Annual Financial Report

29 May 2025

HARBOURVEST GLOBAL PRIVATE EQUITY LIMITED

("HVPE" or the "Company")

RESULTS FOR THE 12 MONTHS ENDED 31 JANUARY 2025

Resilient performance against challenging backdrop

Introduction of ambitious initiatives to maximise returns

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 2025.

Highlights

Resilient performance

· Net Assets of $4.0bn (2024: $3.9bn)

· Share Price Return (£) +19.2% (2024: +4.8%)

· Discount to NAV (£) reduced from 42% to 35%

· NAV per Share Return ($) +7.3% (2024: +4.0%)

· Weighted Average Uplift to Pre‑Transaction Carrying Value 37% (2024: 24%)

Three new initiatives to maximise returns and address discount to NAV

· Distribution Pool allocations doubled from 15% to 30% - the Board believes that buybacks at the current discount to NAV are accretive and represent an efficient use of shareholder capital

· Simplified investment structure - will benefit shareholders via increased control and flexibility around investment pacing and portfolio liquidity, and reduced look‑through gearing

· Introduction of Continuation Vote at 2026 AGM - ensures shareholders have a platform to express their views and decide on the future of the Company

Engaged Board

· $106 million (£84 million) utilised to buy back 3,414,837 shares. Equivalent to 2.7% of opening NAV and boosted NAV per share by 1.9%

· Since the Board commenced share buybacks in September 2022, a total of $197 million has been bought back, adding 4.4% to NAV per share

· Largest share buyback program by value among any of HVPE's direct fund of fund peers

· Benefits of overhauled communications function paying off

o 120 individual meetings with wealth managers, family offices, and institutional investors

o 300% increase in retail and professional events

o Expanded online presence

o Retail investor engagement strengthened

· Annual perception study carried out by an independent third party

· Capital Markets Day scheduled for 12 June 2025, if you would like to register you can do so here

Reasons for optimism despite current market turbulence

· During the 12 months ended 31 January 2025, there were a total of 496 known M&A transactions and IPOs, an uptick on the 362 total transactions reported in the 12 months to 31 January 2024

· 2025's early signs of recovery were expected to act as catalysts for unlocking greater value in the sector

· Greater clarity and a more measured tone around global trade policy could support a gradual return to stability in the coming months

· The Board and Manager believe as confidence resettles, the pick-up in transaction volumes will resume

· HVPE's high quality, diversified global portfolio ensures it is very well placed to capitalise on private market opportunities

Ed Warner, Chair of HVPE, commented:

"Despite the economic uncertainty impacting market confidence, the Board is encouraged by HVPE's long-term achievements and has implemented three ambitious measures to address the discount to NAV: increasing the allocation to HVPE's share buybacks, simplifying HVPE's investment structure, and introducing a Continuation Vote at the 2026 AGM.

"Over the past year, HVPE's share price has risen by 19%, bolstered by share buybacks and decisive actions by the Board and Investment Manager, positioning HVPE as a strong performer in the sector.

"I would like to thank our shareholders for their feedback and continued support, and we look forward to HVPE's high quality portfolio continuing to outperform public market benchmarks over the longer term".

Annual Report and Accounts

To view the Company's Annual Report and Accounts please visit HVPE's website: https://www.hvpe.com/literature-and-reports/reports-presentations/reports/. 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

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 -

LEI: 213800NBWV6WWV8TOL46

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 42 years of experience.

About HarbourVest Partners, LLC:

HarbourVest is an independent, global private markets firm with over 42 years of experience and more than $143 billion of assets under management as of December 31, 2024. 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 1,200 employees, including more than 235 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than $62 billion to newly-formed funds, completed over $62 billion in secondary purchases, and invested over $45 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.

chair's statement

As I write this statement, we find ourselves in a markedly different environment from this time last year. Some developments offer grounds for optimism. In particular, interest rates have started to fall around the world, triggering a pick-up in corporate activity that is unshackling private capital. However, since early April 2025, the economic picture has shifted once again. The announcement of the Liberation Day tariffs by President Trump, along with subsequent developments, has introduced fresh volatility into the markets. While there has been a pause on the most severe measures and some early signs of a willingness to negotiate, a lack of clarity around the path forward has once again heightened economic uncertainty with a knock-on impact on market confidence.

Investors can be reassured that despite the backdrop, the Board remains confident in our strategic approach to effectively navigate this short-term volatility in the global markets, and we remain encouraged by HVPE's long term success.

The Board is fully aware that the Company's share price is still trading at a meaningful discount to NAV and shares your frustrations on this matter. This is why we introduced three ambitious measures on 30 January 2025 to help address the discount: doubling the allocation to HVPE's share buybacks to 30% of gross cash realisations, simplifying HVPE's investment structure, and introducing a Continuation Vote at the 2026 Annual General Meeting ("AGM").

By its very nature, HVPE is a long-term value creation vehicle, designed to generate sustainable growth over extended periods. Over the past ten years, we have delivered a NAV per share total return of 242% in dollar terms. In sterling terms, for the same period, HVPE's share price return of 227% has outperformed the FTSE 250 Index (returned +69%), and the FTSE All World Total Return Index (returned +221%).

Over the past year, HVPE's share price has increased by 19% to £27.60, supported by the value accretion from $106 million of share buybacks. Additionally, the decisive actions taken by the Board and the Investment Manager have contributed to the discount to NAV reducing from 42% to 35%. This increase in HVPE's share price positioned the Company as the second-best performer in the Listed Private Equity Fund of Funds sector.

We remain optimistic as we navigate 2025. Greater clarity and a more measured tone around global trade policy could support a gradual return to stability in the coming months, supporting the much-needed recovery in the IPO and M&A markets, and we would expect this to be accompanied by a stronger alignment of buyer and seller expectations - a key catalyst for unlocking value in the sector. Your Investment Manager also shares this positive outlook and is encouraged by potential IPOs in the venture space, which bodes well for HVPE given its exposure to this segment.

Narrowing the Discount to NAV

The Board's responsibilities to its shareholders include the ongoing evaluation of HVPE's performance to ensure that its shareholders are being best served by both its strategy and its Investment Manager. As part of this, we recognise the importance of open dialogue with our investors and during the course of the year met with a large number of investors and key stakeholders, and commissioned a follow-up perception study undertaken by an independent agency. The results of the Board's engagement with shareholders revealed broad support for the Company's strategy. We are reassured that shareholders share the Board's view that HVPE plays a critical role in providing all investors of any size with access to a wide range of private equity investments, offering exposure to emerging, high-growth companies in the form of a liquid and freely traded share.

The feedback we received helped inform the Board's decision-making regarding the introduction of the three new initiatives announced at the end of the financial year.

Increased Allocation to Share Buybacks

As outlined in our update on narrowing the discount on 30 January 2025, the Board believes that share buybacks at the current discount to NAV are a driver of shareholder value and therefore an efficient use of capital. This is why we announced the doubling of the Distribution Pool1(APM) from 15% to 30%. We expect this move to generate significant NAV accretion should HVPE's shares continue to trade at a material discount to NAV.

Simplified Structure

This month, we finalised the details of the new investment structure that will see HVPE's capital deployed through a dedicated vehicle investing in third-party primary funds, secondaries, and direct co-investments. This Separately Managed Account (SMA) will simplify HVPE's investment framework over time and benefit shareholders with increased control and flexibility around investment pacing and portfolio liquidity, and reduced look‑through gearing.

Best in Class Corporate Governance

Finally, as further confirmation of the Board's continued commitment to best-in-class corporate governance, we announced in January 2025 that we will introduce a Continuation Vote at HVPE's AGM in July 2026. This will give shareholders the opportunity to express their views and decide on the Company's future. The Board considers this an important step in strengthening shareholder democracy, with HVPE being the first listed PE fund of funds investment company to adopt such a measure. Shareholders will be asked to decide by a simple majority vote on the Company's continuation. It is, of course, our hope that you will take this opportunity next year to endorse HVPE's strategy and its future.

Buybacks

The Board has been active in buying back shares in the last financial year, investing $106 million (£84 million) to buy back 3,414,837 shares at an average price of £24.48 in the year. This was equivalent to 2.7% of opening NAV and boosted NAV per share by 1.9%. HVPE undertook the largest share buyback programme in the Listed Private Equity Fund of Funds peer group by volume and the second largest as a percentage of NAV.

Portfolio Cash Flows, Commitments and Balance Sheet

HVPE was a net investor by $61 million during the financial year, with $443 million invested and $382 million realised. There were also $415 million of new fund commitments in the year. The Board and Investment Manager negotiated a new credit facility, which was increased from $800 million to $1.2 billion in June 2024. The cash balance for HVPE at 31 January 2025 was $123 million (down from $140 million on 31 January 2024), with a net debt position of $357 million at 31 January 2025 (up from $135 million on 31 January 2024) due to net investment into the portfolio, share buybacks and operating expenses.

Dedication to Best Practice

Your Board is dedicated to observing the best standards of corporate governance within the investment company sector. Over the past few years, we have undertaken transformative efforts to enhance the Board's independence and ensure our structure serves the best interests of our shareholders. Key initiatives include the introduction of a strict nine-year tenure policy for Directors, and, critically, the establishment of a fully independent Board. The independent shareholder perception studies that we have undertaken are a demonstration of our commitment to listen to HVPE's shareholders. We have not hesitated to act decisively to address any concerns, and will continue putting shareholder interests at the heart of all we do.

Increased Engagement

We made a strategic decision to invest in strengthening our marketing efforts to improve our connection with existing and potential investors in 2024, building a comprehensive programme from the ground up. We have started to see the benefits of this initiative, holding 120 individual meetings with wealth managers, family offices, and institutional investors - an increase of over 20% from the previous year. This year also saw the launch of a dedicated LinkedIn page to expand our online presence, an advertising campaign in the second half of 2024 that reached 59,000 households, and a trebling of the number of retail and professional events held compared to the previous year - with a particular focus on the UK and Switzerland. The latter has been particularly impactful, resulting in an increase in demand from Swiss investors.

In addition, we have started producing a series of educational videos and expanded our thought leadership work to engage investors in a more accessible and informative way. Our Investor Meet Company events have also proved highly effective in strengthening investor engagement, attracting almost 600 investors across the four meetings held so far. In the coming months, we have several key engagements scheduled - with the Capital Markets Day on 12 June 2025 at the centre of this activity, where I hope to see many of you. The Company's AGM with be held in Guernsey at 1.00PM BST on 16 July 2025. Formal notice will be sent to registered shareholders shortly and we encourage all registered shareholders to exercise their votes by proxy.

Outlook

The turbulence in markets in recent weeks, as investors attempt to separate noise from signal in the pronouncements from the US administration, has had the immediate effect of dampening activity in private markets. Early signs are that this will prove merely a postponement of transactions and that, as confidence resettles, the pick-up in volumes evident across the turn of the year will resume. While the effect on HVPE may be a lower overall quantum of distributions from our investments in 2025 than originally anticipated before the tariffs shock, we remain confident that HVPE's high quality, diversified global portfolio ensures it is very well placed to capitalise on the many exciting opportunities that the improving conditions in private markets will present. On behalf of the Board, I would like to thank all shareholders for your continued support.

