Edison Investment Research - HarbourVest Global Private Equity (HVPE) HarbourVest Global Private Equity - Robustly positioned, with a strong track record

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Edison Investment Research

Gavin Wood

HarbourVest Global Private Equity - Robustly positioned, with a strong track record

HarbourVest Global Private Equity (HVPE) aims to provide shareholders with access to the best private markets opportunities globally, through investing in a portfolio of HarbourVest funds. HVPEâ€™s portfolio is broadly diversified by underlying manager, vintage, strategy, stage and regional exposure. Its recent performance has been strong in its US dollar functional currency, with a 16.2% NAV total return in FY18, although currency moves have weighed on its performance in sterling terms. After three years of strong portfolio distributions, the 2018 commitment plan has been drawn up with a view to ensuring that HVPE moves closer to a fully invested position over the next two to three years.

12/06/2018 12 EN

Underlying

HarbourVest Global Private Equity

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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GG00BR30MJ80 London Stock Exchange Guernsey

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Gavin Wood

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HarbourVest Global Private Equity - Termination of coverage

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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.

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HarbourVest Global Private Equity - Robustly positioned, with a strong track record

HarbourVest Global Private Equity - Termination of coverage

HarbourVest Global Private Equity - Rebounding NAV, liquidity remains secured

HarbourVest Global Private Equity - Secured liquidity

Record - AUME momentum and a sharper focus

Actinogen Medical - Funding in place through key catalysts

Henderson Opportunities Trust - A differentiated exposure to smaller companies

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