HarbourVest Global Private Equity Ltd.

Transcription

1 HarbourVest Global Private Equity Ltd. Capital Markets Session 15 June 2016

2 Agenda 1 Chairman s Introduction HVPE Factsheet & Overview HVPE Performance vs. Peers Financial Performance & Portfolio Highlights Managers and Investments Key Take-Aways

3 2 Chairman s Introduction The history of HarbourVest Global Private Equity Manager award The management team The Board The year to 31 January 2016 in review Balance sheet and commitments HVPE NET ASSET VALUE GROWTH ($ millions except per share data) $944 ( 12%) $11.42 NAV per Share $1,030 $12.46 NAV per Share ( 9%) $1,167 ( 15%) $14.38 NAV per Share $1,266 ( 10%) $15.86 NAV per Share $1,337 ( 6%) $16.75 NAV per Share 2016

4 HVPE Factsheet 3 HVPE is a Guernsey domiciled investment company, first listed in December 2007 Investment strategy has remained focused since launch HVPE is now the fourth largest listed PE investment company in London NAV performance over all time periods since inception has been very strong Key data points 30 April 2016 / Current* NAV $1,358 million Market capitalisation $1,072 million NAV/share USD (GBP) $17.01 ( 11.82) Share price USD (GBP) $13.42 ( 9.32)* Discount to NAV 21.1% NAV growth, 5 years USD (GBP) 62% (82%) Share price growth, 5 years USD (GBP) 94% (120%) Total shares in issue 79.9 million Shares traded, year to 3 rd Nov million (avg. 39,000 / day) Shares traded, 4 th Nov to 3 rd June million (avg. 125,000 / day) * Share price data as of market close, 3 rd June GBP/USD 1.440

5 HVPE Overview 4 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 34 HarbourVest Funds + 2 Co-Investments Primary 49% Secondary 36% Direct 15% 764 Funds / Partnerships Buyout 66% VC & Growth 34% Consumer / Financial 35% 6,923 Operating Companies Technology / Telecom 31% Industrial / Other 18% Medical / Biotech 16%

6 Top 10 HarbourVest Funds 5 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 HVPE NAV Fund Fund VIII Buyout 11.0% Fund IX Venture 4.4% Dover VIII 8.7% 2007 Direct 4.4% Fund VII Partnership 7.5% Conversus 4.2% HIPEP VI Partnership 6.8% HIPEP VI Asia Pacific 3.2% 2013 Direct 4.7% Fund VIII Venture 3.2% Proportion of HVPE NAV Data as of 31 Jan 2016

7 HVPE Portfolio Construction Targets 6 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 30% Venture and Growth Equity 60% US 25% Europe 10% Asia Pacific 5% Rest of World 60% Primary 25% Secondary 15% Direct

8 Diversification at 30 April 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 62% Buyout 34% Venture and Growth Equity 4% Other 62% US 21% Europe 11% Asia Pacific 6% Rest of World 49% Primary 34% Secondary 17% Direct

9 HVPE Performance 8 HVPE vs. Public Markets Share Price Discount to NAV Share Price Performance Short-term Shareholder Register

10 *Compound annual growth rate calculated through 30 April Note: past performance is not an indication of future results NAV Total Return 9 HVPE total NAV return including the total distributions of $0.49 per share is now 70.1% since inception, representing annual growth of 6.5% vs. 2.5%* for the MSCI ACWI on a total return basis $20.00 $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $10.39 $7.61 HVPE NAV MSCI ACWI TR HVPE Share Price $10.24 $8.65 $11.42 $12.45 $14.38 $15.86 Cumulative Return (6 Dec Apr 16) HVPE NAV 70.1% HVPE Share Price 38.2% MSCI ACWI TR 22.7% $17.01 $13.81 Total Return Jan 2008 Jan 2009 Jan 2010 Jan 2011 HVPE NAV $10.39 $7.61 $8.65 $10.24 $11.42 $12.46 $14.38 $15.86 $16.75 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan % (26.8%) 13.7% 18.4% 11.5% 9.1% 15.4% 10.3% 5.6% MSCI ACWI (8.7%) (41.8%) 39.8% 19.3% (3.0%) 15.5% 13.3% 7.4% (6.3%)

