HarbourVest listed fund increases net asset value

HarbourVest Global Private Equity Limited, a closed-end investment company, estimated net asset value of $13.13 per share, an $.08 increase from the September 30, 2013 estimate and a $.67 increase from January 31, 2013. The firm invested $13.4 million in U.S. funds of funds and secondary funds, including increased commitments to HarbourVest’s U.S. fund of funds.

Press Release

HARBOURVEST GLOBAL PRIVATE EQUITY ESTIMATED NET ASSET VALUE INCREASES TO $13.13 PER SHARE
ESTIMATED NAV INCREASES $0.08 PER SHARE FROM 30 SEPTEMBER 2013 ESTIMATE OF $13.05 AND 5% FROM 31 JANUARY 2013
ON 15 OCTOBER 2013, THE COMPANY MADE A $20 MILLION CAPITAL SHARE REDEMPTION TO SHAREHOLDERS
HVPE COMMITTED ADDITIONAL CAPITAL TO HARBOURVEST U.S. FUND-OF-FUNDS
IN NOVEMBER, TWITTER (TWTR)* PRICED ITS IPO AT $26.00 PER SHARE AT A MULTIPLE OF 8.3 TIMES COST. The share price has increased since listing, and the value uplift on HVPE’s holding via multiple venture managers will be reflected in the 30 November 2013 estimated NAV.
HVPE IS $66 MILLION CASH FLOW POSITIVE DURING THE FIRST NINE MONTHS OF THE FINANCIAL YEAR AND THE CURRENT LEVEL OF GEARING IS 11%

HarbourVest Global Private Equity Limited (“HVPE” or the “Company”), a closed-end investment company, today announces its estimated Net Asset Value (“NAV”) at 31 October 2013.

Net Asset Value

At the end of October, HVPE’s estimated NAV per share was $13.13, a $0.08 per share increase from the 30 September 2013 estimate of $13.05 and a $0.67 per share (5%) increase from 31 January 2013. This change mainly reflects increases for privately-held securities as a portion of the portfolio was revalued to reflect final 30 September 2013 results. The increase was partially offset by operating expenses.

Balance Sheet and Commitments

During October, HVPE invested $13.4 million in U.S. fund-of-funds and secondary funds, including the increased commitments to HarbourVest U.S. fund-of-funds. The Company received $11.6 million of realisations during the month, the largest source of which was a mature international fund-of-funds, resulting in net negative cash flows of $1.8 million. With positive cash flows during seven of the last nine months, HVPE is $65.7 million cash flow positive during the first nine months of the financial year. During October 2013, there were a total of 60 liquidity events across HVPE’s underlying portfolio (double the September total), including 40 M&A transactions and 20 IPOs.

In October 2013, HVPE increased its commitments to HarbourVest’s U.S. buyout and credit focused fund-of-funds by $53.5 million. These funds participated in the December 2012 purchase of the assets of Conversus alongside HVPE and other HarbourVest-managed funds.

Credit Facility

During October, HVPE borrowed $2.0 million and repaid $2.0 million against its credit facility, which is committed until April 2018 subject to certain covenants. At 31 October 2013, a total of $125.1 million is outstanding, which is a $1.2 million increase from 30 September due to foreign currency movement.

Additional detail about HVPE’s NAV and investment diversification can be found on HVPE’s website, in the Monthly Update for 31 October 2013.

