REG - HarbourVest Global - Half-year Report
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RNS Number : 4707E HarbourVest Global Priv. Equity Ltd 23 October 2025
23 October 2025
HVPE RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2025
Resilient NAV growth in a volatile market
Positioned to capitalise on private market recovery
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 unaudited results for the six months
ended 31 July 2025.
Performance for the six-month period
· Net asset value ("NAV") per share increased by 6.2% in the half-year
to a new high of $57.55 (31 January 2025: $54.17).
· Portfolio valuation gains of 5.6%, driven by strong performance in
Infrastructure (+11.4%) and European investments (+13.4%).
· Realisations of $142m from 243 M&A transactions and IPOs, up 16%
against the comparable period in 2024, with an average uplift of 53% to
carrying value.
· The share price decreased by 1.8% to £27.10 over the six-month
period, which was marked by global market volatility largely driven by tariff
announcements from the US administration.
Long term NAV outperformance of public markets continues
· Over the past decade, in sterling terms, HVPE has grown its NAV per
share by 304% and its shares have risen by 211%. By contrast, the FTSE All
World Index has provided a total return of 223%.
· Demonstrates the robust performance of HVPE's diversified and
high-quality private markets portfolio.
Ongoing share buybacks boost shareholder value
· $44m of HVPE shares repurchased in the six months to 31 July
2025.
· Since initiating its share buyback program in September 2022,
HVPE has repurchased shares worth $220 million, adding 5.2% to NAV per
share.
· $43m of portfolio distributions were allocated to the Pool during the
6-month period, with the closing balance at 31 July 2025 standing at $37m.
Well-capitalised balance sheet supports long-term strategy
· New SMA structure announced in early 2025, providing tailored and
cost-efficient shareholder access to HarbourVest's global platform. First SMA
commitment of $125m was made shortly after the period end.
· $115m cash and $629m available on the credit facility as at 31 July
2025, providing ample resources to fund commitments.
· Total unfunded commitments reduced to $2.3bn (31 January 2025: $2.5bn),
reflecting prudent balance sheet management.
Positioned to capture opportunities in a recovering private markets cycle
· Early signs of a recovery in private market exit activity, with
global private equity exit value up 56% year-on- year in H1 2025.
· Significant transactions in the AI and wider technology sectors, with
IPOs such as Figma and Klarna highlighting renewed investor appetite
for innovative companies.
· HVPE remains well-positioned to benefit from this recovery, with a
highly diversified portfolio and a long- term track record of
outperforming public markets.
Ed Warner, Chair of HVPE, said:
"I am pleased to report another period of strong performance for HVPE, with
NAV per share reaching an all-time high and significant progress made in
implementing our strategic initiatives. Despite ongoing market volatility,
HVPE's portfolio has demonstrated resilience, with strong valuation gains and
steady realisations achieved over the first half of the year.
"As private markets show signs of recovery, HVPE is uniquely positioned to
capitalise on these opportunities. Our new SMA structure enhances our cost
efficiency and flexibility, while our active share buyback programme continues
to deliver value for shareholders. With a robust balance sheet and a
high-quality, diversified portfolio, we remain confident in our ability to
deliver long-term value for shareholders."
Semi-Annual Report and Accounts
To view the Company's Semi-Annual Report and Accounts please visit HVPE's
results
centre: https://www.hvpe.com/insights-and-reports/reports-presentations/reports/
(https://www.hvpe.com/insights-and-reports/reports-presentations/reports/) .
Page number references in this announcement refer to pages in this report. The
Semi-Annual Report and Accounts will also shortly be available on the National
Storage Mechanism, which is situated
at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
Semi-Annual Results Presentation
HVPE will publish a new presentation on its website to supplement the
publication of the Semi-Annual Results for the six months ended 31 July 2025.
The presentation will be available to view and download
from http://www.hvpe.com (http://www.hvpe.com/) by the close of business
today.
- 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 $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.
Chair's statement
The first half of our financial year was marked by increased volatility in
global markets, largely driven by tariff announcements from the US
administration. Despite these headwinds, HVPE's Net Asset Value (NAV) per
share recorded a steady increase of +6.2% over the period. The share price
initially declined following the tariff announcement, however it largely
recovered by the end of the period, closing 1.8% below the opening price at
£27.10. Whilst this short-term share price performance is disappointing, we
do not believe it is reflective of the future growth prospects of the
company's investments. Indeed, the share price continued to recover after the
period end, setting a record high at the beginning of October. The resilience
of HVPE's portfolio in these conditions is a testament to the strength of our
investment strategy as well as the conviction with which we have built and
managed our exposures. Indeed, our ability to navigate uncertainty while
continuing to deliver long-term value for shareholders is reflected in the
more than tripling of HVPE's share price over the last ten years, evidence not
only of the enduring strength of our strategy but also of the robustness of
private markets.
As market conditions have adapted to the fallout from the tariff
announcements, we have begun to see tangible signs of a resurgence in private
markets activity across the globe. There are indications that transaction
volumes and values are picking up and there is evidence that investor
confidence is returning. HVPE is well-positioned to benefit from this
inflection point, with our structure and strategy placing us at the centre of
renewed market activity and opportunity.
One of the most significant developments this year has been the launch of our
bespoke Separately Managed Account (SMA) structure, which offers shareholders
more tailored access to HarbourVest's global platform with no increase in cost
versus the previous structure. In an industry where such tailored flexibility
typically comes at a premium, this represents a highly advantageous
arrangement for HVPE's shareholders. Over time, we expect this new structure
to be transformative for the Company's balance sheet by reducing overall
gearing, enhancing portfolio flexibility, and lowering borrowing costs. It
reflects our commitment to delivering value for money and ensuring that HVPE
remains a cost-efficient and strategically agile vehicle that enables all
investors to access private markets opportunities.
Financial performance
HVPE's NAV per share increased by 6.2% over the half year to $57.55. This
represents a 10.7% increase over the twelve months to 31 July 2025 and marks a
new all-time high. Our share price fell slightly to £27.10 over the same
period, a 1.8% decrease in the half year. The decline in the share price in
sterling terms is partly attributable to the depreciation of the US dollar in
the period. In dollar terms, the share price increased by 5.4% in the half
year. As movements in the NAV and share price were broadly aligned on a
currency-adjusted basis, the discount to NAV remained largely unchanged,
widening slightly from 35% to 36%(1) over the six month period under review.
For reference, the FTSE All World Index delivered a total return of +8.5% in
the half year and +16.5% over the twelve months to 31 July 2025. Public
markets tend to be more volatile than private markets, especially during
periods of uncertainty, and therefore we believe short-term comparisons are
less meaningful. Longer-term evaluations through the cycle are more reflective
of HVPE's performance and strategy.
Over the long term, HVPE's NAV has consistently outperformed global stock
markets, with its NAV per share delivering an annualised total return of
+13.1% in dollar terms and a relative annualised outperformance of +2.4% of
the FTSE All World Index over the 10 years to 31 July 2025. Over the past
decade, in sterling terms, HVPE has grown its NAV per share by 304% and its
shares have risen by 211%. By contrast, the FTSE All World Index has provided
a total sterling return of 223%. Share price performance has been impacted by
a disconnect between the NAV and share price movements over the last 10 years,
with the discount widening substantially over certain periods. We believe that
the current discount level is unjustified and would expect to see a narrowing
once private market exit activity picks up and sentiment towards the listed
private equity sector improves.
1 The discount is calculated based on the NAV per share available to the
market at the period end, that being the 30 June 2025 estimate converted to
sterling at the prevailing GBP/USD foreign exchange ("FX") rate, compared with
the share prices on 31 July 2025. Please refer to the Alternative Performance
Measures ("APMs") on pages 57 to 60 for calculations.
Strategic actions: Delivering on our commitments
In early 2025, following engagement with our shareholders, we introduced a set
of three strategic measures designed to enhance shareholder value and improve
market positioning:
1. Simplified Structure: We agreed a bespoke SMA
structure, which has already begun deploying capital into high-quality private
market opportunities. This structure provides shareholders with tailored and
cost-efficient exposure to HarbourVest's global platform, without any increase
in fees.
2. Distribution Pool Expansion: The doubling of our
allocation from 15% to 30% of gross portfolio distributions has enabled
consistent share buybacks throughout the period, helping manage our discount
and reinforce daily liquidity in the market.
3. Continuation Vote: Scheduled for July 2026, this
vote reflects our commitment to best-in-class governance and shareholder
alignment and will be a cornerstone of our long-term strategy.
Together, these measures have helped manage HVPE's discount to NAV during a
volatile market period. As the investment company sector has contracted in
recent times, including within our peer group, HVPE has continued to uphold
its established role as an important vehicle for both institutional and retail
investors.
We continue to assess the impact and effectiveness of the initiatives that we
introduced at the beginning of the year as part of our ongoing evaluation of
the company's strategy.
Distribution Pool activity
Effective from the start of this financial year, the Board and Investment
Manager announced a doubling of the Distribution Pool allocation from 15% to
30% of gross distributions. This is a demonstration of your Board's continued
commitment to delivering value for shareholders, and belief that buybacks at
wide discounts to NAV are accretive and represent an efficient use of
shareholder capital.
A total of $43m of portfolio distributions were allocated to the Pool during
the 6-month period, with the closing balance at 31 July 2025 standing at $37m.
We were active buying back shares on 94 of the 125 trading days in the six
months, with a total of $44m purchased. The net effect was a $0.38, or 0.7%,
accretion to NAV per share.
Since the end of the half year, we have bought back a total of $13m of HVPE
shares, being active on 44 of the 55 trading days in the period. Since we
commenced share buybacks in September 2022, we have now bought back $220m of
shares, adding 5.2% to NAV per share. While HVPE's shares continue to trade at
a significant discount to NAV, our primary use of the Distribution Pool will
remain focussed on share buybacks. This approach reflects our strong
conviction in the quality and value of the Company's underlying portfolio, as
well as our view that, at the current level of discount, buybacks offer the
most effective means of enhancing NAV per share.
Balance sheet and portfolio cash flows
HVPE was a net investor of $27m during the 6-month period, with the portfolio
distribution rate continuing to run below long-term historical levels. In the
comparable period last year, the Company's net investment was substantially
larger at $134m. The negative cashflow over the latest half-year period,
combined with the impact of buyback activity, drove a $99m increase in the
Company's net debt level to $456 million. Despite the negative cashflow, the
Company continues to have access to ample liquid financial resources, with
$115 million of cash and $629 million available to draw on our facility as at
31 July 2025. Calls on our cash from underlying funds totalled $169m against
distributions received of $142m.
A pick-up in distribution activity and a reversal in overall cash flows is
reliant to some extent on the recovery of the M&A and IPO markets,
combined with continued growth in liquidity via secondaries, most notably
continuation vehicles. Although there were indications of recovery in
portfolio liquidity at the start of the year, the tariff announcements in
April halted this progress. As the Investment Manager outlines in its review
later in this report, there are reasons for optimism that markets are
adjusting to the tariff-related disruptions, with expectations of a recovery
in exit activity during the remainder of this financial year and into the
next. It is also important to remind shareholders that there is often a delay
between exits within our portfolio and the receipt of cash distributions.
Based on current activity, we anticipate that distributions will flow more
notably towards the end of the year and into 2026.
We chose to make no new commitments to HarbourVest managed vehicles(2) during
the half year whilst the terms of the new SMA were negotiated. The final terms
of the SMA were signed shortly after the period end with a $125m commitment
being made to the first annual tranche. Whilst the board remain mindful of the
subdued exit activity and its consequent effect on the capacity for new
commitments, it is equally important to maintain an appropriate
diversification of fund vintages to ensure HVPE does not miss attractive
opportunities throughout the investment cycle.
2 HarbourVest managed vehicles includes HarbourVest funds and the HVPE
dedicated SMA vehicle
Governance and shareholder engagement
The Board remains committed to robust governance and active engagement with
shareholders. Over the past six months, we have held 45 investor meetings,
participated in multiple forums, and welcomed feedback from a diverse range of
stakeholders, presenting live to over approximately 700 current and potential
investors. We are grateful to our shareholders for their continued engagement,
which plays a vital role in shaping our strategic direction and ensuring we
remain aligned with investor expectations.
We will soon begin the process to appoint a new Board Director, following the
planned departure of our Senior Independent Director, Francesca Barnes, who
will step down at the next AGM after nine years on the Board.
Looking ahead
HVPE is uniquely positioned to benefit from the accelerating recovery in
private markets. Our Investment Manager's expertise in secondary investments,
in particular, positions us to capitalise on investment opportunities in this
segment. Through our innovative structure, we offer both institutional and
retail investors a rare combination: daily liquidity and access to a broadly
diversified portfolio of private companies. This approach enhances flexibility
while maintaining exposure to high-quality private market assets.
As a FTSE 250 company with a market cap of £2.0 billion as at 31 July 2025,
HVPE remains a vital part of the London Stock Exchange's investment landscape.
We are proud to offer a gateway to private market opportunities, and we remain
confident in our ability to deliver long-term value for shareholders.
On behalf of the Board, I would like to thank our shareholders for their
continued support and engagement. We look forward to the months ahead with
cautious optimism and a clear focus on execution.
Ed Warner
Chair
HarbourVest Global Private Equity
22 October 2025
Investment Manager's Review
Introduction
In this section, Richard Hickman, Managing Director, HVPE, who is responsible
for the day-to-day management of the Company, reflects on the first six months
of the financial year and shares his outlook. Richard joined HarbourVest in
2014 and has a total of 19 years' experience in the listed private equity
sector.
Market developments in H1 2025
The first half of 2025 saw a period of sustained volatility in global equity
markets. Investors entered 2025 with a sense of optimism, partially fuelled by
a reduction in interest rates that began in the latter half of 2024. However,
markets faced declines, driven by the uncertainty introduced by the US
government's tariff announcements. Subsequently, markets rose to record new
highs, despite the continued uncertainty across the global trade landscape and
geopolitical unrest in several regions.
Private equity valuations tracked a more stable path, lagging public markets
in both directions, consistent with the low level of volatility witnessed in
recent years. Private equity performance continued to be weighed upon by a
period of depressed realisation activity, with the US government's tariffs
appearing to put many potential private asset exit processes on hold whilst
buyers and sellers adapted to changing market conditions. The first half of
the year recorded an estimated $611 billion of global private equity exit
activity, up 56% from the prior year but only 70% of the record volume highs
seen in 2021(3).
