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Monthly Update for 29 February 2012

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Monthly Update for 29 February 2012 Monthly Update 29 FEBRUARY 2012 February Highlights HVPE’s estimated NAV per share is $11.43, a $0.01 per share increase from 31 January 2012. On 1 February 2012, Facebook (one of HVPE’s largest underlying company holdings) filed for an IPO, which is expected to value the company at between $75 and $100 billion. On 2 March 2012, Yelp, Inc. (NYSE: YELP) completed an IPO at $15 per share, above its initial price range. The Facebook and Yelp offerings follow 2011 IPOs of Groupon (NASDAQ: GRPN) and Zynga (NASDAQ: ZNGA), all of which are held in HVPE’s venture portfolio, which currently represents 32% of investment value. The Company repaid $6.0 million of capital against its $500 million credit facility. Since 30 September 2011, HVPE has decreased its outstanding borrowings by $40.9 million, and $150.3 million is outstanding at 29 February 2012. Despite euro movement affecting HVPE’s NAV of Investments, the overall result of currency movement is broadly neutral as the Company maintains sufficient euro-denominated borrowings so that these and its unfunded euro commitments are approximately equal to its euro assets. 29 February 2012 31 January 2012 Change SUMMARY OF NET ASSET VALUE (in millions except per share and last traded price data) Estimated NAV of Investments $1,090.9 $1,096.9 ($6.0) Cash and Cash Equivalents 5.7 2.2 3.5 Outstanding Debt (150.3) (154.4) 4.1 Net Other Assets (Liabilities) (0.9) (0.5) (0.4) Estimated NAV $945.4 $944.2 $1.2 Estimated NAV per Share (82.7 million shares outstanding) $11.43 $11.42 $0.01 Last Traded Price (Euronext)1 $6.50 $7.40 ($0.90) Last Traded Price (LSE)2 $6.43 $6.37 $0.06 SUMMARY OF COMMITMENTS Unfunded Commitments (Allocated to Underlying Partnerships) $339.5 $338.9 $0.6 Unfunded Commitments (Not Allocated to Underlying Partnerships) 115.5 114.6 0.9 Total Unfunded Commitments $455.0 $453.5 $1.5 Estimated NAV of Investments + Total Unfunded Commitments $1,545.9 $1,550.4 ($4.5) % Invested 115% 116% (1%) Commitment Level (Total Unfunded Commitments)3 164% 164% — Commitment Level (Allocated to Underlying Partnerships)4 151% 152% (1%) Cash + Remaining Available Credit Facility5 $355.4 $347.8 $7.6 1 Last trade prior to 31 January 2012 took place on 3 August 2011; last trade prior to 29 February 2012 took place on 2 February 2012 2 Last trade prior to 31 January 2012 took place on 31 January 2012; last trade prior to 29 February 2012 took place on 28 February 2012 3 Refl ects the estimated NAV of investments plus total unfunded commitments divided by estimated NAV. 4 Refl ects the estimated NAV of investments plus unfunded commitments (allocated to underlying partnerships) divided by estimated NAV. 5 Available credit facility refl ects amount available subject to most restrictive covenant limit applicable. HarbourVest Global Private Equity Monthly Update 1 At 29 February 2012, HVPE is valuing the Absolute portfolio at $25.19 per share (including dividends Estimated Components of NAV received since closing), which is unchanged from at 29 February 2012 31 January and a 36% increase over the purchase 12% price of $18.50 per share. Based on current market conditions and the rate at which the Absolute portfolio Investments based on estimated 29 February 2012 Valuations is receiving distributions, HVPE’s investment manager expects the Company to receive its first distribution from the Absolute investment in mid-2012. 11% Public Securities During February 2012, HVPE did not repurchase at 29 February 2012 any shares under its share buyback arrangement. 77% Management of Investments based on estimated Foreign Currency Exposure 31 December 2011 Foreign currency movement affects HVPE’s Valuations investments, borrowings on the credit facility, and unfunded commitments. The Company’s strategy is to maintain a natural hedge to minimise the impact of exchange rate volatility. HVPE’s credit facility allows the Company to borrow in multiple currencies to match its foreign currency investments and unfunded commitments. During February, foreign currency Net Asset Value movement had a minimal effect when viewed across At 29 February 2012, HVPE’s estimated Net Asset HVPE’s borrowings, investments, and unfunded Value (“NAV”) per share is $11.43, a $0.01 per share commitments. Specifically, foreign currency movement increase from 31 January 2012. This modest contributed to a $0.04 per share increase in NAV adjustment reflects positive public markets and of Investments, which was offset by a negative foreign currency movement during February, as well $0.02 per share increase in borrowings and a as adjustments to the estimated valuations as negative $0.03 per share increase in unfunded 31 December 2011 valuations are received from the commitments. These resulted in a net negative underlying investments. During February, the MSCI effect of $0.01 per share. World Index (USD) increased 4.8% and the euro appreciated 1.8% against the U.S. dollar. Balance Sheet