Global Private Markets Update

Total Page:16

File Type:pdf, Size:1020Kb

Global Private Markets Update GLOBAL PRIVATE MARKETS UPDATE Q3 2019 DATA FUNDRAISING INVESTMENT EXIT ACTIVITY Year-on-year (YoY) US Buyout = change in key private market metrics through US Venture = Q3 2019 European Buyout = Asia Pacific The US buyout market maintained returned, mega deals have not, as strong momentum through the general partners (GPs) remain disciplined US BUYOUT third quarter, with fundraising and in the face of high purchase-price investment both up year-on-year multiples. Technology has accounted and exit activity stable relative to for the largest share of investment by 96% 2018. Fundraising seems set to value year-to-date, at 26%, led by deals IPO exit activity UP exceed 2017’s record levels given for Ultimate Software ($11 billion), Dun an attractive pipeline of funds. We & Bradstreet ($6.9 billion) and Ellie Mae expect purchase-price multiples to ($3.7 billion). remain high, but elevated volatility 48% Exit activity rose 5% year-on-year by should create buying opportunities Fundraising UP the end of Q3. Initial public offering for disciplined managers. Full-year (IPO) activity is set to record a five-year exit activity should come in overall at high, reaching $17 billion through three around the same level as in 2018, after quarters. Merger and acquisition (M&A) a strong Q3. volume more than doubled in Q3 to US buyout fundraising was up 48% $82 billion, up from just $31 billion at year-on-year in the first three quarters of the end of Q2. Secondary sales value 2019 to $169 billion, led by a number of remains in line with historical averages. larger funds. These funds accounted for However, this strength has been offset more than half of capital raised, by the weakest year – to this point – for with the average fund size exceeding dividend recaps since 2009. This likely $1.8 billion. Demand has been reflects managers’ preference for a supported by strong recent distributions, full path to exit in the current valuation which have outpaced capital calls, and environment, as well as a relatively an influx of new investors. prudent attitude to leverage given where we are in the economic cycle. Total investment value hit $166 billion through Q3. This is higher year-on-year, Sources: PitchBook, S&P, CapitalIQ, Buyouts Magazine, SEC, Thomson Reuters. As of September 30, 2019. but if the current pace is maintained across Q4, the annual total will be on par with 2018. While mega funds have HARBOURVEST PARTNERS | DECEMBER 2019 p1 The US venture market remained US venture fund investment rose strong into the third quarter of 2019, 21% year-on-year to $78 billion by US VENTURE with fundraising, investment, and the end of the third quarter, outpacing exit activity keeping pace with 2018 fundraising. Emerging innovations, – a record-breaking year for venture. such as artificial intelligence, machine 21% Leading venture firms are coming learning, blockchain, and bioengineering Investment UP back to market with new funds, which have continued to drive new startup activity should, in conjunction with several activity. Expansion and later-stage platform extensions, help maintain investment activity has been particularly positive fundraising momentum strong. Growth financings continue to $487M across the full year. We expect be attractive alternatives to IPOs for UP large-scale investment to continue companies looking to stay private longer. IPO median for the remainder of 2019, especially post-offer at the expansion and later stages as At the end of the third quarter, exit value companies stay private longer. There valuations for both M&A and IPOs were were multiple high-profile venture- outpacing 2018 levels, though deal backed exits this year, including Uber, volume is stable. In regard to M&A, Lyft, Slack, Pinterest, and Qualtrics, the median deal size for 2019 has but the pipeline remains strong, which increased to $125 million. Strategic should support future exit activity. investors remain willing to pay premium prices for growth and enhancement to Fundraising by US venture funds rose product lines. On the IPO side, high- 35% year-on-year in the first three profile technology companies have quarters of 2019 to $41 billion. Recent received strong valuations at IPO, with liquidity generated by large, high-profile Uber leading at $76 billion. These exits exits has continued to drive limited have driven up the median post-money partner (LP) demand for venture funds, valuation to $487 million, up from with leading managers remaining $447 million in 2018. oversubscribed. Many have come back Sources: PitchBook, ThomsonOne. As of September 30, 2019. to market in 2019, with some launching dedicated stage- and sector-focused funds. The European buyout market has 56% year-on-year, though we expect EUROPEAN been relatively strong in the year large fund