HVPE Results for the Six Months Ended 31 July 2026
Summary by AI BETAClose X
22 October 2026
HVPE RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2026
Stronger cash generation to fund a significant increase in returns to shareholders
Portfolio well positioned as private market exit activity gathers momentum
HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a FTSE 250 investment company with global exposure to private companies, managed by HarbourVest Partners, today announces its unaudited results for the six months ended 31 July 2026.
Performance for the six-month period
· Net asset value ("NAV") per share up 2.4% to $60.82 (31 January 2026: $59.40), driven by a 4.3% underlying portfolio valuation gain
· Strongest gains in Venture and Growth Equity (+6.8%), Secondary investments (+5.3%) and North America (+5.9%)
· 258 M&A transactions and IPOs, up 6% on the comparable period, at a weighted average uplift of 48% to carrying value
· Share price up 6.4% to £33.35 and up 23.1% over twelve months, with the discount narrowing to 25% (31 January 2026: 26%). The shares closed at an all-time high of £35.00 after the period in mid-August
Long-term NAV outperformance of public markets continues
· Over the ten years to 31 July 2026, NAV per share grew by 250% in US dollar terms, against 236% for the FTSE All World Total Return Index
· Over the same period, the share price rose by 262% in sterling terms
Substantially stronger cash flows from the portfolio
· Distributions of $232m (six months to 31 July 2025: $142m) exceeded calls of $205m, a net inflow of $27m (six months to 31 July 2025: net outflow of $27m)
· Two secondary sales completed, generating $370m of proceeds. $207m was received in the period and $163m is due before the end of 2026
· Net portfolio cash flow of $234m including secondary sale proceeds
Significant return of capital to shareholders
· $97m of shares repurchased on 124 of the 126 trading days (six months to 31 July 2025: $44m), adding $0.59, or 1.0%, to NAV per share
· A further $13m repurchased since the period end. Since September 2022, buybacks total $362m and have added 7.3% to NAV per share
· Tender Offer of up to $400m, expected to be priced at around a 10% discount to the 30 September 2026 NAV per share. The circular is published today, and the EGM will be held on 16 November 2026. The circular can be found on HVPE's Tender Offer page: https://www.hvpe.com/company-info/hvpes-2026-tender-offer/
· Distribution Pool balance of $259m at 31 July 2026, including all $207m of secondary sale proceeds received in the period
· Together with buybacks, our capital allocation framework is intended to return 5% to 10% of NAV each year until the next Continuation Vote, to be held no later than July 2029
Strong balance sheet
· Net debt down $107m to $340m. HVPE held $140m of cash and had $720m available on its $1.2bn credit facility
· Unfunded commitments down $338m to $2.1bn (31 January 2026: $2.4bn), with the Commitment Coverage Ratio rising to 41% (31 January 2026: 31%)
· No new commitments in 2026, in line with the April 2026 initiatives. The $250m 2026 SMA tranche continues to be deployed so the portfolio keeps investing through the cycle
· HVPE's share of borrowing at HarbourVest fund level fell by $35m to $524m
Positioned to benefit as exit markets recover
· Global private equity exit value rebounded to $482bn in Q3 2026, the second highest quarter on record
· SpaceX's $86bn IPO in June made it HVPE's third largest underlying company
· A number of companies in HVPE's portfolio including Anthropic and Databricks are reported to be considering IPOs
Ed Warner, Chair of HVPE, said: "Conditions for private equity remained challenging in the first half of 2026, as a combination of macroeconomic and geopolitical headwinds continued to weigh on the market. While many private equity firms found exits challenging, resulting in lower-than-expected cash returns to investors, several of our individual portfolio companies performed exceptionally well, particularly in the AI sector. These successes provide grounds for optimism and reinforce our confidence in the long-term outlook for private equity."
"We are grateful for the strong support shareholders gave the Company at the Continuation Vote in July, and our commitment to capital allocation continues through the Tender Offer, the terms of which have been announced today. For investors seeking exposure to private markets, HVPE's combination of scale, diversification and access to leading managers is a compelling proposition. Our focus now is firmly on delivering against the mandate shareholders have given us."
Semi-Annual Report and Accounts
To view the Company's Semi-Annual Report and Accounts please visit HVPE's results centre: https://www.hvpe.com/announcements/reports-presentations/. Page number references in this announcement refer to pages in this report. The Semi-Annual Report and Accounts will also shortly be available on the National Storage Mechanism, which is situated at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Semi-Annual Results Presentation
HVPE will publish a new presentation on its website to supplement the publication of the Semi-Annual Results for the six months ended 31 July 2026. The presentation will be available to view and download from http://www.hvpe.com by the close of business today.
- ENDS -
LEI: 213800NBWV6WWV8TOL46
Enquiries:
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Shareholders |
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Richard Hickman |
Tel: +44 (0)20 7399 9847 |
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Stephanie Hocking |
Tel: +44 (0)20 7399 9834 |
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Media Camarco |
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Billy Clegg Jennifer Renwick Amrith Uppuluri |
Tel: +44 (0)20 3757 4980 Tel: +44 (0)20 3757 4980 Tel: +44 7763 083 058 |
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Media HarbourVest Partners |
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Notes to Editors:
About HarbourVest Global Private Equity Limited:
HarbourVest Global Private Equity Limited ("HVPE" or the "Company") is a Guernsey-incorporated, closed-end investment company which is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 index. HVPE is designed to offer shareholders long-term capital appreciation by investing in a private equity portfolio diversified by geography, stage of investment, vintage year, and industry. The Company invests in and alongside HarbourVest-managed funds which focus on primary fund commitments, secondary investments and direct co-investments in operating companies. HVPE's investment manager is HarbourVest Advisers L.P., an affiliate of HarbourVest Partners, LLC, an independent, global private markets asset manager with over 44 years of experience.
About HarbourVest Partners, LLC:
HarbourVest is an independent, global private markets firm with 44 years of experience and more than $165 billion in assets under management as of June 30, 2026. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by more than 1,300 team members across the Americas, Asia, Europe, and the Middle East.
Chair's statement
Conditions for private equity remained challenging in the first half of 2026, as a combination of macroeconomic and geopolitical headwinds continued to weigh on the market. Renewed conflict in the Middle East placed further pressure on energy prices and inflation, increasing uncertainty over the path of monetary policy and keeping interest rates elevated. This higher-for-longer rate environment continues to constrain financing conditions and transaction activity across private markets. Although HVPE's portfolio distributions increased compared with the prior year, they remained below historical levels. While many private equity firms found exits challenging, resulting in lower-than-expected cash returns to investors, several of our individual portfolio companies performed exceptionally well, particularly in the AI sector. These successes provide grounds for optimism and reinforce our confidence in the long-term outlook for private equity.
HVPE is exceptionally well positioned to benefit from an improvement in the exit environment. Through almost two decades of disciplined portfolio construction, the Company has built a diversified portfolio and deep relationships with leading private equity managers. As market activity accelerates, we believe those attributes leave us well placed to participate in attractive investment opportunities while continuing to realise value from existing holdings.
Financial performance
As at 31 July 2026, NAV per share was $60.82, up 2.4% over the six-month period and up 5.7% over the last twelve months. The share price ended the period at £33.35, an increase of 6.4% during the six-month period and an increase of 23.1% over the last 12 months. The share price represented a 25% discount to NAV[1], compared to a 26% discount at the start of the period. Shortly after the period end, the share price closed at an all-time high of £35.00 in mid-August.
For reference, the FTSE All World Index delivered a dollar total return of +8.3% in the half year and +22.6% over the twelve months to 31 July 2026. Public markets tend to be more volatile than private markets, especially during periods of uncertainty, and therefore we believe short-term comparisons are less meaningful. Longer-term evaluations through the cycle are more reflective of HVPE's performance and strategy. Over the long term, HVPE's relative performance against global stock markets is stronger, with its NAV per share delivering an annualised total return of +13.3% in dollar terms, a relative annualised outperformance of 0.5% of the FTSE All World Index, over the 10 years to 31 July 2026. Over the same period HVPE's share price delivered an annualised total return of 13.9% in dollar terms, a relative annualised outperformance of 1.0% of the FTSE All World Index.
Significant capital allocation programme
We continued our commitment to disciplined capital allocation during the period, with the Company repurchasing 2.3 million shares for a total consideration of $97 million. The next step in our programme is the Tender Offer which will be put forward in November 2026. Together with ongoing share buybacks, this framework is intended to return between 5% and 10% of NAV to shareholders annually until the next Continuation Vote, which will be held no later than July 2029, while maintaining the Company's ability to invest for future growth. We believe this represents a balanced approach to capital allocation and reflects the Board's commitment to strong governance and shareholder alignment.
As announced previously, the Tender Offer is expected to be priced at around a 10% discount to NAV per share. This will be based on the estimated NAV and actual share count as of 30 September 2026. A circular containing the full terms of the Tender Offer is published alongside these results and is available on the Company's website. An EGM to approve the offer will be held on 16 November 2026, and the offer is expected to close on 19 November 2026. Shareholders are encouraged to review the documentation carefully and to note the relevant deadlines. The Directors and their connected persons do not intend to tender any of their own shares.
Balance sheet and portfolio cash flows
HVPE's portfolio generated an organic net cash inflow of $27 million during the 6-month period. This represented an improvement on the comparable period last year where the portfolio generated an outflow of $27 million. Despite the improvement in the net position, the rate of capital calls ($205 million) and distributions ($232 million) continued to run below long-term historical levels. HVPE also received $207 million of cash proceeds from two secondary sale processes that closed during the period. These secondary sale proceeds took the net portfolio cash inflow to $234 million. The Company is due to receive an additional $163 million of deferred secondary sale proceeds prior to the end of calendar year 2026.
The cash inflow from the Portfolio was partially offset by buybacks and operating expenses, leading to a $107 million decrease in the Company's net debt level to $340 million as at 31 July 2026. The Company continues to have access to ample liquid financial resources, with $140 million of cash and $720 million available to draw on our facility as at 31 July 2026.
In line with the package of shareholder focused initiatives that were announced in April 2026, no new commitments to HarbourVest Managed Vehicles[2] were made during the period or will be made during the remainder of calendar year 2026. However, the Investment Manager continued to allocate capital to new deals during the period as part of the existing $250 million commitment to the 2026 tranche of the SMA that was made in December 2025. The 2026 tranche is on track to be fully committed/deployed during the year ensuring that the HVPE portfolio will continue to capture opportunities emerging across the private markets landscape despite the pause in new commitment activity.
Distribution Pool activity
A total of $69 million was allocated to the Pool during the 6-month period, which represented 30% of gross portfolio distributions. Additionally, 100% of the $207 million of secondary sale proceeds received in the period were allocated to the pool. We were active buying back shares on 124 of the 126 trading days in the six months, with a total of $97 million purchased. The net effect was a $0.59, or 1.0%, accretion to NAV per share. The distribution pool balance was $259 million as at 31 July 2026.
Since the end of the half year, we have bought back a total of $13 million of HVPE shares, being active on 52 of the 54 trading days in the period. Since we commenced share buybacks in September 2022, we have now bought back $362 million of shares, adding 7.3% to NAV per share. While HVPE's shares continue to trade at a significant discount to NAV, our primary use of the Distribution Pool will remain focussed on share buybacks and tenders. This approach reflects our strong conviction in the quality and value of the Company's underlying portfolio, as well as our view that, at the current level of discount, buybacks offer the most effective means of enhancing NAV per share.
Closing thoughts
The Board was grateful for the strong support received from shareholders at the Continuation Vote in July and for the extensive engagement that took place ahead of it. We believe the outcome reflected shareholders' confidence in HVPE's long-term investment proposition, the quality of the portfolio and manager relationships we have built over many years, and our commitment to disciplined capital allocation through regular share buybacks and tender offers. The vote also provided a clear mandate to continue executing the strategy we have set out: investing with discipline, maintaining balance sheet strength, returning capital to shareholders in a measured way and positioning the Company to benefit from portfolio diversification and the positive returns we expect private equity to generate over the long term.
For investors seeking exposure to private markets, HVPE's combination of scale, diversification and access to leading managers is a compelling proposition. Our focus now is firmly on delivering against the mandate shareholders have given us.
Thank you for your continued support.
Ed Warner
Chair
HarbourVest Global Private Equity
21 October 2026
Investment Manager's Review
Introduction
In this section, Richard Hickman, HarbourVest Partners Managing Director of HVPE, who is responsible for the day-to-day management of the Company, reflects on the first six months of the financial year and shares his outlook. Richard joined HarbourVest in 2014 and has a total of 20 years' experience in the listed private equity sector.
Market developments in H1 2026
Investors entered the new year hoping for calmer market conditions following the repeated bouts of volatility in recent years. However, these hopes were soon dispelled, with new macroeconomic and geopolitical challenges emerging in the first half of 2026. In February, the outbreak of the war in Iran caused further volatility in markets, with the closure of the Strait of Hormuz spiking oil prices and disrupting global trade. Coupled with the impact of the ongoing war in Ukraine, this presented policymakers around the world with a tough trade-off between addressing falling economic growth and tackling renewed inflationary pressures.
Growing concern over the impact of AI technology added a further destabilising market force, with certain constituents of public equity markets, particularly software companies, seeing sharp selloffs due to fears that the introduction of AI could fundamentally disrupt their underlying business models. Serious questions were also raised by the rapidly accelerating level of spending on AI hyperscaling technology and whether companies would be able to generate a sufficient return on these substantial capital outlays. Against this backdrop of heightened uncertainty, global equity markets nevertheless continued to rise, with indices such as the S&P 500 overcoming declines in the first quarter to reach new peaks in the second quarter.
Total private capital deal value reached approximately $1.33 trillion in H1 2026, equivalent to roughly 66% of 2025's full-year total and a stronger first half than the previous peak recorded in H1 2021[3]. The composition of activity was, however, increasingly concentrated. H1 2026 Deal volume represented approximately 45% of 2025's full year total[4], continuing the trend seen in 2025 towards fewer, larger transactions. Large deals, including OpenAI's $122 billion Series D raise[5], the largest VC raise of all time[6] and Anthropic's $65 billion Series H raise[7], meaningfully distorted aggregate deal value in the period. Excluding these transactions, the underlying deal environment was steady but selective, with continued sponsor caution around AI disruption, tariff uncertainty, disruption to global trade and the higher cost of acquisition financing.
The exit environment remained the central challenge confronting the private equity industry during the period. The first half of the year recorded an estimated $618 billion of global private equity exit value, up 12% from the comparative period for the prior year but only 72% of the record high seen in 2021[8]. This first half figure represented a 12% fall since the second half of 2025, with successive drops in Q1 and Q2 2026 indicating a slowdown in exit activity as the first half progressed. Distribution activity remained significantly below historical averages, with global buyout distributions running at an annualised rate of 13-14% of NAV in Q1 and Q2 2026 compared with a long-term average of 25% between 2010-21[9]. This reduced level of realisation activity continued to weigh on the listed private equity ("LPE") sector with investors remaining sceptical over valuations, which led to an underperformance of the LPE fund of funds sector against global equity indices.
While exits via traditional routes remained at depressed levels, global secondary market volume reached $118 billion, a new first-half high representing 15% growth over the $103 billion record set in H1 2025. This growth was driven by several factors, with limited LP distribution activity increasing supply, and growing pools of dedicated secondary capital boosting demand.[10]
Private credit came under pressure during the period, testing the resilience of both the underlying loan book and the vehicles through which investors access the asset class. Redemption requests rose across US-based business development companies ("BDCs") and semi-liquid evergreen credit funds, with several managers activating gating mechanisms to manage outflows. This prompted a broader investor reassessment of the liquidity and return characteristics of the strategy.
Despite wider private market deal activity continuing to be below historical levels, the first half of the year saw a record-setting IPO for SpaceX in June 2026 which raised $86 billion and valued the company at $1.8 trillion at IPO. This was also a significant transaction within HVPE's portfolio, with the IPO and subsequent price increase resulting in SpaceX becoming HVPE's third largest underlying company position at the period end.
How did HVPE fare in this environment?
HVPE recorded a 2.4% increase in NAV per share over the six months ended 31 July 2026, while the FTSE All World Total Return index gained 8.3%. We consider that this underperformance relative to global equity markets is a function of the short-term performance lag between public and private markets and the reduced level of private market exit activity, rather than being an indication of the true long-term growth prospects of the portfolio.
Growth in NAV per share was driven by a 4.3% underlying valuation gain in the portfolio, which was broadly spread across stage and strategy, with strength in the Venture and Growth, Secondary and US segments.
For the six-month reporting period, capital distributions from investments in HarbourVest Managed Vehicles of $232 million exceeded calls of $205 million. Additionally, $207 million of cash proceeds were received from two secondary sale processes that closed during the period. This resulted in a net total portfolio cash flow figure of $234 million. The distribution figure (excluding secondary sales) represents 5% of the average portfolio during the period and is reflective of a continued weak exit environment for underlying GPs with continuing geopolitical uncertainty and market disruption delaying potential exit processes. During the period there were 258 known M&A and IPO transactions in the portfolio which was a 6% increase compared to the six months to 31 July 2025.
No new commitments were made during the period; however, the $250 million commitment to the 2026 annual tranche of the SMA, which was made in December 2025, was partly allocated to a range of opportunities during the period. We are mindful of the importance of investing throughout the cycle and ensuring the portfolio maintains a well-balanced vintage exposure.
How is H2 2026 shaping up?
Looking ahead to the remainder of 2026, uncertainties relating to AI, as well as geopolitical tensions are likely to continue to influence market sentiment. However, record-breaking events during the period such as the IPO of SpaceX and the capital raise by OpenAI show that there is significant investor demand for investment in specific technology niches. Technology companies such as Anthropic, OpenAI and Databricks, all of which feature in HVPE's portfolio, are reportedly considering IPOs in the coming months, looking to capitalise on this investor demand. Successful activity in the technology sector may also pave the way for broader demand for transactions in other sectors. Indeed, there are recent signs of positive momentum with global PE exit value rebounding sharply in Q3 2026, with exits totalling $482 billion, the second-highest quarter on record, trailing only the peak seen in Q2 2021[11].
Continued macroeconomic and geopolitical uncertainties are likely to weigh upon investor sentiment, financing conditions, and exit timing. Generating liquidity will remain the most important challenge that GPs need to address. For example, it is estimated that the US private equity market alone contains over 13,000 PE-backed companies, representing an inventory equivalent to more than 10 years of exits at the current pace of realisations[12]. Over a quarter of these assets have already been held for seven years or more, well beyond the typical investment horizon, and a further third are approaching maturity at four to six years of age[13].
From a geopolitical perspective, a peace deal between the US and Iran would provide a significant catalyst to the recovery of M&A and IPO markets, helping GPs to realise their substantial backlog of unrealised assets. A convergence between buyer and seller pricing expectations would also help to drive an increase in private market exit activity. Proprietary analysis from MSCI shows that more than 75% of buyout assets are still exiting above their next-to-final mark, which is similar to the historical average[14].
A recovery in global exit activity could improve sentiment towards the listed private equity sector, with the potential for discounts to narrow as the sector re-rates and private market performance catches up with the recent short-term performance gains seen in public markets. Exits are important not just from a liquidity perspective but also from an asset valuation validation perspective, with healthy uplifts compared to managers' valuations being seen across the HVPE portfolio and the listed private equity sector more broadly.
HVPE's portfolio remains well-positioned to benefit from an upturn in private market exit activity and offers investors the chance to diversify their holdings with a broad selection of companies that are not available in public markets. As companies choose to stay private for longer and the asset class matures, this exposure becomes increasingly important for investors seeking access to developing sectors such as AI where a significant proportion of companies are currently backed by private capital. HVPE's investment company structure gives it a stable capital base which allows for the pursuit of an investment programme with a long-term horizon in mind, and is therefore well suited for a private markets portfolio. Following the landmark private capital events of the year so far, we are excited by the prospects of the portfolio as we look to the remainder of 2026 and beyond.
