HarbourVest Global Private Equity : Annual Results for the Year Ended 31 January 2024

30 May 2024

RESULTS FOR THE 12 MONTHS ENDED 31 JANUARY 2024

Long-term outperformance continues

Private equity market conditions forecast to improve

HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a FTSE 250 investment company with global exposure to private companies, managed by HarbourVest Partners, today announces its audited results for the 12 months ended 31 January 2024.

Highlights

Resilient net asset value ("NAV") performance

• NAV per share growth of 4.0% over the period to $50.47 (31 January 2023: $48.52).
• Exits continued at a 24% premium to carrying value,1 as M&A activity increased during the year.
• Over the financial year, HVPE was a net investor by $283 million cash invested.

Consistent long-term outperformance of public market benchmarks

• Over the 10 years to 31 January 2024, HVPE delivered growth in NAV per share of 251%, while the FTSE All-World Total Return (FTSE AW TR) Index returned 138% (USD).
• NAV per share has doubled over the five years to 31 January 2024 and is more than five times its level at the IPO in December 2007.

Private equity markets forecast to improve

• Positive shift in the macroeconomic environment as public markets began to recover with an expectation that private markets will follow.
• Improvements in investment environment seen in Q4 2023 have continued into 2024.
• M&A activity recovering, with exits post period end ahead of the last 12-month average.

Distribution Pool allocation expected to be $150 - $250 million

• Distribution Pool initiated 1 February 2024, ring fencing capital to be deployed for share buybacks or special dividends.
• The Board expects that the total amount of cash allocated to the Distribution Pool across the two calendar years 2024 and 2025 will be between $150 million and $250 million, inclusive of a seed amount during 2024 of $75 million.
• The current balance in the Distribution Pool is $52 million, which will be used for further share buybacks.
• 1.4 million shares repurchased in 12 months to 31 January 2024. Share buybacks began in September 2022 with 2.9 million shares having been repurchased for a total consideration of £64.7 million adding $0.86 to NAV per share over the period.

Ed Warner, Chair of HVPE, said:

"The investment case for HVPE remains compelling. The Company has outperformed public equity markets over the past ten years, and we are optimistic that this will continue in the long term.

HVPE's track record attests to the resilience of its investment strategy during challenging periods, and its diversified portfolio is well-positioned to continue to deliver strong returns and outperformance in the years ahead.

HVPE's near term prospects also appear favourable. IPOs and M&A transactions are both rising. Concerns about valuations in the sector are also alleviating, which should help to drive both exit volumes and premiums.

The progress we have made over the year, including actions we have taken to drive share price returns, positions us well for the future. With private market recovery gathering momentum the Board is confident HVPE is well set for future growth."

Annual Report and Accounts

To view the Company's Annual Report and Accounts please visit HVPE's results centre: https://www.hvpe.com/shareholders/results-centre/. Page number references in this announcement refer to pages in this report. The Annual Report and Accounts will also shortly be available on the National Storage Mechanism, which is situated at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

Investor Meet Company Webinar

There will be a presentation for shareholders on Tuesday, 4 June 2024 at 11:00AM GMT. Investors can sign up to Investor Meet Company for free and register via: https://www.investormeetcompany.com/harbourvest-global-private-equity-limited/register-investor

Annual Results Presentation

HVPE will publish a new presentation on its website to supplement the publication of the Annual Results for the 12 months ended 31 January 2024. The presentation will be available to view and download from www.hvpe.comtoday.

1 These figures represent the weighted average percentage uplift to carrying value of 79 individual company M&A and IPO transactions during the year ended 31 January 2024. This analysis takes each company's value (whether realised or unrealised) at 31 January 2024 and compares it to the carrying value prior to announcement of the transaction. This analysis represents 83% of the total value of transactions in the year ended 31 January 2024 and does not represent the portfolio as a whole. Additionally, it does not reflect management fees, carried interest, and other expenses of the HarbourVest funds or the underlying managers, which will reduce returns. Past performance is not necessarily indicative of future returns.

