We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2,285.00 | 2,280.00 | 2,295.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -50.86M | -65.22M | -0.8245 | -34.63 | 2.26B |
From Apr 2019 to Apr 2024
TIDMHVPE
RNS Number : 4051E
HarbourVest Global Priv. Equity Ltd
18 October 2018
18 October 2018
Results for the Six Months Ended 31 July 2018
Continued strong NAV per share performance with 7% increase
HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a closed-end investment company, announces its unaudited results for the six months ended 31 July 2018. All figures relate to the half year ended 31 July 2018 unless otherwise stated.
Further NAV per share and share price growth
-- Growth in net asset value ("NAV") per share of 6.8% over the six-month period to $22.93 from $21.46 at 31 January 2018
o 15.6% in sterling terms to GBP17.47 from GBP15.12
-- Annual compound growth of 8.4% in the 10 years to 31 July 2018 (US dollars); equivalent to 13.0% in sterling
-- Share price up 3.8% to GBP13.00 at 31 July 2018, with further rise of 5.7% to GBP13.74 between financial period end and 15 October 2018
Active portfolio management, with ongoing commitments supporting future growth
-- $355.0m committed to new HarbourVest funds over period (six months to 31 July 2017: $162.2m)
o Including $150.0 million to a new HarbourVest real assets vehicle intended to deliver a long-term income yield combined with capital growth
-- $121.5m value growth from investment portfolio (six months to 31 July 2017: $125.7m)
o Direct Co-investment was the best performing strategy; Growth Equity led all other stages; US was the strongest performing geography
o The 2013 Direct Fund was the largest single contributor to NAV per share growth, adding $0.17
Net investor over the period
-- $202.6m invested in private companies through HarbourVest funds (six months to 31 July 2017: $119.1m)
-- $142.1m received in distributions (six months to 31 July 2017: $148.9m); exits realised at weighted average of 53% above carrying value
o A quarter of proceeds received came from several of HVPE's top 50 companies at 31 January 2018 including: TriTech Software, TMF Group, Wayfair, Secure-24, H-Line Shipping, Ssangyong Cement Industrial, CareCentrix and Uber.
-- Positive cash position of $192.5m on balance sheet, no drawings on its credit facility
Sir Michael Bunbury, Chairman of HVPE, said: "HVPE has continued to make good progress over the six months to 31 July, delivering NAV per share growth of 6.8% in US dollars. This performance builds on the nine-consecutive full financial years of NAV per share increases delivered by the Company to its shareholders since 31 January 2009, and represents a threefold rise since this point, from $7.61 to today's published figure of $22.93.
"This further growth demonstrates the ongoing strength of the Company's proven investment strategy. Access to HarbourVest funds enables shareholders to benefit from the outperformance of private markets and the investment decisions made by a quality investment manager. This is delivered through a well-managed, diversified portfolio, which has a track record of value creation since inception over a decade ago."
HVPE provides a complete private equity solution for institutional and retail investors by giving access to a diversified portfolio managed through four phases of the private equity cycle to create value: Commitments, Investment, Growth, and Realisation (Mature).
To view the Company's Semi Annual Financial Report please follow this link: Semi-Annual Report and Accounts - Period Ending 31 July 2018.
The Semi-Annual Report and Accounts will also shortly be available on the National Storage Mechanism, which is situated at www.morningstar.co.uk/uk/nsm.
Enquiries:
Hot Features
Premium
HVPE
Richard Hickman Tel: +44 (0)20 7399 rhickman@harbourvest.com
9847
Charlotte Edgar Tel: +44 (0)20 7399 cedgar@harbourvest.com
9826
HarbourVest Partners
Alicia Sweeney Tel: +1 (617) 807 acurransweeney@harbourvest.com
2945
MHP Communications
Charlie Barker / Tel: +44(0)20 3128 hvpe@mhpc.com
Tim Rowntree / Kelsey 8100
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 $55 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 approximately $35 billion to newly-formed funds, completed $21 billion in secondary purchases, and invested $9 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 BNP Paribas House, St Julian's Avenue, St Peter Port, Guernsey, GY1 1WA
(c) 2018 HarbourVest Global Private Equity Limited. All rights reserved.
Chairman's Statement
Dear Shareholder,
The six months to 31 July 2018 represent a half year of further progress for your company, HarbourVest Global Private Equity. The 2018 Annual Report published in May set out a wealth of detail on the Company's affairs and the Investment Manager's Report, which follows this statement, updates shareholders on developments during the half year. Therefore I will concentrate on highlighting points which are expanded upon elsewhere in this report and comment on some additional corporate matters.
Performance and NAV per Share
As I have previously reminded shareholders, the Company's functional currency is the US dollar. At 31 July 2018, 77% of its underlying funds are denominated in US dollars and the majority of the Company's underlying assets are located in the US. It is on the NAV per share performance in US dollars that the Board and Investment Manager focus when judging the Company's investment performance.
During the six months to 31 July the Company made good progress with the NAV per share increasing by 6.8% to $22.93 whilst over the same period the total return of the FTSE All-World TR Index was negative at -2.7%. This performance builds on the nine consecutive full financial years to 31 January 2018 of NAV per share growth. On 31 January 2009 the NAV per share was $7.61. Over the last nine and a half years the US dollar NAV per share has increased threefold, equivalent to annual compound growth of 12.3%.
Share Price
HVPE's shares are listed on the London Stock Exchange in UK pounds sterling. The Company estimates that some 68% of the 79.86 million shares in issue are held by UK shareholders and so the performance of the share price in sterling is a key metric for those shareholders. Nevertheless, UK shareholders should acknowledge that they are invested in shares where the underlying assets are largely US dollar denominated. Thus, in addition to the US dollar NAV per share performance, the share price is heavily influenced by the USD/GBP exchange rate and by the discount to NAV at which the shares trade.
Over the six months the US dollar appreciated against sterling with the exchange rate moving from $1.42 to $1.31, an appreciation of 8.4%. The NAV per share increase and the US dollar appreciation were partly offset by the widening of the discount at which the shares were trading on 31 July 2018, with the HVPE share price increasing from GBP12.52 to GBP13.00, or by 3.8%.
The Discount to NAV per Share at which HVPE's Shares Trade
When considering the level of the discount, the market can only react to the latest released monthly estimate of NAV per share. At 31 July that latest released estimate was the end-June one of $21.79, being a sterling equivalent of GBP16.63. With the share price being GBP13.00, the shares were trading at a discount to NAV per share of 21.8%.(1) Subsequent to 31 July, the Company has released two further estimated NAVs per share, namely the end-July estimate of $21.96 and the end-August one of $22.87.
On account of the time lag between the Investment Manager calculating its estimate of NAV per share and the subsequent delivery of the relevant quarter-end valuations from the many managers represented within the HarbourVest funds, when finalising the Company's reports for periods to 31 January and 31 July, sometimes material revisions arise between the estimated NAV per share, as announced in the monthly factsheet, and the definitive figure shown in the reports published several weeks later. Historically almost all of those revisions have been upward and indeed that is the case in relation to the revision of the end-July 2018 estimate from $21.96 to the $22.93 now reported. The possibility of such revisions is always present given the multi-stage process through which asset values are reported and consolidated for the Company's formal reports at 31 January and 31 July.
The share price has responded positively to the release of the estimated end-August NAV per share of $22.87 and closed on 15 October 2018 at a price of GBP13.74, reflecting a discount of 21.0%.
1 Please refer to the reconciliation table under Disclosures for more details on this calculation.
Commitments, Cash and Balance Sheet
The Investment Manager's Report sets out the commitments that have been made in the half year. It also reports that the Company's cash balance has declined to $192.5 million from $257.0 million at 31 January as capital calls by HarbourVest funds exceeded distributions. The Investment Manager has been long expecting the Company's cash balance to shrink as calls are made. Indeed it is possible that the cash balance will have reduced significantly further by the year end on 31 January 2019.
