Net Asset Value(s) 16 October 2017

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News Desk 2018
143
Net Asset Value(s)

16 October 2017

HVPE ANNOUNCES ESTIMATED NAV PER SHARE AT 30 SEPTEMBER 2017

  • Estimated NAV of $19.99 (£14.92) per share, a $0.08 decrease during September
  • $36 million invested and $32 million of realisations received during month
  • Borrowing remains at zero; $176 million of cash on balance sheet

HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a closed-end investment company, today announces its estimated Net Asset Value ("NAV") at 30 September 2017.

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 September, HVPE did not make any new commitments to HarbourVest-managed funds. The Company's existing HarbourVest fund commitments continued to make new investments.

HVPE's Investment Pipeline (unfunded commitments) of $1.17 billion decreased on a net basis by $36 million during September based on capital funded and foreign currency movements.

Investment

During September, HVPE invested $36 million (compared to $40 million in August 2017). The largest investment was made to a global multi-strategy fund-of-funds.

Growth

At 30 September 2017, HVPE's estimated NAV per share was $19.99 (£14.92), a $0.08 decrease in USD terms and a £0.60 decrease in sterling terms from the 31 August 2017 estimate of $20.07 (£15.52). The 0.4% decrease for HVPE in US dollar terms compares to the FTSE All-World increase of 1.8% during September. The decrease in the 30 September NAV resulted mainly from the receipt of final 30 June valuations from the underlying partnership funds, negative foreign currency movement, and operating expenses of $0.04 per share. This was partially offset by increasing valuations for publicly-traded companies. The GBP/USD rate as of 30 September 2017 was 1.3398, while the rate at 31 August 2017 was 1.2930.

Realisation

HVPE received $32 million in realisations from HarbourVest funds during September, compared to $19 million in August. The largest sources of realisations included a global secondary fund and a global multi-strategy fund-of-funds. During the month, there were a total of 45 liquidity events across HVPE's underlying portfolio.

Balance Sheet and Credit Facility

HVPE currently has no drawings on its credit facility. At 30 September 2017, HVPE's cash ($176 million) and available credit ($500 million) totalled $676 million.

Additional detail about HVPE's NAV and investment diversification can be found on HVPE's website, in the Monthly Update for 30 September 2017 .

Enquiries:

HVPE      
Richard Hickman Tel: +44 (0)20 7399 9847  rhickman@harbourvest.com
Charlotte Edgar Tel: +44 (0)20 7399 9826 cedgar@harbourvest.com
HarbourVest Partners    
Laura Thaxter Tel: +1 (617) 348 3695 lthaxter@harbourvest.com
MHP Communications    
Charlie Barker / Mark Lunn / Kelsey Traynor  Tel: +44(0)20 3128 8100 hvpe@mhpc.com

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 $45 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 $32 billion to newly-formed funds, completed over $18 billion in secondary purchases, and invested over $7 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 Ground Floor Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 2HT.

© 2017 HarbourVest Global Private Equity Limited. All rights reserved.

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