HarbourVest Global Private Equity (HVPE) Status Update summary

Portfolio performance and shareholder returns

• NAV per share rose to $57.60 by end-October, a 10.3% gain over 12 months, nearing the 10-year CAGR of 13%.

• In sterling, NAV per share grew 8.2% over the same period, reflecting currency effects.

• Share price return surged 36.5% in 12 months, narrowing the discount to NAV from 45% to 28%.

• Over 10 years, share price total return reached 260%, ranking just outside the top 10% of investment companies.

• Distribution pool contributions reached $228 million by October, close to the upper end of the $150–$250 million target for 2024–2025.

Key market outlook and macro trends

• Global growth forecasts for 2025 have been revised downward, with the IMF projecting slower GDP growth across the US, Euro Area, and Developing Asia compared to previous years.

• Public markets have shown resilience and recovery in 2025, with major indices like the S&P 500, NASDAQ, and Nikkei posting strong year-to-date gains despite volatility.

• Inflation, interest rates, de-globalization, tariffs, and supply chain issues remain central macroeconomic themes, alongside rising geopolitical tensions and the growing influence of artificial intelligence.

• AI is seen as a cross-asset class driver, with U.S. and China leading global investment and innovation.

• Global GDP growth is expected above 3%, led by Asia and the U.S.; public markets performed well, with China rebounding strongly.

Private equity and capital markets update

• IPO and syndicated loan markets have rebounded, with 2025 IPO volumes surpassing 2024 levels and syndicated loan growth accelerating at a 14% CAGR.

• Notable private equity-backed IPOs in 2025 include CW CoreWeave, Figma, Klarna, and Verisure, with several achieving significant market cap increases post-listing.

• Private credit now finances 75–80% of leveraged buyouts, with syndicated loans making a comeback and increasing market liquidity.

• Global private equity activity shows robust fundraising, investing, and exit volumes, with North America leading but Europe and Asia also contributing meaningfully.

• Private markets bottomed in mid-2024, with investment and exit activity rebounding to all-time highs (excluding 2021).