REG - HarbourVest Global - Net Asset Value(s)

Harbourvest Global Private EquityAnnouncement

22/03/2024 07:00

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RNS Number : 8513H  HarbourVest Global Priv. Equity Ltd  22 March 2024

 

 

 

22 March 2024

 

 

HVPE ESTIMATED NAV PER SHARE UPDATE AT 29 FEBRUARY 2024

 

·    Estimated NAV per share $50.09 (£39.69); increase of 0.9% in US
dollar terms

·    A net $78 million invested in February 2024

·    Uptick in exit activity with 31 M&A transactions and two IPOs,
compared to last 12-month average total of 22, following a positive trend seen
in recent months

·    During February, HVPE was in the market for five days buying back
shares. Over this time, 383,424 ordinary shares were repurchased for a total
consideration of $11.5 million which resulted in a $0.10 accretion to
estimated NAV per share. Post month-end, HVPE has continued to buy back shares

 

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
29 February 2024.

 

 Total Return                   29 Feb 2024  1 year  3 years  5 years  10 years  Inception (2007)
 NAV per share ($)              0%           4%      54%      114%     252%      401%
 Share price total return ($)   -6%          10%     3%       49%      161%      178%
 Share price total return (£)   -6%          5%      13%      56%      244%      343%
 FTSE AW total return ($)       5%           24%     24%      69%      137%      180%

 

 Compound Annual Growth Rate          3 years  5 years  10 years  Inception (2007)
 HVPE NAV                             16%      16%      13%       10%
 HVPE Share Price                     1%       8%       10%       6%
 Share price (£)                      4%       9%       13%       10%
 FTSE AW TR ($)                       7%       11%      9%        7%

 

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 February 2024, no new commitments were made to HarbourVest
funds.

·    The Company's Investment Pipeline (unfunded commitments) decreased by
$89 million from the prior month, following capital called for investments, as
highlighted below, and foreign exchange movements.

·    The Investment Pipeline totalled $2.4 billion at 29 February 2024.

 

Investment

·    A net investor, during February 2024, HVPE invested $89 million into
HarbourVest funds (compared to $7 million in January 2024).

·    The largest individual investment during the month was made to a 2021
vintage US-focused multi-strategy buyout fund.

 

Growth

 As at date   Estimated NAV     Movement vs prior month  Movement vs prior month (£)   Comment

($)
 29 Feb 2024  $50.09 (£39.69)   0.9%                     1.3%                          Driven by valuation gains in the private company portion of the direct funds

(+$0.42)
(+£0.50)                     portfolio, and gains in the public market portion of the fund of funds
                                                                                       portfolio.

 

Consistent with previous estimated NAV reports, valuations are also adjusted
for foreign exchange movements, cash flows, and any known material events to
29 February 2024. The valuation breakdown of the HVPE portfolio as reported
here is as follows:

·    6% actual 29 February 2024 (representing the public companies in the
portfolio).

·    8% actual 31 December 2023.

·    86% actual 30 September 2023.

·    This compares to 6% actual 31 January 2024, 2% actual 31 December
2023 and 92% actual 30 September 2023, used in the 31 January 2024 estimated
NAV per share calculation.

 

Realisation

·    HVPE received distributions of $11 million from HarbourVest funds
during February 2024 (compared to $4 million in January 2024).

·    The largest source of proceeds came from a 2014 vintage international
multi-strategy fund.

·    During February 2024, there were a total of 31 M&A transactions
and two IPOs across HVPE's underlying portfolio.

·    This volume increase continues a trend that we have seen over the
last several months, and compares to January's total number of 26, and
a 12-month average of 22 M&A transactions and IPOs.

 

Balance Sheet and Credit Facility

·    At 29 February 2024, HVPE had $525 million available on its credit
facility.

·    Borrowing at the HarbourVest fund level amounted to $482 million, a
decrease of $26 million from the previous month.

·    HVPE's cash and cash equivalents ($51 million) and available credit
($525 million) totalled $576 million.

 

Additional detail about HVPE's NAV and investment diversification can be found
on HVPE's website, in the Monthly Update for 29 February 2024
(https://www.hvpe.com/media/lvpmwclq/29-february-2024-monthly-update.pdf) .

 

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

 

- ENDS -

LEI: 213800NBWV6WWV8TOL46

 

Enquiries:

 Shareholders
 Richard Hickman         Tel: +44 (0)20 7399 9847    rhickman@harbourvest.com (mailto:rhickman@harbourvest.com)
 Stephanie Hocking       Tel: +44 (0)20 7399 9834    shocking@harbourvest.com (mailto:shocking@harbourvest.com)

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

 MHP
 Charlie Barker /        Tel: +44 7834 623 818       HVPE@mhpgroup.com (mailto:HVPE@mhpgroup.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 over
40 years of experience.

 

About HarbourVest Partners, LLC:

HarbourVest is an independent, global private markets firm with 40 years of
experience and more than $117 billion of assets under management as of
September 30, 2023. 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 1,000 employees, including more than 200
investment professionals across Asia, Europe, and the Americas. Across our
private markets platform, our team has committed more than $58 billion to
newly-formed funds, completed over $50 billion in secondary purchases, and
invested over $37 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.

 

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

 

© 2024 HarbourVest Global Private Equity Limited. All rights reserved.

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