HarbourVest Global Private Equity (HVPE) has posted a $32 million (€21 million) gain in net asset value after its first two months on the Euronext Amsterdam stock exchange.
The firm, which invests almost exclusively in private parent company HarbourVest Partners funds of funds, grew its net asset value from $830 million at the time of its 6 December listing to $862 million by 31 January, according to an audited annual report released today.
The net increase in asset value reflected realised investment gains from HarbourVest funds of $0.74 per share, or roughly $61 million.
Those gains were mitigated by unrealised investment losses of $0.26 per share, or $22 million, as well as operating expenses and up-front costs related to the company’s credit facility.
Although only indicative of two months’ performance, the report did reveal the relatively positive returns of several HarbourVest secondaries vehicles.
HVPE enjoyed the greatest returns from more mature HarbourVest funds, such as those formed in 1998, 1999 and 2001. The annual report did not disclose the precise return numbers for those funds.
As of last January, HVPE had invested in 19 HarbourVest funds, providing exposure to 533 fund interests and 5,560 companies – amounting to a total private equity exposure of $1.5 billion.
HVPE’s portfolio is 58 percent US-based, 33 percent is based in Europe, 4 percent is based in Asia and 5 percent in the rest of the world. Venture assets represent 41 percent of the fund’s holdings, medium buyouts 30 percent and small buyouts 19 percent.
HVPE’s largest fund commitments include $209 million to HarbourVest Partners VI Partnership Fund and $137 million in HarbourVest Partners VII Venture Partnership Fund.