hvpe 2011 annual report results arial/media/files/h/hvgpe/reports-and... · 2015. 6. 29. ·...
TRANSCRIPT
26 MAY 2011
HarbourVest Global Private Equity LimitedHarbourVest Global Private Equity Limited
Annual Results for the Financial Year Ended 31 January 2011
Key Financial Highlights for the Financial Year Ended 31 January 2011
Economic NAV up 18.4% to $10.24 per share or $850 million– Portfolio invested in 668 underlying partnerships and 5 621 individual underlyingPortfolio invested in 668 underlying partnerships and 5,621 individual underlying
companies– Strategy mix is 34% venture, 61% buyout, and 5% Credit
Net unfunded commitments down $80 million or 13% to $544 million despite $50 million of new commitments during the yearnew commitments during the year
– Commitment coverage improved to 78% on a total basis and 110% on an allocated basis
$91 million outstanding at 31 January 2011 on $500 million credit facility– Net leverage ratio of 9.1%
Significant uplift in capital calls and distributions– $127 million called (up 72% from previous fiscal year)– $137 million distributed (up 165% from previous fiscal year)– $11 million net cash inflow– $11 million net cash inflow
Capital allocated to attractive new opportunities– £10 million investment in HarbourVest Senior Loans Europe Limited (May 2010)– $50 million commitment to HarbourVest Partners IX Programme (September 2010)
1
Improved trading liquidity– 3.6 million shares traded from 18 May 2010 Secondary Placing through 31 January 2011– 9.4% of shares traded over the last twelve months to 25 May 2011
HVPE – Financial Year Ended 31 January 2011 Summary
31 Jan2011
31 Jan 2010
31 Jan ’10 – 31 Jan ’11 Change
Actual Actual $ %
Economic NAV $849.7 $718.2 $131.5 18%
NAV per Share* $10.24 $8.65 $1.59 18%
Commitments $543.5 $623.0 ($79.5) (13%)Financial Performance
Cash & Available Credit Facility** $423.0 $399.6 $23.4 6%
% Invested 109% 109% 0%
Commitment Level Ratio 173% 196% (23%)
Performance
Commitment Coverage Ratio 78% 64% 14%
May 2010 Listing on Specialist Fund Market of LSE and Secondary Placing
Key Events Since 31 January 2010
May 2010 £10 million investment in HarbourVest Senior Loans Europe Limited
September 2010 $50 million commitment to HarbourVest Partners IX Programme
March 2011 Announced share buyback programme
2
* All references to NAV in this presentation are to Economic NAV, which reflects GAAP NAV excluding the fair value of liabilities associated with the Put Rights issued as part of the Company’s 2010 Liquidity Plan. GAAP NAV equals $10.21 at 31 January 2011.
** Cash & Available Credit Facility (“ACF”) represents cash plus the remaining available credit facility, subject to the most restrictive covenant limit applicable
April 2011 Announced parallel investment in tender for Absolute Private Equity
Gain of $1.59 in Economic NAV per Share Driven by Positive Revaluations
$10.24
$1.14
$0.40 $0.19
$0.15
($0.02)($0.27 )$10.00
$10.50
$11.00
$8.65 $9.00
$9.50
V p
er S
hare
($)
$7.50
$8.00
$8.50
Eco
nom
ic N
AV
$7.00 Economic NAV at 31-January-10
HarbourVest U.S. Funds
HarbourVest International
Funds
HarbourVest Direct Funds
HarbourVest Secondary
Fund
Unrealised Foreign
Currency
Operating Expenses
Economic NAV at 31-January-11
3
Losses
HVPE Has a Distinct Three-Tiered Investment Structure
Portfolio ofCommitments Private Equity Exposure 3
HVFund
HVFund
HVFund
$157 million Unfunded Commitments (Not allocated to underlying partnerships)(2)
$387 million Unfunded Commitments (Allocated to underlying
Interests in
24 HarbourVest funds 1
PrimaryPartnerships
SecondaryInvestments
DirectInvestments
( y gpartnerships)
