HarbourVest Global Private Equity’s estimated economic NAV is USD858.6 million or USD10.35 per share, as at 31 March 2011. This is a 3.6% increase from the 28 February 2011 estimated Economic NAV per share of USD9.99.
The change was driven by increases in value for privately-held companies as a portion of direct and fund-of-fund holdings were revalued to reflect final 31 December 2010 results (approximately USD0.32 per share); increases in the value of publicly-traded holdings to 31 March (USD0.01 per share); and foreign currency movement (USD0.05 per share).
The gains were partially offset by ongoing operating expenses (USD0.02 per share). Final valuations increased from the year-end estimates as additional company information became available. At 31 March 2011, 95% of HVPE’s Estimated NAV represents final year-end 2010 valuations for privately-held companies or 31 March 2011 values for public holdings. The value of the remaining direct and fund-of-funds holdings continues to reflect the investment manager’s preliminary estimate of year-end 2010 valuations.
In March 2011, HVPE funded USD21.7 million of capital calls to US fund-of-funds, the global secondary fund, and a direct fund (a significant increase compared to the USD8.3 million funded in February). The company received USD20.5 million in distributions from US and international fund-of-funds and the global secondary fund during March, more than three times the USD5.9 million received during February, resulting in net negative cash flows of USD1.2 million.
Liquidity events continued across HVPE’s underlying portfolio during March 2011 with 31 transactions. Four underlying companies completed IPOs during the month, including HCA Inc. (NYSE: HCA), which at USD3.8 billion surpassed the size of the February 2011 IPO of Kinder Morgan, Inc. (NYSE: KMI) to measure among the largest private equity backed public offerings on a US exchange to date. 27 portfolio companies completed sale transactions during the month.
