(Alliance News) - HarbourVest Global Private Equity Ltd on Thursday said its net asset value per share rose over its half-year period, while it announced a plan for a further USD25 million in share buybacks.
The FTSE 250-listed investment fund focused on private equity opportunities said NAV per share stood at USD50.12 on July 31, up 3.3% from USD48.52 on January 31.
It swung to a net gain on investments of USD116.8 million in the half-year period from a loss of USD100.6 million a year earlier.
"HVPE's net asset value per share reached a new high in the first half against a challenging macroeconomic backdrop. The return to growth in the period is testament to the resilience of our well-diversified portfolio, which has been constructed to mitigate downside risk and capture growth opportunities through the cycle," said Chair Ed Warner.
"We remain confident in our reported NAV and our strong balance sheet and continue to encourage investors to look beyond the short term, given the long-term nature of private markets investing."
HarbourVest Global also announced plans to conduct another USD25 million share buyback, having previously announced one in May.
It said the board plans to discuss with shareholders and non-holders to explore the possibility of distributing to shareholders some of the cash generated by realisations of its net assets on a regular basis. This would enable direct participation in NAV growth, HarbourVest Global said.
"We are encouraged by the tentative signs that the worst of the recent macroeconomic adversity may be over, but remain prepared for a potentially extended period of market and economic uncertainty. The experience of our manager and expansive portfolio gives us conviction in HVPE's ability to continue to deliver returns for shareholders over the long-term," Chair Warner added.
Shares in HarbourVest Global were down 0.4% to 2,151.25 pence each in London on Thursday late morning.
By Greg Rosenvinge, Alliance News reporter
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HarbourVest Private Equity (HVPE)