The Investment Manager's Report repeats the announcement made in the June 2018 monthly factsheet that HVPE has committed $150.0 million to a new HarbourVest real assets vehicle which is intended to deliver an income yield as well as capital growth. The Company is a seed investor in this fund and has negotiated preferred economic arrangements in recognition of its early participation in this programme.
The Company's balance sheet remains strong, supported by $1.6 billion of invested assets, the cash balance of $192.5 million, and the undrawn bank facility of $500.0 million which is committed until at least December 2022. In addition, the Company has an Investment Pipeline in the shape of yet to be funded commitments to HarbourVest funds of $1.4 billion. The cash flow profile of a fund-of-funds company is very different from that of a company investing directly into unlisted companies and HVPE has nearly 11 years' experience of the flow of funds. The Investment Manager models a number of scenarios, including one which assumes even greater stress than was experienced through the global financial crisis of 2008/09. The Board is satisfied that the Company has resources and options open to it to weather a change in market conditions.
Although, as I mention above, the existing bank facility provided by Lloyds Bank plc and Credit Suisse is committed for a further four years and two months it is subject to an annual negotiation to extend its maturity by a further 12 months. These negotiations are both time consuming and expensive in legal fees, and the Company is exploring avenues by which such annual negotiations might be rendered unnecessary whilst preserving facilities which are at least as satisfactory as the present ones in regard to cost and longevity.
The Board
The Board is currently made up of eight directors. Two are non-independent, being partners in the Investment Manager, and six are considered by the Board to be independent. Of the eight directors, Brooks Zug (non-independent) and Keith Corbin, Andrew Moore, and myself (all considered to be independent) have served since the inception of the Company in 2007.
The Financial Reporting Council ("FRC") has recently issued a revised UK Corporate Governance Code applicable to companies with accounting years beginning on or after 1 January 2019. Thus it will apply to HVPE for the year commencing 1 February 2019. HVPE operates under the Code issued by the Association of Investment Companies ("AIC") but endorsed by the FRC. The revised AIC Code is out for consultation and is expected to be adopted later in the year. Once adopted, the Company will review the composition of the Board, and the plans for future changes, in the light of the revised Code. In due course the Company will make announcements as to the timing and identity of individual retirements and appointments. In making those appointments, the Board will take account of the requirements for good corporate governance and of diversity as well as always seeking to be good stewards of the shareholders' interests.
Outlook
Investment in equities should always be considered a long-term commitment. That is especially so in regard to private equity investment. There has been much comment in recent months about the elevated valuations of private companies and about deals being struck at record prices. Ten years ago the world was enmeshed in the maelstrom of the global financial crisis. Today many listed markets, which are the predominant influence on the pricing of private equity assets, are close to all-time highs. Yet there are many risks ahead of which the most dangerous look to be political, both in a number of individual countries and on a geo-political scale.
The Company's Investment Manager, HarbourVest, has over 35 years of experience investing in private markets through many peaks and troughs. Your Company's Board is made up of individuals who have experience of those same peaks and troughs and, although there will be Board changes ahead, it must be paramount that it should have the skills to take opportunities in good times and also guide the Company appropriately when testing times return.
Michael Bunbury
Chairman
17 October 2018
Investment Manager's Report
Performance
NAV per Share
The NAV per share continued to grow strongly over the six months ended 31 July 2018, increasing by 6.8% from $21.46 at 31 January 2018 to $22.93. Translated into sterling, NAV per share growth was 15.6%, due to the weakening of sterling against the US dollar over the reporting period.
HVPE's public benchmark, the FTSE All-World TR Index, declined by -2.7% in the six months to 31 July 2018. HVPE, by contrast, grew its NAV by 6.8%, representing outperformance of 9.5 percentage points in the period. HVPE's objective is to achieve NAV growth materially in excess of the public markets through the cycle. Measured over the last 10 years, HVPE's annualised outperformance of the FTSE All-World TR Index as of 31 July 2018 was 1.3% net of all costs. This outperformance has declined in recent months as the starting point for the 10-year period is now capturing the lower levels at which the FTSE All-World TR Index traded during 2008, while HVPE's NAV was still increasing at that point.
During the six months ended 31 July 2018 the value of the Investment Portfolio grew by $121.5 million. Of this, almost two thirds came from the Primary portfolio. In percentage terms, the Direct Co-Investment portfolio was the best-performing strategy, delivering value growth of 8.4%. Geographically, the strongest gains came from the US portfolio, which generated a value increase of 9.3%; this was closely followed by the Asian assets, which returned 6.8%. As might be expected given HVPE's substantial US exposure (56% of the Investment Portfolio value), in absolute terms the US assets were the most significant contributor to growth in the period. In terms of stage, Growth Equity was the strongest performer, growing 11.5% over the six months ended 31 July 2018. This was followed by Real Assets which returned 7.1%.
As at 31 July 2018, HVPE held 46 HarbourVest funds and five secondary co-investments(1) in total. Of these, the largest drivers of NAV per share growth over the reporting period are described overleaf and shown individually in the corresponding chart below.
-- 2013 Direct, a direct co-investment fund, was the largest contributor to NAV per share growth, adding $0.17 over the six month period. This was driven by significant realised gains, largely arising from the exit of TriTech Software, as well as strong valuation increases from the companies within the remaining portfolio.
-- HIPEP VI Partnership, a 2008 vintage international fund-of-funds programme entering the mature phase, contributed $0.14 to NAV per share.
-- Fund VIII Buyout, a 2006 vintage US buyout fund-of-funds programme, is the third largest holding in the portfolio and is now in the mature phase. Continued strong distributions from this fund helped to deliver growth of 8.7% on HVPE's $116.4 million holding, adding $0.13 to NAV per share.
Two HarbourVest funds each added $0.12 to NAV per share:
-- Global Annual Fund 2014, the first in a programme of funds conceived as an efficient way to provide global exposure across the HarbourVest platform.
-- Dover Street VIII, a 2012 vintage global secondary fund, currently in the growth phase.
Finally:
-- Fund IX Venture, a 2011 vintage fund in its growth phase, added $0.10, following gains of 11% on HVPE's $70.0 million holding.
Subsequent to the reporting period end, on 20 September 2018, the Investment Manager released an estimated NAV per share for 31 August 2018 of $22.87. This represents a reduction of $0.06 from the 31 July 2018 unaudited figure of $22.93. This is largely as a result of public market adjustments, foreign exchange and operating expenses.
1 One of these, Absolute, referred to as "HVPE Avalon Co-Investment L.P." in the Unaudited Condensed Interim Consolidated Schedule of Investments has been fully realised. However, $685,349 remains in escrow.
Cash Flows
HVPE was a net investor in the six months to 31 July 2018, investing cash of $202.6 million into HarbourVest funds (six months to 31 July 2017: $119.1 million) and receiving $142.1 million in distributions (six months to 31 July 2017: $148.8 million). This is consistent with forecasts made at the beginning of the six-month period to the effect that HVPE would see a more rapid pace of investment, driven by the additional commitments made to HarbourVest programmes in recent years. Another contributor to capital calls in the reporting period was the net figure of $10.6 million drawn down from HVPE by certain HarbourVest funds to repay part of the outstanding bridging finance in place on those funds (see the 2018 Audited Consolidated Financial Statements ("2018 Annual Report") for a full discussion on this topic). As a result, the total outstanding look-through leverage at the HarbourVest fund level (including project finance as well as bridging debt) fell from $238.7 million at 31 January 2018 to $228.1 million at 31 July 2018. Overall, net negative cash flow in the period resulted in HVPE's cash balance declining from $257.0 million to $192.5 million, in line with expectations.
The largest source of capital calls in the reporting period was Fund X Venture (HarbourVest's latest venture fund): this vehicle is currently in the investment phase and building out its portfolio. Strong investment activity was also seen across the Investment Manager's most recent co-investment fund, as it completed 10 new deals over the six months, and US fund-of-funds. Dover Street IX (HarbourVest's latest secondary fund) was also particularly active in the period, funding nine new secondary projects. The single largest call was to Secondary Overflow Fund III ("SOF III") Tranche F, to support the investment into Project Lodge, a traditional secondary transaction representing the acquisition of 60 fund interests from a non-US public pension. The SOF III tranches represent secondary co-investments, which have lower fees, thus reducing HVPE's overall fee rates. At 31 July 2018, HVPE had exposure to three SOF III projects, equating to $48.6 million, or 2.7% of NAV. A commitment was made in August to a further secondary co-investment as highlighted on page 22 of the Semi-Annual Report and Accounts.
