HarbourVest Global Private Equity, a closed-end investment company listed on Euronext Amsterdam and the Specialist Fund Market of the London Stock Exchange, says its net asset value rose by 13.7 per cent over the year to 31 January 2010.
As at 31 January 2010, HarbourVest’s NAV was USD718.2m or USD8.65 per share.
This represents an increase of USD1.04 per share over the financial year from 31 January 2009.
Of the USD1.04 increase in NAV per share, USD0.44 resulted from HarbourVest US fund of funds, USD0.37 from HarbourVest international fund of funds, USD0.33 from HarbourVest direct funds, and USD0.17 from unrealised foreign currency gains.
The performance of the global secondary fund was neutral, and operating expenses resulted in a decrease of USD0.27 per share.
Gains for HarbourVest’s US, international, and direct funds were driven primarily by improving public markets, which increased the value of the public securities held in the portfolios, as well as the value of comparable public companies against which many private company valuations are benchmarked.
At 31 January, HarbourVest’s portfolio included commitments to 20 HarbourVest funds at various stages of development.
HarbourVest has 63 per cent of NAV invested in primary partnerships, 20 per cent in secondary investments, and 17 per cent in direct investments.
Reflecting HarbourVest’s portfolio diversification strategy, no single company represented more than 3.2 per cent of NAV, and the top 25 companies represented 21 per cent of NAV.
The portion of NAV represented by the top 25 managers was 30 per cent.
HarbourVest’s portfolio was invested 64 per cent in the US, 28 per cent in Europe, and eight per cent in Asia Pacific and the rest of the world.
During the financial year, HarbourVest did not make any new commitments to HarbourVest funds. However, the company benefited from the ongoing commitments made by six of the actively-investing HarbourVest funds in the portfolio, which committed USD38m to primary investments and USD16m to secondary and direct investments on HarbourVest’s behalf.
