HarbourVest NAV up 12%
HarbourVest Global Private Equity (HVPE) net asset value (NAV) was up 12 per cent for the year ended 31 January 2012.
At 31 January 2012, HVPE’s NAV was USD944.0 million, or USD11.42 per share, a USD1.18 increase per share over the financial year from 31 January 2011 (USD10.24), continuing its growth trajectory since early 2010.
The increase was driven by realised profits via M&A and IPO exits (USD1.02 per share), value growth in the buyout and venture portfolios (USD0.46), and the repurchase of 300,000 shares (USD0.01). These changes were partially offset by net foreign currency losses (USD0.05 per share) and operating expenses (USD0.26 per share, including management fees).
“HarbourVest has delivered 12% NAV growth for its shareholders despite difficult and volatile economic conditions. The performance is underpinned by a series of strong realisations which contributed 85% of the total return,” says Stuart Howard, COO of European Listed Products at HarbourVest. “Investment is also up on last year and the Company demonstrated its ability to execute unique deals with the USD85 million investment in Absolute, which has been extremely accretive to the portfolio.
“With a mature, cash generative portfolio, excellent access to deals, and a strong balance sheet, the Company is well placed to continue to deliver NAV growth.”
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