Edison Investment Research - HarbourVest Global Private Equity (HVPE) HarbourVest Global Private Equity - Stability in a late-cycle environment

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Edison Investment Research

Milosz Papst

HarbourVest Global Private Equity - Stability in a late-cycle environment

HarbourVest Global Private Equity (HVPE) has recorded an uplift in NAV since end-July 2018 of 4.9% and 5.6% in US dollar and sterling terms respectively, with limited impact from increased public market volatility of Q418. Following successful realizations, HVPE aims to rebuild its exposure to the primary strategy (44% vs target 55%), and to the US market (55% vs 65%). Moreover, HVPE looks at further diversification through investments in real assets which are characterized by low correlation with equity markets and provide stable cash flows. Following the transaction in February 2019, HVPEâ€™s exposure to real asset and mezzanine investments now stands at 14% (at end-April 2019).

23/05/2019 10 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

Milosz Papst

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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 - Stability in a late-cycle environment

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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