$544 million Total Unfunded Commitments
Comprised of
668partnerships
across multiple high-quality managers 1
$928 million NAV of Investments
$1,472 million Total Private Equity Exposure
high quality managers
Exposure to
5,621company investments (di tl i di tl ) 1 Company Company Company Company Company Company
NAV split approximately 58% primary, 23% secondary and 19% direct investments at 31 January 2011
N d li ti f f
(directly or indirectly) 1
4
1 HVPE portfolio exposure as of 31 January 20112 At 31 January, approximately $157 million of HVPE’s total unfunded commitments of $544 million represent
commitments to HarbourVest funds that have not yet been committed to underlying partnerships. 3 Private Equity Exposure equals the sum of NAV of Investments and Unfunded Commitments
No duplication of fees
Diversification of Portfolio Based on NAV as at 31 January 2011
Asia Pacific
3%
ROW4%
Early Stage Venture
14%Balanced Large
Buyouts
Other5% Portfolio provides
access to a broad
STRATEGY GEOGRAPHY
U S
Europe28%
Venture10%
Venture / Growth Equity10%
Medium
Buyouts13%
access to a broad cross-section of private equity investments
U.S.65%Small
Buyouts19%
Medium Buyouts
29% 34% venture
65% U.S.
Well diversified by1993 -1998 1999 Media /
Business Services
Consumer
INDUSTRYVINTAGE YEAR
Well diversified by vintage year and industry
No concentration in
19982%
19995% 2000
6%20019%
20024%2007
20089%
20092%
20108%
Media / Telecom
12%
Industrial10%
Financial6%
Other6%
Products12%
Other7%
Services6%
19%
recent vintages20037%
20047%2005
11%
200614%
200716%
6%
Other9%
Cleantech2%
Medical / Biotech
16%
Software10%
Services4%
Tech20%
5
Note: As at 31 January 2011The diversification analysis is based on the fair value of the underlying investments. Strategy, vintage, and geography diversification are based on the net asset value of partnership investments within HVPE’s fund-of-funds and company investments within HVPE’s direct funds. Industry diversification is based on the reported value of the underlying company investments. Some of the funds held in HVPE have not been fully invested. The composition of investments by strategy, vintage, industry, and geography may change as additional investments are made and existing investments are realised. Large buyout includes funds of more than $7 billion in size, medium buyout includes those between $1 billion and $7 billion in size, and small buyout includes those less than $1 billion in size. Direct investments in operating companies are categorised by deal size.
16%
Strong Returns in Both Buyout and Venture Strategies
PERFORMANCE BY STRATEGY AND VINTAGE YEAR: 31 JANUARY 2010 – 31 JANUARY 2011
Strategy Venture Buyout Vintage Years
30%
HVPETotal
VentureTotal
BuyoutTotal Other
34% 61% 5%% of NAV
Early Venture
Balanced Venture
Growth Equity
Small Buyout
Medium Buyout
Large Buyout
14% 10% 10% 19% 29% 13%
30%
Pre-20012001-2004
2005-2007
Post-2007
8% 5% 10% 17% 12% 27% 4% 12%
Venture
Strategy Venture Buyout Vintage Years
17% 17%18%
15%
20%
25%
19%
15%
20%
15%
19%17%
19%
25%
21%
VentureBuyout
15%
5%
10%
15%
11%
15%
9%
14%
9%
0%
6Based on NAV of Investments; Data includes primary, secondary, and direct investments See diversification note on slide 5
Largest 25 Underlying Companies31 January 2011
In aggregate, top 25 investments represent 19 1% of NAV19.1% of NAV
The five largest investments represent 7.1% of NAV
No investment is greater than 2% of NAV and only five investments are greater than 1%
Direct holdings represent 16 of the top 25 holdings
From 31 January 2010 through 25 May 2011 11 ofthrough 25 May 2011, 11 of the previous top 25 have had liquidity events
