Investors have been frustrated for years by Britain’s listed private equity sector, which has traded at a discount to the value of its assets, prompting a coup by activist investor Edward Bramson at Electra Private Equity.

The prospect of a rival bid for SVG saw its shares jump past HarbourVest’s 650 pence a share final offer, which already has the support of a large chunk of SVG’s investors, and by 0738 GMT, SVG stock was trading up 4% at 676 pence a share.

SVG said the HarbourVest bid—at a discount of 11.5% to the fund’s July net asset value, and a greater discount to the value of the investment portfolio—undervalued both the company and its assets.

“The latest strong performance builds on the double-digit annual growth of the past six years. In particular, the investments made under the new strategy have performed well,” it said in a statement with results for the six months to end-July.

The response comes days after Boston-based HarbourVest, which manages $42 billion, made public its bid. At the time, SVG asked investors to do nothing until it had filed its results.

Posting a 12% increase in the net asset value per share to 735 pence on Friday, helped by a “significant” currency boost, and a total return from its investment portfolio of 13%, SVG again advised investors to sit tight.

“The Company has received approaches from a number of credible parties, which… may lead to an offer competing with HarbourVest and could deliver SVG Capital shareholders superior value,” SVG Chief Executive Lynn Fordham said.