HarbourVest Global Private Equity Ltd. Capital Markets Session 15 - - PowerPoint PPT Presentation
HarbourVest Global Private Equity Ltd. Capital Markets Session 15 June 2016 HarbourVest CONFIDENTIAL 1 Agenda Chairmans Introduction HVPE Factsheet & Overview HVPE Performance vs. Peers Financial Performance &
15 June 2016
HarbourVest CONFIDENTIAL
Chairman’s Introduction HVPE Factsheet & Overview HVPE Performance vs. Peers Financial Performance & Portfolio Highlights Managers and Investments Key Take-Aways
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The history of HarbourVest Global Private Equity Manager award The management team The Board The year to 31 January 2016 in review Balance sheet and commitments
200 400 600 800 1000 1200 1400
2012 2013 2014 2015
$11.42
NAV per Share
$12.46
NAV per Share
$14.38
NAV per Share
(▲12%) (▲9%) (▲15%) (▲10%) HVPE NET ASSET VALUE GROWTH ($ millions except per share data)
$15.86
NAV per Share
(▲6%) 2016
$16.75
NAV per Share
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Investment strategy has remained focused since launch HVPE is now the fourth largest listed PE investment company in London NAV performance over all time periods since inception has been very strong
* Share price data as of market close, 3rd June 2016. GBP/USD 1.440
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HVPE is designed to provide access to a range of private market investments Invests in and alongside HarbourVest funds HarbourVest funds in turn make investments into private market funds and operating
Primary 49% Secondary 36% Direct 15% Buyout 66% VC & Growth 34% Consumer / Financial 35% Technology / Telecom 31% Industrial / Other 18% 34 HarbourVest Funds + 2 Co-Investments 764 Funds / Partnerships 6,923 Operating Companies Medical / Biotech 16%
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Data as of 31 Jan 2016
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HVPE commitments are made with reference to a set of agreed five-year targets Other external/macro factors will influence portfolio composition over time
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By Stage By Geography By Strategy
INVESTMENT PORTFOLIO CONSTRUCTION TARGETS
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The current breakdown by stage, geography and strategy is shown below New commitments to Europe are expected to move this allocation closer to the target
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By Stage By Geography By Strategy
INVESTMENT PORTFOLIO DIVERSIFICATION
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HVPE vs. Public Markets Share Price Discount to NAV Share Price Performance – Short-term Shareholder Register
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*Compound annual growth rate calculated through 30 April 2016. Note: past performance is not an indication of future results
$10.39 $7.61 $8.65 $10.24 $11.42 $12.45 $14.38 $15.86 $17.01 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 HVPE NAV MSCI ACWI TR HVPE Share Price
Total Return Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 HVPE NAV $10.39 $7.61 $8.65 $10.24 $11.42 $12.46 $14.38 $15.86 $16.75 3.9% (26.8%) 13.7% 18.4% 11.5% 9.1% 15.4% 10.3% 5.6% MSCI ACWI 571.4 332.7 465.1 554.7 538.2 621.5 704.0 755.8 708.3 (8.7%) (41.8%) 39.8% 19.3% (3.0%) 15.5% 13.3% 7.4% (6.3%)
Cumulative Return (6 Dec 07 – 30 Apr 16) HVPE NAV 70.1% HVPE Share Price 38.2% MSCI ACWI TR 22.7%
$13.81
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HVPE’s discount to NAV has narrowed in recent years Main Market listing has improved marketability of the shares Trading range among HVPE’s peer group is very wide
