HarbourVest Global Private Equity’s estimated economic NAV is USD801.3 million or USD9.65 per share, as at 31 December 2010, an increase of 3.4% on November 2010.
HarbourVest Global Private Equity’s estimated economic NAV is USD801.3 million or USD9.65 per share, as at 31 December 2010, an increase of 3.4% on November 2010.
The increase resulted primarily from a positive valuation adjustment (USD0.27 per share) taken by the HarbourVest funds to reflect the investment manager’s preliminary estimate of year-end 2010 valuation increases, as well as the impact of positive foreign currency movement (USD0.07 per share). The gains were partially offset by ongoing operating expenses (USD0.02 per share).
HVPE funded USD35.0 million of capital calls to US and international fund-of-funds, a direct fund, and the global secondary fund (compared to USD4.3 million funded in November) and received distributions of USD31.6 million (compared to the USD15.0 million received in November), resulting in net negative cash flows of USD3.4 million. December represents a record month for both capital calls and distributions and follows four consecutive months of positive cash flows.
Liquidity events continued across HVPE’s underlying portfolio during December with 32 transactions. Six underlying companies completed IPOs during the month, including direct holding FleetCor Technologies, Inc., and 26 portfolio companies completed sale transactions.
