HarbourVest Global Private Equity | Annual Report and Accounts 2026
Annual Report and Accounts 2026
One share.
A world
of private
company
opportunities
SPINE
WIDTH
TBC
Purpose
HVPE exists to create value for our
shareholders by providing easy
access to a diversified global portfolio
of high-quality private equity
investments, managed by
HarbourVest Partners.
Investment Objective
The Company’s investment objective
is to generate superior shareholder
returns through long-term capital
appreciation by investing primarily
in a diversified portfolio of
private markets investments.
This report will refer to the Investment Manager as “HarbourVest Partners”
or “HarbourVest”. The Investment Manager of HarbourVest Global Private
Equity Limited (“HVPE” or “the Company”) is HarbourVest Advisers L.P.,
which is an affiliate of HarbourVest Partners, LLC.
Read on page 4
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
1
Governance Financial StatementsStrategic Report Other information
Strategic report
1 Our year in numbers
4 HVPE at a glance
6 About the Investment Manager
8 Benefits of private markets exposure
9 The case for HVPE
11 HVPE’s structure change
12 Chair’s Statement
Investment Manager’s Review
16 Introduction
17 HVPE Investment Committee
19 Investment Manager’s Report
28 Value creation cycle
29 Commitment phase
31 Investment phase
32 Growth phase
33 Mature phase
34 Recent events
35 Key performance indicators (“KPIs”)
and investment objective
36 Managing the balance sheet
41 Managing costs
43 Summary of Net Assets/The private equity cycle
44 Stakeholder engagement
48 Principal risks and uncertainties
51 Sustainable Investing
58 Manager spotlight
62 Top ten disclosable companies
Governance
70 Board of Directors
72 Directors’ report
80 Board structure and committees
83 Audit and Risk Committee
86 Nomination Committee and Management
Engagement and Service Provider Committee
87 Inside Information Committee and
Remuneration Committee
88 Directors’ remuneration report
90 Statement of Compliance with the AIC
Code of Corporate Governance
Financial statements
92 Independent Auditor’s Report
100 Consolidated Statements of Assets
and Liabilities
101 Consolidated Statements of Operations
102 Consolidated Statements of Changes
in Net Assets
103 Consolidated Statements of Cash Flows
104 Consolidated Schedule of Investments
110 Notes to the Consolidated
Financial Statements
Other information
118 Supplementary data
125 Glossary
127 Alternative Performance Measures
129 Disclosures
133 Key information
Contents
Our year in numbers
Gradual improvement in portfolio performance as market conditions stabilised
Net Asset Value (“NAV”) per Share ($)
$59.40
31 January 2025: $54.17
Share Price (£)
£31.35
31 January 2025: £27.60
Net Assets ($)
$4.3bn
31 January 2025: $4.0bn
Total New Commitments ($)
$375m
12 months to 31 January 2025: $415m
NAV per Share Return ($)
[APM]
+9.7%
12 months to 31 January 2025: +7.3%
Share Price Return (£)
[APM]
+13.6%
12 months to 31 January 2025: +19.2%
Share Price Discount to Net Assets (£)
1
[APM]
26%
31 January 2025: 35%
Net Portfolio Cash Flow ($)
2
[APM]
$54m
12 months to 31 January 2025: $(61m)
1 The discount is calculated based on the NAV per share available to the market at the financial year end, that being the
31 December estimate, converted to sterling at the prevailing GBP/USD foreign exchange (“FX”) rate, compared with the share
prices on 31 January 2026 and 2025. Please refer to the Alternative Performance Measures (“APMs”) on pages 127 to 128
for calculations.
2 Cash distributions from private equity investments ($435 million) minus cash contributions to private equity investments ($381
million). Please refer to the Consolidated Statements of Cash Flows on page 103.
[APM] Metrics with this APM icon denote our Alternative Performance Measures (“APMs”). For more information on
APMs, please turn to pages 127 to128.
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
2
Governance Financial StatementsStrategic Report Other information
1 Our year in numbers
4 HVPE at a glance
6 About the Investment Manager
8 Benefits of private markets exposure
9 The case for HVPE
11 HVPE’s structure change
12 Chair’s Statement
Investment Manager’s Review
16 Introduction
17 HVPE Investment Committee
19 Investment Manager’s Report
28 Value creation cycle
29 Commitment phase
31 Investment phase
32 Growth phase
33 Mature phase
34 Recent events
35 Key performance indicators (“KPIs”)
and investment objective
36 Managing the balance sheet
41 Managing costs
43 Summary of Net Assets/The private equity cycle
44 Stakeholder engagement
48 Principal risks and uncertainties
51 Sustainable Investing
58 Manager spotlight
62 Top ten disclosable companies
Strategic
report
Inside this section
As public markets become more
concentrated, investors are increasingly
placing private markets at the core of
their portfolios – seeking diversification,
resilience and long‑term value creation.
John Toomey
CEO, HarbourVest Partners
HVPE Investment Committee member
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Case Study
In August 2025, HVPE made its first
commitment of $125 million to the new
SMA structure, to be deployed into
investment opportunities identified during
the 2025 calendar year. This included an
$8 million commitment to a co‑investment in
International Schools Partnership (“ISP”).
International Schools Partnership (“ISP”)
ISP is a global K-12 private education platform operating over 110
schools across 25 countries, serving around 110,000 students. The
company operates in a resilient and high-growth market, with strong
cash generation, and has a proven buy-and-build strategy in a highly
fragmented sector.
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Annual Report and Financial Statements 2026
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HarbourVest Global Private Equity (“HVPE”)
is a listed investment company, launched in
December 2007, which provides access to
investments in private companies. These
investments are made exclusively through
vehicles managed by HarbourVest Partners.
Investment into private companies requires
experience, skill and expertise. HVPE’s
focus is on building a comprehensive global
portfolio of the highest-quality investments,
in a proactive yet measured way, with the
strength of our balance sheet underpinning
everything we do. Our multi-layered
investment approach creates diversification,
helping to spread risk, and produces an
attractive portfolio that no individual investor
can replicate.
Net assets at 31 January 2026
$4.3bn
Market cap at 31 January 2026
£2.3bn
Through HarbourVest Partners, we connect
our shareholders with the deep expertise
of private markets experts, resulting in the
construction of a prudently managed global
private companies portfolio designed to
navigate economic cycles as smoothly
as possible whilst striving to deliver
outperformance of the public markets
over the long term.
HarbourVest focuses exclusively on private
markets. The firm’s powerful global platform
offers its clients investment opportunities
through primary fund investments, secondary
investments and direct co-investments
in commingled funds or separately
managed accounts.
HarbourVest has deep investment experience
and dedicated on-the-ground teams in key
private markets around the world.
AUM at 31 December 2025
$160bn+
Many of the most sought-after underlying
fund managers are often oversubscribed
when they raise new funds, making these
funds difficult to access for many investors.
The longevity and stability of the HarbourVest
team, and depth of its global platform, has
enabled the firm to cultivate relationships
with many of the top-tier and exclusive
fund managers, positioning HarbourVest as
both a preferred prospective investor and
a favoured investment partner. This gives
HVPE the ability to provide shareholders with
access to these top-tier managers which are
otherwise generally inaccessible to a majority
of investors.
HarbourVest active GP relationships at
31 December 2025
700+
Read on page 9 Read on page 6 Read on page 58 Read on page 62
HVPE shares offer global exposure to a
portfolio of unique and diversified companies
not listed on public markets, including:
As at 31 January 2026
1,000+
underlying material company exposures
1
Portfolio companies
HVPE at a glance
Democratising access to private investments
HVPE HarbourVest Partners General Partners (GPs)
E-commerce
Discount retailer
SaaS communications
Space technology
Cloud security
platform
Fintech & bankingCloud data platform
Insurance
distribution
1 Material exposures are counted as underlying look through
investments with a value of over $1 million.
Governance Financial StatementsStrategic Report Other information
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HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
Read more about our largest companies Read more about our manager Read more about our diversification
Our investment philosophy
Our approach is built around three core pillars that define how we invest, how we operate and how we seek to deliver long‑term value.
Together, they reflect our belief that successful investing comes from identifying the right opportunities, applying deep expertise and
executing with discipline across global markets.
THE OPPORTUNITY THE CAPABILITIES THE STRATEGY
Our portfolio includes companies at the forefront of global
change and economies. By investing in companies driving
progress across sectors and regions, we aim to capture
sustainable growth opportunities that can support long-term
portfolio performance.
The HarbourVest team has been investing in the private
markets for over 43 years
1
, gaining invaluable expertise and
developing long-term relationships with sought-after General
Partners. HarbourVest is a market leader and innovator
in complex secondary transactions and has committed
over $194 billion to primaries, secondaries and direct co-
investments since its inception
1
.
We take an active approach to portfolio construction,
combining rigorous analysis with ongoing oversight and
risk management. By investing across regions, sectors
and themes we have built a diversified portfolio that is well
positioned to navigate market volatility whilst also delivering
long-term growth.
Let the
companies
shaping our
world power
your portfolio
An expert
team with
exceptional
access
Actively
managed,
globally
diversified
1 Information as of 31 December 2025.
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Annual Report and Financial Statements 2026
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HVPE Board
Responsible for managing the
portfolio in accordance with the
parameters agreed with the Board
Responsible
for corporate
governance and
oversight of
the Company
Investment case
An expert team – with exceptional access
HVPE invests exclusively in funds managed by HarbourVest Partners,
an independent global private markets asset manager with over 43
years’ experience.
HarbourVest’s 85 Managing Directors have average industry
experience of over 26 years. HarbourVest believes the experience and
continuity of investment personnel provides a valuable historical base
of knowledge.
HarbourVest Partners:
Unlocking the power of
private markets
Our structure
Signatory of: Aligned to: Member of:
All information as of 31 December 2025. AUM reflects committed capital from limited partners, inclusive of General Partner commitments for all active
funds/accounts but excludes leverage and any funds/accounts that are in extension, liquidation or fully liquidated.
Global platform
of scale
Experience
and stability
Deep private
market expertise
Top-tier
network of GPs
Robust private
markets database
Private equity investor HarbourVest provides HVPE with access to:
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Annual Report and Financial Statements 2026
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HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
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Beijing, China
Bogotá, Colombia
Toronto, Canada
Boston, USA
Dublin, Ireland
London, UK
Sydney, Australia
Tel Aviv, Israel
Zürich, Switzerland
Frankfurt, Germany
Singapore Hong Kong
Tokyo, Japan
Seoul, South Korea
Abu Dhabi, United Arab Emirates
Assets under management
$160bn+
Years of market experience
43+
Employees globally
1,200+
Number of companies in performance database
43,600+
Investment professionals
230+
Global offices
15
Advisory board seats
950
¹
+
Partnerships engaged with since inception
5,000+
Exposure to private markets provides access to innovative companies,
resilient long‑term performance and broader diversification for investors.
A global platform powering
private investment access
All information as of 31 December 2025.
1 Advisory board seats include all advisory/company board seats
(including advisory/non-voting roles) held through a HarbourVest
fund/account investments.
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0
2,000
4,000
6,000
8,000
10,000
12,000
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2001
2000
2024*
Public companies PE-backed companies
14.2%
16.0%
10.5%
14.0%
8 .7%
13.6%
Year 5
Year 15
Year 10
Investment case continued
Private equity outperformance of public markets
• Private equity returns have exceeded public equity market returns over the
medium and long term with a lower level of risk
• Private equity returns are typically less volatile than listed equity returns
Time‑weighted returns of private equity vs public equities
3
Buyout MSCI ACWI
Benefits of private markets
Growing opportunity set
• Morningstar data shows that private companies used to stay private for
6.9 years a decade ago. That has increased to 10.7 years today, resulting in
the universe of public companies shrinking
• The number of publicly traded companies in the US declined by 34%
between 2000 and 2023
1
• Conversely, the number of private equity-backed companies in the US rose
by 459% over the same period
2
• 25x as many private companies compared to public companies
• These private companies can be at the forefront of exciting technologies
and sectors such as space travel and AI
Alignment of interests and strong governance
• The private equity “active ownership” model aligns the interests of the
investor with the company
• Private equity investor is incentivised to grow and improve the company
during its ownership period
• Long-term investment horizons, extensive firm resources and
deep industry expertise allow GPs to develop, improve and
transform companies
• This contrasts with public equity markets, where investors may be more
passive in their nature and may make decisions on a shorter-term basis
* As of 30 June 2024.
Source: Pitchbook. Private-equity-backed companies exclude venture capital.
Public companies are domestic US firms listed on the NYSE and Nasdaq.
Diversification
• Private market assets add diversification to a portfolio
• Private equity managers tend to invest in higher margin, more resilient, and less
capital-intensive businesses
• Each private market sub-asset class has distinct return drivers, risk factors, and degrees of
sensitivity to the macro cycle
Public Companies
4
25x as many Private Companies compared to Public Companies
1 Public companies are domestic US firms listed on the NYSE and Nasdaq.
2 Source: Pitchbook.
3 Sources: MSCI Private Capital Solution. All returns in USD. Past performance is not a reliable indicator of future
results. All data as of 30 June 2025.
4 Sources: Private company count: Pitchbook as of 2 October 2024, Public company count: MSCI ACWI as of
30 September 2024.
Number of US companies over time
Allows for
Drives
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In January 2025, as one of three shareholder-friendly initiatives, the Board announced that a
Continuation Vote would be introduced for HVPE’s 2026 Annual General Meeting (“AGM”). This
Continuation Vote, the first in the listed private equity fund of funds sector, demonstrates the
Board’s continued commitment to best-in-class corporate governance. The Board considers
this an important step in strengthening shareholder democracy and will give shareholders the
opportunity to express their views. If the Continuation Vote is passed by shareholders, the Board
has pledged that a further Continuation Vote will be held no later than July 2029, ensuring that
shareholders will have another opportunity to reflect on the success of the Company.
In HVPE’s upcoming AGM on 15 July 2026, shareholders will be asked to decide by a simple
majority vote on the Company’s continuation. For the reasons set out below, the Board firmly
believes in the case for the Company’s continuation and urges shareholders to use the vote as an
opportunity to show their support for HVPE’s strategy.
The case for HVPE
Democratisation of private
equity – access through a freely
tradeable investment
HVPE offers investors a gateway to private company
investment, an asset class that has historically
been difficult for many investors to reach, yet
one that has become increasingly important as
companies remain private for longer and scale more
significantly before listing. HVPE gains this exposure
through investments in HarbourVest-managed
vehicles, giving shareholders indirect exposure to a
diversified portfolio of leading private businesses,
including companies such as SpaceX, Databricks,
Shein and Revolut. Companies previously in HVPE’s
portfolio, which have scaled to become established
market leaders and household names include
Netflix, Spotify, Airbnb and Coinbase. HVPE offers
exposure via HarbourVest Partners to top-tier GPs
that are not readily accessible to most investors.
HVPE benefits from the relationships HarbourVest
Partners has cultivated over the years with GPs
such as Andreessen Horowitz, Index Ventures,
Thoma Bravo, Lightspeed Ventures and many more.
The rationale for including private assets within a
diversified portfolio is discussed in the “Benefits of
private markets exposure” section. HVPE delivers
this through a listed structure, giving shareholders
the ability to trade daily in an asset class
that typically involves long-term capital lock-ups.
The listing also means that the minimum
investment in HVPE is the price of a single share.
Share Price, NAV Per Share and FTSE All-World Movement since inception (USD total return)
NAV per share TR ($) Share price TR ($, converted)* FTSE AW TR ($)
IPO (DEC-07)
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Jan-24
Jan-25
Jan-26
-100%
0%
100%
200%
300%
400%
500%
494%
319%
299%
* HVPE introduced an additional US dollar share price on 10 December 2018; from this date onwards, the actual US dollar share price, as reported by the
London Stock Exchange, has been used. Prior to this date, the US dollar share price had been converted from the sterling share price at the prevailing
exchange rate.
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Investment case continued
Sector-leading governance with a
shareholder first focus
HVPE’s fully independent Board is focused on
maximising shareholder value and prioritising
shareholders’ rights. As outlined in the Chair’s
Statement, this commitment has been
demonstrated through the shareholder-friendly
initiatives announced in February 2025 and
April 2026. As communicated in the April 2026
update, should the Continuation Vote pass, the
proceeds from the secondary sale announced in
December 2025 will be used to return significant
value to shareholders as part of a $400 million
share tender in the Autumn. The Board has also
announced its intention to distribute approximately
5-10% of NAV annually until the next Continuation
Vote, via a combination of periodic tenders and
share buybacks.
1 A “unicorn” company is defined as a private company with a valuation of over $1 billion. HVPE exposure analysis is based on portfolio position as at 31 January 2026 using the list of largest global unicorn companies published by CB Insights as at 31 March 2026 at
www.cbinsights.com/research-unicorn-companies
The Board welcomes open and constructive
dialogue with shareholders. During the year,
the Chair and Senior Independent Director met
with many shareholders to discuss areas of
concern and will continue to engage actively
with shareholders in the lead-up to the
Continuation Vote.
Strong long-term performance
Private equity managers invest in companies with
the aim of implementing transformational changes
over the long term. Accordingly, investment
performance should be assessed over the same
long-term horizons considered by managers.
Through this long-term lens, HVPE’s strategy has
generated strong returns for its shareholders with
a 494% NAV per share dollar total return and 319%
share price dollar total return since inception. This
compares with a 299% FTSE All-World dollar total
return over the same period.
Diversification
HVPE’s diversified global portfolio spans
investment stages from early venture to large-cap
buyouts. HVPE provides exposure to over 14,000
companies, most of which are private, offering
a portfolio that would be almost impossible to
replicate. Portfolio exposure is well balanced by
sector and diversified by underlying holdings, with
no single company making up more than 1.6% of
NAV. This diversification is particularly beneficial
when considering the high degree of concentration
that is seen in public markets, with technology
exposure, particularly in the “Magnificent 7”
stocks, dominating the S&P 500.
HVPE offers exposure to
16 out of 20
of the largest “unicorn” companies globally
1
Portfolio aggregate exit uplift of
46%
since 2012
Annualised NAV outperformance of
2.4%
Vs FTSE All-world since inception
Benefits of scale and HarbourVest
Partners’ expertise with a low
management fee
HVPE is the largest private equity fund of funds
investment company listed on the London Stock
Exchange, and its scale enables the portfolio to
be managed with a management fee which is the
lowest in the sector at 0.6% of NAV. The recently
introduced SMA (“Separately Managed Account”)
structure allows the portfolio to be managed in a
more tailored and nimble manner.
