HVPE Harbourvest Global Private Equity Limited

 

TIDMHVPE 
 
RNS Number : 6311M 
HarbourVest Global Priv. Equity Ltd 
27 May 2010 
 
 
 
 
 
27 May 2010 
 
 
HARBOURVEST GLOBAL PRIVATE EQUITY SEES 13.7% GROWTH IN NET ASSET VALUE OVER THE 
YEAR ENDED 31 JANUARY 2010 
 
·    Balance sheet strength and financing flexibility increased through NAV 
growth and positive cash flow trends 
·    Diversified portfolio including exposure to venture capital investments 
positions the Company well for growth 
 
HarbourVest Global Private Equity Limited ("HVPE"), a closed-end investment 
company listed on Euronext Amsterdam and the Specialist Fund Market of the 
London Stock Exchange, today announces its audited results for the year ended 31 
January 2010 and the publication of its Annual Report, showing that its net 
asset value ("NAV") rose by 13.7% over the year to 31 January 2010. 
 
As at 31 January 2010, HVPE's NAV was $718.2 million, or $8.65 per share. This 
represents an increase of $1.04 per share over the financial year from 31 
January 2009 ($7.61). 
 
Of the $1.04 increase in NAV per share, $0.44 resulted from HarbourVest U.S. 
fund-of-funds, $0.37 from HarbourVest international fund-of-funds, $0.33 from 
HarbourVest direct funds, and $0.17 from unrealised foreign currency gains. The 
performance of the global secondary fund was neutral, and operating expenses 
resulted in a decrease of $0.27 per share. 
 
Gains for HarbourVest's U.S., international, and direct funds were driven 
primarily by improving public markets, which increased the value of the public 
securities held in the portfolios, as well as the value of comparable public 
companies against which many private company valuations are benchmarked. 
 
 
Portfolio highlights as at 31 January 2010 include: 
·    HVPE's portfolio included commitments to 20 HarbourVest funds at various 
stages of development 
·    HVPE has 63% of NAV invested in primary partnerships, 20% in secondary 
investments, and 17% in direct investments 
·    Reflecting HVPE's portfolio diversification strategy, no single company 
represented more than 3.2% of NAV, and the top 25 companies represented  21% of 
NAV 
·    The portion of NAV represented by the top 25 managers was 30% 
·    HVPE's portfolio was invested 64% in the U.S., 28% in Europe, and 8% in 
Asia Pacific and the rest of the world 
·    During the financial year, HVPE did not make any new commitments to 
HarbourVest funds.  However, the Company benefitted from the ongoing commitments 
made by six of the actively-investing HarbourVest funds in the portfolio, which 
committed $38 million to primary investments and $16 million to secondary and 
direct investments on HVPE's behalf 
·    HVPE's broadly diversified industry allocation is positioned defensively in 
the current economic environment 
 
Commitments and balance sheet highlights as at 31 January 2010 include: 
·    From 1 February 2009 to 31 January 2010, HVPE funded $73.8 million of 
capital calls and received $51.8 million in distributions from HarbourVest 
funds, including  $25.1 million received in the fourth quarter alone 
·    HVPE is 109% invested, compared to 106% at 31 January 2009 
·    Total outstanding unfunded commitments were $623.0 million, down from 
$682.5 million at 31 January 2009 
·    As at 31 January 2010, HVPE had a maximum amount available to be drawn down 
from its $500 million credit facility of $389.0 million, compared to $326.1 
million at 31 January 2009, based on the facility's most restrictive covenants. 
·    HVPE's Commitment Coverage Ratio (coverage of unfunded commitments) 
increased from 52% at 31 January 2009 to 64% at 31 January 2010; and its 
coverage of allocated commitments increased from 72% at 31 January 2009 to 89% 
at 31 January 2010 
 
Post the financial year end, in May 2010, the Company successfully completed 
admission to the Specialist Fund Market of the London Stock Exchange and a 
Secondary Placing and Put Right Offer.  Together, these elements form a 
Liquidity Plan intended to expand the Company's shareholder base and improve 
liquidity. 
 
Also subsequent to the financial year end, in May 2010, the Company approved an 
investment of GBP10.0 million ($14.5 million) in a new HarbourVest fund, 
HarbourVest Senior Loans Europe Limited ("HSLE").  HSLE will invest in existing 
and new senior secured loans to private equity-backed, mid-market companies in 
Europe, including the U.K.  The Company's investment manager believes that the 
HSLE investment provides an attractive opportunity to further diversify the HVPE 
portfolio with fixed income exposure while providing incremental opportunities 
for capital appreciation and current cash earnings. 
 
