29th Jan 2026 13:02
(Alliance News) - HarbourVest Global Private Equity Ltd on Thursday said it became cashflow positive in its latest year, and is "well positioned" going into 2026.
The London-based investment fund, which has interests in various sectors including technology, infrastructure and energy, reported 424 initial public offering and merger & acquisition transactions in its portfolio for 2025, 7% more than in 2024.
"Notable portfolio company activity included Wiz being acquired by Alphabet subject to regulatory approvals, a SpaceX tender offer, and Figma and Verisure's respective IPOs," HarbourVest said.
The company's estimated net asset value per share increased 11% on-year to USD58.13 as of December 31, "reflecting the strength and resilience of HVPE's globally diversified portfolio". Its shares cost GBP31.35 at the time, with the discount to NAV narrowing to 27% from 37%.
HarbourVest also said it delivered on shareholder-friendly measures during the period, including doubling the allocation of gross cash realisations to its distribution pool, and completing its transition in August to a 'Separately Managed Account' structure.
Furthermore, the firm was cashflow positive through 2025, which it deemed "a landmark year", by USD46 million, having received USD424 million in distributions and invested USD378 million in HarbourVest funds. By contrast, 2024 cashflow was negative, with distributions of USD379 million and investments totalling USD422 million.
HarbourVest said its distribution pool held a USD85 million balance at December 31 after buybacks during the year totalling USD93 million.
"2025 was a year in which HVPE's decisive actions delivered for our shareholders, through strong performance and by laying the foundations for future growth," commented Chair Ed Warner. "The board remains resolutely focused on maximising value, as demonstrated by our enhanced buyback programme, the successful transition to a more flexible SMA structure, and our ongoing commitment to robust governance through the upcoming continuation vote."
Looking ahead, HarbourVest and its investment manager, HarbourVest Partners, "maintain an optimistic outlook underpinned by expectations of improved liquidity as exits resume and the secondary market continues to provide innovative solutions."
The firm acknowledged that "geopolitical tensions and market uncertainties persist" but said it sees signs of improved portfolio liquidity and that HarbourVest Partners is well positioned to adapt and identify opportunities.
HarbourVest Global shares were up 0.2% at 3,185.00 pence on Thursday in London.
By Emma Curzon, Alliance News reporter
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