HarbourVest Global Private Equity Limited : Ann...

30 May 2012

HARBOURVEST GLOBAL PRIVATE EQUITY  NET ASSET VALUE GROWS 12% TO $11.42 PER SHARE
OVER THE FINANCIAL YEAR TO 31 JANUARY 2012

·        NAV growth driven by $84 million of realised profits and $38 million of value growth
·        49% uplift on largest realisations
·        Highly diversified portfolio with 32% in venture
·        409 liquidity events (M&A and IPO) during the financial year
·        Facebook, largest underlying portfolio company at 31 January, completed IPO in May 2012

HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), 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 financial year ended 31 January 2012, showing that its Net Asset Value ("NAV") rose by 12% over the year.

At 31 January 2012, HVPE's NAV was $944.0 million, or $11.42 per share, a $1.18 increase per share over the financial year from 31 January 2011 ($10.24), continuing its growth trajectory since early 2010.

The increase was driven by realised profits via M&A and IPO exits ($1.02 per share), value growth in the buyout and venture portfolios ($0.46), and the repurchase of 300,000 shares ($0.01).  These changes were partially offset by net foreign currency losses ($0.05 per share) and operating expenses ($0.26 per share, including management fees).

"HarbourVest has delivered 12% NAV growth for its shareholders despite difficult and volatile economic conditions.  The performance is underpinned by a series of strong realisations which contributed 85% of the total return," said Stuart Howard, COO of European Listed Products at HarbourVest.  "Investment is also up on last year and the Company demonstrated its ability to execute unique deals with the $85 million investment in Absolute, which has been extremely accretive to the portfolio."

Stuart added, "With a mature, cash generative portfolio, excellent access to deals, and a strong balance sheet, the Company is well placed to continue to deliver NAV growth."

Portfolio highlights at 31 January 2012 include:

12% Growth in Investment Portfolio Value
The gains within the portfolio were generated by:

• The investment in Absolute Private Equity Ltd. ("Absolute"), which generated a 33% increase in value in the five months since purchase
• The venture portfolio, which had NAV growth of 11% and particularly HarbourVest's 2003 venture fund-of-funds, which has an interest in Facebook

Strong Buyout Company Performance
The 50 largest buyout company investments showed strong operating performance in 2011.  On a weighted average basis:

• Revenues have grown 12.5%
• EBITDA has increased 18.7%
• The debt/EBITDA multiple has declined from 2.9 times to 2.8 times

Investment Activity

• $166 million invested in HarbourVest funds (31% increase over prior financial year)
• Significant investment ($85 million) in Absolute, demonstrating HVPE's access to unique deals through HarbourVest's experience leading complex and innovative transactions
• Increased investment in Asia and emerging markets through new commitments to HarbourVest funds focused on these rapidly growing markets

Realisation Activity and Liquidity Events

• 409 liquidity events (M&A events and IPOs) within the portfolio during the financial year, driven by venture-backed investments
• Weighted average uplift of 49% of carrying value for 20 largest underlying company realisations
• $181 million in realisations (32% increase over prior year)
  • Driven by the sales of HVPE's two largest underlying companies at
    31 January 2011 (Nycomed and MYOB Limited)
• Subsequent to the financial year end, Facebook (FB) (largest underlying company at
  31 January 2012) completed IPO

Highly Diversified and Mature Portfolio

• 19 vintage years dating back to 1993
• Strategy - 32% venture, 62% buyout, 6% other
• Geography - 67% U.S., 26% Europe, 7% rest of world
• Top 50 companies represent 24% of investment portfolio

Strong Balance Sheet

• HVPE continues to focus on maintaining adequate reserves to finance future obligations
• $500 million credit facility committed through December 2014
• $453 million investment pipeline
• $348 million liquid resources

The Company's Annual Report and Audited Consolidated Financial Statements provide further detail on:
§  The results for the financial year ended 31 January 2012
§  Portfolio performance
§  Investment and realisation activity and liquidity events
§  Balance sheet management, resources, and commitment ratios
§  Management of foreign currency exposure
§  Recent events and the Investment Manager's market outlook and overview

Please click here to access HVPE's Annual Report and Audited Consolidated Financial Statements on HVPE's website. 

Enquiries:

HarbourVest
Stuart Howard	Tel: [phone]		[e-mail]
Laura Thaxter	Tel: [phone]		[e-mail]
Fishburn Hedges
Paul Farrow / Alastair Fairbrother / Ben Lyons	Tel: [phone]		[e-mail]

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 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 committed more than $30 billion to investments over its 30-year history. It currently has more than 230 employees in its Boston office and London, Hong Kong, Tokyo, and Bogotá subsidiaries.

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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.

HarbourVest Global Private Equity Limited is registered with the Netherlands Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financieel toezicht). 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, which is registered with the Netherlands Authority for the Financial Markets and whose registered address is at Anson Place, Mill Court, La Charroterie, St Peter Port, Guernsey GY1 1EJ.

© 2012 HarbourVest Global Private Equity Limited. All rights reserved.

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Source: HarbourVest Global Private Equity Limited via Thomson Reuters ONE

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