HVPE Harbourvest Global Private Equity Limited

 
TIDMHVPE 
 
 
   15 November 2013 
 
   HARBOURVEST GLOBAL PRIVATE EQUITY ESTIMATED NET ASSET VALUE INCREASES TO 
$13.13 PER SHARE 
 
 
   -- ESTIMATED NAV INCREASES $0.08 PER SHARE FROM 30 SEPTEMBER 2013 ESTIMATE 
      OF $13.05 AND 5% FROM 31 JANUARY 2013 
 
   -- ON 15 OCTOBER 2013, THE COMPANY MADE A $20 MILLION CAPITAL SHARE 
      REDEMPTION TO SHAREHOLDERS 
 
   -- HVPE COMMITTED ADDITIONAL CAPITAL TO HARBOURVEST U.S. FUND-OF-FUNDS 
 
   -- IN NOVEMBER, TWITTER (TWTR)* PRICED ITS IPO AT $26.00 PER SHARE AT A 
      MULTIPLE OF 8.3 TIMES COST. The share price has increased since listing, 
      and the value uplift on HVPE's holding via multiple venture managers will 
      be reflected in the 30 November 2013 estimated NAV. 
 
   -- HVPE IS $66 MILLION CASH FLOW POSITIVE DURING THE FIRST NINE MONTHS OF 
      THE FINANCIAL YEAR AND THE CURRENT LEVEL OF GEARING IS 11% 
 
 
   HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a 
closed-end investment company, today announces its estimated Net Asset 
Value ("NAV") at 31 October 2013. 
 
   Net Asset Value 
 
   At the end of October, HVPE's estimated NAV per share was $13.13, a 
$0.08 per share increase from the 30 September 2013 estimate of $13.05 
and a $0.67 per share (5%) increase from 31 January 2013.  This change 
mainly reflects increases for privately-held securities as a portion of 
the portfolio was revalued to reflect final 30 September 2013 results. 
The increase was partially offset by operating expenses. 
 
   Balance Sheet and Commitments 
 
   During October, HVPE invested $13.4 million in U.S. fund-of-funds and 
secondary funds, including the increased commitments to HarbourVest U.S. 
fund-of-funds.  The Company received $11.6 million of realisations 
during the month, the largest source of which was a mature international 
fund-of-funds, resulting in net negative cash flows of $1.8 million. 
With positive cash flows during seven of the last nine months, HVPE is 
$65.7 million cash flow positive during the first nine months of the 
financial year.  During October 2013, there were a total of 60 liquidity 
events across HVPE's underlying portfolio (double the September total), 
including 40 M&A transactions and 20 IPOs. 
 
   In October 2013, HVPE increased its commitments to HarbourVest's U.S. 
buyout and credit focused fund-of-funds by $53.5 million.  These funds 
participated in the December 2012 purchase of the assets of Conversus 
alongside HVPE and other HarbourVest-managed funds. 
 
   Credit Facility 
 
   During October, HVPE borrowed $2.0 million and repaid $2.0 million 
against its credit facility, which is committed until April 2018 subject 
to certain covenants.  At 31 October 2013, a total of $125.1 million is 
outstanding, which is a $1.2 million increase from 30 September due to 
foreign currency movement. 
 
   Additional detail about HVPE's NAV and investment diversification can be 
found on HVPE's website, in the Monthly Update for 31 October 2013: 
http://www.hvgpe.com/download/pdf/31_Oct_2013_Monthly_Update.pdf . 
 
   Enquiries: 
 
 
 
 
 
HarbourVest 
Stuart Howard             Tel: +44 (0) 20 7399 9815   showard@harbourvest.com 
Laura Thaxter             Tel: +1 (617) 348 3695      lthaxter@harbourvest.com 
 
Fishburn Hedges 
Paul Farrow / Alastair    Tel: +44 (0) 20 7839 4321   HVPE@fishburn-hedges.co. 
Fairbrother / Ben Lyons                               uk 
 
 
 
 
   Notes to Editors: 
 
   About HarbourVest Global Private Equity Limited: 
 
   HarbourVest Global Private Equity Limited ("HVPE") is a 
Guernsey-incorporated closed-end investment company which has a dual 
listing on both the London Stock Exchange and Euronext Amsterdam.  HVPE 
is registered as an investment institution with the Netherlands 
Authority for the Financial Markets.  HVPE is designed to offer 
shareholders long-term capital appreciation by investing in a private 
equity portfolio diversified by geography, by stage of investment, by 
vintage year, and by industry.  It invests in and alongside 
HarbourVest-managed funds which focus on primary partnership commitments, 
secondary investments, and direct investments in operating companies. 
HVPE is advised by HarbourVest Advisers L.P., an affiliate of 
HarbourVest Partners, LLC. 
 
   About HarbourVest Partners, LLC: 
 
   HarbourVest is an independent global private equity investment firm and 
an SEC registered investment advisor, providing vehicles for 
institutional investors to invest in 
 
   the venture capital and buyout markets in the U.S., Europe, and 
elsewhere through primary partnerships, secondary purchases, and direct 
investments. The HarbourVest 
 
   team began investing in 1982 and has committed more than $30 billion to 
investments over its more than 30-year history. Across its global 
investment platform, HarbourVest and its affiliates have more than 230 
employees in Boston, London, Hong Kong, Tokyo, Bogotá, and Beijing. 
 
   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. 
 
   HarbourVest Global Private Equity Limited is registered with the 
Netherlands Authority for the Financial Markets as a collective 
investment scheme which may offer participations in The Netherlands 
pursuant to article 2:66 of the Financial Markets Supervision Act (Wet 
op het financieel toezicht). 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, which is registered with the 
Netherlands Authority for the Financial Markets and whose registered 
address is at Anson Place, Mill Court, La Charroterie, St Peter Port, 
Guernsey GY1 1EJ. 
 
   (c) 2013 HarbourVest Global Private Equity Limited. All rights reserved. 
 
   This announcement is distributed by Thomson Reuters on behalf of Thomson 
Reuters clients. 
 
   The owner of this announcement warrants that: 
 
   (i) the releases contained herein are protected by copyright and other 
applicable laws; and 
 
   (ii) they are solely responsible for the content, accuracy and 
originality of the 
 
   information contained therein. 
 
   Source: HarbourVest Global Private Equity Limited via Thomson Reuters 
ONE 
 
   HUG#1743367 
 
 
  http://www.hvgpe.com/ 
 

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