28th Sep 2016 08:25
LONDON (Alliance News) - Investment company HarbourVest Global Private Equity Ltd said Wednesday it had seen a boost in its sterling denominated value due to its weakness against the dollar over the first half of the year, as it reported 13% growth in sterling terms.
HarbourVest reported its net asset value per share increased by 5% to USD17.63 over the six months to the end July from USD16.75 at January 31, representing a 13% increase in sterling to GBP13.33 from GBP11.76. Total NAV at July 31 stood at USD1.4 billion.
The private equity firm said its Asia Pacific and Rest of the World investments outperformed its US and Europe investments in the period and that it had received USD101.0 million in realisations.
HarbourVest said it had made USD131.0 million worth of investments during the period, with an investment pipeline of future commitments of USD1.1 billion at July 31.
Chairman Michael Bunbury said: "We are continuing to see the benefits of a consistent forward commitment strategy and are confident about the outlook based on our diverse portfolio and range of investment opportunities."
Shares in HarbourVest Global Private Equity were up 0.7% at 1,027.00 pence on Wednesday.
By Adam Clark; [email protected]
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