HVPE ANNOUNCES GROWTH IN ESTIMATED NAV PER SHARE IN 30 NOVEMBER 2023

• Estimated NAV per share of $49.83 (£39.48); up 1.5% in US dollar terms over the month
  • o 7% of Investment Portfolio valued at 30 November 2023 (representing the public companies in the portfolio)
  • o 81% valued at 30 September 2023; remainder 12% valued at 30 June 2023
• A net $7 million invested in November 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 November 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 November 2023, HVPE made one new commitment to a global stewardship co-investment fund. The Company’s Investment Pipeline (unfunded commitments) decreased by $4 million from the prior month, following capital called for investments, as highlighted below, and foreign exchange movements. The Investment Pipeline totalled $2.6 billion at 30 November 2023.

Investment

During November 2023, HVPE invested $40 million into HarbourVest funds (compared to $51 million in October 2023). The largest individual investment during the month was made to a 2021 vintage global direct co-investment fund.

Growth

At 30 November 2023, HVPE’s estimated NAV per share was $49.83 (£39.48), compared to the 31 October 2023 estimate of $49.08 (£40.38). This represents a 1.5% increase in US dollar terms over the previous month and was mainly driven by valuation increases 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: 7% as at 30 November 2023 (representing the public companies in the portfolio), 81% actual 30 September 2023 and 12% 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 November 2023. This compares to 6% actual 31 October 2023 (representing the public companies in the portfolio), 8% actual 30 September 2023 and 86% actual 30 June 2023, used in the 31 October 2023 estimated NAV per share calculation.

Realisation

HVPE received distributions of $33 million from HarbourVest funds during November 2023 (compared to $8 million in October 2023). The largest source of proceeds came from a 2018 vintage global infrastructure and real assets fund.

During November 2023, there were a total of 21 known M&A transactions and IPOs across HVPE’s underlying portfolio, compared to October’s total of 17, and a last 12-month average of 19. These were broken down into 19 M&A transactions and two IPOs.

Balance Sheet and Credit Facility

During October 2023, HVPE initiated a $75 million draw on its credit facility. These funds were received on 20 November 2023 and have been included in the accounting figures as at 30 November 2023.

At 30 November 2023, HVPE had $525 million available on its credit facility. Borrowing at the HarbourVest fund level amounted to $516 million, a decrease of $42 million from the previous month. HVPE’s cash and cash equivalents ($150 million) and available credit ($525 million) totalled $675 million.

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

The HVPE team is here to discuss any questions you may have, so please do not hesitate to contact Richard Hickman using the contact details below.

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