REG - HarbourVest Global - Net Asset Value(s)

Harbourvest Global Private EquityAnnouncement

Tue 07:00

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RNS Number : 0619E  HarbourVest Global Priv. Equity Ltd  21 October 2025

 

 

 

21 October 2025

 

 

HVPE ESTIMATED NAV PER SHARE UPDATE AT 30 SEPTEMBER 2025

 

·    Estimated NAV per share $57.90 (£43.06); an increase of 0.1% in US
dollar terms over the previous month, primarily driven by valuation gains in
the Direct funds portfolio, as a portion of the portfolio was updated to
reflect Q3 valuations.

·    September saw positive net cash flow of $61 million, with
distributions of $89 million and $28 million of capital calls.

·    September distributions were 130% higher than the same period last
year

·    There were 23 M&A transactions and IPOs in the month, below the
last 12-month average of 36.

·    The Distribution Pool balance was $61.8 million at 30 September.

·    During September, HVPE was in the market for 17 days buying back $5.0
million worth of shares.

·    Since the Board commenced share buybacks in September 2022, a total
of $217 million has been bought back, adding 5.2% to NAV per share. Of this
total, $160 million has been deployed under HVPE's Distribution Pool mechanism
initiated on 1(st) February 2024.

 

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 September 2025.

 

 Total Return     YTD                   1 year  3 years  5 years  10 years  Inception (2007)
 NAV per share ($)                 11%  10%     23%      103%     253%      479%
 Share price total return ($)      16%  18%     62%      83%      205%      275%
 Share price total return (£)      8%   17%     36%      73%      245%      468%
 FTSE AW total return ($)          19%  18%     90%      94%      225%      275%

 

 Compound Annual Growth Rate          3 years  5 years  10 years  Inception (2007)
 HVPE NAV ($)                         7%       15%      13%       10%
 HVPE Share Price ($)                 17%      13%      12%       8%
 Share price (£)                      11%      12%      13%       10%
 FTSE AW TR ($)                       24%      14%      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

·    During September 2025, no new commitments were made to HarbourVest
funds.

·    The Company's Investment Pipeline (unfunded commitments) decreased by
$28 million from the prior month.

·    As of 30 September 2025, the Investment Pipeline totalled $2.3
billion (56% of NAV). In September, borrowing at the HarbourVest fund level
amounted to $561 million. Allocated unfunded commitments, less fund level
borrowing, stood at $1.2 billion, while unallocated unfunded commitments were
$537 million.

 

Investment

·    During September 2025, HVPE invested $28 million into HarbourVest
funds (compared to $40 million in August 2025).

·    The largest individual investment during the month was made to a 2022
vintage global secondary fund.

 

Growth

 

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

                                               ($)

 30 September                                                              (£)

 2025
 $57.90               $57.85 (£42.86)            0.1%                      0.5%                     Primarily driven by valuation gains in the Direct funds portfolio as a portion

                                               (+$0.05)                  (+£0.20)                 of the portfolio was updated to reflect Q3 valuations.
 (£43.06)

 

Consistent with previous estimated NAV reports, valuations are also adjusted
for foreign exchange movements, cash flows, and any known material events to
30 September 2025. The valuation breakdown of the HVPE portfolio as reported
here is as follows:

 

·    6% of the portfolio is based on actual 30 September 2025 valuations
(representing the public companies in the portfolio).

·    1% is based on actual 30 September 2025 valuations.

·    93% is based on actual 30 June 2025 valuations.

·    This compares to 6% actual 31 August 2025, 93% actual 30 June 2025,
and 1% estimated 31 March 2025, used in the 31 August 2025 estimated NAV per
share calculation.

 

Realisation

·    HVPE received distributions of $89 million from HarbourVest funds
during September 2025 (compared to $27 million in August 2025). The largest
source of proceeds was related to 2020 vintage international multi-strategy
fund of fund's investment in IFS AB (<0.2% NAV), related to the 2025 equity
recapitalization of the company.

·    During September 2025 there were a total of 23 realisations, with 16
M&A transactions and seven IPOs across HVPE's underlying portfolio (which
is below August's total number of 40 realisations and is above the 12-month
average of 36).

 

 

 

 

 

 

 

Distribution Pool

·    The Distribution Pool balance was $61.8 million at 30 September,
which the Board has indicated will be utilised for share buybacks for the
foreseeable future.

·    Contributions to the Pool during September totalled $26.7 million,
representing 30% of the cash distributions received during the month.

·    HVPE was in the market for 17 days buying back shares in September.
Over this time, 133,000 ordinary shares were repurchased for a total
consideration of $5.0 million which resulted in a $0.04 accretion to estimated
NAV per share.

·    From 1st February 2024 to 30th September 2025, the Company bought
back $160 million of shares, representing 25% of gross distributions received
during the period and adding 3.3% to NAV per share, while the share price
increased by 24% 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 $217 million has been deployed in this way, adding 5.2% to NAV per share.

 

Balance Sheet and Credit Facility

·    At 30 September 2025, HVPE had $600 million available on its credit
facility.

·    Borrowing at the HarbourVest fund level amounted to $561 million (13%
of HVPE NAV), an increase of $2 million from the previous month.

·    HVPE's cash and cash equivalents ($169 million) and available credit
($600 million) totalled $769 million.

·    Net debt was $431 million or 10% 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:

·    Klarna (NYSE: KLAR) (<0.2% NAV) launched its initial public
offering (IPO) on September 10, 2025. The IPO was priced at $40 per share.

 

Additional detail about HVPE's NAV and investment diversification can be found
on HVPE's website, in the Monthly Update for 30 September 2025
(https://www.hvpe.com/media/w3yotov4/30-september-2025-monthly-update.pdf) .

 

See below for HarbourVest's 2025 Midyear Market Outlook:

https://www.harbourvest.com/insights-news/insights/2025-midyear-market-outlook/#/na
(https://www.harbourvest.com/insights-news/insights/2025-midyear-market-outlook/#/na)

 

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

 HarbourVest Partners

 

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 $146 billion of assets under management as of June
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 1,270 employees, including more than 230
investment professionals across Asia, Europe, and the Americas. Across our
private markets platform, our team has committed more than $64 billion to
newly-formed funds, completed over $66 billion in secondary purchases, and
invested over $49 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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