Ed Warner

Chair

28 May 2025

1 (APM) Metrics with this APM icon denote our Alternative Performance Measures ("APMs"). For more information on APMs, please turn to pages 109 to 110.

Investment Manager's Report

Introduction

After more than two years of challenging global macro conditions, the recovery in public markets that began in Q4 2023 gained traction and accelerated through 2024. Central banks in several key Western economies started reducing interest rates, albeit gradually, and market confidence returned. As inflationary pressures began to abate, the European Central Bank and the Federal Reserve made interest rate cuts of 1.0% and 0.75% respectively during the year. Whilst inflationary risk remained, and an uncertain geopolitical backdrop continued to present its own challenges, investor sentiment improved as the year progressed. Most major equity indices posted double-digit gains, with the S&P 500, Nasdaq and FTSE All-World finishing at, or close to, new record highs.

Following the year-end, the Liberation Day US trade tariff announcements introduced new macroeconomic and geopolitical risks into the investment environment, causing markets to drop sharply initially. While there has been some recovery in equity indices and market sentiment since then, an elevated level of uncertainty persists, which is likely to continue affecting both public and private equity markets throughout the remainder of 2025.

Private Markets Industry

The improvement in public equity market confidence during 2024 was also reflected in private market dealmaking. After a tepid start, global private equity ("PE") investment activity accelerated as the year progressed, as M&A activity started coming back to life. In 2024, global M&A markets were up 19% by value and 13% by volume compared with 2023, with private equity's share rising as 2024 progressed1. Evidence of a narrowing valuation gap between the price expectations of buyers and sellers was also evident.

PE exit activity strengthened in the second half of 2024, but this was still not sufficient to ease the liquidity pressures that have been faced by Limited Partners ("LPs") since 2022. Although estimated PE exit volume of $871 billion during 2024 was comfortably ahead of the $759 billion recorded for the same period in 2023, it remained substantially below 2021's peak, which saw $1.7 trillion of private equity2 exits globally, and below the average of $1.0 trillion seen over the prior five years2. Whilst IPOs tend to make up a small percentage of exit activity, it is worth noting that IPO markets did not make the meaningful return in 2024 that many had hoped for, with the number of IPOs globally falling 10% to 1,2153, significantly below the peak of 2,388 seen in 20214 and the annual average of 1,639 seen over the last five years5.

1 Source: PitchBook, Q1 2025 Global M&A Report, 28 April 2025.

2 Source: PitchBook, Q1 2025 Global PE First Look, 1 April 2025.

3 Source: EY Global IPO Trends 2024.

4 Source: EY Global IPO Trends 2021.

5 Source: EY Global IPO Trends 2024 & 2021, Baker McKenzie IPO Report 2020.

With activity in the traditional exit channels for private markets remaining low by historical standards, the secondaries market has been increasingly accessed by both GPs and LPs as they seek to generate liquidity from portfolios. LPs are becoming more tactical in managing their PE programmes and are using secondaries to fine-tune their exposures, with LP-led deals accounting for around 54% of market volume in 20241. Meanwhile, GPs also see the secondary market as an increasingly useful mechanism for creating liquidity from their top performing companies and are embracing continuation solutions to maintain partial exposure to their future growth potential. These trends helped drive global secondary volume in 2024 to record levels, with $162 billion of transaction volume, against a prior record of $132 billion in 20212. Despite this growth, private equity asset turnover on the secondary market remains a relatively small proportion of the overall market (at around 2%)3, meaning that there is still significant scope for this market to grow in the future.

Trends by region

The recovery in private market deal activity was not spread equally by region. At $391 billion, US PE exit activity for 2024 was significantly ahead of the 2023 exit value ($287 billion)4. This upturn was supported by a competitive debt financing backdrop as banks returned to the syndicated loan market. US venture capital is taking somewhat longer to recover, with new deal and exit activity remaining muted in 2024. However, the strong performance of some of the venture capital-backed IPOs that did occur in 2024 (such as Reddit and Astera Labs), indicates that there is investor appetite for companies at the forefront of innovation in sectors such as artificial intelligence, climate tech, cybersecurity, and health tech. This is echoed by private market fund raising transactions such as OpenAI's $6.6 billion round, valuing the company at $157 billion5 and Databricks' $10 billion round, valuing the company at $62 billion6.

Europe saw a healthy uptick in PE investment activity with buyout deal values and volumes growing by 39% and 8% respectively7. Unlike other regions, European fundraising was strong, with GPs raising a record €133 billion during 2024, which was above the previous record of €126 billion raised in 2021 and the €124 billion raised in 20238. Despite these healthy market indications, a significant rebound in Europe's PE exits did not materialise in 2024, with total exit value of €281 billion, which was only 5% above the total for 2023 (€269 billion) and significantly below the record of €414 billion seen in 20219. The region's economic recovery still faces challenges, including geopolitical conflict and a growing need to innovate as industrial companies shift towards new business models that incorporate digital technologies. Despite these obstacles, we believe that managers with the skills and resources to capitalise on these opportunities will be able to generate strong returns for investors in growth sectors such as AI and automation as well as from trends such as the reshoring of supply chains.

Private equity and venture capital transactions across Asia-Pacific ("APAC") totalled $101 billion in 2024, roughly in line with the 2023 total ($102 billion), supported by buyout deals in Japan, Korea, and India and several large transactions in China10. Overall exit volume increased 18% year-on-year to $60 billion, with India representing the largest exit market for the region11. India's IPO market was exceptionally strong, with over 300 IPOs being launched by Indian companies, taking advantage of strong investor confidence and a burgeoning pool of domestic investors participating in equity markets12. With total disposable incomes across the region projected to double in real terms from 2021 to 204013, the growth in spending power is fuelling deal opportunities in areas such as healthcare, financial services, and consumer services. Asia is also seeing the emergence of the first wave of generative-AI related investments, with companies such as DeepSeek rising as new challengers to more established names in the space and offering the potential to disrupt and transform traditional business models in the years to come.

1 Source: Jefferies Global Secondary Market Review January 2025.

2 Source: Jefferies Global Secondary Market Review January 2025.

3 Source: Global secondary volume as proportion of private equity NAV per Preqin October 2024.

4 Source: Pitchbook Q1 2025 US PE Breakdown.

5 Source: https://openai.com/index/scale-the-benefits-of-ai/.

6 Source: Databricks website.

7 Source: Pitchbook Q1 2025 European PE First Look, 1 April 2025.

8 Source: Pitchbook Q1 2025 European PE Breakdown, 9 April 2025.

9 Source: Pitchbook Q1 2025 European PE First Look, 1 April 2025.

10 Source: AVCJ, APER, supplemented by HarbourVest analysis of other activity in the market, as of 31 December 2024.

11 Source: AVCJ, APER, supplemented by HarbourVest analysis of other activity in the market, as of 31 December 2024.

12 Source: EY Global IPO Trends 2024.

13 Source: https://www.euromonitor.com/income-and-expenditure-in-asia-pacific/report.

A Summary of HVPE's Year

Move to SMA structure

HarbourVest Partners recently agreed the final heads of terms on a revised structural arrangement with the Board for the deployment of capital into new private markets investment opportunities. Going forward, capital will be deployed via a dedicated HVPE SMA vehicle directly into third-party GP funds, secondary opportunities and co-investments. This arrangement, referred to as a SMA, will simplify HVPE's investment structure over time. HarbourVest is an experienced partner of choice for bespoke private market solutions across investment strategies, geographies and stages, managing over 150 SMAs globally with a combined assets under management ("AUM") of over $57 billion1.

The SMA structure will allow a greater degree of flexibility in both the deployment of capital into new opportunities and the management of liquidity within the portfolio. This increased flexibility comes with no expected material change in the future diversification of the portfolio and no expected increase in the level of HarbourVest Partners' fees, despite the more tailored nature of the new structure. The management fee on HVPE's SMA, at 60 basis points on NAV, is no greater than the current effective management fee rate incurred on HVPE's existing portfolio of HarbourVest funds.

The SMA structure will mean that committed capital is allocated to underlying investments in annual tranches, as opposed to in a commingled fund where commitments are allocated to underlying investments over a multi-year period. Committed capital will therefore be invested more quickly than in the commingled structure, so there will be no requirement to maintain such a large pipeline of unfunded commitments. The SMA structure will also mean that HVPE's overall exposure to debt will reduce, with borrowing at the HarbourVest fund level declining materially in the years ahead as the funds in its existing commingled portfolio mature and pay down debt. Furthermore, the Company's pipeline of unfunded commitments to HarbourVest funds will also decline, leading to more predictable cash flows and a reduced need for borrowing at the HVPE level.

It is important to note that the new SMA represents a more refined way of managing the HVPE portfolio moving forward. It does not represent a change in the overall purpose of HVPE, which continues to be to provide shareholders with easy access to a diversified global portfolio of high-quality private equity investments. Additionally, HVPE will continue to be offered the opportunity to invest in every new fund raised by HarbourVest Partners, retaining the option to invest if the circumstances appear particularly attractive.

Distributions

During the year to January 2025, HVPE's portfolio demonstrated a realisation pattern that broadly mirrored that seen in the global PE market. After a slow start to the first half of the year, which saw $136 million distributed, the pace of distributions picked up in the second half with $246 million being received. The $382 million realised for the full year represented a 23% increase on the prior year, although it remained well below the $835 million peak seen in the year ended 31 January 2022 and the five-year average of $455 million. Realisations during the year included the sale of tail-end positions within the secondary portfolio as HarbourVest looked to proactively generate additional liquidity to counteract the continued weakness seen across the wider PE exit market.

New commitments

HVPE made total commitments of $415 million across seven HarbourVest funds over the financial year to 31 January 2025 (12 months to 31 January 2024: $295 million). Total unfunded commitments were $2.5 billion as at 31 January 2025, which was in line with the prior year figure.

New commitments made during the year were lower than historical averages due to the continued depressed level of portfolio exit activity. Post year-end, no new commitments have been made to HarbourVest funds, given the Company's move to its new SMA approach as announced on 30 January 2025. We expect to increase the level of new commitments once positive cash flow has been sustained for an extended period.

Our medium-term focus continues to be on moving the portfolio gradually towards the revised target allocations set out in last year's Investment Manager's report following our strategic asset review.

1 Source: HarbourVest Partners, as at 30 June 2024.

Outlook

The US administration's evolving tariff policy has temporarily dampened private market deal activity as buyers and sellers pause to assess the full impact. Both the heightened economic uncertainty and trading disruption faced by companies could lead potential buyers to pull back from the market or apply higher risk premiums when pricing assets. This may result in a widening of the bid-ask spread and a reduction in private market exit activity.

While we wait for this uncertainty to abate, we remain optimistic that the resilience and long-term horizon of private capital will continue to deliver more advantageous returns than public markets. In fact, the current market dislocation presents buying opportunities for secondary managers, such as HarbourVest, when private market investors seek to free up capital or rebalance their portfolio exposures.

Market indicators show there is some cause for cautious optimism. Venture capital rounds in the US and Europe appear to have bottomed out1 and there has been a healthy flow of new venture deals, particularly in the AI space, indicating there is still a selective demand for high-quality assets in specific attractive sub-sectors. Falling interest rates and the recovery of broadly syndicated loans as a viable source of debt have resulted in credit spreads tightening for senior private credit, which should help facilitate a broader range of new buyout deals.

