After spending much of the 2010s trading at somewhat narrower discounts, private equity trusts saw their ratings deteriorate sharply in 2022 to their widest level since the financial crisis. While discounts across the sector have narrowed a little since, most still trade at wider than 20% despite their fairly impressive long-term performance records. In this article, we look at the history of private equity discounts, how they have varied by trust, and what steps each is taking to improve its rating. In short, while much progress has been made over the last couple of years, some trusts have ma...
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HarbourVest Global Private Equity (tickers: HVPE and HVPD) was launched in late 2007 and is one of the largest funds in the private equity sector. It employs a fund-of-funds approach, investing in a range of HarbourVest vehicles that give access to a wide range of leading private equity managers and a very well-diversified underlying global portfolio of several thousand companies. It chooses not to pay a dividend but has one of the better performance records in the sector having outperformed global markets after costs by an annualised four percentage points over the past decade. There is a hig...
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