HarbourVest Global Private Equity Limited - Discount narrowing
Jan 22nd 2013 - Edison Investment Research today published a report on HarbourVest Global Private Equity Limited entitled "Discount Narrowing". In summary, the report says:
HarbourVest Global Private Equity’s (HVPE) share price gained 24% during 2012, helping to reduce the discount to NAV to 34%. During the period, a clear divergence of strategies emerged within the listed private equity sector. Some are increasing near-term cash returns to investors through dividends and share buybacks, even accelerating the realisation of assets to fund this. Others, including HVPE, are for now continuing to find investment opportunities which they believe will generate better long-term returns. HVPE’s discount to NAV remains attractive in both absolute terms and relative to peers (29%), given ongoing realisations in excess of carrying value and good long-term NAV performance. We believe sector consolidation and disinvestment by those companies wishing to do so will move the...
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