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Annual Report Building Long-term Wealth by Investing in Private Companies Annual Report and Accounts 12 Months to 31 January 2021 Our Purpose HarbourVest Global Private Equity (“HVPE” or the “Company”) 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. Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. Our Purpose in Detail Focus and Approach Investment Manager Investment into private companies requires Our Investment Manager, HarbourVest Partners,1 experience, skill, and expertise. Our focus is on is an experienced and trusted global private building a comprehensive global portfolio of the markets asset manager. HVPE, through its highest-quality investments, in a proactive yet investments in HarbourVest funds, helps to measured way, with the strength of our balance support innovation and growth in the global sheet underpinning everything we do. economy whilst seeking to promote improvement in environmental, social, Our multi-layered investment approach creates and governance (“ESG”) standards. diversification, helping to spread risk, and is fundamental to our aim of creating a portfolio that no individual investor can replicate. The Result Company Overview We connect the everyday investor with a broad HarbourVest Global Private Equity is a Guernsey base of private markets experts. The result is incorporated, London listed, FTSE 250 Investment a distinct single access point to HarbourVest Company with assets of $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)). The Company economic cycles as smoothly as possible provides access to investments in private whilst striving to deliver outperformance of companies and portfolios of private companies the public markets over the long term. through funds managed by HarbourVest Partners (“HarbourVest” or the “Investment Manager”). Please see page 28 for more details on HarbourVest. 1 Technically the Investment Manager of HVPE is HarbourVest Advisers L.P. which is an affiliate of HarbourVest Partners, LLC. However, Where to find us: we will refer to the Investment Manager as “HarbourVest Partners” throughout the report, being the firm’s recognised name. www.hvpe.com Our Year in Numbers Net Asset Value (“NAV”) NAV per Share Growth ($) Strategic Report per Share ($) 1 Our Year in Numbers 2 KPIs and Investment Objective 4 Chair’s Statement and REPORT STRATEGIC $35.97 +30.4% First Impressions 8 Business Model 31 January 2020: $27.58 Year to 31 January 2020: +14.5% 10 Investment Manager’s Report 16 Recent Events 17 Manager Q&A Annualised Outperformance of Public Markets Since Inception ($)1 19 Summary of Net Assets 20 Stakeholder Engagement 21 Section 172 Statement +4.0% 22 Managing the Balance Sheet 24 Managing Costs Year to 31 January 2020: +3.4% 26 Principal Risks and Uncertainties Supporting Information REPORT GOVERNANCE Share Price (£) Share Price Growth (£) 28 About HarbourVest 30 Our Value Creation Cycle 31 The Phases £18.70 +1.9% 34 Manager Spotlight 36 Top Ten Direct Companies 31 January 2020: £18.36 Year to 31 January 2020: +28.8% Governance Report 40 Board of Directors Net Assets ($) Share Price Discount to 42 Directors’ Report Net Assets (£)2 49 Board Structure and Committees 57 Directors’ Remuneration Report 58 Statement of Compliance with the STATEMENTS FINANCIAL $2.9bn -18.6% AIC Code of Corporate Governance 31 January 2020: $2.2bn 31 January 2020: -9.9% Independent Auditor’s Reports 60 Independent Auditor’s Report to the Members of HarbourVest Global Total New Commitments ($) Net Investment ($) Private Equity Limited 66 Independent Auditor’s Report to the Directors of HarbourVest Global $194.9m $141.4m Private Equity Limited Year to 31 January 2020: $570.0m Year to 31 January 2020: $16.0m Financial Statements 67 Audited Consolidated SUPPLEMENTARY Financial Statements 71 Consolidated Schedule of Investments Year to, or at, 31 January 2021 unless otherwise stated. 75 Notes to Consolidated Financial 1 Inception is 2007. Public market benchmark is the FTSE All World Total Return Index. Statements 2 The discount is calculated based on the NAV per share available to the market at the financial Supplementary year end, that being the 31 December estimates, converted to sterling at the prevailing USD/ GBP foreign exchange (“FX”) rate, compared with the share prices on 31 January 2021 and 84 Glossary of Private Market Terms 2020. Please refer to the Alternative Performance Measures (“APMs”) on pages 87 to 89 87 Alternative Performance Measures for calculations. 