HarbourVest Global Private Equity Ltd.
Capital Markets Session 6 October 2016 HarbourVest CONFIDENTIAL 1 Agenda
Introduction
HVPE Factsheet and Overview
HVPE Performance vs. Peers
Financial Performance and Portfolio Highlights
Managers and Investments
Key Take-Aways HarbourVest CONFIDENTIAL 2 Introduction
Recent Developments
Euronext De-listing
The Board
Balance Sheet and Commitments
HVPE NET ASSET VALUE GROWTH ($ millions except per share data)
(▲6%) $1,408 (▲5%) 1400 $1,337 $1,167 (▲15%) $1,266 (▲10%) 1200 (▲9%) (▲12%) $1,030 1000 $944 $17.63 $16.75 800 $15.86 NAV per Share 600 $14.38 NAV per Share $12.46 NAV per Share 400 $11.42 NAV per Share NAV per Share 200 NAV per Share 0 2012 2013 2014 2015 2016 January 2016 July (six months) HarbourVest CONFIDENTIAL 3 HVPE Factsheet
HVPE is a Guernsey domiciled investment company, first listed in December 2007
Investment strategy has remained focused since launch
HVPE is the fourth largest listed PE investment company (by market capitalisation) in London*
NAV performance over all time periods since inception has been very strong
Key data points 31 July 2016 / Current*
NAV $1,408 million Market capitalisation $1,061 million* NAV/share USD (GBP) $17.63 (£13.33) Share price USD (GBP) $13.30 (£10.25)* Discount to NAV 25% NAV growth, 5 years USD (GBP) 64% (103%) Share price growth, 5 years USD (GBP) 71% (115%) Total shares in issue 79.9 million Shares traded, six months to 31 July 2016 34,016 / day (avg.) Shares traded, 12 months to 31 January 2016 16,117 / day (avg.)
* Share price data and market capitalisation as at market close Friday 30 September 2016. GBP/USD 1.296 HarbourVest CONFIDENTIAL 4 HVPE Overview
HVPE is designed to provide access to a range of private market investments
Invests in and alongside HarbourVest funds
HarbourVest funds in turn make investments into private market funds and operating companies
HVPE
38 HarbourVest Funds and 2 Co-Investments Primary Secondary Direct 46% 34% 20% 806 Funds / Partnerships Buyout Venture and Growth Equity 69% 31%
6,942 Companies Medical / Industrial / Consumer / Financial Technology / Telecom Biotech Other 34% 30% 16% 20%
Data as per 31 Jul 2016 Semi-Annual Report and Accounts HarbourVest CONFIDENTIAL 5 Top 10 HarbourVest Funds
. HVPE is offered a minimum 5% investment into all new HarbourVest funds . Commitment amounts are fine-tuned with respect to a series of portfolio construction targets . HVPE’s top 10 HarbourVest fund holdings are shown below
Fund Proportion of Fund Proportion of HVPE NAV HVPE NAV Fund VIII Buyout 10.4% Fund IX Venture 4.4%
Dover VIII 8.9% 2007 Direct 4.3%
2013 Direct 7.1% HV Global Annual 4.0%
HIPEP VI Partnership 7.0% Conversus 3.3%
Fund VII Venture Partnership 4.5% HIPEP VI Asia Pacific 3.3%
Data as of 31 Jul 2016 HarbourVest CONFIDENTIAL 6 HVPE Portfolio Construction Targets
HVPE commitments are made with reference to a set of agreed five-year targets
Other external/macro factors will influence portfolio composition over time
INVESTMENT PORTFOLIO CONSTRUCTION TARGETS
By Stage By Geography By Strategy
. 70% Buyout . 60% US . 60% Primary . 30% Venture and Growth Equity . 25% Europe . 25% Secondary . 10% Asia Pacific . 15% Direct . 5% Rest of World HarbourVest CONFIDENTIAL 7 Diversification at 31 July 2016
The current breakdown by stage, geography and strategy is shown below
New commitments to Europe are expected to move this allocation closer to the target level over time
INVESTMENT PORTFOLIO DIVERSIFICATION
By Stage By Geography By Strategy
. 65% Buyout . 61% US . 46% Primary . 31% Venture and Growth Equity . 20% Europe . 34% Secondary . 4% Other . 12% Rest of World . 20% Direct . 7% Asia Pacific