Richard Hickman
Managing Director
Investment Manager's report
NAV per share and portfolio performance - Six Months to 31 July 2026
The 2.4% increase in the Company's NAV per share during the six-month review period was primarily driven by a 4.3% increase in the underlying value of the portfolio. In percentage terms, the Secondary portfolio was the best performing strategy, delivering value growth of 5.3% over the six months. Geographically, the US was the strongest performing region, delivering a 5.9% return. In terms of stage, venture and growth equity was the strongest, growing 6.8% over the six months ended 31 July 2026. More information on the drivers can be found on page 14.
HVPE remains well diversified by sector, strategy and stage, as demonstrated by the analysis on page 12. We believe that diversification in general is essential to achieving consistently strong returns from a private markets portfolio. Investing across a range of private market sub-asset classes is beneficial as returns can vary substantially by vintage and at different points in the economic cycle.
Additionally, HVPE's portfolio is highly diversified by company. As at 31 July 2026, no single company represented more than 1.7% of the Investment Portfolio value (31 January 2026: 1.6%), helping to mitigate company-specific risk. The top 100 companies in the portfolio represented 28% of total value (31 January 2026: 28%), while the top 1,000 companies represented 78% (31 January 2026: 81%).
As at 31 July 2026, HVPE held investments in 56 HarbourVest funds and 16 Secondary Co-Investments34F[15] (compared with 61 HarbourVest Funds and 16 Secondary Co-Investments at 31 January 2026). Of these, the largest fund contributors to NAV per share movement in absolute terms during the six months to 31 July 2026 are described below:
· Fund XI Venture, a US-focused Venture fund of funds, was the largest contributor over the reporting period, adding $0.27 to NAV per share. With a vintage year of 2018, this fund is in its growth phase. The increase came predominantly from realised gains.
· HIPEP IX, an international multi-strategy fund of funds, was the second largest contributor over the reporting period, increasing NAV per share by $0.24. With a vintage year of 2020, this fund is in its growth phase. The increase came predominantly from unrealised gains.
· Fund XII Venture, a US-focused Venture fund of funds, was the third largest contributor over the reporting period, adding $0.23 to NAV per share. With a vintage year of 2021, this fund is in its growth phase. The increase came predominantly from unrealised gains.
· Fund XII Buyout, a US-focused Buyout fund of funds, was next, increasing NAV per share by $0.18. With a vintage year of 2021, this fund is in its growth phase. The increase came predominantly from unrealised gains.
· Fund X Buyout, a US-focused Buyout fund of funds, was next, increasing NAV per share by $0.17. With a vintage year of 2015, this fund is in its mature phase. The increase came predominantly from realised gains.
All the remaining HarbourVest funds in the portfolio combined contributed to an aggregate $0.53 increase to HVPE's NAV per share over the six-month period.
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Fund Movement[16] |
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NAV per Share at 31 January 2026 |
$59.40 |
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Fund XI Venture |
+$0.27 |
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HIPEP IX |
+$0.24 |
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Fund XII Venture |
+$0.23 |
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Fund XII Buyout |
+$0.18 |
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Fund X Buyout |
+$0.17 |
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Asset sale |
-$0.19 |
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Other HarbourVest funds[17] |
+$0.72 |
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Management Fees |
-$0.16 |
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Performance Fees[18] |
-$0.00 |
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Net Operating Expenses[19] |
-$0.37 |
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Foreign Currency |
-$0.26 |
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Share Buybacks |
+$0.59 |
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NAV per Share at 31 July 2026 |
$60.82 |
Portfolio Cash Flows
For the six-month reporting period, organic distributions from investments in HarbourVest Managed Vehicles ($232 million) exceeded capital calls ($205 million), resulting in the net portfolio organic cash flow figure being $27 million.
Two secondary sales were closed during the six-month period which are expected to generate $370 million of proceeds. $207 million was received as cash during the period with the remainder expected to be received prior to the end of 2026. The $207 million of secondary sale proceeds received during the period took the total net cash flow from the portfolio to $234 million.
The impact of the portfolio cash flow on the balance sheet and the resultant use of the credit facility is explained on page 19.
Organic distributions were driven in large part by activity in March and June 2026, during which cash proceeds of $69 million and $70 million were received respectively, mainly from the Primary funds. These two months contributed nearly 60% of total organic distributions over the period. Monthly distributions in the rest of the period ranged from $11 million to $48 million.
The largest HarbourVest Managed Vehicle capital calls and distributions over the reporting period are set out in the tables below. The top ten vehicle calls in aggregate accounted for $162 million (79%) of the total and came from a broad mix of HarbourVest Managed Vehicles. The majority of total calls by value (54%) were into primary opportunities. The top ten HarbourVest Managed Vehicle distributions totalled $138 million, or 59% of the total proceeds received in the period. Distributions by value were mainly from primary investments (75%) with the remainder coming from secondary investments (23%) and direct co-investments (2%).
Top Five HarbourVest Fund Calls
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HarbourVest Fund Name |
Vintage Year |
Description |
Called amount |
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2026 SMA |
2026 |
2026 Vintage SMA investments |
$34m |
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Dover Street XI |
2022 |
Global multi-stage secondary fund |
$26m |
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HIPEP IX |
2020 |
International multi-strategy fund of funds |
$22m |
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HIPEP X |
2023 |
International multi-strategy fund of funds |
$16m |
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Fund XII Buyout |
2021 |
US-focused Buyout fund of funds |
$12m |
Top Five HarbourVest Fund Distributions
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HarbourVest Fund Name |
Vintage Year |
Description |
Distributed amount |
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Fund X Venture |
2015 |
US-focused Venture fund of funds |
$21m |
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Fund X Buyout |
2015 |
US-focused Buyout fund of funds |
$20m |
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Fund XI Buyout |
2018 |
US-focused Buyout fund of funds |
$20m |
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Fund XI Venture |
2018 |
US-focused Venture fund of funds |
$14m |
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Dover Street XI |
2022 |
Global multi-stage secondary fund |
$12m |
M&A Transactions and IPOs
During the six months ended 31 July 2026, there were a total of 258 known M&A transactions and IPOs. This is a 6% increase compared to the six months to 31 July 2025 (243 M&A and IPO transactions).
Approximately 85% (220) of these transactions were M&A (trade sales or sponsor-to-sponsor) transactions, with the remaining 15% (38) being IPOs. It is important to note that IPOs tend to represent a relatively small proportion of exits for HVPE even in normal circumstances, consistent with wider industry trends.
Of HVPE's total 258 known M&A transactions and IPOs, 46% (118) related to buyout-backed companies and 54% (140) to venture-backed companies.
Over the six-month period, the weighted average uplift to pre-transaction carrying value for a large sample of transactions was 48%40F[20].
The top five M&A transactions and IPOs during the period (by contribution to HVPE NAV per share) are listed below.
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Top Five M&A transactions (by contribution to HVPE NAV per share[21])
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Top IPOs (by contribution to HVPE NAV per share[22])
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Company Activity
New SMA and Fund Commitments
No new SMA or fund commitments were made in the six months ended 31 July 2026 (six months to 31 July 2025: no new commitments made). Total unfunded commitments were $2.1 billion as at 31 July 2026, representing a net decrease of $338 million from 31 January 2026 ($2.4 billion).
As announced in April 2026, HVPE will make no further new commitments for the remainder of the 2026 calendar year.
Sustainable Investing and DEI
Through its investments in HarbourVest Managed Vehicles, HVPE helps to support innovation and growth in the global economy. HVPE delegates the responsibility for sustainable investing at the investment level to HarbourVest, but oversees this activity through regular engagement with the Investment Manager to stay fully abreast of its activities.
For the half year period, HVPE will offset its operational carbon emissions resulting primarily from purchased electricity, waste, and business travel, simultaneously with HarbourVest's carbon reduction and offsetting programme. The programme compensates for emissions by delivering finance to emission reduction projects, which are independently verified by ClimeCo to assure emissions reductions are occurring. To offset its emissions, HVPE intends to support the New Bedford Landfill Methane Project operating local to HarbourVest's headquarters in Massachusetts, a landfill gas-to-energy plant which produces approximately 3.3 megawatt hours of clean electricity annually while reducing the amount of methane released into the atmosphere. This project has received ICVCM[23] Core Carbon Principles certification.
HarbourVest also continues to progress its sustainable investing strategy and expects to publish an updated Sustainable Investing Report in Q1 2027. HVPE will report more detail on the developments in next year's Annual Report and Accounts which will be published in May 2027.
HarbourVest produces an annual Diversity and Inclusion Report, the latest version is available at https://www.harbourvest.com/why-harbourvest/diversity-equity-inclusion/
Diversification at 31 July 2026[24]
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Geography |
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North America |
61% |
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Europe |
22% |
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Asia |
16% |
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Rest of World |
1% |
|
|
|
|
|
|
Stage |
|
|
|
Buyout |
56% |
|
|
Venture & Growth Equity |
35% |
|
|
Private Credit, Infrastructure & Real Assets |
9% |
|
|
|
|
|
|
Strategy |
|
|
|
Primary |
54% |
|
|
Secondary |
30% |
|
|
Direct Co-investment |
16% |
|
|
|
|
|
|
Phase |
|
|
|
Investment |
37% |
|
|
Growth |
49% |
|
|
Mature |
14% |
|
|
|
|
|
|
Industry |
|
|
|
Tech & Software |
35% |
|
|
Medical & Biotech |
13% |
|
|
Financial |
12% |
|
|
Industrial & Transport |
12% |
|
|
Consumer |
11% |
|
|
Business Services & Other |
10% |
|
|
Media & Telecom |
4% |
|
|
Energy & Cleantech |
3% |
|
|
|
|
|
|
Currency |
|
|
|
US dollar |
83% |
|
|
Euro |
12% |
|
|
Sterling |
3% |
|
|
Australian dollar |
1% |
|
|
Other |
1% |
|
Value creation cycle
Commitment phase
In the six months to 31 July 2026, HVPE made no new commitments to HarbourVest Managed Vehicles (Six Months to 31 July 2025: no new commitments made).
|
Allocated and Unallocated Investment Pipeline at 31 July 2026
In order to reflect the differences in expected drawdown periods appropriately, the Company divides its Investment Pipeline of commitments into two categories:
· "Allocated" - Commitments which have been allocated by HarbourVest Managed Vehicles to underlying partnerships.
· "Unallocated" - Commitments which have yet to be allocated by HarbourVest Managed Vehicles to underlying partnerships, and therefore cannot be drawn down in the short term.
Note: All of the Company's commitments to HarbourVest Direct Co-investment and Secondary funds are classified as "allocated" commitments because their drawdown profiles are closer to those of third-party funds.
|
|
||||||||||||
Investment phase
In the six months to 31 July 2026, HVPE invested cash of $205 million into HarbourVest Managed Vehicles (see Unaudited Condensed Interim Consolidated Statements of Cash Flows on page 35). The majority of investments were into primary funds at 54%, followed by Secondaries at 23%, SMA assets at 19% and direct co-investments at 4%. Looking through to the underlying portfolio, the most active Primary managers were in North America and had a venture focus, as highlighted in the table below.
Top Ten Primary Managers by Amount Invested
|
|
Manager |
Stage |
Geography |
Amount invested |
|
1 |
Index Ventures |
Venture/Growth |
Europe |
$8.9m |
|
2 |
Andreessen Horowitz |
Venture/Growth |
North America |
$4.2m |
|
3 |
Kleiner Perkins |
Venture/Growth |
North America |
$3.9m |
|
4 |
Thrive Capital Partners |
Venture/Growth |
North America |
$3.5m |
|
5 |
AIP, LLC |
Buyout |
North America |
$3.5m |
|
6 |
HongShan (formerly Sequoia Capital China) |
Venture/Growth |
Asia |
$3.4m |
|
7 |
Thoma Bravo |
Buyout |
North America |
$3.4m |
|
8 |
The Founders Fund |
Venture/Growth |
North America |
$3.0m |
|
9 |
CLSA Capital Partners |
Buyout |
Asia |
$2.9m |
|
10 |
Gaorong Capital |
Venture/Growth |
Asia |
$2.9m |
Growth phase
In the six months to 31 July 2026 the Investment Portfolio increased by $85 million[25] (see Unaudited Condensed Interim Consolidated Statements of Operations on page 33). Movements by stage, geography, and strategy are outlined in the tables below (with performance figures showing the percentage change over the six months adjusted for new investments over the period).
Growth by Stage
|
|
Share of Portfolio |
Performance |
|
|
Large Buyout |
14.7% |
2.2% |
|
|
Medium Buyout |
24.9% |
2.0% |
|
|
Small Buyout |
16.0% |
5.1% |
|
|
Total Buyout |
55.6% |
2.9% |
|
|
Early Venture |
13.0% |
9.5% |
|
|
Balanced Venture |
7.2% |
11.5% |
|
|
Growth Equity |
15.4% |
2.6% |
|
|
Total Venture |
35.6% |
6.8% |
|
|
Credit |
3.2% |
2.8% |
|
|
Infra |
5.5% |
4.6% |
|
|
Other |
0.1% |
-11.9% |
|
|
Total Mezzanine, Infrastructure & Real Assets |
8.8% |
3.8% |
|
|
Total Portfolio |
100% |
4.3% |
|
Growth by Geography
|
|
Share of Portfolio |
Performance |
|
|
North America Buyout |
33.7% |
3.7% |
|
|
North America Venture |
21.3% |
9.9% |
|
|
North America Other |
5.7% |
4.6% |
|
|
Total North America |
60.7% |
5.9% |
|
|
Europe Buyout |
14.9% |
2.2% |
|
|
Europe Venture |
4.9% |
-2.4% |
|
|
Europe Other |
2.3% |
0.4% |
|
|
Total Europe |
22.1% |
1.0% |
|
|
Asia Buyout |
5.9% |
0.3% |
|
|
Asia Venture |
9.3% |
5.2% |
|
|
Asia Other |
0.7% |
8.4% |
|
|
Total Asia |
15.9% |
3.4% |
|
|
Total Rest of World |
1.3% |
2.2% |
|
|
Total Portfolio |
100% |
4.3% |
|
Growth by Strategy
|
|
Share of Portfolio |
Performance |
|
North American Primary |
32.9% |
4.9% |
|
Europe Primary |
11.5% |
0.6% |
|
Asia Primary |
8.7% |
8.3% |
|
Rest of World Primary |
0.8% |
0.6% |
|
Total Primary |
53.9% |
4.4% |
|
North American Secondary |
17.9% |
7.1% |
|
Europe Secondary |
6.7% |
3.5% |
|
Asia Secondary |
4.8% |
1.0% |
|
Rest of World Secondary |
0.3% |
-2.3% |
|
Total Secondary |
29.7% |
5.3% |
|
North American Direct |
10.0% |
6.2% |
|
Europe Direct |
3.8% |
-2.2% |
|
Asia Direct |
2.4% |
-8.1% |
|
Rest of World Direct |
0.2% |
16.2% |
|
Total Direct |
16.4% |
2.1% |
|
Total Portfolio |
100% |
4.3% |
Mature phase
In the six months to 31 July 2026, HVPE received proceeds of $232 million from HarbourVest Managed Vehicles (see Unaudited Condensed Interim Consolidated Statements of Cash Flows on page 35). The top ten company distributions are outlined below.
Top Ten Company Distributions - 1 February to 31 July 2026
|
|
Company |
Sector |
Description |
|
|
1 |
Wiz, Inc. |
Tech & Software |
Q1 2026 M&A transaction - proceeds received from full realisation |
$32.6m |
|
2 |
KIOXIA Holdings |
Tech & Software |
Public company - proceeds received from full realisation |
$23.2m |
|
3 |
Lightning Power, LLC |
Energy & Cleantech |
Q4 2025 M&A transaction - proceeds received from partial realisation |
$16.7m |
|
4 |
Calpine Corporation |
Energy & Cleantech |
Q4 2025 M&A transaction - proceeds received from partial realisation |
$11.2m |
|
5 |
Solace Systems |
Tech & Software |
Q2 2026 private transaction - proceeds received from full realisation |
$7.4m |
|
6 |
Armis Security Ltd. |
Tech & Software |
Q1 2026 M&A transaction - proceeds received from full realisation |
$6.8m |
|
7 |
IQUW |
Financial |
Q1 2026 M&A transaction - proceeds received from partial realisation |
$6.1m |
|
8 |
Raptor Technologies, LLC |
Tech & Software |
Q4 2025 M&A transaction - proceeds received from full realisation |
$5.4m |
|
9 |
Peloton Computer Enterprises |
Tech & Software |
Q1 2026 private transaction - proceeds received from full realisation |
$5.3m |
|
10 |
TEAM Risk Management Strategies, Inc |
Medical & Biotech |
Q1 2026 M&A transaction - proceeds received from partial realisation |
$5.2m |
In addition, HVPE closed two secondary sale transactions during the period which are expected to generate $370 million of proceeds. $207 million of this amount was received as cash during the period with the remaining balance due to be received in December 2026. The distributed value figures in the table above are not attributable to these secondary sales transactions.
Recent events
New Commitments since 31 July 2026
Between 1 August 2026 and 21 October 2026, no new commitments were made to HarbourVest Managed Vehicles.
HVPE Estimated NAV as at 30 September 2026
HVPE releases an estimated NAV on a monthly basis. These reports are available on the Company's website, generally within 20 calendar days of the month-end.
On 20 October 2026, HVPE published an estimated NAV per share as at 30 September 2026 of $60.24 (£45.41), a decrease of $0.58 (1.0%) from the final 31 July 2026 NAV (US Generally Accepted Accounting Principles ("GAAP")) figure of $60.82. This was mainly driven by valuation losses and negative foreign exchange movements. This latest NAV per share is based on a valuation breakdown of: 7% actual 30 September 2026 (representing public company holdings), 92% actual 30 June 2026 and 1% actual 31 March 2026. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cash flows, and any known material events to 30 September 2026.
The Investment Pipeline of unfunded commitments decreased from $2.1 billion at 31 July 2026 to $2.0 billion at 30 September 2026, based on the capital funded, and taking foreign exchange movements into account.
HVPE's cash and equivalents decreased by $33 million from $140 million at 31 July 2026 to $107 million at 30 September 2026. As outlined in the August 2026 and September 2026 factsheets, this is a result of portfolio net negative cash outflows of $11 million across the two months and $10 million of share buybacks conducted, with the remainder of the cash movement being due to operating expenses charged during the two months.
HVPE's look-through exposure to borrowing at the HarbourVest fund level had decreased by $3 million, from $524 million at 31 July 2026 to $521 million at 30 September 2026. The latest balance sheet ratios can be found in the factsheet on the HVPE website: www.hvpe.com.
Share Buybacks
HVPE has continued to buy back shares post period-end:
· In the period from 1 August 2026 to 16 October 2026, HVPE repurchased 285,350 shares for cancellation at an average price of £33.40 per share for a total consideration of £10 million ($13 million). This added $0.07 to NAV per share.
· Inclusive of the post period-end buybacks, this means that in total, since the introduction of the new distribution policy on 1 February 2024, HVPE has repurchased 8,423,006 shares for cancellation at an average price of £27.61 per share for a total consideration of £233 million ($305 million). In total, this exercise added $2.62 to NAV per share.
· As at 16 October 2026 the Distribution Pool balance was $271m and the total number of shares in issue was 69,260,502.