10 Source: J.P. Morgan Cazenove Investment Companies Daily Interactive Stats sheet as of 6 June 2016.
14.1%
0% 10% 20% Altamir Aberdeen Private Equity ICG (Graphite) Standard Life Euro Private Eq NB Private Equity Partners Pantheon International JP Morgan Private Equity UK FOFS Weighted Average SVG Capital HarbourVest Private Equity F&C Private Equity Trust Electra 3i
Current Share Price Discount to NAV
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HVPE’s share price has performed well since the Main Market listing Volatility has been significantly lower than that seen in the broader sector
11 Source: Bloomberg data, 3rd June 2016 Note: past performance is not an indication of future results 80 85 90 95 100 105 110 115 120 125 130 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16
Electra SVG HVPE Pantheon NBPE 3i
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US 48% UK 44% Other 8% US 42% UK 49% Other 9%
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Investments and Commitments NAV Performance Realisations Uplift on Carrying Values Expenses Portfolio Growth
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* % of Investment Pipeline at prior financial year-end, adjusted for commitments made during the year
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Unallocated $423 Allocated $620 Investment Pipeline At 31 January 2016 1-3 yrs 4-6 yrs 7-10 yrs >10 yrs $316 $197 $60 $47
Cash + Available Credit Facility $704m Current Year Projected Realisations $286m A: Total Liquid Resources $990m B: Next Three Years’ Estimated Investments $948m Rolling Coverage Ratio = A/B = 104%
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NAV increased in the period by 5.6%, from $15.86 to $16.75, vs. a decrease of
The increase was driven by profitable realisations By value, 67% of a large sample of underlying companies* grew EBITDA in the
The weighted average EBITDA multiple in the sampled portfolio is 9.9x (from 9.4x
The average debt multiple is 4.2x (3.9x)
16 *These portfolio metrics reflect an analysis of 1,696 buyout companies in developing and investing U.S. and international HarbourVest funds where data is available. This represented 39% of the total buyout NAV at 31 January 2016. Please note that the sample is larger than that taken in the prior year, hence figures will not tie back to last year’s Annual Report.
$12 $13 $14 $15 $16 $17 $18
NAV per Share at 31 Jan 2015 Realised Gain / Value Change Management and Performance Fees Operating Expenses NAV per Share at 31 Jan 2016
Foreign Currency
CHANGES IN NAV PER SHARE
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HVPE’s mature portfolio continues to generate cash from realisations The average age of the underlying companies is 6.3 years The 2005-8 vintages are generating the strongest realisation flow, but there is an
17 Note: past performance is not an indication of future results
0% 20%
INVESTMENT PORTFOLIO REALISATIONS BY VINTAGE YEAR ($ millions) Realised During Twelve Months Ended 31 January 2016
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The weighted average uplift achieved at realisation was 38% in the year ended 31
Realisations from the Buyout portfolio were particularly strong, with an average
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0x 2x 4x 6x 8x
Total Venture Buyout M&A IPO Weighted Average Multiple on the Cost of Investment
0% 20% 40% 60% 80%
Total Venture Buyout M&A IPO Weighted Average Uplift % on the Carrying Value*
* Uplift represents weighted average return for the 173 largest M&A and IPO transactions which represent approximately 83% of the value of the known transactions during the financial year. This analysis represents a subset of the transactions and does not represent the portfolio as a
underlying managers, which will reduce returns. Past performance is not a guarantee of future success.
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$0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0
Carried Interest Management Fees (HarbourVest) Management Fees (Co- investments) Other Expenses Directors' Fees and Expenses Professional Fees Investment Services Credit facility
HVPE incurred direct operating expenses of $11.2m in the year ending 31 January 2016,
The increase was driven by one-off costs, incurred as part of the Main Market listing, of
Total expenses fell from 2.7% of NAV in 2015 to 2.3% in 2016
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Value growth in the portfolio is analysed on a regular basis in order to verify the asset
During the year, value growth was particularly strong across buyout and growth equity
Growth in Asia Pacific, having slowed at the half-year, staged a recovery in H2
20 Note: past performance is not an indication of future results
15% 11% 7%
0% 5% 10% 15% Europe Asia Pacific U.S. RoW By Geography 10% 8% 3% 3% 0% 5% 10% 15% Buyout Growth Equity Early Venture Other By Stage 9% 9% 6% 0% 5% 10% 15% Primary Secondary Direct By Strategy
INVESTMENT PORTFOLIO GROWTH Gain Over 31 January 2015 Value
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Top 10 managers Top 10 portfolio companies Notable exits Key Take-Aways
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WCAS US Buyout and Mezzanine 1.93% The Blackstone Group US Buyout 1.72% Thoma Bravo US Buyout, Venture and Growth 1.61% Compass Partners International Europe Buyout 1.50% Kohlberg Kravis Roberts US Buyout 1.47% Health Evolution Investments US Venture and Growth Equity 1.40% DCM US/Asia Pacific Venture and Growth Equity 1.37% Index Ventures Europe Venture and Growth Equity 1.36% PAI Partners Europe Buyout 1.28% Hellman & Friedman US Buyout 1.14%
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Lightower Fiber Networks US Broadband networks 1.58% Wayfair US Online home goods retailer 1.31% Capsugel US Drug delivery systems 0.93% Earth Networks US Weather observation 0.83% The Sun Products US Household products 0.77% Riverbed Technology US Network management 0.74% Zayo Group US Telecommunications 0.67% Censeo Health US Home health care services 0.58% Securus Technologies US Public safety technology 0.57% Uber Technologies US Personal transportation 0.53%
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Facebook May 2012 US Venture NASDAQ Twitter Nov 2013 US Venture NYSE GoPro Jun 2014 US Venture NASDAQ The Trainline Jan 2015 UK Buyout M&A (KKR) Auto Trader Mar 2015 UK Buyout LSE Glaukos Jun 2015 US Venture NASDAQ Worldpay Oct 2015 UK Buyout LSE PhotoBox Oct 2015 UK Venture M&A (Exponent & Electra Partners) China Hydroelectric Corporation Dec 2015 China Venture M&A (Shenzhen Energy) Quotient Clinical Dec 2015 US Venture M&A (GHO)
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Note: As of 31 May, HVPE retains a holding (directly or via an underlying manager) in a number of the public companies listed above. Company names shown for illustrative purposes.