Distributions in the HVPE portfolio were driven mostly by the primary funds, with the largest total amount in the period coming from HarbourVest VIII Buyout Fund, a 2006 vintage US fund in its mature phase. Strong distributions also came from the global direct co-investment funds (both 2007 and 2013 vintages), and HIPEP VI Partnership Fund, a 2008 vintage international fund-of-funds programme.
Portfolio Companies
During the period the 10 largest individual company realisations generated total distributions of $46.0 million, accounting for approximately one third of all proceeds received. Of these 10 companies, five were in HVPE's top 50 portfolio companies at 31 January 2018. Further details on these follow below (ordered by size of distribution):
-- Insight Venture Partners sold TriTech Software, HVPE's 45th largest portfolio company, to Bain Capital in the period. HVPE received proceeds of $10.2 million from this exit.
-- HVPE received proceeds of $6.6 million from Doughty Hanson & Co following the sale of TMF Group, HVPE's 17th largest portfolio company, to CVC Capital Partners.
-- Following the continued sell down of shares in publicly traded company Wayfair, HVPE's 23rd largest position, the Company received proceeds of $5.2 million.
-- HVPE received proceeds of $4.7 million from the sale of Secure-24, HVPE's 34th largest portfolio company, to NTT Communications Corporation.
-- H-Line Shipping, HVPE's fifth largest company at 31 January 2018, delivered proceeds of $2.8 million, following a bond refinancing in March. It remains HVPE's ninth largest company at 31 July 2018 with a value of $11.6 million.
Other top 50 HVPE portfolio companies at 31 January 2018 which appeared in the largest company distributions (top 20 by value) included Ssangyong Cement Industrial, CareCentrix and Uber. Proceeds from these companies in the reporting period totalled $6.6 million.
During the six months ended 31 July 2018, the majority of exits from the HVPE portfolio were via trade sales. Of the 215 liquidity events in the period (six months to 31 July 2017: 207), 80% (172) of these were trade sales or sponsor-to-sponsor transactions, with the remaining 20% (43 transactions) being Initial Public Offerings ("IPOs"). Of these IPOs, 77% came from venture-backed companies, largely driven by an open IPO window for tech firms in the US.
Activity
Strategic Asset Allocation
No changes have been made to the Company's Strategic Asset Allocation ("SAA") targets since February 2018 as presented in the 2018 Annual Report. These targets, which are reviewed annually by the Board, continue to reflect the Investment Manager's and Board's current perspective on the best means of achieving long-term NAV growth for shareholders. An overview of the current portfolio composition with reference to these targets is included on page 14 of the Semi-Annual Report and Accounts.
New Fund Commitments
In the six months ended 31 July 2018, HVPE made new commitments of $355.0 million. These were spread across a number of HarbourVest programmes, as detailed on page 29 of the Semi-Annual Report and Accounts.
In line with the SAA targets, the largest new commitment in the reporting period was $150.0 million to a new HarbourVest real assets vehicle intended to deliver a long-term income yield combined with capital growth. The Board views the real assets strategy as a complementary addition to the existing private markets programme and, as a seed investor with preferred economics, HVPE is positioned to benefit from a share in potential upside as the platform grows.
A total commitment of $135.0 million was also made to a newly formed US-focused HarbourVest fund (Fund XI programme), split across strategies for buyout, micro buyout, and venture. Other smaller commitments were made to a global multi-strategy fund-of-funds (2018 Global Fund), a secondary co-investment through Secondary Overflow Fund III, and HarbourVest's latest global co-investment fund.
Principal Risks and Uncertainties
Risk Factors
The Board and the Investment Manager have identified a number of risks to the Company's business. A comprehensive risk assessment process is undertaken on a quarterly basis to evaluate the impact and probability of each risk materialising and the financial or strategic impact of the risk. Those risks which have a higher probability and a signi cant potential impact on performance, strategy, reputation or operations are identified below as principal risks faced by the Company over the next six months.
The Company's Board is responsible for monitoring and oversight of the risks facing the Company and conducts a structured review of the risks and the associated mitigants, on at least a quarterly basis.
Risk Description Mitigating Factor
----------------- ------------------------------------------ -----------------------------------
Balance Sheet The Company's balance sheet The Board has put in place
Risks strategy and its policy for a monitoring programme
the utilisation of leverage with a defined total commitment
are described on page 62 of ratio cap, determined
the Company's 2018 Annual with reference to portfolio
Report. The Company continues models, in order to mitigate
to maintain an over-commitment against the requirement
strategy and may draw on its to sell assets at a discount
Facility to bridge periods during periods of NAV
of negative cash flow when decline. Further, the
capital calls on investments monitoring programme also
are greater than distributions considers the level of
and available cash. The level debt at the HarbourVest
of potential borrowing available fund level. Both the Board
under the Facility could be and the Investment Manager
negatively affected by declining actively monitor these
NAVs. In a period of declining metrics and will take
NAVs, reduced realisations, appropriate action as
and rapid substantial cash required to attempt to
calls, the Company's net leverage mitigate these risks.
ratio could increase beyond Additionally, the Board
an appropriate level, resulting intends to renew the Facility
in a need to sell assets. regularly with the aim
A reduction in the availability that there should always
or utilisation of bridging be a minimum of 48 months
debt at the HarbourVest fund of unexpired Facility
level could result in an increase available.
in capital calls to a level
in excess of the base case
forecast.
----------------- ------------------------------------------ -----------------------------------
Borrowing While it is currently undrawn, The Board monitors developments
Risk the Company depends on the in credit markets and
availability of its Facility intends to renew the Facility
in order to operate an over-commitment regularly with the aim
strategy. The Company's lenders that there should always
may be unable or unwilling be a minimum of 48 months
to renew or extend the Company's of unexpired Facility
Facility. available. The Board is
also actively considering
options for other sources
of financing.
----------------- ------------------------------------------ -----------------------------------
Foreign Exchange Approximately 21% of the value The Board and the Investment
Risk of HVPE's total assets are Manager monitor the foreign
denominated in non-US dollar exchange risk experienced
currencies, primarily euros. by the Company and will
Foreign currency movement consider implementing
affects the Company's investments, hedging arrangements if
borrowings on the Facility, deemed appropriate.
and unfunded commitments.
----------------- ------------------------------------------ -----------------------------------
Popularity Investor sentiment may change The Board has set the
of Listed towards the listed private Investment Manager the
Private Equity equity sector, resulting in objective of ensuring
Sector a widening of the Company's that the widest possible
share price discount to NAV. variety of investors are
informed about the Company's
performance and proposition
in order to mitigate against
this. In addition, the
Investment Manager actively
participates in the marketing
of the sector. The size
of the Company means that
its own success will contribute
to the popularity of the
sector as a whole.
----------------- ------------------------------------------ -----------------------------------
Public Market Public markets in many developed Both the Board and the
Risks countries are trading close Investment Manager actively
to all-time highs. While economic monitor the Company's
fundamentals have improved, NAV, and exposure to individual
structural imbalances remain. public markets is partially
The Company makes venture mitigated by the geographic
capital and buyout investments diversification of the
in companies where operating portfolio. The Board notes
performance is affected by that it has limited ability
the broader economic environment to mitigate public market
within the countries in which risk.
those companies operate. While Stress testing takes place
these companies are generally as part of the portfolio
privately owned, their valuations composition process to
are, in most cases, influenced model the effect of different
by public market comparables. macroeconomic scenarios
In addition, approximately to provide comfort to
10% of the Company's portfolio the Board that the balance
is made up of publicly-traded of risk and reward is
securities whose values increase appropriate in the event
or decrease alongside public of a downturn in public
markets. Should global public markets.
markets decline or the economic
situation deteriorate, it
is likely that the Company's
NAV could be negatively affected.