11 Share Price Discount to NAV 10 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 3i Electra F&C Private Equity Trust HarbourVest Private Equity SVG Capital UK FOFS Weighted Average JP Morgan Private Equity Pantheon International NB Private Equity Partners Standard Life Euro Private Eq ICG (Graphite) Aberdeen Private Equity Altamir Current Share Price Discount to NAV -12.6% -14.7% -21.1% -22.1% -24.2% -25.0% -25.6% -26.8% -27.4% -27.9% -33.8% -39.6% 14.1% -50% -40% -30% -20% -10% 0% 10% 20% Source: J.P. Morgan Cazenove Investment Companies Daily Interactive Stats sheet as of 6 June 2016.

12 Share Price Performance Sep 2015 Onwards 11 HVPE s share price has performed well since the Main Market listing Volatility has been significantly lower than that seen in the broader sector Electra SVG HVPE Pantheon NBPE 3i Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Source: Bloomberg data, 3 rd June 2016 Note: past performance is not an indication of future results

13 Shareholder Register 12 US ownership has fallen from 48% in September to 42% today Recent buyers include the UK arm of the Prudential (+6%), index funds (+6%), retail investors (+0.5%) and private wealth managers (+0.4%) September 2015 April 2016 Other 8% Other 9% US 48% US 42% UK 44% UK 49%

14 Financial Performance & Portfolio Highlights 13 Investments and Commitments NAV Performance Realisations Uplift on Carrying Values Expenses Portfolio Growth

15 Investments and Commitments to 31 January Activity during the period (in millions except % data) Financial Summary Year Ended 31 January 2016 Year Ended 31 January 2015 Commitments to HarbourVest funds $526.4 $350.5 Total Investment Pipeline $1,043.0 $734.1 Cash Invested in HarbourVest funds $211.0 $162.2 % of Investment Pipeline* 16.7% 12.8% Since 31 January 2016, HVPE has made commitments of a further $200m * % of Investment Pipeline at prior financial year-end, adjusted for commitments made during the year

16 Total Unfunded Commitments at 31 January Of the total $1,043m in unfunded commitments, $423m (41%) is unallocated The rolling coverage ratio rose from 72% to 104% during the period as the net cash position continued to improve and the credit facility was increased from $300m to $500m Investment Pipeline At 31 January 2016 Rolling Coverage Ratio (31 January 2016) Cash + Available Credit Facility $704m Allocated $620 Unallocated $423 Current Year Projected Realisations $286m A: Total Liquid Resources $990m B: Next Three Years Estimated Investments $948m Rolling Coverage Ratio = A/B = 104% 1-3 yrs 4-6 yrs 7-10 yrs >10 yrs $316 $197 $60 $47

17 16 NAV Performance to 31 January 2016 NAV increased in the period by 5.6%, from $15.86 to $16.75, vs. a decrease of 6.3% for the MSCI ACWI on a total return basis The increase was driven by profitable realisations By value, 67% of a large sample of underlying companies* grew EBITDA in the twelve months ending 31 January 2016 Of these, 3/5 were growing at a rate greater than 10% per annum The weighted average EBITDA multiple in the sampled portfolio is 9.9x (from 9.4x in the prior year) The average debt multiple is 4.2x (3.9x) CHANGES IN NAV PER SHARE $18 $17 $16 $15 $14 $13 $12 $15.86 NAV per Share at 31 Jan 2015 $1.43 Realised Gain / Value Change ($0.26) ($0.12) ($0.16) Management and Performance Fees Operating Expenses Foreign Currency $16.75 NAV per Share at 31 Jan 2016 *These portfolio metrics reflect an analysis of 1,696 buyout companies in developing and investing U.S. and international HarbourVest funds where data is available. This represented 39% of the total buyout NAV at 31 January Please note that the sample is larger than that taken in the prior year, hence figures will not tie back to last year s Annual Report.

