2025-05-29-Jefferies-HarbourVest_Global_Private_Equity（HVPE）_哈勃维斯特全球私募股权_最终结果-变化的形势_7页_103kb

UK Investment Companies Equity Research
Report: HarbourVest Global Private Equity
Date: May 29, 2025

Key Highlights

NAV & Trading

• NAV per share: Increased 7.3% (YoY) to $54.17 (pre-adjusted estimate was $52.82).
• Current Trading: Shares trade at $55.38/£41.11, a 39.6% discount to NAV.
• NAV Estimate Adjustment: Incorporates Q4 marks; Q1 marks expected moderately negative (to be updated in May/June NAVs).

Performance

• Buyout Investments: +6.4% valuation gain vs. 6.0% for venture/growth equity.
• Portfolio Yield: Weighted avg. EBITDA growth 18.6% (vs. 16.8%).
• Other Segments: Private credit, infrastructure, and 'other' investments delivered 9.7% return.

Distributions

• H2 2024 Distributions: $245m vs.出资额 $174m, resulting in +$71m net cash flows (adjusted for secondary sale).
• Distribution Run-rate: 5.7% of opening portfolio vs. 3.3% in H1 (still below historical levels).
• 2025 Target: $609m projected (currently 68% funded), unlikely to be met due to low year-to-date distributions ($72m by April).

Capital Structure & Balance Sheet

• DCF Usage: $480m drawn on $1.2bn RCF as of year-end; cash holdings reduced to $111m by April.
• Cumulative Distributions: $106m allocated to share buybacks and $23.3m in the distribution pool as of April 2025.

Commitments & Outlook

• New H2 Commitments: $415m (incl. $195m into international funds, $50m into a US credit fund).
• Exit Challenges: Distributions at risk of declining amid weak exit conditions.

Valuation & Risks

• Rating: BUY (Jefferies).
• Key Risks: Delayed Q1 marks, discount risk, insufficient commitment coverage, potential need for further RCF draws.

Portfolio Composition

• NAV Breakdown: Sample portfolio represented 56% of NAV; weighted avg. valuation multiple 14.9x.

Key Takeaways

• NAV growth driven by recovered performance in venture/growth investments, partially offset by exit challenges.
• Distributions fell short of historical levels and 2025 targets.
• Balance sheet remains stable but dependent on exit recovery.
• BUY rating reflects underlying performance gains, but risks persist in achieving NAV targets.

(Note: For detailed disclosure and analyst certifications, refer to pages 2–7 of the full report.)