Share Price since 31 July 2026
HVPE's share price closed at £32.45 on 16 October 2026, which represents a 2.7% decrease compared with the £33.35 share price recorded on 31 July 2026.
KPIs and investment objective
The Company's investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments.
Key Performance Indicators ("KPIs")[27]
Managing the balance sheet
Effective and prudent balance sheet management is critical when running a closed-ended vehicle investing into a portfolio of private market funds with varying cash flow profiles. This is particularly true for a company such as HVPE which maintains a large pipeline of unfunded commitments (the "Investment Pipeline"), which is the amount of capital committed to an underlying HarbourVest Managed Vehicles, but not yet drawn down for investments.
An update on the Balance Sheet Strength KPIs can be found on page 18. This section aims to outline HVPE's approach to managing its balance sheet and explain the steps it takes to ensure that the Company is sufficiently resourced in preparation for periods of significant market stress.
Move to the SMA Structure
HVPE made its first commitment to the SMA in August 2025. It is anticipated that all new commitments will be made using this structure moving forward. However, HVPE still has a material pipeline of pre-existing commitments to HarbourVest Funds totalling $1.8 billion which will be called down in the coming years. See the commentary on page 13 for more details.
The Importance of the Credit Facility
HVPE makes commitments to HarbourVest Managed Vehicles, which typically call capital over a period of several years. This long-duration cash flow profile necessitates a large pipeline of unfunded commitments in order to ensure that the Company remains approximately fully invested over time - this is known as an over-commitment strategy and is critical to optimising long-term NAV per share growth. In most years, the capital called from HVPE by the HarbourVest Managed Vehicles is taken from the cash distributions flowing from liquidity events within the portfolio. In addition, a proportion of cash distributions will be used to fund capital returns to shareholders through the Distribution Pool mechanism. At times, however, capital calls will exceed distributions, potentially by a meaningful amount, and it may be necessary to draw additional amounts on the credit facility and maintain a net debt position to fund the difference.
A subsequent year may see the reverse situation, with net positive cash flow used to repay surplus borrowing should the Company return to a net cash position. In this way, the credit facility acts as a working capital buffer and enables HVPE to manage its commitments to the level required in order to optimise returns through the cycle.
HVPE has a $1.2 billion multi-currency credit facility with a syndicate of lenders consisting of: Ares Management Credit funds, Apollo-managed funds, Mitsubishi UFJ Trust and Banking Corporation, The Guardians of New Zealand Superannuation and Nomura Corporate Funding Americas, LLC.
In the six months to 31 July 2026 HVPE received cash distributions of $232 million while funding capital calls of $205 million for new investments. In addition, $207 million of cash proceeds from secondary sales were received during the period. The result was a positive net portfolio total cash flow of $234 million over the reporting period. There were non-portfolio net cash outflows of $127 million, primarily related to buybacks and operating expenses. Additionally, HVPE repaid $90 million of its credit facility balance during the period. This left HVPE with $720 million remaining of its credit facility as at 31 July 2026. The cash balance at 31 July 2026 was $140 million, a $17 million increase from $123 million as at 31 January 2026, resulting in a net debt position of $340 million and 8% geared.
HarbourVest Fund-level Borrowing
HarbourVest funds employ credit lines for two main purposes: bridging capital calls and distributions, and financing specific investment projects where the use of debt may be advantageous. The majority of this fund-level borrowing represents delayed capital calls, where a proportion of the unfunded commitments has been invested using subscription credit lines at the HarbourVest fund level, but the capital has not yet been called from HVPE.
HVPE has indirect exposure, on a look-through basis, to a pro rata share of borrowing carried on the balance sheets of some of the HarbourVest funds in which HVPE is a Limited Partner ("LP") (referred to as HarbourVest Partners ("HVP") fund-level borrowing). This borrowing does not represent an additional liability above and beyond the commitments that HVPE has made to the HarbourVest funds.
The HVPE team monitors the HVP fund-level borrowing in absolute terms, and as a percentage of NAV. This borrowing is also considered when evaluating balance sheet ratios: the Total Commitment Ratio through the Investment Pipeline, and the Medium-Term Coverage Ratio through the three-year capital call projections. HVP fund-level borrowing is also included when assessing the credit facility's loan-to-value ratios, as mentioned in Note 6 "Debt Facility" on page 41. Possible changes in this borrowing (and hence the timing of capital calls payable by HVPE) are also incorporated into the balance sheet scenario tests conducted as part of the annual commitment planning exercise.
As at 31 July 2026, HVPE's share of HVP fund-level borrowing on a look-through basis was $524 million, a net decrease of $35 million from the $559 million reported at 31 January 2026. Expressed as a percentage of NAV, this fell from 13% to 12% over the period. The $35 million decrease was due to existing funds paying down their facilities using distributions received from underlying assets. It is common practice to use working capital facilities at the outset of a fund's life to cover initial cash outflows. These amounts are then repaid in the future with calls from LPs or using distributions received from investments. Post-period end, on 30 September 2026, the fund-level borrowing had decreased by $3 million and stood at $521 million.
HVPE's period-end total exposure of $524 million includes $505 million (96%) of bridging finance (also known as subscription line finance) which is used to delay and smooth the pacing of capital calls to investors in the funds, including HVPE. Typically, these bridging facilities are committed by the lenders for a minimum of 12 months. The remaining $19 million (4%) is project debt, held in the most part by the HarbourVest secondary funds to finance specific projects. The bridging finance, should it be repaid in full or in part, will result in capital calls to investors in the HarbourVest funds, including HVPE, as this type of borrowing represents a portion of HVPE's existing unfunded commitment (Investment Pipeline) figure. Furthermore, during the period in which the debt is outstanding, there is a gearing effect on HVPE's NAV, as the investments have already been made while HVPE's share of the capital has not yet been called. Project finance has a very limited impact on prospective cash flow but does contribute to the gearing effect.
In order to estimate the total potential gearing effect on NAV as at 31 July 2026, an investor should take the total fund-level borrowing figure of $524 million and factor in HVPE's net cash/debt position at the Company level (net debt $340 million). The resulting net total borrowing figure of $864 million would translate to an approximate level of look-through gearing of 20% at the period end. Further detail on the credit facility and the criteria upon which it can be drawn can be found under Note 6 "Debt Facility" on page 41.
The SMA structure does not currently utilise fund-level borrowing, and so going forward it is anticipated that HVPE will see a significant reduction in its debt exposure overall.
Expected Future Impact of the SMA on the Balance Sheet
HVPE started making commitments via an SMA structure rather than through HarbourVest funds in August 2025. Amounts committed to the SMA are allocated to underlying investments annually. This differs from a fund structure where it normally takes several years to allocate committed capital to underlying investments. The impact of moving to this SMA structure will be a reduction in HVPE's unfunded commitments balance over time, as the revised structure will require fewer unallocated commitments.
HVPE's look-through exposure to borrowing at the HarbourVest fund level will decline materially in the years ahead as the funds in its existing portfolio mature and pay down debt. Additionally, the Company's pipeline of unfunded commitments to HarbourVest funds will also decline, leading to more predictable cash flows and a reduced need for borrowing at the HVPE level. Both these factors will reduce HVPE's overall debt exposure in the years ahead.
The transition period to the new structure will, by necessity, be gradual. New commitments made going forward will be into the SMA, while the existing portfolio of HarbourVest funds will continue to operate as before.
Balance Sheet Ratios[28]
The Board and the Investment Manager refer to three key ratios when assessing the Company's commitment levels:
|
1. Total Commitment Ratio ("TCR")
The level of the TCR is a key determinant of the Company's total commitment capacity within a given time period. This ratio fell to 154% at 31 July 2026, as described on page 62 of the KPIs section. |
(Total exposure to private markets investments as a percentage of NAV)
|
||||||
|
2. Commitment Coverage Ratio
The nature of HVPE's structure, whereby it commits to HarbourVest Managed Vehicles, which in turn invest in private equity managers, means that it typically takes longer for commitments to be drawn down compared with other listed private equity funds. As a result, to remain fully invested, it has to maintain a larger pipeline of unfunded commitments. This means that HVPE's Commitment Coverage Ratio may appear relatively low in comparison with other firms within its peer group[29]. This ratio rose, with cash increasing following the receipt of secondary sale proceeds and the available credit facility increasing following the partial facility repayment. Additionally, a pause in new commitment activity, coupled with drawdowns on existing commitments, resulted in a fall in the Investment Pipeline figure. We expect the investment pipeline will continue to fall in the future as existing HarbourVest fund commitments are called and new HarbourVest SMA commitments are made.
|
(Short-term liquidity as a percentage of total Investment Pipeline)
|
||||||
|
3. Medium-term Coverage Ratio ("MCR")
HVPE's Investment Manager uses this third specific metric to provide greater insight into the Company's balance sheet position and a more relevant comparison with the Company's peer group. This ratio has increased following an increase in cash and the available credit facility. |
(A measure of medium-term commitment coverage)
|
||||||
The most recent published ratios, as at 30 September 2026, can be found within HVPE's latest monthly factsheet on its website: www.hvpe.com.
Managing costs
Total Expense Ratio ("TER")
HVPE's TER reflects the total cost incurred by the Company in assembling and maintaining its portfolio of HarbourVest funds, Co-investments and SMA investments. The figure is broken down into four distinct categories of expense.
First, there is the direct cost of running the Company in its own right, encompassing items such as the maintenance of the credit facility, Board fees and expenses, professional fees, marketing, financial reporting, the services of a dedicated team from the Investment Manager, and compliance costs. These costs, totalling 0.68% of average NAV in the 6 months to 31 July 2026 (6 months to 31 July 2025: 0.72%), are categorised as recurring operating expenses as shown in the first line of the table below. The decrease in operating expenses is due to a reduction in the credit facility interest expense during the period.
Secondly, operating costs relating to the HarbourVest Managed Vehicles amounted to a further 0.07% of average NAV in the six-month period (six months to 31 July 2025: 0.10%).
Third, HVPE pays management fees to HarbourVest with respect to the funds and SMA vehicles in which it invests, and also for the Secondary Co-investment in Conversus[32] made alongside the HarbourVest funds. The total of all management fees in the 6 months to 31 July 2026 was equivalent to 0.27% of average NAV (6 months to 31 July 2025: 0.29%).
Finally, performance fees are charged on Secondary investments and Direct Co-investments (not on Primary investments which make up 54% of HVPE's portfolio). In total, these accounted for 0.00% of average NAV in the 6 months to 31 July 2026 (6 months to 31 July 2025: 0.30%). The performance fee figure varies from period to period and is driven by the performance achieved by the relevant HarbourVest funds.
Together, these four cost components give a TER, net of interest income (0.06%), of 0.96% for the 6 months to 31 July 2026. It is important to note that, while the operating expenses and the management fees do not vary greatly from one year to the next, the performance fee figure will vary significantly depending on the returns delivered by the relevant underlying HarbourVest Managed Vehicles. The TER for the 6 months to 31 July 2026 of 0.96% was 40 basis points lower than the same period in the prior year, predominantly due to the fall in performance fees. The calculation above excludes the fees charged by the underlying partnerships held by the HarbourVest Managed Vehicles. It is important to note that all performance data we report to shareholders is, and always has been, net of all fees and expenses.
|
|
Six months to 31 July 2026 |
12 months to 31 January 2026 |
Six months to 31 July 2025 |
|
Operating expenses12F[33] |
0.68% |
1.51% |
0.72% |
|
HarbourVest Managed Vehicle operating expenses13F[34] |
0.07% |
0.20% |
0.10% |
|
Management fees14F[35] |
0.27% |
0.57% |
0.29% |
|
Operating expense ratio |
1.02% |
2.28% |
1.11% |
|
Interest income15F[36] |
(0.06)% |
(0.11)% |
(0.05)% |
|
Net operating expense ratio |
0.96% |
2.17% |
1.06% |
|
Performance fees16F[37] |
0.00% |
0.57% |
0.30% |
|
Total net expense ratio17F[38] |
0.96% |
2.74% |
1.36% |
Summary of net assets
|
|
31 July 2026 (millions*) |
31 January 2026 (millions*) |
|
Investment Portfolio |
$4,401 |
$4,713 |
|
Cash and equivalents |
$140 |
$123 |
|
Drawings on the HVPE credit facility |
$(480) |
$(570) |
|
Net other assets |
$169 |
$2 |
|
NAV |
$4,230 |
$4,268 |
|
NAV per share ($) |
$60.82 |
$59.40 |
|
FX rate |
$1.3483 |
$1.3686 |
|
NAV per share (£) |
£45.11 |
£43.40 |
|
Cash + equivalents + available credit facility |
$860 |
$753 |
The private equity cycle
|
|
Six months ended 31 July 2026 (millions*) |
12 months ended 31 January 2026 (millions*) |
|
1. Commitments |
|
|
|
New commitments to HarbourVest Managed Vehicles |
$0 |
$375 |
|
Investment Pipeline |
|
|
|
Allocated |
$1,721 |
$1,886 |
|
Unallocated |
$389 |
$563 |
|
Total Investment Pipeline |
$2,110 |
$2,448 |
|
2. Cash Invested |
|
|
|
Invested in HarbourVest funds |
$205 |
$381 |
|
% of average Investment Pipeline |
9%18F[39] |
|
|
3. Growth |
|
|
|
Investment Portfolio (beginning) |
$4,713 |
$4,375 |
|
Cash invested |
$205 |
$381 |
|
Investment Portfolio growth |
$85 |
$392 |
|
Distributions received (excluding secondary sales) |
$(232) |
$(435) |
|
Realised from secondary sales |
$0 |
|
|
Investment Portfolio (end) |
$4,401 |
$4,713 |
|
4. Distributions Received |
|
|
|
Cash received from HarbourVest Funds (excluding secondary sales) |
$232 |
$435 |
|
% of average Investment Portfolio |
||
|
Cash received from HarbourVest Funds (including secondary sales) |
$435 |
|
|
% of average Investment Portfolio |
10%21F[45] |
10%22F[46] |
SMA phasing
HVPE transitioned to making new commitments via an SMA structure rather than through HarbourVest funds in August 2025. There is no change to the arrangements with respect to HVPE's existing portfolio of HarbourVest funds, which will continue to call
remaining committed capital as new investments are made and make distributions as investments are sold. The existing portfolio will gradually run off as the HarbourVest funds mature and the SMA assets will gradually phase in as capital is invested and grows.
The table below shows how these two components of the Portfolio have moved during the period.
Portfolio movement for the six months ended 31 July 2026 (millions)
|
|
HarbourVest Funds |
SMA assets |
Total Portfolio |
|
Investment Portfolio (beginning) |
$4,687 |
$26 |
$4,713 |
|
Cash invested |
$166 |
$39 |
$205 |
|
Investment Portfolio growth |
$81 |
$4 |
$85 |
|
Distributions received (excluding secondary sales) |
$(232) |
$0 |
$(232) |
|
Realised from secondary sales |
$(370) |
$0 |
$(370)[47] |
|
Investment Portfolio (end) |
$4,332 |
$69 |
$4,401 |
Principal risks and uncertainties
Risk Factors and Internal Controls
The Board is responsible for the Company's risk management and internal control systems, and actively monitors the risks faced by the Company, taking steps to mitigate and minimise these where possible. Further details on the Board's governance and oversight can be found on pages 83 to 85 of the 2026 Annual Report and Accounts. There have been no changes to the Company's internal controls during this six-month financial reporting period.
Risk Appetite
The Board's investment risk appetite is to follow an overcommitment policy that optimises investment returns and associated distributions, allows balanced, regular investment through economic and investment cycles, and ensures that it has access to sufficient funding for any potential negative cash flow situations, including under an Extreme Downside scenario. At the same time, the funding available to the Company by way of cash balances and lending facilities is managed to ensure that its cost, by way of interest, facility fees or cash drag, is reasonable. When considering other risks, the Board's risk appetite is to balance the potential impact and likelihood of each risk with its ability and desire to control and mitigate the risk to an acceptable level. In doing so, as a baseline, the Board will seek to follow best practice and remain compliant with all applicable laws, rules, and regulations.
Risk Management
The Directors have adopted a risk management framework which governs how the Board identifies and measures risks, determines risk appetite, assesses mitigation and controls, and reports on risks. The Board reviews risks at least twice a year and receives in depth reports on specific risks as recommended by the Audit and Risk Committee. The Board divides identified risks into those which have a higher probability and a significant potential impact and those which are less material and are monitored on a watch list. The Board also conducts an annual exercise to identify new or emerging risks. In considering material risks, the Board identifies those which should be categorised as principal risks, which are those where the combination of probability and impact is assessed as being most significant and which the Board therefore considers could seriously affect the performance, future prospects, or reputation of the Company.
Risk Commentary
During the period under review, global equity markets continued to rise despite significant geopolitical uncertainty following the outbreak of war in Iran and the ongoing conflict between Russia and Ukraine. Investors also expressed concerns over the rapid development of AI technology, which weighed on certain sectors, particularly technology. HVPE's share price rose in the period, although the discount remained wide by historical standards, with sentiment towards the listed private equity sector still weighed down by reduced private market exit activity and valuation concerns. The shareholder-friendly initiatives introduced by the Board, including the package of measures announced in April 2026, continued to have a positive impact. At the July AGM, the majority of voting shareholders supported the Continuation Vote resolution that the Company should continue to operate in its current form. HVPE maintains a strong balance sheet, with significant undrawn capacity available on its credit facility to address potential adverse scenarios. The recent completion of two secondary sales demonstrates the Investment Manager's ability to generate liquidity independently of broader market exit conditions. The portfolio continues to perform well and is positioned to benefit from an uptick in exit activity as market uncertainty subsides. The Company's Principal Risks remain as follows:
|
Principal Risk |
Description |
|
Performance of HarbourVest |
The risk posed by the Company's dependence on its Investment Manager. |
|
Public Market Risks |
The risk of a decline in global public markets or a deterioration in the economic environment. |
|
Valuation Risk |
The risk that market instability leads to continuing uncertainty about private asset valuations. |
|
Balance Sheet Risks |
Risks to the Company's balance sheet resulting from its overcommitment strategy, borrowing arrangements and policy for the use of leverage. |
|
Popularity of Listed Private Equity Sector |
The risk that investor sentiment towards the listed private equity sector as a whole may deteriorate significantly. |
|
Trading Liquidity and Price |
The risk that the discount that the share price represents to the NAV per share fails to narrow, leading to dissatisfaction among some shareholders |
GOVERNANCE
Board of Directors
|
Edmond ("Ed") Warner OBE Chair, Independent Non-Executive Director, appointed August 2019 Committees: Chair of the Nomination and Inside Information Committees, and Member of the Management Engagement and Service Provider and Remuneration Committees |
|
Elizabeth ("Libby") Burne Independent Non-Executive Director, appointed March 2021 Committees: Chair of the Management Engagement and Service Provider Committee, and Member of the Audit and Risk, Nomination, and Remuneration Committees |
|
Alan Devine Senior Independent Non-Executive Director, appointed May 2026 Committees: Chair of the Remuneration Committee, and Member of the Audit and Risk, Management Engagement and Service Provider and Nomination Committees |
|
Anulika Malomo (formerly Ajufo) Independent Non-Executive Director, appointed May 2022 Committees: Member of the Audit and Risk, Management Engagement and Service Provider, Nomination, and Remuneration Committees |
|
Steven Wilderspin Independent Non-Executive Director, appointed May 2018 Committees: Chair of the Audit and Risk Committee, and Member of the Inside Information, Management Engagement and Service Provider, Nomination, and Remuneration Committees |
Full Board Director biographies are available on the HVPE website: www.hvpe.com
Francesca Barnes retired as the Senior Independent Non-Executive Director on 15 July 2026. She had been Chair of the Remuneration Committee, and a Member of the Audit and Risk, Management Engagement and Service Provider and Nomination Committees.