Well-positioned to benefit from a
private equity industry recovery
We believe that HVPE’s portfolio is well positioned
to benefit from an increase in exit activity as
economic conditions stabilise and the selective
recovery in M&A activity which has been seen
in the mega-cap and AI space broadens to
other areas of the market. An increase in exit
activity would generate liquidity that could be
reinvested into new opportunities and returned to
shareholders via the Distribution Pool. Increased
realisations also have the potential to support NAV
performance, as demonstrated by the long-term
track record of HVPE’s underlying managers in
delivering exits at healthy uplifts to prior holding
valuations, with an aggregate uplift on exit of 46%
since 2012. A vote in favour of continuation will
allow shareholders to participate in the portfolio’s
future return potential as investments mature and
are realised.
Additionally, as announced in April 2026, the HVPE
Investment Committee will introduce a formalised
twice-yearly liquidity review of HVPE’s portfolio.
The objective of this review will be to capture
opportunities for secondary market transactions
where such transactions are expected to deliver a
net benefit to HVPE shareholders. This formalised
review will add the potential to further enhance
returns while generating additional sources of
liquidity from the portfolio moving forward.
Benefits of investment
company structure
HVPE’s investment company structure means
it has a stable capital base, which allows for the
pursuit of an investment programme with a long-
term horizon in mind, and means that HVPE has
the ability to remain fully invested at all times.
The Board retains the discretion to reduce the
share base via buybacks as part of its capital
allocation policy. At the same time investors have
the freedom to liquidate their shareholdings on
a daily basis via the stock market due to HVPE’s
listed status. HVPE’s public status also ensures
shareholders receive regular and transparent
reporting on their investment.
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HVPE SMA
HarbourVest’s commingled funds
Direct private markets investments/Funds
Fund
J
Fund
K
Fund
L
Fund
E
Fund
F
Fund
C
Fund
D
Fund
A
Fund
B
Fund
I
Fund
G
Fund
H
Direct private markets investments/Funds
HVPE’s structure change
In August 2025, HarbourVest and the Board finalised a revised
arrangement whereby capital will be deployed by the Investment
Manager via a dedicated HVPE vehicle directly into third‑party General
Partner funds, secondary opportunities and co‑investments. Over
time, this arrangement, typically referred to as a Separately Managed
Account (“SMA”), will simplify HVPE’s investment structure, allow
increased flexibility over portfolio management and reduce the
Company’s debt exposure.
Old structure
Pre‑August 2025
Prior to August 2025 all private market investments
were via funds managed by HarbourVest Partners
There is no change to the arrangements
with respect to HVPE’s existing portfolio of
HarbourVest funds, which will continue to call
remaining committed capital as new investments
are made and make distributions as investments
are sold. The existing portfolio will gradually run-
off as the HarbourVest funds mature.
It will take time for the NAV of the SMA assets to
build up, particularly for the primary portion of
the portfolio. This is because primary investing
involves making commitments to underlying funds
with multi-year investment timelines meaning that
the NAV of these funds will grow gradually over
several years.
Further detail on the new SMA structure can be
found on the HVPE website at https://www.hvpe.
com/our-portfolio/structure-of-hvpe/.
New SMA structure means
capital is now invested by a
dedicated HVPE vehicle directly
into third‑party General Partner
funds, secondary opportunities
and co‑investments
New structure for investments
From August 2025
New investments are now made under the SMA, removing
the layer of HVP funds from the ownership structure
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As we reflect on HVPE’s year ended 31 January
2026, I am delighted to report another year of
good performance, underscoring the resilience
of our model and the quality of our portfolio.
Despite a complex global environment, HVPE
has continued to deliver value for shareholders,
achieving a 10% increase in Net Asset Value
(“NAV”) per share in dollar terms and a 14% rise in
share price in sterling terms. This strong short-
term performance builds on HVPE’s impressive
long-term track record: on a ten-year view,
HVPE has delivered a 255% increase in NAV per
share in dollar terms and a 260% rise in share
price in sterling terms. These results reaffirm
our commitment to the Company’s objective to
generate superior shareholder returns through
long-term capital appreciation by investing
primarily in a diversified portfolio of private
markets investments.
HVPE democratises access to private equity,
offering a unique opportunity for investors of all
sizes to participate in this dynamic asset class which
otherwise remains inaccessible to many. Private
markets have historically delivered superior long-
term returns compared to public markets, driven
by their ability to access high-growth companies
earlier in their lifecycle and to benefit from active
management strategies. Investors can gain
ownership of cutting-edge companies in sectors
such as fintech, artificial intelligence, and space
technology – companies that are often private for
years before becoming household names.
Through our closed-ended structure, we provide
daily liquidity without the constraints of forced sales,
enabling long-term investment planning, efficient
capital allocation and broad diversification. These
attributes, combined with our scale and liquidity,
position HVPE as a market-leading vehicle for
accessing private equity opportunities.
Over the past year, we have undertaken several
initiatives to enhance shareholder value and
simplify our investment structure, all of which have
positively contributed to narrowing the discount
1
to
NAV at which the Company’s shares trade. These
include increasing share buybacks by enhancing
the Distribution Pool allocation from 15% to 30%
of gross realisations, and introducing a Separately
Managed Account (“SMA”) to streamline HVPE’s
investment structure. In addition, in December, we
announced an asset sale at a blended discount of
6% to NAV, which is expected to generate proceeds
of $299 million. The sale will generate substantial
liquidity for shareholders which will be returned via
a share tender in the autumn.
These initiatives were not undertaken in isolation.
They formed part of a deliberate and coordinated
approach by the Board to simplify HVPE’s
structure, improve capital flexibility, reinforce
confidence in the Company’s long-term strategy
and ultimately reduce the share price discount
to NAV. In particular, the introduction of the SMA
gives HVPE greater control, improved flexibility on
investments and exits, reduced borrowing costs
and improved optionality in managing the portfolio
over time – all of which come at no extra cost
to HVPE. Alongside the increased Distribution
Pool allocation, these measures have enhanced
our ability to return capital to shareholders in a
disciplined manner, while continuing to support
the long-term growth of the underlying portfolio.
We recognise that private capital investment
companies are more complex than their public
equity investment counterparts, and the Board
has therefore placed significant emphasis on clear
communication and shareholder engagement
throughout the year. This has included targeted
outreach to both institutional and retail investors,
and we remain committed to transparency,
education and constructive dialogue as we
continue to execute our strategy.
NAV per Share at 31 January 2026
$59.40
2025: $54.17
Chair’s Statement
Feedback on these initiatives
has been overwhelmingly
positive, and we remain
committed to maintaining
the highest standards of
governance and engagement.
Ed Warner
HVPE Chair
Resilient performance
amid market complexity
1 The discount is calculated based on the NAV per share available to the market at the financial year end, that being the 31 December estimate, converted to sterling at the prevailing GBP/USD foreign exchange
(“FX”) rate, compared with the share prices on 31 January 2026 and 2025.
HarbourVest Global Private Equity
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These actions, alongside portfolio exit activity,
have contributed to the narrowing of our discount
to NAV from 35% to 26% during the year. Feedback
on these initiatives has been overwhelmingly
positive, and we remain committed to maintaining
the highest standards of governance and
engagement. Over the past year, the Board has
held numerous direct meetings with shareholders,
engaging with investors from all over the world. We
value these conversations and remain steadfast in
our commitment to acting in the best interests of
all shareholders.
During the year the Board constructively
challenged the manager, HarbourVest Partners,
in a number of areas including, amongst other
things, performance attribution and capital
allocation modelling. The Board was grateful for
the manager’s flexibility and commitment to the
introduction of the SMA at a very competitive
fee structure and we finished the financial year
with continued confidence in HarbourVest as
our manager.
Subsequent to the year-end, and following extensive
engagement with a broad range of shareholders, the
Board announced a further set of comprehensive
initiatives in April 2026 designed to accelerate
capital returns, strengthen governance and address
Recent actions taken by the Board
Share price at 31 January 2026
£31.35
2025: £27.60
Share buybacks for year ended 31 January 2026
$88m
2025: $106m
February 2024
Distribution pool policy introduced
• 15% of portfolio distributions allocated to the
Distribution Pool*
February 2025
Three new initiatives
• Distribution Pool doubled to 30% of portfolio
distributions
• Investment structure to be simplified
• Continuation Vote announced
April 2026
Further initiatives announced
• $100m buybacks and $400m tender
announced for 2026
• New commitments paused for remainder
of 2026
• Biannual secondary sale reviews
• Further capital returns of 5-10% of NAV until
next Continuation Vote
July 2026
AGM
• AGM will include a Continuation Vote
resolution
December 2025
Secondary sale
• Secondary sale announced at 6% discount to
NAV with $299m estimated net proceeds
August 2025
SMA finalised
• The first commitment of $125m made to the
new SMA structure
* The Distribution Pool policy was implemented from 1 February 2024. A share of portfolio distributions are allocated to
the Distribution Pool which are then used to fund future HVPE share buybacks or return capital to shareholders by other
means.
the Company’s persistently wide discount to
NAV. These measures build on the actions
implemented during the year and reflect the
Board’s assessment of market conditions,
portfolio liquidity and shareholder feedback.
In taking these decisions, we have sought to
strike an appropriate balance between returning
capital, maintaining balance sheet strength and
preserving the long-term integrity of the portfolio.
Central to this programme is the material
expansion of the Distribution Pool – the
mechanism the Board established in 2024
to provide a transparent and sustainable
framework for returning capital to
shareholders. In 2025 we doubled the
allocation of natural portfolio gross cash
realisations to the Pool from 15% to 30%. For
the remainder of 2026, we have gone further.
Subject to the Continuation Vote passing, all
proceeds from secondary sales, including
the $299 million of proceeds generated from
the asset sale announced in December 2025,
will be allocated in their entirety to the Pool,
providing substantially increased capacity for
distributions. Additionally, we have suspended
the cap previously applied to the Pool
balance, enabling it to accumulate at a pace
commensurate with the scale of returns we
intend to deliver. In total, the Board expects to
distribute at least $500 million to shareholders
during 2026, equivalent to approximately
12% of estimated NAV. This will comprise a
proposed $400 million tender offer, which we
plan to launch in the Autumn at a discount of
around 10% to NAV, alongside continued share
buyback activity. This would represent one of
the largest single-year capital returns in the
listed private equity fund-of-funds sector.
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Your Board firmly believes HVPE
should continue, given the
superior returns delivered for
investors, not just in the 2026
financial year, but over the
long term.
Ed Warner
HVPE Chair
Chair’s Statement continued
Beyond the current year, the Board has established
a clear framework for ongoing capital returns. We
intend to distribute approximately 5-10% of NAV
annually until the next Continuation Vote, through
a combination of periodic tender offers and share
buybacks. The Distribution Pool will continue to
form the basis for these annual allocations, with
the Board retaining discretion to calibrate the
precise level each year by reference to balance
sheet strength, the prevailing discount to NAV,
market conditions and the views of shareholders.
This framework is designed to provide
shareholders with both visibility and confidence
that capital discipline will remain at the core of the
Board’s strategy.
Alongside these capital measures, we have taken
steps to enhance the governance and oversight
of the portfolio. The HVPE Investment Committee
will now conduct formal, twice-yearly liquidity
reviews of the Company’s holdings, with the
explicit objective of identifying secondary market
transactions where a disposal would deliver a net
benefit to HVPE’s shareholders. This complements
the regular portfolio reviews already undertaken
by HarbourVest across its broader platform and
formalises a process that contributed to the
successful $299 million asset sale announced
during the year at a blended discount of just
6% to NAV. This asset sale is both a reflection
of the Board’s commitment to ensuring liquidity
is generated despite challenging market
conditions, but also the Manager’s strength
in the secondary market.
In addition, the Board has decided to pause all new
commitments for the remainder of 2026. While
the Board and the Manager continue to believe
that regular new commitments are essential to
optimising long-term returns, this pause reflects
a deliberate and prudent approach to managing
the Company’s near-term cash requirements,
including the proposed tender offer, while
maintaining balance sheet resilience.
Taken together, these new initiatives represent
a decisive and co-ordinated response to the
challenges facing the listed private equity sector.
They are designed to narrow the gap between
the Company’s share price and its underlying
value, reward shareholders for their patience and
commitment, and demonstrate that the Board is
prepared to act with both ambition and discipline.
We are confident that these measures, combined
with the actions already implemented during the
year, position HVPE well for the period ahead.
Governance and Board changes
At the forthcoming Annual General Meeting
(“AGM”) to be held in July, it is intended that
after nine years of service, Francesca Barnes,
Senior Independent Director (“SID”), will not offer
herself for re-election. The Board is enormously
grateful to Francesca for her considered and
astute contributions; and her dedication to the
Company throughout her tenure has been greatly
appreciated. The Board intends to appoint Mr Alan
Devine as SID with effect from the conclusion of
the AGM. Alan Devine is an experienced financial
services executive and non-executive director
with over 40 years’ experience, having held senior
positions across private equity, transportation
and banking.
During the year, we undertook an externally
facilitated review of the Board’s performance as
part of our ongoing commitment to maintaining
a high standard of governance and effectiveness.
All Directors contributed constructively to the
process, which provided valuable insights to
inform the Board’s continued development and
our priorities for the year ahead. Further details
are available on page 81.
Continued buyback activity
The Company continued to buyback shares
and was active on 191 out of 252 trading days
during the financial year. A total of $88 million
(£67 million) was deployed to buy back 2,414,511
shares, at an average price of £27.71. At 2.2%
of opening NAV, buyback activity represented
a meaningful capital allocation during the year,
boosting NAV per share by 1.4% with the share
buyback programme overall contributing 5.9%
since its inception.
Portfolio cash flows, commitments
and balance sheet
The Portfolio generated a net cash inflow of
$54 million during the financial year, with
$381 million invested and $435 million received
from realisations. Whilst realisation activity
remained relatively low by historical standards,
it is encouraging to see the Portfolio generate a
net cash inflow for the Company following three
prior consecutive years of net investment. The
cash balance for HVPE at 31 January 2026 was
$123 million which was in line with the prior year
figure. Despite the cash inflow from the Portfolio,
the Company’s net debt increased to $447 million
at 31 January 2026 (up from $357 million on
31 January 2025), due to share buybacks and
operating expenses.
In August 2025 the Board and Manager finalised
the terms of the new SMA structure with
the Company committing $125 million to be
invested into opportunities sourced during 2025.
Additionally, $250 million was committed to the
SMA to be deployed into investments sourced
during 2026.
Outlook
Looking ahead, and given the extent of our
geographic, sector and company diversification,
we are cautiously optimistic about the private
equity markets. While challenges persist, we
are encouraged by the increasing number of
transactions in our portfolio, which we view as a
leading indicator of improving cash realisations.
HVPE is well-positioned to capitalise on these
opportunities, supported by the strength of our
structure, the quality of our underlying managers,
and the depth of our portfolio.
Governance Financial StatementsStrategic Report Other information
15
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
Continuation Vote
We are relentlessly focused on delivering for our
shareholders. We welcome shareholder engagement,
and the upcoming Continuation Vote at the July AGM will
offer shareholders the opportunity to opine on a structure
that has consistently delivered long-term value. HVPE is
he first in our sub-sector to introduce this mechanism,
and we are proud to offer shareholders the chance to vote
on the continuation of the Company in its current form.
The Board has decided to build on this leading position
by pledging that a further Continuation Vote will be held
no later than July 2029, ensuring that shareholders
continue to have an opportunity to reflect on the success
of the Company. The Board is unanimously in favour of
continuation and will vote its shares accordingly.
As we approach the Continuation Vote, we believe HVPE’s
unique structure, scale, liquidity levels and performance
track record make it a leading platform for enabling all
shareholders to access the private equity asset class.
Indeed, HVPE provides investors with the largest, deepest
liquidity opportunity in the London stock market in our
sub-sector. Your Board firmly believes HVPE should
continue, given the superior returns delivered for investors
not just in the 2026 financial year, but over the long term.
The Board have continued to return meaningful capital to
shareholders following the year-end
1
, deploying $71 million
(£53 million) to buy back 1.7 million shares. The positive
momentum seen in the share price has also continued,
with the share price increasing by 4.5% after the year-end
to close at £32.75.
Thank you for your continued support.
Ed Warner
Chair
27 May 2026
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1 Post year-end figures are reported to 22 May 2026.
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Investment Manager’s Review
HVPE has demonstrated a
strong long‑term track record
of consistent compound
growth, with the closing NAV
per share of $59.40 having
more than tripled over the
past ten years.
Richard Hickman
HarbourVest Partners Managing Director
of HVPE
In this section, Richard Hickman, Managing Director, who is responsible for the day‑to‑day management of the
Company and a member of the HVPE Investment Committee, reflects on the financial year and shares his outlook.
Richard joined HarbourVest in 2014 and has a total of 20 years’ experience in the listed private equity sector.
Introduction
After a prolonged period of macroeconomic
uncertainty, global financial markets showed
signs of stabilisation during 2025. The easing
cycle initiated by central banks gathered
momentum as inflation continued to moderate
across major economies. Over the course of
the year, interest rates were reduced in both the
US and Europe, supporting an improvement in
financing conditions and investor confidence.
While geopolitical tensions and policy uncertainty
persisted, market sentiment improved as the
year progressed, with equity markets delivering
strong returns. By the year-end, leading equity
indices were trading at, or close to, historical
highs, reflecting renewed optimism around
growth prospects and the outlook for interest
rates. The growth in valuations in public markets
was mirrored selectively in private markets,
predominantly in the mega cap and AI spaces.
The strong performance of public equity markets
by year-end came depsite considerable volatility
in the interim. In April 2025, the announcement of
new US trade tariffs introduced a renewed source
of macroeconomic and geopolitical risk, triggering
a sharp public market sell-off and temporary
pause in global M&A activity. While equity markets
recovered through the second half of the year as
policy clarity improved and rate cuts resumed,
elevated uncertainty continued to influence
investor behaviour. At the same time, rapid
advances in AI continued to attract significant
investor interest, reflecting its potential to boost
productivity while also raising concerns around
the pace of technological development relative to
regulatory oversight. Despite these destabilising
influences, global M&A dealmaking expanded
rapidly in the second half of 2025, taking the total
to $4.7 trillion
1
, 43% above 2024 and a level only
surpassed by the record seen in 2021.
