HarbourVest Global Private Equity Limited HarbourVest Global Private Equity Limited : Net Asset Value(s)

 
TIDMHVPE 
 
15 August 2012 
 
HARBOURVEST GLOBAL PRIVATE EQUITY RELEASES ESTIMATED NET ASSET VALUE AT 31 JULY 
                                      2012 
 ·      ESTIMATED NAV AT 31 JULY IS $935.4 MILLION ($11.31 PER SHARE) 
 ·      HVPE EXPECTED TO COMMIT UP TO $131 million TO purchase of  investment 
portfolio of Conversus Capital 
 ·      DURING SIX CONSECUTIVE MONTHS OF POSITIVE CASH FLOWS, HVPE HAS REPAID $44 
MILLION OF ITS CREDIT FACILITY AND REDUCED GEARING FROM 16% TO 10% SINCE 31 
JANUARY 2012 
 
HarbourVest Global Private Equity Limited ("HVPE" or the "Company) closed-end 
investment company, today announces its estimated Net Asset Value ("NAV") at 31 
July 2012. 
Net Asset Value and Absolute Valuation 
At the end of July, HVPE's estimated Net Asset Value per share is $11.31, an 
$0.18 per share decrease (1.6%) from 30 June 2012 ($11.49). This change mainly 
reflects decreases in the value of privately-held investments as a portion of 
the portfolio was re-valued to reflect 30 June 2012 valuations, decreases in the 
value of publicly-traded securities, and foreign currency movement. 
 
At 31 July 2012, HVPE is valuing the Absolute portfolio at $24.77 per share 
(including dividends received since closing), which is unchanged from 30 June 
2012 and a 34% increase over the purchase price of $18.50 per share.  Absolute 
has been de-listed and is now 100% privately held. 
Balance Sheet and Commitments 
During the month, HVPE invested $1.7 million in U.S. and international fund-of- 
funds.  The Company received $8.5 million from U.S. fund-of-funds and a direct 
fund, resulting in net positive cash flows of $6.8 million.  This is the sixth 
consecutive month of positive cash flows.  During July 2012, there were a total 
of 37 liquidity events across HVPE's underlying portfolio, including 30 M&A 
transactions and seven IPOs. 
On 2 July 2012, HVPE (along with HarbourVest-managed funds) announced the 
purchase of the investment portfolio of Conversus Capital, L.P. (CCAP) for $1.4 
billion (implied value of $22.11 per Conversus unit at 30 April 2012).  HVPE's 
direct commitment to the transaction is expected to be a maximum of $131 
million, or approximately 9% of the total deal, depending on the final unit 
holder elections.  Conversus is a listed private equity fund and the largest 
publicly-traded portfolio of third party private equity funds globally, with a 
broadly diversified portfolio of over 200 private equity fund interests.  The 
secondary purchase of Conversus follows the 2011 take-private of Absolute 
Private Equity Ltd.  The transaction is expected to hold an initial closing 
during the last four months of 2012, with subsequent closings extending into 
2013. 
 
Credit Facility 
 
At 31 July 2012, $106.7 million has been drawn against the Company's 
$500 million credit facility, a $5.8 million decrease from 30 June due to a 
$5.0 million repayment and foreign currency movements. 
Additional detail about HVPE's NAV and investment diversification can be found 
on HVPE's website, in the Monthly Update for 31 July 2012. 
 
Enquiries: 
 
 
HarbourVest 
 
Stuart Howard                Tel: +44 (0)             [e-mail] 
                             20 7399 9815 
 
Laura Thaxter                Tel: [phone]   [e-mail] 
 
 
 
Fishburn Hedges 
 
Paul Farrow / Alastair       Tel: +44 (0)             [e-mail] 
Fairbrother / Ben Lyons      20 7839 4321 
 
 
 
 
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 is an independent global private equity investment firm and an SEC 
registered investment advisor, providing vehicles for institutional investors to 
invest in 
the venture capital and buyout markets in the U.S., Europe, and elsewhere 
through primary partnerships, secondary purchases, and direct investments. The 
HarbourVest 
 
 
team began investing in 1982 and has committed more than $30 billion to 
investments over its 30-year history. Across its global investment platform, 
HarbourVest and its affiliates have more than 230 employees in Boston, London, 
Hong Kong, Tokyo, and Bogotá. 
 
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. 
 
HarbourVest  Global Private  Equity Limited  is registered  with the Netherlands 
Authority  for the Financial Markets as a collective investment scheme which may 
offer  participations  in  The  Netherlands  pursuant  to  article  2:66 of  the 
Financial   Markets  Supervision  Act  (Wet  op  het  financieel  toezicht). 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,  which  is registered with the 
Netherlands  Authority for the Financial Markets and whose registered address is 
at Anson Place, Mill Court, La Charroterie, St Peter Port, Guernsey GY1 1EJ. 
 
 © 2012 HarbourVest Global Private Equity Limited. All rights reserved. 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
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(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: HarbourVest Global Private Equity Limited via Thomson Reuters ONE 
[HUG#1633972]