Additionally, there is evidence that the prolonged period of reduced transaction volume in the buyout market has helped converge buyers' and sellers' pricing expectations. GPs also have access to a significant amount of uninvested capital, which they are under increasing pressure to deploy. Prior commitments from LPs are continuing to age, with approximately 26% of buyout funds' available invested capital now being four or more years old2. These dynamics could drive a renewed upturn in deal activity, which would bode well for liquidity in HVPE's portfolio if the uncertainty around tariffs were to subside.

Turning to the listed private equity market, a resumption of the upward trajectory for exit activity seen in Q1 would provide increased liquidity for share buybacks while enabling a greater level of new investment in attractive opportunities. This process of reinvestment while maintaining a balanced vintage exposure is vital to the sector being able to create long-term value for investors. Furthermore, given the healthy uplifts to GP valuation marks at which private market exits are typically completed, this activity will likely help allay the valuation scepticism which has been a key factor in the persistently wide discounts observed in the listed PE sector in recent years.

The nature of private market investing means the most valid measure of success is long-term performance. HVPE continues to demonstrate a track record of outperforming listed global equities. Over the 10 years ended 31 January 2025, HVPE's NAV per share return exceeded that of the FTSE All-World Total Return Index by an annualised 2.7 percentage points.

HarbourVest Partners is a highly experienced private markets investment manager, and we continue to have strong conviction that our strategy of operating a globally diversified portfolio of high-quality private market assets will deliver long-term investor value. Our new and more flexible investment approach will allow us to manage the portfolio in a more agile fashion, helping to ensure that we capture the best value creation opportunities through the cycle while managing portfolio liquidity more actively. Combining our highly disciplined investment approach with market-leading corporate governance will help ensure that we maximise long-term value for our shareholders.

Richard Hickman

Managing Director

1 Source: https://nvca.org/document/q1-2025-pitchbook-nvca-venture-monitor/.

NAV per Share - 12 Months to 31 January 2025

HVPE's NAV per share increased by 7.3% (or $3.70) in the 12 months to 31 January 2025, ending the financial year at $54.17. The FTSE All-World TR Index (in US dollars), increased by 21.0% in the same period. It is worth noting that the performance of the FTSE All-World was significantly inflated by the "Magnificent 7" stocks, which posted a 45% return over the period1.

Over the long term, HVPE's NAV per share return has been strong. The 31 January 2025 figure of $54.17 is almost double the NAV per share figure reported five years earlier (31 January 2020: $27.58) and over three times the respective figure ten years earlier (31 January 2015: $15.86). 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 2025, no single company represented more than 2.2% of the Investment Portfolio value (31 January 2024: 2.1%), helping to mitigate company-specific risk. The top 100 companies in the portfolio represented 29% of total value (31 January 2024: 28%), while the top 1,000 companies represented 81% (31 January 2024: 81%).

The direct portfolio was the best performing strategy in percentage terms, delivering value growth of 10.1% over the 12 months. This compared with growth of 6.7% for secondaries and 5.0% for primaries. Geographically, North America, Europe and Asia categories all saw growth at 7.5%, 6.9% and 3.7% respectively, while the Rest of the World saw a decline (-5.3%). Looking at stages, the Mezzanine and InfRA portfolio was the strongest performer, growing 9.7% in the 12 months ended 31 January 2025. Buyout and Venture & Growth Equity stage assets also grew, recording gains of 6.4% and 6.0% respectively.

As at 31 January 2025, HVPE held investments in 61 HarbourVest funds and 16 secondary co-investments2 (compared with 63 and 16 respectively at 31 January 2024). Of these, the largest fund contributors to NAV per share movement in absolute terms during the 12 months to 31 January 2025 are described below:

- Fund XI Buyout, a US-focused buyout fund of funds, was the largest contributor to NAV per share, adding $0.42 over the reporting period. With a vintage year of 2018, this fund is in its growth phase. The increase came predominately from unrealised gains.

- Asia Pacific 5, an Asia-pacific focused multi-strategy fund of funds, was the second-largest contributor over the reporting period, adding $0.36 to NAV per share. With a vintage year of 2021, this fund is in its investment phase. The increase came predominately from unrealised gains.

- Fund XII Buyout, a US-focused buyout fund of funds, was the third-largest contributor, adding $0.33 to NAV per share. With a vintage year of 2021, this fund is in its investment phase. The increase came predominantly from unrealised gains.

- Co-Investment VI, a global direct co-investment fund, was the fourth-largest contributor over the reporting period, adding $0.32 to NAV per share. With a vintage year of 2021, this fund is in its investment phase. This increase came predominantly from unrealised gains.

- Co-Investment V, a global direct co-investment fund, was the next largest contributor over the reporting period, adding $0.21 to NAV per share. With a vintage year of 2018, this fund is in its growth phase. This increase came predominantly from realised gains.

All of the remaining HarbourVest funds in the portfolio together contributed to an aggregate $2.73 increase to HVPE's NAV per share over the year.

1 Source: S&P CapitalIQ, weighted by opening market cap.

2 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 2025, HVPE received cash distributions of $382 million (12 months to 31 January 2024: $310 million) while funding capital calls of $443 million for new investments (12 months to 31 January 2024: $593 million). The result was net negative cash flow of $61 million over the reporting period (12 months to 31 January 2024: negative $283 million). The impact of the negative portfolio cash flow on the balance sheet and the resultant use of the credit facility is provided on page 29.

Distributions were weighted towards the second half of the year as exit activity accelerated, with $246 million being received compared with $136 million in the first half.

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 $376 million (85%) of the total calls and came from a broad mix of funds. The majority of total calls by value (84%) were into primary opportunities.

The top ten HarbourVest fund distributions totalled $169 million, or 44% of the total proceeds received in the period. Distributions by value were split between primary investments (66%) and secondary investments (19%), with the remainder coming from direct co-investments.

The HarbourVest fund-level borrowing as at 31 January 2025 is reported in Managing the Balance Sheet on page 30.

Portfolio Companies

During the year, the ten largest individual company realisations generated total distributions of $118 million, accounting for approximately 31% of all proceeds received. Of these ten companies, four were disclosed in HVPE's top 100 portfolio companies as at the end of the prior financial year.

Further details are provided on these four below (ordered by size of distribution). The top ten distributions by value are listed on page 25.

-  CrownRock develops oil and gas properties in the Permian Basin and Rocky Mountain regions of the United States. CrownRock was HVPE's 2nd largest company at 31 January 2024, and generated proceeds of $30.0 million following a sale to Occidental (NTSE: OXY), which was announced in August 2024.

-  Olink Proteomics is a platform for high-throughput protein biomarker discovery. Olink Proteomics was HVPE's 12th largest company at 31 January 2024, and generated proceeds of $16.6 million following a sale to American life science company, Thermo Fisher Scientific (NYSE: TMO) in July 2024.

-  SRS Distribution is a distributor of commercial and residential roofing products. SRS Distribution as HVPE's 92nd largest company at 31 January 2024, and generated proceeds of $13.1 million following a sale to The Home Depot, a home improvement retailer, in March 2024

-  Action Nederland is a leading European discount general merchandise retailer. Action Nederland was HVPE's 5th largest company at 31 January 2024 and continues to be so at 31 January 2025 following a partial realisation during the year, which generated proceeds of $6.1 million.

M&A Transactions and IPOs

During the 12 months ended 31 January 2025, there were a total of 496 known M&A transactions and IPOs, an uptick on the 362 total transactions reported in the 12 months to 31 January 2024. Additionally, within HVPE's portfolio, we have seen positive news flow in recent months that companies such as Revolut and Klarna are considering IPOs, which is an encouraging sign that we could see further improvement in exit activity in 2025 and beyond.

Of these 496 known transactions, 90% (446) were M&A (trade sales or sponsor-to-sponsor transactions), with the remaining 10% (50) being IPOs. IPOs tend to represent a relatively small proportion of exits for HVPE, consistent with wider industry trends.

There was a relatively even split across buyout and venture transactions where, of HVPE's total 496 known M&A transactions and IPOs, 255, or 51%, related to buyout-backed companies with the other 241, or 49%, relating to venture-backed companies. Over the period, the weighted average uplift to pre‑transaction carrying value for a large sample of transactions was 37%1.

The top five M&A and IPO transactions during the period (by contribution to HVPE NAV per share) are listed below.

(by contribution to HVPE NAV per share2)

(by contribution to HVPE NAV per share2)

1 These figures represent the weighted average percentage uplift to carrying value of 134 individual company M&A and IPO transactions during the year ended 31 January 2025. This analysis takes each company's value (whether realised or unrealised) at 31 January 2025 and compares it to the carrying value prior to announcement of the transaction. This analysis represents 87% of the total value of transactions in the year ended 31 January 2025 and does not represent the portfolio as a whole. Additionally, it does not reflect management fees, carried interest or other expenses of the HarbourVest funds or the underlying managers, which will reduce returns. Past performance is not necessarily indicative of future returns.

2 As measured since the announcement of the transaction or IPO filing.

Recent Events

HVPE Estimated NAV as at 30 April 2025

HVPE releases an estimated NAV on a monthly basis. These reports are available on the Company's website, generally within 20 calendar days of the month-end.

On 23 May 2025, HVPE published an estimated NAV per share at 30 April 2025 of $55.54 (£41.67), an increase of $1.37 (+2.5%) since the final 31 January 2025 NAV (US Generally Accepted Accounting Principles ("GAAP")) figure of $54.17. This latest NAV per share is based on a valuation breakdown of: 4% actual 30 April 2025 (reflecting the public company in the portfolio), 5% actual 31 March 2025 and 91% actual 31 December 2024. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cash flows, and any known material events to 30 April 2025.

The Investment Pipeline of unfunded commitments decreased from $2.5 billion at 31 January 2025 to $2.4 billion at 30 April 2025, based on capital funded and taking foreign exchange movements into account.

HVPE's cash and cash equivalents decreased from $123 million at 31 January 2025 to $111 million at 30 April 2025. The undrawn facility balance decreased from $720 million at 31 January 2025 to $685 million at 30 April 2025.

HVPE's look-through exposure to borrowing at the HarbourVest fund level increased by $30 million, from $539 million at 31 January 2025 to $569 million at 30 April 2025. The latest balance sheet ratios can be found in the factsheet on the HVPE website: www.hvpe.com.

Buybacks

Post year-end, HVPE has been in the market for 52 days buying back shares. During this time, 1,010,373 Ordinary Shares have been repurchased for cancellation at an average price of £25.92 per share for a total consideration of £26 million ($34 million). The total number of shares in issue is now 73,258,298.

As at 23 May 2025, the Distribution Pool balance was $23 million.

Transition to SMA structure

On 22 May 2025 HVPE announced that it had agreed the final heads of terms of its strategic transition to a new, simplified investment model with HarbourVest Partners, as announced on 30 January 2025.

Credit Facility

Post year-end, HVPE initiated a $35 million draw on the Facility. As at 23 May 2025, a total of $515 million is currently drawn on the $1.2 Billion Facility. More details regarding the Facility are available on page 28.

