HarbourVest Global Private Equity, a closed-end investment company listed on Euronext Amsterdam, had an estimated NAV of USD656m or USD7.90 per share at 30 September 2009.
This represents a 0.9 per cent increase from the 31 August 2009 estimated NAV per share of USD7.83.
This increase resulted primarily from increases in the value of publicly-traded holdings to 30 September (approximately USD0.06 per share) and foreign currency movement related to non-US dollar-denominated holdings (USD0.03 per share). These gains were partially offset by ongoing operating expenses (USD0.02 per share).
During September, HVPE did not make any new commitments or purchase additional interests in HarbourVest-managed funds.
HVPE’s HarbourVest-managed global secondary fund participated in the joint purchase of 3i’s European venture assets.
During the month, HVPE funded USD5.2m of capital calls to US fund of funds and a direct fund, the majority of which was used to fund a direct investment in a telecom company in the Czech Republic.
The company received USD4.7m in distributions from US and non-US fund of funds, the largest source of which was HIPEP III Partnership, a mature non-US fund of funds that is harvesting its investments.
During a more active month for initial public offerings relative to early 2009, HVPE’s HarbourVest funds had exposure to two IPOs during September, including A123 Systems and Select Medical.