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Focused, consistent strategy: PE fund of funds Integrated, complementary approach: primary, secondary, and direct co-investment The most diversified portfolio in the market Provides access to pre-IPO US Venture Run by a high quality manager Now a FTSE 250 company Currently trading at a discount to NAV whilst realising assets at a near-40% premium
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Global private equity market 2015/16 Reflections on the current macro environment Outlook
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Global private equity market 2015/16
Reflections on the current macro environment Outlook
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4.0x 6.0x 8.0x 10.0x 12.0x 14.0x Jan ’06 Jan ’07 Jan ’08 Jan ’09 Jan ’10 Jan ’11 Jan ’12 Jan ’13 Jan ’14 Jan ’15 Jan ’16 MSCI World S&P 500 10 Yr Average
10 yr average
Source: Bloomberg 29
HarbourVest CONFIDENTIAL
’11-’15 cycle (+5.1% CAGR)
Source: Thomson Reuters, Incisive Media, MergerMarket, and HarbourVest analysis of Asia from AVCJ, APER, EMPEA, and GP reporting
$0 $100 $200 $300 $400 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 Q1 '15 Q1 '16 U.S. Europe Asia EM $ Billions % of Total Exit Value 0% 20% 40% 60% 80% 100% ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 M&A IPO
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’11-’15 cycle (+9.2% CAGR)
Source: Thomson Reuters, Incisive Media, and HarbourVest analysis of Asia from AVCJ, APER, EMPEA, and GP reporting
150 300 450 600 100 200 300 400 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 Q1 '15 Q1 '16 U.S. Buyout U.S. Venture Europe Buyout Asia EM # Funds Raised $ Billions 46% 46% 15% 12% 29% 23% 8% 16% 2% 3% 0% 20% 40% 60% 80% 100% ’05 ’15 U.S. Buyout U.S. Venture Europe Buyout Asia EM $205B $232B
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Source: Preqin
91% 80% 58% 48% 49% 70% 70% 76% 77% 79% 94% 5 10 15 20 25 0% 20% 40% 60% 80% 100% ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 Q1 '16 % of funds that met or exceeded targets (LHS) Average months to final close (RHS)
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’11-’15 cycle (+4.8% CAGR) 100 200 300 400 500 600 700 800 900 1,000 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 Q1 '15 Q1 '16
U.S. Buyout U.S. Venture Europe Buyout Asia EM
Source: Thomson Reuters, MergerMarket
$ Billions 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x 11.0x ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 Q1 ’16
Europe U.S. Asia
xLTM EBITDA Global private equity investment activity Entry EV/EBITDA pricing for buyout deals
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HarbourVest CONFIDENTIAL
6 months to Q1 ’16 Deals - $73B (-18%) Exits - $114B (-39%) 6 months to Q1 ’15 Deals - $88B Exits - $186B 36 46 62 50 39 61 63 42 32 68 86 110 104 82 85 77 79 35 20 40 60 80 100 120 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Deals Exits
Source: MergerMarket, Thomson Reuters as of 6 April 2015
$ Billions
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Global private equity market 2015/16 Reflections on the current macro environment Outlook
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HarbourVest CONFIDENTIAL
27 21 50 80 37 45 39 24 106 36 58 12 92 120 73 82
50 100 150 1924 - 1926 ’26 - ’27 ’27 - ’29 ’29 - ’33 ’33 -’37 ’37 - ’38 ’38 - ’45 ’45 - ’45 ’45 - ’48 ’48 - ’49 ’49 - ’53 ’53 - ’54 ’54 - ’57 ’57 - ’58 ’58 - ’60 ’60 - ’61 ’61 - ’69 ’69 - ’70 ’70 - ’73 ’73 - ’75 ’74 - ’80 ’80 - ’80 ’80 - ’81 ’81 - ’82 ’82 - ’90 ’90 - ’91 ’91 - ’01 ’01 - ’01 ’01 - ’07 ’08 - ’09 ’09 - Q1 ’16
Months
Source: World Bank 36
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Upside Case > Sustained lower Euro > “Brexit” – remain Downside Case > Migration crisis > “Brexit” – leave
“Soft” landing > Growing tertiary sectors > Effective SOE reform “Hard” landing > Liquidity drain > Stagflation
“Lower for longer” > Consumer tailwind > Oil producers suffer Price recovery > Deflation relief > E&P spending resumes
Tighten > Recession risk > Global capital flows Sustained low rates > Asset bubbles > Rising inflation
Risks > U.S. election > ISIS / global terror > Military build-up > Isolationism
Sustained recovery > Strengthening growth > Employment increase “Doldrums” > Currency depreciation > Sub-trend growth
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HarbourVest CONFIDENTIAL
8.5% 7.0% 6.3% 6.5% 6.1% 5.4% 4.7% 4.1% 4.5% 3.9% 3.8% 3.2% 3.4% 3.0% 3.1% 2.4% 1.6% 1.5% 1.6% 1.5%
0% 2% 4% 6% 8% 10% Apr ’13 Apr ’14 Apr ’15 Apr ’16 China EM World United States Euro area
As of:
Source: IMF World Economic Outlook 38
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Global private equity market 2015/16 Reflections on the current macro environment Outlook
