HarbourVest’s quoted fund 100% invested

Following its listing on Euronext Amsterdam in December 2007, HarbourVest Global Private Equity is delivering on its plan to maintain diversity by vintage and to minimise cash drag.

HarbourVest Global Private Equity, the fund of funds manager's quoted offering on Euronext Amsterdam, has purchased additional interests in two HarbourVest funds for $76 million from an existing HarbourVest investor.

HarbourVest Partners VII-Venture, which represents 83 percent of the $76 million of purchased net asset value, is made of primary venture partnerships formed between 2003 and 2006, as well as some older vintage secondary partnership interests.

HarbourVest Partners VI-Direct, which makes up the remaining $13 million of net asset value, is invested in growth equity and buyout investments made between 1999 and 2005.

The purchase price is based on the net asset value of the purchased interests at 30 June, 2007 adjusted for subsequent cash flows. The listed fund will also assume the assets’ unfunded commitments of $42 million.

The net asset value of these purchased interests represents approximately 9 percent of HVPE’s initial market capitalisation of $830 million bringing its investment almost to 100 percent, in line with the company’s goal of remaining as fully invested as possible, it said.

These new interests include exposure to 1999 to 2006 vintages. Their acquisition adds to the diversification of the portfolio.

In line with its investment strategy, HVPE has purchased several other smaller interests since its listing.