TIDMHVPE
RNS Number : 0702W
HarbourVest Global Priv. Equity Ltd
16 August 2022
16 August 2022
HARBOURVEST GLOBAL PRIVATE EQUITY ANNOUNCES US$100M INCREASE TO
ITS CREDIT FACILITY
-- Credit facility increased from US$700m to US$800m with immediate effect
-- Additional US$100m provided by new lender joining existing syndicate
-- Full credit facility remains undrawn; no change to key terms
HarbourVest Global Private Equity Limited ("HVPE" or "the
Company"), a FTSE 250 investment company with global exposure to
private companies, managed by HarbourVest Partners, is pleased to
announce a US$100 million increase to its multi-currency credit
facility ("the Facility"). This takes the total size from US$700
million to US$800 million.
The additional US$100 million was arranged by Credit Suisse AG
London Branch ("Credit Suisse") and is being provided by The
Guardians of New Zealand Superannuation, a Crown entity established
to manage the New Zealand Superannuation Fund . This complements
the existing US$400 million provided by Credit Suisse and US$300
million provided by Mitsubishi UFJ Trust Banking Corporation,
acting through its New York Branch.
There are no changes to the key terms of the Facility as
announced to the market on 4 January 2019 . The Facility is
structured as a five-year evergreen , giving it a guaranteed term
of five years. The lenders are able to serve notice, but this must
be a minimum of five years. Credit Suisse continues as agent.
The enlarged Facility will provide further support to HVPE's
unfunded commitments (Investment Pipeline) as the Company continues
to grow. As reported on 21 July 2022, HVPE held cash and cash
equivalents of US$250 million at 30 June 2022. As of the date of
this announcement, the Facility remains undrawn.
-S -
Enquiries:
Shareholders
Richard Hickman Tel: +44 (0)20 7399 rhickman@harbourvest.com
9847
Charlotte Edgar Tel: +44 (0)20 7399 cedgar@harbourvest.com
9826
Media
HarbourVest Partners
Lily Cabianca Tel: +44 (0)20 7151 lcabianca@harbourvest.com
4261
MHP Communications
Charlie Barker / Tel: +44 (0)20 3128 hvpe@mhpc.com
Robert Collett-Creedy 8540
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 40
years of experience.
About HarbourVest Partners, LLC:
HarbourVest is an independent, global private markets firm with
40 years of experience and more than $98 billion of assets under
management as of March 31, 2022. Our interwoven platform provides
clients access to global primary funds, secondary transactions,
direct co-investments, real assets and infrastructure, and private
credit. Our strengths extend across strategies, enabled by our team
of more than 850 employees, including more than 175 investment
professionals across Asia, Europe, and the Americas. Across our
private markets platform, our team has committed more than $51
billion to newly-formed funds, completed over $41 billion in
secondary purchases, and invested over $28 billion in directly
operating companies. We partner strategically and plan our
offerings innovatively to provide our clients with access, insight,
and global opportunities.
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 otherwise 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 part of it shall form the basis of or be
relied on in connection with or act as an inducement to enter into
any contract or commitment whatsoever. Neither this announcement
nor any copy of it may be taken, released, published, transmitted
or distributed, directly or indirectly to US Persons or into the
United States (including its territories and possessions), Canada,
Australia or Japan, or any jurisdiction where such action would be
unlawful. Any failure to comply with this restriction may
constitute a violation of applicable law. 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 or regulatory authority of any state or other
jurisdiction of the United States and, accordingly, may not be
offered, sold, exercised, resold, transferred, delivered or
distributed, directly or indirectly, within the United States or to
US Persons. In addition, the Company is not, and will not be,
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.
The ongoing spread of the Coronavirus has had and will continue
to have a material adverse impact on local economies in the
affected jurisdictions and also on the global economy as
cross-border commercial activity and market sentiment are
increasingly impacted by the outbreak and government and other
measures seeking to contain its spread. In addition to these
developments having potentially adverse consequences for underlying
portfolio investments of the HarbourVest funds and the value of the
investments therein, the operations of HVPE, the Investment
Manager, and HVPE's portfolio of HarbourVest funds have been, and
could continue to be, adversely impacted and could materially and
adversely affect the Investment Manager's ability to source, manage
and divest its investments and its ability to fulfil its investment
objectives. Similar consequences could arise with respect to other
comparable infectious diseases.
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 document contains certain forward-looking statements, which
are based on current expectations and projections about future
events as of the date of this announcement. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In
some cases, forward-looking statements can be identified by terms
such as "anticipate", "project", "continue", "target", "believe",
"could", "estimate", "expect", "intend", "may", "plan",
"potential", "should", "will" and "would" or the negative of those
terms or other comparable terminology. The forward-looking
statements are based on the Investment Manager's beliefs,
assumptions, and expectations of future performance and market
developments, taking into account all information currently
available. These beliefs, assumptions, and expectations are subject
to risks, uncertainties and assumptions about HVPE, including,
among other things, the development
of its business, trends in its operating industry and future
capital expenditures and acquisitions and can change as a result of
many possible events or factors, not all of which are known or are
within the Investment Manager's control. If a change occurs, the
Company's business, financial condition, liquidity, and results of
operations may vary materially from those expressed in
forward-looking statements. As such, forward-looking statements are
not a guarantee of future performance.
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) 2022 HarbourVest Global Private Equity Limited. All rights
reserved.
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END
MSCBLGDIRXBDGDU
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August 16, 2022 02:00 ET (06:00 GMT)
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