7
________________Companies in bold are held at least in part in HarbourVest direct funds
* Nycomed SCA-SICAR announced sale to Takeda Pharmaceutical in May 2011† Company not included in top 25 at 31 January 2010‡ Mobile Access Networks , Inc. was sold in March 2011
Subsequent Liquidity Event – Pending Sale of Nycomed
€9.6 billion acquisition of Nycomed by Takeda Pharmaceutical announced 19 May 20112011
Nycomed is HVPE’s single largest underlying company representing 1.95% of 31 January NAV
– Held in HIPEP IV Direct and indirectly through primary and secondary positionsy g p y y p
Transaction expected to close in September 2011
At sale valuation, Nycomed is valued at 4.4x cost
Transaction expected to result in a $0.16 gain from 30 April 2011 valuation
Expected distribution to HVPE of greater than $30 million
8
HVPE Quarterly Contributions and Distributions1 February 2010 to 30 April 2011
NET CASH FLOW$ Millions
Year Ended31 Jan 10
Year Ended31 Jan 11
3 Mo Ended30 Apr 11
$
$54.5
$46.7$50
$55
$60
$ 3 Ja 0 3 Ja 30 p
U.S. Fund-of-Funds ($11.9) $6.2 $1.7
International Fund-of-Funds 0.7 26.5 14.7
Direct Funds (7.5) 3.3 (16.5)
Secondary Funds (3.3) (25.4) (6.1)
($22.0) $10.6 ($6.2)
$42.6
$28.9
$34.5
$44.2$
$40.5
$30
$35
$40
$45
$ M
illio
ns
$15.3
$19.3
$24.5
$10
$15
$20
$25
$
$0
$5
$10
Calls Dist Calls Dist Calls Dist Calls Dist Calls Dist
Feb – Apr ‘10 Aug – Oct ‘10 Nov ‘10 – Jan ‘11 Feb – Apr ‘11May – July ’10*
9* May cash flows exclude the HSLE investment of £10.0 million ($14.4 million)
Net Cash Flows:
$4.0 ($13.7) $10.0 $10.3 ($6.2)
Liquidity Events in the HVPE Portfolio1 February 2010 to 30 April 2011
10.0%120
IPO - Buyout / Other
M&A - Buyout / Other
IPO - Venture
88
99 10197
106
8.0%100
M&A - Venture
% of NAV *
rans
actio
ns % of N
A
6.0%
60
80
# of
TA
V
4.0%
40
2.0%20
10* Percentage of NAV represents the estimated value of the investments experiencing the liquidity events as a percentage of the NAV of
Investments at the beginning of the year
Feb – Apr ‘10 May – July ‘10 Aug – Oct ‘10 Nov ‘10 – Jan ‘11
0.0%0Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011
Feb – Apr ‘11
HVPE Resources Relative to Unfunded Commitments31 January 2011
$409 million remains available on HVPE’s $500 million credit facility$1,351$1,400 HVPE s $500 million credit facility which extends through 2014
– $91 million drawn– Lender is Bank of Scotland
$1 000
$1,200
Total resources of $1,351 million represent 248% of unfunded commitments
NAV of Investments
$928$800
$1,000
Liquid resources
equal 110% of $ M
illio
ns
Liquid resources equal $423 million
Liquid resources represent 110% of allocated commitments and
Commitments Not Allocated
$157
$544
$400
$600
ES
Allocated Commitments
and 78% of Total
Commitments
of allocated commitments and 78% of total unfunded commitments
Cash$14
Available Credit Facility
(ACF)$409
Allocated Commitments
$387
$0
$200
LIQ
UID
R
ES
OU
RC
E
11
HVPE Resources Unfunded Commitments
Leveraging the Credit Facility to Enhance Shareholder Value—Subsequent Events
Buyback of up to 14.99% of shares authorised (12.4 million shares) including 6.9 million shares subject to Put Rights
SHARE BUYBACK PROGRAMME (ANNOUNCED MARCH 2011)
j g
Objectives– Decrease the trading discount to NAV– Enhance NAV per share by investing in HVPE at attractive valuations
I t di li idit b d t ti k t i i– Increase trading liquidity by demonstrating market pricing
Execution will be opportunistic
ABSOLUTE PRIVATE EQUITY TENDER (ANNOUNCED APRIL 2011)
HVPE will participate with HarbourVest secondary funds in a tender offer for Absolute Private Equity