18 Profile of Realisations to 31 January HVPE s mature portfolio continues to generate cash from realisations The average age of the underlying companies is 6.3 years The vintages are generating the strongest realisation flow, but there is an increasingly significant contribution from the 2010 and 2011 vintages INVESTMENT PORTFOLIO REALISATIONS BY VINTAGE YEAR ($ millions) Realised During Twelve Months Ended 31 January % 0% Note: past performance is not an indication of future results

19 Uplift on Carrying Value at Realisation to 31 January The weighted average uplift achieved at realisation was 38% in the year ended 31 January 2016 Realisations from the Buyout portfolio were particularly strong, with an average multiple on cost of 4.0x Weighted Average Multiple on the Cost of Investment 8x Weighted Average Uplift % on the Carrying Value* 80% 6x 60% 4x 3.9x 3.5x 4.0x 4.1x 3.1x 40% 38% 31% 40% 40% 28% 2x 20% 0x Total Venture Buyout M&A IPO 0% Total Venture Buyout M&A IPO * Uplift represents weighted average return for the 173 largest M&A and IPO transactions which represent approximately 83% of the value of the known transactions during the financial year. 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.

20 Total Expenses to 31 January HVPE incurred direct operating expenses of $11.2m in the year ending 31 January 2016, up from $10.0m in the previous year The increase was driven by one-off costs, incurred as part of the Main Market listing, of $1.7m Total expenses fell from 2.7% of NAV in 2015 to 2.3% in 2016 $40.0 $35.0 $30.0 $33.0m $30.2m Carried Interest Management Fees (HarbourVest) $25.0 $20.0 Management Fees (Coinvestments) Other Expenses $15.0 $10.0 $5.0 $0.0 Year Ended 31 Jan 2015 $10.0m Year Ended 31 Jan 2016 $11.2m Directors' Fees and Expenses Professional Fees Investment Services Credit facility

21 Portfolio Growth to 31 January 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 and growth equity investments. By geography, Europe saw the strongest growth rate Growth in Asia Pacific, having slowed at the half-year, staged a recovery in H2 INVESTMENT PORTFOLIO GROWTH Gain Over 31 January 2015 Value By Stage 15% By Geography 15% 15% By Strategy 15% 10% 10% 8% 10% 11% 7% 10% 9% 9% 6% 5% 3% 3% 5% 5% 0% Buyout Growth Equity Early Venture Other 0% -5% Europe Asia Pacific U.S. -1% RoW 0% Primary Secondary Direct Note: past performance is not an indication of future results

22 Managers and Investments 21 Top 10 managers Top 10 portfolio companies Notable exits Key Take-Aways

23 Top 10 Managers by Share of HVPE NAV at 31 January No single manager represents more than 2.0% of the portfolio Portfolio includes household names as well as more specialised groups Manager Region Stage % of Investment Value WCAS US Buyout and Mezzanine 1.93% The Blackstone Group US Buyout 1.72% Thoma Bravo US Buyout, Venture and Growth 1.61% Compass Partners International Europe Buyout 1.50% Kohlberg Kravis Roberts US Buyout 1.47% Health Evolution Investments US Venture and Growth Equity 1.40% DCM US/Asia Pacific Venture and Growth Equity 1.37% Index Ventures Europe Venture and Growth Equity 1.36% PAI Partners Europe Buyout 1.28% Hellman & Friedman US Buyout 1.14%