Enquiries:
HarbourVest
Stuart Howard Tel: +44 (0) 20 7399 9815 showard@harbourvest.com
Laura Thaxter Tel: +1 (617) 348 3695 lthaxter@harbourvest.com
Fishburn Hedges
Paul Farrow / Alastair Fairbrother / Ben Lyons Tel: +44 (0) 20 7839 4321 HVPE@fishburn-hedges.co.uk
Notes to Editors:

About HarbourVest Global Private Equity Limited:
HarbourVest Global Private Equity Limited (“HVPE”) is a Guernsey-incorporated closed-end investment company which has a dual listing on both the London Stock Exchange and Euronext Amsterdam. HVPE is registered as an investment institution with the Netherlands Authority for the Financial Markets. HVPE is designed to offer shareholders long-term capital appreciation by investing in a private equity portfolio diversified by geography, by stage of investment, by vintage year, and by industry. It invests in and alongside HarbourVest-managed funds which focus on primary partnership commitments, secondary investments, and direct investments in operating companies. HVPE is advised by HarbourVest Advisers L.P., an affiliate of HarbourVest Partners, LLC.

About HarbourVest Partners, LLC:
HarbourVest is an independent global private equity investment firm and an SEC registered investment advisor, providing vehicles for institutional investors to invest in
the venture capital and buyout markets in the U.S., Europe, and elsewhere through primary partnerships, secondary purchases, and direct investments. The HarbourVest
team began investing in 1982 and has committed more than $30 billion to investments over its more than 30-year history. Across its global investment platform, HarbourVest and its affiliates have more than 230 employees in Boston, London, Hong Kong, Tokyo, Bogotá, and Beijing.

This announcement is for information purposes only and does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in any jurisdiction and should not be relied upon in connection with any decision to subscribe for or acquire any Shares. In particular, this announcement does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States or to US Persons (as defined in Regulation S under the US Securities Act of 1933, as amended (“US Persons”)). Neither this announcement nor any copy of it may be taken, released, published or distributed, directly or indirectly to US Persons or in or into the United States (including its territories and possessions), Canada, Australia or Japan, or any jurisdiction where such action would be unlawful. Accordingly, recipients represent that they are able to receive this announcement without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business. No recipient may distribute, or make available, this announcement (directly or indirectly) to any other person. Recipients of this announcement should inform themselves about and observe any applicable legal requirements in their jurisdictions.

The Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and, accordingly, may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, within the United States or to US Persons. In addition, the Company is not registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”) and shareholders of the Company will not have the protections of that act. There will be no public offer of the Shares in the United States or to US Persons.

This announcement has been prepared by the Company and its investment manager, HarbourVest Advisers L.P. (the “Investment Manager”). No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this announcement is accepted and no representation, warranty or undertaking, express or implied, is or will be made by the Company, the Investment Manager or any of their respective directors, officers, employees, advisers, representatives or other agents (“Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of the Investment Manager nor any of their respective Agents makes or has been authorised to make any representation or warranties (express or implied) in relation to the Company or as to the truth, accuracy or completeness of this announcement, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this announcement and nothing in this announcement is or should be relied on as a promise or representation as to the future.

Other than as required by applicable laws, the Company gives no undertaking to update this announcement or any additional information, or to correct any inaccuracies in it which may become apparent and the distribution of this announcement. The information contained in this announcement is given at the date of its publication and is subject to updating, revision and amendment. The contents of this announcement have not been approved by any competent regulatory or supervisory authority.

This announcement includes statements that are, or may be deemed to be, “forward looking statements”. These forward looking statements can be identified by the use of forward looking terminology, including the terms “believes”, “projects”, “estimates”, “anticipates”, “expects”, “intends”, “plans”, “goal”, “target”, “aim”, “may”, “will”, “would”, “could”, “should” or “continue” or, in each case, their negative or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts and include statements regarding the intentions, beliefs or current expectations of the Company. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company’s ability to control or predict. Forward looking statements are not guarantees of future performance. More detailed information on the potential factors which could affect the financial results of
the Company is contained in the Company’s public filings and reports.

HarbourVest Global Private Equity Limited is registered with the Netherlands Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financieel toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results.

This announcement is issued by the Company, which is registered with the Netherlands Authority for the Financial Markets and whose registered address is at Anson Place, Mill Court, La Charroterie, St Peter Port, Guernsey GY1 1EJ.

© 2013 HarbourVest Global Private Equity Limited. All rights reserved.