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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
  8.00 0.45% 1,768.00 1,756.00 1,768.00 1,768.00 1,740.00 1,740.00 23,180 09:16:37
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -6.3 0.0 - 1,462

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

25/09/2020 7:00am

UK Regulatory (RNS & others)


Harbourvest Global Priva... (LSE:HVPE)
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RNS Number : 0559A

HarbourVest Global Priv. Equity Ltd

25 September 2020

25 September 2020

HVPE ESTIMATED NAV PER SHARE UP 8% IN AUGUST 2020

-- Estimated NAV per share of $28.45 (GBP21.28), an increase of $2.19 during August driven largely by Q2 2020 underlying valuations

o 11% of Investment Portfolio (public company holdings) valued at 31 August 2020

o 84% at 30 June 2020 marks

o Remainder of the portfolio valued at 31 March 2020

   --   Net investor during August with a net $5 million invested 

Further to the announcement on 22 September 2020, HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a closed-end investment company, today discloses further detail on its estimated Net Asset Value ("NAV") at 31 August 2020.

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

Commitments

During August, HVPE did not make any new commitments to HarbourVest-managed funds. HVPE's Investment Pipeline (unfunded commitments) decreased on a net basis by $7.0 million during the month based on capital funded and foreign exchange rate movements. At 31 August 2020, HVPE's Investment Pipeline totalled $1.67 billion.

Investment

During August, HVPE invested $7.7 million in HarbourVest funds (compared to $25.2 million in July). The single investment was made to an international fund-of-funds.

Growth

At 31 August 2020, HVPE's estimated NAV per share was $28.45 (GBP21.28), compared to the 31 July 2020 estimate of $26.26 (GBP20.07) and represents an uplift of 8.3% in US dollar terms over the previous month.

The significant increase in the 31 August 2020 NAV resulted from positive valuation gains across the portfolio, following receipt of 30 June 2020 marks (see breakdown below). These have reflected strong, largely unrealised gains across all strategies since the previous report, which was based primarily on 31 March 2020 valuations.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 11% actual 31 August 2020 (representing the public companies in the portfolio); 84% actual 30 June 2020; and 5% actual 31 March 2020. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cashflows, and any known material events to 31 August 2020.

Realisation

HVPE received $2.4 million of distributions from HarbourVest funds during August 2020 (compared to $11.7 million in July). The largest source of distributions was from an Asia Pacific-focused fund-of-funds. During August, there were a total of 16 liquidity events across HVPE's underlying portfolio compared to July's 24 events, and a last 12-month average of 22.

Balance Sheet and Credit Facility

At 31 August 2020, HVPE's credit facility remained $120.0 million drawn. Borrowing at the HarbourVest fund level amounted to $386.2 million, an increase of $29.2 million from the previous month. HVPE's cash and cash equivalents ($103.0 million) and available credit ($480.0 million) totalled $583.0 million.

Additional detail about HVPE's NAV and investment diversification can be found on HVPE's website, in the Monthly Update for 31 August 2020 .

The HVPE team is here to discuss any questions you may have, so please do not hesitate to contact Richard Hickman or Charlotte Edgar using the contact details below.

Enquiries:

 
  Shareholders 
 Richard Hickman         Tel: +44 (0)20 7399   rhickman@harbourvest.com 
                          9847 
 Charlotte Edgar         Tel: +44 (0)20 7399   cedgar@harbourvest.com 
                          9826 
  Media 
 HarbourVest Partners 
 Alicia Sweeney          Tel: +1 (617) 807     acurransweeney@harbourvest.com 
                          2945 
 MHP Communications 
 Charlie Barker / Pete   Tel: +44(0)20 3128    hvpe@mhpc.com 
  Lambie/ Tim Rowntree    8100 
 

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 over 35 years of experience and more than $69 billion in assets under management, as of June 30, 2020. 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 600 employees, including more than 145 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $42 billion to newly-formed funds, completed over $25 billion in secondary purchases, and invested over $18 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.

Epidemics, Pandemics and Other Health Risks - Many countries have experienced infectious illnesses in recent decades, including swine flu, avian influenza, SARS and 2019-nCoV (the "Coronavirus"). In December 2019, an initial outbreak of the Coronavirus was reported in Hubei, China. Since then, a large and growing number of cases have been confirmed around the world. The Coronavirus outbreak has resulted in numerous deaths and the imposition of both local and more widespread "work from home" and other quarantine measures, border closures and other travel restrictions causing social unrest and commercial disruption on a global scale. The World Health Organization has declared the Coronavirus outbreak a pandemic. The ongoing spread of the Coronavirus has had and will continue to have a material adverse impact on local economies in the affected jurisdictions and also on the global economy as cross-border commercial activity and market sentiment are increasingly impacted by the outbreak and government and other measures seeking to contain its spread. In addition to these developments having potentially

adverse consequences for underlying portfolio investments of the HarbourVest funds and the value of the investments therein, the operations of HVPE, the Investment Manager, and HVPE's portfolio of HarbourVest funds have been, and could continue to be, adversely impacted, including through quarantine measures and travel restrictions imposed on personnel or service providers based around the world, and any related health issues of such personnel or service providers. Any of the foregoing events could materially and adversely affect the Investment Manager's ability to source, manage and divest its investments and its ability to fulfil its investment objectives. Similar consequences could arise with respect to other comparable infectious diseases.

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) 2020 HarbourVest Global Private Equity Limited. All rights reserved.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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September 25, 2020 02:00 ET (06:00 GMT)

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