Data as of 31 Jul 2016 Semi-Annual Report and Accounts HarbourVest CONFIDENTIAL 8 HVPE Performance
HVPE vs. Public Markets
NAV Total Return vs. Peers
Share Price Discount to NAV HarbourVest CONFIDENTIAL 9 NAV Total Return
HVPE total NAV return including the total distributions of $0.49 per share is now 76.3% since inception, representing annual growth of 6.8% vs. 2.9%* for the MSCI ACWI on a total return basis
$20.00 $17.63 $18.00 HVPE NAV $16.56 $15.86 $16.00 MSCI ACWI TR $14.38 HVPE Share Price $12.20 $14.00 $12.45 $12.00 $11.42 $10.39 $10.24 $10.00 $8.65 Cumulative Return $7.61 $8.00 (6 Dec 07 – 31 Jul 16) HVPE NAV 76.3% $6.00 HVPE Share Price TR ($) 27.3% $4.00 MSCI ACWI TR 27.6% $2.00
Total Jan Jan Jan Jan Jan Jan Jan Jan Jan Jul Return 2008 2009 2010 2011 2012 2013 2014 2015 2016 2016 HVPE NAV $10.39 $7.61 $8.65 $10.24 $11.42 $12.46 $14.38 $15.86 $16.75 $17.63 3.9% (26.8%) 13.7% 18.4% 11.5% 9.1% 15.4% 10.3% 5.6% 5.3% MSCI ACWI 571.4 332.7 465.1 554.7 538.2 621.5 704.0 755.8 708.3 798.6 (8.7%) (41.8%) 39.8% 19.3% (3.0%) 15.5% 13.3% 7.4% (6.3%) 12.8%
*Compound annual growth rate calculated through 31 July 2016. Note: past performance is not an indication of future results HarbourVest CONFIDENTIAL 10 NAV Total Return vs. Peers
HVPE is ranked among the top performing listed private equity funds in NAV growth over five years, and is the top performer in its peer group since inception in December 2007 Total NAV Return: 1 Year Total NAV Return: 3 Years
3i 43.2% 3i 93.1% JPEL Private Equity 30.3% Electra Private Equity 75.1% Electra Private Equity 26.3% NB Private Equity Partners 61.2% Altamir 25.6% HarbourVest Global Priv Equity 60.6% HarbourVest Global Priv Equity 25.4% JPEL Private Equity 48.8% Standard Life Euro Private Eq 24.7% Standard Life Euro Private Eq 47.6% NB Private Equity Partners 22.7% Altamir 46.9% Pantheon International 22.2% Pantheon International 46.7% SVG Capital 22.0% SVG Capital 43.9% Aberdeen Private Equity 21.0% Aberdeen Private Equity 39.5% F&C Private Equity Trust 17.5% F&C Private Equity Trust 35.8% ICG Enterprise Trust 15.8% ICG Enterprise Trust 31.9% Weighted average 34.0% Weighted average 72.5% 0% 10% 20% 30% 40% 50% 0% 20% 40% 60% 80% 100% Total NAV Return: 5 Years Total NAV Return: Since HVPE Inception (8.7 Years)
Electra Private Equity 112.0% HarbourVest Global Priv Equity 172.3% HarbourVest Global Priv Equity 98.1% NB Private Equity Partners 152.1% NB Private Equity Partners 96.1% Electra Private Equity 136.6% SVG Capital 89.4% Pantheon International 98.3% 3i 87.8% ICG Enterprise Trust 75.1% Pantheon International 77.2% F&C Private Equity Trust 72.1% Aberdeen Private Equity 60.2% Altamir 70.1% Altamir 58.7% Aberdeen Private Equity 61.5% F&C Private Equity Trust 52.2% Standard Life Euro Private Eq 57.5% Standard Life Euro Private Eq 49.9% JPEL Private Equity 30.3% ICG Enterprise Trust 47.6% SVG Capital -21.7% JPEL Private Equity 31.7% 3i -32.6% Weighted average 81.6% Weighted average 17.5% 0% 20% 40% 60% 80% 100% 120% -50% 0% 50% 100% 150% 200%
Source: Edison Research / MorningStar data, 30 September 2016. All figures GBP. Note: past performance is not an indication of future results HarbourVest CONFIDENTIAL 11 Share Price Discount to NAV
HVPE’s discount to NAV has narrowed in recent years
Main Market listing has improved marketability of the shares
Trading range among HVPE’s peer group is very wide
Current Share Price Discount to NAV
