
underlining the Board's commitment to best-in-class governance and giving
shareholders a direct say in the Company's future. The Board welcomes feedback
from all shareholders ahead of the vote, and thanks those who have already
provided their perspective. The Board will consider all feedback received in
the coming months, with a view to setting out the case for continuation at the
full-year results in May. Positive commentary to date from shareholders and
analysts provides confidence that the decisive actions taken over the past
year will be recognised and supported by shareholders at the vote.

 

 

 

 

Cashflow

 

·      Through 2025, HVPE was cashflow positive by $46 million,
receiving $424 million in distributions and investing $378 million in
HarbourVest funds, equivalent to 11% and 10% of opening NAV. These figures
contrast with 2024, when cashflow was negative, as HVPE received $379 million
in distributions and invested $422 million, equivalent to 10% and 11% of
opening NAV respectively in that year.

·      The Distribution Pool held a balance of $85 million at the end of
December, after total buybacks of $93 million during the course of 2025. The
Board anticipates that the Distribution Pool will continue to be utilised for
share buybacks for the foreseeable future.

 

Portfolio Activity

 

·      Notable portfolio activity in 2025 was the asset sale announced
in December 2025 at a blended discount of 6% to NAV which is expected to raise
a total of $300 million in cash for HVPE after expenses. Proceeds from the
Transaction are expected to be received in tranches in March ($138 million)
and December 2026 ($162 million). A total of $90 million (30%) of the proceeds
will be allocated to the Distribution Pool as the cash is received.

·      There were a total of 424 IPO and Merger & Acquisition
transactions in HVPE's portfolio in 2025, an increase of 7% on 2024. Notable
portfolio company activity included Wiz being acquired by Alphabet subject to
regulatory approvals, a SpaceX tender offer, and Figma and Verisure's
respective IPOs.

 

Outlook for 2026

 

As we start 2026, the Board and Investment Manager maintain an optimistic
outlook underpinned by expectations of improved liquidity as exits resume and
the secondary market continues to provide innovative solutions. Whilst
geopolitical tensions and market uncertainties persist, we continue to see
signs of improved liquidity in HVPE's portfolio. Although risks remain,
HarbourVest is well positioned to adapt and identify opportunities on HVPE's
behalf to continue delivering value for shareholders.

 

 

Ed Warner, Chair of HVPE, commented:

"2025 was a year in which HVPE's decisive actions delivered for our
shareholders, through strong performance and by laying the foundations for
future growth. The Board remains resolutely focused on maximising value, as
demonstrated by our enhanced buyback programme, the successful transition to a
more flexible SMA structure, and our ongoing commitment to robust governance
through the upcoming Continuation Vote.

 

One of the year's standout achievements was the successful $300 million asset
sale, executed at a 6% discount to NAV. This transaction not only demonstrates
the encouraging conditions in the secondary market but also highlights HVPE's
ability to unlock significant value for shareholders through proactive
portfolio management.

 

We remain vigilant and agile, ready to capitalise on opportunities as they
arise, confident that our diversified portfolio and strategic initiatives will
continue to drive strong performance and further narrow the discount to NAV."

 

Ed Warner and Richard Hickman, HarbourVest Partner's Managing Director of
HVPE, will provide a live Investor Presentation via Investor Meet Company on
09 Feb 2026, 15:00 GMT. The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via your Investor Meet
Company dashboard up until 08 Feb 2026, 09:00 GMT, or at any time during the
live presentation.

 

Investors can sign up to Investor Meet Company for free here:

https://www.investormeetcompany.com/harbourvest-global-private-equity-limited/register-investor
(https://urldefense.com/v3/__https:/www.investormeetcompany.com/harbourvest-global-private-equity-limited/register-investor__;!!DGG50TTD_m0wdjTV_O86qg!rmUKh3ZpKKGujytX-xqdA7yl-xeC59QS_T4cOPII5C4gjBk7dM8AbenAE-NY84UXuqeRYmsijTUt1k8zbH-uocY$)

 

Investors who already follow the Company on the Investor Meet Company platform
will automatically be invited.

 

HVPE's most recent Estimated NAV Per Share Update can be found on HVPE's
website, in the Monthly Update for 31 December 2025
(https://www.hvpe.com/media/ypsf4azi/31-december-2025-monthly-update.pdf) .

 

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   -

 

 

 Enquiries:

 Shareholders
 HarbourVest Partners
 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)

 Media

 Camarco
 Billy Clegg           Tel: +44 (0)20 3757 4980    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 more than $150 billion of assets under management as of
September 30, 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 1,300 employees, including more than 240
investment professionals across Asia, Europe, and the Americas. Across our
private markets platform, our team has committed more than $66 billion to
newly-formed funds, completed over $70 billion in secondary purchases, and
invested over $51 billion in direct operating companies. 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 and its investment manager,
HarbourVest Advisers L.P. (the "Investment Manager"). 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

© 2025 HarbourVest Global Private Equity Limited. All rights reserved.

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