HVPE ESTIMATED NAV PER SHARE UPDATE AT 30 SEPTEMBER 2023

• Estimated NAV per share of $49.31 (£40.42); down 0.8% in US dollar terms over the month
  • 10% of Investment Portfolio valued at 30 September 2023 (reflecting 7% public company holdings and 3% direct co-investments)
  • 90% valued at 30 June 2023
• A net $27 million invested in September 2023
• Uptick in exit activity sustained for third consecutive month, with 20 known M&A transactions and five IPOs in September 2023

HarbourVest Global Private Equity Limited (“HVPE” or the “Company”), a FTSE 250 investment company with global exposure to private companies, managed by HarbourVest Partners, today announces its estimated Net Asset Value (“NAV”) at 30 September 2023.

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 2023, no new commitments were made to HarbourVest funds. The Company’s Investment Pipeline (unfunded commitments) decreased by $70 million from the prior month, following capital called for investments, as highlighted below, and foreign exchange movements. The Investment Pipeline totalled $2.5 billion at 30 September 2023.

Investment

During September 2023, HVPE invested $65 million into HarbourVest funds (compared to $51 million in August 2023). The largest individual investment during the month was made to a 2021 vintage US-focused buyout fund of funds.

Growth

At 30 September 2023, HVPE’s estimated NAV per share was $49.31 (£40.42), compared to the 31 August 2023 estimate of $49.70 (£39.23). This represents a 0.8% decrease in US dollar terms over the previous month and was mainly driven by valuation decreases from the fund of funds portfolio as well as foreign exchange movements.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 10% as at 30 September 2023 (reflecting 7% public company holdings and 3% direct co-investments), and 90% actual 30 June 2023. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cash flows, and any known material events to 30 September 2023. This compares to 7% actual 31 August 2023 (representing the public companies in the portfolio), 79% actual 30 June 2023 and 14% actual 31 March 2023, used in the 31 August 2023 estimated NAV per share calculation.

Realisation

HVPE received distributions of $38 million from HarbourVest funds during September 2023 (compared to $12 million in August 2023). The largest source of proceeds came from a 2017 vintage international multi-strategy fund of funds.

During September 2023, there were a total of 25 known M&A transactions and IPOs across HVPE’s underlying portfolio, compared to August’s total of 29, and a last 12-month average of 19. These were broken down into 20 M&A transactions and five IPOs.

Balance Sheet and Credit Facility

At 30 September 2023, HVPE had $600 million available on its credit facility. Borrowing at the HarbourVest fund level amounted to $551 million, an increase of $7 million from the previous month. HVPE’s cash and cash equivalents ($148 million) and available credit ($600 million) totalled $748 million.

Additional detail about HVPE’s NAV and investment diversification can be found on HVPE’s website, in the Monthly Update for 30 September 2023.

Below is HVPE’s recent results interview with Managing Director, Richard Hickman