HarbourVest Global Private Equity’s net asset value per share was USD11.43 as at the end of April 2012, a USD0.02 per share decrease from 31 March 2012 (USD11.45), following four consecutive monthly increases.
This modest adjustment reflects negative public markets during April, as well as nominal adjustments to the estimated valuations as 31 December 2011 valuations are received from the underlying investments.
At 30 April 2012, HVPE is valuing the Absolute portfolio at USD25.19 per share (including dividends received since closing), which is unchanged from 31 March and a 36% increase over the purchase price of USD18.50 per share. Absolute has now been de-listed and is privately held. Based on current market conditions and the rate at which the Absolute portfolio is receiving distributions, HVPE’s investment manager expects the Company to receive its first distribution from the Absolute investment in mid-2012.
During the month, HVPE invested USD6.3 million in U.S. and international fund-of-funds. The Company received USD14.8 million from U.S. and international fund-of-funds, resulting in net positive cash flows of USD8.5 million. During April 2012, there were a total of 26 liquidity events across HVPE’s underlying portfolio, including 20 M&A transactions and six IPOs, including venture-backed Infoblox, Inc. (BLOX) and Splunk, Inc. (SPLK).
At 30 April 2012, USD132.6 million has been drawn against the Company’s USD500 million credit facility, a USD7.2 million decrease from 31 March due to a USD7.0 million repayment and foreign currency movements.
Additional detail about HVPE’s NAV and investment diversification can be found on HVPE’s website, in the Monthly Update for 30 April 2012.