Directors' report
Semi-Annual Report and Unaudited Condensed Interim Consolidated Financial Statements
A description of the important events that have occurred during the six months ended 31 July 2026 and their impact on the performance of the Company are given in the Chair's Statement and the Investment Manager's Report on pages 3 and 5 respectively, which are integral components of the Semi-Annual Report and Unaudited Condensed Interim Consolidated Financial Statements (together the "Semi-Annual Report and Accounts").
The principal risks and uncertainties facing the Company can be found on page 26.
There were no material related party transactions which took place in the first six months of the financial year, other than those disclosed in Note 9 to the Interim Financial Statements. There have been no changes to the related party transactions described in the 2026 Annual Report and Accounts that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year.
This Semi-Annual Report and Accounts has been reviewed by the Company's auditor in accordance with guidance contained in International Standard on Review Engagements (UK) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Financial Reporting Council ("ISRE 2410").
Introduction to the Going Concern Statement
Since the inception of HVPE, the Directors have relied upon model scenarios to manage the Company's liquidity requirements and balance sheet risk more generally. This modelling allows the Directors to evaluate whether the Company is a going concern and provides evidence to support the Directors' going concern statement in the Company's semi-annual Report and Accounts. While the modelling process has been refined over the years, it has provided a consistent approach through which the Directors have been able to provide a firm assessment, as demonstrated through the Global Financial Crisis and COVID-19 pandemic.
The Directors have assessed different scenarios including an expected case based on the current market environment (Low Case), plausible upside and downside cases (Base and Low Stress Cases), and an Extreme Downside case. This allows the Directors' flexibility in choosing the most appropriate scenario for the current market environment and actual activity recorded since the end of the reporting period. As more fully explained in the Investment Manager's Report above, during the period under review and subsequent to the period-end, the challenging macroeconomic and geopolitical environment has resulted in higher inflation, higher interest rates, volatility in public markets and subdued activity in private markets. While the Company's actual cash flow through October has been tracking closer to the plausible upside or Base Case scenario, this trend is in contrast with the portfolio activity over the last three years. As such, the Directors have focused on the Low Case (considered the likely scenario given recent experience and current market conditions) and also considered a stress test of the Low scenario, which included lower distributions due to unfavorable capital markets. This stress test is considered a plausible downside scenario from current levels and allowed the Directors to assess the liquidity of the Company considering the ongoing market uncertainty due to the ongoing war in Iran and higher inflationary pressure.
In considering Going Concern for the required one-year period for these 2026 Semi-annual Report and Accounts, the Directors primarily focused on two model scenarios: the Low and the Extreme Downside, while allowing for the possibility of falling between these two scenarios in the stress test of the Low scenario. These scenarios have been used to form the basis of the Going Concern statement as provided below. The credit facility provides an additional source of capital to HVPE which helps to underpin the existing and future commitments of the Company. The Company maintains a credit facility of $1.2 billion which currently extends out to mid-2029 to align with the ongoing growth strategy and risk management practices of the Company. Along with the model scenarios discussed above, the available credit facility provides further support in the Board's assessment of going concern.
Going Concern Statement
In accordance with the AIC Code of Corporate Governance and US GAAP, the Board has performed a robust assessment of principal risks (refer to page 26 for an update on the Principal Risks of the Company) along with the assessment of whether the Company will remain a going concern through the period ending 31 December 2027 which covers the twelve months from the signing of the interim financial statements and whether it believes that the principal risks of the Company will remain as identified on page 26 of this report over the going concern assessment period.
The Board considered model scenarios assuming varying degrees of impact on the portfolio over the period ending 31 December 2027. The Board primarily focused on the Low Case and the Extreme Downside Case as noted above. The Low Case was considered the most likely scenario given the current economic environment, as the Investment Manager included reasonable portfolio growth and distribution levels for the current environment in the assumptions of the Low Case for 2026. While the Low Case was the primary focus of the Board in assessing the going concern of the Company, a stress test of the Low Case scenario and the Extreme Downside Case were also considered. The stress test of the Low Case adjusted some of the key assumptions including lower distributions considering the possibility of less favorable capital markets. The Extreme Downside Case was designed to specifically stress the balance sheet with multiple worst case scenarios all playing out to 31 December 2027; 1) a credit crisis resulting in all of the fund-level bridging leverage being called at once as the underlying HarbourVest fund credit facilities could not be renewed ($414 million in unexpected capital called), 2) despite this credit crisis capital calls are still being received at levels experienced over the last five years (i.e. no material decline in the level of capital calls as seen during the GFC), 3) material asset value declines similar to what was experienced during the GFC, and 4) distribution levels falling to levels equivalent to what was experienced during the GFC. The Board does not believe the Extreme Downside Case is a likely scenario but factors this into the going concern assessment.
The results of these model scenarios showed that the Company would have sufficient resources to withstand the impact of all scenarios, except the Extreme Downside Case occurring to 31 December 2027. The Extreme Downside scenario projects net leverage exceeding the credit facility size by the end of 2026. Under this scenario the Board would take some action to raise additional capital, either by reducing discretionary buybacks and tenders, increasing access to credit, or selling assets to raise additional capital and reducing future capital calls. Based on this assessment, and the strategic options that the Directors have at their disposal to address liquidity shortfalls, the Directors conclude that the working capital of the Company is sufficient for its current requirements and the Company will be able to continue in operation at least through 31 December 2027, which covers the next twelve-month period from the signing of the Semi-annual Report and Accounts.
Statement of Directors' Responsibilities in Respect of the Semi-Annual Report and Accounts
The Directors are responsible for preparing the Semi-Annual Report and Accounts in accordance with applicable law and regulations.
The Directors confirm that to the best of their knowledge:
· the Semi-Annual Report and Accounts have been prepared in accordance with US GAAP and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and other undertakings included in the consolidation as a whole, as required by DTR 4.2.4R; and
· the Chair's Statement, Investment Manager's Report, and Principal Risks and Uncertainties section include a fair review of the information required by:
(i) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the Interim Financial Statements; and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
(ii) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or the performance of the entity during that period; and any changes in the related party transactions described in the 2026 Annual Report and Accounts that could do so.
On behalf of the Board
Ed Warner
Chair
21 October 2026
INTERIM FINANCIAL STATEMENTS
Independent Review Report
to HarbourVest Global Private Equity Limited
Conclusion
We have been engaged by HarbourVest Global Private Equity Limited (the "Company") to review the condensed set of consolidated financial statements in the half-yearly financial report for the six months ended 31 July 2026 of the Company and its subsidiaries (together, the "Group"), which comprises the unaudited condensed interim consolidated statement of assets and liabilities, including the unaudited condensed interim consolidated schedule of investments as at 31 July 2026, the unaudited condensed interim consolidated statements of operations, changes in net assets, and cash flows, and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of consolidated financial statements in the half-yearly financial report for the six months ended 31 July 2026 is not prepared, in all material respects, in accordance with U.S. generally accepted accounting principles and the Disclosure Guidance and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA").
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity ("ISRE (UK) 2410") issued by the Financial Reporting Council for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. We read the other information contained in the half-yearly financial report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of consolidated financial statements.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Scope of review section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However future events or conditions may cause the Group and the Company to cease to continue as a going concern, and the above conclusions are not a guarantee that the Group and the Company will continue in operation.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim financial report in accordance with the DTR of the UK FCA.
As disclosed in note 2, the annual consolidated financial statements of the Group are prepared in accordance with U.S. generally accepted accounting principles. The directors are responsible for preparing the condensed set of consolidated financial statements included in the half-yearly financial report in accordance with U.S. generally accepted accounting principles.
In preparing the half-yearly financial report, the directors are responsible for assessing the Group and the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless liquidation is imminent.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of consolidated financial statements in the half-yearly financial report based on our review. Our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the scope of review paragraph of this report.
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the Company in accordance with the terms of our engagement letter to assist the Company in meeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.
KPMG Audit Limited
Chartered Accountants
Guernsey
21 October 2026
Unaudited Condensed Interim Consolidated Statements of Assets and Liabilities
At 31 JULY AND 31 JANUARY 2026
|
In US Dollars |
|
31 July 2026 (Unaudited) (in thousands*) |
|
31 January 2026 (Audited) (in thousands*) |
|
Assets |
|
|
|
|
|
Investments (Note 4) (cost $2,909,918) |
|
4,401,058 |
|
4,712,575 |
|
Asset sale proceeds receivable |
|
163,031 |
|
- |
|
Cash and equivalents |
|
140,213 |
|
123,368 |
|
Other assets |
|
13,561 |
|
15,371 |
|
Accounts receivable from HarbourVest Advisers L.P. (Note 9) |
|
264 |
|
241 |
|
Total assets |
|
4,718,127 |
|
4,851,555 |
|
Liabilities |
|
|
|
|
|
Amounts due under the credit facilities (Note 6) |
|
480,000 |
|
570,000 |
|
Accounts payable and accrued expenses |
|
8,337 |
|
13,613 |
|
Total liabilities |
|
488,337 |
|
583,613 |
|
|
|
|
|
|
|
Net assets |
|
$4,229,790 |
|
$4,267,942 |
|
Net assets consist of |
|
|
|
|
|
Shares, unlimited shares authorised, 69,545,852 and 71,854,160 shares issued and outstanding at 31 July 2026 and 31 January 2026 respectively, no par value |
|
4,229,790 |
|
4,267,942 |
|
Net assets |
|
$4,229,790 |
|
$4,267,942 |
|
Net asset value per share |
|
$60.82 |
|
$59.40 |
* Except net asset value per share
The accompanying notes are an integral part of the Unaudited Condensed Interim Consolidated Financial Statements.
The Unaudited Condensed Interim Consolidated Financial Statements on pages 32 to 44 were approved by the Board on 21 October 2026 and were signed on its behalf by:
Ed Warner Steven Wilderspin
Chair Chair of the Audit and Risk Committee
Unaudited Condensed Interim Consolidated Statements of Operations
For the SIX-MONTH PERIODS Ended 31 jULY 2026 and 2025
|
|
|
|
|
|
||||
|
In US Dollars |
|
31 July 2026 (in thousands) |
|
31 July 2025 (in thousands) |
|
|||
|
Realised and unrealised gains on investments |
|
|
|
|
|
|||
|
Net realised gain on investments |
|
217,016 |
|
49,429 |
|
|||
|
Net change in unrealised appreciation on investments |
|
(131,540) |
|
198,170 |
|
|||
|
Net gain on investments |
|
85,476 |
|
247,599 |
|
|||
|
Investment income |
|
|
|
|
|
|||
|
Interest and dividends from cash and equivalents |
|
2,389 |
|
1,857 |
|
|||
|
Other income |
|
188 |
|
149 |
|
|||
|
Expenses |
|
|
|
|
|
|||
|
Interest expense (Note 6) |
|
19,330 |
|
20,543 |
|
|||
|
Commitment fees (Note 6) |
|
3,339 |
|
3,415 |
|
|||
|
Financing expenses |
|
2,467 |
|
2,315 |
|
|||
|
Investment services (Note 3) |
|
1,640 |
|
1,531 |
|
|||
|
Marketing expenses |
|
694 |
|
465 |
|
|||
|
Professional fees |
|
557 |
|
911 |
|
|||
|
Directors' fees and expenses (Note 9) |
|
313 |
|
262 |
|
|||
|
Management fees (Note 3) |
|
- |
|
36 |
|
|||
|
Other expenses |
|
565 |
|
362 |
|
|||
|
Total expenses |
|
28,905 |
|
29,840 |
|
|||
|
Net investment loss |
|
(26,328) |
|
(27,834) |
|
|||
|
Net increase in net assets resulting from operations |
|
$59,148 |
|
$219,765 |
|
|||
The accompanying notes are an integral part of the Unaudited Condensed Interim Consolidated Financial Statements.
Unaudited Condensed Interim Consolidated Statements of Changes in Net Assets
For the SIX-MONTH PERIODS Ended 31 jULY 2026 and 2025
|
In US Dollars |
|
31 July 2026 (in thousands) |
|
31 July 2025 (in thousands) |
|
Increase in net assets from operations |
|
|
|
|
|
Net realised gain on investments |
|
217,016 |
|
49,429 |
|
Net change in unrealised appreciation |
|
(131,540) |
|
198,170 |
|
Net investment loss |
|
(26,328) |
|
(27,834) |
|
Net increase in net assets resulting from operations |
|
59,148 |
|
219,765 |
|
Capital Share Transactions |
|
|
|
|
|
Share repurchase |
|
(97,300) |
|
(43,489) |
|
Net decrease in net assets from capital share transactions |
|
(97,300) |
|
(43,489) |
|
Total (decrease) increase in net assets |
|
(38,152) |
|
176,276 |
|
Net assets at beginning of period |
|
4,267,942 |
|
4,022,957 |
|
Net assets at end of period |
|
$4,229,790 |
|
$4,199,233 |
The accompanying notes are an integral part of the Unaudited Condensed Interim Consolidated Financial Statements.
Unaudited Condensed Interim Consolidated Statements of Cash Flows
For the SIX-MONTH PERIODS Ended 31 jULY 2026 and 2025
|
In US Dollars |
|
31 July 2026 (in thousands) |
|
31 July 2025 (in thousands) |
|
Cash flows from operating activities |
|
|
|
|
|
Net increase in net assets resulting from operations |
|
59,148 |
|
219,765 |
|
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: |
|
|
|
|
|
Net realised gain on investments |
|
(217,016) |
|
(49,429) |
|
Net change in unrealised appreciation on investments |
|
131,540 |
|
(198,170) |
|
Contributions to private equity investments |
|
(205,339) |
|
(169,798) |
|
Distributions from private equity investments |
|
602,332 |
|
142,351 |
|
Net change in asset sale proceeds receivable |
|
(163,031) |
|
- |
|
Other |
|
(3,489) |
|
45 |
|
Net cash provided by (used in) operating activities |
|
204,145 |
|
(55,236) |
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from borrowing on the credit facilities |
|
- |
|
91,000 |
|
Repayments in respect of the credit facilities |
|
(90,000) |
|
- |
|
Share repurchase |
|
(97,300) |
|
(43,489) |
|
Net cash (used in) provided by financing activities |
|
(187,300) |
|
47,511 |
|
Net change in cash and equivalents |
|
16,845 |
|
(7,725) |
|
Cash and equivalents at beginning of period |
|
123,368 |
|
122,990 |
|
Cash and equivalents at end of period |
|
$140,213 |
|
$115,265 |
|
Supplemental disclosure: Interest paid during the period |
|
$20,562 |
|
$19,640 |
|
|
|
|
|
|
The accompanying notes are an integral part of the Unaudited Condensed Interim Consolidated Financial Statements.
Unaudited Condensed Interim Consolidated Schedule of Investments
At 31 JULY 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
In US Dollars |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
Unfunded |
|
Amount |
|
Distributions |
|
|
|
|
Fair Value |
|||||||||||||
|
|
|
Commitment |
|
Invested* |
|
Received |
|
|
Cost |
Fair Value |
as a % of |
|||||||||||||
|
US Funds |
|
(in thousands) |
|
(in thousands) |
|
(in thousands) |
|
|
(in thousands) |
(in thousands) |
Net Assets |
|||||||||||||
|
HarbourVest Partners XI Buyout Feeder Fund L.P. |
|
45,946 |
|
244,850 |
|
96,729 |
|
|
215,394 |
317,767 |
7.5 |
|||||||||||||
|
HarbourVest Partners XII Buyout Feeder Fund L.P. |
|
197,409 |
|
213,860 |
|
4,489 |
|
|
201,708 |
287,984 |
6.8 |
|||||||||||||
|
HarbourVest Partners XI Venture Feeder Fund L.P. |
|
13,300 |
|
176,736 |
|
68,062 |
|
|
148,308 |
273,941 |
6.5 |
|||||||||||||
|
HarbourVest Partners X Venture Feeder Fund L.P. |
|
6,290 |
|
141,764 |
|
153,858 |
|
|
93,294 |
236,197 |
5.6 |
|||||||||||||
|
All other US Funds |
|
294,559 |
|
1,126,574 |
|
1,243,505 |
|
|
502,492 |
812,902 |
19.2 |
|||||||||||||
|
Total US Funds |
|
557,504 |
|
1,903,784 |
|
1,566,643 |
|
|
1,161,196 |
1,928,791 |
45.6 |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
|
Amount |
|
Distributions |
|
|
|
|
Fair Value |
|
|
|
Commitment |
|
Invested* |
|
Received |
|
Cost |
Fair Value |
|
as a % of |
|
International/Global Funds |
|
(in thousands) |
|
(in thousands) |
|
(in thousands) |
|
(in thousands) |
(in thousands) |
|
Net Assets |
|
HIPEP IX Feeder Fund L.P. |
|
181,875 |
|
303,133 |
|
35,071 |
|
236,856 |
372,221 |
|
8.8 |
|
HarbourVest Asia Pacific 5 Feeder Fund L.P. |
|
111,000 |
|
189,000 |
|
1,163 |
|
165,557 |
230,602 |
|
5.5 |
|
All other International/Global Funds |
|
1,259,986 |
|
2,520,411 |
|
2,377,405 |
|
1,346,309 |
1,869,444 |
|
44.2 |
|
Total International/Global Funds |
|
1,552,861 |
|
3,012,544 |
|
2,413,639 |
|
1,748,722 |
2,472,267 |
|
58.4 |
|
Total Investments |
|
2,110,365 |
|
4,916,328 |
|
3,980,281 |
|
2,909,918 |
4,401,058 |
|
104.0 |
* Includes purchase of limited partner interests for shares and cash at the time of HVPE's IPO.
As of 31 July 2026, the cost basis of partnership investments is $2,909,918,000.
Investments with a fair value greater than 5% of net assets have been disclosed separately. All remaining investments have been aggregated and are presented by geography in All other funds.
Totals and subtotals may not recalculate due to rounding.
The accompanying notes are an integral part of the Unaudited Condensed Interim Consolidated Financial Statements.
Unaudited Condensed Interim Consolidated Schedule of Investments
At 31 january 2026 (audited)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
In US Dollars |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Unfunded |
|
Amount |
|
Distributions |
|
|
|
Fair Value |
|
||||||||
|
|
|
Commitment |
|
Invested* |
|
Received |
|
Fair Value |
|
as a % of |
|
||||||||
|
US Funds |
|
(in thousands) |
|
(in thousands) |
|
(in thousands) |
|
(in thousands) |
|
Net Assets |
|
||||||||
|
HarbourVest Partners XI Buyout Feeder Fund L.P. |
|
62,300 |
|
287,700 |
|
92,396 |
|
388,453 |
|
9.1 |
|
||||||||
|
HarbourVest Partners XII Buyout Feeder Fund L.P. |
|
252,450 |
|
242,550 |
|
5,403 |
|
312,259 |
|
7.3 |
|
||||||||
|
HarbourVest Partners XI Venture Feeder Fund L.P. |
|
13,300 |
|
176,736 |
|
54,284 |
|
268,727 |
|
6.3 |
|
||||||||
|
HarbourVest Partners X Venture Feeder Fund L.P. |
|
6,290 |
|
141,764 |
|
133,340 |
|
255,092 |
|
6.0 |
|
||||||||
|
All other US Funds |
|
350,465 |
|
1,407,460 |
|
1,691,011 |
|
786,850 |
|
18.4 |
|
||||||||
|
Total US Funds |
|
684,805 |
|
2,256,210 |
|
1,976,434 |
|
2,011,381 |
|
47.1 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Unfunded |
|
Amount |
|
Distributions |
|
|
|
Fair Value |
|
|
|
|
|
Commitment |
|
Invested* |
|
Received |
|
Fair Value |
|
as a % of |
|
|
|
International/Global Funds |
|
(in thousands) |
|
(in thousands) |
|
(in thousands) |
|
(in thousands) |
|
Net Assets |
|
|
|
HIPEP IX Feeder Fund L.P. |
|
203,700 |
|
281,308 |
|
32,760 |
|
341,670 |
|
8.0 |
|
|
|
HarbourVest Asia Pacific 5 Feeder Fund L.P. |
|
121,500 |
|
178,500 |
|
1,163 |
|
214,086 |
|
5.0 |
|
|
|
All other International/Global Funds |
|
1,438,289 |
|
2,703,308 |
|
2,450,040 |
|
2,145,438 |
|
50.3 |
|
|
|
Total International/Global Funds |
|
1,763,489 |
|
3,163,116 |
|
2,483,963 |
|
2,701,194 |
|
63.3 |
|
|
|
Total Investments |
|
2,448,294 |
|
5,419,326 |
|
4,460,397 |
|
4,712,575 |
|
110.4 |
|
|
* Includes purchase of limited partner interests for shares and cash at the time of HVPE's IPO.
