HVPE Harbourvest Global Private Equity Limited

TIDMHVPE

HarbourVest Global Priv. Equity Ltd

13 June 2016

London, UK, 13 June 2016

Edison issues research review on HarbourVest Global Private Equity

HarbourVest Global Private Equity (HVPE) takes a fund-of-funds approach to investing in private equity, aiming to achieve capital growth over the long term from a diversified portfolio (almost 7,000 underlying operating companies), accessed mainly through funds managed by HarbourVest. Since launch in 2007 it has achieved its aim of excess annualised returns of 5% compared with the total return on global equities (measured by the MSCI All Country World index) and has a strong track record over the medium to long term compared with peers that take a similar approach. Following a move to the Main Market of the London Stock Exchange, HVPE is now one of only three listed private equity funds in the FTSE 250 index.

At 8 June HVPE's shares were trading at a 22.4% discount to the estimated sterling NAV at 30 April. This is close to the average discount over one and three years and narrower than the five-year average. Like most private equity funds, HVPE's discount has been on a narrowing trend since the post-financial crisis widening, and reached a 12-month low of 15.4% in August 2015, shortly before the move to the main market. Index inclusion should help the discount to continue narrowing, although a climate of risk-aversion has caused short-term discount volatility.

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