HarbourVest Global Private Equity (HVPE) has reported robust half-year results with net asset value (NAV) per share rising 6.2% to a record $57.55 (£47.10) in the six months to 31 July. This was supported by portfolio valuation gains of 5.6%, with infrastructure (+11.4%) and European holdings (+13.4%) leading the way. Realisations, or sales, totalled $142m (£116m), up 16% year on year, with an average 53% uplift achieved over carrying value, although the share price fell 1.8% to £27.10 amid global market volatility over US tariff policies. HVPE ended the period with $115m (£94m) in cash and $629m (£514m) of undrawn credit. Unfunded commitments reduced to $2.3bn (£1.88bn). The company also launched a new SMA structure to offer tailored access to its global platform, securing an initial $125m (£102m) commitment after the period end. Chair Ed Warner said: “As private markets show signs of recovery, HVPE is uniquely positioned to capitalise on these opportunities.” Shares in the £2.1bn investment company stood on a 32% discount before the results.
James Carthew, head of investment company research at QuotedData, said: “There were a couple of encouraging messages in HarbourVest’s announcement. Most importantly, despite the disruption caused by tariffs, private equity exits are recovering, up 56% year-on-year. That is great news as NAV uplifts are commonplace on exit – HVPE reports an average uplift of 53% to carrying value on the 243 deals it was exposed to in the first half of 2025. It is the long-term numbers that tell the real story, though; a 93 percentage point outperformance of the FTSE All World index over 10 years in NAV terms. The share price discount makes no sense.”
Molten Ventures (GROW), the £719m technology venture capital fund trading on a 40% discount, reported a strong half-year update for the six months to 30 September. Net asset value (NAV) per share expected to rise 7.2% to 719p from 671p, helped by its share buyback programme which added 13p since March 2025. Gross portfolio value (GPV) is estimated at £1.43bn, up from £1.34bn a year earlier, with a £75m (5.5%) fair value uplift driven by strong performances from ICEYE, Revolut, Ledger and ISAR Aerospace. Realisations delivered £62m in cash, achieving 4.5% of opening GPV and tracking the group’s annual 10% target. Exits produced an average two times return on invested capital, led by Revolut’s 20 times uplift.
Partners Group Private Equity (PEY), says Swiss fund manager Partners Group has agreed to sell its 24.9% stake in Apex Logistics, a Singapore-based global logistics provider, to majority shareholder Kuehne+Nagel. The transaction values Apex at over $4bn and leaves PEY’s stake at €16.7m in line with the latest valuation at 31 August. Since the £740m investment company invested in Apex in 2021 it will have received total distributions of €25.2m reflecting strong growth in earnings of 151% over that period. PEY shares stand on a 22% discount.
Starwood European Real Estate Finance (SWEF), the £40m property debt fund nearly three years into a wind-down, is to make its ninth return of capital to shareholders of £25m, funded by the repayment in full of the Hospital UK loan investment this month. This will be done through a compulsory partial redemption of shares at a price of 9.638p, the latest net asset value (NAV). The company also declared a third quarter dividend of 1.375p. In the three months to 30 September it received £29.1m in full repayments of two loans and returned £65m to shareholders, taking total distributions since January 2023 to £321m, or 77.6% of its then NAV. This leaves it with three loans, two low risk, and a third in Dublin that is being closely monitored.
Riverstone Energy (RSE) has completed the £190m return of capital announced on 8 October with the compulsory purchase of 17.2m shares at £11.01. This represents around 70% of the company which shareholders voted to wind down in August.
More news to follow.
