6
January 2025
HVPE 2024 ANNUAL CASHFLOW
UPDATE AT 31 DECEMBER 2024
HarbourVest Global Private Equity
Limited ("HVPE" or the "Company"), a FTSE 250 investment company
with global exposure to private companies, managed by HarbourVest
Partners, is today publishing an inaugural cashflow update for the
2024 calendar year.
· HVPE
had a fifth consecutive month of positive net cash flow in December
2024, with a net $39 million received during the month.
· HVPE
received distributions of $89 million from HarbourVest funds during
December 2024 (compared to $40 million in November 2024, and $71
million in December 2023).
·
During December 2024, HVPE invested $50 million into
HarbourVest funds (compared to $25 million in November 2024, and
$76 million in December 2023).
·
Contributions to the Distribution Pool during December 2024
totalled $13.3 million (compared to $6.1 million in November 2024),
representing 15% of the gross cash distributions received during
the month.
· The
Distribution Pool held a balance of $52 million at the end of
December, after total purchases of $90 million of shares during the
course of 2024, which the Board has indicated will be utilised for
share buybacks for the foreseeable future.
·
Through 2024 HVPE received $377 million in distributions and
invested $422 million in HarbourVest funds, equivalent to 10% and
11% of opening NAV, compared with $307 million in distributions and
$591 million invested, equivalent to 8% and 16% of opening NAV in
2023.
· A
notable contribution to the 2024 figure was the secondary sale
announced in October 2024 which is expected to total $45 million,
of which $44 million had been received as at 31
December.
· The
Board and Investment Manager are expecting a further recovery in
distributions for 2025, bringing the total for the year ahead
closer to HVPE's 10 year average of 19% of opening NAV.
Additional detail about HVPE's most
recent NAV and investment diversification can be found on HVPE's
website, in the
Monthly Update for 30 November 2024.
The HVPE team is here to discuss any
questions you may have, so please do not hesitate to contact
Richard Hickman or Stephanie Hocking using the contact details
below.
- ENDS
-
LEI:
213800NBWV6WWV8TOL46
Enquiries:
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 over
42 years of experience.
About HarbourVest Partners, LLC:
HarbourVest is an independent, global
private markets firm with over 42 years of experience and more than
$132 billion of assets under management as of June 30, 2024. Our
interwoven platform provides clients access to global primary
funds, secondary transactions, direct co-investments, real assets
and infrastructure, and private credit. Our strengths extend across
strategies, enabled by our team of more than 1,200 employees,
including more than 245 investment professionals across Asia,
Europe, and the Americas. Across our private markets platform, our
team has committed more than $59 billion to newly-formed funds,
completed over $58 billion in secondary purchases, and invested
over $41 billion in direct operating companies. We partner
strategically and plan our offerings innovatively to provide our
clients with access, insight, and global opportunities.
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
©
2024 HarbourVest Global Private Equity Limited. All rights
reserved.
