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HarbourVest net asset value up 0.6 per cent in August

HarbourVest Global Private Equity’s net asset value was USD650.3m or USD7.83 per share at 31 August 2009, a 0.6 per cent increase from the 31 July 2009 estimated NAV per share of USD7.7

HarbourVest Global Private Equity’s net asset value was USD650.3m or USD7.83 per share at 31 August 2009, a 0.6 per cent increase from the 31 July 2009 estimated NAV per share of USD7.78.

This increase resulted primarily from valuation increases for privately-held companies in HarbourVest fund of funds (approximately USD0.05 per share) and direct funds (USD0.02 per share), and foreign currency movement related to non-US dollar-denominated holdings (USD0.03 per share). 

These gains were partially offset by decreases in the value of publicly-traded holdings to 31 August (USD0.03 per share) and ongoing operating expenses (USD0.02 per share).

During August, HVPE did not make any new commitments or purchase additional interests in HarbourVest-managed funds. HarbourVest funds in the portfolio made a new primary partnership commitment in Asia Pacific.

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 August, HVPE funded USD1.3m of capital calls to a non-US fund of funds and did not receive distributions.

Total unfunded commitments decreased by USD0.3m during the month to USD659.5m. Of these commitments, approximately USD472.0m has been committed to underlying partnerships; the balance has not yet been committed.

During the month, the company did not draw down additional capital against its USD500m credit facility, which is committed until December 2014. At 31 August 2009, a total of USD80m has been drawn. Based on the facility’s most restrictive covenant, there is currently USD328.1m available to be drawn.

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