and Commitments CASH FLOWS HVPE’s investment manager has estimated calendar During the month, HVPE invested $1.0 million in fourth quarter 2011 valuations for fund-of-funds the global secondary fund (the Company invested and direct funds using fund-level activity, known $9.9 million in January 2012). The Company received transactions, preliminary direct portfolio company $10.8 million from fund-of-funds, a direct fund, values, comparable public index movements, and and the global secondary fund (compared to discussions with the general partners with whom $4.0 million in January), resulting in net positive cash it has invested. The Company’s audited NAV and flows of $9.8 million. February realisations included financial statements for its financial year ended proceeds from the December 2011 sale of Clyde Union 31 January 2012 will be released in May 2012. Pumps (one of HVPE’s largest underlying companies at 31 July 2011) to SPX Corporation and the Until then, HVPE’s estimated monthly NAV will February 2012 sale of direct holding Kiala N.V. continue to reflect the best information available to UPS for €78 million. to the investment manager, including adjustments to the estimated 31 December 2011 valuations LIQUIDITY EVENTS AND COMMITMENTS as actual results are received from the underlying During February 2012, there were a total of 41 liquidity managers. The estimated NAV will also be adjusted events across HVPE’s underlying portfolio, including monthly to reflect changes in the value of publicly- 33 M&A transactions and eight IPOs, including traded securities held in the portfolio, foreign currency venture-backed AVG Technologies, Inc. (NYSE: AVG) movement, cashflows, and any known material events. (TA Associates), ChemoCentryx, Inc. (NASDAQ: CCXI) The investment manager expects the Company’s NAV (Alta Partners), and Brightcove, Inc. (NASDAQ: BCOV) to reflect all final HarbourVest direct fund year-end (Accel Partners). valuations in April 2012, followed by final year-end valuations for HarbourVest fund-of-funds in April and May 2012. HarbourVest Global Private Equity Monthly Update 2 Of the total unfunded commitments, approximately HVPE Liquidity Events $339.5 million has been committed by HarbourVest VENTURE M&A funds to underlying partnerships, while the remaining $115.5 million has not yet been committed. VENTURE IPO BUYOUT/OTHER M&A CREDIT FACILITY BUYOUT/OTHER IPO During February, the Company repaid $6.0 million of capital against its $500 million credit facility, (# of transactions) 41 which is committed until December 2014 subject to 40 certain covenants. At 29 February 2012, a total of $150.3 million is outstanding, a $4.1 million decrease from 31 January 2012 due to the February repayment 30 and foreign currency movement. Since 30 September 26 2011, HVPE has decreased its outstanding borrowings by $40.9 million. At 29 February 2012, HVPE’s cash ($5.7 million) and remaining available credit facility 20 ($349.7 million) totals $355.4 million. This represents 105% of commitments allocated to underlying partnerships and 78% of total commitments (compared 10 to 103% and 77%, respectively, at 31 January). Portfolio Diversification NAV Consistent with HVPE’s investment objective, the 0 January 2012 February 2012 investment manager strives to manage risk through diversification within the portfolio. The charts below illustrate the breakdown of HVPE’s investment portfolio based on NAV at 29 February 2012. On 1 February 2012, social networking company From 30 September 2011 to 31 January 2012, Facebook, Inc., HVPE’s third largest underlying HVPE’s Absolute portfolio was categorised as a 2011 portfolio company at 31 July 2011, filed for an IPO, secondary U.S. buyout investment. At 29 February which is expected to value the company at between 2012, the Absolute portfolio is categorised within $75 and $100 billion. HVPE holds Facebook via the secondary portfolio by underlying partnership primary and secondary positions with Accel Partners, for vintage year, strategy, and geography. Andreessen Horowitz, Carmel Ventures, Elevation Partners, Kleiner Perkins Caufield & Byers, Saints Capital, Based on the re-categorisation of the Absolute and Technology Crossover Ventures. On 2 March 2012, portfolio, HVPE’s buyout investments decreased to Yelp, Inc. (NYSE: YELP), held via Elevation Partners, 62% of the portfolio (from 64% at 31 January), and priced its IPO at $15 per share, above its projected range. venture investments increased to 32% (from 31% at 31 January. Additionally, U.S. investments decreased HVPE did not make any new commitments or purchase to 68% of the portfolio at 29 February 2012 (from additional interests in HarbourVest-managed funds 73% at 31 January), and European investments during February. The Company continued to benefit increased to 25% (from 20% at 31 January). The NAV from ongoing investments made by the actively-investing is split 51% in primary partnerships, 33% in secondary HarbourVest funds in its portfolio, which made a investments, and 16% in direct investments.
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