closings (e.g. Apax X, Permira through Q3 2019, although it is overall VII) to improve this figure significantly BUYOUT weaker than last year. Fundraising in Q4. remains steady, but investment and exit activity moderated on a year-on- Investment volumes were down nearly 69% year basis. We still expect several 30% year-on-year in the first three quarters of 2019. However, while levels Fundraising for UP large fund closings (including funds from Permira and Apax Partners) to are below those in 2017 and 2018, they funds €1B-5B remain in line with historical averages. in size boost fundraising activity across the remainder of the year, and some large Relative weakness has been more deals should support investment pronounced at the upper end of the volumes. Exit activity is more market, although we expect several large 27% unpredictable but may remain on the Q4 deals to push these figures up (for DOWN weak side due to market volatility and example, EQT’s acquisition of Nestle’s M&A exit skincare division). volume political and economic uncertainty. Fundraising for European buyout funds As expected, exit activity was rather remained stable through Q3, down 6% subdued in Q3, likely due to market on a year-on-year basis. However, if this anxiety around Brexit and the trajectory pace is maintained through the end of of the global economy. M&A activity the year, 2019 will outstrip 2018. Funds declined 27% on a year-on-year basis to in the middle-market segment continue €39 billion through the first three quarters to fare well. Collectively, funds targeting of the year. This more than offset a slight between €500 million and €5 billion uptick in IPO activity, which hit €4 billion, accounted for €29 billion of the up from €3.6 billion in the same period €45 billion raised in the year to Q3, up in 2018. from €18 billion a year prior. Fundraising Source: Preqin. As of September 30, 2019. for larger funds (>€5 billion) was down HARBOURVEST PARTNERS | DECEMBER 2019 p2 Asia Pacific private markets remained Investment continued to outpace healthy through the third quarter of fundraising through Q3, though it was ASIA PACIFIC 2019. Activity moderated on a year- down 19% year-on-year. As per our on-year basis, but this was primarily last update, large buyout transactions due to a very strong 2018, which continued to drive stronger investment $9B featured record highs for fundraising, activity in Australia and New Zealand, Year-to-date UP investment, and exit activity. Looking which rose more than 240% year-on- M&A exit activity at the data for the last few years the year to just over $15 billion. This was, in Japan continuing trend is one of growing however, more than offset by a 56% investor interest in the region. While year-on-year decline in China, a 37% fall US-China trade tensions are likely to in Japan, and a 36% drop in Southeast 19% impact regional currencies and public Asia. The sharp decline in China activity DOWN markets, we expect healthy GDP has been in part due to fewer large late- Regional growth and a possible loosening of stage technology financing rounds. investment economic policy in China to support activity private equity activity as we move Regional exit activity also moderated on into 2020. a year-on-year basis, again largely due to comparisons with a historically strong Fundraising was down 45% year-on-year 2018. At its current pace, this will be to $39 billion through the third quarter of the second strongest year recorded for 2019, led by a sharp decline in China- M&A exits in the Asia Pacific region, led focused and pan-regional funds. Despite by a surge in Japan (from $1.4 billion this decline, if the current fundraising in 2018 to $9 billion in 2019 year-to- pace is maintained through Q4, 2019 will date). However, macro and geopolitical be the second strongest year on record concerns have heightened public market in Asia. Top-performing managers’ volatility, contributing to ongoing subdued funds remain oversubscribed, the pace IPO activity. of fundraising processes is quickening, Sources: Asian Venture Capital Journal, Centre for Asia Private and spin-outs continue to create new Equity Research, Emerging Market Private Equity Association, opportunities. as of September 30, 2019. This communication does not constitute an offer to sell or the solicitation of an offer to buy interests in the Fund or any other fund or investment product sponsored by HarbourVest, or investment services provided by, HarbourVest Partners L.P. or its affiliates. Such an offer may be made only to qualified investors by means of delivery of a confidential Private Placement Memorandum or similar materials that contain a description of the material terms of such investment. No sale will be made in any jurisdiction in which the offer, solicitation, or sale is not authorized or to any person to whom it is unlawful to make the offer, solicitation or sale.
