ST PETER PORT, Guernsey, June 3 /PRNewswire/ -- HarbourVest Global Private Equity Limited ("HVPE") has been advised of the proposed sale of ersol Solar Energy AG, one of HVPE's 25 largest underlying company investments, by Ventizz Capital Fund II, LP ("Ventizz"). At the announced price, the sale of ersol to Robert Bosch GmbH would result in a gain in NAV for HVPE of approximately U.S.$7.7 million, or U.S.$0.09 per share.
Ventizz is one of HVPE's 25 largest underlying European managers and one of HVPE's 25 largest underlying venture/growth equity managers (based on NAV). The proposed sale, which is subject to approval by antitrust authorities, is at a price of EUR101 per common share of ersol, representing a 63% premium to the closing price on May 30. Once concluded, HVPE expects to receive total distributions of approximately U.S.$14 million as a result of this transaction.
One of the leading players in the solar industry, ersol was acquired by Ventizz in 2004 as part of a HarbourVest-led synthetic secondary transaction in which Ventizz and the investor syndicate acquired a portfolio of eight later stage venture capital investments in Germany. Ventizz, a private equity manager with a geographical focus on German-speaking Europe, has expertise in cleantech and technology growth investments.
George Anson, Director of HVPE, said: "We are delighted by this realisation within our European venture portfolio. Venture has been an important part of HarbourVest's strategy for the past 25 years and is therefore a key component of HVPE's strategy at approximately 40% of the portfolio. Today's announcement is a confirmation of the merits of that strategy. The returns generated for HVPE also demonstrate the benefit to shareholders of having access to HarbourVest's experience of selecting high quality, global, venture fund managers, as well as the firm's expertise in structuring secondary transactions."
Notes to Editors:
About HarbourVest Global Private Equity Limited:
HarbourVest Global Private Equity Limited ("HVPE") is a Guernsey-incorporated closed-end investment company listed on Euronext Amsterdam by NYSE Euronext, the regulated market of Euronext Amsterdam. HVPE is registered as an investment institution with the Netherlands Authority for the Financial Markets. HVPE is designed to offer shareholders long-term capital appreciation by investing in a private equity portfolio diversified by geography, by stage of investment, by vintage year, and by industry. It invests in and alongside HarbourVest-managed funds which focus on primary partnership commitments, secondary investments, and direct investments in operating companies. HVPE is advised by HarbourVest Advisers L.P., an affiliate of HarbourVest Partners, LLC. To learn more about HVPE, please visit http://www.hvgpe.com.
About HarbourVest Partners, LLC:
HarbourVest is an independent global private equity investment firm and an SEC-registered investment advisor, providing vehicles for institutional investors to invest in the venture capital and buyout markets in the U.S., Europe, and elsewhere through primary partnerships, secondary purchases, and direct investments. It was formed in 1982 and has invested U.S.$29 billion over its 25-year history. It currently has 201 employees in its Boston office and London and Hong Kong subsidiaries. http://www.harbourvest.com.
This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States. The securities of HVPE have not been and will not be registered under the United States Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. HVPE does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, HVPE has not been and will not be registered under the United States Investment Company Act of 1940, and investors in HVPE are not entitled to the benefits of such Act.
Enquiries: HarbourVest, Laura Thaxter, Tel: +1-(617)-348-3695; Maitland, Lydia Pretzlik, Anthony Silverman, Tel: +44-(0)20-7379-5151