HarbourVest Global Private Equity : Monthly Update for 31 March 2024

Monthly Factsheet

31 March 2024

March Comment

The estimated NAV per share of $50.67 (£40.11) at 31 March 2024 represents a 1.2% increase in US dollar terms over the previous month. This was mainly driven by Q4 2023 valuation gains. March saw positive cash flow, with a net $29 million received during the month. During March, HVPE was in the market for seven days buying back shares. Over this time, 330,730 ordinary shares were repurchased for a total consideration of $10.0 million which resulted in a $0.09 accretion to estimated NAV per share.

At 31 March 2024

Estimated NAV	GBP	USD
per Share	Share Price	Share Price
$50.67	£22.80	$28.75
29 February 2024: $50.09	29 February 2024: £22.30	29 February 2024: $28.25

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

50.09	0.42	0.19	(0.07)	(0.05)	0.09	50.67	The NAV breakdown is an
							estimate. See Valuation
							Methodology on page
							four for further details.

NAV per share	Valuations	Valuations	Operating	Foreign	Share	NAV per share
at 29 February	gains/(losses)	gains/(losses)	expenses	currency	buybacks	at 31 March
2024	Fund of funds	Direct funds				2024

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Summary of Estimated Net Asset Value ("NAV") at 31 March 2024

	31 March	29 February
In millions except per share and last traded price data	2024	2024
Investment Portfolio	$4,113	$4,102
Cash and Cash Equivalents	$119	$51
Drawings on the HVPE Credit Facility	$(325)	$(275)
Net Other Assets (Liabilities)	$(7)	$(6)
Estimated NAV	$3,900	$3,872
Remaining Available Credit Facility (Undrawn)	$475	$525
Estimated NAV per Share ($)	$50.67	$50.09
Estimated NAV per Share (£ equivalent)	£40.11	£39.69
Share Price (LSE) (£)	£22.80	£22.30
Share Price (LSE) ($)	$28.75	$28.25
Discount to NAV (GBP)	43%	44%
Exchange Rate (GBP/USD)	1.2633	1.2620

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

Share Price and NAV Per Share Movement from 31 January 2014

+400%		Key
	NAV per share ($)
+350%		Share price ($, converted)*
+300%		FTSE AW TR ($)
									+267%
+250%
+200%										+167%
+150%
									+156%
+100%
+50%
0%Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Mar
2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

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

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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 March 2024

In March the majority of capital calls from underlying partnerships (by value) were for buyout investments at 48%, with venture and growth equity investments representing a further 36%. Of the total amount called, 39% had a European investment focus and 39% had a North American investment focus.

During March, there were a total of 27 M&A transactions and IPOs across HVPE's underlying portfolio, compared to February's total of 33, and a last 12-month average of 23. These were broken down into 25 M&A transactions and two IPOs.

New Commitments

Monthly total

$0m

Total month ended

29 February 2024: $0m

Investment Pipeline

Unallocated	Allocated	Total Investment Pipeline
$0.6bn	$1.8bn	$2.4bn
Month ended	Month ended	Total month ended
29 February 2024: $0.6bn	29 February 2024: $1.8bn	29 February 2024: $2.4bn

Top Five

Investing Managers

	Amount
Manager	invested
Quinbrook Infrastructure Partners	$6.2m
ChrysCapital	$5.9m
EQT Managers	$3.5m
Symphony Technology Group	$2.9m
Alpine Investors	$2.5m

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.

Top Five

Distributing Managers

	Total	Manager's largest
	proceeds	distribution in
Partnership	in month	month (company)
IDG Capital Partners	$2.5m	Various
Advent Latin America	$2.4m	Grupo CRM,
Private Equity		Sophos Solutions
Andreessen Horowitz	$1.7m	Various
Waterland Private	$1.4m	Global Transport
Equity Investments B.V.		Solutions, Exercite
Abris EMP Capital	$1.4m	Velvet Care
Partners LLP

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

		Investment
		Phase
				Investment Portfolio
		Cash invested in
		HarbourVest funds		Change includes
		$21m		cash invested into
			HarbourVest funds
			plus the Investment
		Month ended 29 February 2024		Portfolio growth, less
		$89m
			distributions received.
		Investment
		Portfolio Change
Mature	$11m		Growth
Phase	Month ended 29 February 2024		Phase
		$106m
Distributions			Investment Portfolio
received			growth
$51m			$41m
Month ended 29 February 2024			Month ended 29 February 2024
$11m			$28m

12 Month Cash Flow ($m)

30 April 2023 to 31 March 2024

Capital calls to HabourVest funds		Distributions from HabourVest funds

			130
												89
									76
			68			65			70
					51		51						51
42						38		40
							33
	8			10				8		7			21
11	4		12				4	11
		2
Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec		Jan	Feb	Mar
2023										2024

HVPE Monthly Factsheet

Diversification at 31 March 2024

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 March 2024, HVPE had a cash balance of $119 million and access to $475 million on its credit facility.

HarbourVest Partners ("HVP") Fund-level borrowing

At 31 March 2024, HVPE's share of HVP fund-level borrowing, on a look-through basis, was $509 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	61%			North America	62%			Primary	50%
	Venture and Growth Equity	31%			Europe	22%			Secondary	30%
	Mezzanine and InfRA1	8%			Asia Pacific	14%			Direct Co-investment	20%
					Rest of World	2%

Total Commitment Ratio at 31 March 2024

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

Investment Portfolio + Investment Pipeline	$6,504m
Divided by the NAV	$3,900m
(12 month range: 167% to 169%)	167%

Phase	Currency	Industry
exposure

	Growth	47%			US dollar	82%		Tech & Software	32%
	Investment	42%			Euro	14%		Consumer	14%
	Mature	11%			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%

Medium-term Coverage Ratio at 31 March 2024

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

Cash + Available Credit Facility ($) + next 12 Months' Projected Realisations ($)	$1,256m
Divided by the next 36 Months' Estimated Investments	$1,454m
(12 month range: 83% to 106%)	86%

Commitment Coverage Ratio at 31 March 2024

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

Cash + Available Credit Facility	$594m
Divided by the Investment Pipeline	$2,391m
(12 month range: 24% to 34%)	25%

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-2015, growth includes vintage years 2015 to 2019, and investment includes vintage years 2020 to 2024.

1 InfRA incorporates infrastructure and real assets.

HVPE Monthly Factsheet

Performance as at 31 March 2024

						Since
	YTD1					Inception
Total Return	1 year	3 years	5 years	10 years	(2007)
NAV per share ($)	1%	5%	43%	111%	250%	407%
Share price total return ($)	-4%	13%	3%	55%	156%	182%
Share price total return (£)	-3%	11%	14%	60%	238%	353%
FTSE All-World TR ($)	8%	24%	24%	72%	143%	189%
						Since
						Inception
Compound Annual Growth Rate			3 years	5 years	10 years	(2007)
NAV per share ($)			13%	16%	13%	10%
Share price ($)			1%	9%	10%	7%
Share price (£)			4%	10%	13%	10%
FTSE All-World TR ($)			7%	11%	9%	7%

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: 6% actual 31 March 2024 (representing the public companies in the portfolio), 73% actual 31 December 2023 and 21% actual 30 September 2023. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cashflows, and any known material events to 31 March 2024.

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 March 2024 (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 6% 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	77.0 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	Historically HVPE has not paid
	a dividend. Any prospective
	special dividends will be
	determined by the Board, as
	announced on 1 February
	2024.

Contact

Richard Hickman [e-mail] [phone]

Stephanie Hocking [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