Edison publishes update on HarbourVest Global Priv

RNS Number : 4828A

HarbourVest Global Priv. Equity Ltd

29 September 2020

 

London, UK, 29 September 2020

Edison publishes update on HarbourVest Global Private Equity (HVPE/HVPD)

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 level.

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. 

Click here to view the full report.

Subscribe to Edison's content to receive reports by email.

All reports published by Edison are free-to-access and available on the website .

About Edison:   Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority .

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Milosz Papst  [phone]

Michal Mordel [phone]

[e-mail]

Learn more at   www.edisongroup.com   and connect with Edison on: 

LinkedIn  https://www.linkedin.com/company/edison-group-  

Twitter   www.twitter.com/Edison_Inv_Res  

YouTube  www.youtube.com/edisonitv  

 

END

 

 

NRAPPUWCBUPUGCB