Share Price since 31 January 2025

The closing price of £24.35 on 23 May 2025 represents a fall of 11.8% since the year-end. This compares to the FTSE AW TR Index's decrease of 6.2% in sterling terms over the same period. The market capitalisation of the Company as at 23 May 2025 was £1.8 billion and, as of the same date, HVPE was ranked 65th in the FTSE 250.

Managing the balance sheet

Effective and prudent balance sheet management is critical when running a closed-ended vehicle investing into a portfolio of private market funds with varying cash flow profiles. This is particularly true for a company such as HVPE which has historically maintained a large pipeline of unfunded commitments (the "Investment Pipeline"), which is the amount of capital committed to underlying HarbourVest funds, but not yet drawn down for investments.

This section aims to outline HVPE's approach to managing its balance sheet and explain the steps it takes to ensure that the Company is sufficiently resourced in preparation for periods of significant market stress.

The chart below shows the gross and net cash flows in US dollar terms since inception. This reflects the cash flow cycles that our balance sheet management is designed to accommodate.

Move to the SMA Structure

The narrative below covers the year ended 31 January 2025. During this time all commitments were made through HarbourVest commingled funds. Going forward, commitments will be made under the SMA structure, as detailed on page 13.

The Importance of the Credit Facility

HVPE makes commitments to HarbourVest-managed vehicles, which typically call capital over a period of several years. This long- duration cash flow profile necessitates a large pipeline of unfunded commitments in order to ensure that the Company remains approximately fully invested over time - this is known as an over-commitment strategy and is critical to optimising long-term NAV per share growth. In most years, the capital called from HVPE by the HarbourVest-managed vehicles is taken from the cash distributions flowing from liquidity events within the portfolio. At times, however, capital calls will exceed distributions, potentially by a meaningful amount, and it may be necessary to draw on the credit facility to fund the difference.

A subsequent year may see the reverse situation, with net positive cash flow used to repay the borrowing. In this way, the credit facility acts as a working capital buffer and enables HVPE to manage its commitments to the level required in order to optimise returns through the cycle.

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. In June 2024, HVPE secured a new larger credit line to provide an enhanced level of support for its balance sheet, reflecting the strong growth in HVPE's net assets to $4.0 billion at the time the agreement was finalised. This restored the credit facility to a size equivalent to approximately 30% of NAV, comparable to 2015-2019 levels. This new $1.2 billion multi-currency credit facility (increased from $800 million), added Ares Management Credit funds and Apollo-managed funds as new syndicate members to join the two existing lenders, Mitsubishi UFJ Trust and Banking Corporation ("MUTB") and The Guardians of New Zealand Superannuation, with the new syndicate demonstrating their confidence in HVPE's portfolio and business model. The facility has a five-year term, expiring in June 2029. In November 2024 MUTB, which has supported HVPE as a major lender since 2019, syndicated $100 million of HVPE's Credit Facility to Nomura Corporate Funding Americas, LLC. The Board and Investment Manager are confident that this revised facility provides sufficient headroom for HVPE's existing and planned commitments over the period.

In the 12 months to 31 January 2025, HVPE received cash distributions of $382 million while funding capital calls of $443 million for new investments. The result was net negative portfolio cash flow of $61 million over the reporting period. Additionally, there were non-portfolio net cash outflows of $150 million, primarily related to buybacks ($106 million) and operating expenses ($53 million). Therefore, to ensure that HVPE had sufficient liquid resources to meet its near-term obligations, and to satisfy the requirement to draw a minimum of 40% of the new facility, HVPE initiated a further net draw of $205 million on its credit facility during the period, increasing the credit facility drawn balance to $480 million. This left HVPE with $720 million remaining of its credit facility as at 31 January 2025, and 9% geared. The cash balance at 31 January 2025 was $123 million, down from $140 million as at 31 January 2024. This resulted in a net debt position of $357 million at 31 January 2025, up from $135 million as at 31 January 2024.

Further detail on how we stress test the balance sheet can be found later on in this section.

Understanding HVPE's Investment Pipeline (Unfunded Commitments)

At 31 January 2025, HVPE's total pipeline of unfunded commitments - commitments to HarbourVest funds which have yet to be called - stood at $2.5 billion. This total pipeline comprised "allocated" investments of $1.9 billion and "unallocated" investments of $0.6 billion. "Allocated" refers to the portion of commitments which have been allocated by HarbourVest funds to underlying partnerships. "Unallocated" commitments are those which have yet to be allocated by HarbourVest funds to underlying partnerships, and therefore cannot be drawn down in the short term. It is important to note that, of the allocated pipeline, approximately 63% of commitments are to primary funds, which have a longer drawdown profile, whilst secondary and direct co-investment funds represent approximately 25% and 12%, respectively. Further detail on this, including the age breakdown of the allocated pipeline, is provided on page 22.

Since July 2022, HVPE's portfolio cash flow has been negative, as capital calls have exceeded distributions. Initially, the shortfall was met from the cash surplus accumulated through 2021 and early 2022. In the first half of 2023, the cash balance fell below our approved agreed minimum level and we subsequently drew on our credit facility. Periods of negative cash flow do occur from time to time and are factored into our cash flow projections. Prior periods of negative cash flow have been relatively brief, but nevertheless we do plan for extended periods of weak distributions combined with normal or elevated capital calls.

We cannot be sure that previous patterns will be repeated and must consider the possibility that capital calls could remain elevated even during a period of suppressed distribution activity. A large credit facility committed for an extended period, provides reassurance that the Company would be able to remain operational under such conditions, with the additional flexibility to continue to take advantage of attractive investment opportunities as they arise. HVPE's credit facility enabled it to be a net investor through the period 2008 to 2011, which has helped the Company to deliver very attractive long-term returns for shareholders. We continue to assess the credit facility to ensure that its size and cost remain proportionate to the benefits that it brings to HVPE.

Cash Flows, Modelling and Stress Testing the Balance Sheet

Cash flows from individual private equity investments can be irregular and unpredictable, and as a result, monitoring these is a complex and time-consuming task for investors in multiple funds such as HVPE. When managing a closed-ended vehicle that makes significant, irrevocable commitments to underlying funds, effective cash flow modelling is essential, first to ensure that the Company has sufficient capital available to honour its existing commitments, and second to inform the decisions it makes around future commitment levels.

The Investment Manager builds a bottom-up forecast based on an aggregation of individual HarbourVest fund models and then applies a sensitised top-down analysis informed by historic actual calls and distributions. Short-term broader market trends and systemic factors are also considered.

Finally, a range of scenario tests are conducted. HVPE has a 17-year track record in monitoring and interpreting cash flows arising from activity in the underlying portfolio. This detailed modelling is typically updated on an annual basis and reviewed quarterly for any changes to key assumptions. The scenarios under which Directors consider the Company to be a Going Concern can be found on page 66.

HarbourVest Fund-level Borrowing

HarbourVest funds employ credit lines for two main purposes: bridging capital calls and distributions, and financing specific investment projects where the use of debt may be advantageous. The majority of this fund-level borrowing represents delayed capital calls, where a proportion of the unfunded commitments has been invested through the use of subscription credit lines at the HarbourVest fund level, but the capital has not yet been called from HVPE.

HVPE has indirect exposure, on a look-through basis, to its pro rata share of borrowing carried on the balance sheets of some of the HarbourVest funds in which HVPE is a LP (referred to as HarbourVest Partners ("HVP") fund-level borrowing). This borrowing does not represent an additional liability above and beyond the commitments that HVPE has made to the HarbourVest funds.

The HVPE team monitors the HVP fund-level borrowing in absolute terms, and as a percentage of NAV. This borrowing is also considered when evaluating balance sheet ratios: the Total Commitment Ratio within the Investment Pipeline, and the Medium-Term Coverage Ratio within the three-year capital call projections. HarbourVest fund-level borrowing is also included when assessing the credit facility's loan-to-value ratios, as mentioned in Note 6, "Debt Facility" on page 96 of the Financial Statements. Possible changes in this borrowing (and hence the timing of capital calls payable by HVPE) are also incorporated into the balance sheet scenario tests conducted as part of the annual commitment planning exercise.

As at 31 January 2025, HVPE's share of HVP fund-level borrowing on a look-through basis was $539 million, a net increase of $31 million from the $508 million reported at 31 January 2024. Expressed as a percentage of NAV, this figure was 13%, which was unchanged from the figure as at 31 January 2024. The increase of $31 million can be attributed to new commitments made during the period, as well as underlying realisations continuing to be at depressed levels. Post year-end, as at 30 April 2025, the HVP fund-level borrowing increased by $30 million and stood at $569 million.

HVPE's year-end total exposure of $539 million includes $509 million (94%) of bridging finance (also known as subscription line finance), which is used to delay and smooth the pacing of capital calls to investors in the funds, including HVPE. Typically, these bridging facilities are committed by the lenders for a minimum of 12 months. The remaining $30 million (6%) is project debt, held in the most part by the HarbourVest secondary funds to finance specific projects. The bridging finance, should it be repaid in full or in part, will result in capital calls to investors in the HarbourVest funds, including HVPE, as this type of borrowing represents a portion of HVPE's existing unfunded commitment (Investment Pipeline) figure. Furthermore, during the period in which the debt is outstanding, there is a gearing effect on HVPE's NAV, as the investments have already been made while HVPE's share of the capital has not yet been called. Project finance has only a very limited impact on prospective cash flow but does contribute to the gearing effect.

In order to estimate the total potential gearing effect on HVPE as at 31 January 2025, an investor should take the HVP fund-level borrowing figure of $539 million and add the Company's net debt of $357 million. The resulting net total borrowing figure of $896 million would translate to an approximate level of look-through gearing of 22% of NAV at the financial year end. Further detail on the credit facility and the criteria upon which it can be drawn can be found under Note 6, "Debt Facility" on page 96 of the Audited Consolidated Financial Statements.

Expected Future Impact of the SMA on the Balance Sheet

As described in more detail on page 13, HVPE will make future commitments via an SMA structure rather than through commingled funds. Amounts committed to the SMA are allocated to underlying investments annually. This differs from a commingled structure where it normally takes several years to allocate committed capital to underlying investments. The impact of moving to the SMA will be a reduction in HVPE's unfunded commitments balance going forward, as the revised structure will require lower unallocated commitments.

HVPE's look-through exposure to borrowing at the HarbourVest fund level will decline materially in the years ahead as the funds in its existing portfolio mature and pay down debt. Additionally, the Company's pipeline of unfunded commitments to HarbourVest funds will also decline, leading to more predictable cash flows and a reduced need for borrowing at the HVPE level. Both these factors will reduce HVPE's overall debt exposure in the years ahead.

The transition period to the new structure will, by necessity, be gradual. New commitments made going forward will be into the SMA, while the existing portfolio of HarbourVest funds will continue to operate as before.

As the SMA was put in place after the year-end, there was no impact on the commitment or gearing levels during the year ended 31 January 2025.

Balance Sheet Ratios at 31 January 20251

Commitment Ratios

The Board and the Investment Manager refer to three key ratios when assessing the Company's commitment levels:

1. Total Commitment Ratio ("TCR")

The level of the TCR is a key determinant of the Company's total commitment capacity for new HarbourVest funds and co-investments within a given time period. The TCR increased slightly during the year.