The depressed private equity exit activity also had a detrimental impact on
sentiment towards the listed private equity ("LPE") sector and continued to
fuel investor scepticism over valuations, which led to an underperformance of
the LPE fund of funds sector against global equity indices.
Although exits via traditional routes continued to be at a depressed level,
global secondary market volume rose 51% year-over-year, from $68 billion in H1
2024 to a record $103 billion in H1 2025. This growth was due to several
market factors, with limited M&A and IPO activity increasing supply, and
growing pools of secondary capital boosting demand(4).
Despite private market deal activity continuing to be below historical levels,
there were some significant transactions in the period, particularly in the AI
and wider technology space. Significant M&A transactions included Google's
$32 billion announced acquisition of cloud security company Wiz Inc and Meta's
$15 billion investment in Scale AI. The $107 billion IPO of AI cloud-computing
startup CoreWeave in March 2025 represented the largest tech IPO since
2021(5). The IPO of design and product development software firm Figma in July
2025 and the substantial gain in the share price in its initial trading
session, also showed there is still selective market appetite for IPOs in
exciting and innovative companies. Wiz Inc, Scale AI and Figma are included
in HVPE's top 25 largest underlying exposures as at the period end.
3 Source: Pitchbook, Q3 2025 Global PE First Look, 2 October 2025
4 Source: Jefferies H1 2025 Global Secondary Market Review
(5) Source: Alpha-Sense.com
How did HVPE fare in this environment?
HVPE recorded 6.2% growth in NAV per share over the six months ended 31 July
2025, while the FTSE All World Total Return index gained 8.5%. We consider
that this underperformance of global equity markets is a function of the
short-term performance lag between public and private markets and the reduced
level of private market exit activity, rather than being an indication of the
true long-term growth prospects of the portfolio.
Growth in NAV per share was driven by a 5.6% underlying valuation gain in the
portfolio, which was broadly spread across stage and strategy, with particular
strength in the Infrastructure, Primary and European segments. The Venture
portion of the portfolio also performed well in the period as the segment
continues to rebound after a prior period of weakness.
For the six-month reporting period, capital calls for investments into
HarbourVest funds exceeded distributions, resulting in the net portfolio cash
flow figure being negative $27 million. This reflects a persistently weak exit
environment for underlying GPs with continuing market disruption delaying
potential exit processes. During the period there were 243 known M&A and
IPO transactions in the portfolio which was a 16% increase compared to the six
months to 31 July 2024.
The six-month reporting period represented the first one under the new SMA
arrangement. No new commitments were made to the SMA during the 6 months
although a $125m commitment was made shortly after the period end. When making
commitments we continue to take a prudent approach, considering the continued
period of depressed realisation activity and resultant impact on the Company's
balance sheet. However, we are also aware of the importance of investing
throughout the cycle and ensuring the portfolio maintains a well-balanced
vintage exposure in the future.
How is H2 2025 shaping up?
Looking into the remainder of 2025, uncertainties relating to the impact of
the US government's tariff policy, as well as geopolitical tensions are likely
to continue to influence market sentiment. However, there are indications that
some areas of private markets are weathering the storm, particularly the
technology sector. More companies and sectors could begin to benefit from an
uptick in exit activity as investors begin to reassess their risk tolerances
and adapt to changing economic conditions. Additionally, further interest rate
cuts may help entice more investors back into the market. Indeed, by the end
of Q3 2025, the estimated year-to-date global private equity exit volume
reached $905 billion(6), already surpassing the total for the whole of 2024.
The IPO of the Swedish buy now, pay later company Klarna in September also
marked another successful IPO in the technology space.
There are also indications that the pricing expectations of buyers and sellers
are beginning to converge. This convergence trend can be seen in the venture
market where the number of venture capital "down rounds" reached a decade high
of 16% of deals in the first half of 2025(7). Additionally, the majority of
venture IPOs in Q2 2025 completed at discounts to their valuation peaks,
giving a further indication that venture valuations have reset since their
pandemic highs. Whilst the resetting of venture valuations has caused a drag
in venture performance in recent years, it could prove to be a catalyst for an
increase in exit activity in the months ahead.
The signs of recovery in private market exit value are proving to be uneven
across geographies and exit routes, with year to date North American PE exit
value reaching 97% of the 2024 total by mid-August 2025(8). IPOs have been a
contributor to this growth, with the value of North-American PE-backed IPOs
($102 billion) already double that compared with 2024, marking the third
successive year of increases. European IPO markets have faced the opposite
trend, with IPO value having seen declines for four consecutive years so far
and just $9.7 billion being raised by mid-August 2025 (18% of the FY 2024
total)(9).
GPs are currently managing a substantial backlog of unrealised assets. It is
estimated that half of the 30,000 existing private equity portfolio companies
worldwide have been held for at least five years, representing a value of $1.8
trillion that Limited Partners ("LPs") are keen to see realised(10). A
positive shift in market conditions and the subsequent realisation of these
mature company holdings would significantly accelerate the pace of capital
returns to LPs.
A pickup in global exit activity in the remainder of 2025 could improve
sentiment towards the listed private equity sector, with the potential for
discounts to narrow as the sector re-rates and private market performance
catches up with the recent short term performance gains seen in public
markets. Exits are important not just from a liquidity perspective but also
from an asset valuation validation perspective, with healthy uplifts compared
to managers' valuations being seen across the HVPE portfolio and the listed
private equity sector more broadly.
HVPE remains well-positioned to benefit from any upturn in private market exit
activity and has a strong long term track record of meeting its objective to
materially outpace public market returns throughout the cycle. HVPE offers
investors the chance to diversify their portfolio with a broad selection of
companies that cannot be accessed through public markets. HVPE's current wide
discount offers an opportune moment to invest, supported by its long history
of healthy exit uplifts providing further comfort to investors of the latent
value that HVPE's shares offer.
6 Source: Pitchbook, Q3 2025 Global PE First Look, 2 October 2025
7 Source: Pitchbook, Q2 2025 NVCA Venture Monitor, 14 July 2025
8 Source: Pitchbook, "PE Exits 5 charts: Traditional PE exits may be
reopening-but mainly in North America", 19 August 2025
9 Source: Pitchbook, "PE Exits 5 charts: Traditional PE exits may be
reopening-but mainly in North America", 19 August 2025
1(0) Source: Buyouts Insider, quoting analysis by Bain & Company, 29
August 2025
Richard Hickman
Managing Director
Investment Manager's report
NAV per share and portfolio performance - Six Months to 31 July 2025
The 6.2% increase in the Company's NAV per share during the six-month review
period was primarily driven by a 5.6% increase in the underlying value of the
portfolio. In percentage terms, the Primary portfolio was the best performing
strategy, delivering value growth of 6.3% over the six months. Geographically,
Europe was the strongest performing region, delivering a 13.4% return. In
terms of stage, the combined performance of Private Credit, Infrastructure
& Real Assets was the strongest, growing 8.0% over the six months ended 31
July 2025. More information on the drivers can be found on page 14.
HVPE remains well diversified by sector, strategy and stage, as demonstrated
by the analysis on page 12. We believe that diversification in general is
essential to achieving consistently strong returns from a private markets
portfolio. Investing across a range of private market sub-asset classes is
beneficial as returns can vary substantially by vintage and at different
points in the economic cycle.
Additionally, HVPE's portfolio is highly diversified by company. As at 31
July 2025, no single company represented more than 1.7% of the Investment
Portfolio value (31 January 2025: 2.2%), helping to mitigate company-specific
risk. The top 100 companies in the portfolio represented 30% of total value
(31 January 2025: 29%), while the top 1,000 companies represented 82% (31
January 2025: 81%).
As at 31 July 2025, HVPE held investments in 61 HarbourVest funds and 16
Secondary Co-Investments(11) (unchanged from 31 January 2025). Of these, the
largest fund contributors to NAV per share movement in absolute terms during
the six months to 31 July 2025 are described below:
· Fund X Venture, a US-focused Venture fund of funds, was the
largest contributor over the reporting period, adding $0.40 to NAV per share.
With a vintage year of 2015, this fund is in its mature phase. The increase
came predominantly from unrealised gains.
· Fund XII Buyout, a US-focused Buyout fund of funds, was the
second largest contributor over the reporting period, increasing NAV per share
by $0.24. With a vintage year of 2021, this fund is in its investment phase.
The increase came predominantly from unrealised gains.
· Fund XI Venture, a US-focused Venture fund of funds, was the
third largest contributor over the reporting period, adding $0.20 to NAV per
share. With a vintage year of 2018, this fund is in its growth phase. The
increase came predominantly from unrealised gains.
· HIPEP IX, an international multi-strategy fund of funds, was
next, increasing NAV per share by $0.20. With a vintage year of 2020, this
fund is in its growth phase. The increase came predominantly from unrealised
gains.
· Co-investment VI, a global direct co-investment fund, was next,
increasing NAV per share by $0.17. With a vintage year of 2021, this fund is
in its investment phase. The increase came predominantly from unrealised
gains.
All the remaining HarbourVest funds in the portfolio combined contributed to
an aggregate $1.56 increase to HVPE's NAV per share over the six-month period.
(11) These include four Secondary Overflow III investments, 11 Secondary
Overflow IV investments, and Conversus, referred to as "HVPE Charlotte
Co-Investment L.P." in the Unaudited Condensed Interim Consolidated Schedule
of Investments.
Fund Movement(12)
NAV per Share at 31 January 2025 $54.17
Fund X Venture +$0.40
Fund XII Buyout +$0.24
Fund XI Venture +$0.20
HIPEP IX +$0.20
Co-investment VI +$0.17
Other HarbourVest funds(13) +$1.56
Management Fees(14) -$0.16
Performance Fees(15) -$0.17
Net Operating Expenses(16) -$0.39
Foreign Currency +$0.95
Share Buybacks +$0.38
NAV per Share at 31 July 2025 $57.55
1(2) Realised and unrealised gains are shown net of management fees,
performance fees, and foreign currency in the Unaudited Condensed Interim
Consolidated Statements of Operations.
1(3) Realised gain/value changes from the balance of 56 other HarbourVest
funds and 16 secondary co-investments in the Investment Portfolio.
1(4) Management fees include management fees from HarbourVest Funds and
Secondary Co-investments as shown in the Unaudited Condensed Interim
Consolidated Statements of Operations ($36k).
1(5) Please refer to page 22 for more information on the performance fees.
1(6) Operating expenses exclude management fees ($36k) and are shown net of
interest and other income ($2,006k).
Portfolio Cash Flows
For the six-month reporting period, capital calls for investments into
HarbourVest funds ($169 million) exceeded distributions ($142 million),
resulting in the net portfolio cash flow figure being negative $27 million.
The impact of the negative portfolio cash flow on the balance sheet and the
resultant use of the credit facility is explained on page 19.
Distributions were driven in large part by activity in March and June 2025,
during which cash proceeds of $55 million and $53 million were received
respectively, mainly from the Primary funds. This contributed over three
quarters of total distributions over the period. Monthly distributions in the
rest of the period ranged from $2 million to $20 million.
The largest HarbourVest fund capital calls and distributions over the
reporting period are set out in the tables below. The top ten fund calls in
aggregate accounted for $146 million (86%) of the total and came from a broad
mix of HarbourVest funds. The majority of total calls by value (74%) were into
primary opportunities. The top ten HarbourVest fund distributions totalled $78
million, or 55% of the total proceeds received in the period. Distributions by
value were mainly from primary investments (75%) with the remainder coming
from direct co-investments (13%) and secondary investments (12%).
Top Five HarbourVest Fund Calls
HarbourVest Fund Name Vintage Year Description Called amount
HIPEP IX 2020 International multi-strategy fund of funds $34m
Dover Street XI 2022 Global Secondary fund $28m
Asia Pacific 5 2021 Asia Pacific-focused multi-strategy fund of funds $24m
Fund XII Buyout 2021 US-focused Buyout fund of funds $12m
HIPEP X 2023 International multi-strategy fund of funds $10m
Top Five HarbourVest Fund Distributions
HarbourVest Fund Name Vintage Year Description Distributed amount
Fund X Buyout 2015 US-focused Buyout fund of funds $12m
Fund X Venture 2015 US-focused Venture fund of funds $11m
HIPEP VII Partnership Fund 2014 International multi-strategy fund of funds $10m
Fund IX Venture 2011 US-focused Venture fund of funds $9m
HIPEP VII Europe Fund 2014 Europe-focused multi-strategy fund of funds $8m
M&A Transactions and IPOs
During the six months ended 31 July 2025, there were a total of 243 known
M&A transactions and IPOs. This is a 16% increase compared to the six
months to 31 July 2024 (209 M&A transactions).
Approximately 88% (215) of these transactions were M&A (trade sales or
sponsor-to-sponsor) transactions, with the remaining 12% (28) being IPOs. It
is important to note that IPOs tend to represent a relatively small proportion
of exits for HVPE even in normal circumstances, consistent with wider industry
trends.
Of HVPE's total 243 known M&A transactions and IPOs, 47% (115) related to
buyout-backed companies and 53% (128) to venture-backed companies.
Over the six-month period, the weighted average uplift to pre-transaction
carrying value for a large sample of transactions was 53%(17).
The top five M&A transactions and IPOs during the period (by contribution
to HVPE NAV per share) are listed below.
1(7) These figures represent the weighted average percentage uplift to
carrying value of 67 individual company M&A and IPO transactions during
the six months ended 31 July 2025. This analysis takes each company's value
(whether realised or unrealised) at 31 July 2025 and compares it to the
carrying value prior to announcement of the transaction. This analysis
represents 94% of the total value of transactions in the six months ended 31
July 2025 and does not represent the portfolio as a whole. Additionally, it
does not reflect management fees, carried interest, and other expenses of the
HarbourVest funds or the underlying managers, which will reduce returns. Past
performance is not necessarily indicative of future returns.
Top Five M&A transactions Top IPOs
(by contribution to HVPE NAV per share(18)) (by contribution to HVPE NAV per share)
Company Stage Industry Contribution
Company Stage Industry Contribution
IFS AB Buyout Information Technology $0.08 Figma, Inc.(19) Venture Information Technology $0.86
Scale AI, Inc. Venture Information Technology $0.03 Sailpoint Technologies, Inc. Buyout Information Technology $0.01
Arteva Funding Buyout Financials $0.03 Virgin Australia Buyout Industrials $0.00
Tendam Retail, S.A. Buyout Consumer Discretionary $0.03 Insta360 Venture Consumer Discretionary $0.00
Personal & Informatik AG Buyout Information Technology $0.03 NielsenIQ Buyout Communication Services $0.00
Top IPOs
(by contribution to HVPE NAV per share)
Company Stage Industry Contribution
Figma, Inc.(19) Venture Information Technology $0.86
Sailpoint Technologies, Inc. Buyout Information Technology $0.01
Virgin Australia Buyout Industrials $0.00
Insta360 Venture Consumer Discretionary $0.00
NielsenIQ Buyout Communication Services $0.00
1(8) As measured since the announcement of the transaction or IPO filing.
