HarbourVest Global Private Equity Limited's (HVPE) estimated Economic Net Asset Value as at 31 May 2011 is USD903.0 million, or USD10.92 per share. This exceeds the previous estimated Economic NAV peak of USD10.50 per share (recorded in May 2008), and represents a 4.2% increase from 30 April 2011 (USD10.48), a 6.6% increase from 31 January 2011 (USD10.24), and a 9.2% increase from listing. HVPE’s estimated Economic NAV per share has now increased during each of the last six consecutive months.   

 
The increase from 30 April 2011 to 31 May 2011 was driven primarily by increases in value for privately-held companies as the majority of HVPE’s direct and fund-of-funds holdings were revalued to reflect 31 March 2011 results (approximately USD0.47 per share), increases in the value of publicly-traded holdings to 31 May (USD0.04 per share), and shares purchased under the Share Buyback Programme (USD0.01 per share).  These changes were partially offset by negative foreign currency movement (USD0.06 per share), as well as ongoing operating expenses (USD0.02 per share).
 
 
In May 2011, HVPE funded a USD1.3 million capital call to a US fund-of-funds and received USD10.0 million in distributions from US and international fund-of-funds, resulting in net positive cash flows of USD8.7 million.
 
May was an active month for liquidity events across HVPE’s underlying portfolio, with 50 transactions. There were 13 underlying company IPOs during the month, including direct holding Transmode (TRMO), Russian Internet search engine Yandex (YNDX), and Chinese online social media platform Renren Inc. (RENN).
 
There were several high profile M&A events announced or completed in May, including the €9.6 billion sale of Nycomed, HVPE’s largest underlying company at 31 January 2011, to Takeda Pharmaceutical. The transaction, which is expected to close in September 2011, generated an increase of USD0.18 in HVPE’s estimated Economic NAV per share at 31 May 2011 (from 30 April 2011).
  
On 31 May 2011, the Company announced the purchase of 300,000 shares at USD7.165 under the Share Buyback Programme. Following cancellation, the number of outstanding shares is 82,700,000. There are no shares held in treasury. The purchase was accretive to HVPE’s NAV (USD0.01 per share) based on the discount at which the shares were bought.