• ENDS -

LEI: 213800NBWV6WWV8TOL46
Enquiries:
Shareholders
Richard Hickman	Tel: [phone]	[e-mail]
Stephanie Hocking		[e-mail]
Media
MHP
Tim Rowntree /	Tel: [phone]	[e-mail]
Robert Collett-Creedy
HarbourVest Partners		[e-mail]

Notes to Editors:

About HarbourVest Global Private Equity Limited:

HarbourVest Global Private Equity Limited ("HVPE" or the "Company") is a Guernsey-incorporated,closed-end investment company which is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 index. HVPE is designed to offer shareholders long-term capital appreciation by investing in a private equity portfolio diversified by geography, stage of investment, vintage year, and industry. The Company invests in and alongside HarbourVest-managed fundswhich focus on primary fund commitments, secondary investments and direct co-investments in operating companies. HVPE's investment manager is HarbourVest Advisers L.P., an affiliate of HarbourVest

Partners, LLC, an independent, global private markets asset manager with over 40 years of experience.

About HarbourVest Partners, LLC:

HarbourVest is an independent, global private markets firm with 40 years of experience and more than $125 billion of assets under management as of December 31, 2023. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,000 employees, including more than 230 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than $58 billion to newly-formed funds, completed over $50 billion in secondary purchases, and invested over $37 billion in directly operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities.

This announcement is for information purposes only and does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in any jurisdiction and should not be relied upon in connection with any decision to subscribe for or acquire any Shares. In particular, this announcement does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States or to US Persons (as defined in Regulation S under the US Securities Act of 1933, as amended ("US Persons")). Neither this announcement nor any copy of it may be taken, released, published or distributed, directly or indirectly to US Persons or in or into the United States (including its territories and possessions), Canada, Australia or Japan, o r any jurisdiction where such action would be unlawful. Accordingly, recipients represent that they are able to receive this announcement without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business. No recipient may distribute, or make available, this announcement (directly or indirectly) to any other person. Recipients of this announcement should inform themselves about and observe any applicable legal requirements in their jurisdictions.

The Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and, accordingly, may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, within the United States or to US Persons. In addition, the Company is not registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act") and shareholders of the Company will not have the protections of that act. There will be no public offer of the Shares in the United States or to US Persons.

This announcement has been prepared by the Company and its investment manager, HarbourVest Advisers L.P. (the "Investment Manager"). No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this announcement is accepted and no representation, warranty orundertaking, express or implied, is or will be madeby the Company, the Investment Manager or any of their respective directors, officers, employees, advisers, representatives or other agents ("Agents") for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of the Investment Manager nor any of their respective Agents makes or has been authorised to make any representation or warranties (express or implied) in relation to the Company or as to the truth, accuracy or completeness of this announcement, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this announcement and nothing in this announcement is or should be relied on as a promise or representation as to the future.

Other than as required by applicable laws, the Company gives no undertaking to update this announcement or any additional information, or to correct any inaccuracies in it which may become apparent and the distribution of this announcement. The information contained in this announcement is given at the date of its publication and is subject to updating, revision and amendment. The contents of this announcement have not been approved by any competent regulatory or supervisory authority.

This announcement includes statements that are, or may be deemed to be, "forward looking statements". These forward looking statements can be identified by the use of forward looking terminology, including the terms "believes", "projects", "estimates", "anticipates", "expects", "intends", "plans", "goal", "target", "aim", "may", "will", "would", "could", "should" or "continue" or, in each case, their negative or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts and include statements regarding the intentions, beliefs or current expectations of the Company. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company's ability to control or predict. Forward looking statements are not guarantees of future performance. More detailed information on the potential factors which could affect the financial results of the Company is contained in the Company's public filings and reports.

All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results.

This announcement is issued by the Company, whose registered address is BNP Paribas House, St Julian's Avenue, St Peter Port, Guernsey, GY1 1WA

© 2024 HarbourVest Global Private Equity Limited. All rights reserved.