2. Commitment Coverage Ratio

The nature of HVPE's structure, whereby it commits to HarbourVest-managed vehicles, which in turn invest in private equity managers, means that it typically takes longer for commitments to be drawn down compared with other listed private equity funds. As a result, to remain fully invested, it has to maintain a larger pipeline of unfunded commitments. This means that HVPE's Commitment Coverage Ratio may appear relatively low in comparison with other firms within its peer group.2 This ratio has increased over the financial year due to the increase in facility size.

3. Medium-term Coverage Ratio ("MCR")

HVPE uses this third specific metric to provide greater insight into the Company's balance sheet position and a more relevant comparison with the Company's peer group.2 This ratio increased over the financial year due to higher available liquidity.

The most recent published ratios, as at 30 April 2025, can be found within HVPE's latest monthly factsheet on its website.

1 These metrics are considered Alternative Performance Measures. More detail can be found on pages 109 to 110.

2 The peer group refers to the UK listed private equity fund of funds: CT Private Equity Trust, ICG Enterprise Trust, Pantheon International Plc and Patria Private Equity Trust.

3 Estimated distributions and estimated investments taken from base case scenario. For further details on cash flows and modelling, please see page 29.

Managing costs

Total Expense Ratio ("TER")

HVPE's TER reflects the total cost incurred by the Company in assembling and maintaining its portfolio of HarbourVest funds and co-investments. The figure is broken down into four distinct categories of expense.

First, there is the direct cost of running the Company in its own right, encompassing items such as the maintenance and use of the credit facility, Board fees and expenses, professional fees, marketing, financial reporting, the services of a dedicated team from the Investment Manager, and compliance costs. These costs, totalling 1.33% of average NAV in the 12 months to 31 January 2025 (12 months to 31 January 2024: 0.72%), are categorised as recurring operating expenses as shown in the first line of the table below. The increase in operating expenses is due to the greater utilisation of the credit facility during the year.

Second, operating costs borne by the HarbourVest funds amounted to a further 0.22% of average NAV in the 12-month period to 31 January 2025 (12 months to 31 January 2024: 0.22%).

Third, HVPE pays management fees to HarbourVest with respect to the funds in which it invests, and also for the secondary co-investment in Conversus1 made alongside the HarbourVest funds. The total of all management fees in the 12 months to 31 January 2025 was equivalent to 0.62% of average NAV (12 months to 31 January 2024: 0.60%).

Finally, performance fees are charged on secondary investments and direct co-investments (not on primary investments which make up 49% of HVPE's portfolio). In total, these accounted for 0.44% of average NAV in the 12 months to 31 January 2025 (12 months to 31 January 2024: 0.48%). The performance fee figure varies from period to period and is driven by the performance achieved by the relevant HarbourVest funds.

Together, these four cost components give a TER, net of interest income (0.15%), of 2.46% for the 12 months to 31 January 2025. It is important to note that, while the operating expenses and the management fees do not vary greatly from one year to the next, the performance fee figure will vary significantly depending on the returns delivered by the relevant underlying HarbourVest funds. The TER for the 12 months to 31 January 2025 of 2.46% was 67 percentage points higher than the same period in the prior year, predominantly owing to an increase in credit facility costs.

The calculation above excludes the fees charged by the underlying partnerships held by the HarbourVest funds. It is important to note that all performance data we report to shareholders is, and always has been, net of all fees and expenses.

Future costs associated with the SMA structure (from 1 February 2025)

HarbourVest will charge carried interest on the secondary and direct co-investment portfolios held within the SMA, at rates of 12.5% and 13.25% respectively, subject to a hurdle of 8% IRR. Investments in each annual SMA tranche are pooled together for the purposes of calculating carried interest, effectively treating each tranche like an individual "fund". No HarbourVest carried interest will be charged on primary investments. HVPE will retain its existing stakes in the HarbourVest funds, so the SMA fee and carried interest will be combined with the fees on the funds in HVPE's reporting from the current financial year onwards. Since the terms are substantially similar to the existing arrangements, we do not expect the introduction of the SMA to give rise to a material change in HVPE's cost structure.

Total Net Expense Ratio Breakdown

Summary of Net Assets

The Private Equity Cycle

1 Operating expenses includes total expenses shown in the Audited Consolidated Statements of Operations, excluding management fees from the secondary co-investments which are included in the management fees in this table.

2 HVPE's share of fund-level operating expenses (professional fees and organisational costs) which are included in realised and unrealised gains (losses) on investments in the Audited Consolidated Statements of Operations.

3 This includes fund-level management fees payable to HarbourVest which are included in realised and unrealised gains (losses) on investments in the Audited Consolidated Statements of Operations, together with the management fees relating to secondary co-investments noted in 2 above.

4 This is shown as interest from cash and cash equivalents on the face of the Audited Consolidated Statements of Operations.

5 This includes fund-level performance fees payable to HarbourVest which are included in realised and unrealised gains (losses) on investments in the Audited Consolidated Statements of Operations.

6 TERs are calculated using the average NAV over the respective periods ($4.0 billion at 31 January 2025 and $3.9 billion at 31 January 2024).

* Unless otherwise stated.

7 This represents the percentage for the amount invested divided by the average of the Investment Pipelines at 31 January 2024 and 31 January 2025.

8 This represents the percentage for the amount invested divided by the average of the Investment Pipelines at 31 January 2023 and 31 January 2024.

9 The accrued distribution of approximately $18 million represents a reporting timing difference, whereby shares in HarbourVest Infrastructure Income Partnership ("HIIP") were redeemed effective 1 October 2022 but the cash distribution was not received until February 2023. As of 31 January 2023, the distribution was recorded on the balance sheet as an accrued distribution/accounts receivable, and was subsequently reversed upon receipt of the cash distribution in February 2023.

10 This represents the percentage for the cash received divided by the average of the Investment Portfolios at 31 January 2024 and 31 January 2025.

11 This represents the percentage for the cash received divided by the average of the Investment Portfolios at 31 January 2023 and 31 January 2024.

Principal risks and uncertainties

Risk Factors and Internal Controls

The Board is responsible for the Company's risk management and internal control systems and actively monitors the risks faced by the Company, taking steps to mitigate and minimise these where possible. Further details on the Board's governance and oversight can be found on pages 63 to 69.

Risk Appetite

The Board's investment risk appetite is to follow an over-commitment policy that optimises investment returns and associated distributions, allows balanced, regular investment through economic and investment cycles, and ensures that it has access to sufficient funding for any potential negative cash flow situations, including under an Extreme Downside scenario. At the same time, the funding available to the Company by way of cash balances and lending facilities is managed to ensure that its cost, by way of interest, facility fees or cash drag, is reasonable. When considering other risks, the Board's risk appetite is to balance the potential impact and likelihood of each risk with its ability and desire to control and mitigate the risk to an acceptable level. In doing so, as a baseline, the Board will seek to follow best practice and remain compliant with all applicable laws, rules, and regulations.

Risk Management

As recommended by the Audit and Risk Committee (see the report on the activities of that Committee on pages 70 to 71), the Directors have adopted a risk management framework which governs how the Board identifies and measures risks, determines risk appetite, assesses mitigation and controls, and reports on risks.

The Board reviews risks at least twice a year and receives in-depth reports on specific risks as recommended by the Audit and Risk Committee. The Board divides identified risks into those which have a higher probability and a significant potential impact and those which are less material and are monitored on a watch list. The Board also conducts an annual exercise to identify new or emerging risks.

In considering material risks, the Board identifies those which should be categorised as principal risks, which are those where the combination of probability and impact is assessed as being most significant and which the Board therefore considers could seriously affect the performance, future prospects, or reputation of the Company.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARBOURVEST GLOBAL PRIVATE EQUITY LIMITED

Opinion

We have audited the Consolidated Financial Statements of HVPE (the "Company") and its subsidiaries (the "Group") for the year ended 31 January 2025 which comprise the Consolidated Statements of Assets and Liabilities, the Consolidated Statements of Operations, the Consolidated Statements of Changes in Net Assets, the Consolidated Statements of Cash Flows, the Consolidated Schedule of Investments, and the related notes 1 to 11, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United States Generally Accepted Accounting Principles ("US GAAP").

In our opinion, the Consolidated Financial Statements:

- give a true and fair view of the state of the Group's affairs as at 31 January 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with US GAAP; and

- have been properly prepared in accordance with the requirements of the (Guernsey) Law, 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the financial statements, including the FRC's Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

The non-audit services prohibited by the FRC's Ethical Standard were not provided to the Group or the Company and we remain independent of the Group and the Company in conducting the audit.

Conclusions relating to going concern

In auditing the Consolidated financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the Consolidated Financial Statements is appropriate. Our evaluation of the Directors' assessment of the Group's and Company's ability to continue to adopt the going concern basis of accounting included:

- Evaluating the going concern assessment prepared by the Investment Manager and approved by the Directors for the period up until 30 June 2026 from the date of approval of the Consolidated Financial Statements;

- Obtaining the models used to forecast cash flows under differing scenarios and challenged the sensitivities and assumptions used in the forecasts. We assessed whether the commitments made to underlying investments cast significant doubt over the going concern status of the Group and compared the historical calls made by underlying investments as a percentage of the total commitments made, including a discussion with the Investment Manager regarding the possibility for uncalled commitments to be called. We considered the accuracy of Investment Managers forecast by comparing actual performance to historical forecasts;

- Testing the arithmetical accuracy of relevant aspects of the models supporting the going concern basis, plausible downside analysis and extreme downside scenarios;

- Confirming the available credit facility balances to understand the potential impact of the leverage in the underlying funds. We recalculated the forecast debt covenants under the different scenarios to validate compliance within the going concern period; and

- Evaluated the disclosures made in the Annual Report and Consolidated Financial Statements regarding going concern to ascertain that they are in accordance with US GAAP and have complied with, or explained reasons for non-compliance, with all the AIC Code of Corporate Governance provisions.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and Company's ability to continue as a going concern over a period from the date of approval of the Financial Statements to 30 June 2026.

In relation to the Group's reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Directors' statement in the financial statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Group and Company's ability to continue as a going concern.

Overview of our audit approach

An overview of the scope of our audit

Tailoring the scope

Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our audit scope for each company within the Group. Taken together, this enables us to form an opinion on the Consolidated Financial Statements. We take into account size, risk profile, the organisation of the group and effectiveness of group-wide controls, changes in the business environment and other factors such as the potential impact of climate change when assessing the level of work to be performed.

The audit was led from Guernsey and utilised audit team members from the Boston office of Ernst & Young LLP in the US. We operated as an integrated audit team across the two jurisdictions, and we performed audit procedures and responded to the risk identified as described below.

The Group comprises the Company and its five wholly owned subsidiaries as explained in Note 2 to the Group Financial Statements. The Company, each subsidiary and the consolidation are subject to full scope audit procedures. Other than the investments which the Company holds directly, the subsidiaries own the investments, which are set out in the Consolidated Schedule of Investments, and on which we performed our work on valuation.

Climate change

Stakeholders are increasingly interested in how climate change will impact HVPE. The Group has determined that the most significant future impacts from climate change on their operations will be from the investments made by the underlying partnerships in which they are invested. These are explained on page 64 in the Directors' Report (Approach to Environmental, Social and Governance matters). All of these disclosures form part of the "Other information," rather than the audited Consolidated Financial Statements. Our procedures on these unaudited disclosures therefore consisted solely of considering whether they are materially inconsistent with the Consolidated Financial Statements or our knowledge obtained in the course of the audit or otherwise appear to be materially misstated, in line with our responsibilities on "Other information".

