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HarbourVest Global Private Equity Ltd (HVPE) Fair Value & Analysis

Financial Services · GB · Market cap 2.3B GBX

HG HarbourVest Global Private Equity Ltd HVPE · LSE
Price£33.25
Fair Value£45.71
Upside+37.5%
Quality67/100
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Strengths

Trades 37% below our fair value of £45.71
Highly profitable · 84.1% net margin
Ranks above peers (8/11)
Wide moat 68/100

Risks

!Weak Growth
!negative free cash flow
!Evidence only medium, so the estimate is less certain
Weak Growth
Highly profitable · 84.1% net margin
negative free cash flow
Ranks above peers (8/11)
Wide moat 68/100
Evidence: Medium Range £34.29 – £57.14 Share as image

Fair value as of: Aug 20, 2026

From 6 valuation models · updated yesterday

Fair value updated Aug 20, 2026, revised from £62.18 to £45.71 (−26.5%) since Aug 13, 2026. Share price +0.5% over the past month.

A solid business, screening 37% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (£34.29). The market is more pessimistic than our downside scenario.
  • Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

£35.00 £19.30 Fair Value £45.71 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range £19.30 – £35.00 · fair‑value band £34.29 – £57.14 · the £33.25 price screens below the £45.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

HarbourVest Global Private Equity Ltd (HVPE) currently trades at £33.25, while our model-based Fair Value estimate is £45.71, implying the stock looks roughly 37.5% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, HarbourVest Global Private Equity Ltd generated revenue of £396M at a net margin of 84.1%. Revenue declined 4.1% year over year. It earns a return on equity of 8.0%. Net debt stands at £447M. Fundamentals as of Aug 20, 2026

Our scenario range runs from £34.29 (bear case) to £57.14 (bull case); at £33.25, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Financial Services peers we cover trades at -33% fair-value upside, at 37%, HVPE screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
P/E Multiple £46.63 £62.18 £77.72 63
Residual Income £49.98 £53.06 £58.21 61
P/B Multiple £60.98 £81.31 £101.64 55
All 6 models by family
Earnings-Based
Graham-Dodd £32.52 £226.82 £318.31 54
Lynch FV £117.18 £167.40 £217.62 50
Multiples
P/E Multiple £46.63 £62.18 £77.72 63
P/B Multiple £60.98 £81.31 £101.64 55
Asset-Based
NCAV (Graham) £30.64 £41.05 £61.27 50
Economic Profit
Residual Income £49.98 £53.06 £58.21 61

Widest divergence: Earnings-Based (£167.40) versus Asset-Based (£41.05). Highest evidence: P/E Multiple (63).

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Key figures & financial health

Revenue (TTM) £396M
Revenue growth (YoY) -4.1%
Net margin 84.1%
Return on equity 8.0%
Free cash flow −1.5M GBX FY2026
P/E ratio 9.8
More key figures
Operating margin 94.7%
EPS (TTM) £3.40
EPS growth (YoY) -3.9%
Net debt £447M FY2026

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 62 · Market factors (momentum, volatility) 70

Profitability 40
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 43
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 70
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

HarbourVest Global Private Equity Ltd. is Private Equity and Venture Capital Fund specializes in private equity buyouts, private credit, primary, secondary, and direct co-investments as well as fund of funds investments. For fund of funds investments, it prefers to invest in private equity funds and invests in HarbourVest funds.

Full company description

HarbourVest Global Private Equity Ltd. is Private Equity and Venture Capital Fund specializes in private equity buyouts, private credit, primary, secondary, and direct co-investments as well as fund of funds investments. For fund of funds investments, it prefers to invest in private equity funds and invests in HarbourVest funds. The fund seeks to provide long-term capital growth primarily through investments in private market assets.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

HarbourVest Global Private Equity Ltd reported revenue of £393M in FY2026 versus £1.1B in FY2022, a compound −21.9%/yr. Reported net income was £333M in FY2026, compounding −24.9%/yr from FY2022.

Growth Quality 16/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
£393M
Latest YoY
+50.0%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−10.3%
Avg. growth/yr (17Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+51.3%
Revenue −21.9%/yr
FY22 £1.1B
FY23 −£55.7M
FY24 £149M
FY25 £262M
FY26 £393M
Net income −24.9%/yr
FY22 £1.0B
FY23 −£65.2M
FY24 £121M
FY25 £209M
FY26 £333M
Character of growth · EPS growth decomposed (2013-2024) +19.4 % p.a.
Revenue per share +18.8 pp

of which total revenue +18.6 pp · buybacks/dilution +0.3 pp

EBIT margin +0.4 pp
Tax rate −3.0 pp
Residual (interest, one-offs) +3.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "HarbourVest Global Private Equity Ltd Fair Value". https://www.fairvalue-calculator.com/stock/HVPE

Peer Group

Asset Management · 714 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 67 · Top 25%
Fair Value upside +38% · Above median
Return on equity (TTM) 8% · Above median
Return on assets 5% · Above median
Net margin (TTM) 84% · Top 25%
Operating margin (TTM) 95% · Top 25%
Revenue growth -4% · Below median

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 9.8× · Cheaper than median
P/B 0.75× · Cheaper than median
P/S (TTM) 8.05× · Pricier than 75% of peers
EV/EBITDA 9.2× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE83 · sector 40
FUTURE0 · sector 15
PAST32 · sector 25
HEALTH0 · sector 95
DIVIDEND0 · sector 77

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

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Investor AB INVEB kr 417.90 kr 835.80 +100%
AB Industrivärden INDUA kr 544.00 kr 375.93 -31%
ICICIAMC ICICIAMC ₹3,077 ₹1,132 -63%
Jio Financial Services Limited JIOFIN ₹256.05 ₹171.84 -33%
Hedef Holding HEDEF 267.25 TRY 321.44 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹11,294 ₹11,257 -0%
HDFC Asset Management Company HDFCAMC ₹2,490 ₹866.78 -65%
Nippon Life Asset Management Limited NAMINDIA ₹1,233 ₹311.00 -75%
360 One Wam Limited 360ONE ₹1,185 ₹255.94 -78%

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Frequently asked questions

Is HarbourVest Global Private Equity Ltd (HVPE) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of £45.71 versus a price of £33.25, about +37% (undervalued).
What is the fair value of HVPE?
Our model-based fair value for HarbourVest Global Private Equity Ltd is £45.71 (as of Aug 20, 2026), built from audited fundamentals. The current price: £33.25.
What is the quality score of HVPE?
HarbourVest Global Private Equity Ltd has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of HarbourVest Global Private Equity Ltd (HVPE)?
HarbourVest Global Private Equity Ltd reported trailing-twelve-month revenue of about £396M (latest available figure, as of Aug 20, 2026).
What is the net profit margin of HVPE?
The net profit margin of HarbourVest Global Private Equity Ltd is about 84.1%, meaning it keeps roughly 84.1% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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