HVPE: ‘Resilient’ Half Year Results & ‘Increasingly Positive’ Outlook
FTSE 250 PE HarbourVest Global Private Equity has announced a resilient set of half year results, highlighting an ‘increasingly positive’ outlook.
NAV per share rose by 3% in the half-year to reach a new high of $51.98, whilst during the period there was a teady improvement in exit numbers, driven by M&A, with an increase of 37% compared to the six months to 31 July 2023, realised at an average 29% premium to carrying value HVPE was a net investor over the period, with $134m cash invested.
Ed Warner, Chair of HVPE, said:
“I am pleased to report steady growth in HVPE’s net asset value (NAV) in the first six months of this financial year, as well as signs of a recovery in the Company’s share price. This reflected a gradual improvement in global economic and financial market conditions, as well as the early positive effect of the Distribution Pool introduced by the Board at the start of the year.
“However, with short-term UK political uncertainty weighing on investor sentiment, gains in our shares during the first six months of the financial year were subsequently eroded. We view the future for HVPE with confidence and believe that the current share price in no way reflects the performance by the Company over many years and the opportunities in private markets that we foresee ahead.”
Below is an interview with Chairman Ed Warner & Managing Director, Richard Hickman