REG - HarbourVest Global - Net Asset Value(s)

Harbourvest Global Private EquityAnnouncement

21/02/2025 07:00

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RNS Number : 9239X  HarbourVest Global Priv. Equity Ltd  21 February 2025

 

 

 

21 February 2025

 

 

HVPE ESTIMATED NAV PER SHARE UPDATE AT 31 JANUARY 2025

 

·    Estimated NAV per share $52.82 (£42.61); increase of 0.8% in US
dollar terms over the previous month.

·    January saw negative cash flow, with a net $20 million invested
during the month.

·    21 M&A transactions and IPOs, compared to last 12-month average
total of 33.

·    Distribution Pool balance was $37.5 million at 31 January.

·    During January, HVPE was in the market for 21 days buying back $15.9
million worth of shares which resulted in a $0.14 accretion to estimated NAV
per share.

·    Since the Board commenced share buybacks in September 2022, a total
of $164 million has been bought back, adding 3.5% to NAV per share. Of this
total, $106 million has been deployed under HVPE's Distribution Pool mechanism
initiated on 1(st) February 2024.

 

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
31 January 2025.

 

 Total Return     YTD                  1 year  3 years  5 years  10 years  Inception (2007)
 NAV per share ($)                 1%  6%      15%      96%      241%      428%
 Share price total return ($)      3%  17%     -8%      41%      168%      235%
 Share price total return (£)      4%  19%     -1%      50%      227%      447%
 FTSE AW total return ($)          3%  21%     29%      73%      168%      225%

 

 Compound Annual Growth Rate          3 years  5 years  10 years  Inception (2007)
 HVPE NAV ($)                         5%       14%      13%       10%
 HVPE Share Price ($)                 -3%      7%       10%       7%
 Share price (£)                      0%       8%       13%       10%
 FTSE AW TR ($)                       9%       12%      10%       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 January 2025, no new commitments were made to HarbourVest
funds.

·    The Company's Investment Pipeline (unfunded commitments) decreased by
$29 million from the prior month, following capital called for investments.

·    The Investment Pipeline totalled $2.5 billion at 31 January 2025.

 

 

Investment

·    During January 2025, HVPE invested $28 million into HarbourVest funds
(compared to $50 million in December 2024).

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

 

Growth

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

($)
 31 January 2025  $52.82 (£42.61)   0.8%                     1.8%                          Driven mainly by Q3 2024 valuation gains in the Fund of Funds portfolio.

(+$0.44)
(+£0.77)

 

Consistent with previous estimated NAV reports, valuations are also adjusted
for foreign exchange movements, cash flows, and any known material events to
31 January 2025. The valuation breakdown of the HVPE portfolio as reported
here is as follows:

 

·    5% actual 31 January 2025 (representing the public companies in the
portfolio).

·    3% actual 31 December 2024

·    91% actual 30 September 2024.

·    1% estimate 30 September 2024.

·    This compares to 5% actual 31 December 2024, 90% actual 30 September
2024 and 5% estimate 30 September 2024, used in the 31 December 2024 estimated
NAV per share calculation.

 

Realisation

·    HVPE received distributions of $8 million from HarbourVest funds
during January 2025. This compares to $4 million distributions received in
January 2024.

·    The largest source of proceeds came from a 2016 vintage global
infrastructure and real assets fund.

·    During January 2025 there were a total of 21 realisations, with 20
M&A transactions and one IPO across HVPE's underlying portfolio (compared
to December's total number of 43 realisations and a 12-month average of 33).

 

Distribution Pool

·    The Distribution Pool balance was $37.5 million at 31 January, which
the Board has indicated will be utilised for share buybacks for the
foreseeable future.

·    Contributions to the Pool during January totalled $1.2 million,
representing 15% of the cash distributions received during the month.
Beginning 1 February 2025, the allocation of cash realisations from HVPE's
portfolio to the Distribution Pool will increase from 15% to 30%.

·    HVPE was in the market for 21 days buying back shares in January.
Over this time, 495,101 ordinary shares were repurchased for a total
consideration of $15.9 million which resulted in a $0.14 accretion to
estimated NAV per share.

·    From 1st February 2024 to 31st January, the Company bought back $106
million of shares, representing 28% of gross distributions received during the
period and adding 1.9% to NAV per share, while the share price increased by
19% over the same period. The Board is continuing to deploy cash from this
Distribution Pool consistently month on month, believing that it will provide
material benefits to shareholders over the long term.

·    Since the Board commenced share buybacks in September 2022, a total
of $164 million has been deployed in this way, adding 3.5% to NAV per share.

 

Balance Sheet and Credit Facility

·    At 31 January 2025, HVPE had $720 million available on its credit
facility.

·    Borrowing at the HarbourVest fund level amounted to $539 million, an
increase of $3 million from the previous month.

·    HVPE's cash and cash equivalents ($123 million) and available credit
($720 million) totalled $843 million.

 

Additional detail about HVPE's NAV and investment diversification can be found
on HVPE's website, in the Monthly Update for 31 January 2025.
(https://www.hvpe.com/media/whinicqj/31-january-2025-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 Stephanie Hocking 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)

 MHP
 James McFarlane/       Tel: +44 7854 142 665       HVPE@mhpgroup.com (mailto:HVPE@mhpgroup.com)

 Matthew Taylor         Tel: +44 7827 662 831

 Media

 HarbourVest Partners                               media@harbourvest.com (mailto:media@harbourvest.com)

 

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
43 years of experience.

 

About HarbourVest Partners, LLC:

HarbourVest is an independent, global private markets firm with over 43 years
of experience and more than $138 billion of assets under management as of
September 30, 2024. 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 1,200 employees, including more than 245
investment professionals across Asia, Europe, and the Americas. Across our
private markets platform, our team has committed more than $61 billion to
newly-formed funds, completed over $59 billion in secondary purchases, and
invested over $43 billion in direct 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

 

© 2025 HarbourVest Global Private Equity Limited. All rights reserved.

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