HarbourVest Global Private Equity Ltd. Capital Markets Session 6 October 2016
Agenda 1 Introduction HVPE Factsheet and Overview HVPE Performance vs. Peers Financial Performance and Portfolio Highlights Managers and Investments Key Take-Aways
2 Introduction Recent Developments Euronext De-listing The Board Balance Sheet and Commitments HVPE NET ASSET VALUE GROWTH ($ millions except per share data) 1400 1200 1000 800 600 400 200 $944 ( 12%) $11.42 NAV per Share $1,030 ( 9%) $12.46 NAV per Share $1,167 ( 15%) $1,266 $14.38 NAV per Share ( 10%) $15.86 NAV per Share $1,337 ( 6%) $16.75 NAV per Share $1,408 ( 5%) $17.63 NAV per Share 0 2012 2013 2014 2015 2016 January 2016 July (six months)
HVPE Factsheet 3 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
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 38 HarbourVest Funds and 2 Co-Investments Primary 46% Secondary 34% Direct 20% 806 Funds / Partnerships Buyout 69% Venture and Growth Equity 31% Consumer / Financial 34% 6,942 Companies Technology / Telecom 30% Medical / Biotech 16% Industrial / Other 20% Data as per 31 Jul 2016 Semi-Annual Report and Accounts
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 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% Proportion of HVPE NAV Data as of 31 Jul 2016
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
Diversification at 31 July 2016 7 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 31% Venture and Growth Equity 4% Other 61% US 20% Europe 12% Rest of World 7% Asia Pacific 46% Primary 34% Secondary 20% Direct Data as of 31 Jul 2016 Semi-Annual Report and Accounts
HVPE Performance 8 HVPE vs. Public Markets NAV Total Return vs. Peers Share Price Discount to NAV
*Compound annual growth rate calculated through 31 July 2016. 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 76.3% since inception, representing annual growth of 6.8% vs. 2.9%* for the MSCI ACWI on a total return basis $20.00 $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $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 07 31 Jul 16) $16.56 $17.63 $12.20 $6.00 $4.00 $2.00 HVPE NAV 76.3% HVPE Share Price TR ($) 27.3% MSCI ACWI TR 27.6% Total Return Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012 HVPE NAV $10.39 $7.61 $8.65 $10.24 $11.42 $12.46 $14.38 $15.86 $16.75 $17.63 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jul 2016 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%
NAV Total Return vs. Peers 10 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 JPEL Private Equity Electra Private Equity Altamir HarbourVest Global Priv Equity Standard Life Euro Private Eq NB Private Equity Partners Pantheon International SVG Capital Aberdeen Private Equity F&C Private Equity Trust ICG Enterprise Trust Weighted average Electra Private Equity HarbourVest Global Priv Equity NB Private Equity Partners SVG Capital 3i Pantheon International Aberdeen Private Equity Altamir F&C Private Equity Trust Standard Life Euro Private Eq ICG Enterprise Trust JPEL Private Equity Weighted average 30.3% 26.3% 25.6% 25.4% 24.7% 22.7% 22.2% 22.0% 21.0% 17.5% 15.8% 34.0% 43.2% 0% 10% 20% 30% 40% 50% Total NAV Return: 5 Years 31.7% 112.0% 98.1% 96.1% 89.4% 87.8% 77.2% 60.2% 58.7% 52.2% 49.9% 47.6% 81.6% 0% 20% 40% 60% 80% 100% 120% 3i Electra Private Equity NB Private Equity Partners HarbourVest Global Priv Equity JPEL Private Equity Standard Life Euro Private Eq Altamir Pantheon International SVG Capital Aberdeen Private Equity F&C Private Equity Trust ICG Enterprise Trust Weighted average 75.1% 61.2% 60.6% 48.8% 47.6% 46.9% 46.7% 43.9% 39.5% 35.8% 31.9% 72.5% 93.1% 0% 20% 40% 60% 80% 100% Total NAV Return: Since HVPE Inception (8.7 Years) HarbourVest Global Priv Equity NB Private Equity Partners Electra Private Equity Pantheon International ICG Enterprise Trust F&C Private Equity Trust Altamir Aberdeen Private Equity Standard Life Euro Private Eq JPEL Private Equity SVG Capital 3i Weighted average 98.3% 75.1% 72.1% 70.1% 61.5% 57.5% 30.3% -21.7% -32.6% 17.5% 172.3% 152.1% 136.6% -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
Share Price Discount to NAV 11 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 SVG Capital F&C Private Equity Trust Standard Life Euro Private Eq Pantheon International ICG Enterprise Trust UK FOFS Weighted Average NB Private Equity Partners HarbourVest Private Equity Aberdeen Private Equity JP Morgan Private Equity Altamir Current Share Price Discount to NAV -41.0% -14.2% -19.1% -21.5% -21.6% -22.0% -22.5% -25.0% -26.0% -26.8% -5.4% -7.7% 16.6% -50% -40% -30% -20% -10% 0% 10% 20% Source: J.P. Morgan Cazenove Investment Companies Daily Interactive Stats sheet as of 30 September 2016
Share Price Performance Sep 2015 Onwards 12 HVPE s share price has performed well since the Main Market listing Volatility has been significantly lower than that seen in the broader sector 150 140 130 120 110 100 Electra SVG HVPE Pantheon NBPE 3i 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
Shareholder Register 13 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 8.5% UK 43.7% US 47.8% Other 12.3% UK 53.3% US 34.4%
