HarbourVest Global Priv. Equity Ltd Net Asset Value(s) (3157B)

TIDMHVPE

RNS Number : 3157B

HarbourVest Global Priv. Equity Ltd

20 September 2018

20 September 2018

HVPE ESTIMATED NAV PER SHARE UP 4% IN AUGUST 2018

   --   Estimated NAV of $22.87 (GBP17.65) per share, a $0.91 increase during August 

-- $15 million committed to a complex secondary deal through a HarbourVest secondary co-investment fund

   --   $19 million invested and $32 million of distributions received during month 
   --   Borrowing remains at zero; $205 million of cash on balance sheet 

HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a closed-end investment company, today announces its estimated Net Asset Value ("NAV") at 31 August 2018.

HVPE provides a complete private equity solution for public investors, managing the portfolio through four phases of the private equity cycle to create value: Commitments, Investment, Growth, and Realisation.

Commitments

During August, HVPE made one commitment of $15.0 million to a complex secondary deal through a HarbourVest secondary co-investment fund. The transaction involves a limited partner ("LP") tender process to purchase interests in a 2013 vintage US-focused buyout fund comprising a portfolio of North American companies spanning various industries. The deal is expected to close at the end of September 2018.

HVPE's Investment Pipeline (unfunded commitments) of $1.38 billion decreased on a net basis by $4.9 million during August based on capital funded and foreign currency movements.

Investment

During August, HVPE invested $19.4 million in HarbourVest funds (compared to $36.6 million in July 2018). The largest investment was made to a global co-investment fund.

Growth

At 31 August 2018, HVPE's estimated NAV per share was $22.87 (GBP17.65), a $0.91 increase in US dollar terms and a GBP0.92 increase in sterling terms from the 31 July 2018 estimate of $21.96 (GBP16.73). The increase in the 31 August NAV resulted mainly from positive valuation gains in the fund-of-funds as a large portion of the portfolio was revalued to reflect 30 June 2018 results. The main drivers were Dover VIII (a global secondary fund) and Secondary Overflow Fund III (a secondary co-investment fund). These were partially offset by negative foreign exchange movement and operating expenses, together totalling $0.08 per share.

Realisation

HVPE received $32.3 million of distributions from HarbourVest funds during August 2018, compared to $10.5 million in July 2018. The largest source of proceeds in the month was a US buyout-focused fund-of-funds. During August, there were a total of 32 liquidity events across HVPE's underlying portfolio.

Balance Sheet and Credit Facility

HVPE currently has no drawings on its credit facility. At 31 August 2018, HVPE's cash ($205.2 million) and available credit ($500.0 million) totalled $705.2 million.

Additional detail about HVPE's NAV and investment diversification can be found on HVPE's website, in the Monthly Update for 31 August 2018.

Enquiries:

 
 HVPE 
 Richard Hickman          Tel: [phone]   [e-mail] 
                           9847 
 Charlotte Edgar          Tel: [phone]   [e-mail] 
                           9826 
 HarbourVest Partners 
 Alicia Sweeney           Tel: [phone]     [e-mail] 
                           2945 
 MHP Communications 
 Charlie Barker /         Tel: [phone]    [e-mail] 
  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 $50 billion in assets under management. The Firm's powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in commingled funds or separately managed accounts. HarbourVest has more than 400 employees, including more than 100 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $34 billion to newly-formed funds, completed over $19 billion in secondary purchases, and invested over $8 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.

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September 20, 2018 02:01 ET (06:01 GMT)