Current Performance

As at 31 May 2017, HVPE's estimated net asset value ("NAV") per share is $19.18

SUMMARY OF NET ASSET VALUE
(in millions except per share and last traded price data)
31 May 2017 30 April 2017 Change
Investment Portfolio $1,352.9 $1,306.1
$46.8
Cash and Cash Equivalents $175.2 $181.0
($5.8)
Debt - -
-
Net Other Assets (Liabilities) $4.0 $3.0
$1.0
Estimated NAV $1,532.1 $1,490.1
$42.0
Cash + Remaining Available Credit Facility* $675.2 $681.0
($5.8)
   

% Invested 88% 88%
-
Commitment Level (Allocated Investment Pipeline)† 148% 144%
4%
Commitment Level (Total Investment Pipeline)‡ 168%  171%  (3%)  
Rolling Coverage Ratio§ 108% 108%
-
   

Estimated NAV per Share ($) (79.9 million shares outstanding) $19.18 $18.66
$0.52
Estimated NAV per Share (£) (79.9 million shares outstanding)  £14.88 £14.41 £0.47  
Last Traded Price (LSE) (£)  £13.06 £12.45 £0.61  
Share Price ($) (converted from £ at the rate indicated) $16.83 $16.12 $0.71  
Discount to NAV  12% 14% (2%)  
         
Foreign Exchange Rate  1.2890 1.2951 (0.0061)  
The Private Equity Cycle Month Ended
31 May 2017
Month Ended
30 April 2017
   
1 Commitments      
New Commitments to HarbourVest funds -
$42.0
 
Investment Pipeline (Unfunded Commitments)



Allocated $910.3 $836.1  
Unallocated $304.4 $408.4  
Total Investment Pipeline $1,214.7 $1,244.5  
       
2 Cash Invested in HarbourVest funds $32.1 $16.4  
3 NAV Growth (change in estimated NAV) $42.0 $17.0  
4 Realisations Received from HarbourVest Funds  $26.4 $1.6    

* Available credit facility reflects amount available subject to most restrictive covenant limit applicable.
† Reflects the Investment Portfolio plus the allocated Investment Pipeline divided by estimated NAV.

‡ Reflects the Investment Portfolio plus the total Investment Pipeline divided by estimated NAV.
§ Reflects cash plus Available Credit Facility plus projected full year realisations divided by forecast cash investments over the next three years.

HVPE's functional currency is the US dollar, and NAV movements are reported in US dollars with a conversion to sterling at the month-end exchange rate.

Valuation Methodology

HVPE carries its investments at fair value in accordance with US generally-accepted accounting principles. HVPE's investment manager uses the best information it has available to estimate fair value. Fair value for private equity assets is based on the most recent financial information provided by the investment manager, adjusted for known investment operating expenses and subsequent transactions, including capital calls, distributions, changes in foreign currency exchange rates, and changes in value of public securities. Valuation adjustments are made for known significant events, if any, that affect the fair value of the investments.