HarbourVest Global Private Equity: Helpful secondary disposal

研报英文原文证据摘录

HarbourVest Global Private Equity: Helpful secondary disposal

Equity Research

European Investment Companies

1 July 2026

HarbourVest Global Private Equity

Helpful secondary disposal

First LookHVPE has completed a $71m secondary sale of co-

investments at a narrow discount to book value. Proceeds

support distributions and reinforce balance sheet confidence, HVPEa.L/HVPE LN OVERWEIGHT European Investment

Companieswith ongoing secondaries use signalling strengthened capital NEUTRAL

Price Target GBp 3470

allocation discipline and momentum. Price (30-Jun-26) GBp 3350

Potential Upside/Downside +3.6%

Source: Bloomberg, Barclays Research

$71m secondary sale: HVPE has announced participation in a secondary transaction

generating net proceeds of $70.7m, primarily from direct co-investment positions, coordinated

across the manager's platform. The assets sold had performed well and management took the European Investment Companies

opportunity to generate additional liquidity ahead of the $400m tender later this year. No Conor Finn, CFA

explicit premium/discount to carrying value has been disclosed, although the company has +44 (0)20 7116 6066

described pricing as attractive and in line with previous transactions (implying a discount in the conor.finn@barclays.com

Barclays, UKregion of 5%). The transaction was initiated in early 2026 via a competitive process.

Liquidity enhancement: The transaction aligns with the more proactive approach

to secondaries and to capital allocation in general over the last 12 months (see Significantly

enhanced distributions, greater use of secondaries market for disposals, 14 April 2026). All of the

proceeds will be allocated to the distribution pool (balance of $187m at 31 May 2025 with