HarbourVest Global Private Equity Limited’s (HVPE) unaudited results for the six months ended 31 July 2011, show that its Economic Net Asset Value (Economic NAV) rose by 9.1% over the period.
At 31 July 2011, HVPE’s Economic NAV was USD924 million, or USD11.17 per share, a USD0.93 (9.1%) increase per share over the six-month financial period from 31 January 2011 (USD10.24), its highest level since HVPE came to market in 2007.
This increase was driven primarily by HarbourVest U.S. fund-of-funds, which increased by USD0.48 per share. USD0.14 per share resulted from HarbourVest international fund-of-funds, USD0.15 from HarbourVest direct funds, and USD0.08 from the global secondary fund. Unrealised foreign currency gains increased Economic NAV by USD0.20 per share, which were partially offset by operating expenses (USD0.13 per share). The increase in Economic NAV occurred alongside an improving economic environment, an appreciating euro, and increasing public markets.
In April 2011, HVPE announced that it would participate, along with HarbourVest-managed secondary funds, in a public offer for all bearer shares of Absolute Private Equity, Ltd (Absolute), an investment company with a pool of over 70 private equity partnerships and incorporated in Switzerland. On 5 September 2011, it was announced that shareholders tendered 98.68% of Absolute shares as part of the offer, and the transaction closed on 13 September 2011. HVPE’s commitment is USD87 million.
