HVPE: NAV per Share up 5.1% in May

23rd June 2021 | HarbourVest Global Private Equity Limited

HVPE ESTIMATED NAV PER SHARE UPDATE AT 31 MAY 2021

HVPE ESTIMATED NAV PER SHARE INCREASES 5% IN MAY

  • Estimated NAV per share of $38.47 (£27.07), up 5% over the month
    • 15% of Investment Portfolio (public company holdings) valued at 31 May 2021
    • 46% at 31 March 2021 marks
    • Remaining 39% 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 May no new commitments were made to HarbourVest funds. However, one of HVPE’s existing commitments to a secondary co-investment transaction was scaled back by $6.2 million. This, alongside capital funded and foreign exchange rate movements, contributed to a net reduction in HVPE’s Investment Pipeline (unfunded commitments) of $5.4 million, which totalled $1.63 billion at 31 May 2021.

Investment

During May, HVPE received a net $0.3 million through a return of capital from a secondary co-investment transaction (compared to $33.4 million funded in April 2021).

Growth

At 31 May 2021, HVPE’s estimated NAV per share was $38.47 (£27.07), compared to the 30 April 2021 estimate of $36.62 (£26.49). This represents an uplift of 5.1% in US dollar terms over the previous month.

It is important to note that the 31 May 2021 NAV per share still includes a significant portion of the portfolio marked at 31 December 2020 (see breakdown below). The growth in the May NAV per share over the previous month was driven primarily by increases in the value of unlisted company exposures as the portion of the portfolio updated for 31 March valuations increased from 4% to 46%.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 15% actual 31 May 2021 (representing the public companies in the portfolio); 46% actual 31 March 2021; and 39% 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 31 May 2021.

Realisation

HVPE received $20.3 million of distributions from HarbourVest funds during May 2021 (compared to $9.0 million in April 2021). The largest source of distributions came from an international fund-of-funds. During May, there were a total of 52 liquidity events across HVPE’s underlying portfolio compared to April’s 54 events, and a last 12-month average of 33.

Balance Sheet and Credit Facility

At 31 May 2021, HVPE’s credit facility remained $115.0 million drawn. Borrowing at the HarbourVest fund level amounted to $366.5 million, an increase of $15.4 million from the previous month. HVPE’s cash and cash equivalents ($100.7 million) and available credit ($485.0 million) totalled $585.7 million.

Additional detail about HVPE’s NAV and investment diversification can be found on HVPE’s website, in the Monthly Update for 31 May 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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