Monthly Factsheet

30 June 2022

June Comment

The 30 June 2022 estimated NAV per share of $48.22 (£39.59) represents an increase of 1.5% in US dollar terms over the previous month. The growth over the period came from an increase in the value of the funds of funds as the remainder were updated with Q1 2022 valuations. This means that the June estimated NAV per share is now based mostly on 31 March valuations (90%), with 8% at 30 June, representing the public company holdings in the portfolio, and 2% at 31 December 2021.

At 30 June 2022

Estimated NAV

GBP

USD

per Share

Share Price

Share Price

$48.22

£21.00

$25.83

31 May 2022: $47.49

31 May 2022: £23.30

31 May 2022: $29.65

1

Summary of Estimated Net Asset Value ("NAV") at 30 June 2022

30 June

31 May

In millions except per share and last traded price data

2022

2022

Investment Portfolio

$3,596

$3,546

Cash and Cash Equivalents

$250

$241

Drawings on the HVPE Credit Facility

$0

$0

Net Other Assets (Liabilities)

$5

$5

Estimated NAV

$3,851

$3,792

Remaining Available Credit Facility (Undrawn)

$700

$700

Estimated NAV per Share ($)

$48.22

$47.49

Estimated NAV per Share (£ equivalent)

£39.59

£37.68

Share Price (LSE) (£)

£21.00

£23.30

Share Price (LSE) ($)

$25.83

$29.65

Discount to NAV (GBP)

47%

38%

Exchange Rate (GBP/USD)

1.2181

1.2603

Share Price and NAV Movement from 31 January 2012

$50.00

Key Share price ($, converted)*

$45.89

$48.22

$45.00

NAV per share ($)

$40.00

FTSE AW TR ($)

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

47.49

1.09

(0.14)

(0.04)

(0.18)

48.22

NAV per share

Valuations

Valuations

Operating

Foreign

NAV per share

at 31 May

gains/(losses)

gains/(losses)

expenses

currency

at 30 June

Fund of funds

Direct funds

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

$35.00

$31.86

$30.00

$26.92

$25.83

$23.30

$25.00

$21.01

$20.00

$18.05

$15.86

$16.75

$14.38

$15.00

$12.46

$11.42

$10.00

$5.00

Jan

Jan

Jan

Jan

Jan

Jan

Jan

Jan

Jan

Jan

Jan

Jun

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2022

Note: Total return figures can be found on page four.

  • 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 30 June 2022

Investments

(Investment Phase)

In June, the majority of capital calls from underlying partnerships (by value) were for buyout investments at 79%, with venture investments representing a further 18%. Of the total amount called, the majority (77%) was from partnerships with a US investment focus.

2

June

(Mature Phase)

During June there were a total of 28 M&A transactions and IPOs across HVPE's underlying portfolio, compared to May's 18, and a last 12-month average of 33. These were broken down into 27 M&A transactions and one IPO.

New Commitments

Global direct

Asia-focusedmulti-strategy

Monthly total

co-investment fund

fund of funds

$25m

$90m

$115m

Top Five

Top Five

Investing Managers

Distributing Managers

Total

Manager's largest

Amount

proceeds

distribution in

Manager

invested

Partnership

in month

month (company)

Total month ended

31 May: $0m

Investment Pipeline

Unallocated

Allocated

Total Investment Pipeline

$1.3bn

$1.5bn

$2.8bn

Month ended

Month ended

Total month ended

31 May: $1.3bn

31 May: $1.5bn

31 May: $2.8bn

Investment

Phase

Investment Portfolio

Cash invested in

HarbourVest funds

Change includes

$62m

cash invested into

HarbourVest funds

Thoma Bravo

$4.3m

Incline Equity Management

$2.0m

H.I.G. Capital

$1.9m

Sycamore Partners Management

$1.5m

Kohlberg Kravis Roberts & Co

$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.