3i 16.6% Electra -5.4% SVG Capital -7.7% F&C Private Equity Trust -14.2% Standard Life Euro Private Eq -19.1% Pantheon International -21.5% ICG Enterprise Trust -21.6% UK FOFS Weighted Average -22.0% NB Private Equity Partners -22.5% HarbourVest Private Equity -25.0% Aberdeen Private Equity -26.0% JP Morgan Private Equity -26.8% Altamir -41.0% -50% -40% -30% -20% -10% 0% 10% 20%
Source: J.P. Morgan Cazenove Investment Companies Daily Interactive Stats sheet as of 30 September 2016 HarbourVest CONFIDENTIAL 12 Share Price Performance – Sep 2015 Onwards
HVPE’s share price has performed well since the Main Market listing
Volatility has been significantly lower than that seen in the broader sector
150
140
130 Electra
120 SVG HVPE
110 Pantheon NBPE 3i 100
90
80 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16
Source: Bloomberg data, 30 September 2016 Note: past performance is not an indication of future results HarbourVest CONFIDENTIAL 13 Shareholder Register
. US ownership has fallen from 47.8% in September 2015 to 34.4% today . Recent buyers include large institutions (+15%), index funds (+5%), private wealth managers (+1.2%) and retail investors (+1.0%)
September 2015 August 2016
Other Other 8.5% 12.3% US 34.4% US 47.8% UK 43.7% UK 53.3% HarbourVest CONFIDENTIAL 14 Financial Performance and Portfolio Highlights
Investments and Commitments
NAV Performance
Realisations
Uplift on Carrying Values
Expenses
Portfolio Growth HarbourVest CONFIDENTIAL 15 Investments and Commitments to 31 July 2016
Activity during the period (in millions except % data)
Six Months Ended Year Ended Six Months Ended Financial Summary 31 July 2016 31 January 2016 31 July 2015
New Commitments to $200.0 $526.4 $329.3 HarbourVest funds Total Investment Pipeline $1,116.3 $1,043.0 $947.5
Cash Invested in HarbourVest $131.3 $211.0 $111.9 funds During Period % of Investment Pipeline* 12.0% 16.7% 13.2%
. Since 31 July 2016, HVPE has made commitments of a further $100m
* % of Investment Pipeline at prior financial year-end, adjusted for commitments made during the year HarbourVest CONFIDENTIAL 16 Total Unfunded Commitments at 31 July 2016
. Of the total $1,116m in unfunded commitments, $317m (28%) is unallocated . The rolling coverage ratio decreased from 104% to 95% during the period as cash balances reduced following a slow down in distributions and increasing rate of calls
Investment Pipeline Rolling Coverage Ratio (31 July 2016) At 31 July 2016 Cash + Available Credit Facility $669m
Current Year Projected Realisations $272m Unallocated $317 A: Total Liquid Resources $941m
B: Next Three Years’ Estimated Investments $987m Allocated $799 Rolling Coverage Ratio = A/B = 95%
1-3 yrs 4-6 yrs 7-10 yrs >10 yrs
$623 $130 $31 $15 HarbourVest CONFIDENTIAL 17 Realisations to 31 July 2016
Six Months Ended Year Ended Six Months Ended Realised ($ million) 31 July 2016 31 January 2016 31 July 2015
Fund-of Funds $61.0 $223.6 $111.7 Direct Co-Investment Funds $7.0 $39.4 $21.3 Secondary Funds $18.1 $59.9 $31.7 Total received from $86.1 $322.9 $164.7 HarbourVest Funds
Co-Investments Absolute $0.9 $10.2 $5.3 Conversus $13.6 $29.4 $16.8
TOTAL $100.6 $362.5 $186.8
. Realisations in the six months to 31 July 2016 were significantly lower than the equivalent period the prior year, following record exit activity in 2015 HarbourVest CONFIDENTIAL 18 Profile of Realisations to 31 July 2016
Cash from realisations decreased in the six months to 31 July 2016 following subdued M&A and IPO activity in the first half of 2016
This follows record exit activity in 2014 and 2015
The portfolio is positioned for investment and growth
The average age of the underlying companies is 5.8 years
The 2005-8 vintages continue to generate the strongest realisation flow, with an increasingly significant contribution from the 2011 vintage