As of 31 January 2026, the cost basis of partnership investments is $3,089,895,000.
Totals and subtotals may not recalculate due to rounding.
The accompanying notes are an integral part of the Unaudited Condensed Interim Consolidated Financial Statements.
The Schedule of Investments as of 31 January 2026 has been condensed to conform to the current year presentation. The Schedule of Investments presented in the 31 January 2026 audited financial statements was not condensed and was presented in full.
Notes to Unaudited Condensed Interim Consolidated Financial Statements
Note 1 Company Organisation and Investment Objective
HarbourVest Global Private Equity Limited (the "Company" or "HVPE") is a closed-ended investment company registered with the Registrar of Companies in Guernsey under The Companies (Guernsey) Law, 2008. The Company's registered office is BNP Paribas House, St Julian's Avenue, St Peter Port, Guernsey GY1 1WA.
The Company was incorporated and registered in Guernsey on 18 October 2007. HVPE is designed to offer shareholders long-term capital appreciation by investing in a diversified portfolio of private equity investments. The Company invests in private equity through private equity funds and may make co-investments or other opportunistic investments. The Company is managed by HarbourVest Advisers L.P. (the "Investment Manager"), an affiliate of HarbourVest Partners, LLC ("HarbourVest"), a private equity fund-of-funds manager. The Company intends to invest in and alongside existing and newly-formed HarbourVest funds. HarbourVest is a global private equity fund of funds manager and typically invests capital in primary partnerships, secondary investments, and direct investments across vintage years, geographies, industries, and strategies.
Operations of the Company commenced on 6 December 2007, following the initial global offering of the Class A Ordinary Shares.
Share Capital
At 31 July 2026, the Company's 69,545,852 shares were listed on the London Stock Exchange under the symbol "HVPE". The shares are entitled to the income and increases and decreases in the net asset value ("NAV") of the Company, and to any dividends declared and paid, and have full voting rights. Dividends may be declared by the Board of Directors and paid from available assets subject to the Directors being satisfied that the Company will, immediately after payment of the dividend, satisfy the statutory solvency test prescribed by The Companies (Guernsey) Law, 2008. The Company repurchased 2,308,308 and 1,301,989 shares during the periods ended 31 July 2026 and 31 July 2025, at a cost of $97,300,000 and $43,489,000, respectively.
Dividends would be paid to shareholders pro rata to their shareholdings.
The shareholders must approve any amendment to the Memorandum and Articles of Incorporation. The approval of 75% of the shares is required in respect of any changes that are administrative in nature, any material change from the investment strategy and/or investment objective of the Company, or any material change to the terms of the Investment Management Agreement.
There is no minimum statutory capital requirement under Guernsey law.
Investment Manager, Company Secretary, and Administrator
The Directors have delegated certain day-to-day operations of the Company to the Investment Manager and the Company Secretary and Administrator, under advice of the Directors, pursuant to service agreements with those parties, within the context of the strategy set by the Board. The Investment Manager is responsible for, among other things, selecting, acquiring, and disposing of the Company's investments, carrying out financing, cash management, and risk management activities, providing investment advisory services, including with respect to HVPE's investment policies and procedures, and arranging for personnel and support staff of the Investment Manager to assist in the administrative and executive functions of the Company.
Directors
The Directors are responsible for the determination of the investment policy of the Company on the advice of the Investment Manager and have overall responsibility for the Company's activities. This includes the periodic review of the Investment Manager's compliance with the Company's investment policies and procedures, and the approval of certain investments. A majority of Directors must be independent Directors and not affiliated with HarbourVest or any affiliate of HarbourVest.
Note 2 Summary of Significant Accounting Policies
Accounting policies have been applied consistently as presented in the latest audited accounts which have been prepared in accordance with US generally accepted accounting principles (US GAAP). The unaudited condensed interim consolidated financial statements should be read in conjunction with the Company's 31 January 2026 Annual report and financial statements.
The Company is an investment company following the accounting and reporting guidance of the Financial Accounting Standards Boards ("FASB") Accounting Standards Codification ("ASC") Topic 946 - Financial Services - Investment Companies.
Basis of Preparation
The Unaudited Condensed Interim Consolidated Financial Statements include the accounts of HarbourVest Global Private Equity Limited and its three wholly owned subsidiaries: HVGPE - Domestic A L.P., HVGPE - Domestic B L.P., and HVGPE - Domestic C L.P. (together "the undertakings"). Each of the subsidiaries is a Cayman Islands limited partnership formed to facilitate the purchase of certain investments. All intercompany accounts and transactions have been eliminated in consolidation.
The Company maintains an overcommitment strategy in an attempt to remain fully invested over time (refer to Note 5 on page 41 for further details on unfunded commitments). HarbourVest prepares forecasts and predictions to provide assurance that the Company has sufficient resources to meet its ongoing requirements.
As part of this process the Investment Manager has created revised model scenarios with varying degrees of decline in investment value and investment distributions, with the worst being an Extreme Downside scenario representing an impact to the portfolio that is worse than that experienced during the GFC. All models support that the Company has enough resources to meet the Company's upcoming financial obligations. However, in all circumstances HVPE can take steps to limit or mitigate the impact on the Consolidated Statements of Assets and Liabilities, namely drawing on the credit facility, pausing new commitments, raising additional credit or capital, and selling assets to increase liquidity and reduce outstanding commitments.
Having carefully assessed the Company's position, the Directors consider it appropriate to prepare the financial statements on a going concern basis.
Note 3 Material Agreements and Related Fees
Administrative Agreement
The Company has retained BNP Paribas S.A., Guernsey Branch ("BNP") as Company Secretary and Administrator. Fees for these services are paid as invoiced by BNP and include an administration fee of £50,000 per annum, a secretarial fee of £60,000 per annum, a compliance services fee of £15,000 per annum, ad-hoc service fees, and reimbursable expenses. During the periods ended 31 July 2026 and 2025, fees of $113,000 and $112,000, respectively, were incurred to BNP and are included as other expenses in the Unaudited Condensed Interim Consolidated Statements of Operations.
Registrar
The Company has retained MUFG as share registrar. Fees for this service include a base fee of £16,800, plus other miscellaneous expenses. During the periods ended 31 July 2026 and 2025, registrar fees of $11,000 and $32,000, respectively, were incurred and are included as other expenses in the Unaudited Condensed Interim Consolidated Statements of Operations.
Independent Auditor's Fees
For the periods ended 31 July 2026 and 2025, auditor fees of $252,500 and $364,000 were accrued, respectively, and are included in professional fees in the Unaudited Condensed Interim Consolidated Statements of Operations. The 31 July 2026 and 2025 figures include $147,500 and $180,000, respectively, which represents approximately half of each period's respective annual audit fee. The 31 July 2026 amount relates to KPMG, while the 31 July 2025 amount relates to Ernst & Young LLP. The 31 July 2026 and 2025 figures also include a $10,000 expense and a $67,000 expense, respectively, related to the prior financial year's audit fee. In addition, the 31 July 2026 and 2025 figures include fees of $105,000 and $117,000, respectively, for non-audit related services provided by KPMG and Ernst & Young LLP, respectively, in connection with their reviews of the Interim Financial Statements for each period end. There were no other non-audit fees paid to the respective auditors by the Company during the periods ended 31 July 2026 and 2025.
Investment Management Agreement
The Company has retained HarbourVest Advisers L.P. as the Investment Manager. The Investment Manager is reimbursed for costs and expenses incurred on behalf of the Company in connection with the management and operation of the Company. During the periods ended 31 July 2026 and 2025, reimbursements for services provided by the Investment Manager were $1,640,000 and $1,531,000, respectively. The Investment Manager is reimbursed on a fixed fee basis. The Investment Manager does not directly charge HVPE management fees or performance fees other than with respect to parallel investments. However, as an investor in the HarbourVest funds, HVPE is charged the same management fees and is subject to the same performance allocations as other investors in such HarbourVest funds.
During the periods ended 31 July 2026 and 2025, HVPE had one parallel investment: HarbourVest Structured Solutions II, L.P. (via HVPE Charlotte Co-Investment L.P.). No management fees were charged by the Company's parallel investment during the period ended 31 July 2026. For the period ended 31 July 2025, management fees paid for the parallel investment made by the Company were consistent with the fees charged by the funds alongside which the parallel investment was made.
Management fees included in the Unaudited Condensed Interim Consolidated Statements of Operations are shown in the table below:
|
|
|
2026 (in thousands) |
|
2025 (in thousands) |
|
HVPE Charlotte Co-Investment L.P. |
|
$- |
|
$36 |
For the period 31 July 2025, management fees on the HVPE Charlotte Co-Investment L.P. investment were calculated based on a weighted average effective annual rate of 0.04%, on capital originally committed, net of management fee offsets to the parallel investment.
Note 4 Investments
In accordance with the authoritative guidance on fair value measurements and disclosures under US GAAP, the Company discloses the fair value of its investments in a hierarchy that prioritises the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:
Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;
Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and
Level 3 - Inputs that are unobservable.
An investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Because of the inherent uncertainty of these valuations, the estimated fair value may differ significantly from the value that would have been used had a ready market for this security existed, and the difference could be material.
Investments include limited partnership interests in HarbourVest funds which report under US GAAP. Inputs used to determine fair value are primarily based on the most recently reported NAV provided by the underlying investment manager as a practical expedient under ASC Topic 820. The fair value is then adjusted for known investment operating expenses and subsequent transactions, including investments, realisations, changes in foreign currency exchange rates, and changes in value of private and public securities. Investments for which fair value is measured using NAV per share as a practical expedient have not been categorised within the fair value hierarchy.
The following table summarises the levels used in valuing the Company's investments as of 31 July 2026.
|
All amounts in U.S. dollars (in thousands) |
Level 1 |
Level 2 |
Level 3 |
Measured using NAV as a practical expedient |
Total |
|
Partnership Investments |
- |
- |
- |
$4,401,058 |
$4,401,058 |
|
Total |
- |
- |
- |
$4,401,058 |
$4,401,058 |
The following table summarises the levels used in valuing the Company's investments as of 31 January 2026.
|
All amounts in U.S. dollars (in thousands) |
Level 1 |
Level 2 |
Level 3 |
Measured using NAV as a practical expedient |
Total |
|
Partnership Investments |
- |
- |
$296,416 |
$4,416,159 |
$4,712,575 |
|
Total |
- |
- |
$296,416 |
$4,416,159 |
$4,712,575 |
Investments that are measured at fair value using the NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Condensed Interim Consolidated Statement of Assets and Liabilities.
The Partnership recognises transfers at fair value at 31 July 2026. During the period ended 31 July 2026, the Company's Level 3 investments were sold as part of an asset sale transaction. As a result, the Company held no Level 3 investments as 31 July 2026.
The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorised within Level 3 as of 31 January 2026:
|
Asset type |
Fair Value at 31 January 2026 (in thousands) |
Valuation Methodologies |
Unobservable Input(s) |
Range |
|
Partnership Investments |
$296,416 |
Recent Transaction |
N/A |
N/A |
Income derived from investments in HarbourVest funds is recorded using the equity pick-up method. Under the equity pick-up-method of accounting, the Company's proportionate share of the net income (loss) and net realised gains (losses), as reported by the HarbourVest funds, is reflected in the Unaudited Condensed Interim Consolidated Statements of Operations as net realised gain (loss) on investments. The Company's proportionate share of the aggregate increase or decrease in unrealised appreciation or depreciation, as reported by the HarbourVest funds, is reflected in the Unaudited Condensed Interim Consolidated Statements of Operations as net change in unrealised appreciation on investments.
During the periods ended 31 July 2026 and 2025, the Company made contributions of $205,339,000 and $169,798,000, respectively, to investments and received distributions of $602,332,000 and $142,351,000, respectively, from investments. At 31 July 2026 and 31 January 2026, the Company's investments valued using the practical expedient amounted to $4,401,058,000 and $4,416,159,000, respectively.
Note 5 Commitments
As of 31 July 2026, the Company had unfunded investment commitments to other limited partnerships of $2,110,365,000 which are payable upon notice by the partnerships to which the commitments have been made. As of 31 January 2026, the Company had unfunded investment commitments to other limited partnerships of $2,448,294,000.
The Investment Manager is not entitled to any direct remuneration (save expenses incurred in the performance of its duties) from the Company, instead deriving its fees from the management fees and carried interest payable by the Company on its investments in underlying HarbourVest Funds. The Investment Management Agreement (the "IMA"), which was amended and restated on 30 July 2019 and again on 31 January 2025, may be terminated by either party by giving 12 months' notice. In the event of termination within ten years and three months of the date of the listing on the Main Market on 9 September 2015, the Company would be required to pay a contribution, which would have been $334,000 at 31 July 2025, as reimbursement of the Investment Manager's remaining unamortised IPO costs. In addition, the Company would be required to pay a fee equal to the aggregate of the management fees for the underlying investments payable over the course of the 12-month period preceding the effective date of such termination to the Investment Manager. As of 31 July 2026, no further contributions are required to be paid in the event of termination.
Note 6 Debt Facility
The Company has an agreement with Apollo Management International LLP ("Apollo"), Ares Management Limited ("Ares"), Mitsubishi UFJ Trust and Banking Corporation, London Branch ("MUFG"), and Guardians of New Zealand Superannuation as manager and administrator of the New Zealand Superannuation Fund ("NZS") for the provision of a multi-currency revolving credit facility (the "Facility"), with a termination date no earlier than June 2029, subject to usual covenants. The Apollo commitment was $350 million, the Ares commitment was $350 million, the MUFG commitment was $300 million and the NZS commitment was $200 million.
Amounts borrowed against the Facility accrue interest at an aggregate rate of Term SOFR/SONIA/EURIBOR, a margin, and, under certain circumstances, a mandatory minimum cost. The Facility is secured by the private equity investments and cash and equivalents of the Company, as defined in the agreement and is subject to certain loan-to-value ratios (which factor in borrowing on the Facility and fund-level borrowing) and portfolio diversity tests applied to the Investment Portfolio of the Company. At 31 July 2026 and 31 January 2026, there was $480,000,000 and $570,000,000 in debt outstanding against the Facility, respectively. For the periods ended 31 July 2026 and 2025, interest of $19,330,000 and $20,543,000, respectively, was incurred. Included in other assets at 31 July 2026 and 31 January 2026 are deferred financing costs of $12,660,000 and $14,787,000, respectively, related to refinancing the Facility. The deferred financing costs are amortised over the terms of the Facility. For the Facility, the Company is required to pay a non-utilisation fee of 100 basis points per annum for all commitments. This fee is presented as Commitment fees on the Unaudited Condensed Interim Consolidated Statement of Operations. For the periods ended 31 July 2026 and 2025, $3,339,000 and $3,415,000, respectively, in commitment fees have been incurred.
Note 7 Financial Highlights
For the Six-month Periods Ended 31 July 2026 and 2025
|
|
|
|
|
|
|
In US Dollars |
|
2026 (Unaudited) |
|
2025 (Unaudited) |
|
Shares |
|
|
|
|
|
Per share operating performance: |
|
|
|
|
|
Net asset value, beginning of period |
|
$59.40 |
|
$54.17 |
|
Net realised and unrealised gains |
|
1.21 |
|
3.37 |
|
Net investment loss |
|
(0.38) |
|
(0.37) |
|
Total from investment operations |
|
0.83 |
|
3.00 |
|
Net increase from repurchase of Class A shares |
|
0.59 |
|
0.38 |
|
Net asset value, end of period |
|
$60.82 |
|
$57.55 |
|
Market value, end of period |
|
$44.83* |
|
$35.98* |
|
Total return at net asset value |
|
2.4% |
|
6.2% |
|
Total return at market value |
|
4.4% |
|
5.4% |
|
Ratios to average net assets |
|
|
|
|
|
Expenses† |
|
0.68% |
|
0.73% |
|
Net investment loss |
|
(0.62)% |
|
(0.68)% |
* Represents the US dollar-denominated share price.
† Does not include operating expenses of underlying investments
Note 8 Publication and Calculation of Net Asset Value
The NAV of the Company is equal to the value of its total assets less its total liabilities. The NAV per share is calculated by dividing the net asset value by the number of shares in issue on that day. The Company publishes the NAV per share of the shares as calculated, monthly in arrears, at each month end, generally within 20 days.
Note 9 Related Party Transactions
Other amounts receivable from HarbourVest Advisers L.P. of $264,000 and $241,000 represent expenses of the Company incurred in the ordinary course of business, which have been paid for and are reimbursable from the Investment Manager at 31 July 2026 and 31 January 2026, respectively.
Other income relates to income received from a revenue sharing agreement entered into with the HarbourVest Infrastructure Income Delaware Parallel Partnership ("HIIP") investment. Through such agreement, the Company is entitled to 10% of the management fee revenue received by HarbourVest from HIIP, provided that HarbourVest remains as HIIP's exclusive investment manager.
Directors' fees and expenses, primarily compensation, of $313,000 and $262,000 were incurred during the periods ended 31 July 2026 and 2025, respectively. The Directors' beneficial interests in the ordinary shares of the Company were as follows:
|
|
31 July 2026 |
31 July 2025 |
|
Libby Burne |
786 |
786 |
|
Anulika Malomo |
958 |
958 |
|
Ed Warner |
16,000 |
16,000 |
|
Steven Wilderspin |
1,300 |
1,300 |
|
Alan Devine* |
2,232† |
N/A |
|
Francesca Barnes** |
N/A |
5,300 |
†This includes 662 held by PCAs.
*Alan Devine was appointed as a Director with effect from 14 May 2026.
**Francesca Barnes retired from the Board on 15 July 2026.
Note 10 OPERATING SEGMENTS
The Company adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Company's financial position or the results of its operations. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive leadership of the Company acts as the Company's CODM. The Company represents a single operating segment, as the CODM monitors the investment activity and cash flow of the Company as a whole. The financial information in the form of the Company's fund investments, realised and unrealised gains on investments, expenses and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations), which are used by the CODM to assess the Company's performance and to make resource allocation decisions for the Company's segments, is consistent with that presented within the Company's Unaudited Condensed Interim Consolidated Financial Statements. Detailed financial information for the Company is reflected within the accompanying financial statements with segment assets, cash flow, and operations consolidated in the accompanying Unaudited Condensed Interim Consolidated Financial Statements.
Note 11 Indemnifications
General Indemnifications
In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide for general indemnifications. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. Based on the prior experience of the Investment Manager, the Company expects the risk of loss under these indemnifications to be remote.