1(9) The IPO of Figma had a significant impact on the uplift figure for the
six months to 31 July 2025. The aggregate uplift figure excluding Figma was
20%.
Company Activity
New SMA and Fund Commitments
No new SMA or fund commitments were made in the six months ended 31 July 2025
(six months to 31 July 2024: no new commitments made). Total unfunded
commitments were $2.3 billion as at 31 July 2025, representing a net decrease
of $168 million from 31 January 2025 ($2.5 billion).
Sustainable Investing and DEI
Through its investments in HarbourVest funds, HVPE helps to support innovation
and growth in the global economy. HVPE delegates the responsibility for
sustainable investing at the investment level to HarbourVest, but oversees
this activity through regular engagement with the Investment Manager to stay
fully abreast of its activities.
For the half year period, HVPE will offset its operational carbon emissions
resulting primarily from purchased electricity, waste, and business travel,
simultaneously with HarbourVest's carbon reduction and offsetting programme.
The programme compensates for emissions by delivering finance to emission
reduction projects, which are independently verified by ClimeCo to assure
emissions reductions are occurring. To offset its emissions, HVPE will support
the New Bedford Landfill Methane Project operating local to HarbourVest's
headquarters in Massachusetts, a landfill gas-to-energy plant which produces
approximately 3.3 megawatt hours of clean electricity while reducing the
amount of methane released into the atmosphere. This project recently received
ICVCM(20) Core Carbon Principles certification.
HarbourVest also continues to progress its sustainable investing strategy and
expects to publish an updated Sustainable Investing Report later in 2025. HVPE
will report more detail on the developments in next year's Annual Report and
Accounts which will be published in May 2026.
HarbourVest produces an annual Diversity and Inclusion Report, the latest
version is available at
https://www.harbourvest.com/why-harbourvest/diversity-equity-inclusion/
(https://www.harbourvest.com/why-harbourvest/diversity-equity-inclusion/)
20 The Integrity Council for the Voluntary Carbon Market ("ICVCM") is a
non-profit, independent governance body that aims to set and maintain a global
standard for high integrity in the voluntary carbon market, unlocking private
climate and carbon finance that would not otherwise be deployed.
Diversification at 31 July 2025(21)
Geography
North America 62%
Europe 23%
Asia 14%
Rest of World 1%
Stage
Buyout 61%
Venture & Growth Equity 31%
Private Credit, Infrastructure & Real Assets 8%
Strategy
Primary 50%
Secondary 29%
Direct Co-investment 21%
Phase
Investment 43%
Growth 46%
Mature 11%
Industry
Tech & Software 35%
Consumer 13%
Medical & Biotech 13%
Financial 13%
Industrial & Transport 10%
Business Services & Other 8%
Media & Telecom 5%
Energy & Cleantech 3%
Currency
US dollar 80%
Euro 15%
Sterling 3%
Australian dollar 1%
Other 1%
2(1) Diversification by stage, phase, strategy, currency, and geography is
based on the estimated NAV of partnership investments within HVPE's fund of
funds and company investments within HVPE's Co-investment funds. Industry
diversification is based on the reported value of the underlying company
investments for both fund of funds and Co-investment funds.
Recent events
New Commitments since 31 July 2025
Between 1 August 2025 and 22 October 2025, a $125m commitment was made to the
HVPE SMA vehicle managed by HarbourVest Partners. The SMA made its first
underlying investment in October 2025.
HVPE Estimated NAV as at 30 September 2025
HVPE releases an estimated NAV on a monthly basis. These reports are available
on the Company's website, generally within 20 calendar days of the month-end.
On 21 October 2025, HVPE published an estimated NAV per share as at 30
September 2025 of $57.90 (£43.06), an increase of $0.35 (0.6%) from the final
31 July 2025 NAV (US Generally Accepted Accounting Principles ("GAAP")) figure
of $57.55. This was mainly driven by valuation gains, favourable foreign
exchange movements and share buybacks. This latest NAV per share is based on a
valuation breakdown of: 6% actual 30 September 2025 (representing public
company holdings), 1% actual 30 September 2025, and 93% actual 30 June 2025.
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 Investment Pipeline of unfunded commitments increased from $2.28 billion
at 31 July 2025 to $2.34 billion at 30 September 2025, based on the new
commitments, capital funded, and taking foreign exchange movements into
account.
HVPE's cash and equivalents increased by $54 million from $115 million at 31
July 2025 to $169 million at 30 September 2025. As outlined in the August 2025
and September 2025 factsheets, this is a result of HVPE being a net cash
recipient by $48 million across the two months, a $29 million drawdown on the
credit facility, as well as the $10 million of share buybacks conducted, with
the remainder of the cash movement being due to operating expenses charged
during the two months.
HVPE's look-through exposure to borrowing at the HarbourVest fund level had
decreased by $3 million, from $564 million at 31 July 2025 to $561 million at
30 September 2025. The latest balance sheet ratios can be found in the
factsheet on the HVPE website: www.hvpe.com (http://www.hvpe.com) .
Share Buybacks
HVPE has continued to buy back shares post period-end:
· In the period from 1 August 2025 to 17 October 2025, HVPE
repurchased 347,841 shares for cancellation at an average price of £28.08 per
share for a total consideration of £10 million ($13 million). This added
$0.10 to NAV per share.
· Inclusive of the post period-end buybacks, this means that in
total, since the introduction of the new distribution policy on 1 February
2024, HVPE has repurchased 5,064,667 shares for cancellation at an average
price of £25.06 per share for a total consideration of £127 million ($163
million). In total, this exercise added $1.68 to NAV per share.
· As at 17 October 2025 the Distribution Pool balance was $59m and
the total number of shares in issue was 72,618,841.
Share Price since 31 July 2025
HVPE's share price closed at £28.90 on 17 October 2025, which represents a
6.6% increase compared with the £27.10 share price recorded on 31 July 2025.
KPIs and investment objective
The Company's investment objective is to generate superior shareholder returns
through long-term capital appreciation by investing primarily in a diversified
portfolio of private markets investments.
Key Performance Indicators ("KPIs")(22)
Total Shareholder Return (six months, 12 months, and 10 years)
The key measure of HVPE's performance is the total return experienced by its
shareholders. While NAV per share is the major driver over the long-term, the
level of any premium or discount to NAV at which HVPE's shares trade is also
relevant.
A significant majority of HVPE's shareholders are UK based, and most of the
trading volume is in sterling.
(22) Please note some of these KPIs are also APMs. Please see pages 57 to 60
for our APMs.
NAV per Share Return (six months, 12 months, and 10 years)
HVPE seeks to achieve growth in NAV per share materially ahead of public
markets over the long term, as defined by the FTSE All World Total Return
("FTSE AW TR") Index in US dollars. The FTSE AW TR is a global equity index
with geographical weightings comparable to HVPE's portfolio. Please refer to
the Alternative Performance Measures on pages 57 to 60 for details of
performance calculations.
Balance Sheet Strength
The Board and the Investment Manager actively monitor HVPE's balance sheet by
means of a set of key ratios, with a view to maintaining a robust financial
position under all plausible forecast scenarios. Please see Managing the
Balance Sheet on pages 19 to 21 for more details on the ratios and page 9 of
the Investment Manager's report for more detail on the net portfolio cash
flow.
Liquidity in the Shares (Daily Trading Volume)
Current and prospective shareholders place a high value on liquidity as it
provides reassurance that there is a ready market in the shares should they
wish to manage their position. The Board and the Investment Manager monitor
liquidity on a regular basis using the daily mean.
Daily liquidity, measured by mean daily trading volume on the London Stock
Exchange, decreased by 17.4% over the six months to 31 July 2025 from 140,687
to 116,194.
Managing the balance sheet
Effective and prudent balance sheet management is critical when running a
closed-ended vehicle investing into a portfolio of private market funds with
varying cash flow profiles. This is particularly true for a company such as
HVPE which maintains a large pipeline of unfunded commitments (the "Investment
Pipeline"), which is the amount of capital committed to an underlying
HarbourVest fund, but not yet drawn down for investments.
An update on the Balance Sheet Strength KPIs can be found on page 18. This
section aims to outline HVPE's approach to managing its balance sheet and
explain the steps it takes to ensure that the Company is sufficiently
resourced in preparation for periods of significant market stress.
Move to the SMA Structure
HVPE announced its intention to move to an SMA structure on 30 January 2025.
It is anticipated that all new commitments will be made using this structure
moving forward. No new commitments were made during the 6-month period ending
31 July 2025. However, HVPE still has a material pipeline of preexisting
commitments to HarbourVest funds totalling $2.3bn which will be called down in
the coming years. See the commentary on page 13 for more details.
The Importance of the Credit Facility
HVPE makes commitments to HarbourVest managed vehicles, which typically call
capital over a period of several years. This long-duration cash flow profile
necessitates a large pipeline of unfunded commitments in order to ensure that
the Company remains approximately fully invested over time - this is known as
an over-commitment strategy and is critical to optimising long-term NAV per
share growth. In most years, the capital called from HVPE by the HarbourVest
managed vehicles is taken from the cash distributions flowing from liquidity
events within the portfolio. At times, however, capital calls will exceed
distributions, potentially by a meaningful amount, and it may be necessary to
draw additional amounts on the credit facility and maintain a net debt
position to fund the difference. A subsequent year may see the reverse
situation, with net positive cash flow used to repay surplus borrowing should
the Company return to a net cash position. In this way, the credit facility
acts as a working capital buffer and enables HVPE to manage its commitments to
the level required in order to optimise returns through the cycle.
HVPE has a $1.2 billion multi-currency credit facility with a syndicate of
lenders consisting of: Ares Management Credit funds, Apollo-managed funds,
Mitsubishi UFJ Trust and Banking Corporation, The Guardians of New Zealand
Superannuation and Nomura Corporate Funding Americas, LLC.
In the six months to 31 July 2025 HVPE received cash distributions of $142
million while funding capital calls of $169 million for new investments. The
result was net negative portfolio cash flow of $27 million over the reporting
period. Additionally, there were non-portfolio net cash outflows of $72
million, primarily related to buybacks and operating expenses. Therefore, to
ensure that HVPE had sufficient liquid resources to meet its near-term
obligations, HVPE initiated further net draws totalling $91 million on its
credit facility during the period. This left HVPE with $629 million remaining
of its credit facility as at 31 July 2025. The cash balance at 31 July 2025
was $115 million, an $8 million fall from $123 million as at 31 January 2025,
resulting in a net debt position of $456 million and 11% geared.
HarbourVest Fund-level Borrowing
HarbourVest funds employ credit lines for two main purposes: bridging capital
calls and distributions, and financing specific investment projects where the
use of debt may be advantageous. The majority of this fund-level borrowing
represents delayed capital calls, where a proportion of the unfunded
commitments has been invested using subscription credit lines at the
HarbourVest fund level, but the capital has not yet been called from HVPE.
HVPE has indirect exposure, on a look-through basis, to a pro rata share of
borrowing carried on the balance sheets of some of the HarbourVest funds in
which HVPE is a Limited Partner ("LP") (referred to as HarbourVest Partners
("HVP") fund-level borrowing). This borrowing does not represent an additional
liability above and beyond the commitments that HVPE has made to the
HarbourVest funds.
The HVPE team monitors the HVP fund-level borrowing in absolute terms, and as
a percentage of NAV. This borrowing is also considered when evaluating balance
sheet ratios: the Total Commitment Ratio through the Investment Pipeline, and
the Medium-Term Coverage Ratio through the three-year capital call
projections. HVP fund-level borrowing is also included when assessing the
credit facility's loan-to-value ratios, as mentioned in Note 6 "Debt Facility"
on pages 43 and 44. Possible changes in this borrowing (and hence the timing
of capital calls payable by HVPE) are also incorporated into the balance sheet
scenario tests conducted as part of the annual commitment planning exercise.
As at 31 July 2025, HVPE's share of HVP fund-level borrowing on a look-through
basis was $564 million, a net increase of $25 million from the $539 million
reported at 31 January 2025. Expressed as a percentage of NAV, this remained
at 13% over the period. The $25m increase is as a result of existing funds
drawing down their facilities to finance new investments and a continued
period of lower distribution activity from underlying assets. It is common
practice to use working capital facilities at the outset of a fund's life to
cover initial cash outflows. These amounts are then repaid in the future with
calls from LPs or using distributions received from investments. Post-period
end, on 30 September 2025, the fund-level borrowing had decreased by $3
million and stood at $561 million.
HVPE's period-end total exposure of $564 million includes $535 million (95%)
of bridging finance (also known as subscription line finance) which is used to
delay and smooth the pacing of capital calls to investors in the funds,
including HVPE. Typically, these bridging facilities are committed by the
lenders for a minimum of 12 months. The remaining $29 million (5%) is project
debt, held in the most part by the HarbourVest secondary funds to finance
specific projects. The bridging finance, should it be repaid in full or in
part, will result in capital calls to investors in the HarbourVest funds,
including HVPE, as this type of borrowing represents a portion of HVPE's
existing unfunded commitment (Investment Pipeline) figure. Furthermore, during
the period in which the debt is outstanding, there is a gearing effect on
HVPE's NAV, as the investments have already been made while HVPE's share of
the capital has not yet been called. Project finance has a very limited impact
on prospective cash flow but does contribute to the gearing effect.
In order to estimate the total potential gearing effect on NAV as at 31 July
2025, an investor should take the total fund-level borrowing figure of $564
million and factor in HVPE's net cash/debt position at the Company level (net
debt $456 million). The resulting net total borrowing figure of $1,020 million
would translate to an approximate level of look-through gearing of 24% at the
period end. Further detail on the credit facility and the criteria upon which
it can be drawn can be found under Note 6 "Debt Facility" on pages 43 and 44.
Expected Future Impact of the SMA on the Balance Sheet
As announced on 30 January 2025, HVPE will now make commitments via an SMA
structure rather than through HarbourVest funds. Amounts committed to the SMA
are allocated to underlying investments annually. This differs from a fund
structure where it normally takes several years to allocate committed capital
to underlying investments. The impact of moving to the SMA will be a reduction
in HVPE's unfunded commitments balance going forward, as the revised structure
will require fewer unallocated commitments.
