REG - HarbourVest Global - Further initiatives to enhance shareholder value

Harbourvest Global Private EquityAnnouncement

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RNS Number : 2732A  HarbourVest Global Priv. Equity Ltd  14 April 2026

 

 

 

 

 

 

14 April 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS IT FORMS PART OF ENGLISH LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). THE PERSON
RESPONSIBLE FOR ARRANGING THE RELEASE OF THIS ANNOUNCEMENT ON BEHALF OF
HARBOURVEST GLOBAL PRIVATE EQUITY LIMITED IS MARTIN BOURGAIZE, COMPANY
SECRETARY. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN FOR THE PURPOSES OF UK MAR.

 

 

 

HVPE ANNOUNCES FURTHER INITIATIVES TO ENHANCE SHAREHOLDER VALUE

 

 

HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), is a FTSE
250 investment company that exists to create value for shareholders by
providing easy access to a diversified global portfolio of high-quality
private equity investments, which is managed by HarbourVest Partners
("HarbourVest"). HVPE aims to deliver long-term capital appreciation by
investing in primary funds, secondary investments, and direct co-investments,
targeting mature, high-growth private companies. Today HVPE announces a series
of new initiatives aimed at further enhancing returns to shareholders and
addressing the discount to NAV. These initiatives follow on from the three
shareholder friendly initiatives announced and implemented in 2025.

 

1.     Distribution Pool ("the Pool") parameters revised so as to create
an enlarged balance for capital returns with 100% of secondary sale proceeds
allocated to the Pool in 2026

2.     A total of at least $500m (circa 12% of NAV) to be distributed to
shareholders during 2026

a.     $400m via a tender offer in Autumn 2026

b.     $100m via share buybacks

3.     The Board intends to distribute approximately 5-10% of NAV annually
until the next continuation vote via periodic tender offers and share buybacks

4.     HVPE Investment Committee to formalise portfolio liquidity review
on a twice-yearly basis

5.     New commitments placed on hold for remainder of 2026

6.     Subsequent continuation vote to be held no later than July 2029

 

 

Distribution Pool Update

 

In February 2024 the Board announced the creation of HVPE's new Distribution
Pool structure to finance the return of capital to shareholders. Through to
the end of February 2026 a total of $263m has been directed toward share
buybacks, with the Pool balance being utilised steadily over time. In February
2025, the Board significantly enhanced the Pool, doubling the allocation of
cash realisations from 15% to 30%. The Pool balance was originally subject to
a cap; however, looking ahead the Board intends to increase the allocation to
the Pool materially, necessitating the suspension of the cap until further
notice.

 

For the remainder of 2026, 100% of proceeds from any secondary sales will be
allocated to the Pool. The $300m of proceeds from the sale announced in
December 2025, of which the first tranche ($136m) was received on 31(st) March
2026, will be allocated entirely to the Pool. This will provide substantially
increased capacity for shareholder distributions for the remainder of the
year. The allocation of natural portfolio distributions to the Pool will
remain at 30%.

 

To date, the HVPE Board has chosen to allocate the Distribution Pool capital
to share buybacks, with the result that NAV per share has been boosted by 5.7%
through to the end of February 2026, and the share price has reached all-time
highs. Nevertheless, the discount to NAV remains wide at around 30%.

 

Following extensive discussions with a range of shareholders, the Board has
committed to put forward a $400m tender offer in Autumn 2026, subject to
shareholders passing the Continuation Vote at the AGM in July 2026, expected
to be priced at around a 10% discount to NAV per share. Combined with
continued share buybacks, the total to be distributed during 2026 as a whole
is expected to exceed $500m (12% of current estimated NAV). Details of the
tender offer will be published in due course.

 

Following the distributions announced for 2026, the Board intends to
distribute approximately 5-10% of NAV annually until the next Continuation
Vote via a combination of periodic tender offers and share buybacks. This
implies a total capital return of approximately $1bn if the vote is held in
July 2029. The existing Distribution Pool mechanism will continue to form the
basis for the annual allocations, with factors such as balance sheet strength,
discount to NAV, market conditions and views of major shareholders being key
determinants of the outcome in any given year.

 

 

Active Portfolio Reviews

 

HarbourVest conducts regular reviews of its commingled fund programmes,
encompassing HVPE's investments, through a secondary market lens to help
optimise returns to shareholders. As a complement to this ongoing process, the
HVPE Investment Committee will introduce a formalised twice-yearly liquidity
review of HVPE's portfolio, the objective being to capture opportunities for
secondary market transactions where such transactions are expected to deliver
a net benefit to HVPE shareholders. In December 2025, HVPE announced an asset
sale generating net proceeds of $300m at a blended discount to NAV of 6%, and
the Board expects the semi-annual reviews to consider similar opportunities.

 

 

New Commitments Placed on Hold

 

HarbourVest continues to identify attractive opportunities for new investment,
and the Board and Manager believe strongly that regular new commitments are
the best way to optimise long-term returns in a private markets programme. In
recognition of the specific challenges facing the listed private equity
sector, and mindful of HVPE's ongoing cash requirements, commitment to the
proposed tender offer, as well as prudence in managing the Company's balance
sheet, HVPE will make no further new commitments for the remainder of 2026.

 

 

Subsequent Continuation Vote

 

The Board has received positive feedback from shareholders on its decision to
introduce a Continuation Vote which will be held at the AGM in July 2026. This
is the first and only such vote offered in the listed private equity
fund-of-funds segment, reflecting HVPE's commitment to the highest standards
of corporate governance and shareholder democracy. The Board has decided to
build on this leading position by pledging to a further Continuation Vote, to
be held no later than July 2029, ensuring that shareholders continue to have
an opportunity to reflect on the success of the Company.

 

 

Ed Warner, Chair of HVPE, commented:

 

"HVPE is the largest and most liquid investment company in the listed private
equity fund-of-funds sector, offering shareholders unparalleled access to some
of the most exciting private market opportunities globally. Our unique model
allows investors to benefit from the scale, expertise and performance of
HarbourVest's market leading platform via the Company's shares which are
dealt, in volume, daily.

 

HVPE shares are near an all-time high but currently trade on a wide discount
to NAV. We believe the initiatives announced today represent a bold step
forward in narrowing that gap and enhancing returns for shareholders. The
scale of the tender offer we are launching is unprecedented in our sector, and
it reflects the confidence we have in HVPE's ability to generate liquidity.
The Board continually assesses a wide range of strategic options to enhance
shareholder value, and these initiatives reflect the Board's commitment to a
closer correlation between the Company's NAV and share price.

 

We remain committed to HVPE's unique investment proposition, centred around
providing a sector-leading private markets programme available to all
investors. With the initiatives announced today, we believe that the
opportunity ahead for HVPE shareholders is even more compelling, and we look
ahead to the future with renewed optimism, I would like to thank all of our
shareholders for their ongoing support."

 

 

 

 

Ed Warner, Chair of HVPE, and Richard Hickman, HarbourVest Partners' Managing
Director of HVPE, will provide a live Investor Presentation via Investor Meet
Company TODAY 14 April 2026, at 15:00 BST. The presentation is open to all
existing and potential shareholders. Questions can be submitted 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 28 February 2026
(https://www.hvpe.com/insights-reports/estimated-monthly-nav/) .

 

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 (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 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.

 

The value of any investment made in the shares of HVPE and the income from
such can go down as well as up, and the investor may not get back the full
amount invested. Past performance is not a guarantee of future returns.

 

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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