Net Asset Value & Interim Management Statement
15 June 2011
HARBOURVEST GLOBAL PRIVATE EQUITY ANNOUNCES ESTIMATED ECONOMIC NET ASSET VALUE
AS AT 31 MAY 2011 AND RELEASES INTERIM MANAGEMENT STATEMENT
·       ECONOMIC NAV PER SHARE REACHES RECORD HIGH OF $10.92, UP 9.2% FROM
LISTING
·       SIXTH CONSECUTIVE MONTH-ON-MONTH INCREASE
·       $1.3 MILLION OF CAPITAL CALLS FUNDED
·       $10.0 MILLION IN DISTRIBUTIONS RECEIVED
·       13 IPOs AND 37 SALE TRANSACTIONS COMPLETED IN UNDERLYING PORTFOLIO
HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a closed-
end investment company, today announces its estimated Economic Net Asset Value
("Economic NAV") as at 31 May 2011.
Economic Net Asset Value
The estimated Economic NAV at 31 May 2011 is $903.0 million, or $10.92 per
share. This exceeds the previous estimated Economic NAV peak of $10.50 per share
(recorded in May 2008), and represents a 4.2% increase from 30 April 2011
($10.48), a 6.6% increase from 31 January 2011 ($10.24), and a 9.2% increase
from listing. HVPE's estimated Economic NAV per share has now increased during
each of the last six consecutive months.
The increase from 30 April 2011 to 31 May 2011 was driven primarily by increases
in value for privately-held companies as the majority of HVPE's direct and fund-
of-funds holdings were revalued to reflect 31 March 2011 results (approximately
$0.47 per share), increases in the value of publicly-traded holdings to 31 May
($0.04 per share), and shares purchased under the Share Buyback Programme ($0.01
per share). These changes were partially offset by negative foreign currency
movement ($0.06 per share), as well as ongoing operating expenses ($0.02 per
share).
Balance Sheet and Commitments
In May 2011, HVPE funded a $1.3 million capital call to a U.S. fund-of-funds and
received $10.0 million in distributions from U.S. and international fund-of-
funds, resulting in net positive cash flows of $8.7 million.
May was an active month for liquidity events across HVPE's underlying portfolio,
with 50 transactions. There were 13 underlying company IPOs during the month,
including direct holding Transmode (TRMO), Russian Internet search engine Yandex
(YNDX), and Chinese online social media platform Renren Inc. (RENN).
There were several high profile M&A events announced or completed in May,
including the €9.6 billion sale of Nycomed, HVPE's largest underlying company at
31 January 2011, to Takeda Pharmaceutical. The transaction, which is expected to
close in September 2011, generated an increase of $0.18 in HVPE's estimated
Economic NAV per share at 31 May 2011 (from 30 April 2011).
Share Buyback Programme
On 31 May 2011, the Company announced the purchase of 300,000 shares at $7.165
under the Share Buyback Programme. Following cancellation, the number of
outstanding shares is 82,700,000. There are no shares held in treasury. The
purchase was accretive to HVPE's NAV ($0.01 per share) based on the discount at
which the shares were bought.
Additional detail about HVPE's Economic NAV and investment diversification can
be obtained on HVPE's website, in the Monthly Update for 31 May 2011, by
clicking here.
Interim Management Statement
HVPE today also published an Interim Management Statement ("IMS") for the period
from 1 February 2011 through to 14 June 2011 (inclusive) and the financial
period from 1 February 2011 through to 31 May 2011 (the "interim period").
A full copy of the IMS can be obtained by clicking here. This statement is made
in accordance with article 5:25e of the Dutch Financial Markets Supervision Act
(Wet op het financieel toezicht, the "FMSA"), which requirement stems from the
EU Transparency Directive (2004/109/EC).
Enquiries:
HVPE / HarbourVest
Laura Thaxter Tel: +1 (617) 348 3695
Fishburn Hedges
Michelle James / Alastair Fairbrother 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. 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. 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. 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 U.S.$30 billion to investments over its 29-year
history. It currently has 236 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. 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.
© 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#1523560]
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