HarbourVest Global Private Equity Limited (HVPE:LSE) delivered a resilient investor update outlining a return to more normalised portfolio growth, strong share price performance, and improving private market conditions heading into 2026. As at end-October, NAV per share rose to $57.60, representing a 10.3% year-on-year increase in US dollar terms (8.2% in sterling), broadly in line with the trust’s long-term 10-year CAGR of c.13%. More notably, the share price rose 36.5% over the same period, narrowing the discount to NAV from 45% to 28%, supported by ongoing share buybacks funded through the distribution pool. Since inception in February 2024, the pool has received $228m of contributions, nearing the upper end of its $150–250m target range, with $64m remaining available as of October and buybacks running at approximately $10m per month. Management highlighted a constructive private markets outlook, with investment and exit activity rebounding from a mid-2024 trough, improving liquidity, declining industry dry powder, and expectations for a stronger fundraising environment in 2026. The manager also emphasised the growing scale of private markets, particularly in mega-cap venture, AI-driven infrastructure, and large public-to-private transactions, alongside increased use of GP-led secondaries as a liquidity tool. Overall, HVPE enters 2026 with solid NAV momentum, enhanced capital returns via buybacks, and favourable structural tailwinds across private equity, venture, credit, and infrastructure.