HVPE: Net Asset Value Up 2% in September

19th October 2021 | HarbourVest Global Private Equity Limited

HVPE ESTIMATED NAV PER SHARE INCREASES 2% IN SEPTEMBER 

  • Estimated NAV per share of $43.78 (£32.49), up 2.0% over the month
    • 15% of Investment Portfolio (public company holdings) valued at 30 September 2021
    • Remaining 85% valued at 30 June 2021
  • Positive cash flow during the month with a net $62.2 million received
  • Full credit facility of $600 million available after remaining balance repaid

HarbourVest Global Private Equity Limited (“HVPE” or the “Company”), a closed-end investment company, today announces its estimated Net Asset Value (“NAV”) at 30 September 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 September, HVPE committed a total of $100.0 million to five HarbourVest managed funds. This included additional commitments of $50.0 million to an Asia-focused multi-strategy fund of funds, $25.0 million to a global multi-strategy fund of funds, $15.0 million to a US-focused venture fund of funds, $5.0 million to a US-focused buyout fund of funds, and $5.0 million to a US-focused small buyout fund of funds. The new commitments, alongside capital funded and foreign exchange rate movements, contributed to a net increase of $29.8 million in HVPE’s Investment Pipeline (unfunded commitments), which totalled $1.75 billion at 30 September 2021.

Investment

During September, HVPE invested $69.7 million into HarbourVest funds (compared to $21.3 million in August 2021). The largest individual investment during the month was made to a US-focused buyout fund of funds.

Growth

At 30 September 2021, HVPE’s estimated NAV per share was $43.78 (£32.49), compared to the 31 August 2021 estimate of $42.92 (£31.20). This represents a gain of 2.0% in US dollar terms over the previous month.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 15% actual

30 September 2021 (representing the public companies in the portfolio); and 85% actual 30 June 2021. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cashflows, and any known material events to 30 September 2021.

Realisation

HVPE received $131.9 million of distributions from HarbourVest funds during September 2021 (compared to $72.6 million in August 2021). The largest source of proceeds came from a global multi-strategy fund of funds. During September, there were a total of 55 liquidity events across HVPE’s underlying portfolio compared to August’s 40 events, and a last 12-month average of 44.

Balance Sheet and Credit Facility

During the month, the remaining outstanding balance of $55.0 million on the Company’s credit facility was repaid in full. Borrowing at the HarbourVest fund level amounted to $362.1 million, a decrease of $27.5 million from the previous month. HVPE’s cash and cash equivalents ($145.9 million) and available credit ($600.0 million) totalled $745.9 million.

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