FTSE 250 firm HarbourVest Global Private Equity (HVPE) has launched a $400m (£299m) tender offer alongside a 2.4% NAV increase for the six months to 31 July 2026.
The company published a circular today (22 October) detailing the proposed share buyback scheme, which allows eligible shareholders to tender their shares at a 10% discount to net asset value per share as of 30 September. Shareholders will vote on the resolutions at an extraordinary general meeting on 16 November.
It comes as net asset value per share increased to $60.82 (£45.48) from $59.40 (£44.42) on 31 January, driven by a 4.3% gain in underlying portfolio value. The strongest growth occurred in venture and growth equity investments, which rose 6.8%, and secondaries, which grew 5.3%.
The share price rose 6.4% to £33.35 over the six-month period, narrowing the discount to net asset value from 26% to 25%. Exits included 258 liquidity events, a 6% increase on the comparable period, achieved at a weighted average uplift of 48% to carrying value.
Distributions of $232m (£173m) exceeded drawdowns of $205m (£153m), generating a net inflow of $27m (£20m) compared with a net outflow of $27m (£20m) in the prior period. Net debt fell by $107m (£80m) to $340m (£254m), while undrawn commitments decreased to $2.1bn (£1.5bn) from $2.4bn (£1.7bn).
During the period, the company repurchased $97m (£72.5m) of shares, adding $0.59 (£0.44) to net asset value per share. The board intends to return 5%–10% of net asset value to shareholders annually through share buybacks and periodic tender offers until the next continuation vote in 2029.
Ed Warner, chair of HVPE, said: “Conditions for private equity remained challenging in the first half of 2026, as a combination of macroeconomic and geopolitical headwinds continued to weigh on the market. While many private equity firms found exits challenging, resulting in lower-than-expected cash returns to investors, several of our individual portfolio companies performed exceptionally well, particularly in the AI sector. These successes provide grounds for optimism and reinforce our confidence in the long-term outlook for private equity.
“We are grateful for the strong support shareholders gave the company at the continuation vote in July, and our commitment to capital allocation continues through the tender offer, the terms of which have been announced today. For investors seeking exposure to private markets, HVPE’s combination of scale, diversification and access to leading managers is a compelling proposition.”