Recommended publications
  • Harbourvest—China: the Intersection of Innovation and E-Commerce
    PRIVATE MARKETS INSIGHTS CHINA: THE INTERSECTION OF INNOVATION AND E-COMMERCE Q&A WITH HARBOURVEST PARTNERS’ BEIJING-BASED In the following interview, Beijing-based Managing Director Sally MANAGING DIRECTOR SALLY SHAN Shan discusses the ongoing evolution of China’s digital economy, and explores some of the more promising areas for investment. One of our core, long-term investment themes focuses on the wave of technology-driven innovation sweeping the globe. Day after day, new products and services emerge that disrupt China has evolved into a global hub for innovation traditional business models, and fundamentally change the and e-commerce in a very short period of time. What have been the key drivers? way people communicate with each other and consume and To understand where we are at today, it’s helpful to trace the pay for goods and services. Nowhere are these dynamics more path of China’s digital economy and how it has matured to at play than in China, where the internet and rising demand the point where it now plays a key role in private equity for mobile technology are creating fertile ground for private strategies. There have been two 10-year periods that have investment opportunities. brought us to this point. The first came between 1998 and 2008, when we had the arrival of personal computers As always, the key to private investing success in China is and the birth of the internet. Unlike in the US – where partnering with local experts who have access to the most people embraced PCs, bought them, and put them in their proven managers.
    [Show full text]
  • Reporting Tool
    REPORT 2018ESG ANNUAL REVIEW OF HARBOURVEST’S ENVIRONMENTAL, SOCIAL, AND GOVERNANCE ACTIVITIES CONTENTS 3 14 MESSAGE FROM THE EXECUTIVE SUPPORTING EMERGING AND MANAGEMENT COMMITTEE DIVERSE-LED MANAGERS IMPACT INVESTING, FEMALE-LED VC FUNDS 4 We’re driven by the APPROACH AND GOVERNANCE 20 belief that strong PROGRAM OVERVIEW, GLOBAL ESG COMMITTEE CORPORATE RESPONSIBILITY financial returns and DIVERSITY, COMMUNITY, TALENT DEVELOPMENT, positive social change 6 OPERATIONAL HIGHLIGHTS COMMITTED TO RESPONSIBLE INVESTING can be accomplished ESG INVESTMENT PROCESS, PRI ASSESSMENT, 24 in tandem. GP ESG RANKINGS OUTREACH AND EVENTS HARBOURVEST 2018 ESG REPORT / 1 MESSAGE FROM THE “ESG factors are becoming EXECUTIVE MANAGEMENT COMMITTEE more prominent in the We are pleased to present HARBOURVEST PARTNERS’ Perhaps our most gratifying highlight came in the form of an external investment decision-making 2018 ESG REPORT, our annual review of the initiatives validation of the progress we have made. Our ESG efforts are assessed process and will only grow in and activities we undertook in 2018 to support our independently each year by the PRI, and our most recent results across importance in the years ahead.” longstanding commitment to being conscientious three core categories—Strategy and Governance (A+), Indirect Investments investors and engaged corporate citizens. (A+), and Direct Investments (A)—were our best ever and placed us in the As a leading private markets manager and investor, as well as a proud top quartile of private equity managers (see p. 7). signatory to the Principles for Responsible Investment (“PRI”), we have a dual None of these achievements would be possible without our incredibly responsibility to continuously strengthen our own ESG capabilities, and to dedicated people.
    [Show full text]
  • Annual Report
    Building Long-term Wealth by Investing in Private Companies Annual Report and Accounts 12 Months to 31 January 2021 Our Purpose HarbourVest Global Private Equity (“HVPE” or the “Company”) exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders. Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. Our Purpose in Detail Focus and Approach Investment Manager Investment into private companies requires Our Investment Manager, HarbourVest Partners,1 experience, skill, and expertise. Our focus is on is an experienced and trusted global private building a comprehensive global portfolio of the markets asset manager. HVPE, through its highest-quality investments, in a proactive yet investments in HarbourVest funds, helps to measured way, with the strength of our balance support innovation and growth in the global sheet underpinning everything we do. economy whilst seeking to promote improvement in environmental, social, Our multi-layered investment approach creates and governance (“ESG”) standards. diversification, helping to spread risk, and is fundamental to our aim of creating a portfolio that no individual investor can replicate. The Result Company Overview We connect the everyday investor with a broad HarbourVest Global Private Equity is a Guernsey base of private markets experts. The result is incorporated, London listed, FTSE 250 Investment a distinct single access point to HarbourVest Company with assets of $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)).
