HarbourVest Global Net Asset Value(s)
October 16 2017 - 1:00AM
UK Regulatory
TIDMHVPE
16 October 2017
HVPE ANNOUNCES ESTIMATED NAV PER SHARE AT 30 SEPTEMBER 2017
-- Estimated NAV of $19.99 (GBP14.92) per share, a $0.08 decrease during
September
-- $36 million invested and $32 million of realisations received during
month
-- Borrowing remains at zero; $176 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 30 September 2017.
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 September, HVPE did not make any new commitments to
HarbourVest-managed funds. The Company's existing HarbourVest fund
commitments continued to make new investments.
HVPE's Investment Pipeline (unfunded commitments) of $1.17 billion
decreased on a net basis by $36 million during September based on
capital funded and foreign currency movements.
Investment
During September, HVPE invested $36 million (compared to $40 million in
August 2017). The largest investment was made to a global multi-strategy
fund-of-funds.
Growth
At 30 September 2017, HVPE's estimated NAV per share was $19.99
(GBP14.92), a $0.08 decrease in USD terms and a GBP0.60 decrease in
sterling terms from the 31 August 2017 estimate of $20.07 (GBP15.52).
The 0.4% decrease for HVPE in US dollar terms compares to the FTSE
All-World increase of 1.8% during September. The decrease in the 30
September NAV resulted mainly from the receipt of final 30 June
valuations from the underlying partnership funds, negative foreign
currency movement, and operating expenses of $0.04 per share. This was
partially offset by increasing valuations for publicly-traded companies.
The GBP/USD rate as of 30 September 2017 was 1.3398, while the rate at
31 August 2017 was 1.2930.
Realisation
HVPE received $32 million in realisations from HarbourVest funds during
September, compared to $19 million in August. The largest sources of
realisations included a global secondary fund and a global
multi-strategy fund-of-funds. During the month, there were a total of 45
liquidity events across HVPE's underlying portfolio.
Balance Sheet and Credit Facility
HVPE currently has no drawings on its credit facility. At 30 September
2017, HVPE's cash ($176 million) and available credit ($500 million)
totalled $676 million.
Additional detail about HVPE's NAV and investment diversification can be
found on HVPE's website, in the Monthly Update for 30 September 2017:
http://www.hvpe.com//media/Files/H/Hvgpe/reports-and-presentations/estimated-monthly-nav/2017/30-september-2017-monthly-update.pdf
.
Enquiries:
HVPE
Richard Hickman Tel: +44 (0)20 7399 9847 rhickman@harbourvest.com
Charlotte Edgar Tel: +44 (0)20 7399 9826 cedgar@harbourvest.com
HarbourVest Partners
Laura Thaxter Tel: +1 (617) 348 3695 lthaxter@harbourvest.com
MHP Communications
Charlie Barker / Mark Tel: +44(0)20 3128 8100 hvpe@mhpc.com
Lunn / Kelsey Traynor
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
more than 35 years of experience and more than $45 billion in assets
under management. 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 400 employees, including
more than 100 investment professionals across Asia, Europe, and the
Americas. This global team has committed more than $32 billion to
newly-formed funds, completed over $18 billion in secondary purchases,
and invested over $7 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
Ground Floor Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1
2HT.
(c) 2017 HarbourVest Global Private Equity Limited. All rights reserved.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
http://www.hvgpe.com/
(END) Dow Jones Newswires
October 16, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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