Harbourvest Private Equity says that, in the year to 31 January 2017, its USD NAV per share grew by 10.3%. Unlike the previous year when NAV performance exceeded the total return of the MSCI All Country World Index by 12%, on this occasion growth of 10.3% was somewhat less than the return on that index which accelerated markedly from mid-summer of 2016. The total return from the MSCI Index was 18.6% for the 12 months. For UK investors the year to 31 January 2017 saw the share price as quoted in UK pounds sterling (“GBP”) rise by 37% driven by NAV per share growth in USD and a decline in the GBP/USD exchange rate, resulting in a narrowing of the discount from 25.9% to 18.6%. At 31 January 2017 the share price ended the year at GBP11.95.
During the year new commitments of USD 425 million were made and at the period end HVPE had yet-to-be funded commitments of USD 1.2 billion. Once again the pace of realisations was substantial in the 12 months to 31 January 2017 and the Company ended the year with a cash balance of $175 million, only slightly reduced from $204 million 12 months earlier. During the year there were substantial cash movements amounting to $251 million of realisations and $270 million of cash calls for investment.
HVPE : Harbourvest lags rising world markets