In QuotedData’s morning briefing 6 January 2025:

• HarbourVest Global Private Equity (HVPE) has published what it describes as “an inaugural cashflow update” for the 2024 calendar year. Key highlights are as follows: HVPE had a fifth consecutive month of positive net cash flow in December 2024, with a net US$39m received during the month; HVPE received distributions of US$89m from HarbourVest funds during December 2024 (compared to US$40m in November 2024, and US$71m in December 2023); during December 2024, HVPE invested US$50m into HarbourVest funds (compared to US$25m in November 2024, and US$76m in December 2023); contributions to the ddistribution pool during December 2024 totalled US$13.3m (compared to US$6.1m in November 2024), representing 15% of the gross cash distributions received during the month; the distribution pool held a balance of US$52m at the end of December, after total purchases of US$90m of shares during the course of 2024, which the board has indicated will be utilised for share buybacks for the foreseeable future; through 2024 HVPE received US$377m in distributions and invested US$422m in HarbourVest funds, equivalent to 10% and 11% of opening NAV, compared with US$307m in distributions and US$591m invested, equivalent to 8% and 16% of opening NAV in 2023; a notable contribution to the 2024 figure was the secondary sale announced in October 2024 which is expected to total US$45m, of which US$44m had been received as at 31 December; and the board and investment manager are expecting a further recovery in distributions for 2025, bringing the total for the year ahead closer to HVPE’s 10 year average of 19% of opening NAV.

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