INVESTMENT PORTFOLIO REALISATIONS BY VINTAGE YEAR ($ millions) Realised During Six Months Ended 31 July 2016 40%
20%
0%
Note: past performance is not an indication of future results HarbourVest CONFIDENTIAL 19 Uplift on Carrying Value at Realisation to 31 July 2016
The weighted average uplift achieved at realisation was 37% (at an average multiple of 3.4x cost*) in the six months ended 31 July 2016
Realisations from the Venture portfolio were particularly strong, with an average multiple on cost of 5.5x and weighted average uplift of 49%
Weighted Average Multiple on the Cost of Investment Weighted Average Uplift % on the Carrying Value* 8x 80%
6x 5.5x 60% 49%
37% 37% 37% 4x 3.4x 3.6x 40% 35% 2.9x 2.5x
2x 20%
0x 0% Total Venture Buyout M&A IPO Total Venture Buyout M&A IPO
* Uplift represents weighted average return for the 67 largest M&A and IPO transactions which represent approximately 82% of the value of the known transactions during the financial period. This analysis represents a subset of the transactions and does not represent the portfolio as a whole. Additionally, this analysis does not reflect management fees, carried interests, and other expenses of the HarbourVest funds or the underlying managers, which will reduce returns. Past performance is not a guarantee of future success. HarbourVest CONFIDENTIAL 20 Total Expenses to 31 July 2016
HVPE incurred direct operating expenses of $5.3m in the six months ending 31 July 2016, 13% lower than the same period the prior year
Total expenses declined to the equivalent of 1.08% of NAV (2.16% annualised) at 31 July 2016
$40.0 Carried Interest $35.0 $30.2m Management Fees $30.0 (HarbourVest) $25.0 Management Fees (Co- investments) $20.0 Other Expenses $15.3m $16.0m $15.0 Directors' Fees and Expenses $10.0 Professional Fees $5.0 $11.2m $5.3m $6.0m Investment Services $0.0 Six Months Ended Year Ended 31 Six Months Ended Credit facility 31 Jul 2016 Jan 2016 31 Jul 2015
The increase in operating expenses year ended January 2016 was driven by one-off costs, incurred as part of the Main Market listing, of $1.7m HarbourVest CONFIDENTIAL 21 Portfolio Growth to 31 July 2016
Value growth in the portfolio is analysed on a regular basis in order to verify the asset allocation strategy
During the year, value growth was particularly strong across buyout investments. By geography, Asia Pacific saw the strongest growth rate
Early Venture saw a decline in value in the six month period
INVESTMENT PORTFOLIO GROWTH Gain Over 31 January 2016 Value
By Stage By Strategy By Geography 15% 15% 14% 15%
10% 8% 10% 10% 9% 5% 5% 7% 5% 3% 3% 5% 4% 4% 1% (4%) 0% Buyout Growth VC Other 0% Equity 0% Primary Secondary Direct -5% Early Europe Asia US RoW Venture Pacific
Note: past performance is not an indication of future results HarbourVest CONFIDENTIAL 22 Managers and Investments
Underlying Portfolio Company Composition
Investment Selection Process
Top 10 Managers
Top 10 Portfolio Companies
Portfolio Company Diversification
Notable Exits
Key Take-Aways HarbourVest CONFIDENTIAL 23 Underlying Portfolio Company Composition
100
• The top 1000 companies 90 represent 75% of the Top 80 underlying portfolio by value 100 (the top 100 represent 36%) 70 75% Top 1000 Companies • Absolute and Conversus 60 alone account for 1,573 50 companies 40 • Secondaries in general account for 1,720 30 companies* 20 14% 1001 – 2000 Companies 10 6% 2001 – 3000 Companies 5% 3001 – 6942 Companies 0 Total underlying portfolio companies 3001-6942 2001-3000 1001-2000 Top 1000 Top 100
