20th Jan 2023 10:40
HarbourVest Global Private Equity Ltd - FTSE 250-listed investment fund focused on private equity opportunities - Says it will now revert to a conventional fixed-term arrangement, from an evergreen term. Says a USD400 million commitment from lender Credit Suisse AG and a USD300 million commitment from Mitsubishi UFJ Trust Banking Corp will expire on January 12, 2028. The remaining USD100 million from Guardians of New Zealand Superannuation will expire on August 15, 2027. The facility is currently undrawn.
"The board and investment manager are confident that this facility, with USD700 million secured for a full five years, and the remaining USD100 million secured for over four and a half years, provides sufficient headroom for HVPE's existing and planned commitments over the period. The board maintains a prudent approach to balance sheet management and regularly reviews HVPE's credit facility arrangements," HarbourVest says.
Current stock price: 2,221.30 pence, up 0.5% on Friday
12-month change: down 19%
By Sophie Rose, Alliance News reporter
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