HarbourVest Global Private Equity had an audited net asset value of USD631m or USD7.61 per share at 31 January, representing a 27 per cent decrease over the financial year.
HarbourVest Global Private Equity had an audited net asset value of USD631m or USD7.61 per share at 31 January, representing a 27 per cent decrease over the financial year.
Approximately 90 per cent of the USD2.78 decline in NAV per share over the year from USD10.39 was a reflection of valuation decreases for publicly-traded and privately-held portfolio companies in the HarbourVest US and non-US fund-of-funds and direct funds.
The remaining ten per cent of the decline resulted from operating expenses. A small valuation increase was recorded for the HarbourVest secondary fund in HVPE’s portfolio.
HVPE chairman Sir Michael Bunbury says: ‘HVPE is well placed to come through the trough given its highly diversified portfolio of interests in 626 underlying funds and 5,705 underlying companies with a global geographic spread and a vintage diversification from 1993.
‘I am confident that the team at HarbourVest will do its utmost to deliver positive NAV
returns just as soon as economies, markets and the private equity world achieve some lasting stability.’
During the financial year, HVPE funded USD128m of capital calls from 14 HarbourVest funds. It received USD83m in distributions from ten HarbourVest funds.
HVPE is 106 per cent invested, compared to 98 per cent at 31 January 2008 and 91 per cent at listing in December 2007.
Total unfunded commitments are USD683m, including USD488m allocated to underlying partnerships and USD195m not allocated to underlying partnerships
Total private equity exposure is USD1,351m against USD1,537m at 31 January 2008, representing a total commitment level ratio of 214 per cent and an allocated commitment level ratio of 183 per cent.
