HVPE provides a complete private equity solution for public investors by managing the portfolio through four phases of the private equity cycle to create value: Commitments, Investment, Growth, and Realisation (Mature).


HVPE commits capital to newly-formed HarbourVest funds during their fundraising process and co-invests alongside HarbourVest funds in certain co-investments. The HarbourVest funds to which HVPE commits then make primary fund commitments, secondary investments, and direct co-investments across geographies and venture, buyout, and debt strategies. This forward-looking strategy enables HVPE to be fully invested throughout the market cycle.


As the newer and developing HarbourVest funds in the HVPE portfolio commit to new investments, HVPE invests capital in the HarbourVest funds to build the portfolio. Based on the scope of the HarbourVest fund investments, the HVPE portfolio is highly diversified by stage, phase, geography, and strategy.


HVPE’s HarbourVest funds create value in their portfolios as the investments develop over time. HVPE’s NAV growth is driven by changing valuations for privately-held and publicly-traded investments, as well as liquidity events within the portfolio (including M&A transactions, IPOs, and recapitalisations).


As HVPE’s maturing HarbourVest fund investments achieve liquidity and create proceeds, the HarbourVest funds distribute cash realisations to HVPE. These realisations can then be used to fund the new HarbourVest fund commitments and investments.