    [Show full text]
  • INVESTMENT VENDORS  the Following Is a Listing of the Investment Managers, Custodians, and Consultants That Serve the Massachusetts Public Pension Systems
    INVESTMENT VENDORS The following is a listing of the investment managers, custodians, and consultants that serve the Massachusetts public pension systems. The listing is based on information supplied by the retirement boards. RETIREMENT BOARD INVESTMENT VENDORS ADAMS • Capital Research and Management • Granite Investment Advisors Custodian: State Street Bank & Trust AMESBURY • PRIT ANDOVER • PRIT ARLINGTON • PRIT • Wilshire Associates Inc. Custodian: State Street Bank & Trust ATTLEBORO • Boston Advisors, LLC • Herndon Capital Management, LLC • PRIT Custodian: People’s United Bank • Daruma Capital Management, LLC • Invesco Core Real Estate USA, LP • Regions Timberland Consultant: Dahab Associates Inc. • Fidelity Institutional Asset Management • Invesco National Trust Company • State Street Global Advisors • Frontier Capital Management Co., LLC • Orleans Capital Management Corp. • Wells Capital Management Inc. • Hancock Natural Resource Group, Inc. BARNSTABLE COUNTY • Intercontinental Capital Management, LLC • PRIT • UBS Realty Investors, LLC BELMONT • AEW Capital Management, LP • Loomis Sayles & Company • RhumbLine Advisers Custodian: State Street Bank & Trust • Atlanta Capital • Pacific Investment Management Company, LLC • Rothschild Asset Management Inc. Consultant: New England Pension • Harbourvest Partners, LLC • PRIT • Scout Capital Management, LLC Consultants BERKSHIRE COUNTY • PRIT BEVERLY • PRIT BLUE HILLS REGIONAL • PRIT BOSTON (CITY) • 57 Stars, LLC • EnTrust Partners, LLC • Permal Asset Management, Inc. Custodian: State
    [Show full text]
  • Broken Confidences Sebastiaan Van Den Berg of Harbourvest Partners Are PE Players Losing Sleep Over Australia’S Super Fund Disclosure Rules? Page 7 Page 19
    Asia’s Private Equity News Source avcj.com February 25 2014 Volume 27 Number 07 EDITOR’S VIEWPOINT Bumper PE deal flow in 2013 flatters to deceive Page 3 NEWS Baring Asia, CalPERS, CDH, EQT, Fosun, GGV, Hopu, IDFC, IFC, INCJ, Kendall Court, Morningside, NSSF, Origo, Samena, Temasek Page 4 ANALYSIS Australia’s mid-market GPs wait patiently for a buyout rebound Page 16 INDUSTRY Q&A HESTA’s Andrew Major and QIC’s Marcus Simpson Page 11 Broken confidences Sebastiaan van den Berg of HarbourVest Partners Are PE players losing sleep over Australia’s super fund disclosure rules? Page 7 Page 19 FOCUS FOCUS Diversity in distress The collective spirit GPs adjust to evolving special situations Page 12 Crowdfunding gains traction down under Page 14 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM AUSTRALIA 2014 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Mirzaan Jamwal (852) 3411 4821 That was then, Winnie Liu (852) 3411 4907 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager this is now Helen Lee Research Manager Alfred Lam Research Associates Herbert Yum, Isas Chu, Jason Chong, Kaho Mak Circulation Manager FROM 2006 OR THEREABOUTS, AUSTRALIA pace during the second half of 2013. A total of Sally Yip Circulation Administrator suddenly became the destination in Asia for GPs nine PE-backed offerings raised record proceeds Prudence Lau focused on leveraged buyout deals.
    [Show full text]
  • Private Equity Fund
    Practical guidance at Lexis Practice Advisor® Lexis Practice Advisor® offers beginning-to-end practical guidance to support attorneys’ work in specific legal practice areas. Grounded in the real-world experience of expert practitioner-authors, our guidance ranges from practice notes and legal analysis to checklists and annotated forms. In addition, Lexis Practice Advisor provides everything you need to advise clients and draft your work product in 14 different practice areas. John McDonald Restructuring Your Way to a New Tomorrow: The Emerging Trend of “Stapled Secondary” Private Equity Fund Restructurings John McDonald is a partner at Troutman Sanders LLP As funds raised in the 2006–2008 heyday of private equity reach the ends of their 10-year terms, there has been a surge of restructurings of those funds utilizing a “stapled secondary” structure. The widely publicized $1.2 billion restructuring in March 2016 of a 2008 vintage buyout fund managed by private equity pioneer Thomas H. Lee is the latest example of this trend, showing that private equity fund restructurings have become mainstream. In the Lee Equity Partners restructuring, an investment group led by prominent secondaries investor AlpInvest Partners that included Harbourvest Partners, Pantheon Ventures, and the Canadian Pension Plan Investment Board purchased the LP interests of existing fund investors for approximately $900 million and committed approximately $300 million in capital to a new fund. Because sponsors face actual or perceived conflicts of interest when restructuring their funds, private equity fund restructurings have attracted the attention of the U.S. Securities and Exchange Commission (SEC). This article describes the process of private equity fund restructurings, discusses the key considerations involved in restructurings, and provides some action items for sponsors to use to reduce the risk of SEC enforcement action when restructuring their funds.
