HarbourVest Global Harbourvest Global Private Equity Limited : Net Asset Value(s)
October 19 2015 - 3:00AM
UK Regulatory
TIDMHVPE
19 October 2015
HARBOURVEST GLOBAL PRIVATE EQUITY ANNOUNCES ESTIMATED NET ASSET VALUE AT
30 SEPTEMBER 2015
-- ESTIMATED NAV IS $16.42 PER SHARE, A 4% INCREASE FROM 31 JANUARY 2015
-- Gearing REMAINS AT zero, AND HVPE HOLDS $164 MILLION OF CASH ON ITS
BALANCE SHEET
-- INVESTMENT PIPELINE OF FUTURE COMMITMENTS IS $951 MILLION
-- THE COMPANY INVESTED $6 MILLION AND RECEIVED $44 MILLION IN REALISATIONS
DURING THE MONTH
-- HVPE COMMITTED $25 MILLION TO HARBOURVEST MEZZANINE INCOME FUND
-- ON 28 SEPTEMBER 2015, HVPE'S CREDIT FACILITY WAS INCREASED TO $500
MILLION
HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a
closed-end investment company, today announces its estimated Net Asset
Value ("NAV") at 30 September 2015.
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
In September, HVPE committed $25.0 million to HarbourVest Mezzanine
Income Fund, which is focused on building a diversified portfolio of
mezzanine investments in primarily U.S.-based small to mid-market
companies (enterprise value of less than $1 billion). Meanwhile the
Company's existing HarbourVest fund commitments continued to make new
investments.
At 30 September 2015, the Investment Pipeline of future commitments was
$951.0 million, an $18.0 million increase from 31 August 2015 based on
the new HarbourVest fund commitment, capital funded, and foreign
currency movement.
Investment
During September, HVPE invested $6.4 million in HarbourVest funds.
Growth
At 30 September 2015, HVPE's estimated Net Asset Value (NAV) per share
is $16.42, a $0.07 per share decrease from the 31 August 2015 estimate
of $16.49. This change resulted primarily from decreasing values for
publicly-traded holdings, negative foreign currency movement, and
operating expenses.
Realisation
HVPE received $44.2 million in realisations from HarbourVest funds and
co-investments during September (compared to $9.6 million in August),
the largest sources of which were the co-investment in Conversus Capital
and a U.S. buyout focused fund-of-funds. During the month, there were a
total of 24 liquidity events across HVPE's underlying portfolio,
including 19 M&A transactions and five IPOs.
Main Market Listing
On 9 September 2015, HVPE's ordinary shares were successfully admitted
to the Main Market of the London Stock Exchange. The shares began
trading on the London Stock Exchange's flagship market under the symbol
HVPE. The Board of HVPE expects that its transition from the Specialist
Fund Market to the Main Market will:
-- Broaden the appeal of the stock among key sections of the investment
community
-- Improve HVPE's appeal to retail investors
-- Increase liquidity in the shares
-- Facilitate eligibility for inclusion in the FTSE All Share index
The Company's market quote on the London Stock Exchange has been
redenominated into Sterling. There has been no change to the legal form
or nature of the shares as a result of the redenomination of the market
quote and HVPE's listing on Euronext Amsterdam is not affected. The
Company's functional currency remains the U.S. dollar.
Balance Sheet and Credit Facility
On 28 September 2015, HVPE's debt facility was restored to $500.0
million, including the existing $300.0 million commitment from Lloyds
and an additional $200.0 million from Credit Suisse, a new lender. The
entire facility has been extended to September 2019. HVPE has no
drawings on its credit facility. At 30 September 2015, HVPE's cash
($163.6 million) and available credit ($500.0 million) total $663.6
million.
Additional detail about HVPE's NAV and investment diversification can be
found on HVPE's website, in the Monthly Update for 30 September 2015:
http://www.hvpe.com//media/Files/H/Hvgpe/documents/30-september-2015-monthly-update.pdf
.
Enquiries:
HarbourVest
Richard Hickman Tel: +44 (0) 20 7399 9847 rhickman@harbourvest.com
Laura Thaxter Tel: +1 (617) 348 3695 lthaxter@harbourvest.com
Fishburn
Del Jones Tel: +44 (0) 20 7092 2222 HVPE@thisisfishburn.com
Ludo Baynham-Herd
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 Partners, LLC is an independent private markets specialist,
providing investment programs and customized solutions focused on
venture capital, buyout, mezzanine debt, credit, and real assets through
primary fund investments, secondary purchases, and direct
co-investments. HarbourVest has more than 300 employees in Asia, Europe,
Latin America, and North America. In more than 30 years of investing in
private equity, the team has committed more than $29 billion to
newly-formed funds, completed over $12 billion in secondary purchases,
and invested $4 billion directly in operating companies. The firm's
clients include pension funds, endowments, foundations, and financial
institutions around the globe.
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
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