(Alliance News) - HarbourVest Global Private Equity Ltd on Friday said it was "optimistic" looking ahead, despite seeing its net asset value fall.
HarbourVest is a FTSE 250-listed investment fund focused on private equity opportunities.
HarbourVest said that its net asset value per share in the year ended January 31 fell 1.2% to USD48.52, down from USD49.11. This outperformed the FTSE AW TR Index, which fell by 7.3% in the same period.
Net assets fell to USD3.8 million from USD3.9 million.
It explained that gains across infrastructure and real assets, credit, and small to mid-cap buyouts partially offset declines in venture and growth equity, and large buyouts.
Looking ahead, HarbourVest said it remains "optimistic" that its portfolio is well positioned.
HarbourVest recorded a NAV total return of negative 1.2% throughout the year, swinging from positive 37u%.
However, it is conscious of the challenges that lie ahead. "Sceptics may predict a reckoning for the industry - essentially calling time on thousands of businesses - but we believe, as demonstrated by recent history, that private markets will again demonstrate they are capable of adapting and thriving in these times," it explained.
HarbourVest said it has chose not to declare a dividend during the year, but plans to buyback USD25 million in shares.
The company added that it has made no changes to its next financial year targets.
Chair Ed Warner said: "The board is conscious of the challenges that lie ahead, yet remains optimistic as we believe private markets will yet again demonstrate their adaptability and thrive. We are confident in our reported NAV and believe that over time the portfolio will once again prove its quality, and investors in turn will be rewarded by the company's long-term results."
Shares in HarbourVest were down 0.1% to 2,162.79 pence each in London early Friday.
It will hold its annual general meeting on July 19.
By Sophie Rose, Alliance News reporter
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HarbourVest Private Equity (HVPE)