TIDMHVPE
RNS Number : 0857A
HarbourVest Global Priv. Equity Ltd
17 January 2020
17 January 2020
HVPE ESTIMATED NAV PER SHARE UP 2% IN DECEMBER 2019
-- Estimated NAV of $26.92 (GBP20.31) per share, a $0.45 increase during December
-- Majority of portfolio updated to reflect estimated year-end 2019 valuations
-- In total, $125 million committed to three HarbourVest-managed funds
-- Positive cash flow during month with a net $17 million of distributions received
-- Borrowing remained at zero; $166 million of cash on balance sheet
HarbourVest Global Private Equity Limited ("HVPE" or the
"Company"), a closed-end investment company, today announces its
estimated Net Asset Value ("NAV") at 31 December 2019.
HVPE provides a complete private equity solution for public
investors, managing the portfolio through four phases of the
private equity cycle to create value: Commitments, Investment,
Growth, and Realisation.
Commitments
During December, HVPE committed a total of $125.0 million to
three HarbourVest-managed funds. This included additional
commitments of $20.0 million to a global secondary fund (now $100.0
million in total), $75.0 million to a global multi-strategy
fund-of-funds (now $100.0 million in total), and $30.0 million to a
US-focused credit fund (now $50.0 million in total).
HVPE's Investment Pipeline (unfunded commitments) increased on a
net basis by $86.2 million during December based on the new
HarbourVest fund commitments, capital funded, and foreign exchange
rate movement.
Investment
During December, HVPE invested $39.6 million in HarbourVest
funds (compared to net negative $24.4 million in November 2019).
The largest investment was made to a US-focused buyout
fund-of-funds.
Growth
At 31 December 2019, HVPE's estimated NAV per share was $26.92
(GBP20.31), a $0.45 increase in US dollar terms and GBP0.17
decrease in sterling terms from the 30 November 2019 estimate of
$26.47 (GBP20.48). The increase in the December NAV resulted
largely from positive valuation gains across the fund-of-funds as
well as some favourable FX movement.
As in previous years, the majority of the portfolio has been
updated to reflect the Investment Manager's estimated year-end
valuations. Consistent with past practice, individual HarbourVest
funds have been revalued to take into account the Q4 public market
movements, weighted by industry sector, and the historical
correlation to that fund's NAV. Therefore, HVPE's December NAV per
share already reflects the Investment Manager's best estimate of
the impact of market movement in the last quarter of 2019.
Realisation
HVPE received $56.9 million of distributions from HarbourVest
funds during December 2019, compared to $14.6 million in November
2019. The largest source of distributions in the month was a 2015
vintage US-focused buyout fund-of-funds. During December, there
were a total of 25 liquidity events across HVPE's underlying
portfolio compared to November's 26 events, and a last 12-month
average of 29.
Balance Sheet and Credit Facility
HVPE currently has no drawings on its credit facility. At 31
December 2019, HVPE's cash ($166.3 million) and available credit
($600.0 million) totalled $766.3 million.
Additional detail about HVPE's NAV and investment
diversification can be found on HVPE's website, in the Monthly
Update for 31 December 2019.
Enquiries:
HVPE
Richard Hickman Tel: +44 (0)20 7399 rhickman@harbourvest.com
9847
Charlotte Edgar Tel: +44 (0)20 7399 cedgar@harbourvest.com
9826
HarbourVest Partners
Alicia Sweeney Tel: +1 (617) 807 acurransweeney@harbourvest.com
2945
MHP Communications
Charlie Barker / Tel: +44(0)20 3128 hvpe@mhpc.com
Tim Rowntree 8100
Notes to Editors:
About HarbourVest Global Private Equity Limited:
HarbourVest Global Private Equity Limited ("HVPE" or the
"Company") is a Guernsey-incorporated, closed-end investment
company which is listed on the Main Market of the London Stock
Exchange and is a constituent of the FTSE 250 index. HVPE is
designed to offer shareholders long-term capital appreciation by
investing in a private equity portfolio diversified by geography,
stage of investment, vintage year, and industry. The Company
invests in and alongside HarbourVest-managed funds which focus on
primary fund commitments, secondary investments and direct
co-investments in operating companies. HVPE's investment manager is
HarbourVest Advisers L.P., an affiliate of HarbourVest Partners,
LLC, an independent, global private markets asset manager with more
than 35 years of experience.
About HarbourVest Partners, LLC:
HarbourVest is an independent, global private markets asset
manager with over 35 years of experience and more than $63 billion
in assets under management, as of September 30, 2019. The Firm's
powerful global platform offers clients investment opportunities
through primary fund investments, secondary investments, and direct
co-investments in commingled funds or separately managed accounts.
