After a global roadshow that included Europe, the Middle East and the US, HVPE attracted interest primarily from institutional investors and pension funds, representing high-quality institutions with both medium and long-term investment horizons.
HVPE will be the only means to access HarbourVest's investment strategy through a publicly-traded vehicle.
HarbourVest is celebrating its 25th anniversary this year, and HVPE represents the latest phase in our growth.
As at 31 December 2006, the initial investments of HVPE provide exposure to 524 private equity funds and 5,570 underlying company investments
GT will develop, manufacture and commercialize the HVPE system incorporating Soitec Phoenix Labs' (a subsidiary of Soitec) unique and proprietary HVPE technology including its novel and advanced source delivery system that is expected to lower the costs of precursors delivered to the HVPE reactor.
We have been working for more than 6 years on GaN epi processes and have created this breakthrough HVPE technology critical in producing high-quality and low cost GaN layers on sapphire substrates," said Chantal Arena, VP and general manager of Soitec Phoenix Labs.
HVPE is 103% invested, compared to 91% at listing and 98% at 31 January 2008.
HVPE will host a conference call and webcast reviewing the company and these results for investors and analysts on 1 October 2008 at 16.
Once concluded, HVPE expects to receive total distributions of approximately U.
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.
HVPE purchased additional interests in four HarbourVest funds for U.
HVPE expects to announce its estimated NAV on a monthly basis, generally within two weeks of the end of the calendar month.