Private market investors entered 2026 feeling
optimistic that the selective recovery of 2025
may broaden out across transaction sizes
and sectors, aided by an expectation of falling
inflation and lower interest rates. However, fears
surrounding the impact of AI on the business
models of software companies weighed negatively
on investor sentiment, leading to a broad-based
software company sell-off in equity markets. This
fear also penetrated the private credit market.
Several high-profile “semi-liquid” private credit
funds experienced redemption requests in excess
of their quarterly limits, as investors responded
to growing concerns over the creditworthiness of
portfolio companies potentially threatened by AI.
Furthermore, the outbreak of the war in Iran led to
a spike in global energy prices and a re-emergence
of concerns over inflationary pressures and the
potential for central banks to tighten monetary
policy once again.
Looking forward to the remainder of 2026 it
appears that uncertainty will be a significant factor
impacting the investment landscape once again.
This uncertainty is both at the macroeconomic
level, as the Middle East crisis continues to unfold
and at the individual company level, as some
companies harness the power of AI wheras others
see their business models threatened by it.
Private markets industry
Even though the mid-year disruption caused by
the US government’s April 2025 tariff
announcements had a temporary destabilising
impact, deal activity accelerated significantly
during the second half of 2025, with private equity
exit value increasing by 50% over the prior year
to $1.3 trillion
2
, representing the second highest
year after the peak seen in 2021. The growth
in exit activity was driven by a substantial increase
in “megadeals”, which are deals worth over
$1 billion. This is evident when looking at the
increase in the number of exits in the year,
which grew substantially less than the increase
in value at only 6%
3
. This increase in mega
cap transactions was fuelled by large-scale
consolidation due to a more accommodative
antitrust environment in the US coupled with a
decline in interest rates. Whilst the growth of exit
activity in the smaller transaction space was more
modest during 2025, the recovery of larger scale
transactions provides some signs for optimism
that other areas of the market may open up once
uncertainty begins to abate.
1 Source: McKinsey & Company, “2026 M&A Trends”,
February 2026
2 Source, Pitchbook, “2025 Annual Global PE First Look”
January 6 2026
3 Source, Pitchbook, “2025 Annual Global PE First Look”
January 6 2026
HVPE Investment Committee
HarbourVest has established the HVPE Investment Committee as a dedicated body to provide
investment recommendations to the HVPE Board.
The Committee meets regularly and is the key decision-making entity through which HarbourVest
fulfils its obligations to HVPE under the Investment Management Agreement. The Committee is
responsible for monitoring and reviewing the Company’s Strategic Asset Allocation targets and for
recommending any changes, thereby seeking to optimise the risk-adjusted performance of HVPE’s
portfolio. On an annual basis, the Committee proposes a commitment plan for consideration by
the HVPE Board and, once approved, is responsible for executing against this plan. During the
year, the Committee also reviews and recommends specific investment opportunities to the HVPE
Board as they arise.
The HVPE Investment Committee comprises four
Managing Directors of HarbourVest Partners:
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Investment activity rebounded as markets
recovered from the temporary tariff disruption,
increasing by 32% over the prior year to
$1.5 trillion
1
. Like exit activity, investment activity
was particularly focused in the larger cap space
with “mega venture” transactions becoming
increasingly prominent in the market with new
record transaction sizes and company valuations
being reached. Prominent mega venture
transactions in the year included a $40 billion
raise by OpenAI in March 2025
2
, the largest private
financing round ever completed. A secondary
share tender in December 2025 for SpaceX valued
the company at $800 billion, a new record at
the time for the most valuable private company
ever, which has subsequently been surpassed by
further increases as the company reportedly looks
to IPO this summer
3
. Public-to-private (“P2P”)
transactions, those where companies leave public
markets to undergo significant transformations
with private equity partners, were also a key focus
in 2025. The $55 billion take private of Electronic
Arts during the year, by a consortium comprising
PIF, Silver Lake and Affinity Partners, marked the
largest buyout deal ever
4
.
The relatively narrow based nature of the recovery
in exits meant many Limited Partners (“LPs”)
continued to face the liquidity constraints that
have been a feature of the private equity market
since 2022. Both LP-led and GP-led transactions
reached new record levels during 2025 of
$125 billion and $115 billion respectively
5
,
reflecting the growing use of secondaries as a
portfolio management and liquidity tool. LPs
increasingly utilised secondaries to actively
manage exposures and pacing, while GPs made
greater use of continuation vehicles to generate
liquidity from mature assets while retaining partial
exposure to future upside. This drove secondary
market volume to $240 billion, surpassing the
record $162 billion that was reached in 2024
6
.
Although secondary transactions remain a
relatively small proportion of overall private market
asset turnover, the scale of activity and continued
innovation in transaction structures highlight the
expanding role of secondaries within the private
markets ecosystem and the significant potential
for further growth over time.
Gregory Stento
Chief Investment Officer, HarbourVest Partners
John Toomey
Chief Executive Officer, HarbourVest Partners
Richard Hickman
Managing Director, HarbourVest Partners
Carolina Espinal
Managing Director, HarbourVest Partners
1 Source: PitchBook as of December 31, 2025
2 Source: CNBC, OpenAI closes $40 billion funding round, record
for private tech deal
3 Source: Reuters, “SpaceX files for IPO, sources say, offering
investors stake in Musk’s space ambitions”
4 Source: NY Times, “$55 Billion Deal for Electronic Arts Is
Biggest Buyout Ever”
5 Source: Jefferies, “Global Secondary Market Review”,
January 2026
6 Source: Jefferies, “Global Secondary Market Review”,
January 2026
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Trends by region
The recovery in private market activity accelerated
further in 2025, although momentum and market
dynamics continued to vary meaningfully
by region.
In the US, private equity activity strengthened
materially over the course of the year. Total deal
value of $1.2 trillion
1
exceeded $1 trillion for
only the second time on record, supported by a
pronounced rebound in large-scale transactions
and a more accommodative financing
environment as interest rates moved lower. Exit
activity also improved sharply, with total exit
value rising 90% on the prior year to $728 billion
2
,
driven by a combination of sponsor-to-sponsor
transactions, renewed strategic buyer appetite,
and a reopening of the IPO market. Public listings
by PE- and VC-backed companies increased
in both number and value, although post-IPO
performance remained mixed, reinforcing a
continued preference among sponsors for
selective and well-timed exits rather than
broad-based public market re-entry. Venture
capital activity remained highly concentrated,
with capital flowing disproportionately to large,
late-stage financings in sectors aligned with AI,
data infrastructure, fintech, and defence-related
technologies. While overall venture liquidity
improved compared to prior years, exit value
remained reliant on a relatively small number of
transactions, underscoring the uneven nature of
the recovery.
European private equity recorded a landmark year
in 2025, with deal activity reaching record levels
of €645 billion
3
as lower borrowing costs and
improved macroeconomic visibility supported a
resurgence in sponsor confidence. Buyout deal
values and volumes increased meaningfully,
with megadeals once again accounting for a
substantial share of total activity, levels last seen
during the 2021–22 period. US investors played
an increasingly prominent role, particularly in
larger transactions, reflecting Europe’s continued
attractiveness as a source of relative value and
diversification. Exit activity in Europe showed
clear signs of improvement, especially in the
second half of the year, with total exit value
rising 10% on 2024 to €302 billion and holding
periods beginning to stabilise to 5.8 years, down
from 6.6 years in 2024
4
, after several years of
extension. However, despite this progress, exit
markets remained structurally constrained, with
IPOs continuing to play a limited role relative to
sponsor-to-sponsor and secondary transactions.
Fundraising slowed after two consecutive record
years, falling by 45% year-on-year to €81 billion
5
,
reflecting weaker distributions and tighter capital
conditions, with capital increasingly concentrated
among established managers and middle-market
strategies attracting sustained investor interest.
Additionally, a lack of raising in the megafund
space (funds above €5 billion) also contributed
to the slowdown in the year.
1 Source: Pitchbook, “2025 Annual US PE Breakdown,
January 2026
2 Source: Pitchbook, “2025 Annual US PE Breakdown,
January 2026
3 Source: Pitchbook, “2025 Annual European Breakdown”,
January 2026
4 Source: Pitchbook, “2025 Annual European Breakdown”,
January 2026
5 Source: Pitchbook, “2025 Annual European Breakdown”,
January 2026
6 Source, Pitchbook, “2025 Annual Global PE First Look”,
total includes Asia and Oceania regions, January 2026
Investment Manager’s Review continued
Private equity and venture activity across
Asia-Pacific remained resilient in 2025, although
conditions varied significantly by country. Total
investment levels of $172 billion
6
were broadly
stable compared with the prior year, supported
by continued strength in Japan and India,
alongside selective large transactions in China.
India emerged as the region’s most active exit
market, underpinned by a robust domestic IPO
environment and strong participation from local
investors, while Japan continued to benefit from
corporate reform and an increasing willingness
among corporates to pursue carve-outs and
strategic divestments. Venture capital activity
across the region remained focused on later-stage
opportunities, particularly in technology-enabled
services, healthcare, and AI-related applications.
While near-term activity was periodically disrupted
by geopolitical uncertainty and trade-related
volatility, the region’s long-term fundamentals
remain supportive. Rising disposable incomes,
expanding domestic capital markets, and ongoing
technological adoption continue to create
attractive opportunities for experienced managers
with local presence and sector expertise.
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Similar to public equity
portfolios that should be
diversified across large,
mid, small, growth and
value stocks, private equity
portfolios need to be
diversified across managers,
company size, investment
strategies, and other
key dimensions.
John Toomey
CEO, HarbourVest Partners
HVPE Investment Committee member
A summary of HVPE’s year
Distributions and announced secondary sale
Whilst the PE industry saw a substantial pick-
up in exit volume, HVPE’s portfolio saw a more
modest increase in the year to January 2026.
This can be attributed to HVPE’s portfolio being
more heavily weighted to smaller companies
which saw a lower increase in transaction volume
globally than in the mega cap space. During the
year, portfolio realisations totalled $435 million,
representing a 14% increase on the prior year and
a realisation rate of 10% of the opening portfolio
value. Although the realisation rate remained lower
than the prior five-year average realisation rate of
15% of opening portfolio value, it is encouraging
that the second half of the year showed a marked
progression in the pace of realisations, with the
$292 million received in the second half being over
double that of the amount realised in the first half
($142 million).
In December 2025 we announced the sale of five
HarbourVest fund positions at a blended discount
of 6% to the 30 June 2025 NAVs. This transaction
demonstrates HVPE’s proactive approach to
portfolio management and our commitment
to delivering long-term value for shareholders.
The proceeds from this secondary sale are due
to be received in two tranches post year-end
in 2026 and so do not form part of the current
year realisations figure. The secondary sale
benefited from the breadth and reach of the wider
HarbourVest platform, was executed anonymously
to protect value, and proved well-timed given a
degree of subsequent softening in secondary
market pricing.
Investment Manager’s Report
HVPE’s simplified structure
The diagram below shows HVPE’s SMA structure.
Primary
partnerships
Secondary
portfolios
14,909 companies
(1,000+ material)
Companies
1
HVP SMA
1,227
underlying funds
51%
primary fund
of funds
29%
secondary
fund of funds
20%
HVP direct
co‑investment funds
As announced in April 2026 as one of the
shareholder initiatives, the HVPE Investment
Committee will introduce a formalised
twice-yearly liquidity review of HVPE’s portfolio.
This will have the objective of completing other
similar transactions in the future, where such
transactions are expected to deliver a net benefit
to HVPE shareholders.
The first year of investing through
the SMA structure
A $125 million commitment to the new SMA
structure was made in August 2025.
This marked a significant milestone in the
Company’s transition to its new investment
model and reflects HVPE’s ongoing commitment
to building a diversified global private equity
portfolio, with a balanced approach across
investment strategies, stages, and geographies.
The underlying allocations for this commitment
consisted of primaries and direct co-investments
identified during the 2025 calendar year. The
benefits of the SMA include a reduction in
HVPE’s debt exposure over time as well as
greater flexibility over investment pacing and
portfolio liquidity.
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1 Source: McKinsey & Company, “2026 M&A Trends”,
February 2026
2 Source: McKinsey & Company, “2026 M&A Trends”,
February 2026
Investment Manager’s Report continued
NAV per Share at 31 January 2026
$59.40
2025 $54.17
Share Price at 31 January 2026
£31.35
2025: £27.60
Outlook
Looking ahead to the remainder of 2026, there
are risks posed to private markets but also
potential opportunities, particularly for established
managers with long-term track records of
investing through cycles.
While public markets have reacted sharply to the
perceived threat that AI may pose to incumbent
software companies, we remain confident in
the resilience of the portfolio and in the depth
of experience of our underlying managers in
navigating periods of technological change.
Based on the analytical work that we have carried
out on our underlying software companies so
far, which account for 28% of our portfolio, we
believe that very few of our underlying companies
are at a high risk of disruption from AI. Where
AI-related risks have been identified, these are
primarily valuation-driven rather than operational
in nature. Risks to end-markets and day-to-day
trading performance are generally limited, due
to the mission-critical nature of many portfolio
companies’ products and services, which typically
require high levels of accuracy and determinism
and are deeply embedded within customers’
operations, making switching providers both
costly and complex.
It is important to note that while the public market
selloff was broad across all software companies,
not all software will be disrupted by AI. We also
see opportunities for incumbents to expand
monetisation and enhance products as they
introduce more personalised and autonomous
workflows. As an investor in venture/growth and
buyout, HVPE has exposure to companies looking
to disrupt industries by harnessing the power of AI
technology, so parts of our portfolio may be poised
to benefit from this dynamic, helping to offset any
challenges in other areas.
Looking ahead, geopolitical uncertainty will
continue to be a key investor concern, with the full
first and second order effects of the Middle East
conflict yet to be felt. We believe that the benefits
of the private equity model come into their own
during uncertain times. Taking a long-term view
on investment allows managers to focus on
the fundamental qualities of strong businesses
and prioritise these against short-term
fluctuations in market and macro conditions
that may weigh more heavily on the views
of public market investors.
Market indicators during 2025 point to a measured
improvement in private markets conditions,
providing some grounds for cautious optimism
as the industry looks ahead to 2026 and beyond.
Private capital activity across the US and Europe
showed signs of stabilisation over the year, with
capital increasingly directed towards larger,
high-conviction transactions, particularly in AI and
related infrastructure. While this concentration
reflects continued investor selectivity, it also
highlights sustained demand for high-quality
assets in structurally attractive sub-sectors, which
could broaden across private markets should
macroeconomic conditions moderate.
There is also growing evidence that the prolonged
period of subdued transaction activity has helped
narrow the gap between buyers’ and sellers’
valuation expectations. GPs of newer vintage
funds continue to hold significant levels of dry
powder with levels at around $2.2 trillion
1
as at
31 December 2025, while more mature fund
vintages are under increasing pressure to generate
exits and return liquidity to limited partners with
hold periods of portfolio companies extending
to six years
2
. Taken together, these dynamics
could help catalyse an uplift in private market exit
activity. If this occurs, we believe the portfolio
is well-placed to benefit from a broad-based
recovery in exit activity across private markets.
A rise in exit activity would enhance liquidity,
supporting both share buybacks and the ability
to reinvest in compelling new opportunities.
Maintaining a disciplined approach to
reinvestment, while ensuring balanced exposure
across different vintage years, is essential for the
listed private equity sector’s capacity to deliver
long-term value to investors. Moreover, as private
market exits are typically achieved at robust
uplifts to GP valuation marks, increased exit
activity should help to address lingering concerns
around valuations, which have contributed to
the sustained wide discounts in the listed private
equity sector in recent years.
The nature of private markets investing
means that long-term performance is the
most appropriate measure of success. HVPE
continues to demonstrate a strong long-term
track record, delivering a compound US dollar
NAV return of 13.5% per annum over the ten
years ended 31 January 2026. Unlike public
equity markets, where returns have become
increasingly concentrated in a small number of
large technology-focused companies, HVPE’s
performance has been driven by a highly
diversified portfolio with exposure across a wide
range of sectors, geographies and strategies,
reducing concentration risk at the individual
company level. This diversified approach has
supported resilient performance through varying
market conditions.
A $250 million commitment to the SMA was
made in December 2025 with the intention that
this is allocated to underlying investments during
the 2026 calendar year. This commitment will
be invested in line with our medium-term goal
of moving the portfolio gradually towards our
Strategic Asset Allocation (“SAA”). Following
the 2025 annual review of HVPE’s SAA targets,
the Board approved two stage level changes
recommended by the HVPE Investment
Committee which were to decrease the allocation
for InfRA and Credit from 15% to 12% and to
increase the Buyout target from 55% to 58%.
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
21
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As investment manager, HarbourVest draws on
decades of experience in private markets and
remains a strong advocate for the benefits of
disciplined, long-term investing through economic
cycles. Since HVPE’s inception in 2007, the
Company has delivered strong absolute and
relative outcomes for shareholders, including
annualised double-digit US dollar NAV growth
of 10.3% and annualised sterling share price
growth of 10.6%. HVPE provides access to the
growth potential of more than 14,000 private
companies through a globally diversified portfolio
that HarbourVest believes is well positioned to
continue delivering long-term value. We therefore
strongly encourage shareholders to vote in favour
of the continuation of HVPE at the upcoming
AGM, allowing them to remain invested in the
unique long-term value creation strategy that has
supported HVPE’s growth into one of the largest
and most liquid listed private markets investment
companies on the London Stock Exchange today.
Richard Hickman
Managing Director
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
22
Governance Financial StatementsStrategic Report Other information
0.49
0.45
0.34
0.33
0.30
2.75
(0.32)
(0.32)
(0.80)
1.35
0.66
54.17
59.40
HIPEP
IX
Fund XI
Venture
Dover Street
XI
Fund XII
Buyout
Gross Realised Gain/Value Change
Fund X
Venture
Other
HarbourVest
Managed Vehicles
2
Management
Fees
3
Performance
Fees
4
Net Operating
Expenses
5
Foreign
Currency
Share
Buyback
NAV per Share
at 31 Jan 2025
NAV per Share
at 31 Jan 2026
NAV per Share – 12 months to
January 2026
HVPE’s NAV per share increased by 9.7% (or $5.23)
in the 12 months to 31 January 2026, ending the
financial year at $59.40. The FTSE All-World TR
Index (in US dollars), increased by 22.8% in the
same period.
