HVPE receives $44m in realisations in September

HarbourVest Global Private Equity Limited (HVPE) received $44.2 million in realisations from HarbourVest funds and co-investments in September, up from $9.6 million in August, according to a statement.

The largest source of realisations came from the co-investment in Conversus Capital. HarbourVest acquired Conversus’ portfolio of private equity fund interests and direct co-investments in 2012 for $1.4 billion.

During September, there were 24 exits, including 19 mergers and acquisitions and five initial public offerings. Here are some of the September IPOs:

• Austrian biotech company Nabriva, which is held in the secondaries portfolio via Kreos Capital and Phase4 Ventures.
• US food product supplier Performance Food Group, held in the primary fund, secondaries and Absolute Private Equity portfolios via The Blackstone Group and Wellspring Capital Management.
• German online classified ad network Scout24, held in the primary fund and secondaries portfolios via Blackstone and Hellman & Friedman.

During September, HVPE committed $25 million to HarbourVest Mezzanine Income Fund, which is focused on building a diversified portfolio of mezzanine investments in US-based small to mid-market companies. It also invested $6.4 million in HarbourVest funds, the largest investment being in international fund of funds HIPEP VII, which makes secondaries investments.

As of 30 September, HVPE’s estimated net asset value (NAV) per share was $16.42, slightly down from its $16.49 NAV as of 31 August.

HVPE is HarbourVest Partners’ listed fund of funds, investing in and alongside HarbourVest’s managed funds. At the end of September, HVPE increased its credit facility to $500 million with the addition of $200 million from Credit Suisse, a new lender. The rest of the commitment comes from Lloyds. The entire credit facility was extended to September 2019. HVPE currently has no drawings on its credit facility.