----------------- ------------------------------------------ -----------------------------------
Reliance on The Company is dependent on This risk is mitigated
HarbourVest its Investment Manager and by the Board monitoring
HarbourVest's investment professionals. the performance of the
With the exception of the Investment Manager on
2011 Absolute investment and an ongoing basis, including
2012 Conversus investment, through regular reports
nearly all of the Company's and visits to the Investment
assets, save for cash balances Manager's offices, which
and short-term liquid investments, took place once in the
are invested in HarbourVest six months under review.
funds. In addition, the Audit
Additionally, HarbourVest Committee reviewed the
employees play key roles in most recent controls report
the operation and control from the Investment Manager
of the Company. The departure to assess the controls
or reassignment of some or environment of the Investment
all of HarbourVest's professionals Manager. Succession planning
could prevent the Company at the Investment Manager
from achieving its investment is monitored by the Board.
objectives.
----------------- ------------------------------------------ -----------------------------------
Trading Liquidity Any ongoing or substantial Since September 2015,
and Price discount to NAV has the potential the Company's shares have
to damage the Company's reputation traded on the Main Market
and to cause shareholder dissatisfaction. of the London Stock Exchange,
The five largest shareholders which has increased the
at 4 October 2018 (latest liquidity of the shares
available) represent approximately and broadened the appeal
48% of the Company's shares to a wide variety of shareholders.
in issue. This may contribute In addition, the Board
to a lack of liquidity and continues to monitor the
widening discount. Also, in discount to NAV and will
the event that a substantial consider appropriate solutions
shareholder chooses to exit to address any ongoing
their holding, this may have or substantial discount
an effect on the Company's to NAV.
share price and consequently
the discount to NAV.
----------------- ------------------------------------------ -----------------------------------
Directors' Report
Semi-Annual Report and Accounts
A description of the important events that have occurred during the first six months of the financial year and their impact on the performance of the Company as shown in the financial statements are given in the Chairman's Statement, the Investment Manager's Report, and the Notes to the Interim Financial Statements, and are incorporated here by reference.
The principal risks and uncertainties facing the Company and how the Company seeks to mitigate them can be found on pages 23 and 24 of the Semi-Annual Report and Accounts. These remain unchanged from those disclosed in the Company's 2018 Annual Report.
There were no material related party transactions which took place in the first six months of the financial year, other than those disclosed in Note 9 to the Interim Financial Statements. There have been no changes to the related party transactions described in the 2018 Annual Report that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year.
This Semi-Annual Report and Unaudited Condensed Interim Consolidated Financial Statements for the six months ended 31 July 2018 ("Semi-Annual Report and Accounts") has been reviewed by the Company's auditors in accordance with guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board ("ISRE 2410").
Going Concern
The performance of the investments held by the Company over the reporting period are described in Note 4 to the Interim Financial Statements and the outlook for the future is described in the Chairman's Statement. The Company's financial position, its cash flows, and liquidity position are set out in the Interim Financial Statements and the Company's financial risk management objectives and policies, details of its financial instruments, and its exposures to market risk, credit risk, interest rate risk, and currency risk, are set out in Note 2 to the Consolidated Financial Statements in the Company's 2018 Annual Report and are unchanged. After making due enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in the preparation of this Semi-Annual Report and Accounts.
Statement of Directors' Responsibilities in Respect of the Semi-Annual Report and Accounts
The Directors are responsible for preparing the Semi-Annual Report and Accounts in accordance with applicable law and regulations.
The Directors confirm that to the best of their knowledge:
-- the Interim Financial Statements have been prepared in accordance with Accounting Standards Codification ("ASC") 270 'Interim Reporting'; and
-- the Chairman's Statement and Investment Manager's Report include a fair review of the information required by:
(i) The Interim Financial Statements, which have been prepared in accordance with US GAAP, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and its undertakings included in the consolidation as a whole as required by DTR 4.2.4R.
(ii) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the Interim Financial Statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(iii) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position and performance of the entity during that period; and any changes in the related party transactions described in the 2018 Annual Report that could do so.
By order of the Board
17 October 2018
Unaudited Condensed Interim Consolidated Statements of Assets and Liabilities
At 31 July 2018 and 31 January 2018
In US Dollars 31 July 2018 31 January
(Unaudited) 2018 (Audited)
-------------------------------------------------- -------------- ---------------
ASSETS
-------------------------------------------------- -------------- ---------------
Investments (Note 4) 1,634,200,060 1,452,215,345
-------------------------------------------------- -------------- ---------------
Cash and equivalents 192,480,401 256,961,145
-------------------------------------------------- -------------- ---------------
Other assets 6,202,458 6,790,179
-------------------------------------------------- -------------- ---------------
Total assets 1,832,882,919 1,715,966,669
-------------------------------------------------- -------------- ---------------
LIABILITIES
-------------------------------------------------- -------------- ---------------
Accounts payable and accrued expenses 1,745,056 1,872,066
-------------------------------------------------- -------------- ---------------
Accounts payable to HarbourVest Advisers L.P.
(Note 9) 124,436 227,767
-------------------------------------------------- -------------- ---------------
Total liabilities 1,869,492 2,099,833
-------------------------------------------------- -------------- ---------------
Commitments (Note 5)
-------------------------------------------------- -------------- --------------- NET ASSETS $1,831,013,427 $1,713,866,836 -------------------------------------------------- -------------- --------------- NET ASSETS CONSIST OF -------------------------------------------------- -------------- --------------- Shares, Unlimited shares authorised, 79,862,486 shares issued and outstanding at 31 July 2018 and 31 January 2018, no par value 1,831,013,427 1,713,866,836 -------------------------------------------------- -------------- --------------- NET ASSETS $1,831,013,427 $1,713,866,836 -------------------------------------------------- -------------- --------------- NET ASSET VALUE PER SHARE $22.93 $21.46 -------------------------------------------------- -------------- ---------------
The accompanying notes are an integral part of the Unaudited Condensed Interim Consolidated Financial Statements.
The Unaudited Condensed Interim Consolidated Financial Statements on pages 45 to 57 of the Semi-Annual Report and Accounts were authorised and approved for issue by the Directors on 17 October 2018 and were signed on their behalf by:
Michael Bunbury Steven Wilderspin Chairman Chairman of Audit Committee
Unaudited Condensed Interim Consolidated Statements of Operations
For the Six Month Periods Ended 31 July 2018 and 2017
In US Dollars 31 July 2018 31 July 2017 ------------------------------------------------------ ------------ ------------ REALISED AND UNREALISED GAINS (LOSSES) ON INVESTMENTS ------------------------------------------------------ ------------ ------------ Net realised gain (loss) on investments 33,228,561 84,820,920 ------------------------------------------------------ ------------ ------------ Net change in unrealised appreciation (depreciation) on investments 88,234,256 40,919,047 ------------------------------------------------------ ------------ ------------ NET GAIN ON INVESTMENTS 121,462,817 125,739,967 ------------------------------------------------------ ------------ ------------ INVESTMENT INCOME ------------------------------------------------------ ------------ ------------ Interest from cash and equivalents 1,842,239 882,100 ------------------------------------------------------ ------------ ------------ EXPENSES ------------------------------------------------------ ------------ ------------ Non-utilisation fees (Note 6) 2,890,972 2,890,972 ------------------------------------------------------ ------------ ------------ Investment services (Note 3) 837,315 679,681 ------------------------------------------------------ ------------ ------------ Financing expenses 693,651 620,282 ------------------------------------------------------ ------------ ------------ Professional fees 491,311 342,755 ------------------------------------------------------ ------------ ------------ Management fees (Note 3) 395,813 859,268 ------------------------------------------------------ ------------ ------------ Directors' fees and expenses (Note 9) 308,997 286,580 ------------------------------------------------------ ------------ ------------ Marketing expenses 176,846 171,075 ------------------------------------------------------ ------------ ------------ Other expenses 363,560 229,121 ------------------------------------------------------ ------------ ------------ Total expenses 6,158,465 6,079,734 ------------------------------------------------------ ------------ ------------ NET OPERATING EXPENSES (4,316,226) (5,197,634) ------------------------------------------------------ ------------ ------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $117,146,591 $120,542,333 ------------------------------------------------------ ------------ ------------
The accompanying notes are an integral part of the Unaudited Condensed Interim Consolidated Financial Statements.