Over the long term, HVPE’s NAV per share return
has been strong. The 31 January 2026 figure
of $59.40 is 65% higher than the NAV per share
figure reported five years earlier (31 January
2021: $35.97) and over three-and-a-half times
the respective figure ten years earlier (31 January
2016: $16.75). 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 2026, no single company represented
more than 1.6% of the Investment Portfolio
value (31 January 2025: 2.2%), helping to
mitigate company-specific risk. The top 100
companies in the portfolio represented 28%
of total value (31 January 2025: 29%), while
the top 1,000 companies represented 81%
(31 January 2025: 81%).
1 Realised and unrealised gains are shown net of management fees, performance fees, and foreign currency in the Audited Consolidated Statements of Operations.
2 Realised gain/value changes from the balance of 56 other HarbourVest funds, 16 secondary co-investments and the SMA assets in the Investment Portfolio.
3 Management fees include management fees from HarbourVest Funds and secondary co-investments as shown in the Audited Consolidated Statements of Operations ($65k).
4 Please refer to page 41 for more information on the performance fees.
5 Operating expenses exclude management fees ($65k) and are shown net of interest and other income ($4.4 million).
Investment Manager’s Report continued
Fund movement – NAV per Share at 31 January 2026
1
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HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
23
The portfolio delivered value growth of 10.0%
over the 12 months. The primary portfolio was
the best performing strategy in percentage terms,
delivering value growth of 12.2% over the 12
months. This compared with growth of 8.1% for
secondaries and 7.4% for direct co-investments.
Geographically, North America, Europe and Asia
categories all saw growth at 8.2%, 18.3% and 6.6%
respectively, while the Rest of the World saw a
decline (-2.0%). Looking at stages, the Mezzanine
and InfRA portfolio was the strongest performer,
growing 14.4% in the 12 months ended 31 January
2026. Buyout and Venture & Growth Equity stage
assets also grew, recording gains of 8.8% and
11.5% respectively.
As at 31 January 2026, HVPE held investments
in 61 HarbourVest funds and 16 secondary
co-investments
1
(compared with 61 and 16
respectively at 31 January 2025) in addition to
investments held in the SMA vehicle which was
formed during the year. Of the HarbourVest fund
investments, the largest fund contributors to
NAV per share movement in absolute terms
during the 12 months to 31 January 2026 are
described below:
• HIPEP IX, an international multi-strategy fund
of funds, was the largest contributor to NAV
per share, adding $0.49 over the reporting
period. With a vintage year of 2020, this fund
is in its growth phase. The increase came
predominately from unrealised gains.
• Fund XI Venture, a US-focused venture fund
of funds, was the second-largest contributor
over the reporting period, adding $0.45 to NAV
per share. With a vintage year of 2018, this
fund is in its growth phase. The increase came
predominately from unrealised gains.
• Dover Street XI, a global multi-stage secondary
fund, was the third-largest contributor, adding
$0.34 to NAV per share. With a vintage year
of 2022, this fund is in its investment phase.
The increase came predominantly from
unrealised gains.
• Fund XII Buyout, a US-focused buyout fund of
funds, was the fourth-largest contributor over
the reporting period, adding $0.33 to NAV per
share. With a vintage year of 2021, this fund
is in its growth phase. This increase came
predominantly from unrealised gains.
• Fund X Venture, a US-focused venture fund of
funds, was the next largest contributor over
the reporting period, adding $0.30 to NAV per
share. With a vintage year of 2015, this fund
is in its mature phase. This increase came
predominantly from realised gains.
All of the remaining HarbourVest funds in the
portfolio together contributed to an aggregate
$2.75 increase to HVPE’s NAV per share over
the year.
Portfolio cash flows and balance sheet
In the 12 months to 31 January 2026, HVPE
received cash distributions of $435 million
(12 months to 31 January 2025: $382 million)
while funding capital calls of $381 million for new
investments (12 months to 31 January 2025:
$443 million). The result was net cash flow of
$54 million over the reporting period (12 months
to 31 January 2025: negative $61 million). The
impact of the portfolio cash flow on the balance
sheet and the credit facility is provided on page 36.
1 These include four Secondary Overflow III investments, 11 Secondary Overflow IV investments, and Conversus, referred to as “HVPE
Charlotte Co-Investment L.P.” in the Audited Consolidated Schedule of Investments.
Distributions were weighted towards the second
half of the year as exit activity accelerated, with
$292 million being received compared with
$143 million in the first half.
The largest HarbourVest fund capital calls and
distributions over the reporting period are set out
in the tables on the next page.
The top ten HarbourVest fund calls in aggregate
accounted for $314 million (82%) of the total
calls and came from a broad mix of funds. The
majority of total calls by value (73%) were into
primary opportunities.
The top ten HarbourVest fund distributions totalled
$217 million, or 50% of the total proceeds received
in the period. Distributions by value were split
between primary investments (70%) and direct
co-investments (18%), with the remainder coming
from secondary investments.
The HarbourVest fund-level borrowing as at
31 January 2026 is reported in Managing the
Balance Sheet on page 38.
Portfolio companies
During the year, the ten largest individual company
realisations generated total distributions of
$124 million, accounting for approximately 28%
of all proceeds received. Of these ten companies,
eight were disclosed in HVPE’s top 100 portfolio
companies as at the end of the prior financial year.
Further details are provided on these eight below
(ordered by size of distribution). The top ten
distributions by value are listed on page 33.
• Froneri is an ice cream and frozen food
manufacturer in Europe. Froneri was HVPE’s
7th-largest company at 31 January 2025 and
generated proceeds of $23.8 million following
a secondary transaction in which PAI Partners
rolled its stake into a newly established
single-asset continuation vehicle alongside
new institutional co-investors.
• Scale AI, Inc. is a developer of a data-oriented
platform intended to provide training and
validation data for AI applications. Scale was
HVPE’s 12th-largest company at 31 January
2025 and generated proceeds of $19.7 million
following a large strategic minority investment
by Meta Platforms.
• AssuredPartners is an insurance brokerage
serving middle-market clients across the
United States and the United Kingdom.
AssuredPartners was HVPE’s 21st-largest
company at 31 January 2025 and generated
proceeds of $14.4 million following the
trade sale of the company to Arthur J.
Gallagher & Co.
HarbourVest Global Private Equity
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• CSL Dualcom is a UK-based provider of
mission-critical connectivity solutions for
security, life-safety and IoT applications. CSL
Dualcom was HVPE’s 43rd-largest company
at 31 January 2025 and generated proceeds of
$11.2 million following the transfer of ownership
into a continuation vehicle led by ECI Partners
and new institutional investors.
• Consumer Cellular is a US wireless service
provider focused primarily on the over-50s
demographic. Consumer Cellular was HVPE’s
47th-largest company at 31 January 2025 and
generated proceeds of $10.8 million following
a continuation vehicle transaction by the
manager, GTCR.
• Action Nederland is a European non-food
discount retailer with operations across more
than a dozen countries. Action Nederland
was HVPE’s 5th-largest company at 31 January
2025 and generated proceeds of
$9.4 million relating to ongoing distributions to
shareholders from the business’ strong cash
generation. The company is still one of HVPE’s
most significant holdings and is the 7th-largest
company in the portfolio at 31 January 2026.
• ByteDance is a global technology company
best known for the TikTok platform. ByteDance
was HVPE’s 17th-largest company at
31 January 2025 and generated proceeds
of $8.6 million following the sale of its
US operations to a consortium of
American investors.
• Qlik Technologies is a data integration,
analytics and AI software provider. Qlik
Technologies was HVPE’s 72nd-largest
company at 31 January 2025 and generated
proceeds of $7.9 million following the sale of
a significant minority stake by Thoma Bravo
to a consortium led by the Abu Dhabi
Investment Authority.
HarbourVest Fund Name Vintage Year Description Called Amount
Dover Street XI 2022 Global multi-stage secondary fund
$65.0m
HIPEP IX Partnership 2020 International multi-strategy fund of funds
$58.2m
Asia Pacific 5 2021 Asia-pacific-focused multi-strategy fund of funds
$48.0m
SMA 2025 tranche 2025 2025 vintage SMA investments
$25.9m
Fund XII Buyout 2021 US-focused buyout fund of funds
$24.8m
Top five HarbourVest Fund and SMA calls
HarbourVest Fund Name Vintage Year Description Distributed Amount
Co-Investment V 2018 Global direct co-investment fund
$36.6m
Fund X Buyout 2015 US-focused buyout fund of funds
$29.9m
Fund IX Venture 2011 US-focused venture fund of funds
$22.3m
HIPEP VII Partnership 2014 International multi-strategy fund of funds
$21.3m
Fund X Venture 2015 US-focused venture fund of funds
$20.3m
Top five HarbourVest Fund and SMA distributions
Investment Manager’s Report continued
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
25
Governance Financial StatementsStrategic Report Other information
Total
537
161
Quarter 04
108
Quarter 03
143
Quarter 02
125
Quarter 01
M&A
87%
IPO
13%
M&A transactions and IPOs
During the 12 months ended 31 January
2026, there were a total of 537 known M&A
transactions and IPOs, an 8% increase on the
496 total transactions reported in the 12 months
to 31 January 2025. Within HVPE’s portfolio, we
have seen positive news flow in recent months
that companies such as SpaceX, Revolut
and Databricks are considering IPOs, which
is an encouraging sign that we could see an
improvement in exit activity in 2026 and beyond.
Of these 537 known transactions, 87% (467)
were M&A (trade sales or sponsor-to-sponsor
transactions), with the remaining 13% (70) being
IPOs. IPOs tend to represent a relatively small
proportion of exits for HVPE, consistent with wider
industry trends.
There was a slight weighting towards venture
transactions where, of HVPE’s total 467 known
M&A transactions and IPOs, 216, or 46%, related
to buyout-backed companies with the other 251,
or 54%, relating to venture-backed companies.
Over the period, the weighted average uplift to
pre-transaction carrying value for a large sample
of transactions was 22%
1
.
The top five M&A and IPO transactions during the
period (by contribution to HVPE NAV per share)
are listed below.
Calpine Corporation Other Utilities
+$0.13
IFS AB Buyout Information Technology
+$0.09
Acumatica Buyout Information Technology
+$0.05
Scale AI, Inc. Venture Information Technology
+$0.04
Tendam Retail, S.A. Buyout Consumer Discretionary
+$0.04
Figure Technologies Inc, Venture Financials
+$0.14
Medline Industries Inc. Buyout Health Care
+$0.08
Firefly Aerospace Buyout Industrials
+$0.04
Figma, Inc. Venture Information Technology
+$0.04
Circle Internet Financial Ltd. Venture Financials
+$0.04
Top five M&A transactions in the 12 months ended 31 January 2026
(by contribution to HVPE NAV per share
2
)
Top five IPOs in the 12 months ended 31 January 2026
(by contribution to HVPE NAV per share
2
)
1 These figures represent the weighted average percentage uplift to carrying value of 142 individual company M&A and IPO transactions
during the year ended 31 January 2026. This analysis takes each company’s value (whether realised or unrealised) at 31 January 2026
and compares it to the carrying value prior to announcement of the transaction. This analysis represents 92% of the total value of
transactions in the year ended 31 January 2026 , is based on the most up to date financial information available for each company at the
date the calculation was performed 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.
Breakdown of known M&A transactions and IPOs
(by quarter end)
Breakdown of known M&A transactions and IPOs
(by count)
Buyout M&A – 40% Venture M&A – 47% Buyout IPO – 4% Venture IPO – 9%
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
26
Governance Financial StatementsStrategic Report Other information
22%
Europe
62%
North America
15%
Asia
32%
Venture and
Growth Equity
60%
Buyout
30%
Venture and
Growth Equity
62%
Buyout
29%
Seco ndary
51%
Buyout
20%
Direct
Co-investment
50%
35%
15%
1%
3%
12%
83%
1%
4%
10%
11%
11%
35%
14%
3%
12%
Actual
North America 62%
Europe 22%
Asia 15%
Rest of World 1%
Stage
Actual
Buyout 60%
Venture and Growth Equity 32%
Mezzanine, Infrastructure & Real Assets 8%
Strategy
Actual
Primary 51%
Secondary 29%
Direct Co-investment 20%
Phase Industry Currency
Geography
Investment Manager’s Report continued
Diversification at 31 January 2026
1
1 Diversification by geography, stage, strategy, phase, and currency is based on the estimated net asset value of partnership investments within HVPE’s fund of funds and company investments within HVPE’s co-investment funds. Industry diversification is based on the reported value
of the underlying company investments for both fund of funds and co-investment funds.
Investment Growth Mature US dollar Euro Sterling Australian dollar Other Tech & Software Medical & Biotech Financial Consumer
Industrial & Transports Business Services & Other Media & Telecom
Energy & Cleantech
C
l
o
u
d
T
e
c
h
a
n
d
D
e
v
O
p
s
T
e
c
h
n
o
l
o
g
i
e
s
N
e
w
A
I
&
B
i
g
D
a
t
a
B
i
o
t
e
c
h
n
o
l
o
g
y
D
i
g
i
t
a
l
i
s
a
t
i
o
n
33.1%
30.2%
12.1%
12.6%
12.0%
Venture
& Growth
innovative
technology
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
27
Governance Financial StatementsStrategic Report Other information
1.9% Robotics and Drones
4.4% Space Technology
12.5% SaaS 0.3% Process Automation
3.5% CloudTech and DevOps Services
1.0% Virtual Reality (“VR”)
1.5% Quantum Technologies
2.9% Autonomous Cars
0.6% Other Biotech Services
8.9% Biotech R&D
28.8% AI and Machine Learning
1
18.8% Application Software
10.8% Systems Software
2.6% Pharma 1.5% Big Data
1 This category comprises companies whose core products and business
models are centred on artificial intelligence and machine learning. It should
be noted, however, that AI capabilities are also embedded across other
innovative technology categories, particularly within software, meaning that
AI exposure extends beyond this classification.
Innovative technology
Let the companies shaping our world power your portfolio
The Venture and Growth Equity portion of the portfolio, which
accounts for $1.7 billion or 32% of the overall portfolio, contains a
range of exciting companies at the forefront of new and emerging
technologies. As at 31 January 2026, 30% of this segment of the
portfolio, worth approximately $503 million, relates to “innovative
technology”, a breakdown for which, along with a sample of the
types of company in each sub-category, is shown below:
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
28
Governance Financial StatementsStrategic Report Other information
Click to read more about How we do it
01
04
03
02
Mature phase
The fourth phase, where underlying
managers are realising investments.
$435m
in proceeds received from HarbourVest
funds in the 12 months to 31 January 2026.
Growth phase
The third phase where HarbourVest Managed
Vehicles are fully invested, and managers are actively
driving growth. The majority of value accretion
typically takes place during this phase.
$392m
increase in the Investment Portfolio in
the 12 months to 31 January 2026.
Investment phase
The second phase, where the
HarbourVest Managed Vehicles invest
HVPE’s commitments.
$381m
invested into HarbourVest Managed
Vehicles in the 12 months to 31 January 2026.
Commitment phase
The first phase at which the Investment
Manager and the Board consider making new
commitments to the portfolio.
$375m
commitments made to the HarbourVest SMA
in the 12 months to 31 January 2026.
Value creation cycle
Value creation
cycle
Investing in private markets requires a
considered, long‑term approach. HVPE
provides a complete solution for public
investors by managing the portfolio through
four phases of the cycle: Commitment,
Investment, Growth, and Mature.
The value creation cycle describes the movements during
the year ended 31 January 2026, during which time all new
commitments were made under the SMA structure. Existing
investments in HarbourVest Funds are expected to have an
approximate value creation cycle with a four-year investment
phase, followed by a growth phase in years five to nine and a
mature phase during years seven to ten. SMA investments are
expected to have a shorter investment phase as all commitments
are allocated to underlying partnerships or deployed within
one year. The growth and mature phases of SMA investments
are expected to be of similar duration to those of the
HarbourVest Funds.
Value
creation
cycle
Governance Financial StatementsStrategic Report Other information
29
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
Capital is called from investors
over a period of time
Investors commit capital Indication of fund performance
Distributions: Cash flows back to investors
01
Capital Calls Distributions Cumulative Net Cash Flow
0%
Years
1
2 3 4 5 6 7 8 9 10
Commitment phase
A J-curve is a term given to the typical profile of the annual returns from a private
equity fund during its lifecycle when graphed. Due to the investment process, capital
calls and fees precede value creation and potential distributions.
Understanding the J-curve
Contributing factors
Time private equity portfolios
can take several years to reach
their investment targets
Fees and expenses on
committed capital generally
cause a negative return early
in a fund’s life
Underperformers within the
portfolio can occur in the
early years, creating further
negative performance
Gains usually come in the later
years as companies mature
and increase in value and
are sold
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
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Governance Financial StatementsStrategic Report Other information
01
15
31
58
144
232
322
407
587
Jan 33 Jan 34Jan 32Jan 31Jan 30Jan 29Jan 28Jan 27
0
100
200
300
400
500
600
23%
23%
36%
11%
7%
$2.4bn
Commitment phase continued
Value creation cycle continued
Allocated and Unallocated Investment Pipeline
1
In order to reflect the differences in expected
drawdown periods appropriately, the Company
divides its Investment Pipeline of unfunded
commitments into two categories:
– “Allocated” – Unfunded commitments
(Investment Pipeline) which have been
allocated by HarbourVest Managed Vehicles to
underlying partnerships.
– “Unallocated” – Unfunded commitments
(Investment Pipeline) which have yet to be
allocated by HarbourVest Managed Vehicles to
underlying partnerships and therefore cannot
be drawn down in the short term.
Note: All of the Company’s commitments to HarbourVest
direct co-investment and secondary funds are classified as
“allocated” commitments because their drawdown profiles
are closer to those of third-party funds.
Commitments made to HarbourVest Managed Vehicles in the 12 months to 31 January 2026
(in order of the size of the commitment)
Projected timeline for capital calls from total
Investment Pipeline
The graph below details the projected timeline of the anticipated capital calls from HVPE’s Investment
Pipeline, taken from the low case scenario. For more details on cash flows and modelling, please refer to
page 37. Of the $2.4 billion included in the investment pipeline, we expect to fund $587 million in the next 12
months (24% of the investment pipeline) and $1.3 billion over the next three years (54% of the investment
pipeline). For further details on sources of liquidity and coverage, please see the Medium-term Coverage
Ratio on page 40.
