HARBOURVEST GLOBAL ESTIMATED NAV IS $16.29 PER SHARE, A 3% INCREASE FROM 31
JANUARY 2015 GEARING REMAINS AT ZERO, AND HVPE HOLDS $136 MILLION OF CASH ON ITS BALANCE SHEET
INVESTMENT PIPELINE OF FUTURE COMMITMENTS IS
$948 MILLION THE COMPANY INVESTED $11 MILLION AND RECEIVED $15 MILLION IN REALISATIONS DURING THE MONTH
HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a closed-end investment company, today announces its estimated Net Asset Value ("NAV") at 31 July
2015.
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.
CommitmentsHVPE did not make any new commitments to HarbourVest Funds during July; meanwhile the Company's existing HarbourVest fund commitments continued to make new investments.
At 31 July 2015
the Investment Pipeline of future commitments was $947.5 million, a
$13.4 million decrease from 30 June 2015 based on capital funded and foreign currency movement.
InvestmentDuring July, HVPE invested $10.7 million primarily in HarbourVest U.S., global, and international fund-of-funds.
GrowthAt 31 July 2015
HVPE's estimated Net Asset Value (NAV) per share is $16.29, a $0.07
per share decrease from the 30 June 2015 estimate of $16.36. This change resulted primarily from negative foreign currency movement and operating expenses of $0.02 per share.
RealisationHVPE received $15.2 million in realisations during July, the largest sources of which were U.S. buyout and venture focused fund-of-funds HarbourVest VIII Buyout and HarbourVest VII Venture and global secondary fund Dover VII. During the month, there were a total of
38 liquidity events across HVPE's underlying portfolio (compared to 52 in June 2015),
including 28 M&A transactions and 10 IPOs.
Balance Sheet and Credit FacilityHVPE has fully repaid all of its debt to the credit facility. At 31 July 2015, HVPE's cash
($135.9 million) and remaining available credit facility ($300.0 million) total
$435.9 million.
Additional detail about HVPE's NAV and investment diversification can be found on
HVPE's website, in the Monthly Update for 31 July 2015.
Enquiries:
HarbourVestRichard Hickman Tel: +44 (0) 20 7399 9847 rhickman@harbourvest.com
Laura Thaxter Tel: +1 (617) 348 3695 lthaxter@harbourvest.com
FishburnDel Jones
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 Partners, LLC is an independent private markets specialist, providing investment programs and customized solutions focused on venture capital, buyout, mezzanine debt, credit, and real assets through primary fund investments, secondary purchases, and direct co-investments. HarbourVest has more than 300 employees in Asia, Europe, Latin America, and North America. In more than 30 years of investing in private equity, the team has committed more than $29 billion to newly-formed funds, completed over $12 billion in secondary purchases, and invested $4 billion directly in operating
companies. The firm's clients include pension funds, endowments, foundations, and financial institutions around the globe.
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.
© 2015 HarbourVest Global Private Equity Limited. All rights reserved.
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