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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
HarbourVest Global Private Equity
HarbourVest Global Private Equity (HVPE) investor relations material
HarbourVest Global Private Equity H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary22 Oct, 2026
Executive summary
NAV per share rose 2.4% to $60.82, driven by 4.3% underlying portfolio valuation growth; the FTSE All World Total Return Index gained 8.3%.
Portfolio investments generated an $85m net gain; organic cash flow was a $27m net inflow and total portfolio cash flow reached $234m, including secondary-sale proceeds.
Share price returned +6.4% in GBP during H1, reaching £33.35; ten-year NAV growth was 250% in USD versus 236% for the index.
Financial highlights
Net assets were $4.230bn at 31 July 2026, down from $4.268bn at 31 January; NAV per share rose from $59.40 to $60.82.
Net increase in net assets from operations was $59.1m versus $219.8m in H1 2025; net investment loss narrowed to $26.3m from $27.8m.
Portfolio investments were valued at $4.401bn versus $4.713bn at 31 January; the period-end share-price discount to NAV was 25%.
Weighted portfolio-company revenue rose 15.9% and EBITDA 17.6% in the 12 months to 30 June 2026; 68% grew EBITDA, and 74% of those grew it by more than 10%.
Outlook and guidance
Annual shareholder returns target 5%–10% of NAV through tenders and buybacks until the next Continuation Vote, due no later than July 2029.
A tender offer of up to $400m is expected to be priced at ~10% discount to 30 September NAV; shareholder approval is sought at the 16 November 2026 EGM.
No new commitments are planned for the remainder of 2026; the existing $250m SMA tranche is expected to be fully committed or deployed during the year.
Q3 global private-equity exit value rebounded to $482bn, the second-highest quarter on record, potentially supporting liquidity and listed private-equity valuations.
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Latest events from HarbourVest Global Private Equity
- Strong NAV growth, robust liquidity, and buybacks drive discount narrowing and positive outlook.HVPE
Investor update - Strong NAV growth, robust liquidity, and strategic capital returns drive shareholder value.HVPEH2 2025
- Bold initiatives target narrowing the NAV discount with $500M distributions and annual tenders.HVPEStatus update
- NAV and share price surged as AI and mega-deals drove resilient market growth in 2025.HVPEStatus Update
- NAV per share up 6.2% to $57.55, with strong gains, buybacks, and a new SMA structure.HVPEH1 2025
- Transition to SMA structure and strong portfolio growth position HVPE for long-term success.HVPEInvestor Day 2025 Presentation
- NAV per share hit $51.98, with strong buybacks and a $1.2bn facility boosting liquidity.HVPEH1 2024
- 4% NAV growth, buybacks, and optimism for improved cash flow amid market recovery.HVPEH2 2023
- NAV per share up 7.3%, SMA structure boosts flexibility, and buybacks drive value.HVPEH2 2024
Next HarbourVest Global Private Equity earnings date
H2 202627 May, 2027
HarbourVest Global Private Equity
Next HarbourVest Global Private Equity earnings date
H2 202627 May, 2027
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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.