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HarbourVest NAV down 0.1 per cent in June

HarbourVest Global Private Equity, a closed-end investment company listed on Euronext Amsterdam, has estimated its net asset value at USD635.2m, or USD7.65 per share, as of 30 June 2009

HarbourVest Global Private Equity, a closed-end investment company listed on Euronext Amsterdam, has estimated its net asset value at USD635.2m, or USD7.65 per share, as of 30 June 2009.

This represents a 0.1 per cent decrease from the 31 May 2009 estimated NAV per share of USD7.66.

The company says this decline resulted primarily from ongoing operating expenses (approximately USD0.02 per share) and foreign currency movement related to non-US dollar-denominated holdings (USD0.01 per share), partially offset by increases in the value of publicly-traded holdings to 30 June (USD0.02 per share).

During June, HVPE did not make any new commitments or purchase additional interests in HarbourVest-managed funds. HarbourVest funds in the portfolio made a new primary commitment in Latin America and a direct mezzanine investment.

HVPE is 109 per cent invested. US investments remained at 66 per cent of the portfolio and European investments remained at 26 per cent. HVPE’s venture assets account for 41 per cent of the portfolio.

During June, HVPE funded USD7.4m of capital calls to US fund-of-funds and a direct fund and received distributions of USD7.9m from US and non-US fund-of-funds.

Of the total unfunded commitments of USD658.8m, USD477.3m has been committed by HarbourVest funds to underlying partnerships.

During the month, the company did not draw any additional capital against its USD500m credit facility, which is committed until December 2014. At 30 June 2009, a total of USD90.0m has been drawn, and HVPE has USD30.8m in cash.

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