The Company's Annual Report and Audited Consolidated Financial Statements 
provide further detail on: 
·    Diversification by NAV 
·    Largest managers based on NAV 
·    Largest underlying company investments 
·    Publicly-listed holdings 
·    Currency exposure 
·    Post financial year end events, including the Company's Liquidity Plan and 
investment in HSLE 
 
Conference Call Today 
HVPE will host a conference call and webcast reviewing the Company and these 
results 
for investors and analysts today, Thursday 27 May 2010, at the following time: 
 
17.00 Amsterdam (16.00 London and Guernsey / 11.00 Boston) 
 
The webcast and accompanying presentation materials will be accessible through a 
link on HVPE's web site, www.hvgpe.com, or it will be accessible directly at: 
 
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=217248&eventID= 
111794 
 
The conference call will be accessible via the following numbers: 
0800 917 4860 (United Kingdom) 
 +1 706 643 8563 (International) 
877 770 5750 (U.S. / Canada) 
 
The Conference ID is 77826850. 
 
The webcast and presentation will also be archived on the Shareholders section 
of HVPE's website. 
 
The Annual Report for the year ending 31 January 2010 will be available on 
HVPE's web site, www.hvgpe.com. 
 
 
Enquiries: 
 
+----------------------------+-----------------------+ 
| HVPE                       |                       | 
+----------------------------+-----------------------+ 
| Amanda McCrystal           | Tel: +44 (0) 20 7399  | 
|                            | 9830                  | 
+----------------------------+-----------------------+ 
|                            |                       | 
+----------------------------+-----------------------+ 
| HarbourVest                |                       | 
+----------------------------+-----------------------+ 
| Laura Thaxter              | Tel: +1 (617) 348     | 
|                            | 3695                  | 
+----------------------------+-----------------------+ 
|                            |                       | 
+----------------------------+-----------------------+ 
| Fishburn Hedges            |                       | 
+----------------------------+-----------------------+ 
| Michelle James/Dan         | Tel: +44 (0) 20 7839  | 
| Bradley/Jason Nisse        | 4321                  | 
+----------------------------+-----------------------+ 
| HVPE@fishburn-hedges.co.uk |                       | 
+----------------------------+-----------------------+ 
 
 
Notes to Editors: 
 
About HarbourVest Global Private Equity Limited: 
HarbourVest Global Private Equity Limited ("HVPE") is a Guernsey-incorporated 
closed-end investment company which has a dual listing on both the London Stock 
Exchange and Euronext Amsterdam.  HVPE is registered as an investment 
institution with the Netherlands Authority for the Financial Markets.  HVPE is 
designed to offer shareholders long-term capital appreciation by investing in a 
private equity portfolio diversified by geography, by stage of investment, by 
vintage year, and by industry.  It invests in and alongside HarbourVest-managed 
funds which focus on primary partnership commitments, secondary investments, and 
direct investments in operating companies.  HVPE is advised by HarbourVest 
Advisers L.P., an affiliate of HarbourVest Partners, LLC.  To learn more about 
HVPE, please visit www.hvgpe.com. 
 
 
 
About HarbourVest Partners, LLC: 
HarbourVest is an independent global private equity investment firm and an 
SEC-registered investment advisor, providing vehicles for institutional 
investors to invest in the venture capital and buyout markets in the U.S., 
Europe, and elsewhere through primary partnerships, secondary purchases, and 
direct investments.  It was formed in 1982 and has invested more than U.S.$30 
billion over its 28-year history.  It currently has 236 employees in its Boston 
office and London and Hong Kong subsidiaries. www.harbourvest.com. 
 
Click on, or paste the following link into your web browser, to view the 
associated PDF document. 
 
http://www.rns-pdf.londonstockexchange.com/rns/6311M_-2010-5-27.pdf 
 
 
                                      *** 
 
This release does not contain or constitute an offer to sell or a solicitation 
of an offer to purchase securities in the United States. The securities of HVPE 
have not been and will not be registered under the United States Securities Act 
of 1933 (the "Securities Act"), as amended, and may not be offered or sold in 
the United States or to U.S. persons unless they are registered under applicable 
law or exempt from registration. HVPE does not intend to register any portion of 
its securities in the United States or to conduct a public offer of securities 
in the United States. In addition, HVPE has not been and will not be registered 
under the United States Investment Company Act of 1940, and investors in HVPE 
are not entitled to the benefits of such Act. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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