Investment Manager Indemnifications
Consistent with standard business practices in the normal course of business, the Company has provided general indemnifications to the Investment Manager, any affiliate of the Investment Manager and any person acting on behalf of the Investment Manager or such affiliate when they act in good faith, in the best interest of the Company. The Company is unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim but expects the risk of having to make any payments under these general business indemnifications to be remote.
Directors' and Officers' Indemnifications
The Company's Articles of Incorporation provide that the Directors, managers or other officers of the Company shall be fully indemnified by the Company from and against all actions, expenses, and liabilities which they may incur by reason of any contract entered into or any act in or about the execution of their offices, except such (if any) as they shall incur by or through their own negligence, default, breach of duty, or breach of trust, respectively.
Note 12 Subsequent Events
The Directors have evaluated subsequent events up to 21 October 2026, which is the date that the unaudited condensed interim consolidated financial statements were available to be issued.
In this period the Company made purchases of 285,350 of its ordinary shares for cancellation, for total consideration of £9,531,000.
On 16 September 2026, the Company announced its intention to undertake a tender offer of up to $400,000,000 of its ordinary shares. The tender offer is expected to be launched in November 2026 and is subject to shareholder approval.
As of the date of approval of these Unaudited Condensed Interim Financial Statements, the tender offer has not been completed, and no amounts have been recognised in the financial statements in respect of the proposed transaction.
There were no other events or material transactions subsequent to 31 July 2026 that required recognition or disclosure in the Consolidated Financial Statements.
OTHER INFORMATION
Unaudited supplementary data
HVPE's HarbourVest Fund and SMA Investments at 31 July 2026
HVPE's HarbourVest Fund investments and Secondary Co-investments are profiled below.
Financial information at 31 July 2026 for each fund with a fair value of more than 5% of NAV is provided in the Unaudited Condensed Interim Consolidated Schedule of Investments on page 36.
V = Venture, B = Buyout, O = Other, P = Primary, S = Secondary, D = Direct Co-investment
|
HarbourVest Managed Vehicle |
Phase |
Vintage Year |
Stage |
Geography |
Strategy |
|
Investment Phase |
|
|
|
|
|
|
HarbourVest HVPE SMA (Tranche 2) |
Investment |
2026 |
V, B, O |
Global |
P, S, D |
|
HarbourVest HVPE SMA (Tranche 1) |
Investment |
2025 |
V, B |
Global |
P, D |
|
HarbourVest Partners XIII Buyout |
Investment |
2024 |
B |
US |
P, S, D |
|
HarbourVest Partners XIII Small Cap |
Investment |
2024 |
B |
US |
P, S, D |
|
HarbourVest Partners XIII Venture |
Investment |
2024 |
V |
US |
P, S, D |
|
HarbourVest Stewardship Fund |
Investment |
2023 |
V, B |
Global |
D |
|
HarbourVest Infrastructure Opportunities III |
Investment |
2023 |
O |
Global |
S, D |
|
HIPEP X Fund |
Investment |
2023 |
V, B |
EUR, AP, RoW |
P, S, D |
|
HarbourVest Private Equity Continuation Solutions |
Investment |
2022 |
V, B |
Global |
S,D |
|
Dover Street XI |
Investment |
2022 |
V, B, O |
Global |
S |
|
HarbourVest Credit Opportunities III |
Investment |
2022 |
O |
US |
D |
|
HarbourVest 2022 Global |
Investment |
2022 |
V, B, O |
Global |
P, S, D |
|
HarbourVest Infrastructure Income Partnership |
Investment |
2022 |
O |
Global |
S, D |
|
HarbourVest Partners XII Venture AIF |
Investment |
2022 |
V |
US |
P, S, D |
|
Growth Phase |
|
|
|
|
|
|
HarbourVest 2021 Global Fund |
Growth |
2021 |
V, B, O |
Global |
P, S, D |
|
HarbourVest Asia Pacific 5 |
Growth |
2021 |
V, B |
AP |
P, S, D |
|
HarbourVest Partners XII Venture |
Growth |
2021 |
V |
US |
P, S, D |
|
HarbourVest Partners XII Micro Buyout |
Growth |
2021 |
B |
US |
P, S, D |
|
HarbourVest Partners XII Buyout |
Growth |
2021 |
B |
US |
P, S, D |
|
HIPEP IX Partnership Fund |
Growth |
2020 |
V, B |
EUR, AP, RoW |
P, S, D |
|
HarbourVest 2020 Global Fund |
Growth |
2020 |
V, B, O |
Global |
P, S, D |
|
Secondary Overflow Fund IV |
Growth |
2020 |
V, B |
Global |
S |
|
HarbourVest Real Assets IV |
Growth |
2019 |
O |
Global |
S |
|
HarbourVest Credit Opportunities Fund II |
Growth |
2019 |
O |
US |
D |
|
Dover Street X |
Growth |
2019 |
V, B |
Global |
S |
|
HarbourVest 2019 Global Fund |
Growth |
2019 |
V, B, O |
Global |
P, S, D |
|
HarbourVest 2018 Global Fund |
Growth |
2018 |
V, B, O |
Global |
P, S, D |
|
HarbourVest Partners XI Venture |
Growth |
2018 |
V |
US |
P, S, D |
|
HarbourVest Partners XI Micro Buyout |
Growth |
2018 |
B |
US |
P, S, D |
|
HarbourVest Partners XI Buyout |
Growth |
2018 |
B |
US |
P, S, D |
|
HIPEP VIII Asia Pacific Fund |
Growth |
2017 |
V, B |
AP |
P, S, D |
|
HarbourVest 2017 Global Fund |
Growth |
2017 |
V, B, O |
Global |
P, S, D |
|
HIPEP VIII Partnership Fund |
Growth |
2017 |
V, B |
EUR, AP, RoW |
P, S, D |
|
Mature Phase |
|
|
|
|
|
|
Secondary Overflow Fund III |
Mature |
2016 |
V, B |
Global |
S |
|
HarbourVest Partners Co-Investment IV |
Mature |
2016 |
V, B |
Global |
D |
|
HarbourVest Real Assets III |
Mature |
2016 |
O |
Global |
S |
|
HarbourVest 2016 Global Fund |
Mature |
2016 |
V, B, O |
Global |
P, S, D |
|
Dover Street IX |
Mature |
2016 |
V, B |
Global |
S |
|
HarbourVest 2015 Global Fund |
Mature |
2015 |
V, B, O |
Global |
P, S, D |
|
HarbourVest Canada Growth Fund |
Mature |
2015 |
V |
US, CAN |
P, D |
|
HarbourVest Mezzanine Income Fund |
Mature |
2015 |
O |
US |
D |
|
HarbourVest X Buyout |
Mature |
2015 |
B |
US |
P, S, D |
|
HarbourVest X Venture |
Mature |
2015 |
V |
US |
P, S, D |
|
HarbourVest Global Annual Private Equity Fund |
Mature |
2014 |
V, B, O |
Global |
P, S, D |
|
HIPEP VII Asia Pacific Fund |
Mature |
2014 |
V, B |
AP |
P, S, D |
|
HIPEP VII Emerging Markets Fund |
Mature |
2014 |
V, B |
RoW |
P, S, D |
|
HIPEP VII Europe Fund |
Mature |
2014 |
V, B |
EUR |
P, S, D |
|
HIPEP VII Partnership Fund |
Mature |
2014 |
V, B |
EUR, AP, RoW |
P, S, D |
|
HarbourVest 2013 Direct Fund |
Mature |
2013 |
V, B |
Global |
D |
|
HarbourVest Cleantech Fund II |
Mature |
2012 |
V |
Global |
P, S, D |
|
Dover Street VIII |
Mature |
2012 |
V, B |
Global |
S |
|
Conversus Capital |
Mature |
2011 |
V, B, O |
Global |
S |
|
HarbourVest Partners IX Buyout Fund |
Mature |
2011 |
B |
US |
P, S, D |
|
HarbourVest Partners IX Credit Opportunities Fund |
Mature |
2011 |
O |
US |
P, S, D |
|
HarbourVest Partners IX Venture Fund |
Mature |
2011 |
V |
US |
P, S, D |
|
HIPEP VI Asia Pacific Fund |
Mature |
2008 |
V, B |
AP |
P |
|
HIPEP VI Emerging Markets Fund |
Mature |
2008 |
V, B |
RoW |
P |
|
HIPEP VI Partnership Fund |
Mature |
2008 |
V, B |
EUR, AP, RoW |
P |
|
HarbourVest VIII Venture Fund |
Mature |
2006 |
V |
US |
P, S, D |
|
HarbourVest VII Venture Fund |
Mature |
2003 |
V |
US |
P, S |
|
HarbourVest VI Direct Fund |
Mature |
1999 |
V, B |
US |
D |
Vintage year is year of first closing for fund investments made after 1 January 2026, and year of initial capital call for investments made prior to 1 January 2026. HarbourVest fund of funds typically call capital over a multi-year period.
Largest Underlying Companies at 31 July 2026
· No single portfolio company represented more than 1.7% of the Investment Portfolio.
· The five largest companies represented 5.4% of the Investment Portfolio.
· The 25 largest companies represented 12.7% of the Investment Portfolio.
The 25 largest portfolio company investments based on Investment Portfolio value are listed by percentage of investment value. Some holdings cannot be disclosed due to confidentiality agreements in place.
|
Company |
Stage |
% Investment Portfolio Value |
Amount ($m) |
Location |
Status |
Description |
|
Shein |
Venture/Growth |
1.7% |
$75.7 |
Singapore |
Private |
Developer of a global B2C e-commerce platform designed to provide women fast fashion goods from China. |
|
Databricks, Inc. |
Venture/Growth |
1.1% |
$50.3 |
United States |
Private |
Offers a cloud platform that helps organizations to turn data into value |
|
Space Exploration Technologies Corporation |
Venture/Growth |
0.9% |
$38.5 |
United States |
Public |
Serves as a space launch service provider and cargo transport |
|
Revolut |
Venture/Growth |
0.9% |
$37.7 |
United Kingdom |
Private |
Developer of a foreign exchange and money-transferring application designed to simplify personal money management across currencies and borders. |
|
DP World Australia Pty Ltd |
Infrastructure |
0.8% |
$35.3 |
Australia |
Private |
Operates marine terminal and provides cargo handling services and container terminals throughout Australia |
|
Anthropic, PBC |
Venture/Growth |
0.7% |
$29.7 |
United States |
Private |
Operator of an AI safety and research company intended to create large-scale AI systems that are steerable, interpretable, and robust. |
|
Preston Hollow Capital, LLC |
Buyout |
0.6% |
$25.9 |
United States |
Private |
Specialty municipal finance company |
|
Undisclosed |
Buyout |
0.5% |
$22.2 |
United States |
Private |
Undisclosed |
|
Calisen Group |
Infrastructure |
0.4% |
$17.0 |
United Kingdom |
Private |
Calisen is a British energy company based in Manchester which provides energy meters and meter reading services. It was listed on the London Stock Exchange in February 2020 but acquired by a consortium of private equity funds in March 2021. |
|
National Gas |
Infrastructure |
0.4% |
$16.7 |
United Kingdom |
Private |
Gas transmission business in the UK |
|
Alpha Trains |
Infrastructure |
0.4% |
$16.5 |
Luxembourg |
Private |
Operator of a train leasing company in Luxembourg. The company operates as an investor, owner, and manager of passenger trains and freight locomotives and also operates passenger fleets and electric locomotives. |
|
Action Nederland BV |
Buyout |
0.4% |
$16.4 |
Netherlands |
Private |
Leading European discount general merchandise retailer |
|
Smarsh, Inc. |
Buyout |
0.4% |
$16.2 |
United States |
Private |
Smarsh, Inc. ("Smarsh") is a mission critical communications intelligence platform used by regulated organizations to capture, archive and supervise data. The company offers market-leading technology that helps its customer manage risk. |
|
National Stock Exchange of India, Ltd. |
Buyout |
0.3% |
$14.9 |
India |
Private |
India's largest equities and derivatives exchange |
|
Movate |
Buyout |
0.3% |
$14.3 |
India |
Private |
Global leader in technology support with expertise in supporting enterprise and consumer products, managing IT infrastructures and deploying networks |
|
Itinere Infraestructuras, S.A. |
Infrastructure |
0.3% |
$14.1 |
Spain |
Private |
Provides civil infrastructure management services engaged in management operation, maintenance and conservation of toll roads in Northern Spain |
|
Odoo |
Venture/Growth |
0.3% |
$13.9 |
Belgium |
Private |
SaaS company that provides all in one management software designed to provide a range of easy to use business applications that form a complete suite of tools to accompany any business need |
|
The Amynta Group |
Buyout |
0.3% |
$13.7 |
United States |
Private |
provides specialty property and casualty insurance focusing on workers' compensation and commercial package coverage for small business, specialty risk and extended warranty coverage. |
|
Sidney Murray Hydroelectric Project |
Infrastructure |
0.3% |
$13.6 |
United States |
Private |
192 MW hydroelectric facility located near the Mississippi River in eastern Louisiana and represents one of the largest hydroelectric facilities constructed in the U.S. |
|
Staples, Inc. |
Buyout |
0.3% |
$13.6 |
United States |
Private |
North American retailer and distributor of office and other supplies. Post-close, Sycamore will be re-organizing the Company into three separate business lines: North American Delivery ("NAD"), Canada Retail ("CAR"), and US Retail ("USR") |
|
Discord, Inc. |
Venture/Growth |
0.3% |
$13.2 |
United States |
Private |
The company's platform offers secure voice and text chat which works on both desktops and phones, helping to talk regularly with the people they care about, enabling gamers to chat while playing without affecting the gaming performance. |
|
Howden Group Holdings |
Buyout |
0.3% |
$13.0 |
United Kingdom |
Private |
Operator of an insurance brokerage agency intended for insurance broking and underwriting services |
|
Summit Infrastructure Group, LLC |
Infrastructure |
0.3% |
$12.9 |
United States |
Private |
Bandwidth infrastructure company providing connectivity in the Ashburn and Richmond, VA metropolitan markets |
|
Stripe, Inc. |
Venture/Growth |
0.3% |
$12.7 |
United States |
Private |
Develops software which accepts payments online |
|
CrowdStrike Holdings, Inc. |
Venture/Growth |
0.3% |
$12.5 |
United States |
Public |
Provider of security services for enterprises and governments intellectual property and national security information |
Largest Managers at 31 July 2026
Based on the Investment Portfolio
· No external manager represented more than 2.8% of the Investment Portfolio.
· As the Investment Manager of the HarbourVest direct funds, HarbourVest Partners, LLC is the largest manager held in HVPE, although not listed here.
· The five largest managers represented 11.5% of the Investment Portfolio.
· The 25 largest managers represented 33.0% of the Investment Portfolio.
· In total, the largest managers (0.2% of invested value or larger), as detailed below, represented 72.3% of the Investment Portfolio.
