HarbourVest Global Private Equity - Rebounding NAV, liquidity remains secured
Following HVPE’s August update, its last-reported NAV is now largely based on end-June valuations and captures the rebound in equity markets following the March downturn. In recent months, capital calls from underlying general partners (GPs) moderated compared to March/April while distributions to HVPE resumed (although are still below historical average). Consequently, HVPE was able to partially repay its credit facility and maintained a stable coverage ratio versus April. While the ratio remains relatively low compared to prior years, we still consider it a safe level.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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