HarbourVest Global Private Equity’s net asset value declined by 6.3 percent in October, the steepest drop the fund has experienced since it was listed on Euronext Amsterdam in December 2007.
The firm’s net asset value is $765.3 million, or $9.22 per share, down from its original value of $830 million, or $10 a share, when it listed on the Euronext Amsterdam in December 2007.
The publicly listed fund’s NAV has declined for the past several months. HarbourVest Global, which invests almost exclusively in its parent HarbourVest Partners’ fund of funds, said the decline in NAV related to eroding values in the fund’s publicly traded holdings, privately held companies in direct funds and foreign currency losses.
The actual share price as of press time Tuesday was $9.45. The firm’s NAV saw month-to-month declines of 2.8 percent in September, 1.8 percent in August and 1.4 percent in July.
HarbourVest Global is 104 percent invested, the firm said in a statement. The portfolio is invested 63 percent in the US; 29 percent in Europe and 8 percent through the rest of the world.
The firm said it did not receive distributions or commit any capital in October, though it did fund $7 million in capital calls.
HarbourVest Global did not return a phone call for comment.