HarbourVest’s listed FoF trades on LSE’s Main Market

The private equity firm hopes to attract more retail investors with the move to London Stock Exchange's Main Market.

HarbourVest Partners’s listed fund of funds began trading on the Main Market of the London Stock Exchange on Wednesday as the firm seeks to offer its shares to more retail investors.

HarbourVest Global Private Equity Limited (HVPE), which invests in and alongside HarbourVest-managed funds in primary, secondary and direct co-investments, moved its ordinary shares to the London bourse’s flagship market from the Specialist Fund Market. The fund of funds is also listed on Euronext Amsterdam.

“We hope that the move to the Main Market will broaden interest in HVPE and will further enhance its position as a leading listed private equity investment company,” Michael Bunbury, HVPE chairman, said in a statement.

The shares have gained about 6 percent this year.

As of 31 July, HVPE’s estimated net asset value (NAV) per share is $16.29, 7 cents lower than its 30 June NAV.

In July, HarbourVest’s associate director Richard Hickman told Secondaries Investor’s sister publication Private Equity International the firm wanted to diversify its investor base.

“We want to normalise our position within our peers, most of which are main market-listed. We’ll be more level with the likes of Pantheon and more attractive to retail investors,” Hickman said.

HVPE committed $36 million to two HarbourVest funds of funds in June, according to a statement. The fund of funds invests in and alongside HarbourVest-managed funds, providing investors with a long-term capital appreciation by investing through a diversified private equity portfolio.