HarbourVest Global Private Equity (HVPE)

HarbourVest Global Private Equity (HVPE) has announced a fresh set of initiatives to enhance shareholder value and combat the discount. The trust offers the most highly diversified exposure to private companies in the listed private equity sector. Not only is it diversified across companies, but it is also diversified across the main segments of private company investing, giving exposure to a wide range of different risk/return profiles. As we discuss in the Portfolio section, investments range from mature, well-established businesses in traditional sectors to exciting early-stage companies monetising the latest technological developments. This should benefit investors who may wish to see a smoother return stream over time, when compared to a fund or trust exposed to only one element.

With private equity and venture markets having experienced a slowdown, HVPE is benefitting from exposure to other areas. However, it is also seeing a contribution from a dedicated team at HarbourVest Partners (HarbourVest), which manages HVPE, and is responsible for spotting secondary sale opportunities to realise assets for cash. Over time, this activity has been a steady contributor to HVPE’s realisations, but in December 2025, HVPE announced a step-up in activity on this front, with a significant $300m secondary sale.

HVPE’s board has been on the front foot through market-leading actions in terms of addressing the discount. As we discuss in the Discount section, building on other initiatives disclosed last year, the board announced a raft of further measures on 14/04/26. These include a significantly higher commitment to return capital during 2026, but also capital returns of between 5-10% per annum in subsequent years running up to a further continuation vote to be held no later than July 2029.