HVPE ESTIMATED NAV PER SHARE INCREASES 5% IN JUNE

• Estimated NAV per share of $40.40 (£29.21), up 5.0% over the month
  • Represents a 57% increase over the last 12 months
• NAV per share has now more than quadrupled since IPO in 2007
  • 19% of Investment Portfolio (public company holdings and a small portion of the direct co-investments) valued at 30 June 2021
  • Remainder (81%) valued at 31 March 2021
• Record level of monthly distributions in nominal terms

HarbourVest Global Private Equity Limited (“HVPE” or the “Company”), a closed-end investment company, today announces its estimated Net Asset Value (“NAV”) at 30 June 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 June, HVPE committed $90.0 million to two HarbourVest-managed funds. This included a commitment of $50.0 million to an Asia-focused multi-strategy fund-of-funds, and an additional commitment of $40.0 million to a direct co-investment fund. One of HVPE’s earlier commitments to a secondary co-investment transaction was scaled back by $1.9 million to $8.1 million during the month. This resulted in net total commitments of $88.1 million in June. At 30 June 2021, HVPE’s Investment Pipeline totalled $1.67 billion.

Investment

During June, HVPE invested $50.1 million into HarbourVest funds, compared to receiving a net $0.3 million in May 2021. The largest individual investment during the month was made to HarbourVest’s most recent US-focused buyout fund-of-funds.

Growth

At 30 June 2021, HVPE’s estimated NAV per share was $40.40 (£29.21), compared to the 31 May 2021 estimate of $38.47 (£27.07). This represents an uplift of 5.0% in US dollar terms over the previous month.

It is important to note that the 30 June 2021 NAV per share is now predominantly based on 31 March 2021 valuations (see breakdown below). The growth in the June NAV per share over the previous month largely came from increases in the value of the fund of funds as the remainder were updated with 31 March valuations.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 19% actual 30 June 2021 (representing the public companies in the portfolio (17%) and a small portion of the direct co-investments (2%)), and 81% actual 31 March 2021 (up from 46% in the prior month). Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cashflows, and any known material events to 30 June 2021.

Realisation

HVPE received $131.4 million of distributions from HarbourVest funds during June 2021 (compared to $20.3 million in May 2021). This is the largest amount of distributions HVPE has ever received in a single month in nominal terms. Proceeds came from 30 underlying funds spanning a mixture of strategies. However, the largest source of distributions came from a 2015 vintage US-focused buyout fund-of-funds. During June, there were a total of 59 liquidity events across HVPE’s underlying portfolio compared to May’s 52 events, and a last 12-month average of 37.

Balance Sheet and Credit Facility

During the month, a net $30.0 million was repaid on the Company’s credit facility, leaving the total balance outstanding at $85.0 million. Borrowing at the HarbourVest fund level amounted to $374.4 million, an increase of $7.8 million from the previous month. HVPE’s cash and cash equivalents ($147.8 million) and available credit ($515.0 million) totalled $662.8 million.

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