London Stock Exchange today welcomed HarbourVest Global Private Equity
London Stock Exchange today welcomed HarbourVest Global Private Equity (HVPE) to the Main Market. HVPE is one of the largest listed private equity companies in the UK, with net assets of $1.3bn. Following its IPO on Euronext in December 2007, the company listed on the Specialist Funds Market in London in May 2010. Today marks the next step in the company’s evolution as it accedes to the Main Market.
The company's investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private market investments. It has an excellent track record of delivering long-term NAV growth. The portfolio comprises a range of private market funds and direct investments into private companies. At 31st July 2015, 61% of the portfolio value was invested in Buyouts and 35% in Venture and Growth Capital. By region, the portfolio is split 66% US, 19% Europe, 10% Asia Pacific and 5% other. Previous well-known Venture investments have included Facebook, Twitter, Linked-In and GoPro.
Sir Michael Bunbury, Chairman, said, "Today is a significant milestone for HarbourVest Global Private Equity. We hope that the move to the Main Market will broaden interest in HVPE and will further enhance its position as a leading listed private equity investment company, and both Board and manager look forward to the future with confidence."
The company’s investment manager, HarbourVest, is an independent, global private markets investment specialist with more than 30 years of experience and $35 billion in assets under management. The firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in co-mingled funds or separately managed accounts. HarbourVest has more than 300 employees across Asia, Europe, and the Americas. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, actionable insights, and proven results.
HVPE’s transition from the Specialist Fund Market to the Main Market is expected to broaden the appeal of the shares among key sections of the investment community.
Jefferies International and JP Morgan Cazenove acted as joint sponsors to the company.