In planning and performing our audit we assessed the potential impacts of climate change on the Company's business and any consequential material impact on its financial statements.

The Group has explained in Note 2 its articulation of the impact of climate change in the financial statements. There are no significant judgements or estimates relating to climate change in the notes to the financial statements as the Board has concluded specifically that climate change including physical and transition risks, does not have a material impact on the Group's financial statements in Note 2.

Our audit effort in considering the impact of climate change on the financial statements was focused on the adequacy of the Group's disclosures in the financial statements as set out in note 2 and the conclusions that there was no material impact on the recognition and separate measurement considerations of the assets and liabilities of the Group as at 31 January 2025. As part of this evaluation, we performed our own risk assessment to determine the risks of material misstatement in the financial statements from climate change which needed to be considered in our audit.

Based on our work we have not identified the impact of climate change on the financial statements to be a key audit matter or to impact a key audit matter.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Consolidated Financial Statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality

We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on the audit and in forming our audit opinion.

Materiality

The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the economic decisions of the users of the financial statements. Materiality provides a basis for determining the nature and extent of our audit procedures.

We determined materiality for the Group to be $80.4 million (2024: $78.4 million), which is 2% (2024: 2%) of net assets. We believe that net assets provides us with a basis for determining the nature, timing and extent of risk assessment procedures, identifying and assessing the risk of material misstatement and determining the nature, timing and extent of further audit procedures. We used the net assets as a basis for determining planning materiality because the Group's primary performance measures for internal and external reporting are based on net assets as we consider it is the measure most relevant to the stakeholders of the Group.

During the course of our audit, we reassessed initial materiality from the planning stage based on 31 January 2025 net assets.

Performance materiality

The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.

On the basis of our risk assessments, together with our assessment of the Group's overall control environment, our judgement was that performance materiality was 75% (2024: 75%) of our planning materiality, namely $60.3 million (2024: $58.8 million). We have set performance materiality at this percentage given that there is no history of material misstatements, the likelihood of misstatement in the future is deemed low, we have a strong understanding of the control environment, there were no changes in circumstances (such as a change in accounting personnel or events out of the normal course of business) and it is not a close monitored audit, and hence we consider 75% to be reasonable.

Reporting threshold

An amount below which identified misstatements are considered as being clearly trivial.

We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of $4.0 million (2024: $3.9 million), which is set at 5% of planning materiality, as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds.

We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of other relevant qualitative considerations in forming our opinion.

Other information

The other information comprises the information included in the annual report other than the Consolidated Financial Statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report.

Our opinion on the Consolidated Financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated Financial Statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the Consolidated Financial Statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which The Companies (Guernsey) Law, 2008 requires us to report to you if, in our opinion:

- proper accounting records have not been kept by the Company; or

- the Financial Statements are not in agreement with the Company's accounting records and returns; or

- we have not received all the information and explanations we require for our audit.

Corporate Governance Statement

We have reviewed the directors' statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the group and company's compliance with the provisions of the UK Corporate Governance Code specified for our review by the Listing Rules.

Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit:

- Directors' statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified set out on pages 66 to 67;

- Directors' explanation as to its assessment of the company's prospects, the period this assessment covers and why the period is appropriate set out on pages 66 to 67;

- Director's statement on whether it has a reasonable expectation that the group will be able to continue in operation and meets its liabilities set out on pages 66 to 67;

- Directors' statement on fair, balanced and understandable set out on page 67;

- Board's confirmation that it has carried out a robust assessment of the emerging and principal risks set out on pages 39 to 40;

- The section of the annual report that describes the review of effectiveness of risk management and internal control systems set out on pages 70 to 71; and;

- The section describing the work of the audit committee set out on pages 70 to 71

Responsibilities of Directors

As explained more fully in the directors' responsibilities statement set out on page 67, the Directors are responsible for the preparation of the Consolidated Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the Consolidated Financial Statements, the Directors are responsible for assessing the Group and Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the Consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most significant are:

• Financial Conduct Authority ("FCA") Listing Rules;

• Disclosure Guidance and Transparency Rules ("DTR") of the FCA;

• The 2018 UK Corporate Governance Code;

• The 2019 AIC Code of Corporate Governance; and

• The Companies (Guernsey) Law, 2008, as amended.

- We understood how the Group is complying with those frameworks by:

• Discussing the processes and procedures used by the Directors, the Investment Manager, the Company Secretary and Administrator to ensure compliance with the relevant frameworks;

• Inspecting the Group's relevant documented policies, processes and procedures; and

• Reviewing internal reports that evidence compliance testing.

- We assessed the susceptibility of the Group's Consolidated Financial Statements to material misstatement, including how fraud might occur by:

• Identifying misstatement or manipulation of the valuation of the Group's investments in the HarbourVest funds and undertaking the audit procedures set out in the Key Audit Matters section above;

• Obtaining an understanding of entity-level controls and considering the influence of the control environment;

• Obtaining management's assessment of fraud risks including an understanding of the nature, extent and frequency of such assessment documented in the HVPE Risk Review;

• Making inquiries with those charged with governance as to how they exercise oversight of management's processes for identifying and responding to fraud risks and the controls established by management to mitigate specifically those risks the entity has identified, or that otherwise help to prevent, deter and detect fraud;

• Making inquiries with management and those charged with governance regarding how they identify related parties including circumstances related to the existence of a related party with dominant influence; and

• Making inquiries with management and those charged with governance regarding their knowledge of any actual or suspected fraud or allegations of fraudulent financial reporting affecting the Group.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved:

• Having discussions with those charged with governance, the Investment Manager, the Company Secretary and Administrator to obtain an understanding of how instances of non‑compliance with relevant laws and regulations are identified;

• Reviewing Board minutes and internal compliance reporting;

• Inspecting correspondence with regulators;

• Reviewing the Consolidated Financial Statements to check that they comply with the reporting requirements of the Group;

• Obtaining relevant written representations from the Board of Directors; and

• Performing journal entry testing.

- Our understanding of the company's current activities, the scope of its authorisation and the effectiveness of its control environment are as follows:

• The activities of the Company are overseen by the Board, who meet regularly throughout the year;

• We have reviewed the SOC-1 reports and bridging letters of Company's key service providers for the year audited and are not aware of any matters of concern relating to the control environment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters we are required to address

- Following the recommendation from the audit committee we were appointed by the Company on 2 November 2007 to audit the financial statements for the year ending 31 January 2008 and subsequent financial periods.

- The period of total uninterrupted engagement including previous renewals and reappointments is 18 years, covering the years ending 31 January 2008 to 31 January 2025.

- The audit opinion is consistent with the additional report to the audit and risk committee.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Section 262 of The Companies (Guernsey) law 2008. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Geoffrey Le Tissier

For and on behalf of Ernst & Young LLP

Guernsey

28 May 2025

Report of the Independent Auditors

To the Directors of HarbourVest Global Private Equity Limited

Opinion

We have audited the consolidated financial statements of HarbourVest Global Private Equity Limited (the "Company") and its subsidiaries ("the Group"), which comprise the consolidated statements of assets and liabilities, including the consolidated schedule of investments, as of 31 January 2025 and 2024, and the related consolidated statements of operations, changes in net assets and cash flows for the year then ended, and the related notes 1 to 11(collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Group at 31 January 2025 and 2024, and the results of its operations, changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Group and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Group's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

- Exercise professional judgment and maintain professional scepticism throughout the audit.

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. Accordingly, no such opinion is expressed.

- Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

- Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Group's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Other Information

Management is responsible for the other information. The other information comprises the Strategic Report, Governance, and Other Information included in the annual report but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Guernsey, Channel Islands

28 May 2025

Consolidated Statements of Assets and Liabilities

AT 31 JANUARY 2025 AND 2024

* Except net asset value per share

The accompanying notes are an integral part of the Financial Statements.

The Financial Statements on pages 83 to 97 were approved by the Board on 28 May 2025 and were signed on its behalf by:

Ed Warner Steven Wilderspin

Chair Chair of the Audit and Risk Committee

Consolidated Statements of Operations

FOR THE YEARS ENDED 31 JANUARY 2025 AND 2024

The accompanying notes are an integral part of the Financial Statements.

Consolidated Statements of Changes in Net Assets

FOR THE YEARS ENDED 31 JANUARY 2025 AND 2024

The accompanying notes are an integral part of the Financial Statements.

Consolidated Statements of Cash Flows

FOR THE YEARS ENDED 31 JANUARY 2025 AND 2024

Supplemental disclosure:

The accompanying notes are an integral part of the Financial Statements.

Consolidated Schedule of Investments

AT 31 JANUARY 2025

* Includes purchase of limited partner interests for shares and cash at the time of HVPE's IPO.

† Includes ownership interests in HarbourVest Partners VII-Cayman Partnership entities.

** Fund denominated in euros. Commitment amount is €100,000,000.

†† Fund denominated in euros. Commitment amount is €63,000,000.

‡‡ Fund denominated in Canadian dollars. Commitment amount is C$32,000,000.

As of 31 January 2025, the cost basis of partnership investments is $2,907,922,000.

Totals and subtotals may not recalculate due to rounding.

The accompanying notes are an integral part of the Financial Statements.

* Includes purchase of limited partner interests for shares and cash at the time of HVPE's IPO.

† Includes ownership interests in HarbourVest Partners VII-Cayman Partnership entities.

** Fund denominated in euros. Commitment amount is €100,000,000.

†† Fund denominated in euros. Commitment amount is €63,000,000.

‡‡ Fund denominated in Canadian dollars. Commitment amount is C$32,000,000.

As of 31 January 2024, the cost basis of partnership investments is $2,696,155,000.

Totals and subtotals may not recalculate due to rounding.

The accompanying notes are an integral part of the Financial Statements.

Notes to the Consolidated Financial Statements

Note 1 Company Organisation and Investment Objective

HarbourVest Global Private Equity Limited (the "Company" or "HVPE") is a closed-ended investment company registered with the Registrar of Companies in Guernsey under The Companies (Guernsey) Law, 2008. The Company's registered office is BNP Paribas House, St Julian's Avenue, St Peter Port, Guernsey GY1 1WA.

The Company was incorporated and registered in Guernsey on 18 October 2007. HVPE is designed to offer shareholders long-term capital appreciation by investing in a diversified portfolio of private equity investments. The Company invests in private equity through private equity funds and may make co-investments or other opportunistic investments. The Company is managed by HarbourVest Advisers L.P. (the "Investment Manager"), an affiliate of HarbourVest Partners, LLC ("HarbourVest"), a private equity fund-of-funds manager. The Company intends to invest in and alongside existing and newly-formed HarbourVest funds. HarbourVest is a global private equity fund of funds manager and typically invests capital in primary partnerships, secondary investments, and direct investments across vintage years, geographies, industries, and strategies.

Operations of the Company commenced on 6 December 2007, following the initial global offering of the Class A Ordinary Shares.

