HVPE: NAV per Share increases 1% in October

19th November 2021 | HarbourVest Global Private Equity Limited

HVPE ESTIMATED NAV PER SHARE INCREASES 1% IN OCTOBER

  • Estimated NAV per share of $44.20 (£32.30); up 1.0% over the month
    • 17% of Investment Portfolio (public company holdings) valued at 31 October 2021
    • 2% valued at 30 September 2021 and the remaining 81% valued at 30 June 2021
  • Positive cash flow during the month with a net $28.7 million received

HarbourVest Global Private Equity Limited , a closed-end investment company, today announces its estimated Net Asset Value  at 31 October 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 October, HVPE committed a further $110.0 million to an Asia-focused multi-strategy fund of funds, taking the total commitment to this fund to $210.0 million. The new commitment, alongside foreign exchange rate movements, contributed to a net increase of $79.6 million in HVPE’s Investment Pipeline (unfunded commitments), which totalled $1.83 billion at 31 October 2021.

Investment

During October, HVPE invested $3.4 million into HarbourVest funds (compared to $69.7 million in September 2021). The largest individual investment during the month was made to a HarbourVest real assets fund.

Growth

At 31 October 2021, HVPE’s estimated NAV per share was $44.20 (£32.30), compared to the 30 September 2021 estimate of $43.78 (£32.49). This represents a gain of 1.0% in US dollar terms over the previous month, driven largely by increases in the public market holdings.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 17% actual 31 October 2021 (representing the public companies in the portfolio); 2% actual 30 September 2021, and 81% 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 31 October 2021.

Realisation

HVPE received $32.1 million of distributions from HarbourVest funds during October 2021 (compared to $131.9 million in September 2021). The largest source of proceeds came from a secondary co-investment. During October, there were a total of 46 M&A transactions and IPOs across HVPE’s underlying portfolio compared to September’s 55, and a last 12-month average of 45.

Balance Sheet and Credit Facility

At 31 October, HVPE had the full $600.0 million available on its credit facility. Borrowing at the HarbourVest fund level amounted to $377.3 million, an increase of $13.6 million from the previous month. HVPE’s cash and cash equivalents ($171.9 million) and available credit ($600.0 million) totalled $771.9 million.

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