Net Asset Value(s)

20 October 2026

HVPE ESTIMATED NAV PER SHARE UPDATE AT 30 SEPTEMBER 2026

· At 30 September 2026, the estimated NAV per share was $60.24 (£45.41), a decrease of 1.6% in US dollar terms and an increase of 0.5% in sterling over the prior month. The main underlying drivers of the USD NAV were FX losses and negative valuation adjustments in the fund of funds portfolio, primarily relating to the IPO of Shein.

· September saw negative net cash flow of $1 million with distributions of $72 million from the portfolio against $73 million of capital calls.

· There were 56 M&A transactions and IPOs in the month, which was above the last 12-month average of 43.

· The Distribution Pool balance was $274 million at 30 September.

· During September, HVPE was in the market for 21 days buying back $5 million worth of shares.

· Since the Board commenced share buybacks in September 2022, a total of $359 million has been bought back, adding 7.2% to NAV per share. Of this total, $302 million has been deployed under HVPE's Distribution Pool mechanism initiated on 1 February 2024.

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 estimated Net Asset Value ("NAV") at 30 September 2026.

HVPE provides a complete private equity solution for public investors, managing the portfolio through four phases of the private equity cycle to create value: Commitments, Investment, Growth, and Realisation.

Commitments

· The Company's Investment Pipeline (unfunded commitments) decreased by $73 million from the prior month.

· As of 30 September 2026, the Investment Pipeline totalled $2.0 billion (48% of NAV). In September, borrowing at the HarbourVest fund level amounted to $521 million.

Investment

· During September 2026, HVPE invested $73 million into HarbourVest funds (compared to $21 million in August 2026).

· The largest individual investment during the month was made in a 2020 vintage international multi-strategy fund of funds.

Growth

Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cash flows, and any known material events to 30 September 2026. The valuation breakdown of the HVPE portfolio as reported here is as follows:

· 7% of the portfolio is based on actual 30 September 2026 valuations (representing the public companies in the portfolio).

· 92% is based on actual 30 June 2026 valuations.

· 1% is based on actual 31 March 2026 valuations.

· This compares to 7% actual 31 August 2026, 92% actual 30 June 2026, and 1% actual 31 March 2026 valuations, used in the 31 August 2026 estimated NAV per share calculation.

Realisation

· HVPE received distributions of $72 million from HarbourVest funds during September 2026 (compared to $11 million of fund distributions in August 2026). The largest source of proceeds was related to a 2018 vintage US-focused buyout fund of funds' investment in ABRY Partners IX (primarily related to investments in Centauri Health Solutions and Portfolio General Management Group), AE Industrial Partners Fund II (primarily related to investments in Edge Autonomy, Enercon Services, and Columbia Helicopters) and CapStreet V (related primarily to the investment in The Colt Group).

· During September 2026 there were a total of 56 realisations, with 48 M&A transactions and eight IPOs across HVPE's underlying portfolio (which is above August's total number of 38 realisations and above the 12-month average of 43).

Distribution Pool

· The Distribution Pool balance was $274 million at 30 September, which the Board has indicated will be utilised for a tender offer later this year as well as share buybacks for the foreseeable future.

· Contributions to the Pool during September totalled $22 million, representing 30% of the cash distributions from HarbourVest funds received during the month.

· HVPE was in the market for 21 days buying back shares in September. Over this time, 112,600 ordinary shares were repurchased for a total consideration of $5 million which resulted in a $0.03 accretion to estimated NAV per share.

· From 1 February 2024 to 30 September 2026, the Company bought back $302 million of shares, representing 27% of gross distributions received (excluding secondary sales) during the period and adding 5.1% to NAV per share, while the share price increased by 43% over the same period. The Board is continuing to deploy cash from this Distribution Pool consistently month on month, believing that it will provide material benefits to shareholders over the long term.

· Since the Board commenced share buybacks in September 2022, a total of $359 million has been deployed in this way, adding 7.2% to NAV per share.

Balance Sheet and Credit Facility

· At 30 September 2026, HVPE had $720 million available on its credit facility.

· Borrowing at the HarbourVest fund level amounted to $521 million (12% of HVPE NAV), a decrease of $17 million from the previous month.

· HVPE's cash and cash equivalents ($107 million) and available credit ($720 million) totalled $827 million.

· Net debt was $373 million or 9% of NAV.

Recent Events Impacting HVPE Portfolio Companies

We saw several realisation and IPO events in the portfolio during the month including:

· Shein, the Chinese fashion e-commerce platform, listed on the Hong Kong Stock Exchange under the ticker 0625 on 1 September 2026. Shein represented 0.6% of portfolio NAV at 30 September 2026.

· National Stock Exchange of India Ltd, India's largest equities and derivatives exchange, listed on the Bombay Stock Exchange ("BSE") and the Metropolitan Stock Exchange of India ("MSEI") under the ticker 544937 on 24 September 2026. National Stock Exchange of India Ltd represented 0.4% of portfolio NAV at 30 September 2026.

· McGill and Partners (<0.2% portfolio NAV), a London-based insurance broker focused on providing specialist solutions for complex risks, was sold to EQT by Warburg Pincus.

Additional detail about HVPE's NAV and investment diversification can be found on HVPE's website, in the Monthly Update for 30 September 2026.

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 44 years of experience.

About HarbourVest Partners, LLC:

HarbourVest is an independent, global private markets firm with 44 years of experience and more than $165 billion assets under management as of June 30, 2026. 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 more than 1,300 team members across the Americas, Asia, Europe, and the Middle East. 

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. 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

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