HarbourVest Global Private Equity Limited Statement re Update of Pending purchase of Conversus Assets

 
TIDMHVPE 
 
10 December 2012 
 
                       HARBOURVEST GLOBAL PRIVATE EQUITY 
                 UPDATE ON PENDING PURCHASE OF CONVERSUS ASSETS 
 
 ·        HVPE's commitment is expected to be approximately $95 million 
 ·        Transaction encompasses the purchase of a mature portfolio of interests 
in more than 200 private equity funds 
 
HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a closed- 
end investment company, today confirmed its participation in the impending 
purchase of the assets of Conversus Capital, L.P. (NYSE Euronext in Amsterdam: 
CCAP) ("Conversus") alongside funds managed by HarbourVest Partners, LLC. 
("HarbourVest") 
 
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 HVPE 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 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 Company's mature 
portfolio with 50% pre-2007 investments has generated $96 million of gross 
realisations in the last 12 months and reduced gearing to 8% and net debt to 
$81 million. Over the past 12 months, HVPE has also made $110 million of new 
commitments. 
 
As the Chairman of the Board noted in HVPE's interim accounts the Company is 
progressing discussions to extend the current facility beyond its maturity in 
December 2014, and the Company expects to make a further announcement in due 
course. 
 
The transaction is expected to close on December 31. 
 
 
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 firm that invests in venture 
capital, buyout, mezzanine debt, and other private debt through primary 
partnerships, secondary purchases, and direct co-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. 
 
 
 
 
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     originality of the information contained therein. 
 
Source: HarbourVest Global Private Equity Limited via Thomson Reuters ONE 
[HUG#1663848]