Anticipated capital calls per financial year ($m)
1
Annual SMA 2026 tranche
$250m
Annual SMA 2025 tranche*
$125m
1 This is intended to be an illustrative example of the pace at which capital may be called by a fund. Investors and prospective investors should bear in mind that the future data presented is hypothetical and, as such, does not reflect actual timing or underlying investment performance
and should not be construed as predicting the future. These projections should be used solely as a guide and should not be relied upon to manage investments or make investment decisions.
Unallocated ($1,886m)
Allocated ($563m)
(Years since allocation made)
1‑3 years
4‑6 years
7‑10 years
>10 years
Total
$375m
(12 Months to 31 January 2025: $415m
commitments to HarbourVest funds)
2026 annual
SMA tranche
($250 million
committed)
A $250 million commitment
to the SMA was made in
December 2025 with the
intention that this is allocated
to underlying investments
during the 2026 calendar
year. The allocation strategy
for this commitment
includes 49% to primary
investments, 18% each to
secondary investments and
co-investments, and 8%
each to infrastructure and
credit. Stage allocation will
be 70% to buyout and 30% to
venture/growth opportunities.
Geographically, the allocation
is 60% to North America, 24%
to Europe, and 16% to Asia.
Committed
$250m
*$73m million of commitments in the 2025 SMA tranche were allocated to primary managers during the year ended 31 January 2026, including Bain Asia, CVC Catalyst, OceanSound, One Peak Growth, Thrive Capital and
Andreessen Horowitz. $24 million of commitments were allocated to four direct co-investments including International Schools, NFP Corp, Renovo Solutions and Rockfin. The investments that will be allocated to the remainder of
the tranche commitments were in their legal closing processes as at 31 January 2026.
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
31
Governance Financial StatementsStrategic Report Other information
02
$10.7m
$8.1m
$6.6m
$6.4m
$6.0m
$5.8m
$5.5m
$5.1m
$4.8m
$4.7m
%12
%12
%12
%12
%12
%12
%12
%12
%12
%12
Novacap Investments Inc. – Buyout – North America
Accel – Venture/Growth – North America
Pemba Capital Partners – Buyout – Asia
HongShan (formerly Sequoia Capital China) – Venture/Growth – Asia
Battery Ventures – Venture/Growth – North America
Incline Equity Management – Buyout – North America
Symphony Technology Group – Buyout – North America
Five V Capital – Buyout – Asia
Sterling Investment Partners Management, L.L.C. – Buyout – North America
Index Ventures – Venture/Growth – Europe
Dover Street XI
($65 million call)
Dover Street XI was HVPE’s
largest source of capital
calls in the 12 months to
31 January 2026
Dover Street XI is a 2022-vintage
fund and provides a turnkey
investment solution for
investors seeking diversified
exposure to the global private
equity secondary market. The
fund leverages HarbourVest’s
global platform, long-standing
General Partner relationships
and differentiated information
access to build a diversified
portfolio of mature private equity
assets across buyout, growth
and venture strategies. Dover
Street XI focuses on secondary
investments, with an emphasis
on complex GP-led and LP-led
transactions, complemented
by traditional secondary
opportunities. The portfolio is
diversified by geography, sector,
vintage year and manager,
with individual transaction
sizes typically ranging from
approximately $150 million
to $400 million.
Call
$65m
Investment phase
In the 12 months to 31 January 2026, HVPE invested $381 million into HarbourVest Managed Vehicles (see Consolidated Statements of Cash
Flows on page 103). The majority of investments were into primary funds at 73%, followed by secondaries at 21%, and direct co‑investments at
6%. The most active primary managers were in North America and had a buyout focus, as highlighted in the table below.
Top ten primary managers by amount invested ($m)
03
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+7.4%
+8.1%
+12.2%
+11.5%
+8.8%
+14.4%
+8.2%
+18.3%
-2.0%
+6.6%
Growth phase
1
In the 12 months to 31 January 2026, the Investment Portfolio grew by $392 million (see Audited Consolidated Statements of Operations on
page 101). Movements by stage, geography, and strategy are outlined in the tables and graphics below (percentage change over the 12 months
adjusted for new investments over the period). The size of each diamond represents the relative weighting of each category in the portfolio
diversification.
Growth by stage
A breakdown by sub-sector for each stage:
HIPEP IX –
Largest gain ($35
million gain)
2
HIPEP IX was HVPE’s
largest fund gain in
the 12 months to
31 January 2026.
Gain
$35m
1 Note that the net gain of $392 million
is at the fund level and net of all
management fees and carry charged
by underlying GPs and HarbourVest,
while the percentage gains are at the
underlying partnership level and are
net of GP fees and carry, gross of
HarbourVest fees and carry.
2 Gross of management fees, carried
interest and other expenses related to
the fund.
Growth by geography
A breakdown by sub-sector for each region:
Growth by strategy
A breakdown by sub-sector for each strategy:
Value creation cycle continued
Closing NAV Performance
Large Buyout 17.1% +8.3%
Med Buyout 26.5% +8.5%
Small Buyout 16.8% +9.6%
Total Buyout 60.4% +8.8%
Early Venture 10.9% +13.1%
Balanced Venture 6.6% +21.7%
Growth Equity 14.1% +5.9%
Total Venture 31.6% +11.5%
Credit 3.0% +5.9%
Infra 5.0% +20.7%
Other 0.0% +26.2%
Total Other 8.0% +14.4%
Total Portfolio 100.0% +10.0%
Closing NAV Performance
US Buyout 37.4% +5.9%
US Venture 18.6% +12.9%
US Other 5.5% +9.9%
Total North America 61.5% +8.2%
Europe Buyout 15.8% +16.9%
Europe Venture 4.7% +21.2%
Europe Other 1.9% +24.3%
Total Europe 22.4% +18.3%
Asia Buyout 6.1% +8.6%
Asia Venture 8.0% +3.4%
Asia Other 0.6% +36.0%
Total Asia 14.7% +6.6%
Total Rest of World 1.4% -2.0%
Total Portfolio 100.0% +10.0%
Closing NAV Performance
Asia Primary 7.3% +11.8%
Rest of World Primary 0.8% +1.5%
Europe Primary 10.9% +20.5%
US Primary 31.8% +10.0%
Total Primary 50.8% +12.2%
Asia Secondary 4.6% -0.6%
Rest of World Secondary 0.3% +11.3%
Europe Secondary 6.2% +15.6%
US Secondary 17.9% +7.8%
Total Secondary 29.1% +8.1%
Asia Direct 2.8% +6.5%
Rest of World Direct 0.2% -28.6%
Europe Direct 5.2% +17.3%
US Direct 11.9% +4.1%
Total Direct 20.1% +7.4%
Total Portfolio 100.0% +10.0%
04
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Mature phase
In the 12 months to 31 January 2026, HVPE received proceeds of $435 million from
HarbourVest funds (see Audited Consolidated Statements of Cash Flows on page 103).
The top ten company distributions are outlined below.
Top ten company distributions
1 February 2025 to 31 January 2026
Company Description Distributed Value
1
Froneri Limited
Q4 2025 private transaction – proceeds received
from full realisation
$23.8m
Scale AI, Inc.
Q2 2025 M&A transaction – proceeds received
from partial realisation
$19.7m
AssuredPartners, LLC
Q3 2025 M&A transaction – proceeds received
from full realisation
$14.4m
CSL Dualcom
Q4 2025 private transaction – proceeds received
from partial realisation
$11.2m
Consumer Cellular
Q2 2025 private transaction – proceeds received
from full realisation
$10.8m
Undisclosed 2
Q2 2025 private transaction – proceeds received
from full realisation
$10.4m
Action Nederland BV
Q3 2025 private transaction – proceeds received
from partial realisation
$9.4m
ByteDance Technology Co.
Q4 2025 private transaction – proceeds received
from partial realisation
$8.6m
Qlik Technologies, Inc.
Q2 2025 M&A transaction – proceeds received
from full realisation
$7.9m
Acumatica, Inc.
Q2 202 M&A transaction – proceeds received
from full realisation
$7.6m
HarbourVest Partners
Co-Investment V
Co-Investment V was HVPE’s
largest fund distribution in the 12
months to 31 January 2026.
Co-Investment V is a fund that invests
in a diversified global portfolio of direct
co-investments in buyout, growth equity,
and other private market transactions
alongside top-tier private markets
managers. Co-Investment V offers a
portfolio of co-investments diversified
by lead manager, industry, stage, and
geography, utilising HarbourVest’s
repeatable process to access and create
compelling opportunities.
Distribution
$37m
1 This amount represents HVPE’s share of the
distributed value from primary, secondary, and
direct co-investment realisations received during
the financial period. It does not represent the net
distribution received by HVPE from the HarbourVest
funds. Past performance is not necessarily
indicative of future returns.2 Holding cannot be
disclosed due to confidentiality agreement in place.
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Recent Events
HVPE estimated NAV as at 30 April 2026
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 22 May 2026, HVPE published an estimated
NAV per share at 30 April 2026 of $59.91
(£44.03), an increase of $0.51 (+0.9%) since
the final 31 January 2026 NAV (US Generally
Accepted Accounting Principles (“GAAP”))
figure of $59.40. This latest NAV per share is
based on a valuation breakdown of: 6% actual
30 April 2026 (reflecting public company
holdings) and 94% actual 31 December 2025.
Consistent with previous estimated NAV
reports, valuations are also adjusted for foreign
exchange movements, cash flows, and any
known material events to 30 April 2026.
The Investment Pipeline of unfunded
commitments decreased from $2.4 billion at
31 January 2026 to $2.3 billion at 30 April 2026,
based on capital funded and taking foreign
exchange movements into account.
HVPE’s cash and cash equivalents increased
from $123 million at 31 January 2026 to $207
million at 30 April 2026. The undrawn facility
balance was unchanged at $630 million at
31 January 2026 and 30 April 2026.
HVPE’s look-through exposure to borrowing
at the HarbourVest fund level decreased by
$26 million, from $559 million at 31 January
2026 to $533 million at 30 April 2026. The
latest balance sheet ratios can be found in the
factsheet on the HVPE website: www.hvpe.
com/insights-reports/estimated-monthly-nav.
Buybacks
Post year-end, HVPE has been in the market
for 75 days buying back shares. During
this time, 1,723,251 Ordinary Shares have
been repurchased for cancellation at an
average price of £30.66 per share for a total
consideration of £53 million ($71 million).
The total number of shares in issue is now
70,130,909.
As at 22 May 2026, the Distribution Pool
balance was $191 million.
Share price since 31 January 2026
The closing price of £32.75 on 22 May 2026
represents a rise of 4.5% since the year-end.
This compares to the FTSE AW TR Index’s
increase of 9.5% in sterling terms over the
same period. The market capitalisation of
the Company as at 22 May 2026 was £2.3
billion and, as of the same date, HVPE was
ranked 47th in the FTSE 250.
Announcement on further initiatives to enhance shareholder value
On 14 April 2026 HVPE announced a series of new initiatives aimed at further enhancing returns
to shareholders and addressing the discount to NAV. These initiatives follow on from the three
shareholder friendly initiatives announced and implemented in 2025. These new initiatives are
summarised below and are discussed in more detail in the Chair’s Statement on page 13.
1. Distribution Pool (“the Pool”) parameters revised so as to create an enlarged balance for capital
returns with 100% of secondary sale proceeds allocated to the Pool in 2026
2. A total of at least $500 million (circa 12% of NAV) to be distributed to shareholders during 2026,
subject to shareholders passing the Continuation Vote at the AGM in July 2026:
a. $400 million via a tender offer in Autumn 2026
b. $100 million via share buybacks
3. The Board intends to distribute approximately 5-10% of NAV annually until the next
Continuation Vote via periodic tender offers and share buybacks
4. HVPE Investment Committee to formalise portfolio liquidity review on a twice-yearly basis
5. New commitments placed on hold for remainder of 2026
6. Subsequent Continuation Vote to be held no later than July 2029
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KPIs
1
and Investment Objective
The Company’s investment objective is to generate superior shareholder returns through long‑term
capital appreciation by investing primarily in a diversified portfolio of private markets investments.
1 Please note some of these KPIs are also Alternative Performance Measures (“APMs”). Please see pages 127 to 128 for our APMs.
2 Note “%” here refers to percentage points outperformance.
3 Due to the long-term nature of the Company’s investment objective, the Board consider that the 10-year performance figures are the
most relevant period for assessment.
4 Cash distributions from private equity investments ($435 million) minus cash contributions to private equity investments ($381 million).
Please refer to the Consolidated Statements of Cash Flows on page 103.
5 Includes trading volume for both tickers, HVPE and HVPD. Historical years have been trued up to this effect.
The key measure of HVPE’s performance is the total
return experienced by its shareholders. While NAV
per share is the major value driver, the level of any
premium or discount to NAV at which HVPE’s shares
trade is also a key factor for shareholders.
Absolute performance (sterling) [APM]
1 year to 31 January:
A. Total Commitment Ratio [APM]
10 years to 31 January 2026:
+260%
10 years to 31 January 2025: +227%
£22.10 (-20 .4%)
£23.15 (+4.8%)
£27.60 (+19.2%)
£31.35 (+13.6%)
2023
2024
2025
2026
167%
167%
170%
168%
2023
2024
2025
2026
B. Net portfolio cash flow
4
[APM]
$54m
$(56)m
$(283)m
$(61)m
2026
2025
2023
2024
A. Change in mean daily trading volume
5
116,939 (-24.0%)
108,438 (-7.3%)
140,687 (+29.7%)
104,826 (-25.5%)
2023
2024
2025
2026
A. Absolute performance (US dollar) [APM]
1 year to 31 January:
$48.52 (-1.2%)
$50.47 (+4.0%)
$54.17 (+7.3%)
$59.40 (+9.7%)
2023
2024
2025
2026
B. Relative performance vs FTSE AW TR
2
[APM]
1 year to 31 January:
+6.1%
(-11.3%)
(-13.7%)
(-13.2%)
2023
2024
2025
2026
Total Shareholder Return
(1 year and 10 years)
The Board and the Investment Manager actively monitor
HVPE’s balance sheet by means of a set of key ratios,
with a view to maintaining a robust financial position
under all plausible forecast scenarios.
Please see “Managing the balance sheet” on page 40 for
more details on the ratios and page 23 of the Investment
Manager’s Report for more detail on the net portfolio
cash flow.
Balance Sheet Strength
HVPE seeks to achieve growth in NAV per share
materially ahead of public markets over the long term,
as defined by the FTSE All-World Total Return (“FTSE
AW TR”) Index in US dollars. The FTSE AW TR is a global
equity index with geographical weightings comparable
to HVPE’s portfolio. Please refer to the Alternative
Performance Measures on pages 127 to 128 for details of
performance calculations.
NAV per Share Return
(1 year and 10 years)
Current and prospective shareholders place a high value
on liquidity as it provides reassurance that there is a ready
market in the shares should they wish to manage their
position. The Board and the Investment Manager monitor
liquidity on a regular basis using the daily mean.
Daily liquidity, measured by mean daily trading volume,
decreased over the period. The fall in trading volume was
seen as the share price stabilised following the market
disruption caused by the April 2025 US government tariff
announcement before increasing to a new record high as
the year progressed.
Liquidity in the Shares
(Daily Trading Volume)
D. 10-year relative outperformance (annualised)
to 31 January
3
5.7%
4.3%
2.7%
0.1%
2023
2024
2025
2026
C. 10 years to 31 January (total return)
3
289%
251%
242%
255%
2023
2024
2025
2026
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435
(381)
382
(443)
310
(593)
532
(5 88)
835
(515)
290
(431)
308
(324)
307
(396)
405
(313)
251
(270)
363
(211)
356
(162)
257
(163)
204
(199)
181
(251)
137
(141)
52
(74)
83
(128)
48
(97)
Managing the balance sheet
Key Definitions
Capital call – A request made by the
HarbourVest Managed Vehicle or General
Partner for a portion of the capital
committed by a Limited Partner.
Capital distribution – The payment
of cash by the HarbourVest Managed
Vehicle or General Partner to a Limited
Partner following a portfolio company
liquidity event.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
862 631 718 850 944 1,030 1,167 1,266 1,337 1,475 1,714 1,924 2,203 2,873 3,922 3,838 3,921 4,023 4,268
Distributions ($m) Calls ($m) Net Position ($m) Net Asset Value ($m)
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 Managed
Vehicles, but not yet drawn down
for investments.
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. In addition,
a proportion of cash distributions will be used to
fund capital returns to shareholders through the
Distribution Pool mechanism. At times, however,
capital calls and shareholder capital returns 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.
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 on the right 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 year ended 31 January 2026 marked the first
one in which HVPE began committing capital via
the SMA structure, with the first commitment to
the SMA being made in August 2025.
Calls and distributions since inception, annual to 31 January ($m)
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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 2026, HVPE
received cash distributions of $435 million while
funding capital calls of $381 million for new
investments. The result was net portfolio cash
inflow of $54 million over the reporting period.
However, there were non-portfolio net cash
outflows of $144 million, primarily related to
buybacks ($88 million) and operating expenses
($63 million). Therefore, to ensure that HVPE had
sufficient liquid resources to meet its near-term
obligations, HVPE initiated a further net draw of
$90 million on its credit facility during the period,
Key definitions
Committed capital – The capital a Limited
Partner has agreed to contribute to a fund
across its lifespan.
Investment Pipeline (or unfunded
commitments) – Total commitments
to HarbourVest funds, which are to
be prospectively called or invested by
an underlying General Partner. This is
comprised of allocated investments
and unallocated investments.
increasing the credit facility drawn balance to
$570 million. This left HVPE with $630 million
remaining of its credit facility as at 31 January
2026. The cash balance at 31 January 2026
was $123 million, which was in line with the prior
year figure. This resulted in a net debt position
of $447 million (10% geared) at 31 January 2026,
up from $357 million (9% geared) as at
31 January 2025.
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 2026, HVPE’s total pipeline of
unfunded commitments – commitments to
HarbourVest Managed Vehicles 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
Managed Vehicles to underlying partnerships.
“Unallocated” commitments are those which
have yet to be allocated by HarbourVest Managed
Vehicles to underlying partnerships, and therefore
cannot be drawn down in the short term. It is
important to note that, of the allocated pipeline,
approximately 61% of commitments are to
primary funds, which have a longer drawdown
profile, whilst secondary and direct co-investment
funds represent approximately 24% and 14%,
respectively. Further detail on this, including
the age breakdown of the allocated pipeline, is
provided on page 30.
