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HVPE Harbourvest Global Private Equity Limited

2,280.00
-25.00 (-1.08%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Harbourvest Global Private Equity Limited LSE:HVPE London Ordinary Share GG00BR30MJ80 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -25.00 -1.08% 2,280.00 2,290.00 2,295.00 2,320.00 2,280.00 2,320.00 88,977 16:35:14
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -50.86M -65.22M -0.8245 -27.84 1.82B

HarbourVest Global Net Asset Value(s)

15/09/2017 7:00am

UK Regulatory


 
TIDMHVPE 
 
 
   15 September 2017 
 
   HVPE ESTIMATED NAV PER SHARE UP 3% IN AUGUST 2017 
 
 
   -- Estimated NAV of $20.07 (GBP15.52) per share, a $0.56 (3%) increase 
      during August 
 
   -- $40 million invested and $19 million of realisations received during 
      month 
 
   -- Borrowing remains at zero; $180 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 31 August 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 August, 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 $1.21 billion 
decreased on a net basis by $40 million during August based on capital 
funded and foreign currency movements. 
 
   Investment 
 
   During August, HVPE invested $40 million (compared to $12 million in 
July 2017). The largest investment was made to a global direct 
co-investment fund. 
 
   Growth 
 
   At 31 August 2017, HVPE's estimated NAV per share was $20.07 (GBP15.52), 
a $0.56 increase in USD terms and a GBP0.76 increase in sterling terms 
from the 31 July 2017 estimate of $19.51 (GBP14.76). The 2.9% increase 
for HVPE in US dollar terms compares to the FTSE All-World increase of 
0.2% during August. The increase in the 31 August NAV resulted mainly 
from increasing valuations for privately-held companies as a large 
portion of the portfolio was re-valued to reflect 30 June 2017 results. 
This change was partially offset by negative foreign currency movement 
and operating expenses of $0.02 per share. The GBP/USD rate as of 31 
August 2017 was 1.2930, while the rate at 31 July 2017 was 1.3215. 
 
   Realisation 
 
   HVPE received $19 million in realisations from HarbourVest funds during 
August, compared to $29 million in July. The largest sources of 
realisations included a global secondary fund and several international 
fund-of-funds. During the month, there were a total of 39 liquidity 
events across HVPE's underlying portfolio. 
 
   Balance Sheet and Credit Facility 
 
   HVPE currently has no drawings on its credit facility. At 31 August 
2017, HVPE's cash ($180 million) and available credit ($500 million) 
total $680 million. 
 
   Additional detail about HVPE's NAV and investment diversification can be 
found on HVPE's website, in the Monthly Update for 31 August 2017: 
http://www.hvpe.com//media/Files/H/Hvgpe/reports-and-presentations/estimated-monthly-nav/2017/31-august-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 30 
years of experience. 
 
   About HarbourVest Partners, LLC: 
 
   HarbourVest is an independent, global private markets asset manager with 
more than 30 years of experience and more than $40 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 $31 billion to 
newly-formed funds, completed over $15 billion in secondary purchases, 
and invested $6 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

September 15, 2017 02:00 ET (06:00 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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