Chair's statement

Dear Shareholder,

There was little respite for investors during much of 2023, as central banks continued to raise interest rates through the first half of the year to quash inflationary pressures. This aggressive monetary tightening made market participants fearful of a global recession and cautious about committing to new investments, including in private markets. Despite these challenges, our diversified portfolio showed resilience and delivered growth. By early 2024, the mood had started to brighten as inflation slowed and investors began to anticipate rate cuts. In both private and public markets, there were

early signs of increased M&A and IPO activity and some optimism about a better year ahead.

Resilient financial performance

Against this backdrop, HVPE's net asset value (NAV) per share rose 4.0% to $50.47 over the year to 31 January 2024. This compares with a 15.3% rise in the FTSE All-World Total Return Index, led by a surge in US share prices as market sentiment improved in late 2023. HVPE's relative underperformance is not surprising, and is consistent with private equity investments being inherently less volatile than listed markets, tending to outperform during public market downturns and lagging as markets start to recover.

Importantly, the Company's long-term performance remains strong and is the basis of the Board's belief in our strategy. HVPE has realised its investment objective to deliver material outperformance of the public markets throughout the cycle. In the ten years to 31 January 2024, HVPE delivered growth in NAV per share of 251%, while the FTSE All-World Total Return Index returned 138% (all USD).

However, the full benefit of this outperformance is not reflected in the Company's share price, which has traded at a significant discount to NAV for an extended period. HVPE's share price rose 4.8% in the year to 31 January 2024, and was trading at a discount of 42% (slightly below the 44% discount at the end of the previous year).

1. appreciate it is cold comfort to HVPE shareholders that most investment companies, regardless of their asset class or investment strategy, have seen very wide discounts over the past year. High interest rates have increased the appeal of lower-risk cash and bond investments, and global investors seeking capital growth have tended to look to the US in preference to UK-listed equities. Additional unfavourable influences have ensured that listed private equity companies have seen discounts wider than most. Technical factors such as persistent selling by UK-focused index tracker funds, affect HVPE and some of its immediate peers, due to their inclusion in the FTSE 250 and FTSE All-Share indices. There has also been a degree of scepticism over reported NAVs for alternative asset classes such as private equity in this higher interest rate environment.

As a Board, we remain resolute in our conviction that HVPE's published NAV figure is robust, being the result of rigorous valuation processes at each level in its structure, and reflects the economic value of the Company's underlying investments. Further reassurance regarding HVPE's NAV is provided by the fact that, on average, our investments have continued to be exited at a premium to carrying value.

My fellow Directors and I share investors' frustration with HVPE's discount. We are all shareholders ourselves in HVPE and believe the discount is unjustified given HVPE's meticulous valuation process and the quality of the funds and companies in which it is invested.

New distribution policy

In response to this situation, over the past year we have engaged with a large number of investors and other stakeholders, to explore how shareholders can participate more directly in HVPE's NAV growth through the cycle, while also supporting the share price and potentially reducing the discount.

As a result of these discussions, the Board recently announced a new policy, effective from 1 February 2024, which saw the establishment of a Distribution Pool. This Pool is being funded by a proportion of the cash realisations from the Company's portfolio going forward, with this proportion set initially at 15%. This effectively ring-fences capital to be deployed for share buybacks or special dividends, while taking into consideration the importance of maintaining balance sheet strength and

liquidity. Several factors are weighed when determining shareholder distributions, including the macroeconomic environment, the discount, market sentiment, and any alternative opportunities. At the current wide discount, the policy favours share buybacks and we have been active in this regard in the new financial year.

Full details of this policy are outlined on page 71.

Buybacks

In the current unusual market conditions, repurchasing shares represents an attractive and prudent investment, and makes sense from a capital allocation perspective. In accordance with our established framework for assessing buybacks, in May 2023, the Board announced our intention to buy back $25 million of shares, with a further allocation to share repurchases being announced in the Semi-Annual Report. In total, during the 12 months ended 31 January 2024, our brokers bought back 1,421,114 shares for cancellation at an average price of £21.70 per share for a total value of £30.8 million ($38.5 million). This added $0.42 to NAV per share over the year.