Since July 2022, HVPE’s cash flow has been
negative, with capital calls exceeding distributions
up until January 2025. Whilst the situation
improved in the year ended 31 January 2026,
with the net portfolio cashflow turning positive
for the first time since January 2022 with a
$54 million net cash inflow, HVPE’s total cashflow
remained negative due to the impact of non-
portfolio outflows (primarily operating
expenses and buybacks).
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.
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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
historical 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 an 18-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 77.
Distribution Pool Policy
Since 1 February 2024, a proportion of the cash
realisations from the Company’s portfolio have
been allocated to the Distribution Pool which has
been used to fund capital returns to shareholders.
To date, the Distribution Pool has solely been used
to fund share buybacks. As announced in April
2026, the Board intend to use the Distribution Pool
to undertake a tender offer in Autumn 2026 in
addition to ongoing share buybacks during 2026.
Amounts distributed to shareholders through
the Distribution Pool mechanism are factored
into the Company’s cash flow and balance
sheet models accordingly.
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. HVP fund-level
borrowing is also included when assessing the
credit facility’s loan-to-value ratios, as mentioned
in Note 6, “Debt Facility” on pages 114 to 115 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 2026, HVPE’s share of HVP
fund-level borrowing on a look-through basis was
$559 million, a net increase of $20 million from
the $539 million reported at 31 January 2025.
Expressed as a percentage of NAV, this figure was
13%, which was unchanged from the figure as
at 31 January 2025. The increase of $20 million
can be attributed to new investment activity by
the underlying funds coupled with underlying
realisations continuing to be at depressed levels.
Post year-end, as at 30 April 2026, the HVP
fund-level borrowing decreased by $26 million
and stood at $533 million.
HVPE’s year-end HVP fund-level borrowing
exposure of $559 million includes $536 million
(96%) 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 $23
million (4%) 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 2026, an
investor should take the HVP fund-level borrowing
figure of $559 million and add the Company’s
net debt of $447 million. The resulting net total
borrowing figure of $1 billion would translate to
an approximate level of look-through gearing of
24% 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 114 of the Audited Consolidated
Financial Statements.
The SMA structure does not currently utilise
fund-level borrowing, and so going forward it
is anticipated that HVPE will see a significant
reduction in its debt exposure overall.
Managing the balance sheet continued
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Governance Financial StatementsStrategic Report Other information
Year 01
$400m
Commingled commitment
with assumed four‑year
allocation pace
Year 02 Year 03 Year 04
4x $100m
SMA Commitment
(allocated in 12 months)
Year 01 Year 02 Year 03 Year 04
Commitment pacing under the SMA
– Commitments are made to the SMA programme on an annual basis. The amounts committed to the SMA programme
are then allocated to underlying investment opportunities over an expected 12‑month period.
– This differs from a commingled fund where amounts committed are allocated to underlying investment opportunities
over a multi‑year period.
– As a result, the new commitment level needed to achieve a set underlying investment allocation in a 12‑month period is
substantially higher under the commingled structure compared to the SMA structure.
– The simple example below compares a $100 million SMA commitment against a $400 million commingled
commitment, which is assumed to allocate to underlying investments evenly across a four‑year period.
– The move to the SMA structure will greatly reduce HVPE’s “Unallocated” commitment figure over time.
Expected future impact of
the SMA on the balance sheet
As described in more detail on page 19,
HVPE started making commitments via the
SMA structure rather than through commingled
funds during the year ended 31 January 2026.
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 gradual reduction in HVPE’s
unfunded commitments balance over time, as the
revised structure will require lower unallocated
commitments. The drawdown pace of underlying
investments will be unaffected by the move to
the SMA.
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 only introduced during the
current year, there was no material impact on the
commitment or gearing levels during the year
ended 31 January 2026.
Existing Structure
Future Structure
Substantially lower commitment figure required under the SMA structure to achieve the same amount underlying investment allocation in year one.
HarbourVest Global Private Equity
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40
Governance Financial StatementsStrategic Report Other information
Balance Sheet Ratios at 31 January 2026
1
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 decreased slightly during the year.
Total exposure to private markets investments as a percentage of NAV
Investment Portfolio + Investment Pipeline $7.2bn
Divided by the NAV $4.3bn
168% (170% at 31 January 2025)
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
, although the introduction of the SMA structure is likely to alter this position over time. This ratio decreased over the financial year due to impact of
cash outflows reducing the short-term liquidity.
Short-term liquidity as a percentage of total Investment Pipeline
Cash + available credit facility $0.8bn
Divided by the Investment Pipeline $2.4bn
31% (34% at 31 January 2025)
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 an increase in the amount of distributions expected to be received in the next 12 months.
A measure of medium-term commitment coverage based on current commitments
Cash + available credit facility (total $0.75bn) + next 12 months’ estimated distributions ($1.06bn)
3
$1.8bn
Divided by the next 36 months’ estimated investments
4
$1.3bn
138% (104%
5
at 31 January 2025)
The most recent published ratios, as at 30 April 2026, 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 127 to 128.
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 low case scenario which is reflective of the current market environment; this includes $299 million of proceeds expected from the asset sale announced in December 2025, $256 million of estimated proceeds from an
additional asset sale in 2026, and $501 million of estimated distributions from the investment portfolio. For further details on cash flows and modelling, please see page 37.
4 Estimated investments include estimated calls from the investment pipeline over the next 36 months. This excludes the recent announcement to return at least $500 million to shareholders in 2026. If included in the calculation, the MCR would be 100%.
5 The prior year MCR calculation was based on the base case scenario and only included estimated distributions from the investment portfolio.
Managing the balance sheet continued
HarbourVest Global Private Equity
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Governance Financial StatementsStrategic Report Other information
Managing costs
1 “HVPE Charlotte Co-Investment L.P.” in the Audited Consolidated Schedule of Investments.
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, co-investments
and SMA 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 1.51%
of average NAV in the 12 months to 31 January
2026 (12 months to 31 January 2025: 1.33%),
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 0.20% of average
NAV in the 12-month period to 31 January 2026
(12 months to 31 January 2025: 0.22%).
Third, HVPE pays management fees to
HarbourVest with respect to the funds and
SMA vehicle in which it invests, and also for the
secondary co-investment in Conversus
1
made
alongside the HarbourVest funds. The total of all
management fees in the 12 months to 31 January
2026 was equivalent to 0.57% of average NAV
(12 months to 31 January 2025: 0.62%).
Finally, performance fees are charged on
secondary investments and direct co-investments
(not on primary investments which make up 51%
of HVPE’s portfolio). In total, these accounted
for 0.57% of average NAV in the 12 months to
31 January 2026 (12 months to 31 January 2025:
0.44%). The performance fee figure varies from
period to period and is driven by the performance
achieved by the relevant HarbourVest funds and
SMA investments.
Together, these four cost components give a TER,
net of interest income (0.11%), of 2.74% for the
12 months to 31 January 2026. 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
2026 of 2.74% was 28 basis points higher than
the same period in the prior year, predominantly
owing to an increase in credit facility costs and an
increase in performance fees.
The calculation above excludes the fees
charged by the underlying partnerships held by
the HarbourVest funds and SMA vehicle. It is
important to note that all performance data we
report to shareholders is, and always has been,
net of all fees and expenses.
HVPE Total Expense Ratio as a % of average NAV
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
0
.00%
0
.50%
1
.00%
1
.50%
2
.00%
2
.50%
3
.00%
3
.50%
4
.00%
4
.50%
5
.00%
0.00
%
0.50
%
1.00
%
1.50
%
2.00
%
2.50
%
3.00
%
3.50
%
4.00
%
4.50
%
5.00
%
HVPE Net Recurring Operating Expenses Fund Level Operating Expenses
Attributable Management Fee (Co-investment) Attributable Management Fee (Funds)
Attributable Performance Fees HVPE Total Expense Ratio
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Governance Financial StatementsStrategic Report Other information
Managing costs continued
Total Net Expense Ratio breakdown
12 months to
31 January 2026
12 months to
31 January 2025
Operating expenses
1
1.51% 1.33%
HarbourVest fund operating expenses
2
0.20% 0.22%
Management fees
3
0.57% 0.62%
Operating expense ratio 2.28% 2.17%
Interest income
4
(0.11%) (0.15%)
Net operating expense ratio 2.17% 2.02%
Performance fees
5
0.57% 0.44%
Total net expense ratio
6
2.74% 2.46%
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 ($4.3 billion at 31 January 2026 and $4.0 billion at
31 January 2025.
Costs associated with the new SMA structure introduced during the year
ended 31 January 2026
HarbourVest charges 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 is charged on primary investments.
A management fee of 0.6% per year is charged
on the NAV of investments held within the SMA.
HVPE has retained its existing stakes in the
HarbourVest funds, so the SMA fee and carried
interest has been combined with the fees on the
funds in HVPE’s reporting for the current financial
year. 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.
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Summary of Net Assets/The private equity cycle
Summary of Net Assets / The private equity cycle
31 January 2026
(millions*)
31 January 2025
(millions*)
Investment Portfolio $4,713 $4,375
Cash and cash equivalents $123 $123
Drawings on the HVPE credit facility $(570) $(480)
Net other assets/liabilities $2 $5
NAV $4,268 $4,023
NAV per share ($) $59.40 $5 4.17
FX rate 1.3686 1.2395
NAV per share (£) £43.40 £43.70
Cash + cash equivalents + available credit facility $753 $843
*Unless otherwise stated.
The private equity cycle
12 months ended
31 January 2026
(millions*)
12 months ended
31 January 2025
(millions*)
1. Commitments
New commitments to HarbourVest Managed Vehicles $375 $415
Investment Pipeline
Allocated $1,886 $1,867
Unallocated $563 $585
Total Investment Pipeline $2,448 $2,452
2. Cash Invested
Invested in HarbourVest Managed Vehicles $381 $443
% of average Investment Pipeline 16%
7
18%
8
3. Growth
Investment Portfolio (beginning) $4,375 $4,058
Cash invested $381 $443
Investment Portfolio growth $392 $256
Distributions received $(435) $(382)
Investment Portfolio (end) $4,713 $4,375
4. Distributions Received
Cash received from HarbourVest Funds $435 $382
% of average Investment Portfolio 10%
9
9%
10
*Unless otherwise stated.
7 This represents the percentage for the amount invested divided by the average of the Investment Pipelines at 31 January 2025 and 31 January 2026.
8 This represents the percentage for the amount invested divided by the average of the Investment Pipelines at 31 January 2024 and 31 January 2025.
9 This represents the percentage for the cash received divided by the average of the Investment Portfolios at 31 January 2025 and 31 January 2026.
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.
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Stakeholder engagement
The Board of Directors seeks to ensure high
standards in corporate governance by adhering to
the principles of the 2024 AIC Code of Corporate
Governance (the “AIC Code”) which states that all
companies, regardless of their domicile, should
report on the matters set out in Section 172 of
the UK Companies Act 2006. Accordingly, the
Board has prepared the following summary of
some of the ways in which it builds and maintains
its relationships with its stakeholders while also
integrating consideration of the Company’s impact
on the environment and wider society. The Board
believes that the success of the Company relies
to a great extent upon its stakeholders and that
the interests of the Company and its stakeholders
are fostered by a culture of mutual honesty,
transparency, and accountability.
The Directors engage with key stakeholders
through a combination of face-to-face meetings,
formal and informal reporting, and regular
monitoring. This is designed to provide sufficient
understanding of the needs and priorities
of stakeholders for them to be factored into
the Board’s decision-making process, and to
maintain and enhance the Company’s long-term
viability. Throughout these interactions the Board
encourages open and constructive two-way
debate – the same approach that it adopts within
its own deliberations.
The following section (pages 44 – 46) identifies
key stakeholders, explains their significance, and
outlines how the Company engages with them.
The outcomes of that engagement are reflected
in the key decisions made by the Board during the
year with stakeholder interests being considered at
every Board meeting.
Directors’ responsibilities and stakeholder engagement
Stakeholder How the Board engages
Shareholders and prospective investors
Shareholders and prospective investors are today’s and
tomorrow’s owners of the Company and their interests
are at the core of every decision made by the Board. The
creation of long-term value for its shareholders is central
to the Company’s purpose. Support from this group of
stakeholders is critical to the success of HVPE and to the
delivery of its investment objective.
• The Board communicates with shareholders through the Company’s regular financial reporting and monthly NAV updates which are published on HVPE’s
website. It meets shareholders in person at HVPE’s annual Capital Markets Day and at other ad-hoc shareholder meetings. Results presentations from these
events are also made available to all shareholders on the Company’s website. The Board takes the opportunity presented by occasions such as the Capital
Markets Day to address investors’ concerns openly and regularly participates in presentations on the Investor Meets Company platform where shareholders can
address questions to the Board directly. The Board welcomes the views of shareholders who may contact any Board member directly, including the Chair, the
Senior Independent Director (the “SID”) and the Chair of the Audit and Risk Committee, through the Company Secretary in writing to the registered office or by
email to hvpecosec@bnpparibas.com.
• The Chair and the SID have held meetings with shareholders throughout the year at both HVPE’s and investors’ instigation, and the Chair has offered meetings
to many other investors. He has also responded to shareholder questions via letter and email. The content of these interactions is shared with other Board
members and with the Investment Manager as a priority to ensure that shareholder views are considered in HVPE’s decision making.
• The Board engages regularly with the Company’s corporate brokers, receiving weekly market and trading updates, and formal reports at each Board meeting.
A major component of these reports involves conveying the views of investors as expressed to the brokers.
• The Investment Manager communicates directly with shareholders and a summary of investor meetings held is delivered to the Board by the Investment
Manager as a standing item on the Board agenda. Investor relations forms a central item on the agenda at every quarterly Board meeting, with a comprehensive
report delivered twice a year.
• The Board regularly commissions a third party to engage with investors to listen to their views on HVPE and to understand what they need and expect from the
Company. During the year ended 31 January 2026, the Board commissioned a shareholder perception study which was carried out by an independent agency.
• HVPE incorporates the results of this shareholder engagement activity into Board discussions, its reflections on strategy, and the decisions that it makes. This
includes the three new initiatives that were announced at the start of the financial year and the further set of initiatives that were announced shortly after the
year end in April 2026.
HarbourVest Partners (the Investment Manager)
It is essential that the Board maintains a strong
relationship with its Investment Manager. As set out in
the Strategic Report, HarbourVest is fundamental to
HVPE’s business and to its ability to achieve its strategic
objectives. HVPE invests in HarbourVest Managed
Vehicles in order to achieve its purpose of providing easy
access to a diversified global portfolio of high-quality
private investments. It is heavily reliant on HarbourVest’s
expertise, its access to investment opportunities and its
sophisticated and highly developed investment processes.
• Whether individually or collectively, Board members maintain a continuous dialogue with the Investment Manager and with different members of its dedicated
HVPE team. This includes calls, correspondence, and meetings which take place regularly including visits to the Investment Manager’s offices in Boston and
London during the financial year. The nature of this open two-way interaction allows for clear communication, robust and constructive challenge, and a strong
partnership with a distinct focus on promoting the success of HVPE for the benefit of all its stakeholders.
• The Board requests and receives detailed monitoring reports from HarbourVest on the investments and investment processes on a regular basis and in
response to specific events. The Investment Manager also proactively communicates with the Board on any matters which it believes are pertinent to it.
The emphasis is on detailed and informative dialogue.
• The Board undertakes strategic planning with the Investment Manager to assist the Company in achieving its investment objective. Directors visit the
Investment Manager’s offices, meet members of its global team in a wide range of investment and operational functions, request information and receive
presentations from relevant members of those teams and have the opportunity to attend the Investment Manager’s annual investment conference.
• The Board works with the Investment Manager to ensure that Board reports are continually evolving to remain current and to provide the most useful and
relevant information on which the Board can base its decisions.
HarbourVest Global Private Equity
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Governance Financial StatementsStrategic Report Other information
Stakeholder How the Board engages
Community and environment
The impact of the Company on the community and the
environment in which it operates, the positions adopted
by its service providers, and, most importantly, the
consideration that the Investment Manager gives to
sustainability matters both in its own business and
in its investment processes, are important topics at
Board meetings.
More details on our approach to sustainability matters
can be found on pages 74 to 75. A description of the
Investment Manager’s Sustainable Investing practices,
including engagement with General Partners, can be found
on pages 51 to 57.
• The Board receives formal updates on HarbourVest’s Sustainable Investment initiatives and processes at least twice a year, and the HVPE Board’s engagement
with these matters helps to drive the sustainability agenda at HarbourVest.
• The Board monitors the development of the Investment Manager’s processes as they relate to the investments held by HVPE and has developed reporting
metrics to assist it in identifying progress made.
• The Board maintains an open dialogue on governance matters with all stakeholders. It also examines each of its material identified risks to identify the impact
that sustainability considerations have on them.
• Questions about Environmental, Social and Governance policies and sustainability initiatives are incorporated as part of the annual Management Engagement
and Service Provider Committee (“MESPC”) review and where appropriate, the Board engages with service providers about their responses.
BNP Paribas (the Company Secretary and Administrator)
BNP Paribas S.A., Guernsey Branch (“BNP Paribas”)
fulfils the essential functions of Company Secretary and
Administrator. These are regulated roles which include
oversight of the NAV process, the issuing of regulated
news announcements to the market, and the key company
secretarial role of facilitating the functioning of the Board
according to the policies and procedures of the Company
and best corporate governance practice.
• The Board holds regular meetings, which ensures clear communication between BNP Paribas, the Company, and its Directors. The dedicated HVPE team at the
Investment Manager is also in frequent and regular communication with BNP Paribas.
• All Directors have open access to any member of the relevant BNP Paribas team.
• Regular oversight of the full range of BNP Paribas’ functions is conducted through Board and Committee reporting, and formal MESPC review.
• The Board provides and encourages regular and timely two-way feedback.
Credit facility providers
The credit facility is a key component of the Company’s
balance sheet management in pursuing an over-
commitment strategy in order to remain as fully invested
as possible. It is essential for the Company to have funding
available as it is needed.
• The Board regularly reviews the adequacy of the credit facility with reference to its costs, the growth of the Company’s NAV and the likely future size of
the Company.
• The Board receives regular updates from the Investment Manager on the status of the credit facility. The Board is conscious of the need to ensure that the credit
facility is always of a size and duration appropriate to HVPE’s needs.
• The Board ensures that the Investment Manager is in regular dialogue with the Company’s lenders.
Regulators
Regulators are key stakeholders for HVPE in ensuring the
maintenance of the Company’s listing and an adequate
and transparent level of disclosure in its communications.
