HarbourVest Global Private Equity : Monthly Update for 28 February 2023

Monthly Factsheet

28 February 2023

February Comment

The estimated NAV per share of $48.27 (£40.15) at 28 February 2023 represents a decrease of 0.3% in US dollar terms over the previous month. This was mainly driven by unfavourable FX movements as well as valuation declines from the public company holdings in the portfolio. A net $44 million was invested in February 2023.

At 28 February 2023

Estimated NAV	GBP	USD
per Share	Share Price	Share Price
$48.27	£21.25	$25.75
31 January 2023: $48.43	31 January 2023: £22.10	31 January 2023: $27.10

1

Summary of Estimated Net Asset Value ("NAV") at 28 February 2023

	28 February	31 January
In millions except per share and last traded price data	2023	2023
Investment Portfolio	$3,662	$3,630
Cash and Cash Equivalents	$153	$198
Drawings on the HVPE Credit Facility	$0	$0
Net Other Assets (Liabilities)	$3	$3
Estimated NAV	$3,818	$3,831
Remaining Available Credit Facility (Undrawn)	$800	$800
Estimated NAV per Share ($)	$48.27	$48.43
Estimated NAV per Share (£ equivalent)	£40.15	£39.31
Share Price (LSE) (£)	£21.25	£22.10
Share Price (LSE) ($)	$25.75	$27.10
Discount to NAV (GBP)	47%	44%
Exchange Rate (GBP/USD)	1.2021	1.2320

Share Price and NAV Per Share Movement from 31 January 2013

+400%	Key
Share price ($, converted)*
+350%	NAV per share ($)
	FTSE AW TR ($)

Estimated NAV per Share Reconciliation (movement through month) ($)

48.43

(0.17)

0.16

(0.03)

(0.12)

48.27

NAV per share	Valuations	Valuations	Operating	Foreign	NAV per share
at 31 January	gains/(losses)	gains/(losses)	expenses	currency	at 28 February
2023	Fund of funds	Direct funds			2023

The NAV breakdown is an estimate. See Valuation Methodology on page four for further details.

+300%										+298%
+250%
+200%										+197%
+150%										+127%
+100%
+50%
0%Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan Feb
2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023 2023

Note: Total return figures can be found on page four; these will vary slightly from the figures in the chart above.

• HVPE introduced an additional US dollar share price on 10 December 2018; from this date onwards, the actual US dollar share price, as reported by the London Stock Exchange, has been used. Prior to this date, the US dollar share price had been converted from the sterling share price at the prevailing exchange rate.

One share. A world of private company opportunities.

HVPE Monthly Factsheet

The Private Equity Cycle

HVPE invests in and alongside HarbourVest-managed funds which focus on primary fund commitments, secondary investments and direct co-investments in operating companies. These in turn drive a steady pace of direct and indirect investment into private company opportunities. These investments develop and grow over a period of several years, before being exited. Proceeds from these distributions then provide the fuel for new commitments and the lifecycle continues.

Month ended 28 February 2023

New Commitments

Monthly total

$0m

Total month ended

31 January 2023: $0m

Investment Pipeline

Unallocated	Allocated	Total Investment Pipeline
$0.8bn	$1.9bn	$2.7bn
Month ended	Month ended	Total month ended
31 January 2023: $0.9bn	31 January 2023: $1.9bn	31 January 2023: $2.8bn
	Investment

Investments

(Investment Phase)

In February the majority of capital calls from underlying partnerships (by value) were for buyout investments at 68%, with venture and growth equity investments representing a further 26%. Of the total amount called, 58% had a North American investment focus and 28% had an Asian focus.

Top Five

Investing Managers

	Amount
Manager	invested
Incline Equity Management	$1.4m
Capital Square Partners	$1.1m
Sentinel Capital Partners	$0.9m
Highlight Capital	$0.7m
Pemba Capital Partners	$0.7m

Please note that the amounts above represent capital calls to the underlying managers for investments, and may differ from the amount invested by HVPE into HarbourVest funds.

2

Distributions

(Mature Phase)

During February, there were a total of 15 M&A transactions and IPOs across HVPE's underlying portfolio, compared to January's total of 16, and a last 12-month average of 20. These were broken down into 14 M&A transactions and one IPO.

Top Five

Distributing Managers

	Total	Manager's largest
	proceeds	distribution in month
Partnership	in month	(company)
ECI Partners	$3.6m	Bionic, Tusker
AIP	$1.7m	Various
Insight Venture	$1.3m	Various
Management
Berkshire Partners	$1.3m	Undisclosed
Adelis Equity	$1.2m	Various
Partners

Please note that these distributions from general partners represent proceeds to HarbourVest funds, and may differ to the amount actually received by HVPE.

