HarbourVest expects 2025 recovery after strong December cash flow

(Alliance News) - HarbourVest Global Private Equity Ltd on Monday reported strong cash flow performance for December 2024 and expressed optimism for further recovery in distributions in 2025.

The London-based investment fund with interest in various sectors including technology, infrastructure and energy recorded a net cash inflow of USD39 million in December, marking the fifth consecutive month of positive net cash flow.

The company received USD89 million in distributions from HarbourVest funds during the month, more than double from November's USD40 million and a 25% increase from USD71 million in December 2023. HVPE also invested USD50 million into HarbourVest funds in December, doubling from USD25 million in November.

For the full year, HVPE received USD377 million in distributions and invested USD422 million, representing 10% and 11% of its opening net asset value, respectively. This compared with USD307 million in distributions and USD591 million invested in 2023, equivalent to 8% and 16% of opening NAV. HVPE said that a significant boost to 2024's cash flow was a secondary sale announced in October, which is expected to total USD45 million, with USD44 million already received by December 31.

The company reported that its Distribution Pool, which supports share buybacks, held a balance of USD52 million at the end of December after facilitating USD90 million in share repurchases during the year.

HVPE's board and investment manager anticipate a further recovery in distributions for 2025, aiming to bring the total closer to the company's 10-year average of 19% of opening NAV.

Shares in HarbourVest Global Private Equity were up 0.8% at 2,680.00 pence each in London on Monday morning.

By Eva Castanedo, Alliance News reporter

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