Since the year-end, HVPE has continued buying back shares with a further 714,154 shares repurchased for cancellation at an average price of £23.67 per share for a total consideration of £16.9 million ($21.5 million).

Since first buying back shares in September 2022, the Company has therefore repurchased a total of 2,893,132 shares for consideration of £64.7 million ($78.7 million). This is the equivalent of 3.6% of HVPE's market capitalisation as at 30 April 2024.

As mentioned above, in February HVPE announced the introduction of a Distribution Pool, to be funded by 15% of cash realisations from the portfolio. This is an evergreen capital allocation policy, designed to be sustainable through the cycle, and is not impacted by deductions such as capital calls, debt repayments or fund expenses. Investors are able to track the growth of the Distribution Pool on a monthly basis, while the Investment Manager determines forward commitments based on the remaining 85% of cash distributions.

During this first year of its operation, the Distribution Pool is being additionally funded by a seed amount, currently expected to total $75 million. This was reallocated from a postponed commitment to a HarbourVest fund and is being contributed in three equal tranches through the year. As of the date of this report, the balance in the Distribution Pool is $52 million, which the Board is pleased to confirm will be used for further share buybacks.

Looking ahead, based on the detailed modelling carried out by the Investment Manager, we expect that the total amount of cash allocated to the Distribution Pool across the two calendar years 2024 and 2025 will be between $150 million and $250 million, inclusive of the existing balance. We believe that this will make a material difference to shareholders' returns, helping to ensure that they benefit more directly from the strong value growth delivered by HVPE's high quality portfolio.

The potential impact of the Distribution Pool on the share price discount is difficult to gauge, but the Board expects that its ongoing operation will have a supportive effect on total shareholder returns over the long term.

Balance sheet, portfolio cash flows and commitments

Over the financial year, HVPE was a net investor by $283 million. The portfolio reflected the trends seen across the industry of resilient dealmaking combined with slower exit activity. While these investments lay the groundwork for continued strong portfolio performance over the long-term, they do place a demand on HVPE's cash reserves in the short-term. As at 31 January 2024, HVPE had net debt of $135 million. This was a change from the prior year position when HVPE had net cash of $198 million. The facility is currently drawn $365 million and HVPE has a cash balance of $84 million giving a net debt position of $281 million. The Board is conscious of the need to ensure that the credit facility is always of a size and duration appropriate to HVPE's needs. The Board intends to refresh the credit facility and is currently well advanced in this process.

Over the course of 2023, total commitments were reduced considerably from the original plan, ending the year at $295 million, in response to the low level of portfolio exit activity during the year. In November 2023, the Investment Manager presented a plan for 2024 which was subsequently

approved by the Board. This plan was informed by the Investment Manager's extensive scenario planning, resulting in the recommendation of a prudent level of new commitments with a view to enhancing near-term cash flow. New commitments will continue to be sized to preserve balance sheet strength and liquidity which remains an important focus for the Board.

Focus on Environment, Social and Governance (ESG)

The Board is committed to the highest standards of corporate governance and to improving the social and environmental impact of HVPE's activities, in collaboration with HarbourVest Partners. The Manager presents frequent updates to the Board on how ESG factors are considered in its investment process, its screening methods, and its reporting. This includes a steady increase in the scope and nature of the information that it can provide on HVPE's own portfolio. In addition, ESG risk has been integrated into the Board's assessment of all the material risks faced by the Company to ensure that it is embedded as a part of HVPE's overall strategy. The Board initiated a project to calculate its own carbon footprint in 2021 and since that time, has continued to offset its operational carbon emissions, the majority of which result from travel. Full details of the Investment Manager's approach to ESG matters can be found on pages 68 to 69.

