HVPE Harbourvest Global Private Equity Limited

 
TIDMHVPE 
 
 
   19 October 2015 
 
   HARBOURVEST GLOBAL PRIVATE EQUITY ANNOUNCES ESTIMATED NET ASSET VALUE AT 
30 SEPTEMBER 2015 
 
 
   -- ESTIMATED NAV IS $16.42 PER SHARE, A 4% INCREASE FROM 31 JANUARY 2015 
 
   -- Gearing REMAINS AT zero, AND HVPE HOLDS $164 MILLION OF CASH ON ITS 
      BALANCE SHEET 
 
   -- INVESTMENT PIPELINE OF FUTURE COMMITMENTS IS $951 MILLION 
 
   -- THE COMPANY INVESTED $6 MILLION AND RECEIVED $44 MILLION IN REALISATIONS 
      DURING THE MONTH 
 
   -- HVPE COMMITTED $25 MILLION TO HARBOURVEST MEZZANINE INCOME FUND 
 
   -- ON 28 SEPTEMBER 2015, HVPE'S CREDIT FACILITY WAS INCREASED TO $500 
      MILLION 
 
 
   HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a 
closed-end investment company, today announces its estimated Net Asset 
Value ("NAV") at 30 September 2015. 
 
   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 
 
   In September, HVPE committed $25.0 million to HarbourVest Mezzanine 
Income Fund, which is focused on building a diversified portfolio of 
mezzanine investments in primarily U.S.-based small to mid-market 
companies (enterprise value of less than $1 billion). Meanwhile the 
Company's existing HarbourVest fund commitments continued to make new 
investments. 
 
   At 30 September 2015, the Investment Pipeline of future commitments was 
$951.0 million, an $18.0 million increase from 31 August 2015 based on 
the new HarbourVest fund commitment, capital funded, and foreign 
currency movement. 
 
   Investment 
 
   During September, HVPE invested $6.4 million in HarbourVest funds. 
 
   Growth 
 
   At 30 September 2015, HVPE's estimated Net Asset Value (NAV) per share 
is $16.42, a $0.07 per share decrease from the 31 August 2015 estimate 
of $16.49. This change resulted primarily from decreasing values for 
publicly-traded holdings, negative foreign currency movement, and 
operating expenses. 
 
   Realisation 
 
   HVPE received $44.2 million in realisations from HarbourVest funds and 
co-investments during September (compared to $9.6 million in August), 
the largest sources of which were the co-investment in Conversus Capital 
and a U.S. buyout focused fund-of-funds. During the month, there were a 
total of 24 liquidity events across HVPE's underlying portfolio, 
including 19 M&A transactions and five IPOs. 
 
   Main Market Listing 
 
   On 9 September 2015, HVPE's ordinary shares were successfully admitted 
to the Main Market of the London Stock Exchange. The shares began 
trading on the London Stock Exchange's flagship market under the symbol 
HVPE. The Board of HVPE expects that its transition from the Specialist 
Fund Market to the Main Market will: 
 
 
   -- Broaden the appeal of the stock among key sections of the investment 
      community 
 
   -- Improve HVPE's appeal to retail investors 
 
   -- Increase liquidity in the shares 
 
   -- Facilitate eligibility for inclusion in the FTSE All Share index 
 
 
   The Company's market quote on the London Stock Exchange has been 
redenominated into Sterling. There has been no change to the legal form 
or nature of the shares as a result of the redenomination of the market 
quote and HVPE's listing on Euronext Amsterdam is not affected. The 
Company's functional currency remains the U.S. dollar. 
 
   Balance Sheet and Credit Facility 
 
   On 28 September 2015, HVPE's debt facility was restored to $500.0 
million, including the existing $300.0 million commitment from Lloyds 
and an additional $200.0 million from Credit Suisse, a new lender. The 
entire facility has been extended to September 2019. HVPE has no 
drawings on its credit facility. At 30 September 2015, HVPE's cash 
($163.6 million) and available credit ($500.0 million) total $663.6 
million. 
 
   Additional detail about HVPE's NAV and investment diversification can be 
found on HVPE's website, in the Monthly Update for 30 September 2015: 
http://www.hvpe.com//media/Files/H/Hvgpe/documents/30-september-2015-monthly-update.pdf 
. 
 
   Enquiries: 
 
 
 
 
 
HarbourVest 
Richard Hickman     Tel: +44 (0) 20 7399 9847    rhickman@harbourvest.com 
Laura Thaxter       Tel: +1 (617) 348 3695       lthaxter@harbourvest.com 
 
Fishburn 
Del Jones           Tel: +44 (0) 20 7092 2222    HVPE@thisisfishburn.com 
 Ludo Baynham-Herd 
 
 
 
 
   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. 
 
   About HarbourVest Partners, LLC: 
 
   HarbourVest Partners, LLC is an independent private markets specialist, 
providing investment programs and customized solutions focused on 
venture capital, buyout, mezzanine debt, credit, and real assets through 
primary fund investments, secondary purchases, and direct 
co-investments. HarbourVest has more than 300 employees in Asia, Europe, 
Latin America, and North America. In more than 30 years of investing in 
private equity, the team has committed more than $29 billion to 
newly-formed funds, completed over $12 billion in secondary purchases, 
and invested $4 billion directly in operating companies. The firm's 
clients include pension funds, endowments, foundations, and financial 
institutions around the globe. 
 
   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 

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