HVPE's look-through exposure to borrowing at the HarbourVest fund level will
decline materially in the years ahead as the funds in its existing portfolio
mature and pay down debt. Additionally, the Company's pipeline of unfunded
commitments to HarbourVest funds will also decline, leading to more
predictable cash flows and a reduced need for borrowing at the HVPE level.
Both these factors will reduce HVPE's overall debt exposure in the years
ahead.
The transition period to the new structure will, by necessity, be gradual. New
commitments made going forward will be into the SMA, while the existing
portfolio of HarbourVest funds will continue to operate as before.
As this was the first period in which HVPE operated under the new SMA
structure, there was no material impact on the commitment or gearing levels
for the 6 months ended 31 July 2025.
Balance Sheet Ratios(23)
The Board and the Investment Manager refer to three key ratios when assessing
the Company's commitment levels:
1. Total Commitment Ratio ("TCR") (Total exposure to private markets investments as a percentage of NAV)
Investment Portfolio + Investment Pipeline $6.9bn
The level of the TCR is a key determinant of the Company's total commitment Divided by the NAV $4.2bn
capacity within a given time period. This ratio fell slightly to 165% at 31 165% (170% at 31 January 2025)
July 2025, as described on page 60 of the KPIs section.
2. Commitment Coverage Ratio (Short-term liquidity as a percentage of total Investment Pipeline)
Cash + available credit facility $0.7bn
The nature of HVPE's structure, whereby it commits to HarbourVest managed Divided by the Investment Pipeline $2.3bn
vehicles, which in turn invest in private equity managers, means that it 33% (34% at 31 January 2025)
typically takes longer for commitments to be drawn down compared with other
listed private equity funds. As a result, to remain fully invested, it has to
maintain a larger pipeline of unfunded commitments. This means that HVPE's
Commitment Coverage Ratio may appear relatively low in comparison with other
firms within its peer group(24). This ratio has decreased slightly, due to a
reduction in cash and the available credit facility. We expect the investment
pipeline will fall in the future as existing HarbourVest fund commitments are
called and new HarbourVest SMA commitments are made.
3. Medium-term Coverage Ratio ("MCR") (A measure of medium-term commitment coverage)
Cash + available credit facility (total $0.74bn) + next 12 months' estimated $1.5bn
HVPE's Investment Manager uses this third specific metric to provide greater distributions ($0.73bn)
insight into the Company's balance sheet position and a more relevant Divided by the next 36 months' estimated investments(25) $1.3bn
comparison with the Company's peer group. This ratio has increased following 114% (104% at 31 January 2025)
an increase in the available credit facility and an increase in forecast cash
distributions.
2. Commitment Coverage Ratio
The nature of HVPE's structure, whereby it commits to HarbourVest managed
vehicles, which in turn invest in private equity managers, means that it
typically takes longer for commitments to be drawn down compared with other
listed private equity funds. As a result, to remain fully invested, it has to
maintain a larger pipeline of unfunded commitments. This means that HVPE's
Commitment Coverage Ratio may appear relatively low in comparison with other
firms within its peer group(24). This ratio has decreased slightly, due to a
reduction in cash and the available credit facility. We expect the investment
pipeline will fall in the future as existing HarbourVest fund commitments are
called and new HarbourVest SMA commitments are made.
(Short-term liquidity as a percentage of total Investment Pipeline)
Cash + available credit facility $0.7bn
Divided by the Investment Pipeline $2.3bn
33% (34% at 31 January 2025)
3. Medium-term Coverage Ratio ("MCR")
HVPE's Investment Manager uses this third specific metric to provide greater
insight into the Company's balance sheet position and a more relevant
comparison with the Company's peer group. This ratio has increased following
an increase in the available credit facility and an increase in forecast cash
distributions.
(A measure of medium-term commitment coverage)
Cash + available credit facility (total $0.74bn) + next 12 months' estimated $1.5bn
distributions ($0.73bn)
Divided by the next 36 months' estimated investments(25) $1.3bn
114% (104% at 31 January 2025)
(23) These are considered as Alternative Performance Measures. More detail can
be found on pages 57 to 60
(24) The peer group refers to the UK listed private equity fund of funds: CT
Private Equity Trust, ICG Enterprise Trust, Pantheon International Plc and
Patria Private Equity Trust
(25) Estimated distributions and estimated investments taken from base case
scenario. For further details on cash flows and modelling, please see page 26.
The most recent published ratios, as at 30 September 2025, can be found within
HVPE's latest monthly factsheet on its website: www.hvpe.com
(http://www.hvpe.com) .
Managing costs
Total Expense Ratio ("TER")
HVPE's TER reflects the total cost incurred by the Company in assembling and
maintaining its portfolio of HarbourVest funds and Co-investments. The figure
is broken down into four distinct categories of expense.
First, there is the direct cost of running the Company in its own right,
encompassing items such as the maintenance of the credit facility, Board fees
and expenses, professional fees, marketing, financial reporting, the services
of a dedicated team from the Investment Manager, and compliance costs. These
costs, totalling 0.72% of average NAV in the 6 months to 31 July 2025 (6
months to 31 July 2024: 0.57%), are categorised as recurring operating
expenses as shown in the first line of the table below. The increase in
operating expenses is due to the increase in size of the credit facility
during the period as well as the amount utilised.
Secondly, operating costs relating to the HarbourVest funds amounted to a
further 0.10% of average NAV in the six-month period (six months to 31 July
2024: 0.08%).
Third, HVPE pays management fees to HarbourVest with respect to the funds in
which it invests, and also for the Secondary Co-investment in Conversus(26)
made alongside the HarbourVest funds. The total of all management fees in the
6 months to 31 July 2025 was equivalent to 0.29% of average NAV (6 months to
31 July 2024: 0.30%).
Finally, performance fees are charged on Secondary investments and Direct
Co-investments (not on Primary investments which make up 50% of HVPE's
portfolio). In total, these accounted for 0.30% of average NAV in the 6 months
to 31 July 2025 (6 months to 31 July 2024: 0.14%). The performance fee figure
varies from period to period and is driven by the performance achieved by the
relevant HarbourVest funds.
Together, these four cost components give a TER, net of interest income
(0.05%), of 1.36% for the 6 months to 31 July 2025. It is important to note
that, while the operating expenses and the management fees do not vary greatly
from one year to the next, the performance fee figure will vary significantly
depending on the returns delivered by the relevant underlying HarbourVest
funds. The TER for the 6 months to 31 July 2025 of 1.36% was 0.34 percentage
points higher than the same period in the prior year, predominantly owing to
an increase in credit facility costs and performance fees. The calculation
above excludes the fees charged by the underlying partnerships held by the
HarbourVest funds. It is important to note that all performance data we report
to shareholders is, and always has been, net of all fees and expenses.
Six months 12 months Six months
to 31 July 2025 to 31 January 2025 to 31 July 2024
Operating expenses12F(27) 0.72% 1.33% 0.57%
HarbourVest fund operating expenses13F(28) 0.10% 0.22% 0.08%
Management fees14F(29) 0.29% 0.62% 0.30%
Operating expense ratio 1.11% 2.17% 0.95%
Interest income15F(30) (0.05)% (0.15)% (0.07)%
Net operating expense ratio 1.06% 2.02% 0.88%
Performance fees16F(31) 0.30% 0.44% 0.14%
Total net expense ratio17F(32) 1.36% 2.46% 1.02%
(26) "HVPE Charlotte Co-Investment L.P." in the Unaudited Condensed Interim
Schedule of Investments.
(27) Operating expenses includes total expenses shown in the Unaudited
Condensed Interim Consolidated Statements of Operations, excluding management
fees from the Secondary Co-investments which are included in the management
fees in this table.
2(8) HVPE's share of fund-level operating expenses (professional fees and
organisational costs) which are included in realised and unrealised gains
(losses) on investments in the Unaudited Condensed Interim Consolidated
Statements of Operations.
29 This includes fund-level management fees payable to HarbourVest which are
included in realised and unrealised gains (losses) on investments in the
Unaudited Condensed Interim Consolidated Statements of Operations, together
with the management fees relating to secondary co-investments noted in 2
above.
3(0) This is shown as interest from cash and equivalents on the face of the
Unaudited Condensed Interim Consolidated Statements of Operations.
(31) This includes fund-level performance fees payable to HarbourVest which
are included in realised and unrealised gains (losses) on investments
in the Unaudited Condensed Interim Consolidated Statements of Operations.
(32) TERs are calculated using the average NAV over the respective periods
($4.1 billion in the six months ended 31 July 2025; $4.0 billion in the 12
months ended 31 January 2025; and $4.0 billion in the six months ended 31 July
2024).
Principal risks and uncertainties
Risk Factors and Internal Controls
The Board is responsible for the Company's risk management and internal
control systems, and actively monitors the risks faced by the Company, taking
steps to mitigate and minimise these where possible. Further details on the
Board's governance and oversight can be found on pages 70 to 71 of the 2025
Annual Report and Accounts. There have been no changes to the Company's
internal controls during this six-month financial reporting period.
Risk Appetite
The Board's investment risk appetite is to follow an overcommitment policy
that optimises investment returns and associated distributions, allows
balanced, regular investment through economic and investment cycles, and
ensures that it has access to sufficient funding for any potential negative
cash flow situations, including under an Extreme Downside scenario. At the
same time, the funding available to the Company by way of cash balances and
lending facilities is managed to ensure that its cost, by way of interest,
facility fees or cash drag, is reasonable. When considering other risks, the
Board's risk appetite is to balance the potential impact and likelihood of
each risk with its ability and desire to control and mitigate the risk to an
acceptable level. In doing so, as a baseline, the Board will seek to follow
best practice and remain compliant with all applicable laws, rules, and
regulations.
Risk Management
The Directors have adopted a risk management framework which governs how the
Board identifies and measures risks, determines risk appetite, assesses
mitigation and controls, and reports on risks. The Board reviews risks at
least twice a year and receives in depth reports on specific risks as
recommended by the Audit and Risk Committee. The Board divides identified
risks into those which have a higher probability and a significant potential
impact and those which are less material and are monitored on a watch list.
The Board also conducts an annual exercise to identify new or emerging risks.
In considering material risks, the Board identifies those which should be
categorised as principal risks, which are those where the combination of
probability and impact is assessed as being most significant and which the
Board therefore considers could seriously affect the performance, future
prospects, or reputation of the Company.
Risk Commentary
During the period under review, macroeconomic and geopolitical uncertainty
continued. Global equity markets declined at the start of the period,
bottoming out shortly after the US government's tariff announcements in early
April. Markets subsequently recovered, hitting new record highs, despite
ongoing changes in the global trade environment and persistent geopolitical
tensions in multiple regions. HVPE's share price followed a similar pattern
although its recovery in sterling terms did not fully offset the initial
decline, resulting in a 1.8% decrease over the six-month period. HVPE's
discount remained stubbornly wide during the period, with the popularity of
the listed private equity sector ("LPE") continuing to be weighed upon by
reduced private market exit activity and valuation concerns. Whilst the
continued low level of portfolio distributions has had a dampening impact on
the LPE sector, HVPE maintains a strong balance sheet, with significant
undrawn capacity available on its credit facility to address potential adverse
scenarios moving forward. The portfolio's overall performance remains
positive, and there are indications that exit activity may increase once
market uncertainty begins to dissipate. The Company's Principal Risks remain
as follows:
Principal Risk Description
Performance of HarbourVest The risk posed by the Company's dependence on its Investment Manager.
Public Market Risks The risk of a decline in global public markets or a deterioration in the
economic environment.
Valuation Risk The risk that market instability leads to continuing uncertainty in private
asset valuations based on comparisons with listed companies, together with
general market scepticism about the likely movement in valuation.
Balance Sheet Risks Risks to the Company's balance sheet resulting from its over-commitment
strategy, borrowing arrangements and policy for the use of leverage.
Popularity of Listed Private Equity Sector The risk that investor sentiment towards the listed private equity sector as a
whole may deteriorate significantly.
Trading Liquidity and Price The risk that the number of shares traded in the Company is insufficient to
maintain interest in the stock, or that the discount of the share price to NAV
per share fails to narrow.
Directors' report
Semi-Annual Report and Unaudited Condensed Interim Consolidated
Financial Statements
A description of the important events that have occurred during the six months
ended 31 July 2025 and their impact on the performance of the Company are
given in the Chair's Statement and the Investment Manager's Report on pages 3
and 6 respectively, which are integral components of the Semi-Annual Report
and Unaudited Condensed Interim Consolidated Financial Statements (together
the "Semi-Annual Report and Accounts").
The principal risks and uncertainties facing the Company can be found on page
24.
There were no material related party transactions which took place in the
first six months of the financial year, other than those disclosed in Note 9
to the Interim Financial Statements. There have been no changes to the related
party transactions described in the 2025 Annual Report and Accounts that could
have a material effect on the financial position or performance of the Company
in the first six months of the current financial year.
This Semi-Annual Report and Accounts has been reviewed by the Company's
auditor in accordance with guidance contained in International Standard on
Review Engagements (UK) 2410 Review of Interim Financial Information Performed
by the Independent Auditor of the Entity issued by the Financial Reporting
Council ("ISRE 2410").
Introduction to the Going Concern Statement
Since the inception of HVPE, the Directors have relied upon model scenarios to
manage the Company's liquidity requirements and balance sheet risk more
generally. This modelling allows the Directors to evaluate whether the Company
is a going concern and provides evidence to support the Directors' going
concern statement in the Company's Interim Report and Accounts. While the
modelling process has been refined over the years, it has provided a
consistent approach through which the Directors have been able to provide a
firm assessment, as demonstrated through the Global Financial Crisis and
COVID-19 pandemic.
Historically the Directors have assessed four scenarios: Aggregate, Base, Low
and Extreme Downside presented by the Investment Manager. This allows the
Directors' flexibility in choosing the most appropriate scenario for the
current market environment and actual activity recorded since the end of the
previous reporting period. As more fully explained in the Investment Manager's
Report above, during the period under review and subsequent to the period-end,
the challenging macroeconomic and geopolitical environment has resulted in
higher inflation, higher interest rates, volatility in public markets and
subdued activity in private markets. The Company's cash flows have been
tracking closer to the Low scenario considered at the start of the year.
