Modest NAV growth from HarbourVest Global Private Equity reflects strengthening US dollar

Modest NAV growth from HarbourVest Global Private Equity reflects strengthening US dollar

HarbourVest Global Private Equity (HVPE) has announced its estimated NAV per share as at 31 December 2022 at US$48.04 (£39.76); up 0.2% in US dollar terms over the month (which reflects the currency movement). HVPE says that, for this estimate, 7% of its portfolio is valued at 31 December 2022, this being the public companies in the portfolio, while the balance of 93% is valued at 30 September 2022. HVPE says that capital calls and distributions were elevated in December (as in prior years), with a net US$24m invested. Its strategic asset allocation targets also remain unchanged following the 2022 annual review.

New commitments

During December 2022, HVPE made US$325m of new commitments to HarbourVest funds. This included US$225m to a global secondary fund, US$75m to a US-focused credit fund, and US$25m to a global multi-strategy fund of funds. These new commitments, alongside foreign exchange rate movements, and minus capital funded, contributed to a net increase of US$194m in HVPE’s Investment Pipeline (unfunded commitments), taking it to US$2.8bn at 31 December 2022.

Investment

During December 2022, HVPE invested US$132m into HarbourVest funds (compared to US$28m in November 2022). The largest individual investment during the month was made to a 2021 vintage US-focused buyout fund of funds.

Realisations

HVPE received distributions of US$108m from HarbourVest funds during December 2022 (compared to US$27m in November 2022). The largest source of proceeds came from a 2015 vintage US-focused buyout fund of funds. During December 2022, there were a total of 16 M&A transactions and IPOs across HVPE’s underlying portfolio, compared to November’s total of 21, and a last 12-month average of 21. These were broken down into 14 M&A transactions and two IPOs.

Balance Sheet and Credit Facility

As at 31 December 2022, HVPE had the full US$800m available on its credit facility. Borrowing at the HarbourVest fund level amounted to US$491m, a decrease of US$13m from the previous month. HVPE’s cash and cash equivalents (US$205m) and available credit (US$800m) totalled US$1.0bn.

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