HarbourVest Global Private Equity : Monthly Update for 31 March 2023

Monthly Factsheet

31 March 2023

March Comment

The estimated NAV per share of $48.42 (£39.25) at 31 March 2023 represents an increase of 0.3% in US dollar terms over the previous month. This was driven by a combination of favourable FX movements and valuation increases from the direct fund holdings in the portfolio. A net $8 million was invested in March 2023.

At 31 March 2023

Estimated NAV	GBP	USD
per Share	Share Price	Share Price
$48.42	£20.50	$25.43
28 February 2023: $48.27	28 February 2023: £21.25	28 February 2023: $25.75

1

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

	31 March	28 February
In millions except per share and last traded price data	2023	2023
Investment Portfolio	$3,681	$3,662
Cash and Cash Equivalents	$145	$153
Drawings on the HVPE Credit Facility	$0	$0
Net Other Assets (Liabilities)	$4	$3
Estimated NAV	$3,830	$3,818
Remaining Available Credit Facility (Undrawn)	$800	$800
Estimated NAV per Share ($)	$48.42	$48.27
Estimated NAV per Share (£ equivalent)	£39.25	£40.15
Share Price (LSE) (£)	£20.50	£21.25
Share Price (LSE) ($)	$25.43	$25.75
Discount to NAV (GBP)	48%	47%
Exchange Rate (GBP/USD)	1.2337	1.2021

Share Price and NAV Per Share Movement from 31 January 2013

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

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

48.27

0.00

0.07

(0.02)

0.10

48.42

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

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

+300%										+300%
+250%
+200%										+194%
+150%										+134%
+100%
+50%
0%Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Mar
2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	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 31 March 2023

	New Commitments
Global secondary fund		Monthly total
$25m		$25m
		Total month ended
		28 February 2023: $0m
	Investment Pipeline
Unallocated	Allocated	Total Investment Pipeline
$0.8bn	$1.9bn	$2.7bn
Month ended	Month ended	Total month ended
28 February 2023: $0.8bn	28 February 2023: $1.9bn	28 February 2023: $2.7bn
	Investment

Investments

(Investment Phase)

In March the majority of capital calls from underlying partnerships (by value) were for buyout investments at 63%, with venture and growth equity investments representing a further 35%. Of the total amount called, 79% had a North American investment focus and 15% had an European focus.

Top Five

Investing Managers

	Amount
Manager	invested
Thoma Bravo	$10.2m
Warburg Pincus	$9.8m
Insight Venture Management	$6.7m
SK Capital Partners	$5.0m
Permira Advisers	$4.0m

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.

2

Distributions

(Mature Phase)

During March, there were a total of 10 M&A transactions and IPOs across HVPE's underlying portfolio, compared to February's total of 15, and a last 12-month average of 19. These were broken down into nine M&A transactions and one IPO.

Top Five

Distributing Managers

	Total	Manager's largest
	proceeds	distribution in month
Partnership	in month	(company)
Cortec Group	$6.2m	Undisclosed
Metlife Investment	$2.8m	Various
Management
3i plc	$2.2m	Various
Advent International	$1.9m	Undisclosed
CVC Capital Partners	$1.8m	Various

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
		$46m		cash invested into
			HarbourVest funds
			plus the Investment
		Month ended 28 February 2023		Portfolio growth, less
		$67m
			distributions received.
		Investment
		Portfolio Change
Mature	$19m		Growth
Phase	Month ended 28 February 2023		Phase
		$32m
Distributions			Investment Portfolio
received			growth
$38m			$11m
Month ended 28 February 2023			Month ended 28 February 2023
$22m			$(13m)

12 Month Cash Flow ($m)

1 April 2022 to 31 March 2023

Capital calls to HabourVest funds		Distributions from HabourVest funds

											132
112											108
					91	90
75			71
			66										67
		62
	53			50											46
			42
														38
				30
								28	27
20												22
						5					6
1	0						4				1
Apr	May	Jun	Jul	Aug	Sep	Oct		Nov	Dec	Jan		Feb	Mar
2022												2023

HVPE Monthly Factsheet

Diversification at 31 March 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 31 March 2023, HVPE had a cash balance of $145 million and access to the full $800 million on its credit facility.

HarbourVest Partners ("HVP") Fund-level borrowing

At 31 March 2023, HVPE's share of HVP fund-level borrowing, on a look-through basis, was $516 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	62%			Primary	52%
	Venture and Growth Equity	36%			Europe	21%			Secondary	28%
	Mezzanine and InfRA1	8%			Asia Pacific	14%			Direct Co-investment	20%
					Rest of World	3%

Total Commitment Ratio at 31 March 2023

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

Investment Portfolio + Investment Pipeline	$6,398m
Divided by the NAV	$3,830m
(12 month range: 163% to 168%)	167%

Medium-term Coverage Ratio at 31 March 20232

Phase	Currency	Industry
exposure

	Investment	44%			US dollar	82%		Tech & Software	32%
	Growth	45%			Euro	14%		Consumer	14%
	Mature	11%			Sterling	2%		Medical & Biotech	13%
					Australian dollar	1%		Financial	11%
					Other	1%		Industrial & Transport	10%
									Business Services & Other	10%
									Energy & Cleantech	5%
									Media & Telecom	5%

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

Cash + Available Credit Facility ($) + next 12 Months' Projected Realisations ($)	$1,615m
Divided by the next 36 Months' Estimated Investments	$1,559m
(12 month range: 102% to 117%)	104%

Commitment Coverage Ratio at 31 March 2023

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

Cash + Available Credit Facility	$945m
Divided by the Investment Pipeline	$2,717m
(12 month range: 34% to 39%)	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 31 March 2023

						Since
	YTD1					Inception
	1 year	3 years	5 years	10 years	(2007)
NAV per share ($)	1%	1%	79%	127%	289%	384%
Share price total return ($)	-3%	-25%	55%	52%	176%	150%
Share price total return (£)	-9%	-22%	47%	72%	236%	308%
FTSE All-World TR ($)	7%	-7%	56%	43%	130%	133%

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 March 2023 (representing the public companies in the portfolio), 90% actual 31 December 2022 and 3% 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 £1.6 billion as at 31 March 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	£1.6 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 31 March 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