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HarbourVest Global Private Equity (HVPE) investor relations material
HarbourVest Global Private Equity H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2024 earnings summary8 Jul, 2025
Executive summary
NAV per share increased 7.2%–7.3% year-over-year, with share price up 19%–19.2%, reflecting strong portfolio performance and positive market response to governance and capital allocation initiatives.
Portfolio is highly diversified, with exposure to over 1,000 private companies globally, a 13.1% compound annual NAV per share growth rate over ten years, and 2.7% annual outperformance versus public markets.
Major governance and capital allocation changes include doubling the distribution pool allocation to 30% for share buybacks, simplifying investment structure via a separately managed account (SMA), and introducing a shareholder continuation vote in July 2026.
Realizations improved to just under 10% of NAV, up from 8% the prior year, though still below the long-term average, with encouraging signs of increased portfolio company transaction activity.
Net assets reached $4.0bn with a FTSE 250 position (#61, £1.8bn market cap) as of 31 January 2025.
Financial highlights
Net gain on investments totaled $256m for the year, with $151m from realized gains and $105m from unrealized appreciation.
Direct co-investments led performance with over 10% growth, private credit and infrastructure delivered 8.7% growth, and North America returned 7.5%.
Weighted average revenue increase for portfolio companies was 13.4%, and EBITDA increase was 18.6%.
71% of underlying companies increased EBITDA, with 73% growing EBITDA by more than 10%.
Total expense ratio (TER) rose to 2.46% (from 1.79% in 2024), reflecting higher management and performance fees.
Outlook and guidance
SMA structure finalized in May 2025, expected to simplify investment framework, increase control, and reduce look-through gearing.
SMA assets projected to comprise 17%–68% of portfolio value by 2029, depending on distribution pace.
Management expects continued recovery in cash flow and more exits at a premium to carrying value, with a robust pipeline of assets in the growth phase poised for liquidity events.
Forecasts $180m–$219m to be allocated to the distribution pool in 2024–2025 if portfolio distributions meet expectations, though some risk to this forecast remains.
No expected performance tail-off from the move to the SMA; strategic asset allocation targets remain unchanged.
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Next HarbourVest Global Private Equity earnings date
H1 20253 Nov, 2025
Next HarbourVest Global Private Equity earnings date
H1 20253 Nov, 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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