HarbourVest Global Private Equity : Monthly Update for 31 October 2022

Monthly Factsheet

31 October 2022

October Comment

The estimated NAV per share of $47.31 (£41.19) at 31 October 2022 represents an increase of 0.3% in US dollar terms over the previous month. This was driven by valuation gains largely from the public company holdings in the portfolio. October portfolio cash flows were below average yet well-balanced, with a net $1 million invested during the month.

At 31 October 2022

Estimated NAV	GBP	USD
per Share	Share Price	Share Price
$47.31	£21.55	$25.48
30 September 2022: $47.15	30 September 2022: £21.00	30 September 2022: $23.63

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

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Summary of Estimated Net Asset Value ("NAV") at 31 October 2022

	31 October	30 September
In millions except per share and last traded price data	2022	2022
Investment Portfolio	$3,509	$3,494
Cash and Cash Equivalents	$229	$236
Drawings on the HVPE Credit Facility	$0	$0
Net Other Assets (Liabilities)	$4	$(1)
Estimated NAV	$3,742	$3,729
Remaining Available Credit Facility (Undrawn)	$800	$800
Estimated NAV per Share ($)	$47.31	$47.15
Estimated NAV per Share (£ equivalent)	£41.19	£42.21
Share Price (LSE) (£)	£21.55	£21.00
Share Price (LSE) ($)	$25.48	$23.63
Discount to NAV (GBP)	48%	50%
Exchange Rate (GBP/USD)	1.1485	1.1170

Share Price and NAV Per Share Movement from 31 January 2012

+500%	Key
+450%	Share price ($, converted)*
NAV per share ($)
+400%	FTSE AW TR ($)
+350%	+314%
+300%
+300%
+250%
+200%

47.15

0.14

0.07

(0.03)

(0.02)

47.31

NAV per share	Valuations	Valuations	Operating	Foreign	NAV per share
at 30 September	gains/(losses)	gains/(losses)	expenses	currency	at 31 October
	Fund of funds	Direct funds

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

+150%											+143%
+100%
+50%
0%Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Oct
2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2022

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 October 2022

New Commitments

In October, the majority of capital calls from underlying partnerships (by value) were for buyout investments at 85%, with venture and growth equity investments representing a further 12%. Of the total amount called, 53% had a North American investment focus and 33% had a European focus.

During October, there were a total of 20 M&A transactions and IPOs across HVPE's underlying portfolio, compared to September's total of 16, and a last 12-month average of 24. These were broken down into 18 M&A transactions and two IPOs.

Monthly total

$0m

Total month ended 30 September: $0m

Investment Pipeline

Unallocated	Allocated	Total Investment Pipeline
$1.2bn	$1.4bn	$2.6bn
Month ended	Month ended	Total month ended
30 September: $1.1bn	30 September: $1.5bn	30 September: $2.6bn

Top Five

Investing Managers

	Amount
Manager	invested
Deutsche Private Equity	$5.7m
Berkshire Partners LLC	$2.4m
Thoma Bravo	$2.3m
Gemspring Capital	$1.9m
Frazier Healthcare Partners	$1.5m

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 month
Partnership	in month	(company)
HitecVision	$3.4m	Vår Energi, NEO Energy
HgCapital	$2.0m	itm8, Acess
Thoma Bravo	$1.8m	Frontline
XPV Water	$1.8m	Various
Partners
MetLife	$1.4m	Various
Investment
Management

		Investment
		Phase
				Investment Portfolio
		Cash invested in
		HarbourVest funds		Change includes
		$5m		cash invested into
			HarbourVest funds
			plus the Investment
		Month ended 30 September		Portfolio growth, less
		$91m
			distributions received.
		Investment
		Portfolio Change
Mature	$15m		Growth
Phase	Month ended 30 September		Phase
		$(67m)
Distributions			Investment Portfolio
received			growth
$4m			$14m
Month ended 30 September			Month ended 30 September
$90m			$(68m)

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

12 Month Cash Flow ($m)

1 November 2021 to 31 October 2022

Capital calls to HabourVest funds		Distributions from HabourVest funds

132	125
					112
											91	90
	78				75			71
									66
		58						62
						53
51		47							50
								42
			24							30
			21		20
										5	4
						1	0
Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct
2021		2022

HVPE Monthly Factsheet

Diversification at 31 October 2022

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 October 2022, HVPE had a cash balance of $229 million and access to the full $800 million on its credit facility.

HarbourVest Partners ("HVP") Fund-level borrowing

At 31 October 2022, HVPE's share of HVP fund-level borrowing, on a look-through basis, was $512 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	54%			North America	63%			Primary	53%
	Venture and Growth Equity	37%			Europe	19%			Secondary	28%
	Mezzanine and InfRA*	9%^			Asia Pacific	15%			Direct Co-investment	19%
* InfRA incorporates infrastructure and				Rest of World	3%

real assets.

Total Commitment Ratio at 31 October 2022

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

Investment Portfolio + Investment Pipeline	$6,152m
Divided by the NAV	$3,742m
(12 month range: 150% to 167%)	164%

Phase	Currency	Industry
exposure

	Investment	56%			US dollar	83%		Tech & Software	32%
	Growth	37%			Euro	13%		Consumer	14%
	Mature	7%			Sterling	2%		Medical & Biotech	13%
					Australian dollar	1%		Industrial & Transport	11%
					Other	1%		Financial	11%
									Business Services & Other	10%
									Energy & Cleantech	5%
									Media & Telecom	4%

Rolling Coverage Ratio at 31 October 2022

(A measure of medium-term commitment coverage)

Cash + Available Credit Facility ($) + Current Year Estimated Realisations ($)	$1,822m
Divided by the next 36 months' estimated investments	$2,819m
(12 month range: 64% to 115%)	65%

Commitment Coverage Ratio at 31 October 2022

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

Cash + Available Credit Facility	$1,029m
Divided by the Investment Pipeline	$2,643m
(12 month range: 34% to 41%)	39%

Notes:

• Please note this percentage was incorrectly stated as 6% in the July, August and September 2022 factsheets. Therefore, the 9% figure displayed above in this October factsheet does not reflect a true increase in our Mezzanine and InfRA exposure, but a correction on previous months.

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-2013, growth includes vintage years 2013 to 2017, and investment includes vintage years 2018 to 2022.

HVPE Monthly Factsheet

Performance as at 31 October 2022

					Since
					Inception
	1 year	3 years	5 years	10 years	(2007)
NAV per share ($)	7%	82%	136%	310%	373%
Share price total return ($)	-25%	17%	48%	247%	151%
Share price total return (£)	-13%	30%	66%	371%	329%
FTSE All-World TR ($)	-19%	17%	32%	128%	110%

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. Please also note the share price total return figures have been adjusted for the redemptions which occurred in October 2013 and October 2014.

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 October 2022 (representing the public companies in the portfolio), 6% actual 30 September 2022, and 87% actual 30 June 2022. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cashflows, and any known material events to 31 October 2022.

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 $3.7 billion (HVPE's functional currency is the US dollar) and a market capitalisation of approximately £1.7 billion as at 31 October 2022 (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.

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 companies**, spanning investment stages from early venture to large-cap buyouts. Many of these companies have the potential to become tomorrow's household names.

• Delisted from Euronext in October 2016.
• 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	£1.7 billion
Shares in issue	79.1 million
Listing date	6 December 2007 (Euronext)*
	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]

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