HarbourVest Global Private Equity : Capital Markets Day Presentation

HVPE's 2024

Capital Markets Session

6 June 2024

One share.

A world of private company opportunities.

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 does not purport to be full or complete and may not be used in making any investment decision. It does not contain sufficient information to support an investment decision and investors should ensure that they obtain all available relevant information before making any investment. This document does not constitute and may not be construed as any offer to sell or issue, or any solicitation of an offer to purchase, subscribe for or otherwise acquire, investments of any description, nor as a recommendation regarding the possible offering or the provision of investment advice by any party.

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, are provided as at the date of this announcement and are subject to change 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 and 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 and each of the Company, HarbourVest, the Investment Manager and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. Further information on the Company, its Investment Manager and HarbourVest can be found on the Company's website at www.hvpe.com and HarbourVest's website at www.harbourvest.com, including in announcements available on those sites.

This document and this presentation do not constitute and may not be construed as any offer to sell or issue, or any solicitation of an offer to purchase, subscribe for or otherwise acquire, investments of any description, nor as a recommendation regarding the possible offering or the provision of investment advice on the part of the Company, HarbourVest or the Investment Manager or any of their respective affiliates.

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 (i) persons who have professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order"), or (ii) persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, and/or (iii) persons to whom it may otherwise be lawfully communicated, and (iv) "qualified investors" as defined in section 86 of the Financial Services and Markets Act 2000, as amended (all such persons together being referred to as "relevant persons"). This document and this presentation should not be made available to persons who are not Relevant Persons. No person should act or rely on this document or this presentation and persons distributing this document and this presentation must satisfy themselves that it is lawful to do so. 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.

This document and/or any other offer or marketing materials relating to the Company in Switzerland will be exclusively made to, and directed at, qualified investors (the "Qualified Investors"), as defined in Article 10(3) and (3ter) of the Swiss Collective Investment Schemes Act ("CISA") and its implementing ordinance, at the exclusion of qualified investors with an opting-out pursuant to Art. 5(1) of the Swiss Federal Act on Financial Services ("FinSA") and without any portfolio management or advisory relationship with a financial intermediary pursuant to Article 10(3ter) CISA ("Excluded Qualified Investors"). Accordingly, the Company has not been and will not be registered with the Swiss Financial Market Supervisory Authority ("FINMA").

By participating in this presentation or by accepting any copy of this document, you agree to be bound by the foregoing limitations.

2

Disclaimer

STRICTLY CONFIDENTIAL

Performance Returns: Performance returns information (TV/TC (Total Value / Total Cost), TVPI (Total Value Paid-In), Portfolio IRR (Internal Rate of Return), TWR (Time Weighted Return), and IRR) shown net of fees and expenses are based on the Fund's Limited Partner ("LP") cash flow after all management fees, commissions, fund operating expenses, and carried interest. These returns reflect the combined return for all LPs in a fund and do not necessarily reflect an individual LP's actual return. Where applicable, a final LP cash flow is based on the fair market value of all LP capital accounts as determined by the Fund or account's General Partner ("GP") in accordance with the Firm's valuation policy. Net IRR and Net TVPI are calculated based on daily LP cash flows.

Gross performance returns, if shown, are based on the annual return calculated using daily cash flows from the Fund(s) to and from the various partnerships or companies held by the Fund, either directly or through a special purpose vehicle in which the Fund invested during the period specified, inclusive of the effects of fund-level leverage which is used to achieve those returns, to the extent such a fund is a levered fund. Gross performance returns are presented before management fees, carried interest, and other expenses borne by investors in the Fund(s), inclusive of the effects of fund-level leverage which is used to achieve those returns, to the extent such a fund is a levered fund. An actual portfolio would bear such fees and expenses. If such fees and expenses were deducted from performance, returns would be lower. For example, if a fund appreciated by 10% a year for five years, the total annualized return for five years prior to deducting fees and expenses at the end of the five-year period would be 10%. If total fund fees and expenses were 1% for each of the five years, the total annualized return of the fund for five years at the end of the five-year period would be 8.90%. These returns reflect the fees, expenses, and carried interest of the underlying fund investments (where applicable), certain expenses of any special purpose vehicle that held an interest in the underlying fund (where applicable), and the upfront costs, fees, expenses, and interest expense of the fund's leverage facilities, to the extent such a fund is a levered fund, but do not reflect the management fees, carried interest, and other expenses borne by investors in the Fund(s), which will reduce returns. The specific payment terms and other conditions of the management fees, carried interest, and other expenses of a Fund are set forth in the governing documents of the Fund.

