HarbourVest Global Private Equity, a closed-end investment company, has extended its multi-currency credit facility with LloydsTSB Bank.
Stuart Howard, chief operating officer of European listed products at HarbourVest, says: “HVPE is pleased to announce the extension of its credit facility in partnership with Lloyds, which underpins the company’s commitment to growing its NAV over the long term for the benefit of shareholders. The cash generative trending portfolio, and our proven ability to manage the balance sheet during challenging economic conditions, means we are comfortable with the step down to a USD300m facility beyond 2014. A strong balance sheet allows the company the option to invest in new private equity opportunities in and alongside HarbourVest-managed funds and to maximise its future returns. The modest increase in fees and margin is a positive exchange for certainty and duration.”