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

 
TIDMHVPE 
 
 
   15 July 2013 
 
   HARBOURVEST GLOBAL PRIVATE EQUITY ANNOUNCES ESTIMATED NET ASSET VALUE AT 
30 JUNE 2013 
 
   --      ESTIMATED NAV IS $12.59 PER SHARE 
 
   --      HVPE COMMITTED AN ADDITIONAL $30 MILLION TO DOVER VIII, 
INCREASING ITS TOTAL COMMITMENT TO THE GLOBAL SECONDARY FUND BY $120 
MILLION DURING THE FINANCIAL YEAR 
 
   --      HVPE HAS EXPERIENCED TEN CONSECUTIVE MONTHS OF POSITIVE CASH 
FLOWS AND IS $54 MILLION CASH FLOW POSITIVE DURING THE FIRST FIVE MONTHS 
OF THE FINANCIAL YEAR 
 
   --      CURRENT LEVEL OF GEARING IS 10% DOWN FROM 15% AT 31 JANUARY 2013 
 
   HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a 
closed-end investment company, today announces its estimated Net Asset 
Value ("NAV") at 30 June 2013. 
 
   Net Asset Value and Absolute and Conversus Valuations 
 
   At the end of June, HVPE's estimated NAV per share was $12.59, a $0.01 
per share decrease from 31 May 2013.  This change reflects increases for 
publicly-traded holdings during June, and was offset by negative foreign 
currency movement and ongoing operating expenses. 
 
   At 30 June 2013, HVPE is valuing the Absolute portfolio at a 47% 
increase over the purchase price (including dividends received since 
closing) and the Conversus Capital portfolio at a 26% increase over the 
purchase price (including dividends received since closing). 
 
   Balance Sheet and Commitments 
 
   In June, HVPE invested $14.2 million in U.S. and international 
fund-of-funds and a global secondary fund.  The Company received $39.6 
million of realisations during the month, the largest sources of which 
were the purchases of Absolute Private Equity and Conversus Capital, 
resulting in net positive cash flows of $25.4 million, the tenth 
consecutive month of positive cash flows.  HVPE is $54.2 million cash 
flow positive during the first five months of the financial year. 
During June 2013, there were a total of 38 liquidity events across 
HVPE's underlying portfolio, including 20 M&A transactions and 18 IPOs. 
 
   During the month, HVPE increased its commitment to global secondary fund 
Dover VIII by $30.0 million, increasing the total commitment by $120.0 
million during the financial year to $180.0 million in aggregate.  Dover 
VIII is designed to take advantage of HarbourVest's position as a 
leading buyer of existing private equity assets and participated in the 
December 2012 purchase of the assets of Conversus alongside HVPE. 
 
   Credit Facility 
 
   During June, HVPE repaid $4.0 million against its credit facility, which 
is committed until April 2018 subject to certain covenants.  At 30 June 
2013, a total of $131.4 million is outstanding, which is a $3.0 million 
decrease from 31 May due to the repayment 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 30 June 2013: 
http://www.hvgpe.com/download/pdf/30_Jun_2013_Monthly_Update.pdf . 
 
   Enquiries: 
 
 
 
 
 
HarbourVest 
Stuart Howard             Tel: [phone]   [e-mail] 
Laura Thaxter             Tel: [phone]      [e-mail] 
 
Fishburn Hedges 
Paul Farrow / Alastair    Tel: [phone]   [e-mail]. 
Fairbrother / Ben Lyons                               uk 
 
 
 
 
   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. 
 
 
 
   (c) 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#1716225 
 
 
  http://www.hvgpe.com/