HarbourVest Global Priv. Equity Ltd Edison review on HarbourVest Global Private Equity
HarbourVest Global Priv. Equity Ltd
19 June 2020
London, UK, 19 June 2020
Edison review on HarbourVest Global Private Equity
HarbourVest Global Private Equity (HVPE) posted an NAV decrease
of 0.7% between July 2019 (last interim results) and May 2020,
largely due to the COVID-19 induced market downturn in March (ytd
NAV performance since end-2019 was a 4.8% decline). Although
increased capital calls left HVPE with a historically low coverage
ratio, we perceive HVPE's liquidity (supported by its US$600m
credit facility) as sufficient to cover near-term commitments. HVPE
withstood the 2008 global financial crisis (GFC) well compared to
the broad public market and enters the current turmoil with high
exposure to resilient sectors such as tech and software and
HVPE's discount of 25.4% to the company-estimated end-May NAV
compares to its five-year average of 20.7%. The wider discount is a
common feature among PE investment companies given the macro
uncertainty. That said, HVPE's NAV is largely based on end-March
valuations and therefore mostly captures the drop in market
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(END) Dow Jones Newswires
June 19, 2020 12:14 ET (16:14 GMT)