|
Manager |
Stage |
Type |
Geography |
Sum of NAV ($m) |
% Investment Portfolio Value |
|
Index Ventures |
Venture/Growth |
Primary |
Europe |
$122.0 |
2.8% |
|
Insight Partners |
Venture/Growth |
Secondary |
North America |
$115.7 |
2.6% |
|
IDG Capital Partners |
Venture/Growth |
Secondary |
Asia |
$111.1 |
2.5% |
|
Andreessen Horowitz |
Venture/Growth |
Primary |
North America |
$83.8 |
1.9% |
|
Thoma Bravo |
Buyout |
Primary |
North America |
$75.4 |
1.7% |
|
Accel |
Venture/Growth |
Primary |
North America |
$68.1 |
1.5% |
|
Hellman & Friedman LLC |
Buyout |
Primary |
North America |
$60.6 |
1.4% |
|
Corsair Capital Infrastructure Partners |
Infrastructure |
Secondary |
Asia |
$60.3 |
1.4% |
|
Lightspeed Venture Partners |
Venture/Growth |
Primary |
North America |
$60.1 |
1.4% |
|
Kleiner Perkins |
Venture/Growth |
Primary |
North America |
$58.7 |
1.3% |
|
General Atlantic |
Buyout |
Secondary |
North America |
$57.6 |
1.3% |
|
Battery Ventures |
Venture/Growth |
Primary |
North America |
$55.5 |
1.3% |
|
Summit Partners |
Venture/Growth |
Primary |
North America |
$51.5 |
1.2% |
|
Warburg Pincus |
Buyout |
Secondary |
North America |
$50.6 |
1.2% |
|
CVC Capital Partners Limited |
Buyout |
Primary |
Europe |
$45.5 |
1.0% |
|
Berkshire Partners LLC |
Buyout |
Secondary |
North America |
$45.4 |
1.0% |
|
Silver Lake Management, L.L.C. |
Buyout |
Primary |
North America |
$44.1 |
1.0% |
|
TA Associates |
Buyout |
Primary |
North America |
$40.5 |
0.9% |
|
H.I.G. Capital |
Buyout |
Primary |
North America |
$36.9 |
0.8% |
|
Spark Capital |
Venture/Growth |
Primary |
North America |
$35.8 |
0.8% |
|
Draper Fisher Jurvetson |
Venture/Growth |
Primary |
North America |
$35.4 |
0.8% |
|
SK Capital Partners |
Buyout |
Primary |
North America |
$35.4 |
0.8% |
|
Madison Dearborn Partners, LLC |
Buyout |
Secondary |
North America |
$35.2 |
0.8% |
|
HV Capital |
Venture/Growth |
Primary |
Europe |
$34.3 |
0.8% |
|
GTCR, L.L.C. |
Buyout |
Primary |
North America |
$33.7 |
0.8% |
|
AIP, LLC |
Buyout |
Primary |
North America |
$32.4 |
0.7% |
|
Advent Global Private Equity |
Buyout |
Primary |
Europe |
$31.2 |
0.7% |
|
Nautic Partners |
Buyout |
Primary |
North America |
$31.1 |
0.7% |
|
Avataar Capital Management |
Venture/Growth |
Secondary |
Asia |
$30.5 |
0.7% |
|
The Founders Fund |
Venture/Growth |
Primary |
North America |
$30.4 |
0.7% |
|
DCM |
Venture/Growth |
Primary |
Asia |
$30.2 |
0.7% |
|
Bridgepoint Capital |
Buyout |
Primary |
Europe |
$30.1 |
0.7% |
|
Waterland Private Equity Investments B.V. |
Buyout |
Primary |
Europe |
$29.3 |
0.7% |
|
Silversmith Capital Partners |
Venture/Growth |
Primary |
North America |
$28.5 |
0.6% |
|
Capital Square Partners |
Buyout |
Secondary |
Asia |
$28.5 |
0.6% |
|
Permira Holdings Limited |
Buyout |
Primary |
Europe |
$26.9 |
0.6% |
|
Inflexion Managers Limited |
Buyout |
Primary |
Europe |
$25.1 |
0.6% |
|
Leonard Green & Partners |
Buyout |
Secondary |
North America |
$24.9 |
0.6% |
|
Sycamore Partners Management, LLC |
Buyout |
Primary |
North America |
$24.7 |
0.6% |
|
Redpoint Ventures |
Venture/Growth |
Primary |
North America |
$24.3 |
0.6% |
|
K1 Investment Management, LLC |
Buyout |
Secondary |
North America |
$24.2 |
0.6% |
|
Flagship Pioneering |
Venture/Growth |
Primary |
North America |
$24.1 |
0.5% |
|
Alpine Investors |
Buyout |
Secondary |
North America |
$23.7 |
0.5% |
|
Incline Equity Management |
Buyout |
Primary |
North America |
$23.6 |
0.5% |
|
HongShan (formerly Sequoia Capital China) |
Venture/Growth |
Primary |
Asia |
$22.5 |
0.5% |
|
HgCapital |
Buyout |
Primary |
Europe |
$22.4 |
0.5% |
|
Bain Capital Partners Asia |
Buyout |
Primary |
Asia |
$22.3 |
0.5% |
|
Parthenon Capital, LLC |
Buyout |
Primary |
North America |
$21.7 |
0.5% |
|
Genstar Capital Partners LLC |
Buyout |
Primary |
North America |
$21.5 |
0.5% |
|
IK Investment Partners |
Buyout |
Primary |
Europe |
$21.4 |
0.5% |
|
Sterling Investment Partners Management, L.L.C. |
Buyout |
Primary |
North America |
$21.3 |
0.5% |
|
ABRY Partners, LLC |
Buyout |
Primary |
North America |
$21.2 |
0.5% |
|
Five V Capital |
Buyout |
Primary |
Asia |
$20.7 |
0.5% |
|
Bain Capital Ventures |
Venture/Growth |
Primary |
North America |
$20.5 |
0.5% |
|
Equitix Ltd. |
Infrastructure |
Secondary |
Europe |
$19.4 |
0.4% |
|
Symphony Technology Group |
Buyout |
Primary |
North America |
$19.4 |
0.4% |
|
Ince Capital |
Venture/Growth |
Primary |
Asia |
$19.1 |
0.4% |
|
Arcus Infrastructure Partners |
Infrastructure |
Secondary |
Europe |
$18.5 |
0.4% |
|
EQT Managers |
Buyout |
Secondary |
Europe |
$18.3 |
0.4% |
|
Pamlico Capital |
Buyout |
Primary |
North America |
$18.2 |
0.4% |
|
Triton Managers Limited |
Buyout |
Secondary |
Europe |
$18.2 |
0.4% |
|
ChrysCapital |
Venture/Growth |
Secondary |
Asia |
$18.0 |
0.4% |
|
Qiming Venture Partners |
Venture/Growth |
Primary |
Asia |
$18.0 |
0.4% |
|
JMI Equity |
Venture/Growth |
Primary |
North America |
$17.8 |
0.4% |
|
Highlight Capital |
Venture/Growth |
Primary |
Asia |
$17.7 |
0.4% |
|
Boyu Capital |
Venture/Growth |
Primary |
Asia |
$17.1 |
0.4% |
|
Gemspring Capital |
Buyout |
Primary |
North America |
$16.9 |
0.4% |
|
Investindustrial |
Buyout |
Primary |
Europe |
$16.8 |
0.4% |
|
TSG Consumer Partners |
Buyout |
Primary |
North America |
$16.3 |
0.4% |
|
Vitruvian Partners LLP |
Buyout |
Primary |
Europe |
$16.0 |
0.4% |
|
Marlin Equity Partners |
Buyout |
Primary |
North America |
$15.2 |
0.3% |
|
Bain Capital |
Buyout |
Primary |
North America |
$15.1 |
0.3% |
|
Pemba Capital Partners |
Buyout |
Primary |
Asia |
$14.9 |
0.3% |
|
Trive Capital |
Buyout |
Primary |
North America |
$14.6 |
0.3% |
|
Astorg Partners |
Buyout |
Secondary |
Europe |
$14.6 |
0.3% |
|
ArcLight Capital Partners |
Infrastructure |
Secondary |
North America |
$14.6 |
0.3% |
|
Roark Capital Group |
Buyout |
Secondary |
North America |
$14.5 |
0.3% |
|
ECI Partners LLP |
Buyout |
Primary |
Europe |
$14.5 |
0.3% |
|
Frazier Healthcare Partners |
Buyout |
Primary |
North America |
$14.4 |
0.3% |
|
Blackstone |
Buyout |
Secondary |
North America |
$14.3 |
0.3% |
|
Lightspeed India Partners |
Venture/Growth |
Primary |
Asia |
$14.3 |
0.3% |
|
Vestar Capital Partners |
Buyout |
Primary |
North America |
$14.1 |
0.3% |
|
SignalFire |
Venture/Growth |
Primary |
North America |
$14.0 |
0.3% |
|
Apollo Management, L.P. |
Buyout |
Secondary |
North America |
$13.9 |
0.3% |
|
ICONIQ |
Buyout |
Secondary |
North America |
$13.7 |
0.3% |
|
Clearlake Capital Group |
Buyout |
Secondary |
North America |
$13.6 |
0.3% |
|
Queen's Park Equity |
Buyout |
Primary |
Europe |
$13.5 |
0.3% |
|
Charles River Ventures |
Venture/Growth |
Primary |
North America |
$13.2 |
0.3% |
|
Unusual Ventures |
Venture/Growth |
Primary |
North America |
$13.0 |
0.3% |
|
Harvest Partners, Inc. |
Credit |
Secondary |
North America |
$13.0 |
0.3% |
|
Golden Gate Capital |
Venture/Growth |
Secondary |
North America |
$12.6 |
0.3% |
|
ZhenFund |
Venture/Growth |
Primary |
Asia |
$12.6 |
0.3% |
|
Charlesbank Capital Partners |
Buyout |
Primary |
North America |
$12.5 |
0.3% |
|
Tailwind Capital Partners |
Buyout |
Secondary |
North America |
$12.5 |
0.3% |
|
Bessemer Venture Partners |
Venture/Growth |
Primary |
North America |
$12.4 |
0.3% |
|
Adelis Equity Partners |
Buyout |
Primary |
Europe |
$12.4 |
0.3% |
|
OMERS Infrastructure |
Infrastructure |
Secondary |
North America |
$12.0 |
0.3% |
|
Clayton, Dubilier & Rice |
Buyout |
Primary |
North America |
$12.0 |
0.3% |
|
SDC Capital Partners |
Infrastructure |
Secondary |
North America |
$11.9 |
0.3% |
|
Summa Equity |
Buyout |
Primary |
Europe |
$11.8 |
0.3% |
|
Oakley Capital Limited |
Buyout |
Secondary |
Europe |
$11.8 |
0.3% |
|
Kelso & Company |
Buyout |
Primary |
North America |
$11.8 |
0.3% |
|
Novacap Investments Inc. |
Buyout |
Primary |
North America |
$11.5 |
0.3% |
|
Windjammer Capital Investors |
Buyout |
Primary |
North America |
$11.4 |
0.3% |
|
Forerunner Ventures |
Venture/Growth |
Primary |
North America |
$11.4 |
0.3% |
|
Quadrant Private Equity |
Buyout |
Primary |
Asia |
$11.3 |
0.3% |
|
HGGC, LLC |
Buyout |
Secondary |
North America |
$11.2 |
0.3% |
|
Ampersand Capital Partners |
Venture/Growth |
Primary |
North America |
$11.1 |
0.3% |
|
Cortec Group, Inc. |
Buyout |
Primary |
North America |
$11.1 |
0.3% |
|
Accel India |
Venture/Growth |
Primary |
Asia |
$10.9 |
0.2% |
|
CLSA Capital Partners |
Buyout |
Primary |
Asia |
$10.9 |
0.2% |
|
The CapStreet Group |
Buyout |
Primary |
North America |
$10.7 |
0.2% |
|
Fortissimo Capital |
Buyout |
Primary |
Emerging Markets |
$10.6 |
0.2% |
|
One Peak Partners |
Venture/Growth |
Primary |
Europe |
$10.4 |
0.2% |
|
AE Industrial Partners, LLC |
Buyout |
Primary |
North America |
$10.3 |
0.2% |
|
One Equity Partners |
Buyout |
Secondary |
Europe |
$10.0 |
0.2% |
|
Falfurrias Capital Partners |
Buyout |
Primary |
North America |
$9.7 |
0.2% |
|
Deutsche Private Equity |
Buyout |
Secondary |
Europe |
$9.6 |
0.2% |
|
Accel-KKR Partners |
Buyout |
Primary |
North America |
$9.5 |
0.2% |
|
KLAR Partners |
Buyout |
Primary |
Europe |
$9.4 |
0.2% |
|
Stone Point Capital |
Buyout |
Secondary |
North America |
$9.4 |
0.2% |
|
Pacific Equity Partners (Jersey) Limited |
Buyout |
Primary |
Asia |
$9.3 |
0.2% |
|
Sun Capital Partners |
Buyout |
Primary |
North America |
$9.3 |
0.2% |
|
DW Healthcare Partners, L.P. |
Buyout |
Primary |
North America |
$9.3 |
0.2% |
|
Sentinel Capital Partners |
Buyout |
Primary |
North America |
$9.2 |
0.2% |
|
Mentha Capital |
Buyout |
Primary |
Europe |
$9.2 |
0.2% |
|
Multiples Alternate Asset Manager Pvt. Ltd. |
Venture/Growth |
Primary |
Asia |
$9.0 |
0.2% |
|
Third Rock Ventures |
Venture/Growth |
Primary |
North America |
$8.9 |
0.2% |
|
First Reserve Corporation |
Infrastructure |
Secondary |
North America |
$8.9 |
0.2% |
|
TOTAL |
|
|
|
$3,181.1 |
72.3% |
Glossary
|
Term |
Definition |
|
Allocated Investments |
Commitments made to HarbourVest funds that have been allocated to, and can be called by, an underlying General Partner |
|
Beta |
A measure of the volatility of a security or portfolio compared to the market as a whole |
|
Bridge Financing |
An interim financing option used by private equity funds to delay or aggregate capital calls. A given investment is financed using a bridging loan, typically for a period of six to 12 months, with a capital call required only once the bridging loan is due to be repaid |
|
Buyout |
An investment strategy that involves acquiring controlling stakes in mature companies and generating returns by selling them at a profit after operational efficiencies, expansion and/or financial improvements |
|
Called Capital |
Total amount of capital called for use by the HarbourVest fund or General Partner |
|
Capital Call or Drawdown |
A request made by the HarbourVest fund or General Partner for a portion of the capital committed by a Limited Partner |
|
Carried Interest, Carry or Performance Fee |
The share of profits due to a General Partner once the Limited Partner's commitment to a fund plus a defined Hurdle Rate is reached |
|
Co-investment (sometimes Direct Co-investment) |
A minority investment, made directly into an operating company, alongside a fund or other private equity investor |
|
Commingled Fund |
A fund structure that pools investments from multiple investors into a single fund |
|
Commitment Period or Investment Period |
The period of time within which a fund can make investments as established in the Limited Partnership Agreement |
|
Committed Capital or Commitment |
The capital a Limited Partner has agreed to contribute to a fund across its lifespan |
|
Commitment Coverage Ratio |
HVPE and many of the other listed private equity firms on the London Stock Exchange use this metric as a measure of balance sheet risk. This ratio is calculated by taking the sum of cash and available credit and dividing it by the total Investment Pipeline |
|
Continuation Vote |
A continuation vote is a resolution that asks shareholders whether they wish the Company to continue operating in its current form |
|
Contributed Capital or Paid-In Capital |
The total amount of capital paid into a fund at a specific point in time |
|
Cost (Current, Realised, Total) |
Current: The cost of current underlying companies Realised: The cost of underlying companies from which the fund has fully or partially exited Total: The cost of underlying companies, both current and fully or partially exited |
|
Current Value or Residual Value |
The fair value of all current/unrealised investments |
|
Discount |
An investment company trades at a discount if the share price is lower than the net asset value per share. The discount is shown as the percentage difference between the share price and NAV per share |
|
Discount (Notional) |
As of the date of this report, the unaudited 31 July 2026 US GAAP NAV per share will become known and available to the market. This information was not available on 31 July 2026 and market participants could not have used it as a reference when making an investment decision. The discount calculated by comparing the 31 July 2026 share price with the unaudited 31 July 2026 US GAAP NAV is, therefore, a notional/retrospective discount |
|
Distributed or Distributions |
The total amount of cash (and/or stock) that has been returned to a fund and/or Limited Partners |
|
Distributed to Paid-In Capital ("DPI") or Realisation Multiple |
Total distributions to a fund and/or Limited Partners divided by paid-in capital |
|
Distribution Pool
|
Used to fund future HVPE share buybacks and tenders or return capital to shareholders by other means. From February 2024 to January 2025, 15% of cash realisations were allocated to the Pool. From February 2025, 30% of cash realisations have been allocated to the Pool. Additionally, for the remainder of 2026, 100% of proceeds from any secondary sales will be allocated to the Pool. The Distribution Pool is held as part of HVPE's total liquid resources and tracked from month to month. The Distribution Pool accumulates on a rolling basis. |
|
Dry Powder |
Capital that has been raised, but not yet invested |
|
Due Diligence |
The process undertaken to confirm the accuracy of all data relating to a fund, company, or product prior to an investment. This can also refer to the investigation of a buyer by a seller |
|
Earnings Before Interest, Taxes, Depreciation and Amortisation ("EBITDA") |
A measure of earnings before interest and taxes that excludes non-cash expenses. Valuation methods are commonly based on a comparison of private and public companies' value as a multiple of EBITDA |
|
Fund-level Borrowing |
Exposure to leverage in underlying private equity funds. In the context of HVPE, this refers to the Company's look-through exposure to borrowings at the HarbourVest fund level |
|
Fund of funds |
An investment strategy of holding a portfolio of third-party private equity funds and/or other investments rather than investing directly in companies |
|
Funded Capital |
The amount of contributed capital that has been invested by the fund, or capital invested by a fund in a third-party investment |
|
General Partner ("GP") |
The manager of a fund |
|
Gross Assets |
All of the assets of the Company accounted for under US GAAP before deducting any liabilities |
|
Growth Capital or Growth Equity |
Investment in newly mature companies looking to raise funds, often to expand or restructure operations, enter new markets, or finance an acquisition |
|
HarbourVest Fund |
A fund structure managed by HarbourVest that pools investments from multiple investors into a single fund |
|
HarbourVest Managed Vehicles |
This collectively refers to HarbourVest funds and the HVPE dedicated SMA vehicle |
|
Initial Public Offering ("IPO") |
The first offering of stock by a company to the public on a regulated exchange |
|
Internal Rate of Return ("IRR") (Gross, Net, Realised Gross) |
A measure of the absolute annual rate of return of an investment that takes both the timing and magnitude of cash flows into account, calculated using contributed capital, distributions, and the value of unrealised investments Gross: Without fees and carried interest taken into account Net: With fees and carried interest deducted Realised Gross: The return from underlying holdings from which the fund has already fully or partially exited, without fees and carried interest taken into account |
|
Investment Pipeline (or unfunded commitments) |
Total commitments to HarbourVest Managed Vehicles, which are to be prospectively called or invested by an underlying General Partner. This is comprised of allocated investments and unallocated investments |
|
J-curve |
A term given to the typical shape adopted by the annual returns from a private equity fund during its lifecycle when graphed. Due to the investment process, capital calls and fees precede value creation and potential distributions |
|
Limited Partner |
The investors in a Limited Partnership - the typical structure of a private equity fund. Limited Partners are not involved in the day-to-day management of a fund |
|
Limited Partnership Agreement ("LPA") |
The document which constitutes and defines a Limited Partnership, the legal structure typically adopted by private equity funds |
|
Management Fee |
The fee paid to a fund, typically a percentage of the Limited Partner's commitment |
|
Mean |
The average value calculated from a set of numbers |
|
Median |
The middle value in an ordered sequence of numbers |
|
Medium-term Coverage Ratio |
The medium-term coverage ratio ("MCR") reflects the sum of cash, the available credit facility, and the distributions expected during the next 12 months (from 31 July 2026), taken as a percentage of the forecast cash investment in HarbourVest Managed Vehicles over the next 36 months (from 31 July 2026). The forecast cash flow inputs in this ratio reflect the impact of existing commitments only |
|
Mergers and Acquisitions ("M&A") |
The consolidation of companies, for example where the ownership of a company in the underlying portfolio is transferred to, or combined with, another entity |
|
Private Credit |
An investment strategy that typically includes junior debt and senior equity, often with the option to convert debt into equity in the event of default |
|
Net Asset Value ("NAV") |
The total value of a company's assets minus the total value of its liabilities |
|
Preferred Return or Hurdle Rate |
A minimum annual rate of return, determined in the Limited Partnership Agreement, that a fund must achieve before the General Partner may receive carried interest |
|
Primary Fund or Primaries |
A fund where investors make a commitment at inception, usually as a Limited Partner in a new Limited Partnership |
|
Principal Documents |
The Company's legal and organisational documents, including the Articles of Incorporation and the Prospectus |
|
Private Markets |
Investments made in non-public companies through privately negotiated transactions |
|
Real Assets |
An investment strategy that invests in physical assets that derive value and generate returns from their substance and properties, including infrastructure, real estate, agricultural land, oil and gas, and other commodities |
|
Realised Investment or Exit |
An underlying holding from which the General Partner has exited |
|
Realised Value or Proceeds |
The returns generated from the liquidation or realisation of underlying holdings |
|
Realised Value to Total Cost ("RV/TC") Multiple |
The returns generated from the liquidation or realisation of underlying holdings divided by the cost of all holdings, both remaining and exited |
|
Recapitalisation |
A refinancing strategy used by private equity funds, typically involving an increase in the level of borrowing to enable an early cash distribution to investors |
|
Secondary Fund or Secondaries |
A fund that purchases pre-existing interests in private equity funds or portfolios of companies held by private equity funds |
|
Share Buyback or Share Repurchase |
A share buyback is where a company purchases its own shares from the market |
|
Separately Managed Account ("SMA") |
An SMA is a tailored portfolio of investments administered by a financial advisor or asset manager on behalf of a client to match the unique objectives that they have specified |
|
Special Situations |
An opportunistic investment strategy that looks to take advantage of market dislocations and unique situations to invest in private companies at discounts to their "fair" market value |
|
Strategic Asset Allocation ("SAA") |
Asset allocation across different stages, strategies, and geographies, together creating portfolio construction targets |
|
Total Value |
The fund's current value plus any capital distributions already made |
|
Total Value/Paid-In ("TVPI") or Total Value/Contributed Multiple |
The fund's current value plus any capital distributions already made divided by the amount of capital already paid into the fund by investors |
|
Total Value/Total Cost ("TV/TC") Multiple |
The total value divided by the total cost to date |
|
Unallocated Investments |
Commitments made to HarbourVest Managed Vehicles that have not been allocated to, and cannot be called by, an underlying General Partner |
|
Unfunded Commitment |
The portion of investors' capital commitment that has yet to be "drawn down" or called by a fund manager |
|
Uplift |
Increase in value received upon realisation of an investment relative to its carrying value prior to exit |
|
Valuation Multiple |
The value of an asset relative to a key financial metric |
|
Venture (or Venture Capital) |
An investment strategy that generates returns by backing start-up and early-stage companies that are believed to have long-term growth potential |
|
Vintage Year |
Usually the year in which capital is first called by a particular fund, though definitions can vary based on the type of fund or investment |
Alternative Performance Measures[48]
Reconciliation of Share Price Discount to Net Asset Value per Share
The share price discount to NAV per share will vary depending on which NAV per share figure is used. The discount referred to elsewhere in this report is calculated using the live NAVs per share available in the market as at 31 January 2026 and 31 July 2026, those being the 31 December 2025 and 30 June 2026 estimates of $58.13 (sterling equivalent £42.47) and $59.68 (sterling equivalent £44.26), respectively, adjusted for GBP/USD foreign exchange movement, against share prices of £31.35 at 31 January 2026 and £33.35 at 31 July 2026.