* Excluding a further 811 companies held in secondary portfolios to which HVPE also has exposure through primary or direct funds. HarbourVest CONFIDENTIAL 24 Investments are evaluated through an efficient and rigorous selection process
Primary Secondary Direct Co-Invest
Deal Funnel Deal Funnel Deal Funnel
Deals 2,762 Sourced 2,162 $97 Billion Deals 1,532 Reviewed
Deals 70 $16 Billion Reviewed 500 273 In Depth Offers and Indications
Deals 22 Committed / 221 $3.6 Billion 67 Closed Binding Bids
Direct Co-Invest based on deals evaluated during the last five years (January 1, 2011 to December 31, 2015) including buyout, growth equity, and mezzanine. HarbourVest Secondary deal flow and completed activity for 2015. Primary As of January 2011-2015 HarbourVest CONFIDENTIAL 25 Top 10 Managers by Share of HVPE NAV at 31 July 2016
. No single manager represents more than 1.7% of the portfolio
. Portfolio includes household names as well as more specialised groups
Manager Region Stage % of Investment Value
Thoma Bravo US Buyout and Venture 1.69%
The Blackstone Group US Buyout 1.65%
WCAS US Buyout and Mezzanine 1.56%
TPG Capital US Buyout 1.49%
Compass Partners International Europe Buyout 1.41%
Health Evolution Investments US Growth Equity 1.25%
Index Ventures Europe Venture and Growth Equity 1.15%
Hellman & Friedman US Buyout 1.14%
DCM US/Asia Pacific Venture and Growth Equity 1.11%
Lightspeed Venture US Venture and Growth Equity 1.09% Partners HarbourVest CONFIDENTIAL 26 Top 10 Companies by Share of HVPE NAV at 31 July 2016
. No single company represents more than 1.9% of the portfolio
. As of 31 July, the top 10 companies shown below represented 9.9% of the portfolio value, while the top 100 companies represented 36%
Top 10 companies Region Description % of Investment Value
Lightower Fiber Networks US Broadband networks 1.87%
The Sun Products Corporation US Household products 1.22%
Capsugel US Drug delivery systems 1.05%
H-Line Shipping ASIA Marine bulk shipping 0.97%
Wayfair US Online home goods retailer 0.96%
Infinitas EUR Education content and services 0.95%
Riverbed Technology US Network management 0.79%
Earth Networks US Weather observation 0.72%
LeasePlan EUR Leasing and fleet management 0.69%
SsangYong ASIA Cement manufacturer 0.66% HarbourVest CONFIDENTIAL 27 Notable exits
. Below is a selection of particularly interesting companies sold from within the HVPE portfolio in recent years
. With more than 6,900 underlying company investments, HVPE typically sees 30-50 liquidity events per month
Company Date Country Stage Exit route
GoPro Jun 2014 US Venture NASDAQ
The Trainline Jan 2015 UK Buyout M&A (KKR)
Auto Trader Mar 2015 UK Buyout LSE
Glaukos Jun 2015 US Venture NASDAQ
Worldpay Oct 2015 UK Buyout LSE
PhotoBox Oct 2015 UK Venture M&A (Exponent & Electra Partners)
China Hydroelectric Corporation Dec 2015 China Venture M&A (Shenzhen Energy)
Quotient Clinical Dec 2015 US Venture M&A (GHO)
Swissport Feb 2016 EUR Buyout M&A (HNA Group)
US Foods May 2016 US Buyout NYSE
Note: As of 31 July 2016, HVPE retains a holding (directly or via an underlying manager) in a number of the public companies listed above. Company names shown for illustrative purposes. HarbourVest CONFIDENTIAL 28 Key Take-Aways
Focused, consistent strategy: PE fund of funds
Integrated, complementary approach: primary, secondary, and direct co-investment
Continuous exposure through the private equity cycle
Portfolio positioned for investment and growth
Highly diversified portfolio
Provides access to pre-IPO US Venture
Run by a high quality manager
Now a FTSE 250 company
