HVPE: NAV Update

22nd June 2022 | HarbourVest Global Private Equity Limited

HVPE ESTIMATED NAV PER SHARE UPDATE AT 31 MAY 2022

  • Estimated NAV per share of $47.49 (£37.68); down 0.1% in US dollar terms over the month
    • 9% of Investment Portfolio (public company holdings) valued at 31 May 2022
    • 13% valued at 31 March 2022, with remaining 78% valued at 31 December 2021
  • Net investor during April with a net $53 million invested

HarbourVest Global Private Equity Limited (“HVPE” or the “Company”), a closed-end investment company, today announces its estimated Net Asset Value (“NAV”) at 31 May 2022.

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. As a result, HVPE’s Investment Pipeline (unfunded commitments) remained at $2.8 billion; however, this represented a decrease of $53 million from the prior month, following capital called for investments, as highlighted below, and minor foreign exchange movements.

Investment

During May, HVPE invested $53 million into HarbourVest funds (compared to $20 million in April 2022). The largest individual investment during the month was made to a 2020 vintage international multi-strategy fund of funds.

Growth

At 31 May 2022, HVPE’s estimated NAV per share was $47.49 (£37.68), compared to the 30 April 2022 estimate of $47.54 (£37.81). This represents a 0.1% decrease in US dollar terms over the previous month. It is important to note that the 31 May 2022 NAV per share still includes a significant portion of the portfolio marked at 31 December 2021 (see breakdown below). The marginal decrease in the May NAV per share was driven largely by declines in the value of public company holdings within the fund of funds portfolio.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 9% actual 31 May 2022 (representing the public companies in the portfolio); 13% actual 31 March 2022, and 78% actual 31 December 2021. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cashflows, and any known material events to 31 May 2022.

Realisation

HVPE did not receive any distributions from HarbourVest funds during May 2022 (compared to $1.3 million in April 2022). During May, there were a total of 18 M&A transactions and IPOs across HVPE’s underlying portfolio compared to April’s 15, and a last 12-month average of 36.

Balance Sheet and Credit Facility

At 31 May 2022, HVPE had the full $700 million available on its credit facility. Borrowing at the HarbourVest fund level amounted to $490 million, a decrease of $22 million from the previous month. HVPE’s cash and cash equivalents ($241 million) and available credit ($700 million) totalled $941 million.

Additional detail about HVPE’s NAV and investment diversification can be found on HVPE’s website, in the Monthly Update for 31 May 2022.

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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