17th Jul 2024 20:42
HarbourVest Global Private Equity Ltd - Guernsey-incorporated investment fund - Net asset value at June 24 was USD51.37 per share, about GBP40.32, up 3.4% in dollars from USD49.67 at the start of its financial year on January 31. Says in June secured an extended revolving credit facility increase from USD800.0 million to USD1.20 billion to provide working capital headroom and flexibly in allocation decisions. Notes shareholder distribution pool begun February 1 to fund dividends and buybacks. Current pool balance was USD40 million at June 30. Expects to allocate USD150 million to USD250 million to the pool between 2024 and 2025. Has contributed USD79.1 million total to pool thus far. Says as investments and macroeconomic environment improve, exits are above its 12 month average and it sees initial public offerings and mergers and acquisitions activity to continue throughout the year. Further announces managing director Carolina Espinal to step down effective today, but to remain on company investment committee.
Chair Ed Warner said: "The board has made significant progress on a number of fronts over the past year, most notably the initiation of our distribution pool to improve future returns to shareholders. We are pleased that our net asset value has remained resilient in challenging equity markets and the share price discount has started to narrow. We hope this trend persists as shareholders benefit from the actions we have taken to optimise returns throughout the cycle."
Current share price: 2,550.00 pence
12-month change: up 18%
By Aidan Lane, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.