ST PETER PORT, Guernsey, May 30 /PRNewswire/ -- HarbourVest Global Private Equity Limited ("HVPE"), a closed-end Investment company listed on Euronext Amsterdam by NYSE Euronext, today announces its audited results for the period from inception to 31 January 2008 and the publication of its first Annual Report.
As of 31 January 2008, HVPE had a net asset value ("NAV") of U.S.$862 million or U.S.$10.39 per share. This represents a 3.9% increase since listing in December 2007 at an NAV of U.S.$830 million or $10.00 per share.
This increase in value reflects realised investment gains of U.S.$0.74 per share, which were partially offset by unrealised investment losses of U.S.$0.27 per share, as well as operating expenses and up-front costs associated with the company's credit facility.
In general, investment valuations increased during the reported period across venture and buyout due to increases in the value of private companies. The largest gains were seen from HVPE's commitments to more mature HarbourVest funds (formed in 1998, 1999, and 2001). The gains were partially offset by a net decrease in the value of public holdings resulting from volatility in global public markets during January 2008.
The audited 31 January 2008 NAV of U.S.$10.39 per share is higher than the estimated NAV of U.S.$10.25 per share reported in the Monthly Update for 31 January 2008, in light of additional financial information received from the underlying fund managers after that date.
Additional portfolio highlights at 31 January 2008 include:
- HVPE is 98% invested, compared to 91% at listing.
- Total private equity exposure is U.S.$1,537 million, a 178% commitment
level.
- The geographic diversification of HVPE's portfolio is 58% U.S., 33%
Europe, 4% Asia and 5% rest of world.
- HVPE's venture assets represent 41% of the portfolio, while medium
buyouts represent 30%, small buyouts 19%, large buyouts 8%, and other
2%.
- HVPE is also highly diversified across vintage year, from 1993 through
2007, as well as by industry.
- From listing to 31 January 2008, HVPE funded U.S.$21 million of capital
calls and received U.S.$48 million in distributions, in addition to
purchasing assets for cash.
The company's Annual Report provides further detail on:
- Largest underlying managers based on NAV
- Diversification by NAV and by NAV plus unfunded commitments
- Largest underlying company investments
- Publicly-listed holdings
- Currency exposure
HVPE will host a conference call and webcast reviewing the company and these results for investors and analysts on 4 June 2008 at 17.00 Amsterdam / 16.00 London and Guernsey / 11:00 Boston. The dial-in details, investor presentation, and webcast of the conference call will be available on the Investor Relations section of HVPE's web site, http://www.hvgpe.com, where it will be archived.
The Annual Report and Audited Financial Statements can be obtained on HVPE's website, http://www.hvgpe.com, under Investor Relations > Reports & Filings.
Notes to Editors:
About HarbourVest Global Private Equity Limited:
HarbourVest Global Private Equity Limited ("HVPE") is a Guernsey-incorporated closed-end investment company listed on Euronext Amsterdam by NYSE Euronext, the regulated market of 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. To learn more about HVPE, please visit http://www.hvgpe.com.
About HarbourVest Partners, LLC:
HarbourVest is an independent global private equity investment firm and an SECregistered 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 invested U.S.$29 billion over its 25-year history. It currently has 201 employees in its Boston office and London and Hong Kong subsidiaries.
http://www.harbourvest.com.
This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States. The securities of HVPE have not been and will not be registered under the United States Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. HVPE does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, HVPE has not been and will not be registered under the United States Investment Company Act of 1940, and investors in HVPE are not entitled to the benefits of such Act.
Enquiries: HarbourVest, Laura Thaxter, Tel: +1-617-348-3695; Maitland, Lydia Pretzlik, Anthony Silverman, Tel: +44(0)20-7379-5151
