Last checked at 
23 May 2019 14:58
London, UK, 23 May 2019
Edison reviews HarbourVest Global Private Equity (HVPE/HVPD)
HarbourVest Global Private Equity (HVPE) has recorded an uplift in NAV since end-July 2018 of 4.9% and 5.6% in US dollar and sterling terms respectively, with limited impact from increased public market volatility of Q418. Following successful realizations, HVPE aims to rebuild its exposure to the primary strategy (44% vs target 55%), and to the US market (55% vs 65%). Moreover, HVPE looks at further diversification through investments in real assets which are characterized by low correlation with equity markets and provide stable cash flows. Following the transaction in February 2019, HVPE's exposure to real asset and mezzanine investments now stands at 14% (at end-April 2019).
HVPE's share price discount to NAV widened temporarily to 28% in December as its shares followed the broader market sell-off, but subsequently narrowed to c 15% as the share price rebounded while NAV remained broadly stable. This suggests that HVPE's shares tend to overreact in response to general market developments, which may temporarily result in a wider discount to NAV.
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