HarbourVest Global Private Equity’s estimated net asset value was USD646.0m or USD7.78 per share as of 31 July 2009.
HarbourVest Global Private Equity’s estimated net asset value was USD646.0m or USD7.78 per share as of 31 July 2009.
This represents a 1.7 per cent increase from the 30 June 2009 estimated NAV per share of USD7.65.
The change resulted primarily from valuation increases for privately-held companies in HarbourVest direct funds (approximately USD0.07 per share), increases in the value of publicly-traded holdings to 31 July (UDD0.05 per share), and foreign currency movement related to non-US dollar-denominated holdings (USD0.03 per share), partially offset by ongoing operating expenses (USD0.02 per share).
During July, HVPE did not make any new commitments or purchase additional interests in HarbourVest-managed funds.
HVPE is 110 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 July, HVPE funded USD2.0m of capital calls to US and non-US fund-of-funds and did not receive distributions.
Total unfunded commitments increased by USD1.0m during the period to USD659.8m. Of these commitments, approximately USD474.3m has been committed to underlying partnerships; the balance has not yet been committed.
During the month, the company repaid USD10.0m of outstanding borrowing against its USD500.0m credit facility, which is committed until December 2014. At 31 July 2009, a total of USD80.0m has been drawn. Based on the facility’s most restrictive covenant, there is currently USD324.0m available to be drawn.