Given this trend in year-to-date activity, the Directors also considered a
stress test of the Low scenario, which included higher new commitments
(resulting in higher capital calls) and lower distributions due to
unfavourable capital markets. This stress test is considered a plausible
downside scenario from current levels and allowed the Directors to assess the
liquidity of the Company considering the ongoing market uncertainty following
the US government's tariff announcements earlier in the year.
In considering Going Concern for the required one-year period for these 2025
Interim Report and Accounts, the Directors primarily focused on two model
scenarios: the Low and the Extreme Downside, while allowing for the
possibility of falling between these two scenarios in the stress test of the
Low scenario. These scenarios have been used to form the basis of the Going
Concern statement as provided below. The credit facility provides an
additional source of capital to HVPE which helps to underpin the existing and
future commitments of the Company. The Company maintains a credit facility of
$1.2 billion which extends out to mid-2029 to align with the ongoing growth
strategy and risk management practices of the Company. Along with the model
scenarios discussed above, the available credit facility provides further
support in the Board's assessment of going concern.
Going Concern Statement
In accordance with the AIC Code of Corporate Governance and US GAAP, the Board
has performed a robust assessment of principal risks (refer to page 24 for an
update on the Principal Risks of the Company) along with the assessment of
whether the Company will remain a going concern through the period ending 31
December 2026 which covers the twelve months from the signing of the interim
financial statements and whether it believes that the principal risks of the
Company will remain as identified on page 24 of this report over the going
concern assessment period.
The Board considered model scenarios assuming varying degrees of impact on the
portfolio over the period ending 31 December 2026. The Board primarily focused
on the Low Case and the Extreme Downside Case as noted above. The Low Case was
considered a plausible scenario given the current economic environment, as the
Investment Manager included reasonable portfolio growth and distribution
levels for the current environment in the assumptions of the Low Case for
2025. While the Low Case was the primary focus of the Board in assessing the
going concern of the Company, a stress test of the Low Case scenario and the
Extreme Downside Case were also considered. The stress test of the Low Case
adjusted some of the key assumptions including higher new commitments (which
led to higher capital calls) and lower distributions considering the
possibility of less favourable capital markets. The Extreme Downside Case was
designed to specifically stress the balance sheet with multiple worst case
scenarios all playing out to 31 December 2026; 1) a credit crisis resulting in
all of the fund-level bridging leverage being called at once as the underlying
HarbourVest fund credit facilities could not be renewed ($557.1 million in
unexpected capital called), 2) despite this credit crisis capital calls are
still being received at levels experienced over the last five years (i.e. no
material decline in the level of capital calls as seen during the GFC), 3)
material asset value declines similar to what was experienced during the GFC,
and 4) distribution levels falling to levels equivalent to what was
experienced during the GFC. The Board does not believe the Extreme Downside
Case is a likely scenario but factors this into the going concern
assessment.
The results of these model scenarios showed that the Company would have
sufficient resources to withstand the impact of all scenarios occurring to 31
December 2026. Although the Extreme Downside scenario projects net leverage
slightly exceeding the credit facility size by the end of 2026. Under this
scenario the Board would take some action to raise additional capital, either
by increasing access to credit or selling assets to raise additional capital
and reducing future capital calls.
A continuation vote is scheduled in July 2026, which falls within the Going
Concern assessment period. The Board elected to include the continuation vote
to improve HVPE's corporate governance. The Board acknowledges the risk this
introduces during the Going Concern assessment period and will continue to
monitor and assess the potential outcome of the vote. The Board will provide
further information closer to the date of the vote, however at the date of
approving the Interim Report and Accounts, the Board believes shareholders
will vote in favour of continuation.
The Directors have concluded the working capital of the Company is sufficient
for its current requirements and the Company will be able to continue in
operation through 31 December 2026, which covers at least a twelve-month
period from the signing of the Interim Report and Accounts. Therefore, the
Directors consider it appropriate to adopt the going concern basis in
preparing the Interim Report and Accounts.
Statement of Directors' Responsibilities in Respect of the Semi-Annual Report
and Accounts
The Directors are responsible for preparing the Semi-Annual Report and
Accounts in accordance with applicable law and regulations.
The Directors confirm that to the best of their knowledge:
· the Semi-Annual Report and Accounts have been prepared in
accordance with US GAAP and give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company and other
undertakings included in the consolidation as a whole, as required by DTR
4.2.4R; and
· the Chair's Statement, Investment Manager's Report, and Principal
Risks and Uncertainties section include a fair review of the information
required by:
(i) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being
an indication of important events that have occurred during the first six
months of the financial year and their impact on the Interim Financial
Statements; and a description of the principal risks and uncertainties for the
remaining six months of the financial year; and
(ii) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the financial year and that have materially affected the financial position or
the performance of the entity during that period; and any changes in the
related party transactions described in the 2025 Annual Report and Accounts
that could do so.
By order of the Board
22 October 2025
INTERIM FINANCIAL STATEMENTS
Independent Review Report
to HarbourVest Global Private Equity Limited
Conclusion
We have been engaged by HarbourVest Global Private Equity Limited (the
"Company") and its subsidiaries (together the "Group") to review the Condensed
Interim Consolidated Financial Statements in the Semi-Annual Report and
Accounts for the six months ended 31 July 2025 which comprises Condensed
Interim Consolidated Statement of Assets and Liabilities, Condensed Interim
Consolidated Statement of Operations, Condensed Interim Consolidated Statement
of Changes in Net Assets, Condensed Interim Consolidated Statement of Cash
Flows, Condensed Interim Consolidated Schedule of Investments and the related
Notes 1 to 12. We have read the other information contained in the Semi-Annual
Report and Accounts and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the
Condensed Interim Consolidated Financial Statements.
Based on our review, nothing has come to our attention that causes us to
believe that the Condensed Interim Consolidated Financial Statements in the
Semi-Annual Report and Accounts for the six months ended 31 July 2025 are not
prepared, in all material respects, in accordance with the accounting
principles generally accepted in the United States of America ("US GAAP") and
the Disclosure Guidance and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in Note 2, the annual Consolidated Financial Statements of the
group are prepared in accordance with US GAAP. The Condensed Interim
Consolidated Financial Statements included in this Semi-Annual Report and
Accounts have been prepared in accordance with US GAAP.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the Directors
The Directors are responsible for preparing the Semi-Annual Report and
Accounts in accordance with the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
In preparing the Semi-Annual Report and Accounts, the directors are
responsible for assessing the company's ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the Semi-Annual Report and Accounts, we are responsible for
expressing to the Company a conclusion on the Condensed Interim Consolidated
Financial Statements in the Semi-Annual Report and Accounts. Our conclusion,
including our Conclusions relating to Going Concern, are based on procedures
that are less extensive than audit procedures, as described in the Basis for
Conclusion paragraph of this report.
Use of our report
This report is made solely to the Company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK) "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the Company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
Guernsey, Channel Islands
22 October 2025
Unaudited Condensed Interim Consolidated Statements of Assets and Liabilities
At 31 JULY AND 31 JANUARY 2025
In US Dollars 31 July 2025 31 January 2025
(Unaudited) (Audited)
(in thousands*) (in thousands*)
Assets
Investments (Note 4) 4,649,647 4,374,601
Cash and equivalents 115,265 122,990
Other assets 17,482 19,566
Accounts receivable from HarbourVest Advisers L.P. (Note 9) - 244
Total assets 4,782,394 4,517,401
Liabilities
Amounts due under the credit facilities (Note 6) 571,000 480,000
Accounts payable and accrued expenses 12,110 14,444
Accounts payable to HarbourVest Advisers L.P. (Note 9) 51 -
Total liabilities 583,161 494,444
Net assets $4,199,233 $4,022,957
Net assets consist of
Shares, unlimited shares authorised, 72,966,682 and 74,268,671 shares issued $4,199,233 4,022,957
and outstanding at 31 July 2025 and 31 January 2025 respectively, no par value
Net assets $4,199,233 $4,022,957
Net asset value per share $57.55 $54.17
* Except net asset value per share
The accompanying notes are an integral part of the Unaudited Condensed Interim
Consolidated Financial Statements.
The Unaudited Condensed Interim Consolidated Financial Statements on pages 30
to 45 were approved by the Board on 22 October 2025 and were signed on its
behalf by:
Ed
Warner
Steven Wilderspin
Chair
Chair of the Audit and Risk Committee
Unaudited Condensed Interim Consolidated Statements of Operations
For the SIX-MONTH PERIODS Ended 31 jULY 2025 and 2024
In US Dollars 31 July 2025 31 July 2024
(in thousands) (in thousands)
Realised and unrealised gains on investments
Net realised gain on investments 49,429 67,789
Net change in unrealised appreciation on investments 198,170 38,619
Net gain on investments 247,599 106,408
Investment income
Interest and dividends from cash and equivalents 1,857 2,644
Other income 149 111
Expenses
Interest expense (Note 6) 20,543 15,736
Commitment fees (Note 6) 3,415 3,059
Financing expenses 2,315 916
Investment services (Note 3) 1,531 1,436
Professional fees 911 480
Marketing expenses 465 208
Directors' fees and expenses (Note 9) 262 246
Management fees (Note 3) 36 56
Other expenses 362 457
Total expenses 29,840 22,594
Net investment loss (27,834) (19,839)
Net increase in net assets resulting from operations $219,765 $86,569
The accompanying notes are an integral part of the Unaudited Condensed Interim
Consolidated Financial Statements.
Unaudited Condensed Interim Consolidated Statements of Changes in Net Assets
For the SIX-MONTH PERIODS Ended 31 jULY 2025 and 2024
In US Dollars 31 July 2025 31 July 2024
(in thousands) (in thousands)
Increase in net assets from operations
Net realised gain on investments 49,429 67,789
Net change in unrealised appreciation on investments 198,170 38,619
Net investment loss (27,834) (19,839)
Net increase in net assets resulting from operations 219,765 86,569
Capital Share Transactions
Share repurchase (43,489) (44,552)
Net decrease in net assets from capital share transactions (43,489) (44,552)
Total increase in net assets 176,276 42,017
Net assets at beginning of period 4,022,957 3,920,572
Net assets at end of period $4,199,233 $3,962,589
The accompanying notes are an integral part of the Unaudited Condensed Interim
Consolidated Financial Statements.
Unaudited Condensed Interim Consolidated Statements of Cash Flows
For the SIX-MONTH PERIODS Ended 31 jULY 2025 and 2024
In US Dollars 31 July 2025 31 July 2024
(in thousands) (in thousands)
Cash flows from operating activities
Net increase in net assets resulting from operations 219,765 86,569
Adjustments to reconcile net increase in net assets resulting from operations
to net cash used in operating activities:
Net realised gain on investments (49,429) (67,789)
Net change in unrealised appreciation on investments (198,170) (38,619)
Contributions to private equity investments (169,798) (270,242)
Distributions from private equity investments 142,351 136,666
Other 45 (7,561)
Net cash used in operating activities (55,236) (160,976)
Cash flows from financing activities
Proceeds from borrowing on the credit facilities 91,000 570,000
Repayments in respect of the credit facilities - (365,000)
Share repurchase (43,489) (44,552)
Net cash provided by financing activities 47,511 160,448
Net change in cash and equivalents (7,725) (528)
Cash and equivalents at beginning of period 122,990 140,156
Cash and equivalents at end of period $115,265 $139,628
Supplemental disclosure:
Interest paid during the period $19,640 $15,225
The accompanying notes are an integral part of the Unaudited Condensed Interim
Consolidated Financial Statements.
Unaudited Condensed Interim Consolidated Schedule of Investments
At 31 JULY 2025
In US Dollars
Unfunded Amount Distributions Fair Value
Commitment Invested* Received Fair Value as a % of
US Funds (in thousands) (in thousands) (in thousands) (in thousands) Net Assets
HarbourVest Partners VI-Direct Fund L.P. 1,313 46,722 41,081 2,791 0.1
HarbourVest Partners VII-Venture Partnership Fund L.P.(†) 2,319 135,290 205,308 1,700 0.0
HarbourVest Partners VIII-Cayman Mezzanine and Distressed Debt Fund L.P. 675 0.0
2,000 48,202 62,811
HarbourVest Partners VIII-Cayman Buyout Fund L.P. 7,500 245,259 420,282 1,525 0.0
HarbourVest Partners VIII-Cayman Venture Fund L.P. 1,000 49,192 94,582 15,169 0.4
HarbourVest Partners IX-Cayman Buyout Fund L.P. 8,520 62,761 112,985 20,281 0.5
HarbourVest Partners IX-Cayman Credit Opportunities Fund L.P. 1,438 11,111 14,446 2,608 0.1
HarbourVest Partners IX-Cayman Venture Fund L.P. 3,500 66,826 157,438 66,688 1.6
HarbourVest Partners 2013 Cayman Direct Fund L.P. 3,229 97,131 170,050 25,596 0.6
HarbourVest Partners Cayman Cleantech Fund II L.P. 900 19,156 25,673 14,458 0.3
HarbourVest Partners X Buyout Feeder Fund L.P. 34,650 217,378 190,394 207,246 4.9
HarbourVest Partners X Venture Feeder Fund L.P. 6,290 141,764 123,662 272,784 6.5
HarbourVest Partners Mezzanine Income Fund L.P. 8,155 42,067 76,345 6,439 0.2
HarbourVest Partners XI Buyout Feeder Fund L.P. 62,300 287,700 82,498 394,088 9.4
HarbourVest Partners XI Micro Buyout Feeder Fund L.P. 5,655 59,345 21,957 78,127 1.9
HarbourVest Partners XI Venture Feeder Fund L.P. 13,300 176,736 47,340 258,134 6.1
HarbourVest Partners XII Buyout Feeder Fund L.P. 264,825 230,175 5,403 293,905 7.0
HarbourVest Partners XII Micro Buyout Feeder Fund L.P. 39,200 40,800 579 46,831 1.1
HarbourVest Partners XII Venture Feeder Fund L.P. 65,138 69,863 1,061 86,467 2.1
HarbourVest Partners XII Venture AIF SCSp 70,150 44,925 378 56,513 1.3
Harbourvest Infrastructure Income Delaware Parallel Partnership 123,732 2.9
- 117,233 40,938
HarbourVest Partners XIII Buyout Feeder Fund L.P. 70,000 - - 273 0.0
HarbourVest Partners XIII Small Cap Feeder Fund L.P. 19,200 800 - 879 0.0
HarbourVest Partners XIII Venture Feeder Fund L.P. 40,000 - - 211 0.0
Total US Funds 730,580 2,210,435 1,895,215 1,977,121 47.1
Unfunded Amount Distributions Fair Value
Commitment Invested* Received Fair Value as a % of
International/Global Funds (in thousands) (in thousands) (in thousands) (in thousands) Net Assets
Dover Street VII Cayman L.P. 4,250 83,504 118,312 111 0.0
HIPEP VI-Cayman Partnership Fund L.P.** 5,709 117,845 195,922 49,561 1.2
HIPEP VI-Cayman Asia Pacific Fund L.P. 2,500 47,687 66,170 11,511 0.3
HIPEP VI-Cayman Emerging Markets Fund L.P. - 30,059 23,243 11,726 0.3
Dover Street VIII Cayman L.P. 14,400 165,724 265,014 8,957 0.2
HVPE Charlotte Co-Investment L.P. - 93,894 162,267 824 0.0
HarbourVest Global Annual Private Equity Fund L.P. 9,000 91,001 155,592 60,942 1.5
HIPEP VII Partnership Feeder Fund L.P. 9,688 115,313 145,378 112,815 2.7
HIPEP VII Asia Pacific Feeder Fund L.P. 1,200 28,800 26,428 24,044 0.6
HIPEP VII Emerging Markets Feeder Fund L.P. 2,600 17,400 13,210 17,320 0.4
HIPEP VII Europe Feeder Fund L.P.(††) 7,193 64,329 98,098 63,184 1.5
HarbourVest Canada Parallel Growth Fund L.P.(‡‡) 2,844 21,298 24,745 16,995 0.4
HarbourVest 2015 Global Fund L.P. 7,000 93,017 133,793 60,275 1.4
HarbourVest 2016 Global AIF L.P. 13,000 87,026 101,589 75,657 1.8
HarbourVest Partners Co-Investment IV AIF L.P. 7,000 93,000 101,507 66,024 1.6
Dover Street IX Cayman L.P. 9,000 91,000 107,535 42,830 1.0
HarbourVest Real Assets III Feeder L.P. 3,750 46,250 27,362 41,561 1.0
HarbourVest 2017 Global AIF L.P. 16,000 84,021 81,942 74,804 1.8
HIPEP VIII Partnership AIF L.P. 15,725 154,275 60,207 187,061 4.5
Secondary Overflow Fund III L.P. 22,354 62,804 79,420 40,488 1.0
HarbourVest Asia Pacific VIII AIF Fund L.P. 3,375 46,631 14,544 48,049 1.1
HarbourVest 2018 Global Feeder Fund L.P. 9,450 60,550 32,241 73,044 1.7
HarbourVest Partners Co-Investment V Feeder Fund L.P. 22,500 77,548 48,085 116,504 2.8
HarbourVest Real Assets IV Feeder L.P. 8,500 41,500 17,732 40,726 1.0
HarbourVest 2019 Global Feeder Fund L.P. 22,000 78,007 22,410 107,409 2.6
HarbourVest Credit Opportunities 1,500 48,500 23,107 43,610 1.0
Fund II L.P.