Unaudited Condensed Interim Consolidated Statements of Changes in Net Assets
For the Six Month Periods Ended 31 July 2018 and 2017
In US Dollars 31 July 2018 31 July 2017 ----------------------------------------------------- -------------- -------------- INCREASE IN NET ASSETS FROM OPERATIONS ----------------------------------------------------- -------------- -------------- Net realised gain (loss) on investments 33,228,561 84,820,920 ----------------------------------------------------- -------------- -------------- Net change in unrealised appreciation (depreciation) 88,234,256 40,919,047 ----------------------------------------------------- -------------- -------------- Net operating expenses (4,316,226) (5,197,634) ----------------------------------------------------- -------------- -------------- Net increase in net assets resulting from operations 117,146,591 120,542,333 ----------------------------------------------------- -------------- -------------- NET ASSETS AT BEGINNING OF PERIOD 1,713,866,836 1,474,857,821 ----------------------------------------------------- -------------- -------------- NET ASSETS AT OF PERIOD $1,831,013,427 $1,595,400,154 ----------------------------------------------------- -------------- --------------
The accompanying notes are an integral part of the Unaudited Condensed Interim Consolidated Financial Statements.
Unaudited Condensed Interim Consolidated Statements of Cash Flows
For the Six Month Periods Ended 31 July 2018 and 2017
In US Dollars 31 July 2018 31 July 2017 ----------------------------------------------------- ------------- ------------- CASH FLOWS FROM OPERATING ACTIVITIES ----------------------------------------------------- ------------- ------------- Net increase in net assets resulting from operations 117,146,591 120,542,333 ----------------------------------------------------- ------------- ------------- Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: ----------------------------------------------------- ------------- ------------- Net realised (gain) loss on investments (33,228,561) (84,820,920) ----------------------------------------------------- ------------- ------------- Net change in unrealised (appreciation) depreciation (88,234,256) (40,919,047) ----------------------------------------------------- ------------- ------------- Contributions to private equity investments (202,633,073) (119,080,548) ----------------------------------------------------- ------------- ------------- Distributions from private equity investments 142,111,175 148,830,481 ----------------------------------------------------- ------------- ------------- Other 357,380 675,054 ----------------------------------------------------- ------------- ------------- Net cash (used in) provided by operating activities (64,480,744) 25,227,353 ----------------------------------------------------- ------------- ------------- NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS (64,480,744) 25,227,353 ----------------------------------------------------- ------------- ------------- CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 256,961,145 175,195,209 ----------------------------------------------------- ------------- ------------- CASH AND EQUIVALENTS AT OF PERIOD $192,480,401 $200,422,562 ----------------------------------------------------- ------------- -------------
The accompanying notes are an integral part of the Unaudited Condensed Interim Consolidated Financial Statements.
Unaudited Condensed Interim Consolidated Schedule of Investments
At 31 July 2018
In US Dollars
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
US Funds Unfunded Amount Distributions Fair Value Fair Value
Commitment Invested Received as a %
(1) of
Net Assets
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
V-Partnership Fund L.P. 2,220,000 46,709,079 45,688,697 1,491,157 0.1
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
VI-Direct Fund L.P. 1,312,500 46,722,408 38,404,878 4,894,874 0.3
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
VI-Partnership Fund L.P. 5,175,000 204,623,049 234,825,827 3,905,942 0.2
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
VI-Buyout Partnership
Fund L.P. 450,000 8,633,048 9,355,366 72,007 0.0
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
VII-Venture Partnership
Fund L.P.(2) 2,318,750 135,290,448 176,041,437 31,827,361 1.7
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
VII-Buyout Partnership
Fund L.P.(2) 3,850,000 74,417,291 96,314,456 7,892,222 0.4
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
VIII-Cayman Mezzanine
and Distressed Debt Fund
L.P. 2,000,000 48,201,553 55,038,262 11,325,508 0.6
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
VIII-Cayman Buyout Fund
L.P. 11,250,000 241,508,801 300,639,802 103,739,531 5.7
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
VIII-Cayman Venture Fund
L.P. 1,000,000 49,191,736 56,641,659 32,114,301 1.8
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
2007 Cayman Direct Fund
L.P. 2,250,000 97,876,849 159,156,127 7,592,070 0.4
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
IX-Cayman Buyout Fund
L.P. 17,572,500 53,708,226 30,911,059 52,259,367 2.9
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
IX-Cayman Credit Opportunities
Fund L.P. 4,062,500 8,486,193 4,318,119 7,935,866 0.4
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
IX-Cayman Venture Fund
L.P. 3,500,000 66,825,714 28,130,688 77,956,308 4.3
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
2013 Cayman Direct Fund
L.P. 3,228,996 97,131,486 55,360,165 106,543,670 5.8
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
Cayman Cleantech Fund
II L.P. 7,800,000 12,255,952 2,557,526 11,193,017 0.6
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
X Buyout Feeder Fund
L.P. 194,040,000 57,987,552 7,939,113 71,179,425 3.9
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
X Venture Feeder Fund
L.P. 82,510,000 65,543,838 3,651,991 77,677,222 4.2
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
Mezzanine Income Fund
L.P. 28,405,000 21,816,579 2,670,050 26,710,294 1.5
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
XI Buyout Feeder Fund
L.P. 75,000,000 - - 314,304 0.0
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
XI Micro Buyout Feeder
Fund L.P. 20,000,000 - - 55,210 0.0
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
HarbourVest Partners
XI Venture Feeder Fund
L.P. 40,000,000 - - 162,322 0.0
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
Total US Funds 507,945,246 1,336,929,802 1,307,645,222 636,841,978 34.8
---------------------------------------------- ---------------- ------------- ------------- ---------------- ----------
Fair Value
as a %
International/Global Amount Distributions of
Funds Unfunded Commitment Invested (1) Received Fair Value Net Assets
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
HarbourVest
International
Private Equity
Partners
III-Partnership
Fund L.P. 3,450,000 147,728,557 148,439,622 499,072 0.0
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
HarbourVest
International
Private Equity
Partners
IV- Direct Fund
L.P. - 61,452,400 53,436,349 3,389,611 0.2
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
HIPEP V - 2007 Cayman
European Buyout
Companion Fund
L.P.(3) 1,664,212 63,880,350 73,759,592 12,411,382 0.7
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
Dover Street VII
Cayman L.P.(4) 4,413,862 95,586,138 121,515,548 16,438,372 0.9
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
HIPEP VI-Cayman
Partnership Fund
L.P.(5) 9,352,800 114,404,950 59,177,370 120,998,560 6.6
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
HIPEP VI-Cayman
Asia Pacific Fund
L.P. 3,250,000 46,937,431 27,370,170 46,313,803 2.5
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
HIPEP VI-Cayman
Emerging Markets
Fund L.P. 1,350,000 28,709,489 7,122,156 27,316,557 1.5
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
HVPE Avalon
Co-Investment
L.P. 1,643,962 85,135,136 124,138,700 685,349 0.0
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
Dover Street VIII
Cayman L.P. 20,700,000 159,424,389 160,487,254 85,601,676 4.7
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
HVPE Charlotte
Co-Investment
L.P. - 93,894,011 129,186,159 33,318,113 1.8
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
HarbourVest Global
Annual Private Equity
Fund L.P. 26,800,000 73,201,202 18,188,442 89,049,715 4.9
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
HIPEP VII Partnership
Feeder Fund L.P. 53,437,500 71,562,500 8,104,241 83,245,784 4.6
---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HIPEP VII Asia Pacific Feeder Fund L.P. 9,675,000 20,325,000 2,432,924 23,238,163 1.3 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HIPEP VII Emerging Markets Feeder Fund L.P. 9,400,000 10,600,000 1,381,661 10,561,374 0.6 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HIPEP VII Europe Feeder Fund L.P.(6) 37,931,450 34,991,029 4,480,255 41,015,244 2.2 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HarbourVest Canada Parallel Growth Fund L.P.(7) 18,390,047 6,304,078 343,759 6,073,530 0.3 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HarbourVest 2015 Global Fund L.P. 36,500,000 63,517,309 9,569,115 72,378,475 4.0 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HarbourVest 2016 Global AIF L.P. 51,000,000 49,026,107 7,567,332 54,269,903 3.0 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HarbourVest Partners Co-Investment IV AIF L.P. 24,250,005 75,749,995 - 86,052,654 4.7 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ Dover Street IX Cayman L.P. 62,000,000 38,000,000 8,052,511 42,538,784 2.3 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HarbourVest Real Assets III Feeder L.P. 32,000,000 18,000,000 542,545 25,731,775 1.4 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HarbourVest 2017 Global AIF L.P. 66,000,000 34,020,959 1,695,205 37,856,318 2.1 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HIPEP VIII Partnership AIF L.P. 155,550,000 14,450,000 - 18,920,900 1.0 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ Secondary Overflow III Tranche B 1,200,766 8,957,071 - 14,411,402 0.8 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HarbourVest Asia Pacific VIII AIF Fund L.P. 40,000,000 10,005,566 - 10,656,017 0.6 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ Secondary Overflow III Tranche C 1,335,088 8,267,887 - 11,534,228 0.6 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HarbourVest 2018 Global Feeder Fund L.P. 20,000,000 - - 173,950 0.0 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HarbourVest Adelaide Feeder L.P. 150,000,000 - - (6,422) (0.0) ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ HarbourVest Partners Co-Investment V Feeder Fund L.P. 20,000,000 - - - - ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ Secondary Overflow III Tranche F 13,213,541 16,786,459 - 22,683,793 1.2 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ Total International/Global Funds 874,508,233 1,450,918,013 966,990,910 997,358,082 54.5 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------ TOTAL INVESTMENTS $1,382,453,479 $2,787,847,815 $2,274,636,132 $1,634,200,060 89.3 ---------------------- ---------------------- ---------------- ---------------------------- ---------------- ------------
As of 31 July 2018, the cost basis of partnership investments is $1,385,092,370.