HarbourVest has more than 500 employees, including more than 125
investment professionals across Asia, Europe, and the Americas.
This global team has committed more than $39 billion to
newly-formed funds, completed over $22 billion in secondary
purchases, and invested over $14 billion directly in operating
companies. Partnering with HarbourVest, clients have access to
customised solutions, longstanding relationships, actionable
insights, and proven results.
This announcement is for information purposes only and does not
constitute or form part of any offer to issue or sell, or the
solicitation of an offer to acquire, purchase or subscribe for, any
securities in any jurisdiction and should not be relied upon in
connection with any decision to subscribe for or acquire any
Shares. In particular, this announcement does not constitute or
form part of any offer to issue or sell, or the solicitation of an
offer to acquire, purchase or subscribe for, any securities in the
United States or to US Persons (as defined in Regulation S under
the US Securities Act of 1933, as amended ("US Persons")). Neither
this announcement nor any copy of it may be taken, released,
published or distributed, directly or indirectly to US Persons or
in or into the United States (including its territories and
possessions), Canada, Australia or Japan, or any jurisdiction where
such action would be unlawful. Accordingly, recipients represent
that they are able to receive this announcement without
contravention of any applicable legal or regulatory restrictions in
the jurisdiction in which they reside or conduct business. No
recipient may distribute, or make available, this announcement
(directly or indirectly) to any other person. Recipients of this
announcement should inform themselves about and observe any
applicable legal requirements in their jurisdictions.
The Shares have not been and will not be registered under the US
Securities Act of 1933, as amended (the "Securities Act") or with
any securities regulatory authority of any state or other
jurisdiction of the United States and, accordingly, may not be
offered, sold, resold, transferred, delivered or distributed,
directly or indirectly, within the United States or to US Persons.
In addition, the Company is not registered under the US Investment
Company Act of 1940, as amended (the "Investment Company Act") and
shareholders of the Company will not have the protections of that
act. There will be no public offer of the Shares in the United
States or to US Persons.
This announcement has been prepared by the Company and its
investment manager, HarbourVest Advisers L.P. (the "Investment
Manager"). No liability whatsoever (whether in negligence or
otherwise) arising directly or indirectly from the use of this
announcement is accepted and no representation, warranty or
undertaking, express or implied, is or will be made by the Company,
the Investment Manager or any of their respective directors,
officers, employees, advisers, representatives or other agents
("Agents") for any information or any of the opinions contained
herein or for any errors, omissions or misstatements. None of the
Investment Manager nor any of their respective Agents makes or has
been authorised to make any representation or warranties (express
or implied) in relation to the Company or as to the truth, accuracy
or completeness of this announcement, or any other written or oral
statement provided. In particular, no representation or warranty is
given as to the achievement or reasonableness of, and no reliance
should be placed on any projections, targets, estimates or
forecasts contained in this announcement and nothing in this
announcement is or should be relied on as a promise or
representation as to the future.
Other than as required by applicable laws, the Company gives no
undertaking to update this announcement or any additional
information, or to correct any inaccuracies in it which may become
apparent and the distribution of this announcement. The information
contained in this announcement is given at the date of its
publication and is subject to updating, revision and amendment. The
contents of this announcement have not been approved by any
competent regulatory or supervisory authority.
This announcement includes statements that are, or may be deemed
to be, "forward looking statements". These forward looking
statements can be identified by the use of forward looking
terminology, including the terms "believes", "projects",
"estimates", "anticipates", "expects", "intends", "plans", "goal",
"target", "aim", "may", "will", "would", "could", "should" or
"continue" or, in each case, their negative or other variations or
comparable terminology. These forward looking statements include
all matters that are not historical facts and include statements
regarding the intentions, beliefs or current expectations of the
Company. By their nature, forward looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future and may be
beyond the Company's ability to control or predict. Forward looking
statements are not guarantees of future performance. More detailed
information on the potential factors which could affect the
financial results of the Company is contained in the Company's
public filings and reports.
All investments are subject to risk. Past performance is no
guarantee of future returns. Prospective investors are advised to
seek expert legal, financial, tax and other professional advice
before making any investment decision. The value of investments may
fluctuate. Results achieved in the past are no guarantee of future
results.
This announcement is issued by the Company, whose registered
address is BNP Paribas House, St Julian's Avenue, St Peter Port,
Guernsey, GY1 1WA
(c) 2020 HarbourVest Global Private Equity Limited. All rights
reserved.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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