HarbourVest Global Private Equity Limited announced a $100 million increase to its multi-currency credit facility. This takes the total size from $700 million to $800 million. The additional $100 million was arranged by Credit Suisse AG London Branch and is being provided by The Guardians of New Zealand Superannuation, a Crown entity established to manage the New Zealand Superannuation Fund. This complements the existing US$400 million provided by Credit Suisse and $300 million provided by Mitsubishi UFJ Trust Banking Corporation, acting through its New York Branch. There are no changes to the key terms of the Facility as announced to the market on4 January 2019. The Facility is structured as a five-year evergreen, giving it a guaranteed term of five years. The lenders are able to serve notice, but this must be a minimum of five years. Credit Suisse continues as agent.
The enlarged Facility will provide further support to HVPE's unfunded commitments as the Company continues to grow. As reported on 21 July 2022, HVPE held cash and cash equivalents of $250 million at 30 June 2022. As of the date of this announcement, the Facility remains undrawn.