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HVPE’s estimated economic NAV down 1.6% in July

HarbourVest Global Private Equity’s estimated economic NAV at 31 July 2011 is USD888.2 million or USD10.74 per share, a 1.6% decrease from 30 June 2011 (USD10.91).

This change was driven by decreases in value for privately-held companies as a portion of the portfolio was re-valued to reflect 30 June 2011 results (approximately USD0.07 per share), decreases in the value of publicly-traded holdings to 31 July 2011 (USD0.07 per share), negative foreign currency movement (USD0.01 per share), and ongoing operating expenses (USD0.02 per share).
  
In July 2011, HVPE funded USD13.4 million of capital calls and received USD11.5 million in distributions, resulting in net negative cash flows of USD1.9 million.
 
During July, there were a total of 38 liquidity events across HVPE’s underlying portfolio, including seven IPOs and 31 M&A events. Venture-backed IPOs included headphone provider Skullcandy (SKUL) and telecom expense software company Tangoe, Inc. (TNGO). Larger buyout-backed liquidity events included the IPO of Dunkin Brands, Inc. (DNKN) and the sale of outdoor apparel company Jack Wolfskin GmbH & Co. KgaA.
 
As part of HVPE’s previously announced plans to participate, along with HarbourVest-managed secondary funds, in a public offer for all bearer shares of Absolute Private Equity, Ltd, the HarbourVest consortium increased its offer price during July 2011. The preliminary interim result indicates that greater than 90% of Absolute shareholders have tendered, and the definitive interim result will be announced on 16 August.  As detailed in the offer prospectus, at tender levels of 90% or higher, HarbourVest intends to take Absolute private.  The transaction is expected to close in September.  HVPE’s direct commitment to the transaction is expected to be at least 10% of the purchase price. 
  
During July 2011, HVPE did not repurchase any shares under its Share Buyback Programme. 

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