Dover Street X Feeder Fund L.P. 28,500 121,518 49,849 132,413 3.2
Secondary Overflow Fund IV L.P. 44,116 85,290 31,483 99,301 2.4
HIPEP IX Feeder Fund L.P. 227,950 257,058 21,848 300,734 7.2
HarbourVest 2020 Global Feeder Fund L.P. 6,500 43,501 4,679 54,124 1.3
HarbourVest Partners Co-Investment VI Feeder Fund L.P. 18,750 106,256 1,917 144,197 3.4
HarbourVest Asia Pacific 5 Feeder Fund L.P. 145,500 154,500 1,163 178,725 4.3
HarbourVest 2021 Global Feeder Fund L.P. 52,172 117,880 5,359 139,022 3.3
HarbourVest 2022 Global Feeder Fund L.P. 1,185 67,659 1.6
51,000 49,000
Dover Street XI Feeder Fund L.P. 160,000 90,000 8,052 116,166 2.8
HarbourVest Credit Opportunities III Feeder Fund L.P. 0.2
115,625 9,375 1,511 9,142
HIPEP X Feeder Fund L.P. 310,400 9,600 - 16,915 0.4
HarbourVest Infrastructure Opportunities III Feeder Fund L.P. 95,000 5,000 - 9,520 0.2
Secondary Overflow Fund V L.P. - - - (107) 0.0
HarbourVest Partners Stewardship Feeder Fund L.P. 27,388 7,666 - 8,345 0.2
HarbourVest Private Equity Continuation Solutions Feeder Fund L.P 50,000 - - 338 0.0
Total International/Global Funds 1,553,437 2,997,628 2,272,900 2,672,526 63.6
Total Investments 2,284,017 5,208,063 4,168,115 4,649,647 110.7
* Includes purchase of limited partner interests for
shares and cash at the time of HVPE's IPO.
† Includes ownership interests in HarbourVest
Partners VII-Cayman Partnership entities.
** Fund denominated in euros. Commitment amount is
€100,000,000.
†† Fund denominated in euros. Commitment amount is
€63,000,000.
‡‡ Fund denominated in Canadian dollars. Commitment
amount is C$32,000,000.
As of 31 July 2025, the cost basis of partnership investments is
$2,984,799,000.
Totals and subtotals may not recalculate due to rounding.
The accompanying notes are an integral part of the Unaudited Condensed Interim
Consolidated Financial Statements.
AT 31 JANUARY 2025 (AUDITED)
In US Dollars
Unfunded Amount Distributions Fair Value
Commitment Invested* Received Fair Value as a % of
US Funds (in thousands) (in thousands) (in thousands) (in thousands) Net Assets
HarbourVest Partners VI-Direct Fund L.P. 1,313 46,722 41,081 2,508 0.1
HarbourVest Partners VII-Venture Partnership Fund L.P.(†) 2,319 135,290 205,308 1,558 0.0
HarbourVest Partners VIII-Cayman Mezzanine and Distressed Debt Fund L.P. 679 0.0
2,000 48,202 62,811
HarbourVest Partners VIII-Cayman Buyout Fund L.P. 7,500 245,259 420,282 1,517 0.0
HarbourVest Partners VIII-Cayman Venture Fund L.P. 1,000 49,192 92,447 17,035 0.4
HarbourVest Partners IX-Cayman Buyout Fund L.P. 8,520 62,761 109,735 24,230 0.6
HarbourVest Partners IX-Cayman Credit Opportunities Fund L.P. 1,438 11,111 14,141 3,061 0.1
HarbourVest Partners IX-Cayman Venture Fund L.P. 3,500 66,826 148,455 71,624 1.8
HarbourVest Partners 2013 Cayman Direct Fund L.P. 3,229 97,131 166,055 29,717 0.7
HarbourVest Partners Cayman Cleantech Fund II L.P. 900 19,156 21,404 17,014 0.4
HarbourVest Partners X Buyout Feeder Fund L.P. 34,650 217,378 178,034 222,685 5.5
HarbourVest Partners X Venture Feeder Fund L.P. 6,290 141,764 113,071 254,014 6.3
HarbourVest Partners Mezzanine Income Fund L.P. 8,155 42,067 74,761 10,344 0.3
HarbourVest Partners XI Buyout Feeder Fund L.P. 62,300 287,700 82,498 382,424 9.5
HarbourVest Partners XI Micro Buyout Feeder Fund L.P. 5,655 59,345 21,957 76,178 1.9
HarbourVest Partners XI Venture Feeder Fund L.P. 13,300 176,736 46,989 244,019 6.1
HarbourVest Partners XII Buyout Feeder Fund L.P. 277,200 217,800 5,403 263,894 6.6
HarbourVest Partners XII Micro Buyout Feeder Fund L.P. 44,400 35,600 579 39,655 1.0
HarbourVest Partners XII Venture Feeder Fund L.P. 74,588 60,413 1,061 72,977 1.8
HarbourVest Partners XII Venture AIF SCSp 46,597 1.2
77,625 37,450 378
Harbourvest Infrastructure Income Delaware Parallel Partnership 113,833 2.8
- 117,233 39,846
HarbourVest Partners XIII Buyout Feeder Fund L.P. 70,000 - - 133 0.0
HarbourVest Partners XIII Small Cap Feeder Fund L.P. 20,000 - - 18 0.0
HarbourVest Partners XIII Venture Feeder Fund L.P. 40,000 - - 120 0.0
Total US Funds 765,880 2,175,135 1,846,300 1,895,836 47.1
Unfunded Amount Distributions Fair Value
Commitment Invested* Received Fair Value as a % of
International/Global Funds (in thousands) (in thousands) (in thousands) (in thousands) Net Assets
Dover Street VII Cayman L.P. 4,250 83,504 118,312 108 0.0
HIPEP VI-Cayman Partnership Fund L.P.** 5,181 117,845 192,120 39,810 1.0
HIPEP VI-Cayman Asia Pacific Fund L.P. 2,500 47,687 64,495 12,245 0.3
HIPEP VI-Cayman Emerging Markets Fund L.P. - 30,059 21,678 14,333 0.4
Dover Street VIII Cayman L.P. 14,400 165,724 265,014 8,797 0.2
HVPE Charlotte Co-Investment L.P. - 93,894 162,267 839 0.0
HarbourVest Global Annual Private Equity Fund L.P. 9,000 91,001 152,834 63,634 1.6
HIPEP VII Partnership Feeder Fund L.P. 9,688 115,313 134,970 116,259 2.9
HIPEP VII Asia Pacific Feeder Fund L.P. 1,200 28,800 24,500 25,343 0.6
HIPEP VII Emerging Markets Feeder Fund L.P. 2,600 17,400 9,747 21,113 0.5
HIPEP VII Europe Feeder Fund L.P.(††) 6,528 64,329 90,515 64,428 1.6
HarbourVest Canada Parallel Growth Fund L.P.(‡‡) 2,709 21,298 18,565 24,335 0.6
HarbourVest 2015 Global Fund L.P. 7,000 93,017 128,444 62,336 1.5
HarbourVest 2016 Global AIF L.P. 15,000 85,026 99,040 65,823 1.6
HarbourVest Partners Co-Investment IV AIF L.P. 7,000 93,000 96,234 75,665 1.9
Dover Street IX Cayman L.P. 9,000 91,000 105,650 46,149 1.1
HarbourVest Real Assets III Feeder L.P. 3,750 46,250 26,469 37,774 0.9
HarbourVest 2017 Global AIF L.P. 18,000 82,021 74,805 79,505 2.0
HIPEP VIII Partnership AIF L.P. 15,725 154,275 56,301 174,526 4.3
Secondary Overflow Fund III L.P. 22,354 62,804 73,594 46,842 1.2
HarbourVest Asia Pacific VIII AIF Fund L.P. 3,375 46,631 14,544 46,272 1.2
HarbourVest 2018 Global Feeder Fund L.P. 10,150 59,850 30,212 72,899 1.8
HarbourVest Partners Co-Investment V Feeder Fund L.P. 22,500 77,548 44,752 112,143 2.8
HarbourVest Real Assets IV Feeder L.P. 8,500 41,500 16,912 41,390 1.0
HarbourVest 2019 Global Feeder Fund L.P. 26,000 74,007 18,410 104,468 2.6
HarbourVest Credit Opportunities 1,500 48,500 20,383 43,293 1.1
Fund II L.P.
Dover Street X Feeder Fund L.P. 30,000 120,018 46,853 134,688 3.3
Secondary Overflow Fund IV L.P. 45,290 84,116 30,870 94,977 2.4
HIPEP IX Feeder Fund L.P. 261,900 223,108 21,284 243,790 6.1
HarbourVest 2020 Global Feeder Fund L.P. 7,750 42,251 4,633 50,263 1.2
HarbourVest Partners Co-Investment VI Feeder Fund L.P. 18,750 106,256 1,917 131,532 3.3
HarbourVest Asia Pacific 5 Feeder Fund L.P. 169,500 130,500 1,163 145,251 3.6
HarbourVest 2021 Global Feeder Fund L.P. 58,122 111,930 5,359 126,324 3.1
HarbourVest 2022 Global Feeder Fund L.P. 1,185 56,597 1.4
57,500 42,500
Dover Street XI Feeder Fund L.P. 187,500 62,500 5,432 80,512 2.0
HarbourVest Credit Opportunities III Feeder Fund L.P. 0.0
125,000 - - 1,143
HIPEP X Feeder Fund L.P. 320,000 - - 2,901 0.1
HarbourVest Infrastructure Opportunities III Feeder Fund L.P. 100,000 - - 2,740 0.1
Secondary Overflow Fund V L.P. - - - (97) 0.0
HarbourVest Partners Stewardship Feeder Fund L.P. 27,388 7,666 - 8,078 0.2
HarbourVest Private Equity Continuation Solutions Feeder Fund L.P 50,000 - - (262) 0.0
Total International/Global Funds 1,686,608 2,863,130 2,179,464 2,478,766 61.6
Total Investments 2,452,488 5,038,265 4,025,764 4,374,601 108.7
* Includes purchase of limited partner interests for
shares and cash at the time of HVPE's IPO.
† Includes ownership interests in HarbourVest
Partners VII-Cayman Partnership entities.
** Fund denominated in euros. Commitment amount is
€100,000,000.
†† Fund denominated in euros. Commitment amount is
€63,000,000.
‡‡ Fund denominated in Canadian dollars. Commitment
amount is C$32,000,000.
As of 31 January 2025, the cost basis of partnership investments is
$2,907,922,000.
Totals and subtotals may not recalculate due to rounding.
The accompanying notes are an integral part of the Unaudited Condensed Interim
Consolidated Financial Statements.
Notes to Unaudited Condensed Interim Consolidated Financial Statements
Note 1 Company Organisation and Investment Objective
HarbourVest Global Private Equity Limited (the "Company" or "HVPE") is a
closed-ended investment company registered with the Registrar of Companies in
Guernsey under The Companies (Guernsey) Law, 2008. The Company's registered
office is BNP Paribas House, St Julian's Avenue, St Peter Port, Guernsey GY1
1WA.
The Company was incorporated and registered in Guernsey on 18 October 2007.
HVPE is designed to offer shareholders long-term capital appreciation by
investing in a diversified portfolio of private equity investments. The
Company invests in private equity through private equity funds and may
make co-investments or other opportunistic investments. The Company is
managed by HarbourVest Advisers L.P. (the "Investment Manager"), an affiliate
of HarbourVest Partners, LLC ("HarbourVest"), a private equity fund-of-funds
manager that typically invests capital in primary partnerships, secondary
investments, and direct investments across vintage years, geographies,
industries, and strategies.