Share Capital

At 31 January 2025, the Company's 74,268,671 shares were listed on the London Stock Exchange under the symbol "HVPE". The shares are entitled to the income and increases and decreases in the net asset value ("NAV") of the Company, and to any dividends declared and paid, and have full voting rights. Dividends may be declared by the Board of Directors and paid from available assets subject to the Directors being satisfied that the Company will, immediately after payment of the dividend, satisfy the statutory solvency test prescribed by The Companies (Guernsey) Law, 2008. The company repurchased 3,414,837 and 1,421,114 shares during the years ended 31 January 2025 and 31 January 2024, respectively.

Dividends would be paid to shareholders pro rata to their shareholdings.

The shareholders must approve any amendment to the Memorandum and Articles of Incorporation. The approval of 75% of the shares is required in respect of any changes that are administrative in nature, any material change from the investment strategy and/or investment objective of the Company, or any material change to the terms of the Investment Management Agreement.

There is no minimum statutory capital requirement under Guernsey law.

Investment Manager, Company Secretary, and Administrator

The Directors have delegated certain day-to-day operations of the Company to the Investment Manager and the Company Secretary and Administrator, under advice of the Directors, pursuant to service agreements with those parties, within the context of the strategy set by the Board. The Investment Manager is responsible for, among other things, selecting, acquiring, and disposing of the Company's investments, carrying out financing, cash management, and risk management activities, providing investment advisory services, including with respect to HVPE's investment policies and procedures, and arranging for personnel and support staff of the Investment Manager to assist in the administrative and executive functions of the Company.

Directors

The Directors are responsible for the determination of the investment policy of the Company on the advice of the Investment Manager and have overall responsibility for the Company's activities. This includes the periodic review of the Investment Manager's compliance with the Company's investment policies and procedures, and the approval of certain investments. A majority of Directors must be independent Directors and not affiliated with HarbourVest or any affiliate of HarbourVest.

Note 2 Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Company's consolidated financial statements ("Financial Statements").

Basis of Preparation

The Company maintains an overcommitment strategy in an attempt to remain fully invested over time (refer to Note 5 on page 96 for further details on unfunded commitments). HarbourVest prepares forecasts and predictions to provide assurance that the Company has sufficient resources to meet its ongoing requirements.

As part of this process the Investment Manager has created four revised model scenarios with varying degrees of decline in investment value and investment distributions, with the worst being an Extreme Downside scenario representing an impact to the portfolio that is worse than that experienced during the GFC. All four models verified that the Company has enough resources to meet the Company's upcoming financial obligations. However, in all circumstances HVPE can take steps to limit or mitigate the impact on the Consolidated Statements of Assets and Liabilities, namely drawing on the credit facility, pausing new commitments, raising additional credit or capital, and selling assets to increase liquidity and reduce outstanding commitments. As a result, the Company's Financial Statements have been prepared on a going concern basis.

Basis of Presentation

The Financial Statements include the accounts of HarbourVest Global Private Equity Limited and its four wholly owned subsidiaries: HVGPE - Domestic A L.P., HVGPE - Domestic B L.P., HVGPE - Domestic C L.P. and HVGPE - International A L.P. (together "the undertakings"). Each of the subsidiaries is a Cayman Islands limited partnership formed to facilitate the purchase of certain investments. All intercompany accounts and transactions have been eliminated in consolidation.

Method of Accounting

The Financial Statements are prepared in conformity with US Generally Accepted Accounting Principles ("US GAAP"), The Companies (Guernsey) Law, 2008, and the Principal Documents. Under applicable rules of Guernsey law implementing the EU Transparency Directive, the Company is allowed to prepare its Financial Statements in accordance with US GAAP instead of International Financial Reporting Standards ("IFRS").

The Company is an investment company following the accounting and reporting guidance of the Financial Accounting Standards Boards ("FASB") Accounting Standards Codification ("ASC") Topic 946 - Financial Services - Investment Companies.

Estimates

The preparation of the Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the Financial Statements and accompanying notes. Actual results could differ from those estimates.

Investments

Investments are stated at fair value in accordance with the Company's investment valuation policy. The Board has concluded specifically that climate change, including physical and transition risks, does not have a material impact on the recognition and separate measurement considerations of the assets and liabilities of the Group in the Financial Statements as of 31 January 2025, but recognises that climate change may have an effect on the investments held in the underlying partnerships. The inputs used to determine fair value include financial statements provided by the investment partnerships which typically include fair market value capital account balances. In reviewing the underlying financial statements and capital account balances, the Company considers compliance with ASC Topic 820 - Fair Value Measurement, the currency in which the investment is denominated, and other information deemed appropriate.

The fair value of the Company's investments is primarily based on the most recently reported NAV provided by the underlying Investment Manager as a practical expedient under ASC Topic 820. This fair value is then adjusted for known investment operating expenses and subsequent transactions, including investments, realisations, changes in foreign currency exchange rates, and changes in value of private and public securities. This valuation does not necessarily reflect amounts that might ultimately be realised from the investment and the difference can be material.

Securities for which a public market does exist are valued by the Company at quoted market prices at the year-end date. Generally, the partnership investments have a defined term and cannot be transferred without the consent of the GP of the limited partnership in which the investment has been made.

Foreign Currency Transactions

The currency in which the Company operates is US dollars, which is also the presentation currency. Transactions denominated in foreign currencies are recorded in the local currency at the exchange rate in effect at the transaction dates. Foreign currency investments, investment commitments, cash and equivalents, and other assets and liabilities are translated at the rates in effect at the year-end date. Foreign currency translation gains and losses are included in realised and unrealised gains (losses) on investments as incurred. The Company does not segregate that portion of realised or unrealised gains and losses attributable to foreign currency translation on investments.

Cash and Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amount included in the Consolidated Statements of Assets and Liabilities for cash and equivalents approximates their fair value. The Company maintains bank accounts denominated in US dollars, in euros, and in pounds sterling. The Company may invest excess cash balances in highly liquid instruments such as certificates of deposit, sovereign debt obligations of certain countries, and money market funds that are highly rated by the credit rating agencies.

The associated credit risk of the cash and equivalents is monitored by the Board and the Investment Manager on a regular basis. The Board has authorised the Investment Manager to manage the cash balances on a daily basis according to the terms set out in the treasury policies created by the Board.

Investment Income

Investment income includes interest from cash and equivalents, dividends, and interest received from certain investments due to subsequent fund closings. Dividends are recorded when they are declared, and interest is recorded when earned. Interest and dividend income are presented net of withholding tax, if any.

Operating Expenses

Operating expenses include amounts directly incurred by the Company as part of its operations, and do not include amounts incurred from the operations of the investment entities.

Net Realised Gains and Losses on Investments

For investments in private equity funds, the Company records its share of realised gains and losses as reported by the Investment Manager including fund-level related expenses and management fees, and is net of any carry allocation. Realised gains and losses are calculated as the difference between proceeds received and the related cost of the investment.

Net Change in Unrealised Appreciation and Depreciation on Investments

For investments in private equity funds, the Company records its share of change in unrealised gains and losses as reported by the Investment Manager as an increase or decrease in unrealised appreciation or depreciation of investments and is net of any carry allocation. When an investment is realised, the related unrealised appreciation or depreciation is recognised as realised.

Income Taxes

The Company is registered in Guernsey as a tax exempt company. The States of Guernsey Income Tax Authority has granted the Company exemption from Guernsey income tax under the provision of the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and the Company will be charged an annual exemption fee of £1,600 included as other expenses in the Consolidated Statements of Operations. Income may be subject to withholding taxes imposed by the US or other countries, which will impact the Company's effective tax rate.

Investments made in entities that generate US source income may subject the Company to certain US federal and state income tax consequences. A US withholding tax at the rate of 30% may be applied on the distributive share of any US source dividends and interest (subject to certain exemptions) and certain other income that is received directly or through one or more entities treated as either partnerships or disregarded entities for US federal income tax purposes. Furthermore, investments made in entities that generate income that is effectively connected with a US trade or business may also subject the Company to certain US federal and state income tax consequences. The US requires withholding on effectively connected income for corporate partners at the rate of 21%. In addition, the Company may also be subject to a branch profits tax which can be imposed at a rate of up to 30% of any after-tax, effectively connected income associated with a US trade or business. However, no amounts have been accrued.

The Company accounts for income taxes under the provisions of ASC Topic 740 - Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognising the benefits of tax-return positions in the Financial Statements as "more-likely-than-not" to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50% likely to be realised. For the year ended 31 January 2025, the Investment Manager has analysed the Company's inventory of tax positions taken with respect to all applicable income tax issues for all open tax years (in each respective jurisdiction), and has concluded that no provision for income tax is required in the Company's Financial Statements.

Shareholders in certain jurisdictions may have individual tax consequences from ownership of the Company's shares. The Company has not included the impact of these tax consequences on the shareholders in these Financial Statements.

Market and Other Risk Factors

The Company's investments are subject to various risk factors including market price, credit, interest rate, liquidity, and currency risk. Investments are based primarily in the US, Europe, and Asia Pacific, and thus have concentrations in such regions. The Company's investments are also subject to the risks associated with investing in leveraged buyout and venture capital transactions that are illiquid and non-publicly traded. Such investments are inherently more sensitive to declines in revenues and to increases in expenses that may occur due to general downward swings in the world economy or other risk factors including increasingly intense competition, rapid changes in technology, changes in federal, state and foreign regulations, and limited capital investments.

The Company is subject to credit and liquidity risk to the extent any financial institution with which it conducts business is unable to fulfil contracted obligations on its behalf. Management monitors the financial condition of those financial institutions and does not anticipate any losses from these counterparties.

Note 3 Material Agreements and Related Fees

Administrative Agreement

The Company has retained BNP Paribas S.A., Guernsey Branch ("BNPP") as Company Secretary and Administrator. Fees for these services are paid as invoiced by BNP and include an administration fee of £50,000 per annum, a secretarial fee of £60,000 per annum, a compliance services fee of £15,000 per annum, ad-hoc service fees, and reimbursable expenses. During the years ended 31 January 2025 and 2024, fees of $184,000 and $158,000, respectively, were incurred to BNP and are included as other expenses in the Consolidated Statements of Operations.

Registrar

The Company has retained MUFG Pension & Market Services (formerly Link Asset Services) as share registrar. Fees for this service include a base fee of £16,000, plus other miscellaneous expenses. During the years ended 31 January 2025 and 2024, registrar fees of $22,000 and $19,000, respectively, were incurred and are included as other expenses in the Consolidated Statements of Operations.

Independent Auditor's Fees

For the years ended 31 January 2025 and 2024, auditor fees of $433,000 and $453,000 were accrued, respectively, and are included in professional fees in the Consolidated Statements of Operations. The 31 January 2025 figure includes $319,000 relating to the 31 January 2025 annual audit fee and a $3,000 credit relating to the prior financial year's audit fee. The 31 January 2024 figure includes $326,000 relating to the 31 January 2024 annual audit fee and a credit of $6,000 relating to the prior financial year's audit fee. In addition, the 31 January 2025 and 2024 figures include fees of $117,000 and $121,000, respectively, for audit-related services due to the Auditor, Ernst & Young LLP, conducting a review of the Interim Financial Statements for each period-end. There were no other non-audit fees paid to the Auditor by the Company during the years ended 31 January 2025 and 31 January 2024.

