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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-5.00 | -0.20% | 2,470.00 | 2,465.00 | 2,475.00 | 2,480.00 | 2,465.00 | 2,465.00 | 2,832 | 08:40:33 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | 149.21M | 121.15M | 1.5315 | 20.87 | 1.96B |
TIDMHVPE 19 October 2015 HARBOURVEST GLOBAL PRIVATE EQUITY ANNOUNCES ESTIMATED NET ASSET VALUE AT 30 SEPTEMBER 2015 -- ESTIMATED NAV IS $16.42 PER SHARE, A 4% INCREASE FROM 31 JANUARY 2015 -- Gearing REMAINS AT zero, AND HVPE HOLDS $164 MILLION OF CASH ON ITS BALANCE SHEET -- INVESTMENT PIPELINE OF FUTURE COMMITMENTS IS $951 MILLION -- THE COMPANY INVESTED $6 MILLION AND RECEIVED $44 MILLION IN REALISATIONS DURING THE MONTH -- HVPE COMMITTED $25 MILLION TO HARBOURVEST MEZZANINE INCOME FUND -- ON 28 SEPTEMBER 2015, HVPE'S CREDIT FACILITY WAS INCREASED TO $500 MILLION HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a closed-end investment company, today announces its estimated Net Asset Value ("NAV") at 30 September 2015. 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 In September, HVPE committed $25.0 million to HarbourVest Mezzanine Income Fund, which is focused on building a diversified portfolio of mezzanine investments in primarily U.S.-based small to mid-market companies (enterprise value of less than $1 billion). Meanwhile the Company's existing HarbourVest fund commitments continued to make new investments. At 30 September 2015, the Investment Pipeline of future commitments was $951.0 million, an $18.0 million increase from 31 August 2015 based on the new HarbourVest fund commitment, capital funded, and foreign currency movement. Investment During September, HVPE invested $6.4 million in HarbourVest funds. Growth At 30 September 2015, HVPE's estimated Net Asset Value (NAV) per share is $16.42, a $0.07 per share decrease from the 31 August 2015 estimate of $16.49. This change resulted primarily from decreasing values for publicly-traded holdings, negative foreign currency movement, and operating expenses. Realisation HVPE received $44.2 million in realisations from HarbourVest funds and co-investments during September (compared to $9.6 million in August), the largest sources of which were the co-investment in Conversus Capital and a U.S. buyout focused fund-of-funds. During the month, there were a total of 24 liquidity events across HVPE's underlying portfolio, including 19 M&A transactions and five IPOs. Main Market Listing On 9 September 2015, HVPE's ordinary shares were successfully admitted to the Main Market of the London Stock Exchange. The shares began trading on the London Stock Exchange's flagship market under the symbol HVPE. The Board of HVPE expects that its transition from the Specialist Fund Market to the Main Market will: -- Broaden the appeal of the stock among key sections of the investment community -- Improve HVPE's appeal to retail investors -- Increase liquidity in the shares -- Facilitate eligibility for inclusion in the FTSE All Share index The Company's market quote on the London Stock Exchange has been redenominated into Sterling. There has been no change to the legal form or nature of the shares as a result of the redenomination of the market quote and HVPE's listing on Euronext Amsterdam is not affected. The Company's functional currency remains the U.S. dollar. Balance Sheet and Credit Facility On 28 September 2015, HVPE's debt facility was restored to $500.0 million, including the existing $300.0 million commitment from Lloyds and an additional $200.0 million from Credit Suisse, a new lender. The entire facility has been extended to September 2019. HVPE has no drawings on its credit facility. At 30 September 2015, HVPE's cash ($163.6 million) and available credit ($500.0 million) total $663.6 million. Additional detail about HVPE's NAV and investment diversification can be found on HVPE's website, in the Monthly Update for 30 September 2015: http://www.hvpe.com//media/Files/H/Hvgpe/documents/30-september-2015-monthly-update.pdf . Enquiries: HarbourVest Richard Hickman Tel: +44 (0) 20 7399 9847 rhickman@harbourvest.com Laura Thaxter Tel: +1 (617) 348 3695 lthaxter@harbourvest.com Fishburn Del Jones Tel: +44 (0) 20 7092 2222 HVPE@thisisfishburn.com Ludo Baynham-Herd Notes to Editors: About HarbourVest Global Private Equity Limited: HarbourVest Global Private Equity Limited ("HVPE") is a Guernsey-incorporated closed-end investment company which has a dual listing on both the London Stock Exchange and Euronext Amsterdam. HVPE is registered as an investment institution with the Netherlands Authority for the Financial Markets. HVPE is designed to offer shareholders long-term capital appreciation by investing in a private equity portfolio diversified by geography, by stage of investment, by vintage year, and by industry. It invests in and alongside HarbourVest-managed funds which focus on primary partnership commitments, secondary investments, and direct investments in operating companies. HVPE is advised by HarbourVest Advisers L.P., an affiliate of HarbourVest Partners, LLC. About HarbourVest Partners, LLC: HarbourVest Partners, LLC is an independent private markets specialist, providing investment programs and customized solutions focused on venture capital, buyout, mezzanine debt, credit, and real assets through primary fund investments, secondary purchases, and direct co-investments. HarbourVest has more than 300 employees in Asia, Europe, Latin America, and North America. In more than 30 years of investing in private equity, the team has committed more than $29 billion to newly-formed funds, completed over $12 billion in secondary purchases, and invested $4 billion directly in operating companies. The firm's clients include pension funds, endowments, foundations, and financial institutions around the globe. 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
(MORE TO FOLLOW) Dow Jones Newswires
October 19, 2015 04:00 ET (08:00 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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