HarbourVest Strikes Deal For Listed Fund Of Private Equity Funds

Apr 26 2011 | 12:17pm ET

HarbourVest Partners will buy Absolute Private Equity in a deal that values the listed fund of private equity funds at US$752 million.

Boston-based HarbourVest's bid is backed by the Swiss fund's board of directors. It requires the support of just over half of Absolute P.E.'s investors and the deal is expected to close in the third quarter.

"HarbourVest is a leading global private equity investment firm and an ideal partner for Absolute Private Equity, with its large experience in managing private equity partnership portfolios," Thomas Amstutz, chairman of Absolute P.E., said. "This transaction offers shareholders an opportunity to exit their investment for cash at an attractive price, whilst it enables other to remain invested alongside an experienced partner."

HarbourVest, which plans to buy Absolute P.E. through its secondary funds and Amsterdam-listed Global Private Equity vehicle, is offering US$17.25 per share, a significant discount from its net asset value, which was US$24.16 per share on April 21. But HarbourVest notes that its 60-day volume-weighted average share price was just US$16.25 on that day.

HarbourVest has more than US$30 billion in assets under management.


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