The accompanying notes are an integral part of the Unaudited Condensed Interim Consolidated Financial Statements.
1 Includes purchase of limited partner interests for shares and cash at the time of HVPE's IPO.
2 Includes ownership interests in HarbourVest Partners VII-Cayman Partnership entities. 3 Fund denominated in euros. Commitment amount is EUR47,450,000. 4 Includes ownership interest in Dover Street VII (AIV 1) Cayman L.P. 5 Fund denominated in euros. Commitment amount is EUR100,000,000. 6 Fund denominated in euros. Commitment amount is EUR63,000,000. 7 Fund denominated in Canadian dollars. Commitment amount is C$32,000,000.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
Note 1 Company Organisation and Investment Objective
HarbourVest Global Private Equity Limited (the "Company" or "HVPE") is a closed-end investment company registered with the Registrar of Companies in Guernsey under The Companies (Guernsey) Law, 2008 (as amended). The Company's registered office is BNP Paribas House, St Julian's Avenue, St Peter Port, Guernsey GY1 1WA.
The Company was incorporated and registered in Guernsey on 18 October 2007. HVPE is designed to offer shareholders long-term capital appreciation by investing in a diversified portfolio of private equity investments. The Company invests in private equity through private equity funds and may make co-investments or other opportunistic investments. The Company is managed by HarbourVest Advisers L.P. (the "Investment Manager"), an affiliate of HarbourVest Partners, LLC ("HarbourVest"), a private equity fund-of-funds manager. The Company is intended to invest in and alongside existing and newly-formed HarbourVest funds. HarbourVest is a global private equity fund-of-funds manager and typically invests capital in primary partnerships, secondary investments, and direct co-investments across vintage years, geographies, industries, and strategies.
Operations of the Company commenced on 6 December 2007, following the initial global offering of the Class A ordinary shares.
Share Capital
At 31 July 2018, the Company's shares were listed on the London Stock Exchange under the ticker "HVPE". At 31 July 2018, there were 79,862,486 shares issued and outstanding. The shares are entitled to the income and increases and decreases in the net asset value ("NAV") of the Company, and to any dividends declared and paid, and have full voting rights. Dividends may be declared by the Board of Directors and paid from available assets subject to the Directors being satisfied that the Company will, immediately after payment of the dividend, satisfy the statutory solvency test prescribed by The Companies (Guernsey) Law, 2008 (as amended).
Dividends will be paid to shareholders pro rata to their shareholdings.
The shareholders must approve any amendment to the Memorandum and Articles of Incorporation. The approval of 75% of the shares is required in respect of any changes that are administrative in nature, any material change from the investment strategy and/or investment objective of the Company, or any change to the terms of the investment management agreement.
There is no minimum statutory capital requirement under Guernsey law.
Investment Manager, Company Secretary, and Administrator
The Directors have delegated certain day-to-day operations of the Company to the Investment Manager and the Company Secretary and Administrator, under advice to the Directors, pursuant to service agreements with those parties, within the context of the strategy set by the Board. The Investment Manager is responsible for, among other things, selecting, acquiring, and disposing of the Company's investments, carrying out financing, cash management, and risk management activities, providing investment advisory services, including with respect to HVPE's investment policies and procedures, and arranging for personnel and support staff of the Investment Manager to assist in the administrative and executive functions of the Company.
Directors
The Directors are responsible for the determination of the investment policy of the Company on the advice of the Investment Manager and have overall responsibility for the Company's activities. This includes the periodic review of the Investment Manager's compliance with the Company's investment policies and procedures and the approval of certain investments. A majority of directors must be independent directors and not affiliated with HarbourVest or any affiliate of HarbourVest.
Note 2 Summary of Significant Accounting Policies
Accounting policies have been applied consistently as presented in the latest audited accounts. Certain comparative amounts have been reclassified to conform to the current period's presentation. This is the first interim period that has been reviewed by the Company's auditor and therefore the comparative financial information for the six month period ended 31 July 2017 was not reviewed by the auditor.
Note 3 Material Agreements and Related Fees
Administrative Agreement
The Company retained BNP Paribas ("BNP") as Company Secretary and Administrator for the period from 11 May 2018 to 31 July 2018. Fees for these services are paid as invoiced by BNP and include an administration fee of GBP50,000 per annum, a secretarial fee of GBP50,000 per annum, compliance services fee of GBP15,000 per annum, ad-hoc service fees, and reimbursable expenses. The Company had previously retained JTC Group as Company Secretary and Administrator for the period from 2 February 2017 to 10 May 2018.
During the period ended 31 July 2018, fees of $43,726 were incurred to BNP and fees of $56,655 were incurred to JTC Group and are included as other expenses in the Unaudited Condensed Interim Consolidated Statements of Operations. During the period ended 31 July 2017, fees of $64,337 were incurred to JTC and included as other expenses in the Unaudited Condensed Interim Consolidated Statements of Operations.
Registrar
The Company has retained Link Asset Services (formerly "Capita") as share registrar. Fees for this service include a base fee of GBP22,262, plus other miscellaneous expenses. During the periods ended 31 July 2018 and 2017, registrar fees of $26,877 and $34,408, respectively, were incurred and are included as other expenses in the Unaudited Condensed Interim Consolidated Statements of Operations.
Independent Auditor's Fees
For the period ended 31 July 2018, $67,700 (31 July 2017: $67,700) has been accrued for auditor's fees and is included in professional fees in the Unaudited Condensed Interim Consolidated Statements of Operations. Non-audit fees due to the auditor of $73,600 (31 July 2017: nil) have been accrued during the period, in relation to the semi-annual review for the six months ended 31 July 2018, and are included in the Unaudited Condensed Interim Consolidated Statements of Operations. Ernst & Young in the US was paid non-audit fees of nil (31 July 2017: $53,725) by the Investment Manager, in relation to tax services provided.
