HarbourVest Global Private Equity (HVPE) has reported an estimated net asset value per share of USD12.12, a USD0.19 per share (1.6 per cent) increase from 31 December 2012 and a 6.1 per cent increase during the financial year ended 31 January 2013.
This change resulted primarily from increases in the value of publicly-traded holdings and a valuation increase for Absolute Private Equity, as well as positive foreign currency movement.
The value of the majority of HVPE’s privately-held companies continues to reflect the investment manager’s preliminary estimate of year-end 2012 valuations. The gain was partially offset by ongoing operating expenses.
At 31 January 2013, HVPE is valuing the Absolute portfolio at a 40 per cent increase over the purchase price (including dividends received since closing).
During January, HVPE invested USD4.1m in US and international fund-of-funds, compared to USD29.4m invested during December 2012 (excluding the purchase of the Conversus assets). The company received USD11.2m of realisations from US fund-of-funds and a direct fund (compared to USD43.3m received in December 2012), resulting in net positive cash flows of USD7.1m. This is the fifth consecutive month of positive cash flows to and from HarbourVest funds, and HVPE is USD96.7m cash flow positive for the financial year ended 31 January 2013. During January, there were a total of 25 liquidity events across HVPE’s underlying portfolio, including 21 M&A transactions and four IPOs.
During January, HVPE repaid USD16.0m against its USD500m credit facility. At 31 January 2013, a total of USD161.7m is outstanding, a USD15.6m decrease from 31 December 2012 due to the amount repaid and foreign currency movement.
