(Sharecast News) - HarbourVest Global Private Equity reported growth in its net asset value per share of 22.6% over its first half on Thursday, to $44.11.
The FTSE 250 company said that record performance was driven by valuation increases and strong exit activity across the portfolio.
A total of 319 known merger and acquisition transactions and initial public offerings occurred in the six months ended 31 July, which was more than two and a half times the 119 seen in the first half of last year.
HarbourVest also reported record cash distributions in nominal terms, with $294.6m received over the period, up from $78.7m year-on-year, as the IPO exits that contributed the most to NAV per share included Roblox, Coinbase Allfunds Bank and UiPath.
The firm reported an increase in planned new commitments to HarbourVest funds for the rest of 2021, following recent strong performance.
Its board also said the balance sheet was further strengthened since the end of the first half, with cash distributions continuing at record levels, as $204.5m was received between 31 July and 30 September.
Final outstanding drawings on the company's credit facility were repaid to leave the full $600m available.
"The six months to 31 July was an extraordinary period for HVPE," said chairman Ed Warner.
"Despite the backdrop, HVPE delivered its strongest NAV per share growth in any interim period.
"This is testament to the strength of our investment manager, HarbourVest, and the HVPE business model, which offers shareholders broad, diverse exposure to private companies around the world."
Warner said looking ahead, the board remained positive about the prospects for HVPE, while noting the challenges that the Covid-19 pandemic was continuing to present to the wider economy.
"With a strong track record of consistent NAV per share growth, we remain confident that HVPE's portfolio, with exposure at all investment stages from venture capital to buyouts, is well-placed to capture emerging technological and thematic trends as well as growth opportunities in more traditional industries."
At 1010 BST, shares in HarbourVest Global Private Equity were up 0.2% at 2,480p.
20 Oct 2022 15:59