Investment Management Agreement
The Company has retained HarbourVest Advisers L.P. as the Investment Manager. The Investment Manager is reimbursed for costs and expenses incurred on behalf of the Company in connection with the management and operation of the Company. The Investment Manager does not directly charge HVPE management fees or performance fees other than with respect to parallel investments. However, as an investor in the HarbourVest funds, HVPE is charged the same management fees and is subject to the same performance allocations as other investors in such HarbourVest funds. During the periods ended 31 July 2018 and 2017, reimbursements paid by the Company for services provided by the Investment Manager were $837,315 and $679,681, respectively.
During the period ended 31 July 2018, HVPE had two parallel investments: HarbourVest Acquisition S.à.r.l. (via HVPE Avalon Co-Investment L.P.) and HarbourVest Structured Solutions II, L.P. (via HVPE Charlotte Co-Investment L.P.). Management fees paid for the parallel investments made by the Company were consistent with the fees charged by the funds alongside which the parallel investments were made during the periods ended 31 July 2018 and 2017. Management fees included in the Unaudited Condensed Interim Consolidated Statements of Operations are shown in the table below:
2018 2017
---------------------------------- -------- --------
HVPE Avalon Co-Investment L.P. - 466,921
---------------------------------- -------- --------
HVPE Charlotte Co-Investment L.P. 395,813 392,347
---------------------------------- -------- --------
Total Management Fees $395,813 $859,268
---------------------------------- -------- --------
The HVPE Avalon Co-Investment L.P. management fee was terminated on 30 September 2017. For the period ended 31 July 2018, management fees on the HVPE Charlotte Co-Investment L.P. investment were calculated based on a weighted average effective annual rate of 0.95% on capital originally committed (0.91% on committed capital net of management fee offsets) to the parallel investment.
Note 4 Investments
In accordance with the authoritative guidance on fair value measurements and disclosures under US generally accepted accounting principles ("US GAAP"), the Company discloses the fair value of its investments in a hierarchy that prioritises the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:
Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active.
Level 3 - Inputs that are unobservable. Generally, the majority of the Company's investments are valued utilising unobservable inputs, and are therefore classified within Level 3.
Level 3 investments include limited partnership interests in HarbourVest funds which report under US GAAP. Inputs used to determine fair value are primarily based on the most recently reported NAV provided by the underlying investment manager as a practical expedient under Accounting Standards Codification ("ASC") 820. The fair value is then adjusted for known investment operating expenses and subsequent transactions, including investments, realisations, changes in foreign currency exchange rates, and changes in value of private and public securities.
Income derived from investments in HarbourVest funds is recorded using the equity pick-up method. Under the equity pick-up-method of accounting, the Company's proportionate share of the net income (loss) and net realised gains (losses), as reported by the HarbourVest funds, is reflected in the Unaudited Condensed Interim Consolidated Statements of Operations as net realised gain (loss) on investments. The Company's proportionate share of the aggregate increase or decrease in unrealised appreciation (depreciation), as reported by the HarbourVest funds, is reflected in the Unaudited Condensed Interim Consolidated Statements of Operations as net change in unrealised appreciation (depreciation) on investments.
Because of the inherent uncertainty of these valuations, the estimated fair value may differ significantly from the value that would have been used had a ready market for this security existed, and the difference could be material.
The following table summarises the Company's investments that were accounted for at fair value by level within the fair value hierarchy:
Level 1 Level 2 Level 3 Total
----------------------------- -------- -------- -------------- --------------
Balance at 31 January
2017 $- $- $1,295,753,465 $1,295,753,465
----------------------------- -------- -------- -------------- --------------
Contributions to investments 312,684,514 312,684,514
------------------------------------------------- -------------- --------------
Net realised gain (loss)
on investments 157,395,016 157,395,016
------------------------------------------------- -------------- --------------
Net change in unrealised
appreciation (depreciation)
on investments 91,527,458 91,527,458
------------------------------------------------- -------------- --------------
Distributions received
from investments (405,145,108) (405,145,108)
------------------------------------------------- -------------- --------------
Balance at 31 January
2018 $- $- $1,452,215,345 $1,452,215,345
----------------------------- -------- -------- -------------- --------------
Contributions to investments 202,633,073 202,633,073
------------------------------------------------- -------------- --------------
Net realised gain (loss)
on investments 33,228,561 33,228,561
------------------------------------------------- -------------- --------------
Net change in unrealised
appreciation (depreciation)
on investments 88,234,256 88,234,256
------------------------------------------------- -------------- --------------
Distributions received
from investments (142,111,175) (142,111,175)
------------------------------------------------- -------------- --------------
Balance at 31 July 2018 $- $- $1,634,200,060 $1,634,200,060 ----------------------------- -------- -------- -------------- -------------- Net change in unrealised gain (loss) on investments still held at 31 July 2018 $46,011,229 ------------------------------------------------- -------------- --------------
The Company recognises transfers at the current value at the transfer date. There were no transfers during the period ended 31 July 2018. Investments include limited partnership interests in private equity partnerships, all of which carry restrictions on redemption. The investments are non-redeemable and the Investment Manager estimates an average remaining life of 10 years with a range of 1 to 35 years remaining.
As of 31 July 2018, the Company had invested $2,971,219,920, or 68.2% of the Company's committed capital in investments, and had received $2,477,779,794 in cumulative distributions (including dividends from the formerly held investment HarbourVest Senior Loans Europe).
There were no investment transactions during the period ended 31 July 2018 in which an investment was both acquired and disposed of.
Note 5 Commitments
As of 31 July 2018, the Company has unfunded investment commitments to other limited partnerships of $1,382,453,479 which are payable upon notice by the partnerships to which the commitments have been made. Unfunded investment commitments of $1,315,114,970 are denominated in US dollars, $48,948,462 are denominated in euros, and $18,390,047 are denominated in Canadian dollars. As of 31 January 2018, the Company had unfunded investment commitments to other limited partnerships of $1,237,494,068. Unfunded investment commitments of $1,157,772,486 were denominated in US dollars, $55,690,445 were denominated in euros, and $24,031,137 were denominated in Canadian dollars.
Note 6 Debt Facility
On 4 December 2007, the Company entered into an agreement with Lloyds Bank plc regarding a multi-currency revolving credit facility (the "Facility") for an aggregate amount up to $500 million. As of 28 September 2015, the Facility was amended to include Credit Suisse as an additional lender to the Company's Facility agreement with Lloyds Bank plc. On 1 December 2017, the Facility was amended to extend to December 2022 and to adjust lender commitments. Lloyds Bank plc's commitment was amended to $250 million, and Credit Suisse's commitment was amended to $250 million.
Amounts borrowed against the Facility accrue interest at an aggregate rate of the LIBOR/EURIBOR, a margin, and, under certain circumstances, a mandatory minimum cost. The Facility is secured by the private equity investments and cash and equivalents of the Company, as defined in the agreement. Availability of funds under the Facility and interim repayments of amounts borrowed are subject to certain covenants and diversity tests applied to the Investment Portfolio of the Company. At 31 July 2018 and 31 January 2018, there was no debt outstanding against the Facility. Included in other assets at 31 July 2018 are deferred financing costs of $5,689,682 related to refinancing the Facility. The deferred financing costs are amortised over the life of the Facility. The Company is required to pay a non-utilisation fee calculated as 115 basis points per annum. For the periods ended 31 July 2018 and 2017, $2,890,972 and $2,890,972, respectively, in non-utilisation fees have been incurred.
