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

 
TIDMHVPE 
 
15 February 2013 
 
    HARBOURVEST GLOBAL PRIVATE EQUITY NET ASSET VALUE INCREASES 6% OVER THE 
                                 FINANCIAL YEAR 
 ·      ESTIMATED NAV AT 31 JANUARY 2013 IS $1,002 MILLION ($12.12 PER SHARE), A 
1.6% INCREASE FROM 31 DECEMBER 2012 AND A 6.1% INCREASE SINCE 31 JANUARY 2012 
 
 ·      HVPE WAS $7 MILLION CASH FLOW POSITIVE DURING JANUARY AND IS $97 MILLION 
CASH FLOW POSITIVE FOR THE FINANCIAL YEAR SINCE 31 JANUARY 2012 (EXCLUDING THE 
PURCHASE OF THE ASSETS OF CONVERSUS IN DECEMBER) 
 
 ·      HVPE REPAID $16 MILLION OF ITS CREDIT FACILITY DURING JANUARY; CURRENT 
LEVEL OF GEARING (POST CONVERSUS) IS 16% 
 
 ·      SHARE PRICE OF $8.70 (EURONEXT) IS HIGHEST SINCE JUNE 2009; $8.66 (LSE) 
IS HIGHEST SINCE LISTING 
 
 
HarbourVest Global Private Equity Limited ("HVPE" or the "Company), a closed-end 
investment company, today announces its estimated Net Asset Value ("NAV") at 31 
January 2013. 
Net Asset Value and Absolute Valuation 
At the end of January, HVPE's estimated NAV per share is $12.12, a $0.19 per 
share (1.6%) increase from 31 December 2012 and a 6.1% increase during the 
financial year ended 31 January 2013.  This change resulted primarily from 
increases in the value of publicly-traded holdings and a valuation increase for 
Absolute Private Equity Ltd. (Absolute), as well as positive foreign currency 
movement.  The value of the majority of HVPE's privately-held companies 
continues to reflect the investment manager's preliminary estimate of year-end 
2012 valuations.  The gain was partially offset by ongoing operating expenses. 
 
 
At 31 January 2013, HVPE is valuing the Absolute portfolio at a 40% increase 
over the purchase price (including dividends received since closing). 
 
Balance Sheet and Commitments 
During January, HVPE invested $4.1 million in U.S. and international fund-of- 
funds, compared to $29.4 million invested during December 2012 (excluding the 
purchase of the Conversus assets).  The Company received $11.2 million of 
realisations from U.S. fund-of-funds and a direct fund (compared to $43.3 
million received in December 2012), resulting in net positive cash flows of 
$7.1 million.  This is the fifth consecutive month of positive cash flows to and 
from HarbourVest funds, and HVPE is $96.7 million cash flow positive for the 
financial year ended 31 January 2013.  During January, there were a total of 25 
liquidity events across HVPE's underlying portfolio, including 21 M&A 
transactions and four IPOs. 
 
Credit Facility 
 
During January, HVPE repaid $16.0 million against its $500 million credit 
facility.  At 31 January 2013, a total of $161.7 million is outstanding, a $15.6 
million decrease from 31 December 2012 due to the amount repaid and foreign 
currency movement. 
 
Additional detail about HVPE's NAV and investment diversification can be found 
on HVPE's website, in the Monthly Update for 31 January 2013. 
 
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 more than 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. 
 
 © 2013 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#1678454]