HarbourVest Global Priv. Equity Ltd Edison publishes update on HarbourVest Global Priv
HarbourVest Global Priv. Equity Ltd
29 September 2020
London, UK, 29 September 2020
Edison publishes update on HarbourVest Global Private Equity
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
HVPE's share price followed the equity market recovery and the
current price implies discount to last reported NAV at 25%,
narrowed from a multi-year low of 60% on 19 March 2020. The
discount is still significantly larger than the five-year average
discount of 21%. We understand the wider discount may at least
partially reflect the macro uncertainty and is a common feature
among private equity investment companies. Nevertheless, we note
the valuations of most of the underlying companies HVPE has
exposure to have already been updated since March 2020.
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(END) Dow Jones Newswires
September 29, 2020 10:58 ET (14:58 GMT)