HarbourVest Global Private Equity Limited’s estimated Economic Net Asset Value has risen to USD809.5 million or USD9.75 per share, as at 31 January 2011, a 1.0% increase from the 31 December 2010 estimated Economic NAV per share of USD9.65.
This change was driven by foreign currency movement (approximately USD0.05 per share); increases in value for privately-held companies as preliminary year-end 2010 results were received (USD0.05 per share); and increases in the value of publicly-traded holdings to 31 January (USD0.02 per share). The gains were partially offset by ongoing operating expenses (USD0.02 per share). The value of the vast majority of HVPE’s privately-held companies continues to reflect the investment manager’s preliminary estimate of year-end 2010 valuations. The Company’s audited NAV and financial statements for its fiscal year ended 31 January 2011 will be released in May 2011.
Following record capital call and distribution totals in December 2010, HVPE funded USD5.0 million of capital calls to U.S. and international fund-of-funds in January 2011 and received distributions of USD7.9 million, resulting in net positive cash flows of USD2.9 million.
Liquidity events continued across HVPE’s underlying portfolio during January with 35 transactions. Five underlying companies completed IPOs during the month, including direct holding The Nielsen Company (NYSE: NLSN). The Nielsen IPO was one of the largest private equity-backed offerings in U.S. history and valued the company at USD1.9 billion. 30 portfolio companies completed sale transactions during the month. Additionally, direct holding MobileAccess Networks, Inc. announced its acquisition by Corning Incorporated (NYSE: GLW) for approximately USD150 million. The pending transaction is expected to return approximately 2.3 times cost to HVPE’s investment manager, and the Company expects to receive proceeds from the sale in the near term.
