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HarbourVest Global Private Equity Ltd on Monday reported strong cash flow performance for December 2024 and expressed optimism for further recovery in distributions in 2025.
The London-based investment fund with interest in various sectors including technology, infrastructure and energy recorded a net cash inflow of $39 million in December, marking the fifth consecutive month of positive net cash flow.
The company received $89 million in distributions from HarbourVest funds during the month, more than double from November’s $40 million and a 25% increase from $71 million in December 2023. HVPE also invested $50 million into HarbourVest funds in December, doubling from $25 million in November.
For the full year, HVPE received $377 million in distributions and invested $422 million, representing 10% and 11% of its opening net asset value, respectively. This compared with $307 million in distributions and $591 million invested in 2023, equivalent to 8% and 16% of opening NAV. HVPE said that a significant boost to 2024’s cash flow was a secondary sale announced in October, which is expected to total $45 million, with $44 million already received by December 31.
The company reported that its Distribution Pool, which supports share buybacks, held a balance of $52 million at the end of December after facilitating $90 million in share repurchases during the year.
HVPE’s board and investment manager anticipate a further recovery in distributions for 2025, aiming to bring the total closer to the company’s 10-year average of 19% of opening NAV.
Shares in HarbourVest Global Private Equity were up 0.8% at 2,680.00 pence each in London on Monday morning.
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