– Swiss private equity fund-of-funds manager listed on SIX Swiss Exchange– Swiss private equity fund-of-funds manager listed on SIX Swiss Exchange– Cash tender price – $17.25 per share; Absolute NAV per share – $24.16 (at announcement) – 10% participation for HVPE
HVPE investment would be $38 million at minimum 50.01% tender acceptance threshold
12
Transaction leverages HarbourVest relationship and HVPE balance sheet strength
HVPE Historical Trading Since Listing
$9.50
$10.50Closing Price per Share Estimated Economic NAV per Share
Most recent
$10.48
$4 50
$5.50
$6.50
$7.50
$8.50
33%
Most recent trade 25 May
at $7.00
Per
Sha
re
HVPE Price Increase
31 Jan 2010 – 31 Jan 2011: +20%
Secondary Placing
$2.50
$3.50
$4.50
30 N
ov '0
731
Dec
'07
31 Ja
n '08
29 F
eb '0
831
Mar
'08
30 A
pr '0
831
May
'08
30 Ju
n '08
31 Ju
l '08
31 A
ug '0
830
Sep
'08
31 O
ct '08
30 N
ov '0
831
Dec
'08
31 Ja
n '09
28 F
eb '0
931
Mar
'09
30 A
pr '0
931
May
'09
30 Ju
n '09
31 Ju
l '09
31 A
ug '0
930
Sep
'09
31 O
ct '09
30 N
ov '0
931
Dec
'09
31 Ja
n '10
28 F
eb '1
031
Mar
'10
30 A
pr '1
031
May
'10
30 Ju
n '10
31 Ju
l '10
31 A
ug '1
030
Sep
'10
31 O
ct '10
30 N
ov '1
031
Dec
'10
31 Ja
n '11
28 F
eb '1
131
Mar
'11
30 A
pr '1
1
Discount31 Jan 2011 – 25 May 2011: +17%
3 3 3 2 3 3 3 3 3 3 3 3 3 3 2 3 3 3 3 3 3 3 3 3 3 2 3 3 3 3 3 3 3 3 3 3 2 3 3
250
300580 4,763 440 580
1,001600 2,267
551571
Vol
ume
(000
s)
100
150
200
250
13Source: Trading data shown through 25 May 2011; NAV as of 30 April 2011
0
50
Investment Manager’s Outlook – HVPE
HVPE remains well positioned to generate strong relative returns in a recovering economic environment
– Diversified, mature portfolio– Strong balance sheet
Expectation of continued steady improvement in private equity NAVs through 2011, ass mingassuming
– Ongoing economic recovery– Stable to increasing public markets– Increasing liquidity events
HVPE portfolio likely to become increasingly cash flow positive over time– Increased distributions from maturing funds– Recent fund cycles expected to become more self-funding
HVPE’ b l h t t t i t hi h b d t h h h ld l HVPE’s balance sheet a strategic asset which can be used to enhance shareholder value– Financial flexibility to fund existing obligations– Share Buyback Programme and parallel investment in Absolute
Improving external environment will enable LPE sector to reduce trading discounts
14
Improving external environment will enable LPE sector to reduce trading discounts
The Investment Manager is confident about the outlook for private equity and HVPE
Fact Sheet
Structure– Guernsey-incorporated closed-end investment
company Currency denomination
Investor Communications Calendar – 2011– Monthly NAV – generally within 15 days
of month end– Semi-Annual Report – September 2011y
– U.S. dollar Listing
– Specialist Fund Market of the LSE– Euronext Amsterdam by NYSE Euronext
T di i f ti
– Interim Management Statements – June and November 2011
Management fee– The Investment Manager does not charge
HVPE management fees or performance fees, t ith t t ll l i t t Trading information
– Ticker HVPE– Bloomberg HVPE NA– ISIN GG00B28XHD63
Investment Manager
except with respect to parallel investments– As an investor in HarbourVest funds, HVPE is
charged the same management fees and is subject to the same performance allocations as other investors in HarbourVest funds
Web site– HarbourVest Advisers L.P., an affiliate of
HarbourVest Partners, LLC Registration
– Netherlands Authority for the Financial Markets Fund Authorisation
Web site– www.hvgpe.com
Investor Contact– Billy Macaulay
Portfolio Analyst Tel +1 617 348 3613Fund Authorisation
