HVPE Harbourvest Global Private Equity Limited

 
TIDMHVPE 
 
 
   15 August 2014 
 
   HARBOURVEST GLOBAL PRIVATE EQUITY ANNOUNCES ESTIMATED NET ASSET VALUE AT 
31 JULY 2014 
 
   --      ESTIMATED NAV AT 31 JULY 2014 IS $14.88 PER SHARE, A 3% INCREASE 
FROM 31 JANUARY 
 
   --      THE COMPANY REPAID $20 MILLION AND GEARING IS NOW 2% 
 
   --      THE INVESTMENT PIPELINE IS $816 MILLION, REFLECTING HVPE'S 
FORWARD COMMITMENT STRATEGY 
 
   --      IN JULY 2014, HVPE INCREASED ITS COMMITMENT TO HARBOURVEST'S 
GLOBAL ANNUAL FUND BY $25 MILLION 
 
   --      IN EARLY AUGUST 2014, HVPE COMMITTED $20 MILLION TO 
HARBOURVEST'S CLEANTECH FUND 
 
   HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a 
closed-end investment company, today announces its estimated Net Asset 
Value ("NAV") at 31 July 2014. 
 
   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 
(Mature). 
 
   Commitments 
 
   In July 2014, HVPE increased its commitment to HarbourVest's global 
annual fund by $25 million, bringing the total commitment to $85 
million.  The Company continued to benefit from on-going investments 
made by the actively-investing HarbourVest funds in its portfolio. At 31 
July 2014, the Investment Pipeline of future commitments was $816 
million, reflecting HVPE's forward commitment strategy. 
 
   Investment 
 
   During July, HVPE invested $6.1 million in a HarbourVest fund-of-funds 
and a secondary fund. HVPE's Investment Portfolio is highly diversified 
by stage, phase, geography, strategy, and industry. 
 
   Growth 
 
   At 31 July 2014, HVPE's Net Asset Value ("NAV") was $1,208 million, or 
$14.88 per share, a $0.02 per share decrease from 30 June 2014 ($14.90). 
The portfolio value remained unchanged, as an increase in the value of a 
portion of the private holdings to reflect 30 June 2014 results was 
offset by a decrease in the value of publicly-traded holdings and 
foreign currency.  The decline in NAV resulted from operating expenses 
of $0.02 per share. 
 
   Realisation 
 
   HVPE received $28.3 million of realisations during the month. During 
July, there were a total of 66 liquidity events across HVPE's underlying 
portfolio, including 48 M&A transactions and 18 IPOs. 
 
   Balance Sheet and Credit Facility 
 
   During July, HVPE repaid $20 million against its credit facility, which 
is committed until April 2018 subject to certain covenants.  At 31 July 
2014, a total of $21.8 million is outstanding, which is a $20.5 million 
decrease from 30 June due to the net repayment and foreign currency 
movement.  At 31 July, HVPE's cash ($2.1 million) and remaining 
available credit facility ($478.2 million) totals $480.3 million. 
 
   Additional detail about HVPE's NAV and investment diversification can be 
found on HVPE's website, in the Monthly Update for 31 July 2014: 
http://www.hvgpe.com/download/pdf/31_Jul_2014_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 
Grace Keeling / Ben       Tel: +44 (0) 20 7092 2222   HVPE@thisisfishburn.com 
Lyons 
 
 
 
   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 PO Box 156  Frances House  Sir William Place  St Peter Port 
Guernsey GY1 4EU. 
 
   (c) 2014 HarbourVest Global Private Equity Limited. All rights reserved. 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: HarbourVest Global Private Equity Limited via Globenewswire 
 
   HUG#1849028 
 
 
  http://www.hvgpe.com/ 
 

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