HVPE: NAV per share up 3.5% in April

21st May 2021 | HarbourVest Global Private Equity Limited

HVPE ESTIMATED NAV PER SHARE UPDATE AT 30 APRIL 2021

HVPE ESTIMATED NAV PER SHARE INCREASES 3.5% IN APRIL

  • Estimated NAV per share of $36.62 (£26.49), up 3.5% over the month
    • 16% of Investment Portfolio (public company holdings) valued at 30 April 2021
    • 4% at 31 March 2021 marks
    • Remaining 80% valued at 31 December 2020
  • New commitments of $163.8 million were made across five HarbourVest managed funds

HarbourVest Global Private Equity Limited (“HVPE” or the “Company”), a closed-end investment company, today announces its estimated Net Asset Value (“NAV”) at 30 April 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 April, HVPE committed a total of $163.8 million to five HarbourVest managed funds. This included additional commitments of $90.0 million to a US-focused buyout fund-of-funds, $15.0 million to a US-focused small buyout fund-of-funds, $45.0 million to a US-focused venture fund-of-funds, $3.8 million to a secondary co-investment, and $10.0 million to a secondary co-investment. At 30 April 2021, HVPE’s Investment Pipeline totalled $1.64 billion.

Investment

During April, HVPE invested $33.4 million into HarbourVest funds (compared to $71.7 million in March 2021). The largest individual investment during the month was made to a US-focused venture fund-of-funds.

Growth

At 30 April 2021, HVPE’s estimated NAV per share was $36.62 (£26.49), compared to the 31 March 2021 estimate of $35.38 (£25.67). This represents an uplift of 3.5% in US dollar terms over the previous month.

It is important to note that the 30 April 2021 NAV per share is based predominantly on 31 December 2020 marks (see breakdown below). The growth in the April NAV per share over the previous month was driven primarily by increases in the value of listed company exposures and by gains arising from inclusion of the remaining 31 December valuations.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 16% actual 30 April 2021 (representing the public companies in the portfolio); 4% actual 31 March 2021; and 80% actual 31 December 2020. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cashflows, and any known material events to 30 April 2021.

Realisation

HVPE received $9.0 million of distributions from HarbourVest funds during April 2021 (compared to $75.7 million in March 2021). The largest source of distributions came from a US-focused buyout fund-of-funds. During April, there were a total of 54 liquidity events across HVPE’s underlying portfolio compared to March’s 64 events, and a last 12-month average of 31.

Balance Sheet and Credit Facility

During the month, a $35.0 million partial repayment was made on the Company’s

credit facility, leaving the total balance outstanding at $115.0 million. Borrowing at the HarbourVest fund level amounted to $351.1 million, a decrease of $6.0 million from the previous month. HVPE’s cash and cash equivalents ($81.5 million) and available credit ($485.0 million) totalled $566.5 million.

Additional detail about HVPE’s NAV and investment diversification can be found on HVPE’s website, in the Monthly Update for 30 April 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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