REG - HarbourVest Global - Notice of Changes to Board & Investment Committee

Harbourvest Global Private EquityAnnouncement

01/02/2024 07:15

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RNS Number : 6065B  HarbourVest Global Priv. Equity Ltd  01 February 2024

 

 

 

1 February 2024

 

 

HARBOURVEST GLOBAL PRIVATE EQUITY LIMITED

 

("HVPE" or the "Company")

 

Notice of changes to HVPE Board and Investment Committee composition

 

·    HVPE to have fully independent Board from July 2024 AGM

·    HarbourVest Managing Directors Carolina Espinal and Richard Hickman
to join HVPE Investment Committee

 

HVPE, a FTSE 250 investment company with global exposure to private companies,
managed by HarbourVest Partners, today announces two changes to its governance
structure.

 

Board composition

 

The Board and Investment Manager have noted the feedback received from
shareholders and other stakeholders in recent months. Alongside today's
announcement of a new distribution policy, the Board is pleased to announce
that from the July 2024 AGM, all directors will be fully independent of the
Investment Manager. HarbourVest Managing Director Carolina Espinal, who has
served as a Non-Executive Director on the HVPE Board since July 2019, has
decided not to stand for re-election in July 2024. The HVPE Chair and Board
are grateful to Carolina for her valuable contribution over the last several
years.

 

Investment Committee membership

 

While Carolina's role as a Non-Executive Director will come to an end, the
HVPE Board is pleased that she has undertaken to continue to support HVPE by
means of being a non-voting participant at relevant Board meetings alongside
fellow HarbourVest Managing Director Richard Hickman. Furthermore, both
Carolina and Richard, with effect from 1 February 2024, will join the HVPE
Investment Committee as full members alongside the two existing members:
HarbourVest Managing Director and Executive Management Committee member John
Toomey, and HarbourVest Managing Director and Chief Investment Officer Greg
Stento.

 

Conclusion

 

The HVPE Board and Investment Manager believe strongly that these measures
represent further improvements to the established corporate governance and
investment decision-making structures which have served HVPE well. In the ten
years to 31 December 2023, HVPE has delivered a share price total return of
273% in sterling, equivalent to 14% on an annualised basis, as reported in the
recent estimated NAV per share monthly update.

 

Ed Warner, Chair of HVPE, commented:

"Together with the new distribution policy announced separately today, these
changes represent a comprehensive package of measures taken in response to
recent shareholder feedback. Board independence is an increasingly important
area of focus for investors and I am confident that HVPE will be viewed as
having adopted best practice in this regard.

 

"HVPE's investment process will be strengthened by the inclusion of Carolina
and Richard as full members of the HVPE Investment Committee. The Board will
continue to benefit from Carolina's knowledge and expertise as Head of
European Primary investing at HarbourVest, and welcomes the prospect of an
increased level of input from Richard at the decision-making level, given the
considerable specialised experience he has gained during almost ten years at
HarbourVest, focusing on HVPE. Continued active engagement between the Board
and the expanded HVPE Investment Committee will ensure that HVPE benefits
further from the combined skills and experience of the four Committee members
across the public and private markets, with a view to securing the best
possible outcome for shareholders over the long term."

 

- ENDS -

LEI: 213800NBWV6WWV8TOL46

 

Enquiries:

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