TIDMHVPE
RNS Number : 3703A
HarbourVest Global Priv. Equity Ltd
29 May 2019
29 May 2019
HARBOURVEST GLOBAL PRIVATE EQUITY ANNOUNCES PROSPECTIVE BOARD
APPOINTMENT AND RETIREMENT OF DIRECTORS
HarbourVest Global Private Equity Limited ("HVPE" or the
"Company") today announces the following prospective Board changes
in accordance with the Company's ongoing succession planning.
Brooks Zug, co-founder of HarbourVest and a Director of HVPE
since 2007, has indicated that he intends to stand down from the
Board and will not offer himself for re-election at the Company's
Annual General Meeting ("AGM") on 25 July 2019.
HarbourVest Partners, LLC ("HarbourVest") has given notice that
it intends to put forward Carolina Espinal, Managing Director in
its Primary team, for election at the AGM as Zug's successor.
Carolina joined HarbourVest in 2004 and is a member of its Primary
Investment Committee which makes decisions on new commitments to
primary funds worldwide. She previously worked for Merrill Lynch
and holds a Masters in Finance degree from the London Business
School.
Keith Corbin, after more than 11 years on the Board of HVPE as
Senior Independent Director and as chairman of the Audit and Risk
Committee, has also informed the Company that he will not be
offering himself for re-election at the AGM in July. Keith has been
succeeded as Senior Independent Director by Alan Hodson (effective
16 May 2019), who has been a Director since April 2013. Steve
Wilderspin replaced Keith as chairman of the Audit and Risk
Committee from 31 July 2018.
Sir Michael Bunbury, HVPE's Chairman since IPO in 2007, has also
indicated his intention to retire from the Board at the AGM in July
2020. Independent consultants have been engaged to recruit his
successor after a period of handover. Further information will be
provided in due course.
Commenting on the proposed changes to the Board, Sir Michael
Bunbury, Chairman of HVPE, said:
"It is almost impossible to overestimate Brooks Zug's
contribution to the creation and success of HVPE. Similarly, Keith
Corbin has been a rock of experience and stability since our IPO in
2007. On behalf of the Board and all shareholders I thank them both
for their wisdom, energy and guidance.
"I will be very pleased to see Carolina Espinal join the Board,
subject to shareholders' approval at the AGM, to represent
HarbourVest. Her extensive experience and broad industry network
will be invaluable to the Company and its shareholders.
"It has been a privilege for me to serve shareholders as
Chairman of HVPE since the creation of the Company and it is
proposed that I should continue to do so until such time as the
Board appoints my successor ahead of the AGM in 2020."
Regulatory Disclosure
There is no information concerning Ms Espinal which is required
to be disclosed pursuant to Listing Rule 9.6.13 R (2) to (6)
inclusive.
-S -
Enquiries:
HVPE
Richard Hickman Tel: +44 (0)20 7399 rhickman@harbourvest.com
9847
Charlotte Edgar Tel: +44 (0)20 7399 cedgar@harbourvest.com
9826
HarbourVest Partners
Alicia Sweeney Tel: +1 (617) 807 acurransweeney@harbourvest.com
2945
MHP Communications
Charlie Barker / Tel: +44(0)20 3128 hvpe@mhpc.com
Tim Rowntree / Kelsey 8100
Traynor
Notes to Editors:
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 asset
manager with over 35 years of experience and more than $58 billion
in assets under management, as of March 31, 2019. 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 125
investment professionals across Asia, Europe, and the Americas.
This global team has committed more than $36 billion to
newly-formed funds, completed over $21 billion in secondary
purchases, and invested over $10 billion directly in operating
companies. Partnering with HarbourVest, clients have access to
customised 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.
Other than as required by applicable laws, the Company gives no
undertaking to update this announcement or any additional
information, or to correct any inaccuracies in it which may become
apparent and the distribution of this announcement. The information
contained in this announcement is given at the date of its
publication and is subject to updating, revision and amendment. The
contents of this announcement have not been approved by any
competent regulatory or supervisory authority.
This announcement includes statements that are, or may be deemed
to be, "forward looking statements". These forward looking
statements can be identified by the use of forward looking
terminology, including the terms "believes", "projects",
"estimates", "anticipates", "expects", "intends", "plans", "goal",
"target", "aim", "may", "will", "would", "could", "should" or
"continue" or, in each case, their negative or other variations or
comparable terminology. These forward looking statements include
all matters that are not historical facts and include statements
regarding the intentions, beliefs or current expectations of the
Company. By their nature, forward looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future and may be
beyond the Company's ability to control or predict. Forward looking
statements are not guarantees of future performance. More detailed
information on the potential factors which could affect the
financial results of the Company is contained in the Company's
public filings and reports.
All investments are subject to risk. Past performance is no
guarantee of future returns. Prospective investors are advised to
seek expert legal, financial, tax and other professional advice
before making any investment decision. The value of investments may
fluctuate. Results achieved in the past are no guarantee of future
results.
This announcement is issued by the Company, whose registered
address is BNP Paribas House, St Julian's Avenue, St Peter Port,
Guernsey, GY1 1WA
(c) 2019 HarbourVest Global Private Equity Limited. All rights
reserved.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
BOAZVLFLKEFBBBK
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