At the end of March, HarbourVest Private Equity’s (HVPE) estimated Net Asset Value per share is USD11.45, a USD0.02 per share increase from 29 February 2012 (USD11.43), its fourth consecutive monthly increase.
This modest adjustment reflects positive public markets and foreign currency movement during March, as well as adjustments to the estimated valuations as 31 December 2011 valuations are received from the underlying investments.
At 31 March 2012, HVPE is valuing the Absolute portfolio at USD25.19 per share (including dividends received since closing), which is unchanged from 29 February and a 36% increase over the purchase price of USD18.50 per share. Absolute has now been de-listed and is privately held. Based on current market conditions and the rate at which the Absolute portfolio is receiving distributions, HVPE’s investment manager expects the Company to receive its first distribution from the Absolute investment in mid-2012.
During the month, HVPE invested USD7.8 million in fund-of-funds and the global secondary fund. The Company received USD17.2 million from fund-of-funds, a direct fund, and the global secondary fund, resulting in net positive cash flows of USD9.4 million. March realisations included proceeds from primary, secondary, and direct investments across HVPE’s portfolio.
During March 2012, there were a total of 40 liquidity events across HVPE’s underlying portfolio, including 27 M&A transactions and 13 IPOs, including venture-backed Yelp, Inc. (NYSE: YELP) (Elevation Partners); and buyout-backed Allison Transmission, Inc. (NYSE: ALSN) (Carlyle).
At 31 March 2012, USD139.8 million has been drawn against the Company’s USD500 million credit facility, a USD10.5 million decrease from 29 February due to a USD10.0 million repayment and foreign currency movements.
