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Harbourvest private equity fund attracts USD830m in Euronext IPO

HarbourVest Global Private Equity (HVPE), a closed-ended investment company incorporated in Guernsey, has announced the successful offering of shares on Euronext Amsterdam by NYSE Euronext

HarbourVest Global Private Equity (HVPE), a closed-ended investment company incorporated in Guernsey, has announced the successful offering of shares on Euronext Amsterdam by NYSE Euronext (Euronext Amsterdam), the regulated market of Euronext Amsterdam NV. The final size of the offering is USD 830,000,000 (83,000,000 shares) at an offer price of USD 10.00 per share.

HVPE is designed to offer shareholders long-term capital appreciation by investing in a private equity portfolio of HarbourVest managed funds that are diversified by geography, stage of investment, vintage year and by industry.

After a global roadshow that included Europe, the Middle East and the US HVPE attracted interest primarily from institutional investors and pension funds, representing high-quality institutions with both medium and long-term investment horizons.

HVPE is managed by HarbourVest Advisers LP, an affiliate of HarbourVest Partners, LLC, a leading private equity fund-of-funds manager. The proceeds of the offerings will be used to acquire a carefully selected portfolio of HarbourVest-managed funds and to make commitments to current HarbourVest-managed funds. On admission to trading, HVPE will be more than 90% invested.

HVPE will be the only means to access HarbourVest’s investment strategy through a publicly-traded vehicle. It will invest in HarbourVest funds – past, present and future – which focus on primary partnership commitments, secondary investments or direct investments in operating companies.

Conditional dealings in the shares on Euronext Amsterdam began on 6 December 2007 and unconditional dealings are expected to begin at 9:00am (CET) on Tuesday 11 December 2007.

Lehman Brothers International (Europe), as stabilising manager, may, up to 5 January 2008, purchase up to an aggregate of 2,500,000 shares in cash at the offer price of USD 10.00 per share from certain existing HarbourVest limited partners to cover over-allotments, if any, made in connection with the offering.

HarbourVest is one of the largest and longest-established private equity fund-of-funds managers in the world. Over the past 25 years, investors have committed more than U.S.$29 billion to its private equity programs. It has demonstrated an ability to build top-quartile investment portfolios by actively selecting top-tier managers and allocating assets across private equity strategies.

Brooks Zug, Director of HVPE and Senior Managing Director of HarbourVest, says: "We are delighted to have reached our targeted market capitalisation of USD 830 million and to have succeeded with the listing of HVPE. In the face of very challenging financial markets, investors have recognised that HVPE represents an exceptional opportunity to gain access to a high quality private equity portfolio through a public investment company structure. We remain very optimistic about the long-term potential of private equity markets in general and HVPE in particular."

George Anson, Director of HVPE and Managing Director of HarbourVest, says: "We are very pleased that high calibre investors have supported this offering. HVPE is a well structured vehicle, and we are confident that its investment portfolio provides a strong platform for delivering the performance to underpin shareholder value. We believe the profile of our investors – large institutions with medium to long-term investment horizons – further strengthens our company’s long-term focus."

Lehman Brothers International (Europe) acted as Global Coordinator and Lehman Brothers International (Europe), Deutsche Bank AG, London Branch and Goldman Sachs International acted as Joint Bookrunners of the global offering.

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