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HarbourVest CONFIDENTIAL
6.0% 5.5% 7.2% 12.9% MSCI World Hedge Funds Infrastructure Real Estate Private Equity
10 year returns
20 year returns
Private equity Other alternatives Public markets
4.7% 5.3% 6.4% 7.8% 11.5% MSCI World Real Estate Infrastructure Hedge Funds Private Equity 8.3% 4.7% 7.6% 12.4% 12.7% MSCI World Hedge Funds Infrastructure Real Estate Private Equity
3 year returns 5 year returns
8.6% 4.2% 7.5% 13.6% 12.4% MSCI World Hedge Funds Infrastructure Real Estate Private Equity
1.5x 1.6x 1.7x 1.8x 1.9x
Exclude Worst Three Vintages Exclude Best Three Vintages
1.92x
All Vintages N/A – no data
1.83x +5%
1.66x
* Source: Cambridge Associates as of September 30, 2015 and Preqin as of February 2016 (for Global Hedge Funds only) ** HarbourVest global primary portfolio returns as of September 30 2015. Gross returns from 1992 to 2011 assuming even commitments every year. Exclusion of worst three vintages refers to ’98, ‘99, ‘00; exclusion of best three vintages refers to ‘93, ’94, ’96. Past performance is no guarantee of future returns. 40
HarbourVest CONFIDENTIAL
Evolving asset allocation
Enhancing manager search
“Fire-proofing” your portfolio
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HarbourVest CONFIDENTIAL
STRICTLY CONFIDENTIAL This document and this presentation have been prepared and issued by HarbourVest Global Private Equity Limited (the “Company”) for information purposes only and may not be used in making any investment decision. None of the Company, its investment manager, HarbourVest Advisers, L.P. (the “Investment Manager”) or HarbourVest Partners, LLC (“HarbourVest”) has independently verified the information contained in this document and this presentation. This document and this presentation contain only summary information and no representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information contained herein and no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company, HarbourVest, the Investment Manager or any of their respective affiliates or by any of their respective officers, employees or agents in relation to it. Each of the Company, HarbourVest, the Investment Manager and their respective affiliates and
representation or warranty is given as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views contained herein are based on financial, economic, market and other conditions prevailing as of the date of this document and this presentation. The information contained in this document and this presentation will not be updated. Further information on the Company, its Investment Manager and HarbourVest can be found in the prospectus published on 2 November 2007, in connection with the listing of the Company’s A ordinary shares on Euronext Amsterdam by NYSE Euronext (available at no cost from www.euronext.com), and on the Company’s website at www.hvgpe.com and HarbourVest’s website at www.harbourvest.com, including in announcements available on those sites. This document and this presentation do not constitute any form of financial opinion or recommendation on the part of the Company, HarbourVest or the Investment Manager or any of their respective affiliates and are not intended to be an offer, or the solicitation of any offer, to buy or sell any securities in any jurisdiction. This document and this presentation contain track record data in relation to the performance of funds of funds managed by HarbourVest and its affiliates. When considering such track record data, investors should bear in mind that past performance is not necessarily indicative of future results and, as a result, the Company’s actual returns may be greater or less than the amounts shown herein. Investment returns will depend on the increase or decrease in the trading price of the Company’s shares. In addition the Company is a closed-end investment company and the performance data presented herein for HarbourVest, as well as the private equity index performance data, relates principally to funds structured as self-liquidating partnerships and in which investor contributions were made only when the underlying fund made an actual investment. Neither this document, nor this presentation, nor any copy of either may be taken or transmitted into the United States of America, its territories or possessions or distributed, directly or indirectly, in the United States of America, its territories or to any US person (as defined in Rule 902 of Regulation S under the US Securities Act of 1933 (the “Securities Act”)). The distribution of this document and this presentation in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This document and this presentation are being distributed in the United Kingdom only to (a) persons who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2) (a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Any investment or investment activity to which the presentation and these slides relate is available only to relevant persons and will be engaged in only with relevant persons. The Company has been registered with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as a collective investment institution which may