The table below outlines the notional discounts to the share price at 31 July 2026, based on the NAVs per share published after this date (31 July 2026 estimate and final). Movements between the published NAVs per share for the same calendar date largely arise as further underlying fund valuations are received, and as adjustments are made for public markets, foreign exchange and operating expenses.
|
Date of NAV (estimate and final) |
NAV per Share |
NAV Converted at 31 July 2026 GBP/USD Exchange Rate (1.3483) |
Share Price at 31 July 2026 |
Discount to NAV at 31 July 2026 |
|
Estimated NAV at 30 June 2026 (published 24 July 2026) |
$59.68 |
£44.26 |
£33.35 |
25% |
|
Estimated NAV at 31 July 2026 (published 25 August 2026) |
$59.19 |
£43.90 |
£33.35 |
24% |
|
Final NAV (US GAAP) at 31 July 2026 (published 22 October 2026) |
$60.82 |
£45.11 |
£33.35 |
26% |
Annualised Outperformance of FTSE AW TR Index Over the Last 10 Years
|
NAV (US dollar) Compound Annual Growth Rate ("CAGR") |
|
|
31 July 2016 |
$17.36 |
|
31 July 2026 |
$60.82 |
|
Elapsed time (years) |
10.0 |
|
US dollar CAGR |
13.35% |
|
FTSE AW TR Index (US dollar) CAGR |
|
|
31 July 2016 |
347.1 |
|
31 July 2026 |
1,167.2 |
|
Elapsed time (years) |
10.0 |
|
FTSE AW TR Index CAGR |
12.89% |
|
|
|
|
Annualised outperformance of FTSE AW TR Index Over the Last 10 Years calculation |
|
|
13.35% minus 12.89% |
0.46 percentage points ("pp") |
Distribution Pool
(The Distribution Pool is used to fund HVPE share buybacks or return capital to shareholders by means of special dividends. The pool is funded by a proportion of the gross distributions from the Company's portfolio.)
|
|
Movement to 31 July 2026 ($m) |
|
Balance at 31 January 2026 |
$80 |
|
Share of Portfolio distributions1 |
$69 |
|
Secondary sale cash proceeds allocation2 |
$207 |
|
Share buybacks |
($97) |
|
Balance at 31 July 2026 |
$259 |
1 Allocation to Distribution Pool calculated as 30% of gross distributions in the six months ended 31 July 2026.
2 100% of secondary sale proceeds allocated to the Distribution Pool in the six months ended 31 July 2026.
KPIs (pages 60 to 62)
The KPI metrics show the movement between the NAV per share (in US dollars) and the share price in sterling and translated into US dollars. Relative to the FTSE AW TR Index, this is the difference in movement between the year-on-year change of this index vs the particular HVPE KPI.
NAV per Share ($) and Relative Performance
|
Date |
NAV per Share |
Absolute Performance |
FTSE AW TR Index Movement |
Relative Performance vs FTSE AW TR |
|
31 January 2020 |
$27.58 |
+14.5% |
+16.7% |
-2.2pp |
|
31 January 2021 |
$35.97 |
+30.4% |
+17.4% |
+13.0pp |
|
31 January 2022 |
$49.11 |
+36.5% |
+13.8% |
+22.8pp |
|
31 January 2023 |
$48.52 |
-1.2% |
-7.3% |
+6.1pp |
|
31 January 2024 |
$50.47 |
+4.0% |
+15.3% |
-11.3pp |
|
31 January 2025 |
$54.17 |
+7.3% |
+21.0% |
-13.7pp |
|
31 January 2026 |
$59.40 |
+9.7% |
+22.8% |
-13.2pp |
|
31 July 2026 |
$60.82 |
+2.4% |
+8.3% |
-5.9pp |
12-month relative performance (July to July)
|
Date |
NAV per Share |
Absolute Performance |
FTSE AW TR Index Movement |
Relative Performance vs FTSE AW TR |
|
31 July 2020 |
$28.18 |
|
|
|
|
31 July 2021 |
$44.11 |
+56.5% |
+33.8% |
+22.7pp |
|
31 July 2022 |
$47.76 |
+8.3% |
-9.9% |
+18.2pp |
|
31 July 2023 |
$50.12 |
+4.9% |
+13.6% |
-8.6pp |
|
31 July 2024 |
$51.98 |
+3.7% |
+17.6% |
-13.9pp |
|
31 July 2025 |
$57.55 |
+10.7% |
+16.5% |
-5.8pp |
|
31 July 2026 |
$60.82 |
+5.7% |
+22.6% |
-16.9pp |
10-year Outperformance of FTSE AW TR
|
NAV (US dollar) |
|
|
31 July 2016 |
$17.36 |
|
31 July 2026 |
$60.82 |
|
US dollar total return |
250% |
|
FTSE AW TR (US dollar) |
|
|
31 July 2016 |
347.10 |
|
31 July 2026 |
1,167.22 |
|
FTSE AW TR total return |
236% |
|
|
|
|
10-year outperformance of FTSE AW TR calculation |
|
|
250% minus 236% |
14pp |
Total Shareholder Return (£)
|
Date |
Share Price (£) |
Period-on-period Change |
|
31 January 2019 |
£14.26 |
|
|
31 January 2020 |
£18.36 |
+28.8% |
|
31 January 2021 |
£18.70 |
+1.9% |
|
31 January 2022 |
£27.75 |
+48.4% |
|
31 January 2023 |
£22.10 |
-20.4% |
|
31 January 2024 |
£23.15 |
+4.8% |
|
31 January 2025 |
£27.60 |
+19.2% |
|
31 January 2026 |
£31.35 |
+13.6% |
|
31 July 2026 |
£33.35 |
+6.4% |
12-month relative performance (July to July)
|
Date |
Share Price (£) |
Period-on-period Change |
|
31 July 2020 |
£15.28 |
|
|
31 July 2021 |
£22.50 |
+47.3% |
|
31 July 2022 |
£24.10 |
+7.1% |
|
31 July 2023 |
£22.50 |
-6.6% |
|
31 July 2024 |
£26.10 |
+16.0% |
|
31 July 2025 |
£27.10 |
+3.8% |
|
31 July 2026 |
£33.35 |
+23.1% |
Total Commitment Ratio
(Total exposure to private markets investments as a percentage of NAV)
|
|
31 July 2026 ($m) |
31 January 2026 ($m) |
|
Investment Portfolio |
$4,401 |
$4,713 |
|
Investment Pipeline |
$2,110 |
$2,448 |
|
Total |
$6,511 |
$7,161 |
|
NAV |
$4,230 |
$4,268 |
|
Total Commitment Ratio |
154% |
168% |
Net Portfolio Cash Flow
(The difference between calls and distributions over the reporting period)
|
|
31 July 2026 ($m) |
31 January 2026 ($m) |
|
Calls |
-$205 |
-$381 |
|
Distributions (excluding secondary sales) |
$232 |
$435 |
|
Net Portfolio Cash Flow (excluding secondary sales) |
$27 |
$54 |
|
Secondary sale cash proceeds |
$207 |
$0 |
|
Net Portfolio Cash Flow (including secondary sales) |
$234 |
$54 |
Managing the Balance Sheet
Medium-term Coverage Ratio
(A measure of medium-term commitment coverage)
|
|
31 July 2026 ($m) |
31 January 2026 ($m) |
|
Cash |
$140 |
$123 |
|
Available credit facility |
$720 |
$630 |
|
Estimated distributions during the next 12 months |
$950 |
$1,056 |
|
Total sources |
$1,810 |
$1,809 |
|
Estimated investments over the next 36 months |
$1,134 |
$1,315 |
|
Medium-term Coverage Ratio |
160% |
138% |
Commitment Coverage Ratio
(Short-term liquidity as a percentage of Total Investment Pipeline)
|
|
31 July 2026 ($m) |
31 January 2026 ($m) |
|
Cash |
$140 |
$123 |
|
Available credit facility |
$720 |
$630 |
|
Total sources |
$860 |
$753 |
|
Investment Pipeline |
$2,110 |
$2,448 |
|
Commitment Coverage Ratio |
41% |
31% |
Disclosures
Investments
The companies represented within this report are provided for illustrative purposes only, as example portfolio holdings. There are over 15,000 individual companies in the HVPE portfolio, with no one company comprising more than 1.7% of the entire portfolio.
The deal summaries, General Partners (managers), and/or companies shown within the report are intended for illustrative purposes only. While they may represent an actual investment or relationship in the HVPE portfolio, there is no guarantee they will remain in the portfolio in the future.
Past performance is no guarantee of future returns.
Forward-looking Statements
This report contains certain forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "potential", "should", "will", and "would", or the negative of those terms, or other comparable terminology. The forward-looking statements are based on the Investment Manager's and/or the Directors' beliefs, assumptions, and expectations of future performance and market developments, taking into account all information currently available. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known or are within the Investment Manager's and/or the Directors' control. If a change occurs, the Company's business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events, and depend on circumstances, that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Any forward-looking statements are only made as at the date of this document, and the Investment Manager and/or the Directors neither intends nor assumes any obligation to update forward-looking statements set forth in this document whether as a result of new information, future events, or otherwise, except as required by law or other applicable regulation.
In light of these risks, uncertainties, and assumptions, the events described by any such forward-looking statements might not occur. The Investment Manager and/or the Directors qualify any and all of their forward-looking statements by these cautionary factors.
Please keep this cautionary note in mind while reading this report.
Some of the factors that could cause actual results to vary from those expressed in forward-looking statements include, but are not limited to:
· the factors described in this report;
· the rate at which HVPE deploys its capital in investments and achieves expected rates of return;
· HarbourVest's ability to execute its investment strategy, including through the identification of a sufficient number of appropriate investments;
· the ability of third-party managers of funds in which the HarbourVest funds are invested and of funds in which the Company may invest through parallel investments to execute their own strategies and achieve intended returns;
· the continuation of the Investment Manager as manager of the Company's investments, the continued affiliation with HarbourVest of its key investment professionals, and the continued willingness of HarbourVest to sponsor the formation of and capital raising by, and to manage, new private equity funds;
· HVPE's financial condition and liquidity, including its ability to access or obtain new sources of financing at attractive rates in order to fund short-term liquidity needs in accordance with the investment strategy and commitment policy;
· changes in the values of, or returns on, investments that the Company makes;
· changes in financial markets, interest rates, or industry, general economic, or political conditions; and
· the general volatility of the capital markets and the market price of HVPE's shares.
Publication and Calculation of Net Asset Value
The NAV of the Company is equal to the value of its total assets less its total liabilities. The NAV per share is calculated by dividing the NAV of the Company by the number of shares in issue. The Company intends to publish the estimated NAV per share as calculated, monthly in arrears, as at each month-end, generally within 20 days.
Regulatory Information
HVPE is required to comply with the UK Listing Rules, Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom (the "LDGT Rules"). It is also authorised by the Guernsey Financial Services Commission as an authorised closed-end investment scheme under the Protection of Investors (Bailiwick of Guernsey) Law, 2020, as amended (the "POI Law"). HVPE is subject to certain ongoing requirements under the LDGT Rules and the POI Law and certain rules promulgated thereunder relating to the disclosure of certain information to investors, including the publication of annual and half-yearly financial reports.
Valuation Policy
Valuations Represent Fair Value Under US GAAP
HVPE's 31 July 2026 NAV is based on the 30 June 2026 NAV of each HarbourVest fund, SMA vehicle and Conversus, adjusted for changes in the value of public securities, foreign currency, known material events, cash flows, and operating expenses during July 2026. The valuation of each HarbourVest fund is presented on a fair value basis in accordance with US GAAP. See Note 4 in the Notes to the Financial Statements on pages 40 to 41.
The Investment Manager typically obtains financial information from 90% or more of the underlying investments for each of HVPE's HarbourVest funds to calculate the NAV. For each fund, the accounting team reconciles investments, distributions, and unrealised/realised gains and losses to the Financial Statements. The team also reviews underlying partnership valuation policies.
Management of Foreign Currency Exposure
The Investment Portfolio includes two euro-denominated HarbourVest funds and a Canadian dollar-denominated fund.
· 12% of underlying partnership holdings are denominated in euros. The euro-denominated Investment Pipeline is €11.3 million.
· 3% of underlying partnership holdings are denominated in sterling. There is no sterling-denominated Investment Pipeline.
· 1% of underlying partnership holdings are denominated in Australian dollars. There is no Australian dollar-denominated Investment Pipeline.
· 0.3% of underlying partnership holdings are denominated in Canadian dollars. The Canadian dollar-denominated Investment Pipeline is C$3.9 million.
HVPE has exposure to foreign currency movement through foreign currency-denominated assets within the Investment Portfolio and through its Investment Pipeline of unfunded commitments, which are long term in nature. The Company's most significant currency exposure is to euros. The Company does not actively use derivatives or other products to hedge the currency exposure.
[1] The discount is calculated based on the NAV per share available to the market at the period end, that being the 30 June 2026 estimate converted to sterling at the prevailing GBP/USD foreign exchange ("FX") rate, compared with the share prices on 31 July 2026. Please refer to the Alternative Performance Measures ("APMs") on pages 59 to 62 for calculations.
[2] HarbourVest Managed Vehicles includes HarbourVest funds and the HVPE dedicated SMA vehicle
[3] Preqin: Deal Flow Monitor: H1 2026. Deal value excludes the $250bn SpaceX-x.AI Corp. merger owing to the non-sponsor-backed nature of the deal.
[4] Preqin: Deal Flow Monitor: H1 2026
[6] Source: Tech Insider, https://tech-insider.org/q1-2026-venture-capital-297-billion-ai-startup-funding-record/
[8] Source: PitchBook, Q2 2026 Global PE First Look, 1 July 2026
[9] Source: Bain & Company Private Equity Midyear Report 2026
[10] Source: Jefferies H1 2026 Global Secondary Market Review, July 2026
[11] Source: PitchBook, Q3 2026 Global PE First Look, 1 October 2026
[12] Source: PitchBook, 2026 US Private Equity Outlook: Midyear Update, 23 June 2026
[13] Source: PitchBook, 2026 US Private Equity Outlook: Midyear Update, 23 June 2026
[14] Source: Bain & Company Private Equity Midyear Report 2026
[15] These include four Secondary Overflow III investments, 11 Secondary Overflow IV investments, and Conversus, referred to as "HVPE Charlotte Co-Investment L.P." in the Unaudited Condensed Interim Consolidated Schedule of Investments.
[16] Realised and unrealised gains are shown net of management fees, performance fees, and foreign currency in the Unaudited Condensed Interim Consolidated Statements of Operations.
[17] Realised gain/value changes from the balance of 51 other HarbourVest funds and 16 secondary co-investments in the Investment Portfolio.
[18] Please refer to page 22 for more information on the performance fees.
[19] Operating expenses are shown net of interest and other income ($2,577k).
[20] These figures represent the weighted average percentage uplift to carrying value of 70 individual company M&A and IPO transactions during the six months ended 31 July 2026. This analysis takes each company's value (whether realised or unrealised) at 31 July 2026 and compares it to the carrying value prior to announcement of the transaction. This analysis represents 93% of the total value of transactions in the six months ended 31 July 2026 and does not represent the portfolio as a whole. Additionally, it does not reflect management fees, carried interest, and other expenses of the HarbourVest funds or the underlying managers, which will reduce returns. Past performance is not necessarily indicative of future returns.
[21] As measured since the announcement of the transaction or IPO filing.
[22]As measured since the announcement of the transaction or IPO filing.
[23] The Integrity Council for the Voluntary Carbon Market ("ICVCM") is a non-profit, independent governance body that aims to set and maintain a global standard for high integrity in the voluntary carbon market, unlocking private climate and carbon finance that would not otherwise be deployed.
[24] Diversification by stage, phase, strategy, currency, and geography is based on the estimated NAV of partnership investments within HVPE's fund of funds and company investments within HVPE's Co-investment funds. Industry diversification is based on the reported value of the underlying company investments for both fund of funds and Co-investment funds.
[25] Note that the net gain of $85 million is at the fund level and net of all management fees and carry charged by underlying GPs and HarbourVest, while the percentage gains/losses are at the underlying partnership level and are net of GP fees and carry, gross of HarbourVest fees and carry.
[26] This amount represents HVPE's share of the distributed value from Primary, Secondary, and Direct Co-investment realisations received during the financial period. It does not represent the net distribution received by HVPE from the HarbourVest funds. Past performance is not necessarily indicative of future returns.
[27] Please note some of these KPIs are also APMs. Please see pages 59 to 62 for our APMs.
[28] These are considered as Alternative Performance Measures. More detail can be found on pages 59 to 62
[29] The peer group refers to the UK listed private equity fund of funds: CT Private Equity Trust, ICG Enterprise Trust, Pantheon International Plc and Patria Private Equity Trust
[30] Estimated distributions and estimated investments taken from low case scenario which is reflective of the current market environment; this includes $163 million of proceeds expected from the asset sale announced in December 2025, $256 million of estimated proceeds from an additional asset sale in 2026, and $531 million of estimated distributions from the investment portfolio. For further details on cash flows and modelling, please see pages 28 to 29.
[31] Estimated investments include estimated calls from the investment pipeline over the next 36 months. This excludes the recent announcement to return at least $500 million to shareholders in 2026. If included in the calculation, the MCR would be 111%.
[32] "HVPE Charlotte Co-Investment L.P." in the Unaudited Condensed Interim Schedule of Investments. Management fee agreement ended at the end of the prior financial year, so no fees were payable in the six months to 31 July 2026.
[33] Operating expenses includes total expenses shown in the Unaudited Condensed Interim Consolidated Statements of Operations, excluding management fees from the Secondary Co-investments which are included in the management fees in this table as noted below.
[34] HVPE's share of fund-level operating expenses (professional fees and organisational costs) which are included in realised and unrealised gains (losses) on investments in the Unaudited Condensed Interim Consolidated Statements of Operations.
[35] This includes fund-level management fees payable to HarbourVest which are included in realised and unrealised gains (losses) on investments in the Unaudited Condensed Interim Consolidated Statements of Operations, together with the management fees relating to secondary co-investments referenced in the operating expenses note above.
[36] This is shown as interest from cash and equivalents on the face of the Unaudited Condensed Interim Consolidated Statements of Operations.
[37] This includes fund-level performance fees payable to HarbourVest which are included in realised and unrealised gains (losses) on investments in the Unaudited Condensed Interim Consolidated Statements of Operations.
[38] TERs are calculated using the average NAV over the respective periods ($4.2 billion in the six months ended 31 July 2026; $4.1 billion in the 12 months ended 31 January 2026; and $4.1 billion in the six months ended 31 July 2025).
Note: Totals and subtotals may not recalculate due to rounding
* Unless otherwise stated
[39] This represents the percentage for the amount invested divided by the average of the Investment Pipelines at 31 January 2026 and 31 July 2026
[40] This represents the percentage for the amount invested divided by the average of the Investment Pipelines at 31 January 2025 and 31 January 2026
[41] $207 million of cash received from secondary sales during the 6 month period ended 31 July 2026 with the remaining balance of $163 million relating to deferred proceeds recognised as a receivable as at 31 July 2026
[42] This represents the percentage for the distributions received divided by the average of the Investment Portfolios at 31 January 2026 and 31 July 2026
[43] This represents the percentage for the distributions received divided by the average of the Investment Portfolios at 31 January 2025 and 31 January 2026
[44] This includes $232 million of organic distributions received from HarbourVest Managed Vehicles and $207 million of cash received from secondary sales during the 6 month period ended 31 July 2026
[45] This represents the percentage for the distributions received divided by the average of the Investment Portfolios at 31 January 2026 and 31 July 2026
[46] This represents the percentage for the distributions received divided by the average of the Investment Portfolios at 31 January 2025 and 31 January 2026
[47] $207 million of cash received from secondary sales during the 6 month period ended 31 July 2026 with the remaining balance of $163 million relating to deferred proceeds recognised as a receivable as at 31 July 2026.
[48] Note: Totals and subtotals may not recalculate due to rounding
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