Note 7 Financial Highlights
For the Six Month Periods Ended 31 July 2018 and 2017
2018 2017
------------------------------------- --------- -------
Shares
------------------------------------- --------- -------
PER SHARE OPERATING PERFORMANCE:
------------------------------------- --------- -------
Net asset value, beginning of period 21.46 18.47
------------------------------------- --------- -------
Net realised and unrealised gains 1.52 1.57
------------------------------------- --------- -------
Net operating expenses (0.05) (0.06)
------------------------------------- --------- -------
Total from investment operations 1.47 1.51
------------------------------------- --------- -------
Net asset value, end of period $22.93 $19.98
------------------------------------- --------- -------
Market value, end of period $17.06(1) $16.78
------------------------------------- --------- -------
Total return at net asset value 6.8% 8.2%
------------------------------------- --------- -------
Total return at market value (4.0%) 11.6%
------------------------------------- --------- -------
RATIOS TO AVERAGE NET ASSETS
------------------------------------- --------- -------
Expenses(2) 0.35% 0.40%
------------------------------------- --------- -------
Net operating expenses (0.24%) (0.34%)
------------------------------------- --------- -------
PORTFOLIO TURNOVER(3) 0.0% 0.0%
------------------------------------- --------- -------
1 Represents share price of GBP13.00 converted.
2 Does not include operating expenses of underlying investments.
3 The turnover ratio has been calculated as the number of transactions divided by the average net assets.
Note 8 Publication and Calculation of Net Asset Value
The NAV of the Company is equal to the value of its total assets less its total liabilities. The NAV per share is calculated by dividing the NAV by the number of shares in issue on that day. The Company publishes the NAV per share of the shares as calculated, monthly in arrears, at each month end, generally within 20 days.
Note 9 Related Party Transactions
Other amounts payable to HarbourVest Advisers L.P. of $124,436 represent expenses of the Company incurred in the ordinary course of business, which have been paid by and are reimbursable to HarbourVest Advisers L.P. at 31 July 2018.
Board-related expenses, primarily compensation, of $308,997 and $286,580 were incurred during the periods ended 31 July 2018 and 2017, respectively.
Note 10 Indemnifications
General Indemnifications
In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide for general indemnifications. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. Based on the prior experience of the Investment Manager, the Company expects the risk of loss under these indemnifications to be remote.
Investment Manager Indemnifications
Consistent with standard business practices in the normal course of business, the Company has provided general indemnifications to the Investment Manager, any affiliate of the Investment Manager, and any person acting on behalf of the Investment Manager or such affiliate when they act in good faith, in the best interest of the Company. The Company is unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim, but expects the risk of having to make any payments under these general business indemnifications to be remote.
Directors and Officers Indemnifications
The Company's Articles of Incorporation provide that the Directors, managers or other officers of the Company shall be fully indemnified by the Company from and against all actions, expenses, and liabilities which they may incur by reason of any contract entered into or any act in or about the execution of their offices, except such (if any) as they shall incur by or through their own negligence, default, breach of duty, or breach of trust, respectively.
Note 11 Subsequent Events
In the preparation of the financial statements, the Company has evaluated the effects, if any, of events occurring between 31 July 2018 and 17 October 2018, the date that the financial statements were issued.
On 24 August 2018, the Company committed $15 million to Secondary Overflow Fund III L.P. (Tranche G).
On 28 September 2018, the Company committed $50 million to HarbourVest 2018 Global Fund.
On 17 October 2018, the Company committed $30 million to HarbourVest Partners Co-Investment Fund V.
There were no other events or material transactions subsequent to 31 July 2018 that required recognition or disclosure in the financial statements.
Disclosures
Investments
The companies represented within this report are provided for illustrative purposes only, as example portfolio holdings. There are over 8,000 individual companies in the HVPE portfolio, with no one company comprising more than 1.3% of the entire portfolio.
The deal summaries, general partners (managers), and/or companies shown within the report are intended for illustrative purposes only. While they may represent an actual investment or relationship in the HVPE portfolio, there is no guarantee they will remain in the portfolio in the future.
Past performance is no guarantee of future returns.
Forward-Looking Statements
This report contains certain forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "should," "will," and "would," or the negative of those terms, or other comparable terminology. The forward-looking statements are based on the Investment Manager's beliefs, assumptions, and expectations of future performance and market developments, taking into account all information currently available. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known or are within the Investment Manager's control. If a change occurs, the Company's business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events, and depend on circumstances, that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Any forward-looking statements are only made as at the date of this document, and the Investment Manager neither intends nor assumes any obligation to update forward-looking statements set forth in this document whether as a result of new information, future events, or otherwise, except as required by law or other applicable regulation.
In light of these risks, uncertainties, and assumptions, the events described by any such forward-looking statements might not occur. The Investment Manager qualifies any and all of its forward-looking statements by these cautionary factors.
Please keep this cautionary note in mind while reading this report.
Some of the factors that could cause actual results to vary from those expressed in forward-looking statements include, but are not limited to:
-- the factors described in this report;
-- the rate at which HVPE deploys its capital in investments and achieves expected rates of return;
-- HarbourVest's ability to execute its investment strategy, including through the identification of a sufficient number of appropriate investments;
-- the ability of third-party managers of funds in which the HarbourVest funds are invested and of funds in which the Company may invest through parallel investments to execute their own strategies and achieve intended returns
-- the continuation of the Investment Manager as manager of the Company's investments, the continued affiliation with HarbourVest of its key investment professionals, and the continued willingness of HarbourVest to sponsor the formation of and capital raising by, and to manage, new private equity funds;
-- HVPE's financial condition and liquidity, including its ability to access or obtain new sources of financing at attractive rates in order to fund short-term liquidity needs in accordance with the investment strategy and commitment policy;
-- changes in the values of, or returns on, investments that the Company makes;
-- changes in financial markets, interest rates or industry, general economic or political conditions; and
-- the general volatility of the capital markets and the market price of HVPE's shares.
Publication and Calculation of Net Asset Value
The NAV of the Company is equal to the value of its total assets less its total liabilities. The NAV per share is calculated by dividing the NAV of the Company by the number of shares in issue. The Company intends to publish the estimated NAV per share as calculated, monthly in arrears, as at each month end, generally within 20 days.
Reconciliation of Share Price Discount to Net Asset Value per Share
The share price discount to NAV per share will vary depending on which NAV per share figure is used. For the purpose of this report discounts have been calculated using the live NAVs per share available in the market as at 31 January 2018 and 31 July 2018, those being the 31 December 2017 and 30 June 2018 estimates of $20.79 (sterling equivalent GBP14.65) and $21.79 (sterling equivalent GBP16.63) respectively, against share prices of GBP12.44 at 31 December 2017 and GBP13.00 at 31 July 2018. The table below outlines the notional discounts to the share price at 31 July 2018, based on the NAVs per share published after this date (31 July 2018 estimate and final). Movements between the published NAVs per share for the same calendar date largely arise as further underlying fund valuations are received, and as adjustments are made for public markets, foreign exchange and operating expenses.
NAV converted
to sterling
at 31 July
exchange rate Share price Discount to
Date of NAV (estimate (USD/GBP: at 31 July NAV at 31
and final) NAV per share 1.31) 2018 July 2018
----------------------- ------------- -------------- ----------- -----------
Estimated NAV at 30
June 2018 (published
18 July) $21.79 GBP16.63 GBP13.00 21.8%
----------------------- ------------- -------------- ----------- -----------
Estimated NAV at 31
July 2018
----------------------- ------------- -------------- ----------- -----------
(published 15 August) $21.96 GBP16.73 GBP13.00 22.2%
----------------------- ------------- -------------- ----------- -----------
Final NAV (IFRS) at
31 July 2018
----------------------- ------------- -------------- ----------- -----------
(published 18 October) $22.93 GBP17.47 GBP13.00 25.5%
----------------------- ------------- -------------- ----------- -----------
Regulatory Information
HVPE is required to comply with the Listing, Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom (the "LDGT Rules"). It is also authorised by the Guernsey Financial Services Commission as an authorised closed-ended investment scheme under the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended (the "POI Law"). HVPE is subject to certain ongoing requirements under the LDGT Rules and the POI Law and certain rules promulgated thereunder relating to the disclosure of certain information to investors, including the publication of annual and half-yearly financial reports.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR LLFSDIRLDLIT
(END) Dow Jones Newswires
October 18, 2018 02:00 ET (06:00 GMT)
1 Year Harbourvest Global Priva... Chart |
1 Month Harbourvest Global Priva... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
