For the six months ending 31 July 2018, NAV per share increased 6.8% year-on-year in US dollar terms to $22.93. In sterling terms, the NAV per share increased 15.6% due to sterling’s weakness against the dollar.
The value of the Investment portfolio grew by $121.5m during the period, accounting for around two-thirds of the primary portfolio. The best performing strategy was Direct Co-Investment, which delivered value growth of 8.4%.
The US portfolio, which comprised 56% of the investment value, posted the strongest gains among all geographies, with growth of 9.3%. This was followed by Asian asset growth of 6.8%.
During the period, HVPE made commitments of $355m towards new HarbourVest funds. Also, the company invested $202.6m in private companies and received $142.1m in distributions. Moreover, it realised exits at a weighted average of 53% above the carrying value.
Sir Michael Bunbury, Chairman of HVPE, said: “This further growth demonstrates the ongoing strength of the Company’s proven investment strategy. Access to HarbourVest funds enables shareholders to benefit from the outperformance of private markets and the investment decisions made by a quality investment manager.”