HarbourVest Global Private Equity : Annual Report and Accounts for the year ended 31 January 2023

One share. A world of private company opportunities.

Annual Report and Accounts

12 Months to 31 January 2023

Welcome

Launched in 2007, HVPE is a FTSE 250 investment company with global exposure to private companies, managed by HarbourVest Partners.

Where to find us:

www.hvpe.com

Strategic Report

Governance

Financial Statements

Other Information

Purpose

HVPE exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders.

This report will refer to the Investment Manager as "HarbourVest Partners" or "HarbourVest". The Investment Manager of HarbourVest Global Private Equity Limited ("HVPE" or "the Company") is HarbourVest Advisers L.P. which is an affiliate of HarbourVest Partners, LLC.

01

Strategic Report

1. Our year in numbers

1. Chair's statement

1. At a glance

1. Core messages

1. Business model

1. Key performance indicators ("KPIs") and investment objective

1. Managing the balance sheet

1. Managing costs

1. Summary of net assets

1. Stakeholder engagement (Section 172)

1. Principal risks and uncertainties

Investment Manager's Review

36 Introduction

39 Investment Manager's report

44 Purposeful growth (Environmental, Social, and Governance)

1. Value creation cycle

1. Commitment phase

1. Investment phase

1. Growth phase

1. Mature phase

1. HVPE Investment Committee

1. Manager spotlight

1. Top ten direct companies

1. Recent events
2. Market perspectives and outlook

Governance

1. Board of Directors

1. Directors' report

1. Board structure and committees

1. Audit and Risk Committee

1. Management Engagement and Service Provider Committee
2. Nomination Committee

1. Remuneration Committee

1. Inside Information Committee
2. Directors' remuneration report
3. Statement of Compliance with the AIC Code of Corporate Governance

Financial Statements

102 Independent Auditor's Report

1. Consolidated Statements of Assets and Liabilities
2. Consolidated Statements of Operations
3. Consolidated Statements of Changes in Net Assets
4. Consolidated Statements of Cash Flows
5. Consolidated Schedule of Investments

1. Notes to Consolidated Financial Statements

Other Information

1. Supplementary data

1. Glossary

1. Alternative Performance Measures

1. Disclosures

1. Key information

02	HVPE Annual Report and Accounts 2023

Our year in numbers

NAV resilience amidst a challenging macroeconomic backdrop.

12 months to, or at, 31 January 2023 unless otherwise stated. Net Asset Value ("NAV") per Share ($)

$48.52

31 January 2022: $49.11

Share Price (£)

£22.10

31 January 2022: £27.75

Net Assets ($)

$3.8bn

31 January 2022: $3.9bn

Total New Commitments ($)	More information:
$940m	Turn to page 54

12 months to 31 January 2022: $1.4bn

FTSE 250 Ranking

77th

at 19 May 2023

20 May 2022: 81st

NAV per Share Return ($)

-1.2%

12 months to 31 January 2022: +37%

Share Price Return (£)

-20%

12 months to 31 January 2022: +48%

Share Price Discount to Net Assets (£)1

-44%

31 January 2022: -20%

Net Portfolio Cash Flow ($)2

$(56m)

12 months to 31 January 2022: $320m

APM

APM

APM

APM

• The discount is calculated based on the NAV per share available to the market at the financial year end, that being the 31 December estimate, converted to sterling at the prevailing GBP/USD foreign exchange ("FX") rate, compared with the share prices on 31 January 2023 and 2022. Please refer to the Alternative Performance Measures ("APMs") on pages 142 to 144 for calculations.

• Cash distributions from private equity investments ($532 million) minus cash contributions to private equity investments ($588 million). Please refer to the Consolidated Statements of Cash Flows on page 112.

APM Metrics with this APM icon denote our Alternative Performance Measures ("APMs"). For more information on APMs, please turn to pages 142 to 144.

Strategic Report

Governance

Financial Statements

Other Information

03

NAV per Share Performance vs. Share Price (GBP)

£45.00

£40.00	£39.31	£38.86
£35.00	£34.12
£30.00
£25.00	£27.75
£23.24
	£20.38
£20.00	£22.10	£21.85
£17.77

	£14.81	£18.36	£18.70
£15.00
		£14.26
£10.00	£12.52

£5.00

£0.00

31 Jan		31 Jan	31 Jan	31 Jan	31 Jan	31 Jan 19 May
2018	2019	2020	2021	2022	2023	2023
Share price		NAV per Share

HVPE has a single share class, which is quoted on the London Stock Exchange ("LSE") in both sterling (ticker: HVPE) and US

dollar (ticker: HVPD). The sterling quote has been in place since 9 September 2015, while the US dollar quote was introduced on 10 December 2018. HVPE has a US dollar-denominated NAV. The chart above shows the US dollar monthly estimated NAV per share converted into sterling at the prevailing daily FX rate.