Money Makers

HarbourVest Global Private Equity was launched in 2007 and is the largest fund-of-funds private equity trust with gross assets of around £3.5bn and a market cap of £2.4bn. Its NAV returns since inception are just over 10% a year, around two percentage points ahead of global markets, making it one of the best long-term performers in its sector. Like many private equity trusts, however, it has long traded at a wide discount. After doing very little in the way of discount control for many years, it has announced a range of measures since 2022, including allocating 30% of distributions received to...