By participating in this presentation or by accepting any copy of this document, you agree to be bound by the foregoing limitations. 42
HarbourVest CONFIDENTIAL
STRICTLY CONFIDENTIAL The distribution of interests in HarbourVest Global Private Equity Limited (the “Fund”), a closed-ended investment company organised under the law of Guernsey, in Switzerland will be exclusively made to, and directed at, qualified investors (the "Qualified Investors"), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ("CISA") and its implementing ordinance. Accordingly, the Fund has not been and will not be registered with the Swiss Financial Market Supervisory Authority (FINMA). The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The Paying Agent in Switzerland is Banque Cantonale de Genève, 17 Quai de l'Ile, CH-1211 Geneva 2, Switzerland. The place of performance for Interests of the Fund offered or distributed in or from Switzerland is the registered office of the Representative. Copies of the Prospectus, Articles of Association and annual and semi-annual reports of the Fund can be obtained free of charge from the Representative. 43
HarbourVest CONFIDENTIAL
This document contains certain forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, forward-looking statements can be indentified by terms such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘may,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘should,’’ ‘‘will,’’ and ‘‘would,’’ or the negative of those terms or other comparable terminology. The forward-looking statements are based on the Investment Manager’s beliefs, assumptions, and expectations of future performance and market developments, taking into account all information currently available. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known or are within the Investment Manager’s control. If a change occurs, the Company’s business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Some of the factors that could cause actual results to vary from those expressed in forward-looking statements, include, but are not limited to: the factors described in this report; the rate at which HVPE deploys its capital in investments and achieves expected rates of return; HarbourVest’s ability to execute its investment strategy, including through the identification of a sufficient number of appropriate investments; the ability of third-party managers
intended returns; the continuation of the Investment Manager as manager of the Company’s investments, the continued affiliation with HarbourVest of its key investment professionals and the continued willingness of HarbourVest to sponsor the formation of and capital raising by, and to manage, new private equity funds; HVPE’s financial condition and liquidity, including its ability to access or obtain new sources of financing at attractive rates in order to fund short term liquidity needs in accordance with the investment strategy and commitment policy; changes in the values of or returns on investments that the Company makes; changes in financial markets, interest rates or industry, general economic or political conditions; and the general volatility of the capital markets and the market price of HVPE’s shares. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events, and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Any forward-looking statements are only made as at the date of this document, and the Investment Manager neither intends nor assumes any obligation to update forward-looking statements set forth in this document whether as a result of new information, future events, or otherwise, except as required by law or other applicable regulation. In light of these risks, uncertainties, and assumptions, the events described by any such forward-looking statements might not
REGISTERED OFFICE HarbourVest Global Private Equity Limited Company Registration Number: 47907 Ground Floor Dorey Court Admiral Park St Peter Port Guernsey GY1 2HT Tel +44 (0)14 8170 2400 Fax +44 (0)14 8170 2407 INVESTMENT MANAGER HarbourVest Advisers L.P. c/o HarbourVest Partners, LLC One Financial Center 44th Floor Boston MA 02111 U.S.A. Tel +1 617 348 3707 Fax +1 617 350 0305 Member of LPEQ
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