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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.

REGISTERED OFFICE	INVESTMENT MANAGER	Richard Hickman
HarbourVest Global Private Equity Limited	HarbourVest Advisers L.P.	Managing Director, HVPE
		[e-mail]
Company Registration Number: 47907	c/o HarbourVest Partners, LLC	[phone]
BNP Paribas House	One Financial Center
St. Julian's Avenue	44th Floor
St Peter Port	Boston MA 02111	Stephanie Hocking,
Guernsey GY1 W1A	U.S.A.	Head of Investor Relations and Communications,
Tel [phone]	Tel [phone]	HVPE
Fax [phone]	Fax [phone]	[e-mail]
		[phone]

4

HVPE Year in Review

Richard Hickman

Managing Director

Billy Macaulay

Director of Finance

Capital Markets Day 2024

HVPE in numbers

HarbourVest Global Private Equity (HVPE) is a listed investment company, launched in December 2007. Own shares in HVPE for global exposure to companies not listed on public markets.

$3.9bn

portfolio

+251%

share price (£) total return

over the last 10 years

1,000+

private company exposures

+13.4%

compound annual NAV per share

growth rate ($) over the last 10 years

FTSE 250

joined the index in 2015

(current position #75 with a market cap of £1.8bn)

+4.3%

per-annum outperformance versus public markets over the last 10 years

An investment of £1,000 ten years ago would now be worth £3,507. An equivalent investment in the FTSE All-World Index would be worth £2,417.

Numbers as 31 January 2024. 10-year comparisons reflect growth over the 10 years to 31 January 2024. FTSE current position taken as at 24 May 2024. "%" per-annum outperformance refers to	6
percentage point outperformance. Past performance is not indicative of, or a guarantee of, future performance.

Annual Results 2024: key messages

HVPE's portfolio proved resilient through another challenging year

NAV per share

grew by 4%

New commitments scaled

back

New Distribution Pool mechanism introduced

Capital calls continued		Weak distributions drove
at normal levels		negative cash flow

Repurchased 1.4 million		Total repurchases of
shares worth $38.5 million		$78.7 million since
in the period		September 2022

Revised Strategic		Expecting a recovery in
Asset Allocation targets		distributions in months ahead

Numbers as 31 January 2024. 10-year comparisons reflect growth over the 10 years to 31 January 2024. "%" per-annum outperformance refers to percentage point outperformance. Past performance is	7
not indicative of, or a guarantee of, future performance.

HVPE Important updates

The Board have announced a package of measures to support and optimise total returns to shareholders and boost demand for the stock, whilst also increasing balance sheet flexibility

• Current Distribution Pool balance of $52m to be used for buybacks
• Total of $150 - 250m expected to be allocated to Pool by end of 2025, inclusive of allocations to date
• Marketing budget approved at 1.7x last year's spend to boost investor demand
• New $1.2bn credit facility fully committed until June 2029

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Performance & Positioning

Long-term performance

Performance & Positioning

HarbourVest

Partners &

HVPE

Over the last 10 years…

13.4% compound annual NAV per share growth rate (in USD)

Outperformance of 4.3% annualised compared to FTSE All World Total Return Index

+251% share price total return (in GBP)

		NAV per share ($)	Share Price ($)						$49.11	$48.52	$50.47
	(Figures in brackets denote share price discount to NAV per share in USD)
Portfolio										$35.97
								$24.09	$27.58		$37.30
							$21.46					$29.15
					$16.75	$18.47					$27.10
Financials			$14.38	$15.86			$24.15	$25.55
$12.46
					$17.77	$18.75
						$15.03
	$8.66			$12.73	$12.41
		$10.75
Conclusion	2013		2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
	(31%)		(25%)	(20%)	(26%)	(19%)	(17%)	(22%)	(12%)	(29%)	(24%)	(44%)	(42%)

Past performance is not indicative of, or a guarantee of, future performance. The value of an investment in the Company may fluctuate and share prices and returns may go down as well as up. 10-year comparisons reflect growth in the 10 years to 31 January 2024. "%" per-annum outperformance refers to percentage point outperformance. The 2013 to 2024 numbers in the graph reflect final annual 31 January audited NAV per share figures.10