This enables its shareholders to trade in its shares and to
receive clear, current, and meaningful information about
the Company. Key among them is the FCA in its capacity
as the UK Listing Authority, the FRC in its oversight of UK
accounting and governance issues, and the Guernsey
Financial Services Commission. Membership of the AIC
and compliance with the AIC Code forms a central element
of the Board’s efforts to maintain compliance with relevant
regulation and guidance.
• Through the activities of the Audit and Risk Committee (“ARC”) and in conjunction with the Administrator and the Investment Manager, the Board has
established systems of controls which collectively ensure compliance with required regulation.
• The Board receives regular reports on the monitoring of those controls, which is overseen by the ARC.
• The Board regularly considers how it meets regulatory and statutory obligations.
• Directors undertake individual training to keep them updated with regulatory developments.
Other service providers
The Company depends on a number of service providers
who are essential to the maintenance of its listed status
and the delivery of its purpose. These include its brokers,
legal advisers, PR advisers and the Registrar.
• The Board has access to all service providers, as do both the Investment Manager and the Administrator.
• The brokers provide regular reports to the Board and attend Board Meetings to respond to Directors’ questions.
• The performance of all service providers is formally assessed by the MESPC on an annual basis together with the commercial sustainability of the terms of their
engagement, for all relevant parties.
• The MESPC has continued to develop its annual review of service providers to ensure that service providers remain productively engaged with the process and
offer fresh perspectives on their relationship with the Company through open two-way dialogue.
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Stakeholder engagement continued
___
Decision Impact on long-term success Stakeholder Consideration
The Board worked with the Manager to
identify assets for a secondary sale which
was announced in December 2025.
The sale involved a curated portfolio of five HarbourVest
fund positions, focused on buyout investments, achieved
at price representing 94% of the combined funds’ NAV as
at 30 June 2025 (being the NAV reference date used for the
transaction). The sale will generate substantial capacity
for shareholder distributions while bringing HVPE’s buyout
exposure closer to its strategic target. Proceeds are being
received in tranches, with $136 million received in March
2026 and $163 million expected in December 2026.
The Board sought alternative sources of liquidity in response to
the extended period of lower distributions following the record
exit environment of 2021.
The Board approved applications for marketing
permissions to be made in Ireland and
the Netherlands.
HVPE can now be actively marketed to sophisticated
investors in both jurisdictions, broadening the potential
investor base and supporting demand for the
Company’s shares.
The Board continues to explore opportunities to access
additional pools of capital in order to support the share price
and manage the discount to NAV.
The Board negotiated the final terms for the new
simplified investment model with HarbourVest
Partners that was implemented during the year.
The introduction of the SMA structure is expected to
simplify HVPE’s investment structure over time, increase
flexibility in capital allocation, enhance control over portfolio
liquidity and support a gradual reduction in overall leverage.
The Board recognised the complexity of HVPE’s structure and
believes the new arrangement provides greater transparency
and clarity for shareholders. The terms were negotiated to
ensure there is no expected increase in HarbourVest Partners’
fees despite the more tailored nature of the structure.
The Board commissioned an external independent
report to identify how the Company and its Board
were perceived by its major shareholders.
The review provided candid third-party insight into
shareholder sentiment, enabling the Board to identify
concerns and respond constructively.
The findings informed areas where communication
and engagement could be improved, helping to ensure
that shareholder feedback is reflected in the Board’s
ongoing approach.
The Company refreshed its branding,
launched a new website and issued a rebranded
Annual Report during the year. These initiatives
provide enhanced information about its portfolio
as well as educational information on private
equity investments and the listed private equity
sector in general.
The new website and annual report enhance the information
available to existing and prospective shareholders. Together,
they provide more granular insight into the investment
portfolio alongside clearer explanations of HVPE’s structure
and the industry in which it operates.
These initiatives form part of a broader programme to
strengthen HVPE’s marketing and shareholder communications,
improving clarity and supporting informed investment
decision-making.
Set out below are examples of the Board’s discussions and principal decisions made during the year under review. These have been selected to illustrate
how the Board incorporated stakeholder considerations into some of the key decisions that it made and how these decisions have enabled the Company to
make progress towards achieving its purpose.
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Governance Financial StatementsStrategic Report Other information
Principal risks and uncertainties
2025 was about the macro –
interest rates, inflation, and tariff
policy – and how each shaped our
underwriting. 2026 began with the
micro: business model durability in
the face of AI, and the discipline to
underwrite with conviction without
taking on too much risk. Then
Iran entered the picture, and with
it, oil – and the macro returned.
The real challenge for 2026
isn’t choosing between macro
awareness and micro conviction.
It’s learning to hold both at once.”
Scott Voss
Managing Director, Senior Market Strategist,
HarbourVest Partners
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Governance Financial StatementsStrategic Report Other information
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
70 to 90.
Risk appetite
The Board’s investment risk appetite is to follow
an over-commitment policy that optimises
shareholder returns by balancing investment
return and associated distributions with a
continuing programme of regularly buying
back its own shares through the operation of
its Distribution Pool. Together, this allows the
Company to make 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
probability of each risk with its ability and desire
to control and mitigate that 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 83 to 85), 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 risk 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.
Principal risk Description and potential impact Mitigation and management Commentary
Performance of
HarbourVest
The risk posed by
the Company’s
dependence on
its Investment
Manager
The Company is dependent on its Investment Manager and on
the performance of HarbourVest’s investment professionals.
The vast majority of the Company’s assets are invested in
HarbourVest Managed Vehicles and significant reliance is
placed by the Company on HarbourVest’s control environment.
Any inability by HarbourVest to maintain its investment
performance, whether in absolute or relative terms, could
result in a significant deterioration in net asset value for the
Company and its shareholders.
HarbourVest has a strong long-term track record of managing
private equity investments. It maintains good relationships with
key managers and has a consistent and repeatable investment
process with low turnover of senior investment professionals.
There is a high level of diversification by geography, strategy
and vintage which mitigates the risk. HVPE has a dedicated
Investment Committee within HarbourVest. The Board monitors
HarbourVest’s performance through the MESPC, and its control
environment is assessed by the Audit and Risk Committee.
Stable
HVPE has faced challenging market conditions over the past few years, which
have persisted longer than expected. The wider private equity industry has
been under pressure as exit processes have been postponed and consequent
distributions have been at lower levels than usual. Whilst the current year
showed some signs of recovery, further improvement in distribution levels will
be an important precursor to the re-rating of the Company’s shares.
No significant matters of concern regarding the HarbourVest control
environment arose during the year.
There will be some operational risk as the change to investment via an SMA
is steadily implemented, and the Investment Manager and Board adjust to
managing a different investment and cash flow structure. This risk is mitigated
by the Investment Manager’s extensive experience in running SMAs.
Public market risks
The risk of a
decline in global
public markets
or a deterioration
in the economic
environment
Equity market volatility increases overall levels of uncertainty for
HVPE and its investments. Increasing geopolitical risks influence
how markets trade, reversing any potential positive effects
of developing improvements in economic indicators. Overall
declines in public markets impact HVPE’s NAV per share by
directly reducing the value of public securities in HVPE’s portfolio
and indirectly influencing private market valuations. They are also
likely to have a direct impact on HVPE’s share price.
The Company’s exposure to individual public markets is partially
mitigated by the geographical and sectoral diversification within
the portfolio. In previous downturns, private market valuations
have not been impacted as much as public markets. The Board
regularly reviews scenario analyses prepared by the Investment
Manager which incorporate the effects of significant public
market downturns.
Upgrade
The portfolio has proved itself to be resilient despite challenging market
conditions and a material increase in geopolitical risk over the past year. In
addition, share price performance during the financial year was strong.
However, ongoing conflicts, including those in Ukraine and the Middle East,
together with heightened trade tensions caused by the tariff policies of the US
administration, have impacted global trade flows, inflation, interest rates and
economic growth. These factors have contributed to elevated volatility and have
had a destabilising effect on global public markets.
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Principal risks and uncertainties continued
Principal risk Description and potential impact Mitigation and management Commentary
Valuation risk
The risk that
market instability
leads to continuing
uncertainty about
private asset
valuations.
Uncertainty and distrust in relation to the valuation of private
market investments may lead investors to make their own
judgements based on incomplete information, which could result
in a lack of confidence in the reliability of HVPE’s published NAV.
The low level of exits and liquidity events that has been seen
recently reduces the ability to present public substantiation of
valuation levels.
Both the Investment Manager and the GPs of underlying funds
value investments in accordance with industry standards and
accounting regulations. All the valuations are audited annually.
When the Company reports its monthly NAV, it discloses the
date of the underlying valuations to provide transparency
to shareholders.
The Audit and Risk Committee receives reports on the
Investment Manager’s control environment, including the
processes relating to valuations.
Stable
This risk was increased in the 2023 Annual Report and Accounts and remains at
this heightened level as investors wait for a return to a consistent flow of exits at
a premium to carrying value. Whilst there was some improvement in realisation
levels, particularly in the second half of the financial year, the Board believes that
this risk will remain a focus until there is a significant increase in the level of exit
activity and therefore of external validation of valuation levels.
Balance sheet risks
Risks to the
Company’s balance
sheet resulting from
its overcommitment
strategy, borrowing
arrangements and
policy for the use
of leverage.
The Company’s balance sheet strategy and its policy for the use
of leverage are described on page 36. The Company continues
to maintain an overcommitment strategy and may draw on
its credit facility to bridge periods of negative cash flow when
capital calls on investments are greater than distributions
received. The level of potential borrowing available under the
credit facility could be negatively affected by declining NAV. In a
stressed environment characterised by declining NAVs, reduced
realisations, and rapid substantial capital calls, the Company’s
net leverage ratio could increase beyond an appropriate level,
resulting in a need to sell assets. A reduction in the availability or
use of borrowing at the HarbourVest fund level, or accelerated
repayment thereof, could result in an increase in capital calls to a
level in excess of the modelled scenarios.
The size and term of the Company’s credit facility mitigates
this risk. The Board has put a monitoring programme in place,
supported by sophisticated and comprehensive cash flow
modelling, which underpins the commitment strategy and limits
the likelihood of unexpected shocks. The monitoring programme
also considers the level of borrowing at HarbourVest fund level.
Both the Board and the Investment Manager will continue to
monitor these metrics actively and will take appropriate action
as required, such as secondary sales and pausing further
commitments, to attempt to mitigate these risks.
Please also see the Going Concern and Viability Statement
on pages 77 to 78 for information on the scenarios that are
considered by the Board.
Stable
The Distribution Pool is funded by a proportion of the cash realisations from
the Company’s portfolio, which has resulted in adjustments being made to the
financial models relating to the Company’s future commitments.
In previous years, strong NAV gains and distributions strengthened the balance
sheet. The levels of distributions received during the year under review remained
low in comparison both with previous years and with the modelled scenarios. As
a result, cash flow was negatively affected and there was increased use of the
credit facility. However, the second half of the year showed signs of a recovery in
distribution level.
The secondary sale which was announced in December 2025 will generate $299
million of net proceeds and reduce HVPE’s total unfunded commitments by
$105 million and fund-level borrowing by $28 million. Whilst the commitment
reduction will strengthen the balance sheet, the proceeds from the secondary
sale will be used to fund shareholder distributions during 2026 and so will not
have a strengthening effect on the balance sheet.
Popularity of the
Listed Private
Equity sector
The risk that
investor sentiment
towards the listed
private equity sector
as a whole may
deteriorate.
Investor sentiment towards the Listed Private Equity sector may
deteriorate, resulting in a widening of the Company’s share price
discount relative to its NAV per share. This may be because of
perceptions of the position of the market in the private equity
cycle, perceptions about the cost of private equity investing, or
due to investors making their own judgements regarding current
valuations. HVPE’s discount is currently wider than its historical
average and has remained so for a sustained period.
The Company has demonstrated the value of investing in private
markets through the investment cycle and gaining exposure
to a diverse range of markets. HVPE, together with its peers,
continues to advocate for the sector, to increase investors’
familiarity with private equity and to set out the advantages of
the investment trust structure in providing access to illiquid
assets through a liquid share.
Stable
Whilst there was some improvement in the year, discounts within the sector
remain wide and the market commentary on the sector has focused on the level
of exit activity and the performance comparison to the wider listed equity space.
The Board believes that market sentiment towards the sector should turn more
positive once there is an increase in realisation events which validate valuations
and support cash flow.
Trading liquidity
and price
The risk that the
discount that
the share price
represents to the
NAV per share fails
to narrow, leading
to dissatisfaction
among some
shareholders.
HVPE’s relatively wide discount risks undermining investor
confidence and could erode levels of shareholder satisfaction.
Despite the substantive efforts made by the Board to address
this issue through its establishment of the Distribution Pool and
active engagement with shareholders, some investors remain
unconvinced by its proposals and have called for further action
to be taken. This may lead to a reduction in long-term support
for the Company amongst the wider shareholder base.
The Board has made robust efforts to enhance its
communications, to describe its strategy, to engage with its
shareholders, and to listen and respond to the views expressed.
The Distribution Pool has been established to address issues
raised and there is regular and extensive consideration of
potential options to close the discount, including enhanced
disclosure and transparency for shareholders. The Board
continues to stress the long-term nature of HVPE, the consistent
performance and the benefits of its diversification strategy
as it remains determined to satisfy its investment objective
and purpose.
Stable
HVPE’s discount saw some improvement during the year, reducing from 35%
to 26%. However, this remains above average historical levels. An increase in
exits and distributions could help a recovery in the share price and subsequent
narrowing of the discount in the future.
During the year, the Board has been intensely focused on the size of the discount
and has introduced a number of measures to assist in reducing it. It doubled
the allocation to the Distribution Pool and finalised the terms of a simplified
investment structure as well as agreeing a substantial secondary sale of assets
towards the end of the year. The Continuation Vote in July’s AGM will allow
shareholders to express their levels of support for the actions that have been
taken by the Board to date.
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Sustainable investing
HVPE’s
approach to
sustainable
investing
HVPE’s exposure to companies is through HarbourVest‑managed funds and vehicles,
which invest indirectly in companies via structures such as co‑investments, secondary
transactions, or other funds managed by experienced General Partners (“GPs”).
HVPE delegates the responsibility for sustainable investing to HarbourVest yet retains oversight through regular engagement with
the Investment Manager to stay fully abreast of its activities. Read how HarbourVest takes sustainability and business conduct
matters into consideration.
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From our Investment Manager, HarbourVest Partners
HarbourVest’s commitment to sustainable investing has long been a cornerstone of our firm’s operating philosophy. We aim to invest with
responsibility and purpose in order to drive long‑term value for our clients, partners, and the communities in which we operate.
Investing with this broader perspective helps to
deliver strong risk-adjusted returns and serves
to mitigate reputational risk to the partners
across our network. Our teams are empowered to
integrate sustainability considerations throughout
the investment lifecycle. This helps them to
identify and manage risks more effectively,
while also supporting value creation across
our portfolio.
HarbourVest’s commitment to sustainable
investing is founded in a tenet that has served
us well for over 40 years: better information
drives better results. In support of this belief, we
centre our approach to sustainable investing on
three areas of focus: performance, transparency,
and alignment.
HarbourVest’s Sustainable Investing Council is
comprised of senior leaders from across the firm,
including HarbourVest CEO John Toomey. Our
dedicated Sustainable Investing team is part of
the Investments function and supports our six
strategy teams with training, due diligence, and
portfolio monitoring. HarbourVest’s investments
teams are responsible for implementing our
sustainable investing processes when evaluating
and monitoring deals.
In the section below, we walk through our
sustainable investing process and some of
the exciting initiatives we have continued to
participate in this past year, including:
• Multiplying our ESG dataset, gathering over
49,000 portfolio company data points through
the ESG Data Convergence Initiative (EDCI)
• Pursuing unified decarbonisation disclosures
with the Private Markets Decarbonisation
Roadmap (PMDR)
• Progressing our own environmental initiatives,
including our carbon emissions strategy and
new climate-conscious headquarters
As we look ahead, we remain steadfast in our belief
that sustainable investing is not just good business
– it is essential to building a resilient and prosperous
future for all stakeholders.
Read more about our progress and current
initiatives in our Annual Sustainable
Investing Report.
Click to read more: Annual Sustainable Investing Report
Sustainable investing continued
Performance
Invest with a broader lens to make
well-informed decisions. Manage portfolio
risk and support value creation.
Transparency
Report to stakeholders and support industry
standards. Anticipate and comply with
sustainability-related regulation.
Alignment
Add value to our partnerships and clients.
Strive to be a responsible corporate citizen.
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Sustainable investing process and insights
HarbourVest’s investment teams implement tailored sustainable investing procedures within each of our strategies.
A review of sustainability and business conduct
considerations is incorporated as standard
in investment committee materials, and our
Sustainable Investing team participates in
our strategy investment committee meetings
on a weekly basis. We utilise multiple data
inputs to support our diligence and proprietary
sustainability analysis on a deal-by-deal basis; we
also leverage these data tools to support portfolio
monitoring and GP engagement, in addition to
collecting portfolio data from GPs.
The Manager Scorecard provides ratings for GPs by evaluating three key scorecard indicators:
Partnership management Investment process Reporting and transparency
Quality of sustainable
investing policy and ability to
execute on commitments
Sophistication and
mechanics behind processes
for considering sustainability
and business conduct factors
in investment decision-making
and portfolio engagement
Quality of reporting and
incident monitoring
Commitments to areas such
as climate change and DEI
Commitment to proactively
and transparently engage
with LPs on sustainable
investing activities
Our proprietary Manager Scorecard provides a
valuable mechanism for both researching and
engaging with GPs on their sustainable investing
processes. Our investment teams across
strategies use the Scorecard to evaluate a GP’s
approach and capabilities on a broad range of
sustainability and business conduct factors and
compile the results to generate an overall rating
which we track over time.
Summarising the data and metrics
We compile our Manager Scorecard data annually to assess GP
rankings and identify trends. This year’s analysis draws from a
dataset of 339 GPs as of August 2025.
Across our network of General Partners, we continue to see steady growth in sustainable investing
practices – particularly when it comes to portfolio analysis and sustainability disclosures.
Overall score: Derived from Scorecard rankings on partnership management, investment process,
and reporting and transparency.
