HARBOURVEST GLOBAL - Record $187 million of realisations received during six-month financial period
- Largest exits see 37% uplift on carrying value at realisation
- Net asset value per share was $16.84, a 6% increase from 31 January 2015
- Gearing remains at zero; $136 million of cash on Balance Sheet
- HVPE's ordinary shares were successfully admitted to the Main Market of the London Stock Exchange on 9 September 2015
- Credit facility increased to $500 million in September 2015
HarbourVest Global Private Equity Limited ('HVPE' or the 'Company'), a closed-end investment company listed on the London Stock Exchange and Euronext Amsterdam, today announces its unaudited results for the six-month financial period ended 31 July 2015.
In the six months to July, HVPE received a record $187 million of realisations from
HarbourVest funds and is on pace to meet the $356 million r financial year.
ceived during the last
Sir Michael Bunbury, Chairman of HVPE, said:
'I am pleased to report a strong set of results, with record realisations and solid NAV growth. We are seeing the benefits of a consistent forward commitment strategy and are confident about the outlook based on our diverse portfolio and range of investment opportunities.
'The Company's shares are now trading on London's Main Market and we hope this will broaden its appeal with investors seeking exposure to high performing private equity funds.'
HVPE provides a complete private equity solution for investors by managing the portfolio through four phases of the private equity cycle to create value: Commitments, Investment, Growth, and Realisation (Mature).
During the financial period ended 31 July 2015, HVPE committed $329 million to newly- formed HarbourVest funds, including U.S. and international fund-of-funds, a global balanced fund, and a North American venture fund-of-funds. At 31 July, the Investment Pipeline of future commitments was $948 million (56% allocated), reflecting HVPE's forward commitment strategy.
InvestmentDuring the financial period, the Company invested $112 million in HarbourVest funds, which in turn made new primary fund, secondary, and direct co-investments. HVPE's Investment Portfolio is highly diversified by stage, phase, geography, and strategy.
At 31 July 2015, HVPE's Net Asset Value ('NAV') was $1,345 million, or $16.84 per share, a 6% increase from 31 January 2015 ($15.86). Growth across the Investment Portfolio was driven by ongoing liquidity events and increasing valuations. By strategy, the growth equity and buyout portfolios outperformed early stage venture; by geography, Europe outperformed other regions.
HVPE received $187 million of realisations from HarbourVest funds during the financial period and expects to fund its ongoing commitments using the cash received. Liquidity events continued over the prior financial period, with buyout-backed IPOs outpacing venture-backed offerings. M&A events were steady across strategies. The largest realisations within the Investment Portfolio were achieved at an uplift to carrying value of 37%.
HVPE's balance sheet strength and flexibility is supported by its $300 million credit facility, which was increased to $500 million in September 2015. The Company has repaid all of its borrowings on the credit facility, and gearing remains at zero. At 31 July 2015, HVPE's cash ($136 million) and remaining available credit facility ($300 million) total
$436 million.
HVPE's Semi-Annual Report and Consolidated Financial Statements provide further detail on:
The results for the six-month financial period ended 31 July 2015
- Commitments - HVPE's commitments to newly-formed HarbourVest funds and the Investment Pipeline
- Investment - Cash invested in HarbourVest funds and HVPE's HarbourVest funds' ongoing commitments
- Growth - Investment Portfolio review and growth
- Realisation (Mature) - Realisations received and liquidity events
Managing a Listed Private Equity Company - Balance Sheet Management and Commitment Ratios
Market Review and Recent Events
HVPE's Semi-Annual Report and Financial Statements can be found on HVPE's website, in the Semi-Annual Report - Period Ending 31 July 2015.
Enquiries:
Richard Hickman Tel: +44 (0) 20 7399 9847 rhickman@harbourvest.com
Laura Thaxter Tel: +1 (617) 348 3695 lthaxter@harbourvest.com
Del Jones
Ludo Baynham-Herd
Tel: +44 (0) 20 7092 2222 HVPE@thisisfishburn.com
Notes to Editors:
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.
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 $30 billion to newly-formed funds, completed over $13 billion in secondary purchases, and invested $5 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 jurisdic tion 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 requireme nts 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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