HarbourVest Global Private Equity has reported a decrease in net asset value of 27 per cent in its results for the year to 31 January 2009.
HVPE had an audited NAV of $631m, or $7.61 per share, down from $10.39 a year earlier.
Around 90 per cent of the decline was a reflection of valuation decreases for publicly traded and privately held portfolio companies in HarbourVest funds of funds and direct funds. The remaining 10 per cent of the decline resulted from operating expenses.
“I am confident that the team at HarbourVest will do its utmost to deliver positive NAV returns just as soon as economies, markets and the private equity world achieve some lasting stability,” said HVPE chairman Sir Michael Bunbury.
HVPE also revealed that total unfunded commitments are $683m, and that the firm had drawn $60m from its $500m credit facility, which has an expiry date of December 2014.
The total remaining available borrowing on the facility is $326m and the firm has cash of $26m, representing a total commitment coverage ratio of 52 per cent.