20 March 2019
HVPE REPORTS RECORD MONTH FOR INVESTMENT AS SEEDED REAL ASSETS VEHICLE COMPLETES FIRST DEAL
· HVPE invests $112 million into HarbourVest Funds during February 2019
· Majority (90%) invested into real assets vehicle as it completes first deal:
o A complex secondary fund restructuring
o Acquisition of a global portfolio of infrastructure assets spanning Spanish toll roads, North American airports and Australian ports
· HVPE stands to receive a share of third-party management fee revenue from the Vehicle
HarbourVest Global Private Equity Limited ("HVPE" or the "Company") has reported a record month for investment into HarbourVest funds in February, driven largely by the completion of the first deal in a real assets vehicle it seeded last June (the "Vehicle"). HVPE is also pleased to announce that as the initial seed investor with a commitment of $150 million, it stands to receive a share of third-party management fee revenue from the Vehicle.
The first deal in the Vehicle has seen approximately $150 million invested through a complex secondary fund restructuring in a global portfolio of high quality core infrastructure assets including Spanish toll roads, North American airports and Australia ports. The assets are mature operating assets which are expected to deliver long-term capital growth as well as generate an attractive income yield going forward. Further details can be found here: https://www.businesswire.com/news/home/20190320005503/en/Corsair-Infrastructure-Partners-Announces-Long-Term-Investments.
Richard Hickman, Director of Investment and Operations at HVPE, said: "We believe that increasing the Company's exposure to real assets over the longer term is complementary to HVPE's existing strategy and offers an element of diversification to the Company's traditional private markets portfolio, thereby helping to deliver consistent NAV growth through the cycle.
"Furthermore, the prospect of receiving a share of future third-party management fee revenue from the Vehicle will enable HVPE shareholders to participate alongside the Investment Manager in the Vehicle's success, offering the prospect of an incremental return over and above that derived from the assets themselves. We believe that this long-term alignment with HarbourVest is an encouraging development for shareholders as HVPE seeks to build on its excellent performance track record and broaden its appeal to public market investors seeking to benefit from compelling opportunities available in the private markets."
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About HarbourVest Global Private Equity Limited:
HarbourVest Global Private Equity Limited ("HVPE" or the "Company") is a Guernsey-incorporated, closed-end investment company which is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 index. HVPE is designed to offer shareholders long-term capital appreciation by investing in a private equity portfolio diversified by geography, stage of investment, vintage year, and industry. The Company invests in and alongside HarbourVest-managed funds which focus on primary fund commitments, secondary investments and direct co-investments in operating companies. HVPE's investment manager is HarbourVest Advisers L.P., an affiliate of HarbourVest Partners, LLC, an independent, global private markets asset manager with more than 35 years of experience.
About HarbourVest Partners, LLC:
HarbourVest is an independent, global private markets investment specialist with 36 years of experience and more than $58 billion in assets under management, as of December 31, 2018. The Firm's powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in commingled funds or separately managed accounts. HarbourVest has more than 500 employees, including more than 100 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $35 billion to newly-formed funds, completed over $19 billion in secondary purchases, and invested over $9 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, actionable insights, and proven results.
This announcement is for information purposes only and does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in any jurisdiction and should not be relied upon in connection with any decision to subscribe for or acquire any Shares. In particular, this announcement does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States or to US Persons (as defined in Regulation S under the US Securities Act of 1933, as amended ("US Persons")). Neither this announcement nor any copy of it may be taken, released, published or distributed, directly or indirectly to US Persons or in or into the United States (including its territories and possessions), Canada, Australia or Japan, or any jurisdiction where such action would be unlawful. Accordingly, recipients represent that they are able to receive this announcement without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business. No recipient may distribute, or make available, this announcement (directly or indirectly) to any other person. Recipients of this announcement should inform themselves about and observe any applicable legal requirements in their jurisdictions.
The Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and, accordingly, may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, within the United States or to US Persons. In addition, the Company is not registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act") and shareholders of the Company will not have the protections of that act. There will be no public offer of the Shares in the United States or to US Persons.
This announcement has been prepared by the Company and its investment manager, HarbourVest Advisers L.P. (the "Investment Manager"). No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this announcement is accepted and no representation, warranty or undertaking, express or implied, is or will be made by the Company, the Investment Manager or any of their respective directors, officers, employees, advisers, representatives or other agents ("Agents") for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of the Investment Manager nor any of their respective Agents makes or has been authorised to make any representation or warranties (express or implied) in relation to the Company or as to the truth, accuracy or completeness of this announcement, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this announcement and nothing in this announcement is or should be relied on as a promise or representation as to the future.
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This announcement is issued by the Company, whose registered address is BNP Paribas House, St Julian's Avenue, St Peter Port, Guernsey, GY1 1WA
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