– Guernsey Financial Services Commission Joint Corporate Brokers
– J.P. Morgan Cazenove 1
10 Aldermanbury, London EC2V 7RFTel +44 (0) 20 7588 2828
Tel +1 617 348 [email protected]
15
Tel +44 (0) 20 7588 2828– Oriel Securities Limited
150 Cheapside, London EC2V 6ETTel +44 (0) 20 7710 7600
1 J.P. Morgan Securities Ltd., which conducts its U.K. investment banking activities as J.P. Morgan Cazenove
Appendix: HVPE Portfolio Data as at 31 January 2011pp y
Portfolio Listing as at 31 January 2011
The portfolio listing illustrates HVPE’s diversity and showsHVPE s diversity and shows the major attributes of the 24 HarbourVest funds in which HVPE is invested
17
Portfolio Listing at 31 January 2011
U.S. $ MILLIONS
18All HarbourVest funds are denominated in U.S. dollars with the exceptions of HIPEP VI Partnership (€), HIPEP V 2007 European Buyout (€), and HSLE (£).
Largest Managers by Strategy as at 31 January 2011
19
________________* Jean-Bernard Schmidt, an Independent Director of HVPE, is a former Managing Partner of Sofinnova Partners.† Manager not included in largest managers at 31 January 2010.
Largest Managers by Region as at 31 January 2011
20
________________* Jean-Bernard Schmidt, an Independent Director of HVPE, is a former Managing Partner of Sofinnova Partners.† Manager not included in largest managers at 31 January 2010.
Publicly-Listed Securities as at 31 January 2011
In aggregate, these investmentsthese investments represented 8.3% of investment value
Th fi l t The five largest investments represented 3.3% of investment
lvalue
21
________________* Company not included in top 25 public companies at 31 January 2010 † Company completed IPO during the financial year to 31 January 2011
Legal Disclaimer
THE CONTENTS OF THIS DOCUMENT AND THE PRESENTATION ARE STRICTLY CONFIDENTIAL. ANY RECIPIENT OF THIS DOCUMENT AGREES TO KEEP PERMANENTLY CONFIDENTIAL ALL INFORMATION HEREIN NOT ALREADY IN THE PUBLIC DOMAIN.
This document and the presentation may not be taken or transmitted into the United States of America, its territories or possessions or distributed, directly or indirectly, in the United States of America, its territories or to any U.S. person (as defined in Rule 902 of Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”)) (“U.S. Persons”), except to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) (“QIBs”) that are also “qualified purchasers” (as defined in Section 2(a)(51) of the United States Investment Company Act as amended (the “Investment Company Act”)) (“QPs”) The distribution of this document in(as defined in Section 2(a)(51) of the United States Investment Company Act, as amended (the Investment Company Act )) ( QPs ). The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.
This document is being issued by HarbourVest Global Private Equity Limited (“HVPE” or the “Company”) for informational purposes only. None of the Company, HarbourVest Advisers, L.P. (the “Investment Manager”), HarbourVest Partners, LLC (“HarbourVest”) or their respective directors, partners, employees, officer or agents has independently verified the information contained in this document or the presentation and take no responsibility for its content. This document and the presentation do not constitute or form part of, and should not be construed as constituting or forming part of, any offer to sell or issue, any invitation to make an investment in, or any solicitation of any offer to purchase or subscribe for, any shares in HVPE, nor shall any part of the presentation or this document nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of HVPE.