Operations of the Company commenced on 6 December 2007, following the initial
global offering of the Class A Ordinary Shares.
Share Capital
At 31 July 2025, the Company's 72,966,682 shares were listed on the London
Stock Exchange under the symbol "HVPE". The shares are entitled to the income
and increases and decreases in the net asset value ("NAV") of the Company, and
to any dividends declared and paid, and have full voting rights. Dividends may
be declared by the Board of Directors and paid from available assets subject
to the Directors being satisfied that the Company will, immediately after
payment of the dividend, satisfy the statutory solvency test prescribed by The
Companies (Guernsey) Law, 2008. The company repurchased 1,301,989 and
1,452,798 shares during the periods ended 31 July 2025 and 31 July 2024,
respectively.
Dividends would be paid to shareholders pro rata to their shareholdings.
The shareholders must approve any amendment to the Memorandum and Articles of
Incorporation. The approval of 75% of the shares is required in respect of any
changes that are administrative in nature, any material change from the
investment strategy and/or investment objective of the Company, or any
material change to the terms of the Investment Management Agreement.
There is no minimum statutory capital requirement under Guernsey law.
Investment Manager, Company Secretary, and Administrator
The Directors have delegated certain day-to-day operations of the Company to
the Investment Manager and the Company Secretary and Administrator, under
advice of the Directors, pursuant to service agreements with those parties,
within the context of the strategy set by the Board. The Investment Manager is
responsible for, among other things, selecting, acquiring, and disposing of
the Company's investments, carrying out financing, cash management, and risk
management activities, providing investment advisory services, including with
respect to HVPE's investment policies and procedures, and arranging for
personnel and support staff of the Investment Manager to assist in the
administrative and executive functions of the Company.
Directors
The Directors are responsible for the determination of the investment policy
of the Company on the advice of the Investment Manager and have overall
responsibility for the Company's activities. This includes the periodic review
of the Investment Manager's compliance with the Company's investment policies
and procedures, and the approval of certain investments. A majority of
Directors must be independent Directors and not affiliated with HarbourVest
or any affiliate of HarbourVest.
Note 2 Summary of Significant Accounting Policies
Accounting policies have been applied consistently as presented in the latest
audited accounts which have been prepared under US GAAP.
Note 3 Material Agreements and Related Fees
Administrative Agreement
The Company has retained BNP Paribas S.A., Guernsey Branch ("BNP") as Company
Secretary and Administrator. Fees for these services are paid as invoiced by
BNP and include an administration fee of £50,000 per annum, a secretarial fee
of £60,000 per annum, a compliance services fee of £15,000 per annum, ad-hoc
service fees, and reimbursable expenses. During the periods ended 31 July 2025
and 2024, fees of $112,000 and $81,000, respectively, were incurred to BNP and
are included as other expenses in the Unaudited Condensed Interim Consolidated
Statements of Operations.
Registrar
The Company has retained MUFG, previously Link Market Services, as share
registrar. Fees for this service include a base fee of £16,800, plus other
miscellaneous expenses. During the periods ended 31 July 2025 and 2024,
registrar fees of $32,000 and $10,000, respectively, were incurred and are
included as other expenses in the Unaudited Condensed Interim Consolidated
Statements of Operations.
Independent Auditor's Fees
For the periods ended 31 July 2025 and 2024, auditor fees of $364,000 and
$273,000 were accrued, respectively, and are included in professional fees in
the Unaudited Condensed Interim Consolidated Statements of Operations. The 31
July 2025 and 2024 figures include $180,000 and $165,000, respectively, which
represents approximately half of each period's respective annual audit fee.
The 31 July 2025 and 2024 figures also include a $67,000 expense and a $3,000
credit, respectively, related to the prior financial year's audit fee. In
addition, the 31 July 2025 and 2024 figures include fees of $117,000 and
$111,000, respectively, for non-audit related services due to the Auditor,
Ernst & Young LLP, conducting a review of the Interim Financial Statements
for each period end. There were no other non-audit fees paid to the Auditor by
the Company during the periods ended 31 July 2025 and 2024.
Investment Management Agreement
The Company has retained HarbourVest Advisers L.P. as the Investment Manager.
The Investment Manager is reimbursed for costs and expenses incurred on behalf
of the Company in connection with the management and operation of the Company.
During the periods ended 31 July 2025 and 2024, reimbursements for services
provided by the Investment Manager were $1,531,000 and $1,436,000,
respectively. As of 1 February 2022, the Investment Manager is reimbursed on a
fixed fee basis rather than an hourly basis. The Investment Manager does not
directly charge HVPE management fees or performance fees other than with
respect to parallel investments. However, as an investor in the HarbourVest
funds, HVPE is charged the same management fees and is subject to the same
performance allocations as other investors in such HarbourVest funds.
During the periods ended 31 July 2025 and 2024, HVPE had one parallel
investment: HarbourVest Structured Solutions II, L.P. (via HVPE Charlotte
Co-Investment L.P.). Management fees paid for the parallel investment made by
the Company were consistent with the fees charged by the funds alongside
which the parallel investment was made during the periods ended 31 July 2025
and 2024.
Management fees included in the Unaudited Condensed Interim Consolidated
Statements of Operations are shown in the table below:
2025 2024
(in thousands) (in thousands)
HVPE Charlotte Co-Investment L.P. $36 $56
For the periods ended 31 July 2025 and 2024, management fees on the HVPE
Charlotte Co-Investment L.P. investment were calculated based on a weighted
average effective annual rate of 0.04% and 0.06% respectively, on capital
originally committed, net of management fee offsets to the parallel
investment.
Note 4 Investments
In accordance with the authoritative guidance on fair value measurements and
disclosures under generally accepted accounting principles in the US, the
Company discloses the fair value of its investments in a hierarchy that
prioritises the inputs to valuation techniques used to measure the fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). The guidance
establishes three levels of the fair value hierarchy as follows:
Level 1 - Inputs that reflect unadjusted quoted prices in active markets for
identical assets or liabilities that the Company has the ability to access at
the measurement date;
Level 2 - Inputs other than quoted prices that are observable for the asset or
liability either directly or indirectly, including inputs in markets that are
not considered to be active; and
Level 3 - Inputs that are unobservable.
An investment's level within the fair value hierarchy is based on the lowest
level of any input that is significant to the fair value measurement.
Because of the inherent uncertainty of these valuations, the estimated fair
value may differ significantly from the value that would have been used had a
ready market for this security existed, and the difference could be material.
Investments include limited partnership interests in HarbourVest funds which
report under US generally accepted accounting principles. Inputs used to
determine fair value are primarily based on the most recently reported NAV
provided by the underlying investment manager as a practical expedient under
ASC Topic 820. The fair value is then adjusted for known investment operating
expenses and subsequent transactions, including investments, realisations,
changes in foreign currency exchange rates, and changes in value of private
and public securities. Investments for which fair value is measured using NAV
per share as a practical expedient have not been categorized within the fair
value hierarchy.
Income derived from investments in HarbourVest funds is recorded using the
equity pick-up method. Under the equity pick-up-method of accounting, the
Company's proportionate share of the net income (loss) and net realised gains
(losses), as reported by the HarbourVest funds, is reflected in the Unaudited
Condensed Interim Consolidated Statements of Operations as net realised gain
(loss) on investments. The Company's proportionate share of the aggregate
increase or decrease in unrealised appreciation or depreciation, as reported
by the HarbourVest funds, is reflected in the Unaudited Condensed Interim
Consolidated Statements of Operations as net change in unrealised appreciation
on investments.
During the periods ended 31 July 2025 and 2024, the Company made contributions
of $169,798,000 and $270,242,000, respectively, to investments and received
distributions of $142,351,000 and $136,666,000, respectively, from
investments. At 31 July 2025 and 31 January 2025, the Company's investments
valued using the practical expedient amounted to $4,649,647,000 and
$4,374,601,000, respectively.
Note 5 Commitments
As of 31 July 2025, the Company had unfunded investment commitments to other
limited partnerships of $2,284,017,000 which are payable upon notice by the
partnerships to which the commitments have been made. As of 31 January 2025,
the Company had unfunded investment commitments to other limited partnerships
of $2,452,488,000.
As of 31 July 2025, the Investment Manager is not entitled to any direct
remuneration (save expenses incurred in the performance of its duties) from
the Company, instead deriving its fees from the management fees and carried
interest payable by the Company on its investments in underlying HarbourVest
Funds. The Investment Management Agreement (the "IMA"), which was amended and
restated on 30 July 2019 and again on 31 January 2023, may be terminated by
either party by giving 12 months' notice. In the event of termination within
ten years and three months of the date of the listing on the Main Market on 9
September 2015, the Company would be required to pay a contribution, which
would have been $334,000 at 31 July 2025 and $1.1 million at 31 July 2024, as
reimbursement of the Investment Manager's remaining unamortised IPO costs. In
addition, the Company would be required to pay a fee equal to the aggregate of
the management fees for the underlying investments payable over the course of
the 12-month period preceding the effective date of such termination to the
Investment Manager.
Note 6 Debt Facility
The Company had an agreement with Mitsubishi UFJ Trust and Banking
Corporation, New York Branch, Credit Suisse AG, London Branch and The
Guardians of New Zealand Superannuation as manager and administrator of the
New Zealand Superannuation Fund for the provision of a multi-currency
revolving credit facility (the "2023 Facility") with a termination date no
earlier than January 2026, subject to usual covenants. During the year ended
31 January 2025, the Company terminated the 2023 Facility and entered into an
agreement with Apollo Management International LLP ("Apollo"), Ares Management
Limited ("Ares"), Mitsubishi UFJ Trust and Banking Corporation, London Branch
("MUFG"), and Guardians of New Zealand Superannuation as manager and
administrator of the New Zealand Superannuation Fund ("NZS") for the provision
of a multi-currency revolving credit facility (the "2024 Facility"), with a
termination date no earlier than June 2029, subject to usual covenants. The
Apollo commitment was $350 million, the Ares commitment was $350 million, the
MUFG commitment was $300 million and the NZS commitment was $200 million. In
November 2024 MUFG syndicated $100 million of HVPE's credit facility to Nomura
Corporate Funding Americas, LLC. Collectively referred to as the Facilities.
Amounts borrowed against the Facilities accrue interest at an aggregate rate
of Term SOFR/SONIA/EURIBOR, a margin, and, under certain circumstances, a
mandatory minimum cost. The Facilities are secured by the private equity
investments and cash and equivalents of the Company, as defined in the
agreement and is subject to certain loan-to-value ratios (which factor in
borrowing on the Facilities and fund-level borrowing) and portfolio diversity
tests applied to the Investment Portfolio of the Company. At 31 July 2025 and
31 January 2025, there was $571,000,000 and $480,000,000 in debt outstanding
against the 2024 Facility, respectively. For the periods ended 31 July 2025
and 2024, interest of $20,543,000 and $15,736,000, respectively, was incurred.
Included in other assets at 31 July 2025 and 31 January 2025 are deferred
financing costs of $16,904,000 and $19,066,000, respectively, related to
refinancing the Facilities. The deferred financing costs are amortised over
the terms of the Facilities. For the 2023 Facility, the Company was required
to pay a non-utilisation fee of 100 basis points per annum for the Credit
Suisse commitment and 90 basis points per annum for the MUFG commitment and a
utilisation fee of 40 basis points per annum for the Credit Suisse commitment.
For the 2024 Facility, the Company is required to pay a non-utilisation fee of
100 basis points per annum for all commitments. Together, these are presented
as Commitment fees on the Unaudited Condensed Interim Consolidated Statement
of Operations. For the periods ended 31 July 2025 and 2024, $3,415,000 and
$3,059,000, respectively, in commitment fees have been incurred.
Note 7 Financial Highlights
For the Six-month Periods Ended 31 July 2025 and 2024
In US Dollars 2025 2024
(Unaudited) (Unaudited)
Per share operating performance:
Net asset value, beginning of period $54.17 $50.47
Net realised and unrealised gains 3.37 1.38
Net investment loss (0.37) (0.27)
Total from investment operations 3.00 1.11
Net increase from repurchase of Class A shares 0.38 0.40
Net asset value, end of period $57.55 $51.98
Market value, end of period $35.98* $33.50*
Total return at net asset value 6.2% 3.0%
Total return at market value 5.4% 14.9%
Ratios to average net assets
Expenses(†) 0.73% 0.57%
Net investment loss (0.68)% (0.50)%
* Represents the US dollar-denominated share price.
† Does not include operating expenses of
underlying investments.
Note 8 Publication and Calculation of Net Asset Value
The NAV of the Company is equal to the value of its total assets less its
total liabilities. The NAV per share is calculated by dividing the net asset
value by the number of shares in issue on that day. The Company publishes the
NAV per share of the shares as calculated, monthly in arrears, at each month
end, generally within 20 days.
Note 9 Related Party Transactions
Other amounts payable to HarbourVest Advisers L.P. of $51,000 (31 January
2025: $0) represent expenses of the Company incurred in the ordinary course of
business, which have been paid by and are reimbursable to the Investment
Manager. Other amounts receivable from HarbourVest Advisers L.P. of $0 (31
January 2025: $244,000) represent expenses of the Company incurred in the
ordinary course of business, which have been paid for and are reimbursable
from the Investment Manager.
Other income relates to income received from a revenue sharing agreement
entered into with the HarbourVest Infrastructure Income Delaware Parallel
Partnership ("HIIP") investment. Through such agreement, the Company is
entitled to 10% of the management fee revenue received by HarbourVest from
HIIP, provided that HarbourVest remains as HIIP's exclusive investment
manager.
Directors' fees and expenses, primarily compensation, of $262,000 and $246,000
were incurred during the periods ended 31 July 2025 and 2024, respectively.
Note 10 OPERATING SEGMENTS
The Company adopted Financial Accounting Standards Board Accounting Standards
Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable
Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted
financial statement disclosures only and did not affect the Company's
financial position or the results of its operations. An operating segment is
defined as a component of a public entity that engages in business activities
from which it may recognize revenues and incur expenses, has operating results
that are regularly reviewed by the public entity's chief operating decision
maker ("CODM") to make decisions about resources to be allocated to the
segment and assess its performance, and has discrete financial information
available. The executive leadership of the Company acts as the Company's CODM.
