HarbourVest Global Private Equity | Winterflood Research

In order to access the website of Winterflood Securities Limited you must first read and accept the following terms:

This website is not directed at, or intended for distribution to or use by, any U.S. citizen, person, or entity that resides in or is located in the United States of America or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation which would subject Winterflood to any registration or licensing requirements with such jurisdiction. Services are not available to U.S. persons except where such services are permitted under SEC rule 15a6 or other relevant exemptions from SEC Broker/Dealer registration requirements.

Please note that Winterflood Securities Limited is not registered as a broker-dealer with the Securities and Exchange Commission and is not a member of Financial Industry Regulatory Authority Inc. (“FINRA”). All research reports provided on this website are being distributed directly by Winterflood Securities Limited to persons in the U.S. that qualify as “major U.S. institutional investors” in compliance with Rule 15a-6(a)(2) of the Securities Exchange Act of 1934. Accordingly, these research reports have not been prepared in compliance with FINRA requirements. Please refer to our Full Disclaimer here.

Research on this Website

Research on this website has been issued for the information of Professional Clients and Eligible Counterparties (as defined in the FCA handbook) of Winterflood Securities Ltd (“Winterflood”). The terminology used within the research reports is intended for professional investors. Research reports are not intended to provide the sole basis for any evaluation of an investment decision.

Each research report on this website must be read in conjunction with any disclaimer which forms part of it. Your attention is drawn to the date of issue of the information provided and of the opinions expressed therein. Any opinions are those of the Winterflood Investment Trust research team and are subject to change without notice and Winterflood is not under any obligation to update or keep current the information contained herein. The material on this website is based on information obtained from sources believed to be reliable but which have not been independently verified and are not guaranteed as being accurate.

Use of Cookies

For information on the cookies used on our websites, please refer to our Cookies Policy which can be accessed here.

Privacy

For information on how we treat your personal data, please refer to our Privacy Notice which can be accessed here.

More information can be found in our Legal Disclaimer

Diversified Play on a Private Markets Recovery

Overview: HarbourVest Global Private Equity* (HVPE) provides highly diversified private equity exposure via a funds of funds strategy. Fund commitments are decided by manager Richard Hickman and the Investment Committee with reference to specific target allocations, to ensure strategic diversification and support long-run NAV performance. Current strategic target allocations are: (i) by stage: 55% buyout companies, 30% venture & growth equity, and 15% mezzanine credit and InfRA (infrastructure & real assets); (ii) by strategy: 50% primary, 30% secondary and 20% direct co-investments; and (iii) by geography: 60% North America, 24% Europe and 16% Asia Pacific. As at 31 July 2024, the portfolio contained 63 HarbourVest funds of funds and 16 co-investments, offering access to over 1,000 underlying funds and 14,000 underlying companies (of which the top 1,000 represent 79% of NAV), whereby the largest single company exposure is 2.2% of NAV (Shein).

Performance: The fund’s NAV total return for the year to 1 November 2024 was -2.8% in £ terms (+3.9% in $ terms), compared with +23.7% for the FTSE All World Index. The share price total return was +3.3%. Over a 5- and 10- year period, HVPE has outperformed the FTSE All World Index and the Private Equity ex 3i peer group on a NAV total return basis. With respect to share price total returns, HVPE has underperformed in recent periods, but has slightly outperformed the peer group over a ten-year period.

We met with manager Richard Hickman on 31 October 2024.

*Denotes a corporate broking client of Winterflood Securities

Client log in

Please note that this website is part of Winterflood's research service and therefore only available to MiFID II compliant research clients. For further information please e-mail research@winterflood.com