HarbourVest Global Private Equity, a closed-end investment company, has reported estimated net asset value (NAV) per share at 30 April 2013 of USD12.56, a USD0.11 per share increase from 31 March 2013.
This adjustment reflects positive public markets and currency movement during April, as well as portfolio gains related to the additional commitment to global secondary fund Dover VIII. The increase was partially offset by ongoing operating expenses.
At 30 April 2013, HVPE is valuing the Absolute portfolio at a 45 per cent increase over the purchase price (including dividends received since closing).
During April, HVPE invested USD17.3m in US fund-of-funds, a global secondary fund, and a co-invest fund, including the first capital call funded to the 2012 Direct Fund. The company received USD17.4m of realisations and dividends during the month from US fund-of-funds, a global secondary fund, and HSLE. This results in net positive cash flows of USD0.1m, the eighth consecutive month of positive cash flows. HVPE is USD26.4m cash flow positive during the first three months of the financial year. During April 2013, there were a total of 40 liquidity events across HVPE’s underlying portfolio, including 30 M&A transactions and ten IPOs.
During April, HVPE repaid USD1.8m (net) against its USD500m credit facility, which is committed until December 2014. At 30 April 2013, a total of USD135.4m is outstanding, a USD1.1m decrease from 31 March due to the net repayment and foreign currency movement.
On 25 April 2013, HVPE announced that it had refinanced its credit facility. The new facility, which will be sized at USD300m, is set to expire in April 2018.
On 1 May 2013, HVPE announced the retirement of Paul Christopher as a non-executive director of the company and the appointment of Alan Hodson to the role, effective 30 April 2013.
