HarbourVest Global Private Equity : Monthly Update for 31 August 2023

Monthly Factsheet

31 August 2023

August Comment

The estimated NAV per share of $49.70 (£39.23) at 31 August 2023 represents a 0.2% increase in US dollar terms over the previous month. This was mainly driven by valuation increases from the fund of funds portfolio. A net $39 million was invested in August 2023. A pick up in exit activity was sustained for a second consecutive month, with 28 known M&A transactions and one IPO.

At 31 August 2023

Estimated NAV	GBP	USD
per Share	Share Price	Share Price
$49.70	£22.35	$28.15
31 July 2023: $49.60	31 July 2023: £22.50	31 July 2023: $29.20

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

49.60	0.28	0.01	(0.06)	(0.13)	49.70	The NAV
						breakdown is

an estimate. See Valuation Methodology on page four for further details.

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

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Summary of Estimated Net Asset Value ("NAV") at 31 August 2023

	31 August	31 July
In millions except per share and last traded price data	2023	2023
Investment Portfolio	$3,917	$3,867
Cash and Cash Equivalents	$182	$221
Drawings on the HVPE Credit Facility	$(200)	$(200)
Net Other Assets (Liabilities)	$(2)	$1
Estimated NAV	$3,897	$3,889
Remaining Available Credit Facility (Undrawn)	$600	$600
Estimated NAV per Share ($)	$49.70	$49.60
Estimated NAV per Share (£ equivalent)	£39.23	£38.64
Share Price (LSE) (£)	£22.35	£22.50
Share Price (LSE) ($)	$28.15	$29.20
Discount to NAV (GBP)	43%	42%
Exchange Rate (GBP/USD)	1.2669	1.2836

Note: Totals and subtotals may not recalculate due to rounding.

Share Price and NAV Per Share Movement from 31 January 2013

+400%		Key
	NAV per share ($)
+350%		Share price ($, converted)*
+300%		FTSE AW TR ($)								+310%
+250%											+225%
+200%
+150%											+151%
+100%
+50%
0%Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Aug
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

2

Investments	Distributions
(Investment Phase)	(Mature Phase)

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 31 August 2023

In August the majority of capital calls from underlying partnerships (by value) were for buyout investments at 74%, with venture investments representing a further 21%. Of the total amount called, 64% had a North American investment focus and 23% had a European focus.

During August, there were a total of 29 M&A transactions and IPOs across HVPE's underlying portfolio, compared to July's total of 30, and a last 12-month average of 18. These were broken down into 28 M&A transactions and one IPO.

New Commitments

Monthly total

$0m

Total month ended 31 July 2023: $0m

Investment Pipeline

Unallocated	Allocated	Total Investment Pipeline
$0.7bn	$1.9bn	$2.6bn
Month ended	Month ended	Total month ended
31 July 2023: $0.8bn	31 July 2023: $1.9bn	31 July 2023: $2.7bn
	Investment
	Phase
		Investment Portfolio
	Cash invested in
	HarbourVest funds	Change includes
		cash invested into

Top Five

Investing Managers

	Amount
Manager	invested
Ethos Capital	$2.2m
SK Capital Partners	$1.8m
The CapStreet Group	$1.7m
MetLife Investment Management	$1.0m
Lightspeed India Partners	$1.0m

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.

12 Month Cash Flow ($m)

1 September 2022 to 31 August 2023

Top Five

Distributing Managers

	Total	Manager's largest
	proceeds	distribution in
Partnership	in month	month (company)
Sterling Investment	$3.2m	Anser Advisory
Partners Management
Advent International	$2.7m	Innio, Williams Lea
Corporation		Tag, Certinia
B-29 GP	$2.5m	Undisclosed
Bridgepoint Capital	$1.4m	Elgin, DeHaviland
MetLife Investment	$1.3m	Undisclosed
Management

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

	$51m	HarbourVest funds
	plus the Investment
	Month ended 31 July 2023	Portfolio growth, less
	$10m
	distributions received.
	Investment
	Portfolio Change
Mature	$50m	Growth
Phase	Month ended 31 July 2023	Phase
	$35m
Distributions		Investment Portfolio
received		growth
$12m		$11m
Month ended 31 July 2023		Month ended 31 July 2023
$2m		$27m

Capital calls to HabourVest funds		Distributions from HabourVest funds

						132							130
						108
91	90
								67					68
									46						51
									42
									38
				28	27			22
		5					6			8			10
		4						11	4		12
									2
						1
Sep		Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug
2022						2023

HVPE Monthly Factsheet

Diversification at 31 August 2023

Managing HVPE

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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 31 August 2023, HVPE had a cash balance of $182 million and access to $600 million on its credit facility.

HarbourVest Partners ("HVP") Fund-level borrowing

At 31 August 2023, HVPE's share of HVP fund-level borrowing, on a look-through basis, was $543 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	59%			North America	63%			Primary	51%
	Venture and Growth Equity	32%			Europe	21%			Secondary	30%
	Mezzanine and InfRA1	9%			Asia Pacific	14%			Direct Co-investment	19%
					Rest of World	2%

Total Commitment Ratio at 31 August 2023

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

Investment Portfolio + Investment Pipeline	$6,518m
Divided by the NAV	$3,897m
(12 month range: 163% to 168%)	167%

Phase	Currency	Industry
exposure

	Investment	50%			US dollar	82%		Tech & Software	32%
	Growth	41%			Euro	14%		Consumer	14%
	Mature	9%			Sterling	2%		Medical & Biotech	13%
					Australian dollar	1%		Financial	11%
					Other	1%		Industrial & Transport	11%
									Business Services & Other	10%
									Energy & Cleantech	5%
									Media & Telecom	4%

Medium-term Coverage Ratio at 31 August 2023

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

Cash + Available Credit Facility ($) + next 12 Months' Projected Realisations ($)	$1,530m
Divided by the next 36 Months' Estimated Investments	$1,528m
(12 month range: 99% to 117%)	100%

Commitment Coverage Ratio at 31 August 2023

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

Cash + Available Credit Facility	$782m
Divided by the Investment Pipeline	$2,601m
(12 month range: 30% to 39%)	30%

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.

HVPE Monthly Factsheet

Performance as at 31 August 2023

						Since
	YTD1					Inception
Total Return	1 year	3 years	5 years	10 years	(2007)
NAV per share ($)	3%	4%	75%	117%	284%	397%
Share price total return ($)	7%	8%	25%	57%	185%	177%
Share price total return (£)	-1%	2%	31%	61%	250%	344%
FTSE All-World TR ($)	15%	15%	25%	47%	141%	150%
						Since
						Inception
Compound Annual Growth Rate			3 years	5 years	10 years	(2007)
NAV per share ($)			20%	17%	14%	11%
Share price ($)			8%	9%	11%	7%
Share price (£)			9%	10%	13%	10%
FTSE All-World TR ($)			8%	8%	9%	6%

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 31 August 2023 (representing the public companies in the portfolio), 79% actual 30 June 2023 and 14% actual 31 March

2023. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cashflows, and any known material events to 31 August 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.

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 $3.9 billion (HVPE's functional currency is the US dollar) and a market capitalisation of approximately £1.8 billion as at 31 August 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 over

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.

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

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Key Information

Exchange	London Stock Exchange
Tickers (£ | $)	HVPE | HVPD
Market capitalisation	£1.8 billion
Shares in issue	78.4 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]

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