HVPE Announces Semi-Annual Results for Six Months Ended 31 July 2021

28 October 2021

RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2021

Record net asset value ("NAV") per share growth in an interim period

HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), today announces its unaudited results for the six-months ended 31 July 2021.

• NAV per share growth of 22.6% over the period to $44.11 (31 January 2021: $35.97)

1. Record performance driven by valuation increases and strong exit activity across the portfolio

• 1. Total of 319 known M&A transactions and IPOs in the period, more than two and a half times the 119 seen in the six months to 31 July 2020
• Record cash distributions in nominal terms
• 1. $294.6 million received over the period (six months to 31 July 2020: $78.7 million).

• 1. IPO exits contributing the most to NAV per share were Roblox, Coinbase Allfunds Bank and UiPath
• Increase in planned new commitments to HarbourVest funds for the remainder of 2021 following recent strong performance
• Balance sheet further strengthened post period end
• 1. Cash distributions continue at record levels; $204.5 million received between 31 July and 30 September 2021

1. Final outstanding drawings on credit facility repaid to leave full $600.0 million available

Ed Warner, Chair of HVPE, said:

"The six months to 31 July 2021 was an extraordinary period for HVPE. Despite the backdrop, HVPE delivered its strongest NAV per share growth in any interim period. This is testament to the strength of our Investment Manager, HarbourVest, and the HVPE business model, which offers shareholders broad, diverse exposure to private companies around the world.

"Looking ahead, we remain positive about the prospects for HVPE, while noting the challenges that COVID has brought and continues to bring to the wider economy. With a strong track record of consistent NAV per share growth, we remain confident that HVPE's portfolio, with exposure at all investment stages from venture capital to buyouts, is well-placed to capture emerging technological and thematic trends as well as growth opportunities in more traditional industries."

Semi-Annual Report and Accounts

To view the Company's Semi-Annual Report and Accounts please follow this link: Semi-AnnualReport - Six Months to 31 July 2021. Page number references in this announcement refer to pages in this report.

The Semi-Annual Report and Accounts will also shortly be available on the National Storage Mechanism, which is situated at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Investor Event

There will be a presentation for institutional and retail investors on 3 November 2021 at 11am GMT. To receive registration details for the event, please contact Liah Zusman: [e-mail].

Semi-Annual Results Presentation

HVPE will publish a new presentation on its website to supplement the publication of the Semi-Annual Results for the six months ended 31 July 2021. The presentation will be publicly disclosed at 11am today. All stakeholders will be able to view and download the presentation from HVPE's website: www.hvpe.com.

Enquiries:
HVPE
Richard Hickman	Tel: [phone]	[e-mail]
Charlotte Edgar	Tel: [phone]	[e-mail]
HarbourVest Partners
Lily Cabianca	Tel: [phone]	[e-mail]
MHP Communications
Charlie Barker / Alex	Tel: [phone]	[e-mail]
Janiaud

Notes to Editors:

About HarbourVest Global Private Equity Limited:

HarbourVest Global Private Equity Limited ("HVPE" or the "Company") is a Guernsey-incorporated,closed-end investment company which is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 index. HVPE is designed to offer shareholders long-term capital appreciation by investing in a private equity portfolio diversified by geography, stage of investment, vintage year, and industry. The Company invests in and alongside HarbourVest-managed funds which focus on primary fund commitments, secondary investments and direct co-investments in operating companies. HVPE's investment manager is HarbourVest Advisers L.P., an affiliate of HarbourVest Partners, LLC, an independent, global private markets asset manager with more than 35 years of experience.

About HarbourVest Partners, LLC:

HarbourVest is an independent, global private markets investment specialist with over 35 years of experience and more than $80 billion in assets under management, as of June 30, 2021. The Firm's powerful global platform offers clients investment opportunities in private equity, private credit and real assets through primary fund investments, secondary investments, and direct co-investments, in commingled funds or separately managed accounts. HarbourVest has more than 700 employees, including more than 170 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $48 billion to newly-formed funds, completed over $29 billion in secondary purchases, and invested over $23 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, and actionable insights.

This announcement is for information purposes only and does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in any jurisdiction and should not be relied upon in connection with any decision to subscribe for or acquire any Shares. In particular, this announcement does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States or to US Persons (as defined in Regulation S under the US Securities Act of 1933, as amended ("US Persons")). Neither this announcement nor any copy of it may be taken, released,

published or distributed, directly or indirectly to US Persons or in or into the United States (including its territories and possessions), Canada, Australia or Japan, or any jurisdiction where such action would be unlawful. Accordingly, recipients represent that they are able to receive this announcement without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business. No recipient may distribute, or make available, this announcement (directly or indirectly) to any other person. Recipients of this announcement should inform themselves about and observe any applicable legal requirements in their jurisdictions.

The Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and, accordingly, may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, within the United States or to US Persons. In addition, the Company is not registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act") and shareholders of the Company will not have the protections of that act. There will be no public offer of the Shares in the United States or to US Persons.

