TIDMHVPE
RNS Number : 8779T
HarbourVest Global Priv. Equity Ltd
20 November 2023
20 November 2023
HVPE ESTIMATED NAV PER SHARE UPDATE AT 31 OCTOBER 2023
-- Estimated NAV per share of $49.08 (GBP40.38); down 0.5% in US dollar terms over the month
o 6% of Investment Portfolio valued at 31 October 2023
(representing the public companies in the portfolio)
o 8% valued at 30 September 2023; remainder 86% valued at 30
June 2023
-- A net $43 million invested in October 2023
HarbourVest Global Private Equity Limited ("HVPE" or the
"Company"), a FTSE 250 investment company with global exposure to
private companies, managed by HarbourVest Partners, today announces
its estimated Net Asset Value ("NAV") at 31 October 2023.
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 October 2023, HVPE made one new commitment to a global
infrastructure and real assets fund. The Company's Investment
Pipeline (unfunded commitments) increased by $24 million from the
prior month, following capital called for investments, as
highlighted below, and foreign exchange movements. The Investment
Pipeline totalled $2.6 billion at 31 October 2023.
Investment
During October 2023, HVPE invested $51 million into HarbourVest
funds (compared to $65 million in September 2023). The largest
individual investment during the month was made to a 2020 vintage
international multi-strategy fund of funds.
Growth
At 31 October 2023, HVPE's estimated NAV per share was $49.08
(GBP40.38), compared to the 30 September 2023 estimate of $49.31
(GBP40.42). This represents a 0.5% decline in US dollar terms over
the previous month and was mainly driven by valuation decreases
from the public market portion of the fund of funds portfolio.
The valuation breakdown of the HVPE portfolio as reported here
is as follows: 6% as at 31 October 2023 (representing the public
companies in the portfolio), 8% actual 30 September 2023 and 86%
actual 30 June 2023. Consistent with previous estimated NAV
reports, valuations are also adjusted for foreign exchange
movements, cash flows, and any known material events to 31 October
2023. This compares to 10% actual 30 September 2023 (reflecting 7%
public company holdings and 3% direct co-investments), and 90%
actual 30 June 2023, used in the 30 September 2023 estimated NAV
per share calculation.
Realisation
HVPE received distributions of $8 million from HarbourVest funds
during October 2023 (compared to $38 million in September 2023).
The largest source of proceeds came from a 2013 vintage global
direct fund.
During October 2023, there were a total of 17 known M&A
transactions and IPOs across HVPE's underlying portfolio, compared
to September's total of 25, and a last 12-month average of 19.
These were broken down into 15 M&A transactions and two
IPOs.
Balance Sheet and Credit Facility
At 31 October 2023, HVPE had $600 million available on its
credit facility. Borrowing at the HarbourVest fund level amounted
to $558 million, an increase of $7 million from the previous month.
HVPE's cash and cash equivalents ($95 million) and available credit
($600 million) totalled $695 million.
Additional detail about HVPE's NAV and investment
diversification can be found on HVPE's website, in the Monthly
Update for 31 October 2023 .
The HVPE team is here to discuss any questions you may have, so
please do not hesitate to contact Richard Hickman using the contact
details below.
-S -
LEI: 213800NBWV6WWV8TOL46
Enquiries:
Shareholders
Richard Hickman Tel: +44 (0)20 7399 rhickman@harbourvest.com
9847
Media
HarbourVest Partners
Lily Cabianca Tel: +44 (0)20 7151 lcabianca@harbourvest.com
4261
MHP
Charlie Barker / Tel: +44 (0)20 3128 HVPE@mhpgroup.com
Robert Collett-Creedy 8540
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 over
40 years of experience.
About HarbourVest Partners, LLC:
HarbourVest is an independent, global private markets firm with
40 years of experience and more than $112 billion of assets under
management as of June 30, 2023. Our interwoven platform provides
clients access to global primary funds, secondary transactions,
direct co-investments, real assets and infrastructure, and private
credit. Our strengths extend across strategies, enabled by our team
of more than 1,150 employees, including more than 220 investment
professionals across Asia, Europe, and the Americas. Across our
private markets platform, our team has committed more than $58
billion to newly-formed funds, completed over $49 billion in
secondary purchases, and invested over $35 billion in directly
operating companies. We partner strategically and plan our
offerings innovatively to provide our clients with access, insight,
and global opportunities.
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) 2023 HarbourVest Global Private Equity Limited. All rights
reserved.
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END
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