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HarbourVest Global Private Equity (HVPE) investor relations material
HarbourVest Global Private Equity H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary3 Nov, 2025
Executive summary
NAV per share increased 6.2% in H1 2025 to a record $57.55, with net assets reaching $4.2 billion and over 1,000 private company exposures, despite market volatility and a 1.8% share price decline.
Share price total return over 10 years was 211%, placing the fund in the top decile of London-listed investment companies.
The fund remains highly diversified across early-stage venture, mature buyouts, infrastructure, and private credit, with no single company over 1.7% of portfolio value.
Key initiatives include distribution pool expansion, ongoing buybacks ($44m in H1 2025, $220m since 2022), and the launch of a new SMA structure with a $125m commitment.
Financial highlights
Net gain on investments was $248 million in H1 2025, with portfolio valuation gains of 5.6% led by infrastructure (+11.4%) and Europe (+13.4%).
NAV per share increased 6.2% in the half year, with 0.6 percentage points from buybacks; share buybacks totaled $44 million in H1 2025, adding 5.2% to NAV per share.
Realizations from 243 M&A and IPO transactions totaled $142m, up 16% year-over-year, with an average uplift of 53% to carrying value.
Weighted average revenue increased 12.9% and EBITDA grew 17.9% among portfolio companies for the 12 months to June 30, 2025.
Total expense ratio (TER) for the period was 1.36%, up from 1.02% in the prior year, mainly due to higher credit facility costs and performance fees.
Outlook and guidance
Early signs of recovery in private market exit activity, with global PE exit value up 56% year-over-year in H1 2025.
Distribution pool allocation doubled to 30% of monthly distributions, with an estimated $140–$177 million available for buybacks in 2025.
SMA structure signed in May 2025, with $125 million committed, expected to reduce gearing, enhance flexibility, and lower borrowing costs.
Management expects distribution activity to pick up towards the end of 2025 and into 2026 as M&A and IPO markets recover.
A continuation vote is scheduled for July 2026 as part of ongoing governance.
Distribution pool's forecast buyback capacity?
Strategy to increase private credit/infra allocation?
Average realized uplift on portfolio exits?
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Next HarbourVest Global Private Equity earnings date
Status Update15 Dec, 2025
Next HarbourVest Global Private Equity earnings date
Status Update15 Dec, 2025
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Frequently asked questions
arbourVest Global Private Equity Ltd (HVPE) is a Guernsey-based investment company focused on offering investors access to private company investments. It operates by investing exclusively in funds managed by HarbourVest Partners, an independent global private markets asset manager with more than four decades of experience. HVPE provides a gateway for investors to engage with a diversified portfolio of private equity investments, alongside other private market assets when opportunities arise. The company's investment strategy is executed primarily through investment funds managed by HarbourVest, including primary, secondary, and direct funds, covering various sectors such as technology, healthcare, consumer, financial services, and more. The company is headquartered in Saint Peter Port, Guernsey, and its shares are listed on the London Stock Exchange.
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