HarbourVest Global Private Equity - Opportunity amid UK market weakness
HarbourVest Global Private Equity (HVPE) has recorded a 12-month rise in NAV (based on a preliminary figure at end-July 2019) of 8.7%, which is a solid beat versus the public benchmark. Over the last six months, HVPE remained a net investor deploying US$202m into HarbourVest funds (compared to US$139m distributions), mostly on the back of the real assets deal in February. We note that despite HVPE’s limited UK portfolio exposure and long-term NAV outperformance vs UK equities, its short-term price returns are largely driven by the UK market sentiment.Harbourvest Global Private Equity is a closed-end investment company. Co. invests primarily in a portfolio of private equity investments. Co. may also make investments in private market assets other than private equity. Co. primarily invests in investment funds managed by HarbourVest Partners, LLC (HarbourVest), which invest in or alongside third party-managed investment funds (HarbourVest Funds). There are three types of HarbourVest Funds: Primary HarbourVest Funds; Secondary HarbourVest Funds; and Direct HarbourVest Funds. Co. is managed by HarbourVest Advisers L.P.
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