HARBOURVEST HVGPE ESTIMATED NAV AT 31 OCTOBER 2014 IS $15.26 PER SHARE, A 1% INCREASE FROM 30 SEPTEMBER
GEARING REMAINS AT ZERO; HVPE REDUCED ITS CREDIT FACILITY FROM $500 MILLION TO $300 MILLION DURING OCTOBER
HVPE INCREASED ITS COMMITMENT TO HARBOURVEST GLOBAL ANNUAL FUND BY 18%
THE COMPANY RECEIVED $42 MILLION IN REALISATIONS DURING OCTOBER; THE LARGEST SOURCES INCLUDED LIQUIDITY EVENTS FOR THREE OF HVPE'S TEN LARGEST UNDERLYING HOLDINGS AT
31 JULY 2014 ON 15 OCTOBER 2014, HVPE DISTRIBUTED $20 MILLION TO SHAREHOLDERS VIA A COMPULSORY SHARE REDEMPTION AT 31
AUGUST 2014 NAV OF $15.32 PER SHAREHarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a closed-end investment company, today announces its estimated Net Asset Value ("NAV") at 31
October 2014.
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.
CommitmentsIn October 2014, HVPE increased its commitment to HarbourVest Global Annual Fund by
$15.0 million, bringing the total commitment to $100.0 million. The Global Annual Fund is a balanced fund focused on investment in a combination of primary fund, secondary, and direct co-investments in North America (70%), Europe (20%), and the rest of the world (10%). The Company continued to benefit from ongoing investments made by the actively- investing HarbourVest funds in its portfolio. At 31 October 2014, the Investment Pipeline
of future commitments was $800.7 million, reflecting HVPE's forward commitment
strategy.
InvestmentDuring October, HVPE invested $20.2 million in HarbourVest U.S. and global fund-of- funds, secondary funds, and a direct co-investment fund. HVPE's Investment Portfolio is highly diversified by stage, phase, geography, strategy, and industry.
GrowthAt 31 October 2014, HVPE's estimated Net Asset Value (NAV) per share is $15.26, an
$0.11 per share increase from the 30 September 2014 estimate of $15.15. This change resulted primarily from increasing values for publicly-traded holdings and increasing values for private holdings, as a portion of the direct portfolio was revalued to reflect 30
September 2014 results. These were partially offset by negative foreign currency
movements and operating expenses of $0.03 per share.
RealisationHVPE received $42.0 million in realisations during the month, the largest sources of which were a direct co-investment fund and a developing U.S. buyout-focused fund-of-funds,
both of which distributed proceeds from the September 2014 sale of specialised insurance services provider York Risk Services Group (HVPE's largest underlying company holding at 31 July 2014) to Onex Corporation. During October 2014, there were a total of 61 liquidity events across HVPE's underlying portfolio, including 47 M&A transactions and
14 IPOs (including two of HVPE's largest underlying holdings: Wayfair (W) and Zayo
Group (ZAYO)).
Balance Sheet and Credit FacilityHVPE has fully repaid all of its debt to the credit facility. The Company voluntarily reduced the size of the credit facility from $500.0 million to $300.0 million during October to save fees on the unutilised portion. At 31 October, HVPE's cash ($40.0 million) and remaining available credit facility ($300.0 million) total $340.0 million.
Additional detail about HVPE's NAV and investment diversification can be found on
HVPE's website, in the http://www.hvgpe.com/download/pdf/31_Oct_2014_Monthly_Update.pdfMonthly Update for 31 October 2014.
Enquiries:
HarbourVestRichard Hickman Tel: +44 (0) 20 7399 9847 rhickman@harbourvest.com
Laura Thaxter Tel: +1 (617) 348 3695 lthaxter@harbourvest.com
FishburnGrace Keeling
Ludo Baynham-Herd
Tel: +44 (0) 20 7092 2222 HVPE@thisisfishburn.com
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 300 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 PO Box 156 Frances House Sir William Place St Peter Port Guernsey GY1 4EU.
© 2014 HarbourVest Global Private Equity Limited. All rights reserved.
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