Board and Investment Management Committee

In response to shareholder feedback, on 1 February 2024, HVPE announced two refinements to its corporate governance and investment decision-making structures. With effect from the July 2024 Annual General Meeting (AGM), HVPE's Board will become fully independent of the Investment Manager when HarbourVest Managing Director Carolina Espinal steps down as a Director. On behalf of the Board, I would like to thank Carolina for her valuable contribution to the work of the Board over the past five years.

Carolina will remain involved with the investment decisions made on behalf of the Company as both she and Richard Hickman joined HVPE's Investment Committee with effect from 1 February 2024. In the Board's view, Carolina's and Richard's close knowledge of the Company and their private market expertise will strengthen HVPE's investment process,enhancing its ability to deliver the best possible outcome for shareholders over the long term.

Given the persistence of a wide discount, and conscious of the impact this has on shareholders' returns, the Board has decided that there should be no increase in the fees paid to Directors for the year ending 31 January 2025.

Marketing and shareholder engagement

The Board is committed to regular and effective engagement with its stakeholders, to improve understanding of the Company's strategy and provide updates on investment activity. As one key element of this process, as in previous years, HVPE will hold a Capital Markets session for shareholders on 6 June 2024, at Peel Hunt's offices in London. This event will be a well-timed opportunity for shareholders to receive an update on HVPE's results for the year to 31 January 2024, ask any questions they may have and hear views on global markets and industry trends from both HarbourVest Partners and external speakers. My fellow Directors and I look forward to welcoming as many shareholders as possible in person to this event and we encourage you to register. Shareholders who are interested in attending should contact the team at [e-mail].

The Company's AGM with be held in Guernsey at 1.00PM BST on 17 July 2024. Formal notice will be sent to registered shareholders shortly and we encourage all registered shareholders to exercise their votes by proxy.

The Board also undertakes a series of other activities and events which are outlined on pages 36 to

38. In addition, my fellow Directors and I always welcome the opportunity to engage with shareholders and answer any questions. We can be reached via [e-mail].

Company prospects and outlook

In our view, the investment case for HVPE remains compelling. The Company has outperformed public equity markets over the past ten years, and we are optimistic that this will continue in the long term. HarbourVest is a high quality manager investing with leading private equity managers, giving it access to a wealth of talent and high quality opportunities from around the world. HVPE's track record attests to the resilience of its investment strategy during challenging periods and, in our view, its

diversified portfolio is well-positioned to continue to deliver strong returns and outperformance in the years ahead.

HVPE's near term prospects also appear favourable, as we share the Manager's view that private equity markets will improve this year. IPOs and M&A transactions are both rising, as demonstrated in our recent NAV updates, and there are widespread expectations that activity will gain further momentum as the year progresses. The recovery in public markets is alleviating concerns about valuations, which should help drive exit volumes. Modest declines in interest rates should provide a further boost to the sector, as will any improvement in exit premiums.

This may take time to play out, but we are confident HVPE is heading in the right direction. The progress we have made over the year, including actions we have taken to optimise shareholder returns, will position us well for the future. We are grateful to those patient shareholders who have remained invested for the long-term, and to those who have joined the share register more recently. We thank you for your support and look forward to reporting back to you on HVPE's further progress.

Ed Warner

Chair

29 May 2024

Investment Manager's report

Introduction

The past year was another challenging one for investors. Rising interest rates fuelled fearsof a global recession, which sapped investors' confidence. Geopolitical uncertainties escalated as the war in Ukraine reached a stalemate, tensions ignited in the Middle East and relations between the US and China remained fraught. For most of the year, global equity markets struggled under the weight of these adverse influences, with the exception of a few US tech stocks perceived to be the main beneficiaries of the artificial intelligence ("AI") revolution. However, market sentiment began to improve considerably in the last quarter of 2023. Tight monetary policy began to take effect, driving down inflationary pressures, without triggering recession in most major economies, and equity indices were buoyed by the prospect of interest rate cuts during 2024.

Private Markets Industry

In private markets, 2023 saw few IPOs, whilemergers and acquisition (M&A) activity was also limited. This constrained private equity exit activity, which declined by 24% through to September 2023,1 to its lowest level in a decade, which in turn limited investors' ability and appetite to commit to new funds.

