HarbourVest Global Private Equity, a closed-end investment company, had an estimated economic net asset value of USD717.0m or U.S.D8.64 per share as at 31 May 2010, unchanged from the 30 April 2010 estimated economic NAV per share.
While valuation increases for underlying holdings resulted in a USD0.22 increase per share (based on 31 March 2010 valuations), this gain was fully offset by public holding valuation decreases, foreign currency movement as the euro depreciated 7.4 per cent against the US dollar, and operating expenses.
On 26 May, HarbourVest invested GBP10.0m (USD14.5m) in HarbourVest Senior Loans Europe, a new fund managed by an affiliate of HarbourVest Partners and listed on the London Stock Exchange. HarbourVest’s investment manager believes that the HSLE investment provides an attractive opportunity to diversify further the HarbourVest portfolio with fixed income exposure while providing incremental opportunities for capital appreciation and current cash earnings.