    [Show full text]
  • Ardian Extends Global Reach with Tokyo Office
    PRESS RELEASE ARDIAN EXTENDS GLOBAL REACH WITH TOKYO OFFICE Paris, Tokyo, 15 February 2018 – Ardian, a world-leading private investment house, today announces the opening of an office in Tokyo, Japan. As well as deepening already established relationships in Japan, the new office will consolidate the company’s growth across the Asia Pacific region. Adding to Ardian’s multi-local approach to managing client relationships, the company now has a total of 13 offices, with three in Asia, following the opening of offices in Singapore and Beijing in 2005 and 2012 respectively. Japan forms an important part of Ardian’s international development strategy. It will continue to be a significant base for the company in terms of both fundraising and investing, and will build on Ardian’s established strong presence in the region. Ardian has more than a dozen blue-chip clients in Japan, which represent over $2bn of AUM and comprise some of the most respected pension plans, insurance companies and financial institutions. The office will be led by Kanji Takenaka, who joins Ardian as Head of Japan and Managing Director. Mr Takenaka’s career includes senior roles at Simplex Real Estate, Fortress Investment Group, Norinchukin Bank and most recently at HarbourVest Partners, where he held the position of Principal. Dominique Senequier, President of Ardian, said: “The opening of our office in Japan is a natural progression for us as we continue our strategy of evolving and growing our business globally. Ardian has established itself as a leading player in the global investment industry and this latest office opening marks our commitment to the region.
    [Show full text]
  • Welcome to the 12Th Annual INSEAD Private Equity Conference
    Welcome to the 12th Annual INSEAD Private Equity Conference INSEAD welcomes you to the 12th Annual Private Equity Conference. The conference, inaugurated in 2003, has become the most successful private equity and venture capital event hosted by a European academic institution. With over 1,500 alumni working in the industry worldwide, INSEAD’s presence in the private equity community is well-recognized. This conference is a gathering amongst leading practitioners, academics and the INSEAD community to debate the forces shaping the private equity industry. We are delighted to host an impressive and diverse group of experienced industry professionals here on INSEAD Europe Campus. Since the financial crisis, one of the strongest trends in private equity has been increased focus on value creation. This year’s theme, “How to achieve alpha in the current environment,” aims to delve into the topic of generating returns through operational change, and assess the implications of this trend for the future of private equity. Our keynote speakers, leveraged buyouts and operational excellence panels will explore the topic of value creation deeper. Beyond value creation, the industry is further being shaped by a number of different dynamics and intense competition. To further develop the main theme, we have lined up a focused range of panels and have assembled a diverse group of outstanding panelists and moderators for you. Our panels will attempt to give an update on the current state in different parts of the industry, such as distressed investing, infrastructure and real assets, emerging strategies and limited partner relationships. The annual conference is organized by student and alumni members of the INSEAD Private Equity Club, Global Private Equity Initiative (INSEAD faculty body focused on research in Private Equity industry), Alumni Relations and Student Life offices.