90 Disclosures 92 Key Information Share Price Trading £25.89 HVPE has a single share class, which is £25.00 £20.88 quoted on the London Stock Exchange £20.00 £18.38 (“LSE”) in both sterling (ticker: HVPE) and £14.68 £15.12 US dollars (ticker: HVPD). The sterling quote £15.00 £11.76 £20.40 £10.53 has been in place since 9 September 2015, £10.00 £14.26 £18.36 while the US dollar quote was introduced £11.95 £12.52 on 10 December 2018. HVPE has a US £5.00 £8.71 dollar-denominated NAV. The chart on the £8.47 right-hand side shows the US dollar NAV £0.00 per share converted into sterling at the 31 Jan 31 Jan 31 Jan 31 Jan 31 Jan 31 Jan 21 May prevailing daily FX rate. 2015 2016 2017 2018 2019 2020 2021 Share price NAV HVPE Annual Report and Accounts 2021 1 KPIs and Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. KPIs Commentary 1 NAV per Share Growth A. NAV per Share ($) B. Annualised Outperformance of In the 12 months to 31 January 2021, HVPE outperformed the FTSE AW TR Index by 13.0%. However, over shorter time periods, HVPE seeks to achieve growth in NAV FTSE AW TR Over Ten Years the nature and timing of HVPE’s valuation process and the relative volatility of public markets can result in significant divergence per share materially ahead of public +30.4% from the FTSE AW TR Index in either direction, as demonstrated in prior years. In the preceding three financial years (2018 to 2020), markets over the long term, as defined 12 months to 31 January 2020: +14.5% +3.9% performance relative to the FTSE AW TR Index has ranged from +19.3% to -12.0%. Looking at longer time horizons, over the last by the FTSE All World Total Return 31 January 2020: +2.5% ten years and since inception, HVPE has outperformed the FTSE AW TR Index by 3.9% and 4.0%, respectively, on an annualised (“FTSE AW TR”) Index in US dollars. 2021 $35.97 +30.4% basis. Please refer to the Alternative Performance Measures on page 88 for these calculations. Further detail on the performance of The FTSE AW TR is a global equity 2020 $27.58 +14.5% C. Annualised Outperformance of HVPE’s NAV per share over the financial year can be found in the Investment Manager’s Report on pages 10 and 11. index with geographical weightings FTSE AW TR Since Inception (2007) 2019 $24.09 +12.3% comparable to HVPE’s portfolio. 2018 $21.46 +16.2% +4.0% 0.0 35.9 31 January 2020: +3.4% 2 Total Shareholder Return A. Share Price (£) B. Share Price ($) Approximately 70% of HVPE’s shareholders are UK based, and the majority of trading volume is in sterling. The Total Shareholder The key measure of HVPE’s Return in sterling is therefore an important figure. Despite the broad public market sell-off at the end of Q1 2020 following the onset performance is, ultimately, the +1.9% +5.8% of the COVID-19 pandemic (“COVID-19” or the “pandemic”), HVPE’s sterling price made a strong V-shaped recovery following its total return experienced by its 12 months to 31 January 2020: +28.8% 12 months to 31 January 2020: March 2020 nadir and increased by 1.9% over the financial year. The US dollar quote produced a 5.8% return over the same shareholders. While NAV per share +28.8% period. However, unlike the NAV per share which outperformed the FTSE AW TR Index by 13.0% over the financial year, the US is the major driver, the level of any 2021 £18.70 +1.9% dollar share price lagged the public market benchmark by 11.6% over the same period. In the preceding three financial years premium or discount to NAV at which 2020 £18.36 +28.8% 2021 $25.55 +5.8% (2018 to 2020), the US dollar share price performance relative to the FTSE AW TR Index has ranged from +12.6% to -9.9%. HVPE’s shares trade is also important. 2020 $24.15 +28.8% Since 31 January 2021, HVPE’s share price has rebounded further, and at 21 May was trading at £20.40. This now represents 2019 £14.26 +13.9% an increase of approximately 360% over the last ten years. 2018 £12.52 +4.8% 2019 $18.75 +5.5% The marginal share price growth against the larger NAV per share increase resulted in a significant widening of the discount1 over 0.0 18.7 2018 $17.77 +18.2% the reporting period from 9.9% at 31 January 2020 to 18.6% at 31 January 2021. Details of these calculations and other theoretical 0.00 25.55 discounts can be found on page 87.
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