TIDMHVPE
RNS Number : 4320N
HarbourVest Global Priv. Equity Ltd
18 January 2019
18 January 2019
HVPE ANNOUNCES ESTIMATED NAV PER SHARE AT 31 DECEMBER 2018
-- Estimated NAV of $23.03 (GBP18.06) per share, a 1% decrease during December
-- Majority of portfolio updated to reflect estimated year-end 2018 valuations
-- In total, $260 million committed to four HarbourVest-managed funds
-- $79 million invested and $50 million of distributions received during month
-- Borrowing remains at zero; cash on balance sheet decreased to $162 million
-- US dollar share price quote added to London Stock Exchange;
effective 10 December, ticker: HVPD
HarbourVest Global Private Equity Limited ("HVPE" or the
"Company"), a closed-end investment company, today announces its
estimated Net Asset Value ("NAV") at 31 December 2018.
HVPE provides a complete private equity solution for public
investors, managing the portfolio through four phases of the
private equity cycle to create value: Commitments, Investment,
Growth, and Realisation.
Commitments
During December, HVPE committed $260.0 million to four
HarbourVest-managed funds. This included additional commitments of
$155.0 million to a US focused buyout fund-of-funds (now $230.0
million in total), $20.0 million to a US focused micro buyout fund
(now $40.0 million in total), and $55.0 million to a US venture
focused fund (now $115.0 million in total). There was also a
commitment of $30.0 million to a secondary deal through a
HarbourVest secondary co-investment fund.
HVPE's Investment Pipeline (unfunded commitments) of $1.58
billion increased on a net basis by $180.9 million during December
based on the new HarbourVest fund commitments, capital funded, and
foreign exchange movements.
Investment
December was a strong month for capital calls, with HVPE
investing $79.2 million into HarbourVest funds (compared to $26.3
million in November 2018). The largest investment was for the
secondary co-investment mentioned above.
Growth
At 31 December 2018, HVPE's estimated NAV per share was $23.03
(GBP18.06), a $0.24 decrease in US dollar terms and GBP0.19
decrease in sterling terms from the 30 November 2018 estimate of
$23.27 (GBP18.25). The decrease in the 31 December NAV was largely
due to public market volatility impacting the fund-of-funds as the
portfolio, as in prior years, was updated to reflect the Investment
Manager's estimated year-end valuations. Consistent with past
practice, individual HarbourVest funds have been revalued to take
into account the Q4 public market movements, weighted by industry
sector, and the historical correlation to that fund's NAV.
Therefore, HVPE's December NAV per share already reflects the
Investment Manager's best estimate of the impact of the market
declines seen in the last quarter of 2018.
Realisation
HVPE received $50.1 million of distributions from HarbourVest
funds during December 2018, compared to $7.3 million in November
2018. The largest source of proceeds in the month was from a 2016
vintage global direct co-investment fund. During December, there
were a total of 25 liquidity events across HVPE's underlying
portfolio compared to November's 20 events, and a last 12-month
average of 35.
Balance Sheet and Credit Facility
HVPE currently has no drawings on its credit facility. At 31
December 2018, HVPE's cash ($162.4 million) and available credit
($500.0 million) totalled $662.4 million.
Post 31 December, on 4 January 2019, HVPE announced the
commencement of a new, enlarged $600.0 million credit facility with
an initial term to January 2026. The facility is structured as a
five-year evergreen with a two-year initial no-notice
provision.
Additional detail about HVPE's NAV and investment
diversification can be found on HVPE's website, in the Monthly
Update for 31 December 2018.
Enquiries:
HVPE
Richard Hickman Tel: +44 (0)20 7399 rhickman@harbourvest.com
9847
Charlotte Edgar Tel: +44 (0)20 7399 cedgar@harbourvest.com
9826
HarbourVest Partners
Alicia Sweeney Tel: +1 (617) 807 acurransweeney@harbourvest.com
2945
MHP Communications
Charlie Barker / Tel: +44(0)20 3128 hvpe@mhpc.com
Tim Rowntree / Kelsey 8100
Traynor
Notes to Editors:
About HarbourVest Global Private Equity Limited:
HarbourVest Global Private Equity Limited ("HVPE" or the
"Company") is a Guernsey-incorporated, closed-end investment
company which is listed on the Main Market of the London Stock
Exchange and is a constituent of the FTSE 250 index. HVPE is
designed to offer shareholders long-term capital appreciation by
investing in a private equity portfolio diversified by geography,
stage of investment, vintage year, and industry. The Company
invests in and alongside HarbourVest-managed funds which focus on
primary fund commitments, secondary investments and direct
co-investments in operating companies. HVPE's investment manager is
HarbourVest Advisers L.P., an affiliate of HarbourVest Partners,
LLC, an independent, global private markets asset manager with more
than 35 years of experience.
About HarbourVest Partners, LLC:
HarbourVest is an independent, global private markets asset
manager with more than 35 years of experience and more than $50
billion in assets under management. The Firm's powerful global
platform offers clients investment opportunities through primary
fund investments, secondary investments, and direct co-investments
in commingled funds or separately managed accounts. HarbourVest has
more than 400 employees, including more than 100 investment
professionals across Asia, Europe, and the Americas. This global
team has committed more than $34 billion to newly-formed funds,
completed over $19 billion in secondary purchases, and invested
over $8 billion directly in operating companies. Partnering with
HarbourVest, clients have access to customised solutions,
longstanding relationships, actionable insights, and proven
results.
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.
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, whose registered
address is BNP Paribas House, St Julian's Avenue, St Peter Port,
Guernsey, GY1 1WA
(c) 2019 HarbourVest Global Private Equity Limited. All rights
reserved.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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