REG - HarbourVest Global - Net Asset Value(s)

Harbourvest Global Private EquityAnnouncement

21/07/2022 07:00

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RNS Number : 1897T  HarbourVest Global Priv. Equity Ltd  21 July 2022

 

 

21 July 2022

 

 

HVPE ESTIMATED NAV PER SHARE UPDATE AT 30 JUNE 2022

 

·   Estimated NAV per share of $48.22 (£39.59); up 1.5% in US dollar terms
over the month

o 8% of Investment Portfolio (public company holdings) valued at 30 June 2022

o 90% valued at 31 March 2022, with remaining 2% valued at 31 December 2021

·    Positive cash flow during the month, with a net $9 million received

 

HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a FTSE
250 investment company with global exposure to private companies, managed by
HarbourVest Partners, today announces its estimated Net Asset Value ("NAV") at
30 June 2022.

 

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 June, HVPE committed $115 million to two HarbourVest-managed funds.
This included additional commitments of $25 million to a global direct
co-investment fund and $90 million to an Asia-focused multi-strategy fund of
funds. One of HVPE's earlier commitments to a secondary co-investment
transaction was scaled back by $10 million to $25 million during the month. At
30 June 2022, HVPE's Investment Pipeline (unfunded commitments) totalled $2.8
billion. The new commitments, alongside foreign exchange rate movements, and
minus capital funded, contributed to a net increase of $42 million from the
prior month.

 

Investment

During June, HVPE invested $62 million into HarbourVest funds (compared to $53
million in May 2022). The largest individual investment during the month was
made to a 2021 vintage global multi-strategy fund of funds.

 

Growth

At 30 June 2022, HVPE's estimated NAV per share was $48.22 (£39.59), compared
to the 31 May 2022 estimate of $47.49 (£37.68). This represents a 1.5%
increase in US dollar terms over the previous month. The growth over the
period came from an increase in the value of the funds of funds as the
remainder were updated with Q1 2022 valuations (see breakdown below).

 

The valuation breakdown of the HVPE portfolio as reported here is as follows:
8% actual 30 June 2022 (representing the public companies in the portfolio);
90% actual 31 March 2022, and 2% actual 31 December 2021. Consistent with
previous estimated NAV reports, valuations are also adjusted for foreign
exchange movements, cashflows, and any known material events to 30 June 2022.

 

 

Realisation

HVPE received distributions of $71 million from HarbourVest funds during June
2022

(there were zero distributions in May 2022). The largest source of proceeds
came from a

2015 vintage US-focused buyout fund of funds. During June, there were a total
of 28 M&A transactions and IPOs across HVPE's underlying portfolio
compared to May's 18, and a last 12-month average of 33.

 

Balance Sheet and Credit Facility

At 30 June 2022, HVPE had the full $700 million available on its credit
facility. Borrowing at the HarbourVest fund level amounted to $540 million, an
increase of $50 million from the previous month. HVPE's cash and cash
equivalents ($250 million) and available credit ($700 million) totalled $950
million.

 

Additional detail about HVPE's NAV and investment diversification can be found
on HVPE's website, in the Monthly Update for 30 June 2022
(https://www.hvpe.com/media/sxbf5y3e/30-june-2022-monthly-update.pdf) .

 

The HVPE team is here to discuss any questions you may have, so please do not
hesitate to contact Richard Hickman or Charlotte Edgar using the contact
details below.

 

 

Enquiries:

 Shareholders
 Richard Hickman         Tel: +44 (0)20 7399 9847    rhickman@harbourvest.com
 Charlotte Edgar         Tel: +44 (0)20 7399 9826    cedgar@harbourvest.com

 Media
 HarbourVest Partners
 Lily Cabianca           Tel: +44 (0)20 7151 4261    lcabianca@harbourvest.com

 MHP Communications
 Charlie Barker /        Tel: +44 (0)20 3128 8540    hvpe@mhpc.com

 Robert Collett-Creedy

 

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 40
years of experience.

 

 

 

 

 

 

About HarbourVest Partners, LLC:

HarbourVest is an independent, global private markets firm with 40 years of
experience and more than $98 billion of assets under management as of March
31, 2022. Our interwoven platform provides clients access to global primary
funds, secondary transactions, direct co-investments, real assets and
infrastructure, and private credit. Our strengths extend across strategies,
enabled by our team of more than 850 employees, including more than 175
investment professionals across Asia, Europe, and the Americas.  Across our
private markets platform, our team has committed more than $51 billion to
newly-formed funds, completed over $41 billion in secondary purchases, and
invested over $28 billion in directly operating companies. We partner
strategically and plan our offerings innovatively to provide our clients with
access, insight, and global opportunities.

 

 

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.

 

Epidemics, Pandemics and Other Health Risks - Many countries have
experienced infectious illnesses in recent decades, including swine flu, avian
influenza, SARS and 2019-nCoV (the "Coronavirus"). In December 2019, an
initial outbreak of the Coronavirus was reported in Hubei, China. Since then,
a large and growing number of cases have been confirmed around the world. The
Coronavirus outbreak has resulted in numerous deaths and the imposition of
both local and more widespread "work from home" and other quarantine measures,
border closures and other travel restrictions causing social unrest and
commercial disruption on a global scale. The World Health Organization has
declared the Coronavirus outbreak a pandemic. The ongoing spread of the
Coronavirus has had and will continue to have a material adverse impact on
local economies in the affected jurisdictions and also on the global economy
as cross-border commercial activity and market sentiment are increasingly
impacted by the outbreak and government and other measures seeking to contain
its spread. In addition to these developments having potentially adverse
consequences for underlying portfolio investments of the HarbourVest funds
and the value of the investments therein, the operations of HVPE, the
Investment Manager, and HVPE's portfolio of HarbourVest funds have been, and
could continue to be, adversely impacted, including through quarantine
measures and travel restrictions imposed on personnel or service providers
based around the world, and any related health issues of such personnel or
service providers. Any of the foregoing events could materially and
adversely affect the Investment Manager's ability to source, manage and
divest its investments and its ability to fulfil its investment objectives.
Similar consequences could arise with respect to other comparable infectious
diseases.

 

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 BNP
Paribas House, St Julian's Avenue, St Peter Port, Guernsey, GY1 1WA

 

© 2022 HarbourVest Global Private Equity Limited. All rights reserved.

 

 

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