The Company represents a single operating segment, as the CODM monitors the
investment activity and cash flow of the Company as a whole. The financial
information in the form of the Company's fund investments, realized and
unrealized gains on investments, expenses and changes in net assets (i.e., net
increase (decrease) in net assets resulting from operations), which are used
by the CODM to assess the Company's performance and to make resource
allocation decisions for the Company's segments, is consistent with that
presented within the Company's consolidated financial statements. Detailed
financial information for the Company is reflected within the accompanying
financial statements.
Note 11 Indemnifications
General Indemnifications
In the normal course of business, the Company may enter into contracts that
contain a variety of representations and warranties and which provide for
general indemnifications. The Company's maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made
against the Company that have not yet occurred. Based on the prior experience
of the Investment Manager, the Company expects the risk of loss under these
indemnifications to be remote.
Investment Manager Indemnifications
Consistent with standard business practices in the normal course of business,
the Company has provided general indemnifications to the Investment Manager,
any affiliate of the Investment Manager and any person acting on
behalf of the Investment Manager or such affiliate when they act in good
faith, in the best interest of the Company. The Company is unable to develop
an estimate of the maximum potential amount of future payments that could
potentially result from any hypothetical future claim but expects the risk of
having to make any payments under these general business indemnifications to
be remote.
Directors' and Officers' Indemnifications
The Company's Articles of Incorporation provide that the Directors, managers
or other officers of the Company shall be fully indemnified by the Company
from and against all actions, expenses, and liabilities which they may incur
by reason of any contract entered into or any act in or about the execution of
their offices, except such (if any) as they shall incur by or through their
own negligence, default, breach of duty, or breach of trust, respectively.
Note 12 Subsequent Events
In the preparation of the Financial Statements, the Company has evaluated the
effects, if any, of events occurring after the balance sheet date.
In this period the Company made purchases of 347,841 of its ordinary shares
for cancellation, for total consideration of £9,800,000.
On 4 August 2025, the Company committed $125,000,000 to HVGPE SMA Fund
(Tranche 1).
On 18 August 2025, the Company initiated a draw of $29,000,000 on the 2024
Facility.
There were no other events or material transactions subsequent to 31 July 2025
that required recognition or disclosure in the Consolidated Financial
Statements.
Alternative Performance Measures(33)
Reconciliation of Share Price Discount to Net Asset Value per Share
The share price discount to NAV per share will vary depending on which NAV per
share figure is used. The discount referred to elsewhere in this report is
calculated using the live NAVs per share available in the market as at 31
January 2025 and 31 July 2025, those being the 31 December 2024 and 30 June
2025 estimates of $52.38 (sterling equivalent £42.26) and $56.28 (sterling
equivalent £42.60), respectively, adjusted for GBP/USD foreign exchange
movement, against share prices of £27.60 at 31 January 2025 and £27.10 at
31 July 2025.
The table below outlines the notional discounts to the share price at 31 July
2025, based on the NAVs per share published after this date (31 July 2025
estimate and final). Movements between the published NAVs per share for the
same calendar date largely arise as further underlying fund valuations are
received, and as adjustments are made for public markets, foreign exchange and
operating expenses.
(33) Note: Totals and subtotals may not recalculate due to rounding
Date of NAV (estimate and final) NAV per Share NAV Converted at 31 July 2025 GBP/USD Exchange Rate (1.3211) Share Price at 31 July 2025 Discount to NAV at 31 July 2025
Estimated NAV at 30 June 2025 (published 23 July 2025) $56.28 £42.60 £27.10 36%
Estimated NAV at 31 July 2025 (published 21 August 2025) $56.46 £42.74 £27.10 37%
Final NAV (US GAAP) at 31 July 2025 (published 23 October 2025) $57.55 £43.56 £27.10 38%
Annualised Outperformance of FTSE AW TR Index Over the Last 10 Years
NAV (US dollar) Compound Annual Growth Rate ("CAGR")
31 July 2015 $16.84
31 July 2025 $57.55
Elapsed time (years) 10.0
US dollar CAGR 13.1%
FTSE AW TR Index (US dollar) CAGR
31 July 2015 346.13
31 July 2025 951.93
Elapsed time (years) 10.0
FTSE AW TR Index CAGR 10.6%
Annualised outperformance of FTSE AW TR Index Over the Last 10 Years
calculation
13.1% minus 10.6% 2.4 percentage points ("pp")
Distribution Pool
(The Distribution Pool is used to fund HVPE share buybacks or return capital
to shareholders by means of special dividends. The pool is funded by a
proportion of the gross distributions from the Company's portfolio.)
Movement to
31 July 2025
($m)
Balance at 31 January 2025 $38
Share of Portfolio distributions(1) $43
Share buybacks ($44)
Balance at 31 July 2025 $37
(1) Allocation to Distribution Pool calculated as 30% of gross distributions
in the six months ended 31 July 2025.
KPIs (pages 58 to 60)
The KPI metrics show the movement between the NAV per share (in US dollars)
and the share price in sterling and translated into US dollars. Relative to
the FTSE AW TR Index, this is the difference in movement between the
year-on-year change of this index vs the particular HVPE KPI.
NAV per Share ($) and Relative Performance
Date NAV per Share Absolute Performance FTSE AW TR Index Movement Relative Performance vs FTSE AW TR
31 January 2020 $27.58 +14.5% +16.7% -2.2pp
31 January 2021 $35.97 +30.4% +17.4% +13.0pp
31 January 2022 $49.11 +36.5% +13.8% +22.8pp
31 January 2023 $48.52 -1.2% -7.3% +6.1pp
31 January 2024 $50.47 +4.0% +15.3% -11.3pp
31 January 2025 $54.17 +7.3% +21.0% -13.7pp
31 July 2025 $57.55 +6.2% +8.5% -2.2pp
12-month relative performance (July to July)
Date NAV per Share Absolute Performance FTSE AW TR Index Movement Relative Performance vs FTSE AW TR
31 July 2020 $28.18
31 July 2021 $44.11 +56.5% +33.8% +22.7pp
31 July 2022 $47.76 +8.3% -9.9% +18.2pp
31 July 2023 $50.12 +4.9% +13.6% -8.6pp
31 July 2024 $51.98 +3.7% +17.6% -13.9pp
31 July 2025 $57.55 +10.7% +16.5% -5.8pp
10-year Outperformance of FTSE AW TR
NAV (US dollar)
31 July 2015 $16.84
31 July 2025 $57.55
US dollar total return 242%
FTSE AW TR (US dollar)
31 July 2015 346.13
31 July 2025 951.93
FTSE AW TR total return 175%
10-year outperformance of FTSE AW TR calculation
242% minus 175% 67pp
Total Shareholder Return (£)
Date Share Period-on-period Change
Price (£)
31 January 2019 £14.26
31 January 2020 £18.36 +28.8%
31 January 2021 £18.70 +1.9%
31 January 2022 £27.75 +48.4%
31 January 2023 £22.10 -20.4%
31 January 2024 £23.15 +4.8%
31 January 2025 £27.60 +19.2%
31 July 2025 £27.10 -1.8%
12-month relative performance (July to July)
Date Share Period-on-period Change
Price (£)
31 July 2020 £15.28
31 July 2021 £22.50 +47.3%
31 July 2022 £24.10 +7.1%
31 July 2023 £22.50 -6.6%
31 July 2024 £26.10 +16.0%
31 July 2025 £27.10 +3.8%
Total Commitment Ratio
(Total exposure to private markets investments as a percentage of NAV)
31 July 2025 ($m) 31 January 2025 ($m)
Investment Portfolio $4,650 $4,375
Investment Pipeline $2,284 $2,452
Total $6,934 $6,827
NAV $4,199 $4,023
Total Commitment Ratio 165% 170%
Net Portfolio Cash Flow
(The difference between calls and distributions over the reporting period)
31 July 2025 ($m) 31 January 2025 ($m)
Calls -$169 -$443
Distributions $142 $382
Net Portfolio Cash Flow -$27 -$61
Managing the Balance Sheet
Medium-term Coverage Ratio
(A measure of medium-term commitment coverage)
31 July 2025 ($m) 31 January 2025 ($m)
Cash $115 $123
Available credit facility $629 $720
Estimated distributions during the next 12 months $731 $622
Total sources $1,475 $1,465
Estimated investments over the next 36 months $1,298 $1,411
Medium-term Coverage Ratio 114% 104%
Commitment Coverage Ratio
(Short-term liquidity as a percentage of Total Investment Pipeline)
31 July 2025 ($m) 31 January 2025 ($m)
Cash $115 $123
Available credit facility $629 $720
Total sources $744 $843
Investment Pipeline $2,284 $2,452
Commitment Coverage Ratio 33% 34%
Disclosures
Investments
The companies represented within this report are provided for illustrative
purposes only, as example portfolio holdings. There are over 14,000 individual
companies in the HVPE portfolio, with no one company comprising more than 1.7%
of the entire portfolio.
The deal summaries, General Partners (managers), and/or companies shown within
the report are intended for illustrative purposes only. While they may
represent an actual investment or relationship in the HVPE portfolio, there is
no guarantee they will remain in the portfolio in the future.
Past performance is no guarantee of future returns.
Forward-looking Statements
This report contains certain forward-looking statements. Forward-looking
statements relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends, and similar expressions concerning
matters that are not historical facts. In some cases, forward-looking
statements can be identified by terms such as "anticipate", "believe",
"could", "estimate", "expect", "intend", "may", "plan", "potential", "should",
"will", and "would", or the negative of those terms, or other comparable
terminology. The forward-looking statements are based on the Investment
Manager's and/or the Directors' beliefs, assumptions, and expectations of
future performance and market developments, taking into account all
information currently available. These beliefs, assumptions, and expectations
can change as a result of many possible events or factors, not all of which
are known or are within the Investment Manager's and/or the Directors'
control. If a change occurs, the Company's business, financial condition,
liquidity, and results of operations may vary materially from those expressed
in forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks
and uncertainties because they relate to events, and depend on circumstances,
that may or may not occur in the future. Forward-looking statements are not
guarantees of future performance. Any forward-looking statements are only made
as at the date of this document, and the Investment Manager and/or the
Directors neither intends nor assumes any obligation to update forward-looking
statements set forth in this document whether as a result of new information,
future events, or otherwise, except as required by law or other applicable
regulation.
In light of these risks, uncertainties, and assumptions, the events described
by any such forward-looking statements might not occur. The Investment Manager
and/or the Directors qualifies any and all of its forward-looking statements
by these cautionary factors.
Please keep this cautionary note in mind while reading this report.
Some of the factors that could cause actual results to vary from those
expressed in forward-looking statements include, but are not limited to:
· the factors described in this report;
· the rate at which HVPE deploys its capital in investments and
achieves expected rates of return;
· HarbourVest's ability to execute its investment strategy,
including through the identification of a sufficient number of appropriate
investments;
· the ability of third-party managers of funds in which the
HarbourVest funds are invested and of funds in which the Company may invest
through parallel investments to execute their own strategies and achieve
intended returns;
· the continuation of the Investment Manager as manager of the
Company's investments, the continued affiliation with HarbourVest of its key
investment professionals, and the continued willingness of HarbourVest to
sponsor the formation of and capital raising by, and to manage, new private
equity funds;
· HVPE's financial condition and liquidity, including its ability
to access or obtain new sources of financing at attractive rates in order to
fund short-term liquidity needs in accordance with the investment strategy and
commitment policy;
· changes in the values of, or returns on, investments that the
Company makes;
· changes in financial markets, interest rates, or industry,
general economic, or political conditions; and
· the general volatility of the capital markets and the market
price of HVPE's shares.
Publication and Calculation of Net Asset Value
The NAV of the Company is equal to the value of its total assets less its
total liabilities. The NAV per share is calculated by dividing the NAV of the
Company by the number of shares in issue. The Company intends to publish the
estimated NAV per share as calculated, monthly in arrears, as at each
month-end, generally within 20 days.
Regulatory Information
HVPE is required to comply with the UK Listing Rules, Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority in the United Kingdom
(the "LDGT Rules"). It is also authorised by the Guernsey Financial Services
Commission as an authorised closed-end investment scheme under the Protection
of Investors (Bailiwick of Guernsey) Law, 2020, as amended (the "POI Law").
HVPE is subject to certain ongoing requirements under the LDGT Rules and the
POI Law and certain rules promulgated thereunder relating to the disclosure of
certain information to investors, including the publication of annual and
half-yearly financial reports.
Notification of commencement of marketing to the Commission under The AIFMD
(Marketing) Rules, 2021
We are pleased to inform our shareholders that on 9 September 2025, the Irish
Central Bank granted permission for the Company's shares to be marketed in
Ireland under The AIFMD (Marketing) Rules, 2021. This step is part of our
ongoing commitment to expand the demand for the Company's shares by growing
the potential investor base within the European Union.
Additionally, we would like to notify our shareholders that an Article 22
supplement will be published in the next annual report in accordance with the
AIFMD regulations. We would anticipate releasing the next annual report in May
2026.
Valuation Policy
Valuations Represent Fair Value Under US GAAP
HVPE's 31 July 2025 NAV is based on the 30 June 2025 NAV of each HarbourVest
fund and Conversus, adjusted for changes in the value of public securities,
foreign currency, known material events, cash flows, and operating expenses
during July 2025. The valuation of each HarbourVest fund is presented on a
fair value basis in accordance with US generally accepted accounting
principles ("US GAAP"). See Note 4 in the Notes to the Financial Statements on
page 43.
The Investment Manager typically obtains financial information from 90% or
more of the underlying investments for each of HVPE's HarbourVest funds to
calculate the NAV. For each fund, the accounting team reconciles investments,
distributions, and unrealised/realised gains and losses to the Financial
Statements. The team also reviews underlying partnership valuation policies.
Management of Foreign Currency Exposure
The Investment Portfolio includes two euro-denominated HarbourVest funds and a
Canadian dollar-denominated fund.
· 14% of underlying partnership holdings are denominated in euros.
The euro-denominated Investment Pipeline is €11.3 million.
· 3% of underlying partnership holdings are denominated in
sterling. There is no sterling-denominated Investment Pipeline.
· 1% of underlying partnership holdings are denominated in
Australian dollars. There is no Australian dollar-denominated Investment
Pipeline.
· 0.2% of underlying partnership holdings are denominated in
Canadian dollars. The Canadian dollar-denominated Investment Pipeline is C$3.9
million.
HVPE has exposure to foreign currency movement through foreign
currency-denominated assets within the Investment Portfolio and through its
Investment Pipeline of unfunded commitments, which are long term in nature.
The Company's most significant currency exposure is to euros. The Company does
not actively use derivatives or other products to hedge the currency exposure.
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