Currently trading at a discount to NAV whilst realising assets at a near 40% premium HarbourVest CONFIDENTIAL 29 Disclaimer
STRICTLY CONFIDENTIAL
This document and this presentation have been prepared and issued by HarbourVest Global Private Equity Limited (the “Company”) for information purposes only and may not be used in making any investment decision.
None of the Company, its investment manager, HarbourVest Advisers, L.P. (the “Investment Manager”) or HarbourVest Partners, LLC (“HarbourVest”) has independently verified the information contained in this document and this presentation. This document and this presentation contain only summary information and no representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information contained herein and no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company, HarbourVest, the Investment Manager or any of their respective affiliates or by any of their respective officers, employees or agents in relation to it. Each of the Company, HarbourVest, the Investment Manager and their respective affiliates and officers, employees or agents expressly disclaims any and all liability which may be based on the document and any errors therein or omissions therefrom. In particular, no representation or warranty is given as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views contained herein are based on financial, economic, market and other conditions prevailing as of the date of this document and this presentation. The information contained in this document and this presentation will not be updated. Further information on the Company, its Investment Manager and HarbourVest can be found in the prospectus published on 2 November 2007, in connection with the listing of the Company’s A ordinary shares on Euronext Amsterdam by NYSE Euronext (available at no cost from www.euronext.com), and on the Company’s website at www.hvgpe.com and HarbourVest’s website at www.harbourvest.com, including in announcements available on those sites.
This document and this presentation do not constitute any form of financial opinion or recommendation on the part of the Company, HarbourVest or the Investment Manager or any of their respective affiliates and are not intended to be an offer, or the solicitation of any offer, to buy or sell any securities in any jurisdiction.
This document and this presentation contain track record data in relation to the performance of funds of funds managed by HarbourVest and its affiliates. When considering such track record data, investors should bear in mind that past performance is not necessarily indicative of future results and, as a result, the Company’s actual returns may be greater or less than the amounts shown herein. Investment returns will depend on the increase or decrease in the trading price of the Company’s shares. In addition the Company is a closed-end investment company and the performance data presented herein for HarbourVest, as well as the private equity index performance data, relates principally to funds structured as self-liquidating partnerships and in which investor contributions were made only when the underlying fund made an actual investment.
Neither this document, nor this presentation, nor any copy of either may be taken or transmitted into the United States of America, its territories or possessions or distributed, directly or indirectly, in the United States of America, its territories or to any US person (as defined in Rule 902 of Regulation S under the US Securities Act of 1933 (the “Securities Act”)). The distribution of this document and this presentation in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.