24 23 Top 10 Companies by Share of HVPE NAV at 31 January 2016 No single company represents more than 1.6% of the portfolio As of 31 January, the top 10 companies shown below represented 8.5% of the portfolio value, while the top 100 companies represented 32.2% Top 10 companies Country Description % of Investment Value Lightower Fiber Networks US Broadband networks 1.58% Wayfair US Online home goods retailer 1.31% Capsugel US Drug delivery systems 0.93% Earth Networks US Weather observation 0.83% The Sun Products US Household products 0.77% Riverbed Technology US Network management 0.74% Zayo Group US Telecommunications 0.67% Censeo Health US Home health care services 0.58% Securus Technologies US Public safety technology 0.57% Uber Technologies US Personal transportation 0.53%

25 24 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 liquidity events per month Company Date Country Stage Exit route Facebook May 2012 US Venture NASDAQ Twitter Nov 2013 US Venture NYSE 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) Note: As of 31 May, 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.

26 Key Take-Aways 25 Focused, consistent strategy: PE fund of funds Integrated, complementary approach: primary, secondary, and direct co-investment The most diversified portfolio in the market 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

27 GLOBAL MARKETS REVIEW Peter Wilson 15 June 2016

28 Investing in an age of uncertainty 27 Global private equity market 2015/16 Reflections on the current macro environment Outlook

29 Investing in an age of uncertainty 28 Global private equity market 2015/16 Liquidity Fundraising Investing Reflections on the current macro environment Outlook

30 Equity valuations have provided ideal conditions for selling MSCI World and S&P 500 EV / EBITDA Multiples x 12.0x 10.0x 10 yr average 8.0x 6.0x 4.0x Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 MSCI World S&P Yr Average Source: Bloomberg

31 $ Billions % of Total Exit Value Private equity exits at near-record highs 30 Global private equity-backed exits by region $ cycle (+5.1% CAGR) 100% Global private equity-backed exits by type $300 80% 60% $200 40% $100 20% $ Q1 Q1 '15 '16 U.S. Europe Asia EM 0% M&A IPO Source: Thomson Reuters, Incisive Media, MergerMarket, and HarbourVest analysis of Asia from AVCJ, APER, EMPEA, and GP reporting

32 $ Billions Distributions fuelled another strong year of fundraising 31 Private equity funds raised by region cycle (+9.2% CAGR) % $205B $232B 2% 3% 8% 16% EM Asia % 29% 23% Europe Buyout % 15% 12% U.S. Venture 40% % 46% 46% U.S. Buyout Q1 '15 Q1 '16 0 0% U.S. Buyout U.S. Venture Europe Buyout Asia EM # Funds Raised Source: Thomson Reuters, Incisive Media, and HarbourVest analysis of Asia from AVCJ, APER, EMPEA, and GP reporting

33 General Partners raised funds quicker and more successfully Global buyout fundraising success and timing % 91% 94% 25 80% 80% 70% 70% 76% 77% 79% 20 60% 58% 15 48% 49% 40% 10 20% 5 0% Q1 '16 % of funds that met or exceeded targets (LHS) Average months to final close (RHS) 0 Source: Preqin

34 $ Billions xltm EBITDA Modest deal activity in elevated pricing environment 33 Global private equity investment activity Entry EV/EBITDA pricing for buyout deals 1, cycle (+4.8% CAGR) 11.0x 10.0x x 8.0x 7.0x 6.0x Q1 Q1 '15 '16 U.S. Buyout U.S. Venture Europe Buyout Asia EM 5.0x Q1 16 Europe U.S. Asia Source: Thomson Reuters, MergerMarket

35 $ Billions GPs continuing to prioritize selling over buying 34 Global private equity activity by quarter months to Q1 15 Deals - $88B Exits - $186B months to Q1 16 Deals - $73B (-18%) Exits - $114B (-39%) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Deals Exits Source: MergerMarket, Thomson Reuters as of 6 April 2015

36 Investing in an age of uncertainty 35 Global private equity market 2015/16 Reflections on the current macro environment Outlook