On the sell side, many private equity managers held on to high-quality assets while they waited for greater clarity on asset valuations. They also delayed fundraisings and final closes in the face of investor reticence. Global private markets fundraising declined 36% through to September 2023,1 with capital more concentrated in the hands of the larger scale, strongly performing managers. Among developed markets, the US and Canada held up best, thanks to the depth of their capital markets, while European markets saw deals decline in value and size. In the Asia-Pacific region, China's disappointingly insipid post-pandemic rebound and ongoing property market problems saw focus shift to other regional markets. Although India was the only market to see an increase in exits, Australia and New Zealand saw some sizeable transactions in Q3 of 2023.1

Valuations

These generally subdued market conditions had an inevitable impact on valuations. The valuations of venture and growth assets remained under pressure during the first nine months of the calendar year, although tech-related asset valuesbegan to improve in late 2023 in response to the strong gains in some listed tech stocks. Overall, NAV held steady over the year, although premiums to NAV on exit will have been compressed, as managers felt some urgency to realise investments, even at slightly lower than desired premiums. Regardless, exits are still being realised at a healthy premium to carrying value of 24%,2 which should provide confidence in the validity of our NAV.

However, despite this lacklustre backdrop, private equity managers still found attractive new investments and managers with strong track records succeeded in raising large funds. The sector's top managers continued to perform well - some of the largest, most successful managers reported double-digit returns.3 Conditions across the industry improved in Q4 of 2023 as macroeconomic uncertainties began to abate and public markets recovered accordingly. There were signs that IPOs and M&A activity were beginning to recover and bid-ask spreads, which are the differences between the highest price a buyer will pay and the lowest price a seller will accept for an asset, have narrowed.

Strategic Asset Allocation review

Following the 2023 annual review of HVPE's strategic asset allocation targets, the Board approved the following changes recommended by the HVPE Investment Committee:

• At the Stage level, an increase in the target allocation to Mezzanine and Infrastructure and
  Real Assets ("InfRA") from 10% to 15%, reducing the target Buyout allocation from 60% to
  55%. At the end of January 2024, the actual allocation to Mezzanine and InfRA stood at 8%, while the actual allocation to Buyout stood at 61%. Reaching these new targets will therefore involve a seven percentage point increase in allocations to Mezzanine and InfRA and a six percentage point decline in exposure to Buyouts.
• At the geographical level, an increase in the target allocation to Europe from 20% to 24%, reducing the target Asia allocation from 20% to 16%. The actual allocation to Europe already stood at 21% by end January 2024, while the actual allocation to Asia was 14%.

The increase to Mezzanine and InfRA is intended to ensure that HVPE benefits from increased exposure to the attractive risk/reward profile on offer in real assets and yield-oriented investments. HVPE's infrastructure investments have performed well through the rising rate environment of the last two years, while the yields on offer in private credit now range from 10-12% at the senior level to 14-18% for junior credit.4

The increased target weighting to Europe reflectsthe fact that, in our assessment,the private markets ecosystem in Europe has developed markedly in recent years. The opportunity set has grown, particularly in the venture and growth equity market, while returns have been resilient across our European buyout exposure. Meanwhile in Asia, the investing environment has seen a marked change due to the scarcity of new investment opportunities in China. While the country has historically been a single source of strength for the region based on the exponential growth of the consumer internet segment during the prior hype cycle, recent changes have largely closed that market to North American and European investors, with a 77% decline in fundraising year-over-year through Q3 of 2023.5 The region is undergoing dramatic shifts that are creating near-term growth opportunities in other markets like Japan, Korea, and India.

These new target allocation weightings are medium to long-term goals, and we will endeavour to move the portfolio towards these weightings over the next five years. The next review is scheduled to take place in November 2024.