This announcement has been prepared by the Company and its investment manager, HarbourVest Advisers L.P. (the "Investment Manager"). No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this announcement is accepted and no representation, warranty or undertaking, express or implied, is or will be made by the Company, the Investment Manager or any of their respective directors, officers, employees, advisers, representatives or other agents ("Agents") for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of the Investment Manager nor any of their respective Agents makes or has been authorised to make any representation or warranties (express or implied) in relation to the Company or as to the truth, accuracy or completeness of this announcement, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this announcement and nothing in this announcement is or should be relied on as a promise or representation as to the future.

Epidemics, Pandemics and Other Health Risks - Many countries have experienced infectious illnesses in recent decades, including swine flu, avian influenza, SARS and 2019-nCoV (the "Coronavirus"). In December 2019, an initial outbreak of the Coronavirus was reported in Hubei, China. Since then, a large and growing number of cases have been confirmed around the world. The Coronavirus outbreak has resulted in numerous deaths and the imposition of both local and more widespread "work from home" and other quarantine measures, border closures and other travel restrictions causing social unrest and commercial disruption on a global scale. The World Health Organization has declared the Coronavirus outbreak a pandemic. The ongoing spread of the Coronavirus has had and will continue to have a material adverse impact on local economies in the affected jurisdictions and also on the global economy as cross-border commercial activity and market sentiment are increasingly impacted by the outbreak and government and other measures seeking to contain its spread. In addition to these developments having potentially adverse consequences for underlying portfolio investments of the HarbourVest funds and the value of the investments therein, the operations of HVPE, the Investment Manager, and HVPE's portfolio of HarbourVest funds have been, and could continue to be, adversely impacted, including through quarantine measures and travel restrictions imposed on personnel or service providers based around the world, and any related health issues of such personnel or service providers. Any of the foregoing events could materially and adversely affect the Investment Manager's ability to source, manage and divest its investments and its ability to fulfil its investment objectives. Similar consequences could arise with respect to other comparable infectious diseases.

Other than as required by applicable laws, the Company gives no undertaking to update this announcement or any additional information, or to correct any inaccuracies in it which may become apparent and the distribution of this announcement. The information contained in this announcement is given at the date of its publication and is subject to updating, revision and amendment. The contents of this announcement have not been approved by any competent regulatory or supervisory authority.

This announcement includes statements that are, or may be deemed to be, "forward looking statements". These forward looking statements can be identified by the use of forward looking terminology, including the terms "believes", "projects", "estimates", "anticipates", "expects", "intends", "plans", "goal", "target", "aim", "may", "will", "would", "could", "should" or "continue" or, in each case, their negative or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts and include statements regarding the intentions, beliefs or current expectations of the Company. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company's ability to control or predict. Forward looking statements are not guarantees of future performance. More detailed information on the potential factors which could affect the financial results of the Company is contained in the Company's public filings and reports.

All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results.

This announcement is issued by the Company, whose registered address is BNP Paribas House, St Julian's Avenue, St Peter Port, Guernsey, GY1 1WA

© 2021 HarbourVest Global Private Equity Limited. All rights reserved.

Strategic Report

Chair's Statement

DEAR SHAREHOLDER,

The six months to 31 July 2021 was an extraordinary period for the Company. Despite the backdrop of COVID-19 and the tests this has brought to the global economy and wider society, HVPE delivered its strongest NAV per share growth in any interim period. This is testament to the strength of our Investment Manager, HarbourVest, and the HVPE business model, which offers shareholders broad, diverse exposure to private companies around the world. Recent macroeconomic events, ongoing geopolitical tensions, and a burgeoning energy crisis remain sharp reminders though of the challenges that all investors currently face.

SIX MONTHS TO 31 JULY 2021

Financial Performance

I am pleased to report a NAV per share return of 22.6% over the six months to 31 July 2021, ending the period at $44.11 (31 January 2021: $35.97). Investors in HVPE from the IPO have now witnessed a more than four-fold increase in net asset value.

The performance over this reporting period has been driven by valuation increases and strong exit activity across the whole portfolio. M&A, which remains the principal channel for HVPE's liquidity events, has been robust, enabling many of our underlying managers to crystallise value gains. Meanwhile, favourable conditions in the public markets have allowed for a continuation of the strong IPO activity noted in the full-year results. A number of venture-backed listings have been particularly noteworthy, as shown on page 12, serving as a reminder of the benefits of HVPE's overweight exposure to early stage companies. All this has resulted in record cash distributions in nominal terms, with HVPE receiving $294.6 million over the period (six months to 31 July 2020: $78.7 million). Further detail on this is provided in the Investment Manager's Report on pages 8 to 13.

While HVPE has delivered consistently strong NAV per share growth in recent quarters, building further on an impressive long-term track record, the market has yet to award the Company's shares any meaningful re-rating and they continue to trade at a wide discount to net assets. This remains a source of frustration for the Board, and we note that some shareholders and analysts have suggested share buybacks as a potential solution. We believe that our share price over the period has been held back to some extent by the presence of two notable large sellers in the market. Natural demand has, nonetheless, been very strong, and there are encouraging signs that the recent selling pressure is beginning to subside. For the time being the Board remains convinced that continuing to focus on HVPE's established investment strategy, while also taking further steps to promote the HVPE proposition, will help to ensure a narrower discount over the longer term.

