HarbourVest Global Private Equity, a closed-end investment company listed on Euronext Amsterdam and the Specialist Fund Market of the London Stock Exchange, has reported an estimated economic net asset value of USD776.1m or USD9.35 per share as of 31 October, a 3.5 per cent increase from the 31 July economic NAV of USD749.6m or USD9.03 per share.
This change during the interim period primarily resulted from increases in the value of publicly-held securities, increases in the value of privately-held companies in HarbourVest fund of funds as the portfolio was partially re-valued to reflect 30 September 2010 valuations, and positive foreign currency movement, offset by ongoing operating expenses.
Increasing values of privately-held companies partly reflect rising world stock indices from 1 July 2010 through to 30 September 2010 (the valuation date for underlying private investments), as well as improving operating performance for some companies.
During the period from 1 August 2010 through to 31 October 2010, the MSCI World Index (USD) increased by 9.0 per cent. Also during the interim period, the euro appreciated 6.9 per cent against the US dollar, increasing the value of the approximately 19 per cent of the portfolio that is denominated in euros.
During the interim period to 31 October 2010 and thereafter, HarbourVest committed a total of USD50.0m to the HarbourVest Partners IX programme, a US-focused fund of funds vehicle that is currently raising capital.
HarbourVest allocated USD25m (50 per cent of the commitment) to HarbourVest IX Buyout, USD20m (40 per cent) to HarbourVest IX Venture, and USD5m (ten per cent) to HarbourVest IX Credit Opportunities.
The company also continued to benefit from ongoing commitments made by the actively investing HarbourVest funds in its portfolio, which made new primary venture and buyout partnership commitments in the US and China, buyout and venture-focused secondary investments, and direct growth equity investments during the interim period.
HVPE’s unfunded commitments of USD590.8m increased by USD36.4m during the interim period, primarily as a result of the new HarbourVest IX commitments and foreign currency movement, offset by capital calls. Of the total unfunded commitments at 31 October 2010, approximately USD409.3m has been committed by HarbourVest funds to underlying partnerships, while the remaining USD181.5m has not yet been committed.