This document and the presentation is based upon information or sources that HVPE, the Investment Manager and HarbourVest believe to be reliable, however, no representation or guarantee is made that such information is accurate or complete, and it should not be relied upon as such. Opinions expressed herein are made as of the date of this document and the presentation and are subject to change without notice. Past performance is not indicative of future results, and no representation, warranty or guarantee express or implied is made regarding future performance. The value of securities may go down as well as up. The products mentioned in this document and the presentation may not be eligible for sale in some states or countries. Neither HVPE, the Investment Manager nor HarbourVest is providing investment advice through this document or the presentation.
None of HVPE, the Investment Manager, HarbourVest or their respective directors, partners, officers, employees or affiliates or any other party undertakes or is under any duty to update this document or to correct any inaccuracies in any such information which may become apparent or to provide you with any additional information. No reliance may be placed for any purposes whatsoever on the information contained in this document or any other material discussed verbally during any related presentation, or on the completeness, accuracy or fairnesspurposes whatsoever on the information contained in this document or any other material discussed verbally during any related presentation, or on the completeness, accuracy or fairness of any such information. Certain information in this document and the presentation may be based on management estimates. Such estimates have been made in good faith and represent the genuine belief of applicable members of management at the date of this document and the presentation. Those management members believe that such estimates are founded on reasonable grounds. However, by their nature, estimates may not be correct or complete. Accordingly, no representation or warranty (express or implied) is given that such estimates are correct or complete. No representation or warranty (express or implied) is given that such estimates are so founded and no reliance may be placed upon them.
This document and the presentation contain track record data in relation to the performance of funds of funds managed by HarbourVest and its affiliates. When considering such track record data, investors should bear in mind that past performance is not necessarily indicative of future results and, as a result, the Company’s actual returns may be greater or less than the amounts shown herein. Investment returns will depend on the increase or decrease in the trading price of the Company’s shares. In addition the Company is a closed-end investment company and the performance data presented herein for HarbourVest, as well as the private equity index performance data, relates principally to funds structured as self-liquidating partnerships and in hich in estor contrib tions ere made onl hen the nderl ing f nd made an act al in estmentpartnerships and in which investor contributions were made only when the underlying fund made an actual investment.
Securities, financial instruments, products or strategies mentioned in this document and the presentation may not be suitable for all investors. Their value and the income they produce may fluctuate and/or be adversely affected by exchange rates, interest rates or other factors. This document and the presentation do not take into account individual client circumstances, objectives or needs and is not intended as a recommendation to particular clients. In reaching a determination as to the appropriateness of any proposed transaction or strategy, clients should undertake a thorough independent review of the legal, regulatory, credit, tax, accounting and economic consequences of such transaction in relation to their particular circumstances and make their own independent decisions.
Investing in foreign securities and foreign currency denominated securities presents certain risks, such as currency fluctuations and political and economic change, that could have an d ff t th l i f i d i d f i t t
22
adverse effect on the value or price of or income derived from, an investment.
The Investment Manager and/or its affiliated companies may make a market or deal as principal in the securities mentioned in this document and the presentation or in options or other derivatives based thereon. The Investment Manager and/or its affiliated companies may from time to time provide financial services to any company or issuer mentioned in this document and/or the presentation or solicit such business from such company or issuer. In addition, the Investment Manager and HarbourVest, and their respective affiliated companies, shareholders, directors, officers and/or employees (including persons involved in the preparation or issuance of this document) and HVPE’s directors, may from time to time have long or short positions in such securities or in options, futures, or other derivative instruments based thereon. One or more directors, officers and/or employees of the Investment Manager, HarbourVest or their respective affiliated companies may be a director of the issuer of the securities mentioned in this document and/or the presentation.
Legal Disclaimer
HVPE has not been, and will not be, registered under the Investment Company Act, and its shares have not been, and will not be, registered under the Securities Act. HVPE’s shares may not be offered or sold in the United States, or for the account or benefit of any U.S. Person except to a QIB that is also a QP in accordance with the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and, in each case, under circumstances that will not require HVPE to register under the Investment Company Act.