Investment Management Agreement

The Company has retained HarbourVest Advisers L.P. as the Investment Manager. The Investment Manager is reimbursed for costs and expenses incurred on behalf of the Company in connection with the management and operation of the Company. During the years ended 31 January 2025 and 2024, reimbursements for services provided by the Investment Manager were $2,884,000 and $2,475,000, respectively. As of 1 February 2022, the Investment Manager is reimbursed on a fixed fee basis rather than an hourly basis. The Investment Manager does not directly charge HVPE management fees or performance fees other than with respect to parallel investments. However, as an investor in the HarbourVest funds, HVPE is charged the same management fees and is subject to the same performance allocations as other investors in such HarbourVest funds.

During the years ended 31 January 2025 and 2024, HVPE had one parallel investment: HarbourVest Structured Solutions II, L.P. (via HVPE Charlotte Co-Investment L.P.). Management fees paid for the parallel investment made by the Company were consistent with the fees charged by the funds alongside which the parallel investment was made during the years ended 31 January 2025 and 2024.

Management fees included in the Consolidated Statements of Operations are shown in the table below:

For the years ended 31 January 2025 and 2024, management fees on the HVPE Charlotte Co-Investment L.P. investment were calculated based on a weighted average effective annual rate of 0.13% and 0.13% respectively, on capital originally committed, net of management fee offsets to the parallel investment.

Note 4 Investments

In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the US, the Company discloses the fair value of its investments in a hierarchy that prioritises the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and

Level 3 - Inputs that are unobservable.

An investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Because of the inherent uncertainty of these valuations, the estimated fair value may differ significantly from the value that would have been used had a ready market for this security existed, and the difference could be material.

Investments include limited partnership interests in HarbourVest funds which report under US generally accepted accounting principles. Inputs used to determine fair value are primarily based on the most recently reported NAV provided by the underlying investment manager as a practical expedient under ASC Topic 820. The fair value is then adjusted for known investment operating expenses and subsequent transactions, including investments, realisations, changes in foreign currency exchange rates, and changes in value of private and public securities. Investments for which fair value is measured using NAV per share as a practical expedient have not been categorized within the fair value hierarchy.

Income derived from investments in HarbourVest funds is recorded using the equity pick-up method. Under the equity pick-up-method of accounting, the Company's proportionate share of the net income (loss) and net realised gains (losses), as reported by the HarbourVest funds, is reflected in the Consolidated Statements of Operations as net realised gain (loss) on investments. The Company's proportionate share of the aggregate increase or decrease in unrealised appreciation or depreciation, as reported by the HarbourVest funds, is reflected in the Consolidated Statements of Operations as net change in unrealised appreciation on investments.

During the years ended 31 January 2025 and 2024, the Company made contributions of $443,568,000 and $592,792,000, respectively, to investments and received distributions of $382,418,000 and $310,296,000, respectively, from investments. Please refer to Note 10 for further detail on the non-cash activity during the prior year. As of 31 January 2025 and 2024, respectively, $4,374,601,000 and $4,057,606,000 of the Company's investments are valued using the practical expedient.

Note 5 Commitments

As of 31 January 2025, the Company had unfunded investment commitments to other limited partnerships of $2,452,488,000 which are payable upon notice by the partnerships to which the commitments have been made. As of 31 January 2024, the Company had unfunded investment commitments to other limited partnerships of $2,500,899,000.

The Investment Manager is not entitled to any direct remuneration (save expenses incurred in the performance of its duties) from the Company, instead deriving its fees from the management fees and carried interest payable by the Company on its investments in underlying HarbourVest funds. The Investment Management Agreement (the "IMA"), which was amended and restated on 30 July 2019 and again on 31 January 2025, may be terminated by either party by giving 12 months' notice. In the event of termination within ten years and three months of the date of the listing on the Main Market on 9 September 2015, the Company would be required to pay a contribution, which would have been $735,000 at 31 January 2025 and $1,536,000 at 31 January 2024, as reimbursement of the Investment Manager's remaining unamortised IPO costs. In addition, the Company would be required to pay a fee equal to the aggregate of the management fees for the underlying investments payable over the course of the 12-month period preceding the effective date of such termination to the Investment Manager.

Note 6 Debt Facility

The Company had an agreement with Mitsubishi UFJ Trust and Banking Corporation, New York Branch, Credit Suisse AG, London Branch and The Guardians of New Zealand Superannuation as manager and administrator of the New Zealand Superannuation Fund for the provision of a multi-currency revolving credit facility (the "2023 Facility") with a termination date no earlier than January 2026, subject to usual covenants. During the year ended 31 January 2025, the Company terminated the 2023 Facility and entered into an agreement with Apollo Management International LLP ("Apollo"), Ares Management Limited ("Ares"), Mitsubishi UFJ Trust and Banking Corporation, London Branch ("MUFG"), and Guardians of New Zealand Superannuation as manager and administrator of the New Zealand Superannuation Fund ("NZS") for the provision of a multi-currency revolving credit facility (the "2024 Facility"), with a termination date no earlier than June 2029, subject to usual covenants. The Apollo commitment was $350 million, the Ares commitment was $350 million, the MUFG commitment was $300 million and the NZS commitment was $200 million. Collectively referred to as the Facilities.

Amounts borrowed against the Facilities accrue interest at an aggregate rate of Term SOFR/SONIA/EURIBOR, a margin, and, under certain circumstances, a mandatory minimum cost. The Facilities are secured by the private equity investments and cash and equivalents of the Company, as defined in the agreement and is subject to certain loan-to-value ratios (which factor in borrowing on the Facilities and fund-level borrowing) and portfolio diversity tests applied to the Investment Portfolio of the Company. At 31 January 2025 and 31 January 2024, there was $480,000,000 in debt outstanding against the 2024 Facility and $275,000,000 in debt outstanding against the 2023 Facility, respectively. For the years ended 31 January 2025 and 2024, interest of $36,353,000 and $14,465,000, respectively, was incurred. Included in other assets at 31 January 2025 and 31 January 2024 are deferred financing costs of $19,066,000 and $5,066,000, respectively, related to refinancing the Facilities. The deferred financing costs are amortised on the terms of the Facilities. For the 2023 Facility, the Company was required to pay a non-utilisation fee of 100 basis points per annum for the Credit Suisse commitment and 90 basis points per annum for the MUFG commitment and a utilisation fee of 40 basis points per annum for the Credit Suisse commitment. For the 2024 Facility, the Company is required to pay a non-utilisation fee of 100 basis points per annum for all commitments. Together, these are presented as Commitment fees on the Consolidated Statement of Operations. For the years ended 31 January 2025 and 2024, $6,901,000 and $6,127,000, respectively, in commitment fees have been incurred.

Note 7 Financial Highlights

For the Years Ended 31 January 2025 and 2024

* Represents the US dollar-denominated share price.

† Does not include operating expenses of underlying investments.

Note 8 Publication and Calculation of Net Asset Value

The NAV of the Company is equal to the value of its total assets less its total liabilities. The NAV per share is calculated by dividing the NAV by the number of shares in issue on that day. The Company publishes the NAV per share of the shares as calculated, monthly in arrears, at each month end, generally within 20 days.

Note 9 Related Party Transactions

Other amounts receivable from HarbourVest Advisers L.P. of $244,000 represent expenses of the Company incurred in the ordinary course of business, which have been paid for and are reimbursable from the Investment Manager at 31 January 2025. Other amounts payable to HarbourVest Advisers L.P. of $40,000 represent expenses of the Company incurred in the ordinary course of business, which have been paid by and are reimbursable to the Investment Manager at 31 January 2024.

Other income relates to income received from a revenue sharing agreement entered into with the HarbourVest Infrastructure Income Delaware Parallel Partnership ("HIIP") investment. Through such agreement, the Company is entitled to 10% of the management fee revenue received by HarbourVest from HIIP, provided that HarbourVest remains as HIIP's exclusive Investment Manager.

Directors' fees and expenses, primarily compensation, of $492,000 and $474,000 were incurred during the years ended 31 January 2025 and 2024, respectively.

Note 10 Indemnifications

General Indemnifications

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide for general indemnifications. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. Based on the prior experience of the Investment Manager, the Company expects the risk of loss under these indemnifications to be remote.

Investment Manager Indemnifications

Consistent with standard business practices in the normal course of business, the Company has provided general indemnifications to the Investment Manager, any affiliate of the Investment Manager and any person acting on behalf of the Investment Manager or such affiliate when they act in good faith, in the best interest of the Company. The Company is unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim but expects the risk of having to make any payments under these general business indemnifications to be remote.

Directors' and Officers' Indemnifications

The Company's Articles of Incorporation provide that the Directors, managers or other officers of the Company shall be fully indemnified by the Company from and against all actions, expenses, and liabilities which they may incur by reason of any contract entered into or any act in or about the execution of their offices, except such (if any) as they shall incur by or through their own negligence, default, breach of duty, or breach of trust, respectively.

Note 11 Subsequent Events

In the preparation of the Financial Statements, the Company has evaluated the effects, if any, of events occurring after 31 January 2025 to 28 May 2025, the date that the Financial Statements were signed.

In this period, the Company made purchases of 1,010,373 of its ordinary shares for cancellation, for total consideration of £26,215,000.

On 1 April 2025, the Company drew down on the 2024 Facility by $35,000,000.

There were no other events or material transactions subsequent to 31 January 2025 that required recognition or disclosure in the Consolidated Financial Statements.

Alternative Performance Measures

Reconciliation of Share Price Discount to Net Asset Value per Share

The share price discount to NAV per share will vary depending on which NAV per share figure is used. The discount referred to elsewhere in this report is calculated using the live NAVs per share available in the market as at 31 January 2024 and 31 January 2025, those being the 31 December 2023 and 31 December 2024 estimates of $50.04 (sterling equivalent £39.31) and $52.38 (sterling equivalent £41.84), respectively, adjusted for GBP/USD foreign exchange movement, against share prices of £23.15 at 31 January 2024 and £27.60 at 31 January 2025.

The table below outlines the notional discounts to the share price at 31 January 2025, based on the NAVs per share published after this date (31 January 2025 estimate and final). Movements between the published NAVs per share for the same calendar date largely arise as further underlying fund valuations are received, and as adjustments are made for public markets, foreign exchange and operating expenses.

Annualised Outperformance of FTSE AW TR Index Over the Last 10 Years

1 Due to rounding, this figure does not cast correctly on the page from the respective figures above it (2.7pp displayed vs. 2.8pp if subtracting the numbers on this page). No number has been re-rounded up nor down to ensure it casts correctly on the page, thus preserving each component's true accuracy given its impact on various other parts of the report.

Distribution Pool

(The Distribution Pool is used to fund HVPE share buybacks or return capital to shareholders by means of special dividends. The pool is funded by a proportion of the gross distributions from the Company's portfolio.)

1 During the first year of its operation, the Distribution Pool was additionally funded by a seed amount which was reallocated from a postponed commitment to a HarbourVest fund.

2 Allocation to Distribution Pool calculated as 15% of gross distributions in the year ended 31 January 2025.

KPIs (page 27)

The KPI metrics show the movement between the NAV per share (in US dollars) and the share price in sterling and translated into US dollars. Relative to the FTSE AW TR Index, this is the difference in movement between the year-on-year change of this index vs the particular HVPE KPI.

NAV per Share ($) and Relative Performance

10-year Outperformance of FTSE AW TR