There were 35 exits during January which generated about $700,000 from HarbourVest funds, according to a statement released in mid-February. HVPE received $66.9 million in realisations in December and $14.5 million in January 2015.
At least one of HVPE’s January realisations – the sale of Petco Animal Supplies to CVC Capital Partners and Canada Pension Plan Investment Board – was gained through secondaries exposure as the investment was held in the primary, secondaries and direct co-investment portfolios.
Last December, HVPE joined the FTSE 250 Index, representing mid-cap stocks traded on the London Stock Exchange which pass screening for size and liquidity. The inclusion is likely to help boost liquidity for the fund as it is now eligible for trading by index tracker funds, the firm said at the time.
HVPE’s January investments include $13 million in HarbourVest funds of funds as well as a secondaries fund, according to the statement. It did not make any new commitments during the month.
HVPE’s estimated net asset value (NAV) per share was $16.56 on 31 January, a 2 percent decrease from its $16.93 NAV per share on 31 December. The fund of funds cited falling values for publicly traded holdings, negative foreign currency movements and operating expenses for the drop.