1. PitchBook, data is for global private equity and venture capital as of September 30, 2023.
2. These figures represent the weighted average percentage uplift to carrying value of 79 individual company M&A and IPO transactions during the year ended 31 January 2024. This analysis takes each company's value (whether realised or unrealised) at 31 January 2024 and compares it to the carrying value prior to announcement of the transaction. This analysis represents 83% of the total value of transactions in the year ended 31 January 2024 and does not represent the portfolio as a whole. Additionally, it does not reflect management fees, carried interest, and other expenses of the HarbourVest funds or the underlying managers, which will reduce returns. Past performance is not necessarily indicative of future returns.
3. Bain, data as of January 2024.
4. Refinitiv, data as of September 30, 2023.
5. HarbourVest, AVCJ, and APER, data as of September 30, 2023.

New commitments

HVPE made total commitments of $295 million across five HarbourVest funds over the financial year to 31 January 2024 (12 months to 31 January 2023: $940 million). Total unfunded commitments were $2.5 billion as at 31 January 2024, representing a net decrease of approximately $300 million from 31 January 2023 ($2.8 billion).

During the period, total commitments were reduced considerably from the original plan in response to the low level of portfolio exit activity. Post period-end, no new commitments have been made to

HarbourVest funds. We would expect newcommitmentsto return to more normal levels once positive cash flow has been sustained for a reasonable period of time.

This remains in line with the Company's strategic asset allocation targets described above, and reflects the Investment Manager's and Board's current perspective on the most appropriate portfolio composition required to optimise long-term NAV growth for shareholders.

Outlook

We expect 2024 to be a better year for private markets than last year. The improvements in the investment environment seen during Q4 of 2023 have continued in the early months of this year. Equity indices, including the Nasdaq, have reached new highs, and confidence in the AI revolution is growing. Crucially for private markets, IPOs are re-starting. The expected listing of Klarna, one of Europe's largest fintech companies, could provide a significant boost to both sentiment and activity. Shein, an online fashion retailer, has filed for IPO this year, with management evaluating a number of potential listing venues. M&A activity is also picking up, as a stabilising macro environment facilitates agreement on pricing, and scepticism over NAVs appears to be abating. This paves the way for a pick-up in exits in H2, which, if realised, will provide further, much-needed validation of NAVs. Venture and growth could also generate some real surprises in AI-related areassuch as machine learning and synthetic biology.

Listed private equity investment companies are still under pressure from several quarters: outflows from open-ended UK equity funds and ETFs continue, asset managers are striving to reduce reported look-through costs; while discount volatility and a reduced appetite for risk are still limiting demand for investment companies more broadly. However, any discount narrowing in the listed private equity sector would provide further reassurance that the industry is on the road to recovery, and this would have a favourable knock-on effect for HVPE.

While performance can fluctuate from year to year, whatever the immediate future holds, private equity investment requires a long-term perspective. On this basis, HVPE's strategy has a track record of outperforming listed global equities. Over the 10 years ended 31 January 2024, HVPE's NAV per share returns exceeded those of the FTSE All-World Total Return Index by an annualised 4.3 percentage points.

We believe our strategy of operating a well diversified, quality portfolio is working well and we are confident it will continue to do so in the future, especially if the investment environment continues to improve as we anticipate. Yet even capital-constrained circumstances such as those we currently face, create opportunities for those who have the ability to deploy selectively,as thereare high-quality, attractively priced deals with strong growth tailwinds available. As always, we continue to strive to create value for shareholders over the long term.

Richard Hickman

Managing Director

NAV per share - 12 Months to 31 January 2024

HVPE's NAV per share increased by 4.0% in the 12 months to 31 January 2024, ending the financial year at $50.47.The FTSE AW TR Index (in US dollars), increased by 15.3% in the same period.

Over the long term, HVPE's NAV per share return has been strong. The 31 January 2024 figure of $50.47 is more than double the NAV per share figure reported five years earlier (31 January 2019: $24.09) and more than 3.5x the respective figure ten years earlier (31 January 2014: $14.38). As a reminder, these figures are net of all fees and costs.