The shareholder register has evolved significantly in recent years, and the Board is encouraged by the recent reduction in concentration among the top five shareholders (now representing 29% of issued share capital, down from 38% as of May 2021). This reflects strong demand from UK-based wealth managers and retail investors. I would like to take this opportunity both to thank our longer-term shareholders for their support over the years, and to welcome our new investors. I am confident that continued growth in the number of the Company's shareholders will help to foster greater liquidity in the shares.

Balance Sheet and Cash Flows

Recent exit activity and cash distributions have resulted in a strengthening of the Company's balance sheet

over the period. Positive cash flow, as described in the Investment Manager's Report, allowed for a net repayment of $35.0 million on the credit facility over the six months, leaving it $85.0 million drawn at 31 July 2021. This meant HVPE had a net cash position of $32.4 million at the reporting period end, which compares with a net debt position of $21.6 million at 31 January 2021.

PERIOD POST YEAR END

Balance Sheet and Cash Flows

At 30 September 2021, HVPE reported a NAV per share of $43.78. This $0.33 reduction from the 31 July 2021 NAV per share of $44.11 is as a result of fees, FX and a reduction in the public market holdings. Cash distributions remain at record levels, and since the end of the reporting period to end September 2021 we have received proceeds of $204.5 million. There is no doubt that exit activity is elevated across the sector, as managers continue to take advantage of an opportune market environment. Following this, we are pleased to report that we have repaid all outstanding drawings on the credit facility. Details of the latest cash position can be found under Recent Events on page 14.

Strategic Asset Allocation

After careful consideration, the Board and Investment Manager have agreed to increase planned commitments to the HarbourVest funds for the remainder of 2021. Recent strong performance has resulted in a significant reduction in the Total Commitment Ratio. This, in turn, has driven the need for HVPE to commit additional sums to new HarbourVest funds to ensure that the Company remains fully invested over the long term. The impact will be a larger Investment Pipeline (unfunded commitments) by the end of the current calendar year. While we do not publish details of planned new commitments in advance, those completed since the period end are listed on page 14.

ESG

The HVPE Board is committed to improving its focus on ESG matters, and is keen to highlight the efforts of the Investment Manager in this regard. At the Annual Results presentation in June 2021, there was an update from HarbourVest on ESG at the investment level. Stakeholders are able to listen to this recording on the www.hvpe.comwebsite.

Additionally, the Directors have committed to ensuring that HVPE is rated carbon neutral at the level of its own operations as an investment company. We are pleased to report that the Company's directly attributable CO2 emissions during the year ended 31 December 2020 have been offset by supporting a project to improve water infrastructure in SubSaharan Africa. We pledge to maintain a core focus on climate-related challenges going forward and will provide further detail in next year's Annual Report.

Outlook

We note the challenges that COVID-19 has brought and continues to bring to the wider economy. However, we remain positive about the prospects for HVPE. The private markets have demonstrated resilience throughout the pandemic. Many unlisted businesses have adapted well to the new environment, delivering benefits to wider society alongside strong returns to investors, and HVPE shareholders have benefitted as a result. Looking ahead, I believe that HVPE's well-diversified global portfolio, with cross-sector exposure at all investment stages from seed venture to large-cap buyouts, is well placed to capture emerging technological and thematic trends as well as growth opportunities in more traditional industries.

We cannot expect HVPE's NAV per share growth to continue at its recent pace indefinitely, and should anticipate a degree of reversion to the longer-term trend. The Board reaffirms its conviction in the Company's investment strategy and the benefits of diversification, noting that the Investment Manager is targeted to deliver material outperformance of the public markets through the cycle. We hope that shareholders continue to place their trust in HVPE as a provider of high-quality exposure to a wide range of attractive private markets opportunities.

ED WARNER

CHAIR

27 October 2021

Investment Manager's Report

PORTFOLIO PERFORMANCE

NAV per Share - Six Months to 31 July 2021

HVPE delivered strong NAV per share growth of 22.6% in the six months to 31 July 2021. This resulted in a final NAV per share of $44.11 at 31 July 2021, compared with $35.97 at 31 January 2021. The NAV per share has grown by 57% over the 12 months to 31 July 2021 and has more than doubled over the last four years (31 July 2017: $19.98). This strong performance has been driven by HVPE's substantial exposure to Venture and Growth Equity, which currently makes up 37% of NAV.

Most major equity market indices continued to rise through the first half of this financial year. HVPE's public market benchmark, the FTSE AW TR Index (in US dollars), increased by 13.8% in the six months to 31 July 2021. HVPE's NAV per share growth of 22.6% significantly outperformed this by 8.8 percentage points over the six- month period. However, public markets can be volatile over short periods, so longer-term comparisons through the cycle present a better reflection of HVPE's relative performance. Measured over the ten years to 31 July 2021, HVPE's NAV per share outperformed the FTSE AW TR Index by 4.0% on an annualised basis in US dollar terms (refer to the Alternative Performance Measures on page 61 for this calculation). Further detail can be found on pages 2 and 3 in the KPIs section.