18th Oct 2018 12:21
LONDON (Alliance News) - HarbourVest Global Private Equity Ltd said Thursday it has continued to make good progress in the first half, growing its net asset value per share and outperforming its benchmark.
For the half-year ended July, HarbourVest Global saw a 6.8% rise in its NAV per share.
At the end of the period, the investment fund's NAV per share was USD22.93 compared to USD21.46 in January.
The fund's benchmark, the FTSE All-World TR index lost 2.7% in the period.
"This performance builds on the nine-consecutive full financial years of NAV per share increases delivered by the company to its shareholders since 31 January 2009, and represents a threefold rise since this point, from USD7.61 to today's published figure of USD22.93," said Michael Bunbury, chairman.
The fund said its performance in the first half was primarily due to its Direct Co-Investment portfolio's strategy, delivering 8.4% value growth. Geographically, the investment fund's strongest gains came from the US, where its generated a value increase of 9.3%, followed by its Asian assets returning 6.8%.
HarbourVest Global increased its net assets in the period to USD1.83 billion from USD1.71 billion.
Bunbury added: "This further growth demonstrates the ongoing strength of the company's proven investment strategy. Access to HarbourVest funds enables shareholders to benefit from the outperformance of private markets and the investment decisions made by a quality investment manager. This is delivered through a well-managed, diversified portfolio, which has a track record of value creation since inception over a decade ago."
HarbourVest Global warned of the "many risks" ahead, where the "most dangerous" ones "look to be political".
The investment fund believes investment in equities "should always be considered a long-term commitment".
Shares in HarbourVest Global Private Equity were down 0.5% Thursday at 1,372.50 pence each.
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HarbourVest Private Equity