HarbourVest Global Private Equity’s (HVPE) estimated net asset value per share at the end of October was USD13.13, a USD0.08 per share increase from the 30 September 2013 estimate of USD13.05 and a USD0.67 per share (five per cent) increase from 31 January 2013.
This change mainly reflects increases for privately-held securities as a portion of the portfolio was revalued to reflect final 30 September 2013 results. The increase was partially offset by operating expenses.
During October, HVPE invested USD13.4m in US fund-of-funds and secondary funds, including the increased commitments to HarbourVest US fund-of-funds. The company received USD11.6m of realisations during the month, the largest source of which was a mature international fund-of-funds, resulting in net negative cash flows of USD1.8m. With positive cash flows during seven of the last nine months, HVPE is USD65.7m cash flow positive during the first nine months of the financial year. During October 2013, there were a total of 60 liquidity events across HVPE’s underlying portfolio (double the September total), including 40 M&A transactions and 20 IPOs.
In October 2013, HVPE increased its commitments to HarbourVest’s US buyout and credit focused fund-of-funds by USD53.5m. These funds participated in the December 2012 purchase of the assets of Conversus alongside HVPE and other HarbourVest-managed funds.
During October, HVPE borrowed USD2.0m and repaid USD2.0m against its credit facility, which is committed until April 2018 subject to certain covenants. At 31 October 2013, a total of USD125.1m is outstanding, which is a USD1.2m increase from 30 September due to foreign currency movement.