Financial Performance and Portfolio Highlights 14 Investments and Commitments NAV Performance Realisations Uplift on Carrying Values Expenses Portfolio Growth
Investments and Commitments to 31 July 2016 15 Activity during the period (in millions except % data) Financial Summary Six Months Ended 31 July 2016 Year Ended 31 January 2016 Six Months Ended 31 July 2015 New Commitments to HarbourVest funds $200.0 $526.4 $329.3 Total Investment Pipeline $1,116.3 $1,043.0 $947.5 Cash Invested in HarbourVest funds During Period $131.3 $211.0 $111.9 % 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
Total Unfunded Commitments at 31 July 2016 16 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 At 31 July 2016 Allocated $799 Unallocated $317 Rolling Coverage Ratio (31 July 2016) Cash + Available Credit Facility $669m Current Year Projected Realisations $272m A: Total Liquid Resources $941m B: Next Three Years Estimated Investments $987m Rolling Coverage Ratio = A/B = 95% 1-3 yrs 4-6 yrs 7-10 yrs >10 yrs $623 $130 $31 $15
Realisations to 31 July 2016 17 Realised ($ million) Six Months Ended 31 July 2016 Year Ended 31 January 2016 Six Months Ended 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 HarbourVest Funds $86.1 $322.9 $164.7 Co-Investments Absolute $0.9 $10.2 $5.3 Conversus $13.6 $29.4 $16.8 TOTAL $100.6 $362.5 $186.8 Realisations in the six months to 31 July 2016 were significantly lower than the equivalent period the prior year, following record exit activity in 2015
Profile of Realisations to 31 July 2016 18 Cash from realisations decreased in the six months to 31 July 2016 following subdued M&A and IPO activity in the first half of 2016 This follows record exit activity in 2014 and 2015 The portfolio is positioned for investment and growth The average age of the underlying companies is 5.8 years The 2005-8 vintages continue to generate the strongest realisation flow, with an increasingly significant contribution from the 2011 vintage INVESTMENT PORTFOLIO REALISATIONS BY VINTAGE YEAR ($ millions) Realised During Six Months Ended 31 July 2016 40% 20% 0% Note: past performance is not an indication of future results
Uplift on Carrying Value at Realisation to 31 July 2016 19 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 8x Weighted Average Uplift % on the Carrying Value* 80% 6x 5.5x 60% 49% 4x 3.4x 2.9x 3.6x 2.5x 40% 37% 35% 37% 37% 2x 20% 0x Total Venture Buyout M&A IPO 0% 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.
Total Expenses to 31 July 2016 20 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 $35.0 $30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 $15.3m Six Months Ended 31 Jul 2016 $5.3m $30.2m Year Ended 31 Jan 2016 $11.2m $16.0m Six Months Ended 31 Jul 2015 $6.0m Carried Interest Management Fees (HarbourVest) Management Fees (Coinvestments) Other Expenses Directors' Fees and Expenses Professional Fees Investment Services Credit facility 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
Portfolio Growth to 31 July 2016 21 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 15% By Geography 15% By Strategy 15% 14% 10% 5% 0% -5% 8% Buyout 1% Growth Equity (4%) VC Early Venture 5% Other 10% 5% 0% 4% Europe 9% Asia Pacific 4% US 7% RoW 10% 5% 0% 3% 3% Primary Secondary Direct Note: past performance is not an indication of future results
Managers and Investments 22 Underlying Portfolio Company Composition Investment Selection Process Top 10 Managers Top 10 Portfolio Companies Portfolio Company Diversification Notable Exits Key Take-Aways
Underlying Portfolio Company Composition 23 100 The top 1000 companies represent 75% of the underlying portfolio by value (the top 100 represent 36%) Absolute and Conversus alone account for 1,573 companies Secondaries in general account for 1,720 companies* 90 80 70 60 50 40 30 20 Top 100 75% 14% Top 1000 Companies 1001 2000 Companies 10 0 6% 5% Total underlying portfolio companies 2001 3000 Companies 3001 6942 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.
Investments are evaluated through an efficient and rigorous selection process 24 Primary Secondary Direct Co-Invest Deal Funnel Deal Funnel Deal Funnel Deals Sourced 2,162 2,762 $97 Billion Deals Reviewed 1,532 Deals Reviewed In Depth 500 70 $16 Billion Offers and Indications 273 Deals Committed / Closed 221 22 $3.6 Billion Binding Bids 67 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
Top 10 Managers by Share of HVPE NAV at 31 July 2016 25 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 Partners US Venture and Growth Equity 1.09%
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%
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.
Key Take-Aways 28 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
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.
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.
Forward-Looking Statements 31 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: 47907 Ground Floor Dorey Court Admiral Park St Peter Port Guernsey GY1 2HT Tel +44 (0)14 8170 2400 Fax +44 (0)14 8170 2407 INVESTMENT MANAGER HarbourVest Advisers L.P. c/o HarbourVest Partners, LLC One Financial Center 44th Floor Boston MA 02111 U.S.A. Tel +1 617 348 3707 Fax +1 617 350 0305 Member of LPEQ