		Phase
				Investment Portfolio
		Cash invested in
		HarbourVest funds		Change includes
		$67m		cash invested into
			HarbourVest funds
			plus the Investment
		Month ended 31 January 2023		Portfolio growth, less
		$6m
			distributions received.
		Investment
		Portfolio Change
Mature	$32m		Growth
Phase	Month ended 31 January 2023		Phase
		$37m
Distributions			Investment Portfolio
received			growth
$22m			$(13m)
Month ended 31 January 2023			Month ended 31 January 2023
$1m			$32m

12 Month Cash Flow ($m)

1 March 2022 to 28 February 2023

Capital calls to HabourVest funds		Distributions from HabourVest funds

												132
112												108
						91	90
75				71
				66										67
			62
		53			50
				42
					30					28	27
	20												22
							5					6
	1	0						4				1
Mar	Apr	May	Jun	Jul	Aug	Sep	Oct		Nov	Dec	Jan		Feb
2022													2023

HVPE Monthly Factsheet

Diversification at 28 February 2023

Managing HVPE

3

Consistent with HVPE's investment objective, the Investment Manager strives to manage risk through diversification within the portfolio.

Investment stage

Geography

Strategy

Credit facility

If future investments exceed distributions for a sustained period, it is important that HVPE is able to access funding as required to meet any shortfall.

At 28 February 2023, HVPE had a cash balance of $153 million and access to the full $800 million on its credit facility.

HarbourVest Partners ("HVP") Fund-level borrowing

At 28 February 2023, HVPE's share of HVP fund-level borrowing, on a look-through basis, was $473 million. Please refer to www.hvpe.com/ portfolio/financial-resources/ for further details.

Investment Pipeline and commitment ratios

The Board and Investment Manager make reference to three key ratios when assessing the Company's commitment levels, as shown below.

	Buyout	56%			North America	63%			Primary	53%
	Venture and Growth Equity	36%			Europe	20%			Secondary	28%
	Mezzanine and InfRA1	8%			Asia Pacific	14%			Direct Co-investment	19%
					Rest of World	3%

Total Commitment Ratio at 28 February 2023

(Total exposure to private markets investments as a percentage of NAV)

Investment Portfolio + Investment Pipeline	$6,399m
Divided by the NAV	$3,818m
(12 month range: 159% to 168%)	168%

Medium-term Coverage Ratio at 28 February 20232

Phase	Currency	Industry
exposure

	Investment	43%			US dollar	82%		Tech & Software	32%
	Growth	45%			Euro	14%		Consumer	14%
	Mature	12%			Sterling	2%		Medical & Biotech	13%
					Australian dollar	1%		Financial	12%
					Other	1%		Industrial & Transport	10%
									Business Services & Other	10%
									Energy & Cleantech	5%
									Media & Telecom	4%

(A measure of medium-term commitment coverage based on current commitments)

Cash + Available Credit Facility ($) + Current Year Estimated Realisations ($)	$1,608m
Divided by the next 36 Months' Estimated Investments	$1,560m
(12 month range: 102% to 117%)	103%

Commitment Coverage Ratio at 28 February 2023

(Short-term liquidity as a percentage of total Investment Pipeline)

Cash + Available Credit Facility	$953m
Divided by the Investment Pipeline	$2,737m
(12 month range: 34% to 40%)	35%

Notes:

The diversification by net asset value analysis is based on the fair value of the underlying investments, as estimated by the investment manager. Diversification by stage, phase, currency and geography is based on the estimated net asset value of partnership investments within HVPE's fund of funds and company investments within HVPE's co-investment funds. Industry diversification is based on the reported value of the underlying company investments for both fund of funds and co-investment funds. Some of the funds held in HVPE have not been fully invested. The composition of investments by phase, stage, geography, strategy, and industry may change as additional investments are made and existing investments are realised. By phase, mature includes vintage years pre-2014, growth includes vintage years 2014 to 2018, and investment includes vintage years 2019 to 2023.

1. InfRA incorporates infrastructure and real assets.
2. Please note the forecast cash flow inputs in this ratio reflect the impact of existing commitments only. Historic 12-month range has been recalculated on this basis.

HVPE Monthly Factsheet

Performance as at 28 February 2023

						Since
	YTD1					Inception
	1 year	3 years	5 years	10 years	(2007)
NAV per share ($)	0%	6%	79%	131%	297%	383%
Share price total return ($)	-2%	-25%	14%	51%	186%	153%
Share price total return (£)	-6%	-18%	32%	71%	257%	323%
FTSE All-World TR ($)	4%	-8%	31%	36%	127%	126%

1 "YTD" refers to calendar year to date.

