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HarbourVest Global Private Equity NAV increases USD0.08 per share

HarbourVest Global Private Equity had an estimated net asset value per share of USD11.49 at the end of June, a USD0.08 per share increase from 31 May 2012 (USD11.41). 



This change mainly reflects positive public markets and foreign currency movement, as well as increases in the value of privately-held investments as the portfolio was re-valued to reflect 31 March 2012 valuations.   
      
At 30 June 2012, HVPE is valuing the Absolute portfolio at USD24.77 per share (including dividends received since closing), which is unchanged from 31 May 2012 and a 34 per cent increase over the purchase price of USD18.50 per share. Absolute has been de-listed and is now 100 per cent privately held.     
 
During the month, HVPE invested USD18.1m in US and international fund of funds and a direct fund. The company received USD25.5m from US and international fund of funds, a global secondary fund, and a direct fund, resulting in net positive cash flows of USD7.4m. This is the fifth consecutive month of positive cash flows. During June 2012, there were a total of 41 liquidity events across HVPE’s underlying portfolio (up from 22 events during May), including 39 M&A transactions and two venture-backed IPOs.
 
On 2 July 2012, HVPE (along with HarbourVest-managed funds) announced the purchase of the investment portfolio of Conversus Capital for USD1.4bn (implied value of USD22.11 per Conversus unit at 30 April 2012). HVPE’s direct commitment to the transaction is expected to be a maximum of USD131m, or approximately nine per cent of the total deal, depending on the final unit holder elections. The secondary purchase of Conversus follows the 2011 take-private of Absolute Private Equity. The transaction is expected to hold an initial closing during the last four months of 2012, with subsequent closings extending into 2013.
 
In June 2012, HVPE made a USD50.0m commitment to HarbourVest’s most recent global co-investment fund, 2012 Direct Fund, which seeks to build a portfolio of co-investments in management buyouts, leveraged buyouts, growth financings, special situation deals, and mezzanine transactions.
 
At 30 June 2012, USD112.5m has been drawn against the company’s USD500m credit facility, a USD10.2m decrease from 31 May due to a USD10m repayment and foreign currency movements.

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