HARBOURVEST Global Private Equity, the London-listed investment company, yesterday posted a small uptick in fund value and a slowdown in fund commitments for September as it reduced its debt pile.
The fund, which is run by Boston-based fund of fund manager HarbourVest Partners, increased the estimated net asset value of the fund by 0.8 per cent to $11.55 per share from August until September.
The fund also slowed down its US fund of fund investments to $3.3m (£2.05m), compared to $15.7m of commitments made in August, and received $17.1m in realisations over the month, giving it net positive cash flows for September of $13.8m.
The rush of cash for the month allowed HarbourVest, which has a joint listing on the Amsterdam Euronext market alongside its London listing, to repay $12m of borrowings in September, it said.
The fund’s deleveraging trend has meant it has now reduced its gearing since 31 January 2012 from 16 per cent to nine per cent, repaying $60m of net borrowings in total.
The decrease on its outstanding debt facility means there is now $94.2m outstanding on the fund’s credit facility.