HarbourVest Global Private Equity Limited Harbourvest Global Private Equity Limited : Net Asset Value(s)
15 January 2014 - 8:00PM
UK Regulatory
TIDMHVPE
15 January 2014
HARBOURVEST GLOBAL PRIVATE EQUITY ESTIMATED NET ASSET VALUE INCREASES
11% FROM 31 JANUARY 2013
-- ESTIMATED NAV INCREASES $0.23 PER SHARE (2%) TO $13.85 FROM 30 NOVEMBER
2013 ESTIMATE OF $13.62
-- HVPE IS $95 MILLION CASH FLOW POSITIVE DURING THE FIRST ELEVEN MONTHS OF
THE FINANCIAL YEAR
-- THE CURRENT LEVEL OF GEARING IS 8%, DOWN FROM 15% AT THE BEGINNING OF THE
FINANCIAL YEAR
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 2013.
Net Asset Value
At the end of December, HVPE's estimated NAV per share was $13.85, a
$0.23 per share increase (2%) from the 30 November 2013 estimate of
$13.62 and a $1.39 per share (11%) increase from 31 January 2013. This
change was driven primarily by valuation uplifts. Consistent with prior
December month-ends, the entire portfolio reflects the investment
manager's preliminary estimate of year-end 2013 valuation changes.
Balance Sheet and Commitments
During December, HVPE invested $37.6 million in U.S. and international
fund-of-funds and a secondary fund. It received $55.8 million of
realisations, the largest sources of which were the 2011 co-investment
in Absolute Private Equity, the 2012 co-investment in Conversus, and a
developing U.S. buyout-focused fund-of-funds. This resulted in net
positive cash flows of $18.2 million. With positive cash flows during
nine of the last eleven months, HVPE is $95.0 million cash flow positive
during the first eleven months of the financial year. During December
2013, there were a total of 47 liquidity events across HVPE's underlying
portfolio, including 36 M&A transactions and 11 IPOs.
Credit Facility
During December, HVPE repaid $18.0 million against its credit facility,
which is committed until April 2018 subject to certain covenants. At 31
December 2013, a total of $105.4 million is outstanding, which is a
$17.0 million decrease from 30 November 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 31 December 2013:
http://www.hvgpe.com/download/pdf/31_Dec_2013_Monthly_Update.pdf .
Enquiries:
HarbourVest
Stuart Howard Tel: +44 (0) 20 7399 9815 showard@harbourvest.com
Laura Thaxter Tel: +1 (617) 348 3695 lthaxter@harbourvest.com
Fishburn Hedges
Paul Farrow / Alastair Tel: +44 (0) 20 7839 4321 HVPE@fishburn-hedges.co.
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) 2014 HarbourVest Global Private Equity Limited. All rights reserved.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: HarbourVest Global Private Equity Limited via Globenewswire
HUG#1754719
http://www.hvgpe.com/
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