The promotion of HVPE and the distribution of this document and the presentation in the United Kingdom is restricted by law. Accordingly, this communication is directed only at (i) persons outside the United Kingdom to whom it is lawful to communicate to, or (ii) persons having professional experience in matters relating to investments who fall within the definition of "i t t f i l " i A ti l 19(5) f th Fi i l S i d M k t A t 2000 (Fi i l P ti ) O d 2005 ( d d) (iii) hi h t th i i t d"investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended), or (iii) high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) provided that in the case of persons falling into categories (ii) or (iii), the communication is only directed at persons who are also "qualified investors" as defined in section 86 of the Financial Services and Markets Act 2000. (each a “Relevant Person”). Any investment or investment activity to which this communication relates is available only to and will be engaged in only with such Relevant Persons. Persons within the United Kingdom who receive this communication (other than persons falling within (ii) and (iii) above) should not rely on or act upon this communication. You represent and agree that you are a Relevant Person.
HVPE is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financieel toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advisedto 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 noto 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 document and the presentation may contain certain forward-looking statements. 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 indentified by terms such as ‘‘anticipate,’’ ‘‘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 can change as a result of many possible events or factors, not all of which are known or are within the Company’s and/or 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. Some of the factors that could cause actual results to vary from those expressed in forward-looking statements, include, but are not limited to: the factors described in this document and the presentation; the rate at which HVPE deploys its capital in investments and achieves expected rates of return; HarbourVest’s ability to execute its investment strategy, including through the identification of a sufficient number of appropriate investments; the ability of third-party managers of funds in which the HarbourVest funds are invested and of funds in which the Company may invest through parallel investments to execute their own strategies and achieve intended returns; the continuation of the Investment Manager as manager of the Company’s investments, the continued affiliation with HarbourVest of its key investment professionals and the continued willingness of HarbourVest to sponsor the formation of and capital raising by, and to manage, new private equity funds; HVPE’s financial condition and liquidity, including its ability to access or obtain new sources of financing at attractive rates in order to fund short term liquidity needs in accordance with the investment strategy and commitment policy; changes in the values of or returns on investments that the Company makes; changes in financial markets, interest rates or industry, general economic or political conditions; and the general volatility of the capital markets and the market price of HVPE’s shares.
By their nature forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur inBy their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events, and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Any forward-looking statements are only made as at the date of this document and the presentation, and HVPE, the Investment Manager and HarbourVest neither intends nor assumes any obligation to update forward-looking statements set forth in this document whether as a result of new information, future events, or otherwise, except as required by law or other applicable regulation. In light of these risks, uncertainties, and assumptions, the events described by any such forward-looking statements might not occur. HVPE, the Investment Manager and HarbourVest qualify any and all of their forward-looking statements by these cautionary factors. Please keep this cautionary note in mind while reading this document.
Further information on HVPE, the Investment Manager and HarbourVest can be found in the prospectus published by the Company on 2 November 2007 in connection with the listing of HVPE’s class A shares on Euronext Amsterdam by NYSE Euronext and the summary document published by the Company on 11 May 2010 in connection with the admission of HVPE’s class A shares to trading on the Specialist Fund Market of the London Stock Exchange plc (both documents being available on the Company’s website at www.hvgpe.com), and on the
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g p g p ( g p y gp )Company’s website at www.hvgpe.com and HarbourVest’s website at www.harbourvest.com, including in announcements available on those sites.
By attending the presentation to which this document relates, you will be deemed to have represented, warranted and undertaken for the benefit of the Company, the Investment Manager, HarbourVest and their respective affiliates, advisers and others that (a) if you are in the United States or are a U.S. Person (whether within or outside of the United States), you are a QIB that is also a QP, (b) if you are in the United Kingdom, you are a Relevant Person, (c) you have read and agree to comply with the contents of this notice, (d) you will keep the information in this document and the presentation and all information about the Issue confidential until such information has been made publicly available by HVPE or HarbourVest and you will take all reasonable steps to preserve such confidentiality.