Tender offers : RIT Capital Partners and HVPE return capital below NAV
RIT Capital Partners bought back £300m of shares through a tender offer; HVPE is offering $400m. How does a tender offer work?
When a sale reveals a portfolio’s value: the HgCapital Trust case
HgCapital Trust sold Gen II Fund Services 34% above its latest valuation. Why a sale is the real test of a trust’s NAV.
HVPE and the secondary market: selling assets to narrow the discount
HarbourVest Global Private Equity sold fund interests on the secondary market, close to book value, to fund returns of capital to shareholders.
PEY : Partners Group Private Equity votes for a managed wind-down
Partners Group Private Equity shareholders voted 99.89% in favour of selling the whole portfolio over time. What a managed wind-down is.
HgCapital Trust and Gen II : what a sale reveals about private company valuations
HgCapital Trust sold Gen II Fund Services 34% above its latest valuation. Why a sale is the real test of a trust’s NAV.
Saba Capital at Pantheon and HVPE : what an activist shareholder wants
Saba Capital owns more than 11% of Pantheon International and around 10% of HVPE. Who is this activist shareholder, and what does it ask for?
HgCapital Trust : Hg increases its stake, alignment of interests in practice
Manager Hg plans to raise its stake in HgCapital Trust from around 6% to more than 15%. What alignment of interests means in a listed trust.
RIT Capital Partners and SpaceX : what an IPO changes
RIT Capital Partners held SpaceX as an unlisted investment. With the IPO, the holding moved from an estimated value to a market price.
Molten Ventures and ICEYE : how a funding round moves NAV
ICEYE raised €1bn at a valuation of more than €10bn. For Molten Ventures, the revaluation is substantial: here is how it works.
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