This document and this presentation are being distributed in the United Kingdom only to (a) persons who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2) (a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Any investment or investment activity to which the presentation and these slides relate is available only to relevant persons and will be engaged in only with relevant persons.
The Company has been registered with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as a collective investment institution which may offer participations in the Netherlands pursuant to article 2:66 of the Dutch Financial Markets Supervision Act.
This presentation has been prepared for professional investors and is not to be relied upon by retail investors.
By participating in this presentation or by accepting any copy of this document, you agree to be bound by the foregoing limitations. HarbourVest CONFIDENTIAL 30 Disclaimer ctd.
STRICTLY CONFIDENTIAL
The distribution of interests in HarbourVest Global Private Equity Limited (the “Fund”), a closed-ended investment company organised under the law of Guernsey, in Switzerland will be exclusively made to, and directed at, qualified investors (the "Qualified Investors"), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ("CISA") and its implementing ordinance. Accordingly, the Fund has not been and will not be registered with the Swiss Financial Market Supervisory Authority (FINMA). The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The Paying Agent in Switzerland is Banque Cantonale de Genève, 17 Quai de l'Ile, CH-1211 Geneva 2, Switzerland. The place of performance for Interests of the Fund offered or distributed in or from Switzerland is the registered office of the Representative. Copies of the Prospectus, Articles of Association and annual and semi-annual reports of the Fund can be obtained free of charge from the Representative. HarbourVest CONFIDENTIAL 31 Forward-Looking Statements
This document contains certain forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, forward-looking statements can be indentified by terms such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘may,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘should,’’ ‘‘will,’’ and ‘‘would,’’ or the negative of those terms or other comparable terminology. The forward-looking statements are based on the Investment Manager’s beliefs, assumptions, and expectations of future performance and market developments, taking into account all information currently available. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known or are within the Investment Manager’s control. If a change occurs, the Company’s business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Some of the factors that could cause actual results to vary from those expressed in forward-looking statements, include, but are not limited to: the factors described in this report; the rate at which HVPE deploys its capital in investments and achieves expected rates of return; HarbourVest’s ability to execute its investment strategy, including through the identification of a sufficient number of appropriate investments; the ability of third-party managers of funds in which the HarbourVest funds are invested and of funds in which the Company may invest through parallel investments to execute their own strategies and achieve intended returns; the continuation of the Investment Manager as manager of the Company’s investments, the continued affiliation with HarbourVest of its key investment professionals and the continued willingness of HarbourVest to sponsor the formation of and capital raising by, and to manage, new private equity funds; HVPE’s financial condition and liquidity, including its ability to access or obtain new sources of financing at attractive rates in order to fund short term liquidity needs in accordance with the investment strategy and commitment policy; changes in the values of or returns on investments that the Company makes; changes in financial markets, interest rates or industry, general economic or political conditions; and the general volatility of the capital markets and the market price of HVPE’s shares. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events, and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Any forward-looking statements are only made as at the date of this document, and the Investment Manager neither intends nor assumes any obligation to update forward-looking statements set forth in this document whether as a result of new information, future events, or otherwise, except as required by law or other applicable regulation. In light of these risks, uncertainties, and assumptions, the events described by any such forward-looking statements might not occur. HarbourVest qualifies any and all of its forward-looking statements by these cautionary factors. Please keep this cautionary note in mind while reading this report.
REGISTERED OFFICE INVESTMENT MANAGER HarbourVest Global Private Equity Limited HarbourVest Advisers L.P. Company Registration Number: 47907 c/o HarbourVest Partners, LLC Ground Floor One Financial Center Dorey Court 44th Floor Admiral Park Boston MA 02111 St Peter Port U.S.A. Guernsey GY1 2HT Tel +1 617 348 3707 Tel +44 (0)14 8170 2400 Fax +1 617 350 0305 Fax +44 (0)14 8170 2407
Member of LPEQ