12 Month Cash Flow ($m)

1 July 2021 to 30 June 2022

Pharos Capital Partners

$3.9m

Undisclosed

Lightspeed Venture

$3.2m

Undisclosed

Partners

Golden Gate Capital

$3.0m

Various

EQT Managers

$2.2m

VFS Global and

Certara

Corsair Capital

$2.2m

Undisclosed

Infrastructure Partners

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

Month ended 31 May

plus the Investment

Portfolio growth, less

$53m

distributions received.

Investment

Portfolio Change

Mature

$50m

Growth

Phase

Month ended 31 May

Phase

$49m

Distributions

Investment Portfolio

received

growth

$71m

$59m

Month ended 31 May

Month ended 31 May

$0m

($4m)

Capital calls to HabourVest funds

Distributions from HabourVest funds

132

132

125

112

73

70

78

75

71

61

58

62

53

51

47

29

32

21

24

21

20

3

1

0

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2021

2022

HVPE Monthly Factsheet

Diversification at 30 June 2022

Managing HVPE

3

Consistent with HVPE's investment objective, the Investment Manager strives to manage risk through diversification within the portfolio.

Investment stage

Geography

Phase

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 30 June 2022, HVPE had a cash balance of $250 million and access to the full $700 million on its credit facility.

HarbourVest Partners ("HVP") Fund-level borrowing

At 30 June 2022, HVPE's share of HVP fund-level borrowing, on a look-through basis, was $540 million. Please refer to 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

53%

US

62%

Investment

52%

Venture and Growth Equity

38%

Europe

20%

Growth

39%

Mezzanine and InfRA*

9%

Asia Pacific

15%

Mature

9%

* InfRA incorporates infrastructure and

Rest of World

3%

real assets.

Total Commitment Ratio at 30 June 2022

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

Investment Portfolio + Investment Pipeline

$6,429m

Divided by the NAV

$3,851m

(12 month range: 146% to 167%)

167%

Strategy

Currency

Industry

exposure

Underlying partnership funds

Primary

53%

US dollar

83%

Tech & Software

31%

Secondary

29%

Euro

13%

Medical & Biotech

13%

Direct

18%

Sterling

2%

Consumer

12%

Australian dollar

1%

Financial

12%

Other

1%

Industrial & Transport

12%

Business Services & Other

11%

Energy & Cleantech

5%

Media & Telecom

4%

Rolling Coverage Ratio at 30 June 2022

(A measure of medium-term commitment coverage)

Cash + Available Credit Facility ($) + Current Year Estimated Realisations ($)

$1,744m

Divided by the next 36 months' estimated investments

$2,731m

(12 month range: 64% to 115%)

64%

Commitment Coverage Ratio at 30 June 2022

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

Cash + Available Credit Facility

$950m

Divided by the Investment Pipeline

$2,833m

(12 month range: 34% to 43%)

34%

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, 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 30 June 2022

Since

Inception

1 year

3 years

5 years

10 years

(2007)

NAV per share ($)

19.4%

93.0%

150.6%

319.7%

382.2%

Share price total return ($)

(13.8%)

24.8%

58.3%

260.6%

154.2%

Share price total return (£)

(3.2%)

30.6%

67.6%

358.4%

317.8%

FTSE All-World TR ($)

(15.2%)

21.8%

43.9%

145.4%

112.0%

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.

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: 8% actual 30 June 2022 (representing the public companies in the portfolio); 90% actual 31 March 2022 and 2% actual 31 December 2021. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cashflows, and any known material events to 30 June 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. *Delisted from Euronext in October 2016.

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 £1.7 billion as at 30 June 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.

  • Holdings in publicly-traded companies, often resulting from IPOs in the private equity portfolio, represent 8% of HVPE's investment portfolio value.

www.hvpe.com

4

Key Information

Exchange

London Stock Exchange

Tickers (£ | $)

HVPE | HVPD

Market capitalisation

£1.7 billion

Shares in issue

79.9 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 rhickman@harbourvest.com +44 (0)20 7399 9847

Charlotte Edgar cedgar@harbourvest.com +44 (0)20 7399 9826

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

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Disclaimer

HarbourVest Global Private Equity Ltd. published this content on 19 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 07:23:03 UTC.