HarbourVest offers ‘at least’ £783m for SVG’s investment portfolio

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It ain’t over ’til it’s over.

HarbourVest has upped the ante in the three-way battle over London-listed private equity group SVG Capital.

The Boston-based fund this morning confirmed it has sent a proposal to SVG to acquire the entirety of its investment portfolio for “at least” £783.1m, higher than the £742m price that has been offered through a joint bid by Goldman Sachs and Canada Pension Plan Investment Board (CPPIB).

The offer is the latest phase in a tale that started last month, when HarbourVest offered to buy SVG for 650p a share.

SVG rebuffed that original offer and instead struck a deal to sell half of its portfolio to fund managers Pomona Capital and Pantheon Ventures. It then scrapped that plan after Goldman and CPPIB offered to buy the full investment portfolio in a deal valued at around 680p a share.

HarbourVest said in a statement on Monday that its latest offer would allow SVG to return “in excess” of 700p a share to its shareholders.

“HarbourVest expects the board will be keen to explore this asset proposal given the clear value uplift it represents to shareholders,” the US fund added.

“HarbourVest therefore looks forward to discussing the asset proposal with SVG Capital and its advisers.”

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