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HarbourVest NAV down 1.6% in November

HarbourVest Global Private Equity’s estimated Economic NAV at 30 November is USD910.9 million, or USD11.01 per share, down 1.6% (USD0.18) per share from 31 October. This change was driven by decreases in the value of publicly-traded holdings to 30 November 2011 (approximately USD0.10 per share), negative foreign currency movement (USD0.10 per share), and ongoing operating expenses (USD0.02 per share).

These changes were partially offset by an increase in the valuation of the investment in Absolute Private Equity, Ltd. (“Absolute”) (USD0.03 per share) and increases in the value of privately-held investments as a portion of the portfolio was re-valued to reflect 30 September 2011 results (USD0.01 per share).  
 

During the month, HVPE funded a USD0.6 million capital call to one international fund-of-funds, and received USD28.9 million in distributions from U.S. and international fund-of-funds and a direct fund, resulting in net positive cashflows of USD28.3 million.
 
As a result of this net positive cashflow, the Company repaid USD20.0 million of capital against its credit facility.  At 30 November 2011, a total of USD161.6 million is outstanding, a USD22.2 million decrease from 31 October due to the repayment and foreign currency movement.

During November, there were a total of 27 liquidity events across HVPE’s underlying portfolio, including 21 M&A transactions and six IPOs. On 4 November 2011, deal-of-the-day website Groupon, Inc., which represented 0.35% of HVPE’s NAV at 31 July 2011, completed an IPO.  Groupon sold 35 million shares in the IPO at USD20.00 per share, and floated with a  market capitalisation of approximately USD13 billion.
 

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