HarbourVest Global Private Equity’s (HVPE) estimated economic NAV is USD902.3 million or USD10.91 per share, as at 30 June 2011. This is a 0.1% decrease from the 31 May 2011 estimated Economic NAV per share of USD10.92. This nominal change was driven by decreases in the value of publicly-traded holdings to 30 June 2011 (approximately S0.01 per share) and ongoing operating expenses (USD0.02 per share).
These changes were partially offset by increases in value for privately-held companies (USD0.01 per share) and positive foreign currency movement (USD0.01 per share).
In June 2011, HVPE funded USD20.4 million of capital calls to U.S. and international fund-of-funds, a direct fund, and the global secondary fund and received USD14.5 million in distributions from U.S. and international fund-of-funds, a direct fund, and the global secondary fund, resulting in net negative cash flows of USD5.9 million. HVPE received proceeds from the May 2011 IPO of direct holding Transmode Holding AB (TRMO) and the sale of Global World-Check to Thomson Reuters.
Liquidity events continued across HVPE’s underlying portfolio during June 2011 with 31 transactions, including six IPOs and 25 M&A events. Venture-backed IPOs included storage technology provider Fusion-io, Inc., online vacation rental site HomeAway, Inc., and internet radio company Pandora Media, Inc. Buyout-backed IPOs included Bankrate, Inc. and Vanguard Health Systems, Inc.
As part of HVPE’s previously announced plans to participate, along with HarbourVest-managed secondary funds, in a public offer for all bearer shares of Absolute Private Equity, Ltd., the HarbourVest consortium has increased its offer price. HVPE’s direct commitment to the transaction is still expected to be 10% of the purchase price. Based on the amended offer, this would represent an investment of USD40 million to USD81 million, depending on the results of the tender offer. The transaction is expected to be completed in the third quarter of 2011. Additional information is available on HVPE’s website.
