HarbourVest Global Private Equity Limited announced that it has secured a new and extended revolving credit facility ("RCF"). Highlights: Size increase from $800 million to $1.2 billion, providing additional working capital headroom and enabling greater flexibility in capital allocation decisions; Restores credit facility to an optimal size relative to HVPE's NAV, which has grown strongly since 2019 when the previous facility was put in place; Highly competitive terms in today's market, with a commitment fee of 100bps and a drawn margin of 350bps; Fully committed for a new five-year term ending June 2029. HVPE has secured the new larger credit line to provide an enhanced level of support for its balance sheet, reflecting the strong growth in HVPE's net assets to $3.9 billion.

This restores the credit facility to a size equivalent to approximately 30% of NAV, comparable to 2015-2019 levels (e.g. 2019: RCF $600 million to c.$2 billion NAV). The terms are competitive in today's market, with a commitment fee of 100 bps and a margin of 350 bps on drawn amounts, with a minimum draw requirement of 40%. Ares Management Credit funds ("Ares") and Apollo-managed funds as new syndicate members to join two existing lenders, including Mitsubishi UFJ Trust and Banking Corporation, with the new syndicate demonstrating their confidence in HVPE's portfolio and business model.

The facility endows HVPE with a stronger working capital position in the near term, enabling increased flexibility in its approach to capital allocation and deployment, and smooth operation of the new Distribution Pool. The Board believes strongly that this will provide a considerable benefit to shareholders through the cycle, consistent with HVPE's established long-term strategy.