HarbourVest Global Private Equity Limited : Net...
15 November 2011
HARBOURVEST GLOBAL PRIVATE EQUITY RELEASES ESTIMATED ECONOMIC NET ASSET VALUE AT
31 OCTOBER 2011
* ECONOMIC NAV PER SHARE OF $11.19
* NAV INCREASED 1.5% DURING OCTOBER
* $16.1 MILLION OF CAPITAL CALLS FUNDED AND $30.0Â MILLION IN DISTRIBUTIONS
RECEIVED FOR NET POSITIVE CASHFLOWS OF $13.9 MILLION
* 32 M&A EVENTS AND 2 IPOs; GROUPON FLOATS IN NOVEMBER
HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a closed-
end investment company, today announces its estimated Economic Net Asset Value
("Economic NAV") at 31 October 2011.
Economic Net Asset Value
The estimated Economic NAV at 31 October is $1,101.2 million, or $11.19 per
share, up 1.5% ($0.17 per share) from 30 September 2011 and the highest NAV
since HVPE's IPO. This change was driven by increases in the value of publicly-
traded holdings to 31 October 2011 (approximately $0.13 per share), positive
foreign currency movement ($0.09 per share), and an increase in the valuation of
the investment in Absolute Private Equity, Ltd. ($0.07 per share). These changes
were offset by decreases in the value of privately-held investments as a portion
of the portfolio was re-valued to reflect 30 September 2011 results ($0.09 per
share) and ongoing operating expenses ($0.03 per share, including fees
associated with new HarbourVest fund commitments).
Balance Sheet and Commitments
In October 2011, HVPE closed a $50.0 million commitment to HarbourVest's Asia
Pacific fund-of-funds and a $30.0 million commitment to HarbourVest's Emerging
Markets fund-of-funds. Both funds have begun to build portfolios of high quality
managers and are actively calling capital to fund commitments.
HVPE funded $16.1 million of capital calls to U.S. and international fund-of-
funds in October 2011, and received $30.0 million in distributions, resulting in
net positive cashflows of $13.9 million. The largest sources of October
distributions were HarbourVest direct funds, which distributed a total of $21.9
million resulting from the sale of HVPE's two largest underlying companies at
31 July 2011: Nycomed and MYOB Limited.
During the month, there were a total of 34 liquidity events across HVPE's
underlying portfolio, including 32 M&A transactions and two venture-backed IPOs.
 Subsequent to 31 October, on 4 November 2011, deal-of-the-day website Groupon,
Inc. completed an IPO on NASDAQ (GRPN). Â At 31 July 2011, Groupon represented
0.35% of HVPE's NAV. Â At the 11 November 2011 public price per share of $24.25,
the public offering would result in a gain in NAV for HVPE of approximately $3.8
million, or $0.05 per share.
Expiration of Put Rights
On 9 November 2011, HVPE announced that the date by which a Put Right Exercise
Notice must be submitted to the Company in order to exercise a Put Right had
passed. The Company confirmed that no Put Rights have been exercised in respect
of the Company's shares. The Put Rights and the rights attaching thereto have
been cancelled.
Additional detail about HVPE's Economic NAV and investment diversification can
be found on HVPE's website, in theMonthly Update for 31 October 2011 .
Enquiries:
HarbourVest
Laura Thaxter Tel: +1 (617) 348 3695
 lthaxter@harbourvest.com
Fishburn Hedges
Alastair Fairbrother/Jason Nisse Tel: +44 (0) 20 7839 4321
HVPE@fishburn-hedges.co.uk
Notes to Editors:
As previously disclosed, HVPE is now using Economic NAV as its primary reporting
metric for its Monthly Updates and management analysis. Â Economic NAV excludes
the fair value of the liability arising as a result of the issue of the Put
Rights as part of the Company's Liquidity Plan, and represents the most
conservative outcome upon the maturity of the Put Rights. Â The Company believes
that this is the most appropriate measure of economic value to holders of the
Shares.
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. Â HVPE is registered as an investment
institution with the Netherlands Authority for the Financial Markets. Â 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. Â It invests in and alongside HarbourVest-managed
funds which focus on primary partnership commitments, secondary investments, and
direct investments in operating companies. Â 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 29-year
history. It currently has more than 230 employees in its Boston office and
London, Hong Kong, and Tokyo subsidiaries.
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. Â 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")). Â 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. Â 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". Â 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. Â 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. Â 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.
© 2011 HarbourVest Global Private Equity Limited. All rights reserved.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: HarbourVest Global Private Equity Limited via Thomson Reuters ONE
[HUG#1563873]
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