HVPE: NAV Update

19th March 2021 | HarbourVest Global Private Equity Limited

HVPE ESTIMATED NAV PER SHARE UPDATE AT 28 FEBRUARY 2021

  • Estimated NAV per share of $32.44 (£23.28), up 1.8% over the month
    • 15% of Investment Portfolio (public company holdings) valued at 28 February 2021
    • 6% at 31 December 2020 marks
  • Remaining 79% valued at 30 September 2020
  • IPO of Chinese social media company added $0.34 to NAV per share
  • Positive cash flow during the month with a net $11 million received

HarbourVest Global Private Equity Limited (“HVPE” or the “Company”), a closed-end investment company, today announces its estimated Net Asset Value (“NAV”) at 28 February 2021.

HVPE provides a complete private equity solution for public investors, managing the portfolio through four phases of the private equity cycle to create value: Commitments, Investment, Growth, and Realisation.

Commitments

During February, HVPE did not make any new commitments to HarbourVest-managed funds. HVPE’s Investment Pipeline (unfunded commitments) decreased on a net basis by $17.9 million during the month based on capital funded and foreign exchange rate movements. At 28 February 2021, HVPE’s Investment Pipeline totalled $1.56 billion.

Investment

During February, HVPE invested $17.8 million in HarbourVest funds (compared to $20.9 million in January 2021). The largest individual investment during the month was made to an international fund-of-funds.

Growth

At 28 February 2021, HVPE’s estimated NAV per share was $32.44 (£23.28), compared to the 31 January 2021 estimate of $31.86 (£23.24). This represents an uplift of 1.8% in US dollar terms over the previous month.

It is important to note that the 28 February 2021 NAV per share is based predominantly on 30 September 2020 marks (see breakdown below). The increase in the February NAV per share over the previous month resulted largely from favourable public market adjustments and uplifts from material events, which included an unrealised valuation gain of $0.34 following the IPO of a Chinese social media company.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 15% actual 28 February 2021 (representing the public companies in the portfolio); 6% actual 31 December 2020; and 79% actual 30 September 2020. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cashflows, and any known material events to 28 February 2021.

Realisation

HVPE received $29.2 million of distributions from HarbourVest funds during February 2021 (compared to $21.2 million in January 2021). The largest source of distributions came from a 2012 vintage global secondary fund. During February, there were a total of 37 liquidity events across HVPE’s underlying portfolio compared to January’s 15 events, and a last 12-month average of 20.

Balance Sheet and Credit Facility

At 28 February 2021, HVPE’s credit facility remained $120.0 million drawn. Borrowing at the HarbourVest fund level amounted to $378.1 million, an increase of $0.2 million from the previous month. HVPE’s cash and cash equivalents ($109.2 million) and available credit ($480.0 million) totalled $589.2 million.

Additional detail about HVPE’s NAV and investment diversification can be found on HVPE’s website, in the Monthly Update for 28 February 2021.

The HVPE team is here to discuss any questions you may have, so please do not hesitate to contact Richard Hickman or Charlotte Edgar using the contact details below.

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