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 $1.2 billion from $800 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.

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