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

 
TIDMHVPE 
 
18 December 2012 
 
  HARBOURVEST GLOBAL PRIVATE EQUITY NET ASSET VALUE INCREASES $0.09 PER SHARE 
 ·      ESTIMATED NAV AT 30 NOVEMBER IS $962.2 MILLION ($11.63 PER SHARE), A 
0.8% INCREASE FROM 31 OCTOBER 
 ·      IN DECEMBER, HVPE CONFIRMED ITS APPROXIMATE $95 MILLION COMMITMENT TO THE 
PENDING PURCHASE OF THE ASSETS OF CONVERSUS CAPITAL, L.P. (CCAP) 
 ·      HVPE WAS $0.6 MILLION CASH FLOW POSITIVE DURING NOVEMBER AND IS $75.7 
MILLION CASH FLOW POSITIVE FOR THE FINANCIAL YEAR SINCE 31 JANUARY 
 ·      HVPE HAS REPAID $66 MILLION (NET OF BORROWING) OF ITS CREDIT FACILITY AND 
REDUCED GEARING FROM 16% TO 8% SINCE 31 JANUARY 2012 
 ·      THERE WERE 35 M&A EVENTS AND THREE IPOS WITHIN HVPE'S UNDERLYING 
PORTFOLIO DURING NOVEMBER 2012 
 
HarbourVest Global Private Equity Limited ("HVPE" or the "Company), a closed-end 
investment company, today announces its estimated Net Asset Value ("NAV") at 30 
November 2012. 
Net Asset Value and Absolute Valuation 
At the end of November, HVPE's estimated NAV per share is $11.63, a $0.09 per 
share (0.8%) increase from 31 October 2012.  This change mainly reflects 
increases in the value of privately-held investments as the portfolio was re- 
valued to reflect 30 September 2012 results and increases in the value of 
publicly-held companies, which were partially offset by ongoing operating 
expenses. 
 
At 30 November 2012, HVPE is valuing the Absolute portfolio at a 35% increase 
over the purchase price (including dividends received since closing). 
 
 
 
Balance Sheet and Commitments 
During the month, HVPE invested $10.7 million in in U.S. and international fund- 
of-funds, a direct fund, and a secondary fund (compared to $6.0 million in 
October 2012) and received $11.3 million of realisations from U.S. fund-of-funds 
and direct funds and a secondary fund (compared to $11.8 million in October 
2012), resulting in net positive cash flows of $0.6 million. HVPE is 
$75.7 million cash flow positive for the financial year since 31 January. 
During November 2012, there were a total of 38 liquidity events across HVPE's 
underlying portfolio, including 35 M&A transactions and three IPOs. 
 
In December 2012, HVPE confirmed its participation in the impending purchase of 
the assets of Conversus Capital, L.P. (CCAP) alongside HarbourVest-managed 
funds. 
 
HVPE will take a direct stake of approximately $95 million and also have an 
interest of approximately $12 million through other existing commitments to 
HarbourVest-managed funds. This transaction demonstrates the investment 
manager's ability to access and execute complex transactions for the benefit of 
the Company's shareholders.  This transaction is expected to add approximately 
$0.20 to HVPE's NAV per share. 
 
Conversus, like HVPE, is a listed private equity fund and is the largest 
publicly-traded portfolio of third party private equity funds globally, with a 
mature, broadly diversified portfolio of over 200 private equity fund 
interests.  In July 2012, HarbourVest Partners, LLC announced a definitive 
agreement, through an acquisition vehicle, to acquire Conversus's portfolio 
of private equity fund interests and direct co-investments for $1.4 billion. The 
underlying portfolio is diversified by vintage, geography, and industry and will 
thus complement HVPE's diversified portfolio. 
 
The Company's investment will be held through an acquisition vehicle and will be 
financed through the use of HVPE's existing $500 million credit facility. 
HVPE's strong balance sheet enables it to participate in opportunistic 
situations at a low cost of finance.  Pro forma debt will rise to approximately 
$195 million and gearing to 20% following completion of the transaction.  This 
level is similar to the high point in September 2011 following the success of 
the Absolute Private Equity take private transaction. The Conversus transaction 
is expected to close on 31 December 2012. 
 
Credit Facility 
 
At 30 November 2012, a total of $87.5 million is outstanding on HVPE's credit 
facility, which is unchanged from 31 October 2012. 
Additional detail about HVPE's NAV and investment diversification can be found 
on HVPE's website, in the Monthly Update for 30 November 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, Bogotá, and Beijing. 
 
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 
Thomson Reuters clients. The owner of this announcement warrants that: 
(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#1665753]