37 Q1 16 Months A growing probability of a downturn in the next investing cycle? Length of U.S. expansion and recession periods Source: World Bank

38 Complex and divergent outcomes create challenging investment backdrop 37 China Soft landing > Growing tertiary sectors > Effective SOE reform Hard landing > Liquidity drain > Stagflation Oil Lower for longer > Consumer tailwind > Oil producers suffer Price recovery > Deflation relief > E&P spending resumes Emerging Markets Sustained recovery > Strengthening growth > Employment increase Doldrums > Currency depreciation > Sub-trend growth U.S. Fed Geopolitics EU Tighten > Recession risk > Global capital flows Sustained low rates > Asset bubbles > Rising inflation Risks > U.S. election > ISIS / global terror > Military build-up > Isolationism Upside Case > Sustained lower Euro > Brexit remain Downside Case > Migration crisis > Brexit leave

39 Decelerating global growth outlook 38 Annual IMF forecasts for 2016 Real GDP Growth 10% 8.5% 8% 6% 6.1% 7.0% 5.4% 6.3% 6.5% 4% 4.5% 3.4% 4.7% 3.9% 3.8% 3.0% 3.1% 4.1% 3.2% 2.4% 2% 1.6% 1.5% 1.6% 1.5% As of: 0% Apr 13 Apr 14 Apr 15 Apr 16 China EM World United States Euro area Source: IMF World Economic Outlook

40 Investing in an age of uncertainty 39 Global private equity market 2015/16 Reflections on the current macro environment Outlook

41 The importance of being invested 40 Pooled returns by global asset class* 20 year returns 10 year returns Private Equity 12.9% Private Equity Private equity Other alternatives Public markets 11.5% Impact of market timing** 1.92x 1.9x +5% Real Estate 7.2% Hedge Funds 7.8% 1.83x Infrastructure 5.5% Infrastructure 6.4% 1.8x Hedge Funds N/A no data Real Estate 5.3% -10% MSCI World 6.0% MSCI World 4.7% 1.7x 5 year returns 3 year returns 1.66x Private Equity 12.7% Private Equity 12.4% 1.6x Real Estate 12.4% Real Estate 13.6% Infrastructure 7.6% Infrastructure 7.5% Hedge Funds MSCI World 4.7% 8.3% Hedge Funds MSCI World 4.2% 8.6% 1.5x Exclude Worst Three Vintages All Vintages Exclude Best Three Vintages * Source: Cambridge Associates as of September 30, 2015 and Preqin as of February 2016 (for Global Hedge Funds only) ** HarbourVest global primary portfolio returns as of September Gross returns from 1992 to 2011 assuming even commitments every year. Exclusion of worst three vintages refers to 98, 99, 00; exclusion of best three vintages refers to 93, 94, 96. Past performance is no guarantee of future returns.

42 Looking ahead 41 Evolving asset allocation Asia increasingly core Sustained allocation to U.S. / Europe Co-investment: enhance returns, lower cost Enhancing manager search Larger manager pool, increasingly complex succession dynamics Established leaders : relationships, incumbency advantage, speed Emerging winners : coverage, experience-based risk analytics Fire-proofing your portfolio Greater reach into small / mid-market Focused strategies sector, operational & consolidation Non-cyclical growth niches

43 42 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 and on the Company s website at and HarbourVest s website at 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. By participating in this presentation or by accepting any copy of this document, you agree to be bound by the foregoing limitations.

44 43 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.

45 Forward-Looking Statements 44 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 HarbourVest Global Private Equity Limited Company Registration Number: Ground Floor Dorey Court Admiral Park St Peter Port Guernsey GY1 2HT Tel +44 (0) Fax +44 (0) INVESTMENT MANAGER HarbourVest Advisers L.P. c/o HarbourVest Partners, LLC One Financial Center 44th Floor Boston MA U.S.A. Tel Fax Member of LPEQ