HarbourVest Global Private Equity Limited announced its results for the year ended 31 January 2019. NAV per share outperformed its benchmark FTSE All-World Total Return Index by 3.8% annually since inception in 2007. It also recorded annual compound growth of 12.2% over the past decade.
The direct co-investment portfolio was the best performing strategy during the period, delivering value growth of 19.5%. The US portfolio, (57% of the Investment Portfolio value) gave the strongest gains geographically with 14.7% value increase.
The group committed to new HarbourVest funds worth $730m, which includes $150m to a new HarbourVest real assets vehicle. The group invested $396.2m of cash and received $306.6m of distributions during the period. It showed a strong balance sheet with net cash of $157m.
The group announced $600m multi-currency credit facility giving it an initial term of seven years to January 2026. There was a $218.4m net gain on investments for the period, contributing to an overall increase in net assets of $210.1m.
Sir Michael Bunbury, Chairman of HVPE, commented: “We ended the year with a net cash position and have secured an increased credit facility of $600m, committed to January 2026, on finer terms. The balance sheet strength allows the company to be well placed to continue our long-term investment performance, taking advantage of high quality opportunities in private markets, for the benefit of our shareholders.”