HarbourVest Global Priv. Equity Ltd Edison update on HarbourVest Global Priv Equity
29 November 2017 - 9:59PM
RNS Non-Regulatory
TIDMHVPE
HarbourVest Global Priv. Equity Ltd
29 November 2017
London, UK, 29 November 2017
Edison issues update on HarbourVest Global Private Equity
(HVPE)
HarbourVest Global Private Equity (HVPE) is celebrating 10 years
since its launch in December 2007. Over the period since its
inception to end-October 2017, HVPE has outperformed global equity
markets and its listed private equity peer group, represented by
the LPX 50 index, in both NAV and share price terms. In this note,
we analyse a series of alternative performance measures which show
that, on a risk-adjusted basis, HVPE's share price performance has
tended to compare favourably to global equity markets, while its
risk-adjusted NAV returns have also compared positively to its
listed private equity peer group over most time periods.
Having previously traded at a premium to NAV, HVPE's share price
moved to a 60% discount to NAV in 2009 during the global financial
crisis. Subsequently, the discount has followed a narrowing trend,
reaching a low of 9.6% in May 2017. This means that, while HVPE's
share price return is lower than its NAV return over the 10 years
since its launch, its share price returns have outperformed its NAV
returns over one, three and five years, as the discount has
narrowed.
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