(Alliance News) - HarbourVest Global Private Equity Ltd on Thursday said it has agreed a new and extended revolving credit facility.

The Guernsey-registered investment fund increased its facility to USD1.2 billion from USD800 million, saying this was in order to obtain additional working capital to allow for greater flexibility when making capital allocation decisions.

This restores the credit facility to a size equivalent to about 30% of net asset value, similar to the level in 2015 to 2019.

New creditor Ares Management Corp joined the likes of Mitsubishi UFJ Trust & Banking Corp in the new syndicate to provide the facility.

HarbourVest Global shares were up 1.7% to 2,373.56 pence each in London on Thursday morning.

By Elijah Dale, Alliance News reporter

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