2025 ANNUAL CASHFLOW UPDATE

29 January 2026 

HVPE 2025 ANNUAL CASHFLOW UPDATE

HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a FTSE 250 investment company with global exposure to private companies, managed by HarbourVest Partners ("HarbourVest"), is today publishing its annual cashflow update for the calendar year ended 31 December 2025.

A Year of Strong Performance and Strategic Progress

2025 was a landmark year for HVPE, marked by robust share price performance, continued NAV growth, and a significant narrowing of the discount to NAV at which the shares trade. The decisive actions taken by the Board and Investment Manager over the past year have delivered tangible results for shareholders, positioning HVPE as a clear leader among its listed private equity peers.

· Share Price and NAV Growth: HVPE's share price rose 18% over the calendar year to £31.35 at 31 December 2025, building on the 13% increase achieved in 2024. Estimated NAV per share increased by 11% to $58.13, reflecting the strength and resilience of HVPE's globally diversified portfolio.

· Discount to NAV: The discount to NAV narrowed further to 27% at year-end, from 37% at the end of 2024, as the market responded positively to HVPE's enhanced shareholder returns and proactive capital allocation strategy.

· Delivering on Shareholder-Friendly Measures

January 2026 marks the first full year since the introduction of HVPE's suite of three ambitious initiatives designed to maximise shareholder value and address the persistent discount to NAV:

o  Doubling the Distribution Pool: The Board doubled the allocation of gross cash realisations to the Distribution Pool from 15% to 30%, providing significant resources for share buybacks. Over the calendar year, HVPE deployed $93 million to repurchase 2.6 million shares, representing 2.4% of opening NAV and delivering 1.6% accretion to NAV per share. Since inception of the buyback programme in September 2022, HVPE has deployed $240 million to repurchase shares delivering 5.5% accretion to NAV per share.

o  Simplified SMA Structure: The transition to a Separately Managed Account (SMA) structure was completed in August 2025, giving HVPE greater control and flexibility over capital deployment, reducing embedded leverage, and enhancing portfolio liquidity.

o  Continuation Vote: HVPE will hold a Continuation Vote at the 2026 AGM, underlining the Board's commitment to best-in-class governance and giving shareholders a direct say in the Company's future. The Board welcomes feedback from all shareholders ahead of the vote, and thanks those who have already provided their perspective. The Board will consider all feedback received in the coming months, with a view to setting out the case for continuation at the full-year results in May. Positive commentary to date from shareholders and analysts provides confidence that the decisive actions taken over the past year will be recognised and supported by shareholders at the vote.

Cashflow 

· Through 2025, HVPE was cashflow positive by $46 million, receiving $424 million in distributions and investing $378 million in HarbourVest funds, equivalent to 11% and 10% of opening NAV. These figures contrast with 2024, when cashflow was negative, as HVPE received $379 million in distributions and invested $422 million, equivalent to 10% and 11% of opening NAV respectively in that year.

· The Distribution Pool held a balance of $85 million at the end of December, after total buybacks of $93 million during the course of 2025. The Board anticipates that the Distribution Pool will continue to be utilised for share buybacks for the foreseeable future.

Portfolio Activity

· Notable portfolio activity in 2025 was the asset sale announced in December 2025 at a blended discount of 6% to NAV which is expected to raise a total of $300 million in cash for HVPE after expenses. Proceeds from the Transaction are expected to be received in tranches in March ($138 million) and December 2026 ($162 million). A total of $90 million (30%) of the proceeds will be allocated to the Distribution Pool as the cash is received.

· There were a total of 424 IPO and Merger & Acquisition transactions in HVPE's portfolio in 2025, an increase of 7% on 2024. Notable portfolio company activity included Wiz being acquired by Alphabet subject to regulatory approvals, a SpaceX tender offer, and Figma and Verisure's respective IPOs.

Outlook for 2026

As we start 2026, the Board and Investment Manager maintain an optimistic outlook underpinned by expectations of improved liquidity as exits resume and the secondary market continues to provide innovative solutions. Whilst geopolitical tensions and market uncertainties persist, we continue to see signs of improved liquidity in HVPE's portfolio. Although risks remain, HarbourVest is well positioned to adapt and identify opportunities on HVPE's behalf to continue delivering value for shareholders.

Ed Warner, Chair of HVPE, commented:

"2025 was a year in which HVPE's decisive actions delivered for our shareholders, through strong performance and by laying the foundations for future growth. The Board remains resolutely focused on maximising value, as demonstrated by our enhanced buyback programme, the successful transition to a more flexible SMA structure, and our ongoing commitment to robust governance through the upcoming Continuation Vote.

One of the year's standout achievements was the successful $300 million asset sale, executed at a 6% discount to NAV. This transaction not only demonstrates the encouraging conditions in the secondary market but also highlights HVPE's ability to unlock significant value for shareholders through proactive portfolio management.

We remain vigilant and agile, ready to capitalise on opportunities as they arise, confident that our diversified portfolio and strategic initiatives will continue to drive strong performance and further narrow the discount to NAV."

Ed Warner and Richard Hickman, HarbourVest Partner's Managing Director of HVPE, will provide a live Investor Presentation via Investor Meet Company on 09 Feb 2026, 15:00 GMT. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 08 Feb 2026, 09:00 GMT, or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free here:

https://www.investormeetcompany.com/harbourvest-global-private-equity-limited/register-investor

Investors who already follow the Company on the Investor Meet Company platform will automatically be invited.

HVPE's most recent Estimated NAV Per Share Update can be found on HVPE's website, in the Monthly Update for 31 December 2025.

The HVPE team is here to discuss any questions you may have, so please do not hesitate to contact Richard Hickman or Stephanie Hocking using the contact details below.

- ENDS -

 Enquiries:

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 funds which 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 43 years of experience.

About HarbourVest Partners, LLC:

HarbourVest is an independent, global private markets firm with over 43 years of experience and more than $150 billion of assets under management as of September 30, 2025. 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 1,300 employees, including more than 240 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than $66 billion to newly-formed funds, completed over $70 billion in secondary purchases, and invested over $51 billion in direct 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, or 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 or undertaking, express or implied, is or will be made by 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

© 2025 HarbourVest Global Private Equity Limited. All rights reserved.