Statement re Semi-Annual Results to 31 July 2011
30 September 2011
HVPE ECONOMIC NET ASSET VALUE GROWS 9.1% TO $11.17 PER SHARE
OVER THE SIX MONTHS ENDED 31 JULY 2011
* Economic Net Asset Value reaches highest level since IPO
* Highly diversified portfolio of assets; strong balance sheet and strategy of
continuous new investments
* Capital call and distribution activity increasing
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 unaudited results for the six months
ended 31 July 2011, showing that its Economic Net Asset Value ("Economic NAV")
rose by 9.1% over the period.
At 31 July 2011, HVPE's Economic NAV was $924 million, or $11.17 per share, a
$0.93 (9.1%) increase per share over the six-month financial period from 31
January 2011 ($10.24), its highest level since HVPE came to market in 2007.
This increase was driven primarily by HarbourVest U.S. fund-of-funds, which
increased by $0.48 per share. $0.14 per share resulted from HarbourVest
international fund-of-funds, $0.15 from HarbourVest direct funds, and $0.08 from
the global secondary fund. Â Unrealised foreign currency gains increased Economic
NAV by $0.20 per share, which were partially offset by operating expenses ($0.13
per share). The increase in Economic NAV occurred alongside an improving
economic environment, an appreciating euro, and increasing public markets.
In April 2011, HVPE announced that it would participate, along with HarbourVest-
managed secondary funds, in a public offer for all bearer shares of Absolute
Private Equity, Ltd. ("Absolute"), an investment company with a pool of over 70
private equity partnerships and incorporated in Switzerland. On 5 September
2011, it was announced that shareholders tendered 98.68% of Absolute shares as
part of the offer, and the transaction closed on 13 September 2011. Â HVPE's
commitment is $87 million.
Portfolio highlights as at 31 July 2011 include:
* During the six-month period, HVPE benefitted from the ongoing commitments
made by nine of the actively-investing HarbourVest funds in the portfolio,
which committed approximately $50 million to primary investments, $20
million to secondary investments, and $29 million to direct investments on
HVPE's behalf
* HVPE's portfolio included commitments to 24 HarbourVest funds at various
stages of development
* HVPE had 55% of NAV invested in primary partnerships, 23% in secondary
investments, and 22% in direct investments
* Reflecting HVPE's portfolio diversification strategy, no single company
represented more than 3.7% of NAV, and the top 25 companies represented
approximately 19% of NAV
* HVPE's portfolio was invested 64% in the U.S., 28% in Europe, and 8% in Asia
Pacific and the rest of the world
Liquidity events
* There were 103 M&A events and 25 IPOs during the period in the venture
portfolio; and 78 M&A events and 19 IPOs in the buyout portfolio
* Announced M&A events included HVPE's two largest underlying companies based
on investment value at 31 July 2011: Nycomed, which was valued at 4.7 times
cost at 30 June 2011, and MYOB, which was valued at 4.6 times cost at 30
June 2011
Commitments and balance sheet highlights as at 31 July 2011 include:
* From 1 February to 31 July 2011, HVPE funded $82 million of capital calls
and received $77 million in distributions from HarbourVest funds, more than
60% of the $127 million called in the prior financial year and over half of
the $137 million distributed in the prior financial year
* HVPE is 110% invested, compared to 109% at 31 January 2011
* Total outstanding unfunded commitments were $470 million, down $74 million
from $544Â million at 31 January 2011
* At 31 July 2011, HVPE had a maximum amount available to be drawn down from
its $500 million credit facility of $401 million, compared to $409 million
at 31Â January 2011, based on the facility's most restrictive covenants
The Company's Semi-Annual Report and Unaudited Consolidated Financial Statements
provide further detail on:
* The results for the six-month period ended 31 July 2011
* The portfolio
* Commitment trends and net cash flow
* 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
Conference call today
HVPE will host a conference call and webcast for investors and analysts today to
review the results at:
17.00 Amsterdam / 16.00 London and Guernsey / 11.00 Boston
The webcast and accompanying results presentation and theSemi-Annual Report and
Unaudited Consolidated Financial Statements for the period ending 31 July 2011
will be accessible through links on HVPE's web site.
The webcast will also be accessible directly atHVPE Semi-Annual Results Webcast,
and archived on the Shareholders section of HVPE's web site.
For audio only, please call:
0800 028 8438 (U.K. / Europe toll-free)
+44 (0)20 3107 0289 (U.K. local)
+1 706.758.1111 (International)
888 880 9337 (U.S. / Canada toll-free)
The participant passcode is 94752677
Enquiries:
HarbourVest
Laura Thaxter Tel: +1 (617) 348 3695
lthaxter@harbourvest.com
Fishburn Hedges
Jason Nisse / 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, reports, 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#1551092]
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