HVPE introduced an additional US dollar share price on 10 December 2018; from this date onwards, the actual US dollar share price, as reported by the London Stock Exchange, has been used. Prior to this date, the US dollar share price had been converted from the sterling share price at the prevailing exchange rate. The share price total return figures have been adjusted for the redemptions which occurred in October 2013 and October 2014. Please also note the "NAV per share" percentages in the table above reflect the US dollar monthly estimated NAV per share.

Valuation Methodology:

HVPE carries its investments at fair value in accordance with US generally-accepted accounting principles. HVPE's Investment Manager uses the best information it has available to estimate fair value. Fair value for private equity assets is based on the most recent financial information provided by the Investment Manager, adjusted for known investment operating expenses and subsequent transactions, including investments, realisations, changes in foreign currency exchange rates, and changes in value of public securities. The valuation breakdown of the HVPE portfolio as reported here is as follows: 7% actual 28 February 2023 (representing the public companies in the portfolio), 6% actual 31 December 2022 and 87% actual 30 September 2022. Consistent with previous estimated NAV reports, valuations

HarbourVest

Global Private

Equity Limited

HarbourVest Global Private Equity Limited ("HVPE" or the "Company") is a London listed, FTSE 250 private equity investment company with assets of $3.8 billion (HVPE's functional currency is the US dollar) and a market capitalisation of approximately £1.7 billion as at 28 February 2023 (tickers: £ HVPE | $ HVPD). HVPE invests in private companies and portfolios of private companies through funds managed by HarbourVest Partners, an innovative global private markets asset manager with 40 years of experience. HVPE is designed to offer shareholders long-term capital appreciation by investing in a private markets portfolio diversified by geography, strategy, stage of investment, vintage year, and sector. By following a consistent and proven investment strategy, HVPE has delivered steady and robust NAV growth and has outperformed the public markets since inception, as measured by the FTSE All-World Total Return ("TR") index.

4

Key Information

Exchange	London Stock Exchange
Tickers (£ | $)	HVPE | HVPD
Market capitalisation	£1.7 billion
Shares in issue	79.1 million
Listing date	6 December 2007 (Euronext)2
	9 September 2015 (LSE MM)
Financial year end	31 January
ISIN	GG00BR30MJ80
SEDOL (£ | $)	BR30MJ8 | BGT0LX2
Base currency	US Dollar
Dividend policy	HVPE does not pay a dividend.
	The Company re-invests all
	distribution proceeds into new
	opportunities.

Contact

Richard Hickman [e-mail] [phone]

Charlotte Edgar [e-mail] [phone]

are also adjusted for foreign exchange movements, cashflows, and any known material events to 28 February 2023.

All investments are subject to risk. Past performance is not indicative of, or a guarantee of future performance. Prospective investors are advised to seek expert legal, financial, tax, and other professional advice before making any investment decision. The value of an investment in HVPE may fluctuate and share prices and returns may go down as well as up. Results achieved in the past are no guarantee of future results. This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the securities described herein. This report was prepared using financial information contained in HVPE's books and records as of the reporting date. This information is believed to be accurate but has not been audited by a third party. This report describes past performance, which may not be indicative of future results. HVPE does not accept liability for actions taken on the basis of the information provided. The Paying Agent in Switzerland is Banque Cantonale de Genève, 17 Quai de l'Ile, CH-1211 Geneva 2, Switzerland. The distribution of Interests in Switzerland must exclusively be made to qualified investors. Copies of the Prospectus, Articles of Association and annual and semi-annual reports can be obtained free of charge from the Representative. The place of performance for Interests of HVPE offered or distributed in or from Switzerland is the registered office of the Representative, ACOLIN Fund Services AG, succursale Genève, 6 cours de Rive, 1204 Geneva, Switzerland.

Why Invest

Holding shares in HVPE provides investors with a well-managed, ready-made global private equity programme and gives part-ownership of a diversified portfolio of underlying private companies3, spanning investment stages from early venture to large-cap buyouts. Many of these companies have the potential to become tomorrow's household names.

1. Delisted from Euronext in October 2016.
2. Holdings in publicly-traded companies, often resulting from IPOs in the private equity portfolio, represent 7% of HVPE's investment portfolio value.

www.hvpe.com

Registered Office

HarbourVest Global Private Equity Limited BNP Paribas House, St Julian's Avenue,

St Peter Port, Guernsey GY1 1WA

Investment Manager

HarbourVest Advisers L.P. c/o HarbourVest Partners, LLC

One Financial Center, Boston MA 02111, USA