HVPE remains well diversified by sector, which we believe is key to achieving consistently strong returns from a private markets portfolio. As at 31 January 2024, no single company represented more than 2.1% of the Investment Portfolio value (31 January 2023: 2.4%), helping to mitigate company- specific risk. The top 100 companies in the portfolio represented 28% of total value (31 January 2023: 29%), while the top 1,000 companies represented 81% (31 January 2023: 81%).

The Secondary portfolio was the best performing strategy in percentage terms, delivering value growth of 8.2% over the 12 months. Geographically, Europe, North America and Rest of World categories all saw growth at 9.5%, 6.6% and 6.2%, respectively, while Asia saw a modest decline (- 0.5%). Looking at stages, the Buyout portfolio was the strongest performer, growing 8.6% in the 12 months ended 31 January 2024. Mezzanine and InfRA also grew, recording a 7.1% gain, along with a modest increase of the Venture and Growth Equity stage assets (+1.3%).

As at 31 January 2024, HVPE held investments in 63 HarbourVest funds and 16 secondary co- investments1 (compared with 61 and 16 respectively at 31 January 2023). Of these, the largest fund contributors to NAV per share movement in absolute terms during the 12 months to 31 January 2024 are described below:

• Fund XII Buyout, a US-focused buyout fund of funds, was the largest contributor to NAV per share, adding $0.34 over the reporting period. With a vintage year of 2021, this fund is in its investment phase. The increase came predominately from unrealised gains.
• Fund XI Buyout, a US-focused buyout fund of funds, was the second-largest contributor over the reporting period, adding $0.27 to NAV per share. With a vintage year of 2018, this fund is in its growth phase. The increase came predominately from unrealised gains.
• Fund X Buyout, a US-focused buyout fund of funds, was the third-largest contributor, adding $0.23 to NAV per share. With a vintage year of 2015, this fund is in its growth phase. The increase was evenly split between realised and unrealised gains.
• Fund X Venture, a US-focused venture fund of funds, was the largest negative contributor over the reporting period, reducing NAV per share by $0.16. With a vintage year of 2015, this fund is in its growth phase. This decrease came predominantly from unrealised losses.
• Dover Street XI, a global-focused secondary fund, was the next largest contributor over the reporting period, adding to NAV per share by $0.14. With a vintage year of 2022, this fund is in its investment phase. The increase came predominately from unrealised gains.

All of the remaining HarbourVest funds in the portfolio together contributed to an aggregate $1.40 increase to HVPE's NAV per share over the period.

1 These include four Secondary Overflow III investments, 11 Secondary Overflow IV investments, and Conversus, referred to as "HVPE Charlotte Co-Investment L.P." in the Audited Consolidated Schedule of Investments.

Portfolio Cash Flows and Balance Sheet

In the 12 months to 31 January 2024, HVPE received cash distributions of $310 million (12 months to 31 January 2023: $532 million) while funding capital calls of $593 million for new investments (12 months to 31 January 2023: $588 million). The result was net negative cash flow of $283 million over the reporting period.

Distributions were driven in large part by particularly strong months in June and December 2023, during which combined cash proceedsof $138 million were received, predominately from the primary funds. This contributed over 44% of the total distributions over the period.

A meaningful portion of the distributions received in the 12 months to 31 January 2024 came from the ongoing redemption of the HarbourVest Infrastructure Income Partnership ("HIIP"), the permanent capital vehicle resulting from HVPE's commitment to Adelaide. During the period HVPE received $38 million in total distributions from the HIIP fund. As mentioned in prior reports, HVPE has now completed the 50% redemption of the original commitment and will continue to receive a share of ongoing management fee revenue due to its remaining holding in the fund.

The largest HarbourVest fund capital calls and distributions over the reporting period are set out in the tables below. The top ten HarbourVest fund calls in aggregate accounted for $436 million (74%) of the total calls and came from a broad mix of funds. The majority of total calls by value (78%) were into primary opportunities. The top ten HarbourVest fund distributions totalled $155 million, or 50% of the total proceeds received in the period. Distributions by value were split between primary investments (64%) and secondary investments (25%), with the remainder coming from direct co- investments.