HarbourVest Global Private Equity (HVPE) H1 2025 earnings summary

Executive summary

• NAV per share increased 6.2% in H1 2025 to a record $57.55, with net assets reaching $4.2 billion and over 1,000 private company exposures, despite market volatility and a 1.8% share price decline.

• Share price total return over 10 years was 211%, placing the fund in the top decile of London-listed investment companies.

• The fund remains highly diversified across early-stage venture, mature buyouts, infrastructure, and private credit, with no single company over 1.7% of portfolio value.

• Key initiatives include distribution pool expansion, ongoing buybacks ($44m in H1 2025, $220m since 2022), and the launch of a new SMA structure with a $125m commitment.

Financial highlights

• Net gain on investments was $248 million in H1 2025, with portfolio valuation gains of 5.6% led by infrastructure (+11.4%) and Europe (+13.4%).

• NAV per share increased 6.2% in the half year, with 0.6 percentage points from buybacks; share buybacks totaled $44 million in H1 2025, adding 5.2% to NAV per share.

• Realizations from 243 M&A and IPO transactions totaled $142m, up 16% year-over-year, with an average uplift of 53% to carrying value.

• Weighted average revenue increased 12.9% and EBITDA grew 17.9% among portfolio companies for the 12 months to June 30, 2025.

• Total expense ratio (TER) for the period was 1.36%, up from 1.02% in the prior year, mainly due to higher credit facility costs and performance fees.

Outlook and guidance

• Early signs of recovery in private market exit activity, with global PE exit value up 56% year-over-year in H1 2025.

• Distribution pool allocation doubled to 30% of monthly distributions, with an estimated $140–$177 million available for buybacks in 2025.

• SMA structure signed in May 2025, with $125 million committed, expected to reduce gearing, enhance flexibility, and lower borrowing costs.

• Management expects distribution activity to pick up towards the end of 2025 and into 2026 as M&A and IPO markets recover.

• A continuation vote is scheduled for July 2026 as part of ongoing governance.