    [Show full text]
  • Slavery and Human-Trafficking Statement Financial Year Ended 31 December 2018
    SLAVERY AND HUMAN-TRAFFICKING STATEMENT FINANCIAL YEAR ENDED 31 DECEMBER 2018 INTRODUCTION HarbourVest’s response to modern slavery is rooted in the Firm’s values and its dedication to running its business with integrity and according to the highest ethical standards. Our Firm is committed to combatting modern slavery and human trafficking to the extent they touch our business. This statement describes our approach to upholding our obligations under the UK Modern Slavery Act (“MSA”) and the steps we have taken towards ensuring that slavery and human trafficking are not taking place in our business or supply chain. OVERVIEW OF THE GLOBAL HARBOURVEST ORGANIZATION HarbourVest Group Overview HarbourVest is an independent, global private markets investment specialist with 36 years of experience and more than $58 billion in assets under management, as of 31 March 2019. The Firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co- investments in commingled funds or separately managed accounts. HarbourVest has more than 500 employees, including more than 125 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $36 billion to newly-formed funds, completed over $21 billion in secondary purchases, and invested over $10 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, actionable insights, and proven results. HarbourVest
    [Show full text]
  • THE GLOBAL SECONDARY MARKET: a Growing and Evolving Investment Opportunity
    THE GLOBAL SECONDARY MARKET: A Growing and Evolving Investment Opportunity MAY 2016 CONTENTS INTRODUCTION ____________________________________ 1 MARKET GROWTH __________________________________ 2 EVOLUTION OF DEAL TYPES ___________________________ 3 SECONDARY BUYERS ________________________________ 5 SECONDARY SELLERS _______________________________ 6 PRICING TRENDS ___________________________________ 6 GENERAL PARTNERS & SECONDARIES ___________________ 7 WHOLE FUND LIQUIDITY SOLUTIONS: FIVE KEY CONSIDERATIONS ___________________________ 8 SUMMARY ________________________________________ 9 CASE STUDIES ____________________________________ 10 REFERENCES _____________________________________ 13 INTRODUCTION The secondary market saw its earliest transactions > Accelerated capital deployment – secondary occur in the mid-1980s, when the broader private equity funds may have a more compressed draw-down period relative to primary funds, which allows capital (PE) asset class was still relatively unfamiliar to many to be invested more quickly. This feature may be institutional investors. Today, the secondary market is particularly helpful to investors looking to increase comprised of more than $40 billion of annual transaction their exposure levels to the asset class in a shorter volume, with hundreds of sellers.1 The secondary time frame. market represents an important part of the global PE > Near-term liquidity – given the maturity of the market because of the liquidity it offers institutional underlying assets in most secondary transactions
    [Show full text]
  • HVPE Semi-Annual Report and Accounts Six Months to 31 July 2020 1 Chair’S Statement
    Semi-Annual Report and Accounts Six Months to 31 July 2020 Building Long-term Wealth by Investing in Private Companies Introduction OUR PURPOSE HVPE exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders. Investment into private companies requires experience, skill, funds, helps to support innovation and growth in the global and expertise. Our focus is on building a comprehensive economy whilst seeking to promote improvement in global portfolio of the highest quality investments, in Environmental, Social, and Governance (“ESG”) standards. a proactive yet measured way, with the strength of our We connect the everyday investor with a broad base of balance sheet underpinning everything we do. private markets experts. The result is a distinct single access Our multi-layered investment approach creates point to HarbourVest Partners, and a prudently managed diversification, helping to spread risk, and is fundamental to global private companies portfolio designed to navigate our aim of creating a portfolio that no individual investor can economic cycles as smoothly as possible whilst striving replicate. Our Investment Manager, HarbourVest Partners1, to deliver outperformance of the public markets over is an experienced and trusted global private markets asset the long term. manager. HVPE, through its investments in HarbourVest INVESTMENT OBJECTIVE
    [Show full text]
  • Shareholder Meeting
    17 June 2009 HarbourVest Global Private Equity Limited Informal Meeting for Shareholders Welcome Sir Michael Bunbury Chairman, HVPE HarbourVest and HVPE Attendees Sir Michael Bunbury Chairman of HVPE D. Brooks Zug Senior Managing Director and Founder of HarbourVest; Director of HVPE George Anson Managing Director of HarbourVest; Director of HVPE Steve Belgrad CFO of HVPE Amanda McCrystal Head of Investor Relations and Communications for HVPE 2 Agenda I. Welcome Sir Michael Bunbury II. Overview of the Manager – HarbourVest D. Brooks Zug III. HVPE Review Steve Belgrad • Financial Highlights • Portfolio • Commitments and Balance Sheet • Trading and Investor Relations • HVPE Outlook IV. Outlook for Private Equity George Anson V. Summary / Questions and Answers Steve Belgrad 6/1/2009 3 Overview of the Manager – HarbourVest D. Brooks Zug Senior Managing Director and Founder, HarbourVest Director, HVPE Overview of the Investment Manager – HarbourVest Partners Largest Private Independent, 100% owner-managed private equity fund-of-funds Equity Founders began private equity investing in 1978 Fund-of-Funds Manager with Total capital raised over 25 years of $30 billion Experienced, Global 78 investment professionals in Boston, London and Hong Kong Team together with a support staff of more than 140 Focus on three private equity investment strategies: primary Consistent partnerships, secondary investments, direct investments Private Equity Strategy Four principal product lines: U.S. fund-of-funds, non-U.S. fund-of-funds, secondary-focused funds, direct / co-investment funds Demonstrated One of the longest track records in the industry Upper Quartile Achieved by the same professionals that manage the portfolio today Investment Demonstrated top quartile performance across all private equity Performance strategies1 __________________ Note: (1) Where relevant benchmarks exist.
    [Show full text]