40% 38% 18%4%
<1.0 1.0 -1.9 2.0-2.9 3.0-4.0
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55% 17% 12% 16%
19% 30% 37% 14%
Sustainable investing continued
Climate change score: Derived from Scorecard indicators on a manager’s commitment to developing a
climate change strategy and implementation of a strategy in alignment with the Recommendations of
the Taskforce on Climate-related Financial Disclosures (“TCFD”).
DEI score: Derived from Scorecard indicators on a manager’s senior investment team diversity, their
approach to improving diverse recruitment and retention, advocacy, and their strategy with respect to
diversity in the portfolios.
<1.0 1.0 -1.9 2.0-2.9 3.0-4.0 <1.0 1.0 -1.9 2.0-2.9 3.0-4.0
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The biggest movers:
When looking at the data from 2022 to 2025, select trends stand out:
28%
( 13%)
Have conducted
carbon
footprinting
analysis of
the portfolio
Monitoring portfolio emissions is increasingly accessible
The process of carbon footprinting a portfolio requires a significant amount of
legwork: from helping companies establish the infrastructure to calculate their
annual emissions to collecting the data in a systematic, timely way for portfolio
aggregation. But the evolution of industry frameworks and carbon accounting
technologies over the past few years have eased some of the burden for GPs.
37%
( 12%)
Track
sustainability
KPIs
We are amidst the sustainability data era
One of the largest jumps that we observe in our data is the number of GPs that
are tracking company-level sustainability KPIs. This finding reflects the impact
of the EDCI, which has grown from six founding members in 2021 to more
than 500 GP and LP members. As an EDCI member, HarbourVest collects
data annually from GPs; the “Industry stewardship” section details some of
our findings.
38%
( 9%)
Are PRI
signatories
Nearly 20 years later, the PRI remains an industry leader
As a PRI signatory since 2013, HarbourVest knows the value of a commitment
to the six simple principles laid out by the PRI, but also to the wide network
of resources and investors that the PRI unites. Private markets managers
have historically been slower to adopt the PRI, but we continue to observe
membership growth among our GPs.
Value through sustainability
Over the past year, we have observed a noticeable increase in GPs articulating how they have
incorporated sustainability as a part of their value creation toolkit when working with portfolio
companies. Sustainability often goes hand-in-hand with efficiency and longevity — both are
characteristics that we look for as signals of a sound investment.
Building a holistic picture
By using multiple data sources, our investment
teams are able to build a holistic picture of a
deal’s sustainability characteristics from the lead
sponsor to the underlying assets.
Additional analysis:
85%
Have a sustainable
investing policy
33%
Have dedicated
sustainability resourcing
18%
Have conducted climate risk
mapping of the portfolio
27%
Have sustainable investing on
their LPAC agenda as standard
61%
Have a DEI or anti-
harassment policy
71%
Have recruitment initiatives
in place to drive DEI
RepRisk is a database that provides reputational risk
ratings for GPs and operating companies based on an
assessment of reported sustainability and business
conduct incidents associated with that company,
which are subsequently weighted according to severity,
frequency, and source.
RepRisk allows us to proactively scan for negative ESG
incidents for thousands of portfolio companies and GPs
across investment strategies.
EcoVadis is a globally trusted provider of business
sustainability ratings, covering over 150,000 companies
with growing private markets coverage.
EcoVadis allows us to dive deeper into the sustainability
characteristics of individual companies. It also provides
us with insights into sustainability risks and opportunities
inherent to industry and location.
Altitude is a science-based sustainability data platform
designed to assess climate, carbon, and nature-related
risks across private equity and infrastructure portfolios.
We started using Altitude in 2024 to screen for potentially
material physical and transition risks and opportunities
for our infrastructure investments, using geospatial and
industry data aligned with IPCC scenarios.
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Sustainable investing continued
Industry stewardship
We believe it is important that we use our influence to support the development of sustainability-related industry standards because a consistent approach
to best practice, regulation, and data collection will streamline individual firm efforts and enhance data availability and comparability in private markets.
ESG Data Convergence Initiative (“EDCI”)
As our 2025 Manager Scorecard trends
demonstrate, the availability of sustainability
data has increased drastically since 2022. This is
at least partially attributable to the introduction
of the EDCI in 2021, which has proven to be an
industry-changing framework. HarbourVest is a
formal supporter of the EDCI.
This year, we received EDCI-aligned data for
2,591 of HarbourVest companies
1
, representing
an approximate 20% increase of data from our
2024 data collection process. The data reveals
some trends:
Private Markets Decarbonisation Roadmap (“PMDR”)
The PMDR is an industry-driven framework
designed to help private markets investors
track, benchmark, and communicate their
decarbonisation journey. In recognition of the
challenges faced by private markets investors in
making net zero commitments or decarbonisation
targets, the PMDR offers a flexible approach that
recognises the growth demands and operational
complexity of private market portfolios.
The Initiative Climat International (“iCI”) and
Private Equity CEO Taskforce of the Sustainable
Markets Initiative (“PESMIT”) partnered with Bain
& Co to launch the PMDR, with input from more
than 250 GPs, LPs, and ecosystem players.
As global chair of the iCI in 2022 and 2023,
HarbourVest is proud to have co-led this project
with our peers and we continue to advocate for its
adoption by the broader private equity market.
This year, HarbourVest utilised the PMDR Support
Tool, launched in November 2024, to request
classification data for portfolio companies from
GPs in our portfolio. This data has generated
distinct insights into the decarbonisation work
being undertaken by our GPs in tandem with their
portfolio companies.
Greenhouse
gas emissions
We were pleased to observe a noticeable increase in the number of companies reporting
GHG emissions data this year. Relative to last year, we received Scope 1 data from 30% more
companies; Scope 2 data from 28% more companies; and perhaps most importantly, Scope 3
data from 40% more companies.
Net zero
HarbourVest received responses from approximately 72%, or approximately 1,850 companies,
related to their net-zero strategy. This reflects an increased response rate of approximately 6%, or
105 companies, relative to last year.
Of companies that submitted a response to this question, our dataset suggests that more
companies have aligned, or are in the process of aligning, to a net-zero goal, relative to the
previous year
Renewable
energy usage
Approximately 1,500 companies submitted data related to their energy usage. Over 65% of these
companies report utilising renewable energy as part of their total energy consumption, with the
majority of these companies being domiciled in Europe.
Job creation
Approximately 71% of companies in our dataset submitted information related to organic
job creation
2
. Over 1,000 companies reported organic net job creation, while 719 companies
reported organic net job loss. Across both sets of companies, this resulted in a net job creation
of nearly 160,000 jobs — approximately two times larger than last year’s net creation total of over
79,000 jobs.
Diversity
Of 2,591 total companies in our dataset, we received board gender diversity data from over 2,300
companies, representing one of the highest response rates across EDCI metrics.
3
We received
C-suite level gender diversity data from approximately 2,155 companies, an increase of over 800
companies relative to last year. Across reporting companies, we found that 61% of boards have
at least one female board member, a 3% reduction relative to the previous year. However, 5% of
companies reported a majority-female board, up from 4% from the previous year.
1 Number of companies defined as having at least one EDCI-aligned metric.
2 The EDCI data submission template includes Total Job Creation and Organic Job Creation metrics. Organic Job Creation excludes the impact of M&A activity on job creation statistics. In HarbourVest’s view, this represents a more accurate depiction of real-world job creation.
3 The EDCI also includes diversity metrics related to underrepresented groups on boards. Due to regulatory considerations across regions, these metrics are labelled as optional on the EDCI template for companies to submit. As a result, coverage for these metrics within HarbourVest’s
dataset was deemed insufficiently low to conduct representative analysis.
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Emerging trends
In this section, we delve into three themes that are central to
sustainable investing: decarbonisation, AI and developments in
emerging healthcare technologies.
Decarbonisation in action
HarbourVest committed to an actionable climate
change strategy in 2020. Our goal is to develop
a meaningful understanding of how the effects
of climate change may impact our investments,
enhance reporting, and determine what we can
do to strengthen portfolio resiliency on behalf of
our clients. Portfolio resiliency is pursued through
stewarding assets toward an orderly transition to a
low-carbon economy while preparing for a delayed
or disorderly transition. There are two strategies
in particular that we can proactively pursue to
support decarbonisation: 1) identifying compelling
opportunities to invest in climate solutions; and
2) investing with GPs that are actively working
to decarbonise their portfolios where relevant
and material.
For the first, HarbourVest is identifying scalable,
return-driven climate investments by targeting
infrastructure platforms that align with rising
energy demand, evolving power and energy
ecosystems, and technological innovation.
For the second, involvement with the previously
mentioned PMDR framework allows GPs to:
• Categorise portfolio companies by their stage
of decarbonisation (from “Not Started” to
“Aligned to Net Zero”)
• Use a common language for stakeholder
dialogue, reporting, and cross-ownership
progress tracking
• Focus on actionable progress rather than
distant targets
Software, AI, and responsible
deployment
HarbourVest sees how artificial intelligence is
becoming a defining force in the evolution of
software-driven business models.
From an investment perspective, HarbourVest
views AI exposure as increasingly systemic.
Modern software and hardware stacks are deeply
interconnected, with AI functionality embedded
across platforms and vendors. As a result,
AI-related opportunities and risks are no longer
confined to individual products or companies, but
extend across portfolios, requiring a holistic view
of how the technology is developed, implemented,
and governed.
Amid this shift, we believe responsible
deployment will be decisive in shaping long-term
value. When done well, we believe governance
can enable growth, support differentiation, and
help build trust.
While many AI-related risks are intangible, they
can be materially significant – spanning customer
risk, operational risk, litigation risk, social licence,
industry-wide backlash, and anti-competitive
behaviour. Addressing these challenges effectively
requires collaboration across GPs, LPs, and
portfolio companies, with shared learning
and thoughtful engagement supporting the
responsible deployment of AI over time.
The next frontier of healthcare
Healthcare is a core segment of HarbourVest’s
investment strategy, supported by deep and
long-standing relationships we have cultivated
with experts across the sector. Sustainable,
responsible investing in new healthcare frontiers is
reshaping global opportunities for private investors
and patients alike. Advancements in artificial
intelligence, precision medicine, genetic editing,
and other breakthroughs not only drive financial
returns but also foster accessible, effective, and
equitable care on a global scale.
Sustainable investment strategies ensure that
ethical considerations, such as patient privacy
and equitable access, remain priorities. Through
this lens, private equity investors can catalyse
meaningful change in health care, addressing
societal challenges while unlocking long-term
value and impact.
Our HarbourVest Stewardship programme
builds portfolios by selecting co-investment
and infrastructure deals that we believe make
a positive impact while meeting our standard
underwriting criteria. Within our Stewardship
programme, we focus on health-themed
investments that improve health outcomes and
make care more affordable and accessible.
Managing our footprint
Carbon emissions strategy
As a key component of our sustainability journey,
HarbourVest has partnered with ClimeCo to
offset our operational emissions. ClimeCo is a
leading environmental credits project developer
and maintains a diverse portfolio of offsets that
are independently verified to ensure emissions
reductions are occurring.
For the third consecutive year, our collaboration
with ClimeCo has enabled us to provide funding
to an exciting project operating local to our
headquarters in Massachusetts. The Greater
New Bedford LFG Utilization Project is a
forward-looking initiative that transforms
waste into renewable energy. HVPE has also
invested in this project through the purchase
of carbon offsets.
Climate-conscious Boston headquarters
In spring 2025, HarbourVest opened its new
headquarters in Boston, designed to exemplify
climate-conscious and energy-efficient operations:
• The facility employs a curb-to-grid waste
management system that reduces landfill
contributions by 90%, repurposing waste into
renewable energy sources.
• Power receptacles throughout the building
automatically shut off within 20 minutes
of vacancy, significantly curtailing energy
consumption and phantom loads throughout
the building.
• Our food services partner, Restaurant
Associates, is aligned with the Equitable
Food Initiative and Fair Food networks, both
recognised for robust sustainability standards
and commitments to social responsibility.
• All cutlery and barista bar cups are fully
compostable, while containers, plates, and
bowls are sourced from an ecofriendly,
biodegradable material derived from
sugarcane fibre.
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Top ten managers
across all strategies
at 31 January 2026
held within HVPE’s
underlying portfolio.
Primary Investments
• Commitments to newly-formed
funds being raised by
experienced managers.
• Access to leading private equity funds.
• Comprehensive foundation of a private
equity programme.
• Potential driver of
long-term performance.
Secondary Investments
• Purchases of private equity assets in
existing funds or
portfolios of direct investments.
• Attractive pricing opportunities.
• Diversification across prior
vintage years.
• Potential for J-curve mitigation
(positive returns may be
achieved more rapidly).
Manager spotlight
1
1 The strategy shown in bold in each of the spotlights denotes the dominant strategy exposure for each manager.
Explanations of each strategy are shown above.
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US Growth-Stage
Software & Internet
Investments
Strategy: Primary, Secondary
Stage: Venture & Growth Equity
Description
Growth stage investments primarily in the
US, with a focus on the software, software-
enabled services, and internet sectors.
The manager leverages its deep in-house
sourcing and operating resources to execute
on its growth strategy, which has resulted
in consistent strong performance across
fund cycles.
Investment value at 31 January 2026
$138.2m
2025: $139.7m
% of Investment Portfolio at 31 January 2026
2.9%
2025: 3.2%
Venture & Growth
Equity in Disruptive
Tech (US & Europe)
Strategy: Primary
Stage: Venture & Growth Equity
Description
Venture and growth equity investment
primarily in Europe and the US, with a focus
on disruptive technology and innovative
business models in the fintech, enterprise
software, online marketplaces, and gaming/
entertainment sectors. The manager has a
strong investment track record; its portfolio
companies include Adyen, Datadog, Roblox,
Robinhood, Farfetch, and Revolut.
Investment value at 31 January 2026
$134.0m
2025: $111.4m
% of Investment Portfolio at 31 January 2026
2.8%
2025: 2.5%
Tech Venture
Investment
in China
Strategy: Primary, Secondary
Stage: Venture & Growth Equity
Description
Venture investment into companies located
in China, with a focus on technology-
enabled consumer, enterprise solutions,
and AI sectors. The manager has a strong
and consistent investment track record,
evidenced by its funding of Pinduoduo
and Yuanfudao.
Investment value at 31 January 2026
$111.8m
2025: $139.2m
% of Investment Portfolio at 31 January 2026
2.4%
2025: 3.2%
US Mid-Market
Buyouts in Software
& Technology
Strategy: Primary, Secondary
Stage: Buyout
Description
Primarily buyout investment in mid-
market companies located in the US, with
a focus on the software and technology
sectors. The manager has a demonstrated
capability in unlocking value through various
transaction types with deep expertise from
its focused sector approach.
Investment value at 31 January 2026
$87.7m
2025: $96.5m
% of Investment Portfolio at 31 January 2026
1.9%
2025: 2.2%
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Manager spotlight continued
Buyout & Large-Scale
Investments in North
America & Europe
Strategy: Primary, Secondary
Stage: Buyout
Description
Buyout stage and large-scale investments
primarily across North America and Europe.
The manager invests across a broad range
of industries, including software, financial
services, business services, healthcare,
internet & media, industrials, and consumer.
Investment value at 31 January 2026
$7 7.9m
2025: $71.7m
% of Investment Portfolio at 31 January 2026
1.7%
2025: 1.6%
Global Growth Equity
Investments
Strategy: Secondary
Stage: Buyout
Description
Global growth equity investor, primarily
targeting later-stage growth companies,
but also in earlier stage companies when it
believes there is the potential for outsized
growth. The manager has a focus on five
sectors: Technology, Financial Services,
Consumer, Healthcare, and Life Sciences.
The manager is typically an active lead
investor with a significant minority
ownership position and a board seat.
Investment value at 31 January 2026
$63.6m
2025: $45.4m
% of Investment Portfolio at 31 January 2026
1.3%
2025: 1.0%
High-Growth Tech
Investments in the US
Strategy: Primary
Stage: Venture & Growth Equity
Description
Early and later stage high-growth
investments primarily in US-based
technology companies in the consumer,
enterprise, and fintech sectors. The
manager leverages its extensive operating
resources to drive accelerated growth at
portfolio companies and actively develop
its strategic networks.
Investment value at 31 January 2026
$74.0m
2025: $60.5m
% of Investment Portfolio at 31 January 2026
1.6%
2025: 1.4%
Early-Stage Tech
Investments in the US
Strategy: Primary, Secondary
Stage: Venture & Growth Equity
Description
Venture investments in early-stage technology
companies, primarily in enterprise businesses
as well as consumer, fintech, hardtech,
and health companies. The team primarily
operates out of one office in Menlo Park
with most deals based in California. Given
its long history of investing, Kleiner Perkins
has developed a strong reputation, allowing
it to gain access to some of today’s leading
technology companies at their earliest
stages of development.
Investment value at 31 January 2026
$61.3m
2025: $50.3m
% of Investment Portfolio at 31 January 2026
1.3%
2025: 1.2%
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Multi-Stage Tech
Investments in US,
Europe & Israel
Strategy: Primary
Stage: Venture & Growth Equity
Description
Multi-stage investments into technology
businesses based in the US (and to a
lesser extent in Europe and Israel) with
an emphasis on application software,
IT infrastructure, consumer internet/
mobile, and tech-enabled services.
The manager’s portfolio is diversified by
stage, investing in seed, early, growth,
and buyout opportunities.
Investment value at 31 January 2026
$60.7m
2025: $53.0m
% of Investment Portfolio at 31 January 2026
1.3%
2025: 1.2%
Early-Stage
Tech Investments
in the US
Strategy: Primary
Stage: Venture & Growth Equity
Description
Venture and growth equity investments
primarily in North America with a focus
on technology-driven businesses across
enterprise software/SaaS, consumer,
fintech, security, information technology,
healthcare, media, and business products
& services. The manager partners with
exceptional teams from inception through
all phases of private company growth,
supporting companies as they scale.
Investment value at 31 January 2026
$59.5m
2025: $46.9m
% of Investment Portfolio at 31 January 2026
1.3%
2025: 1.1%
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Read more about Portfolio Diversification
HVPE provides shareholders with exposure to over 1,000 material
private company exposures that typically can only be accessed by
institutional investors. A list of our largest ten disclosable portfolio
company exposures by percentage of Investment Portfolio Value
can be found below.
HVPE’s top ten disclosable
1
portfolio companies at
31 January 2026.
Top ten disclosable companies
United States
Rest of the World
United Kingdom
1 Some holdings cannot be disclosed due to confidentiality agreements in place.
2 Denotes that company is held at least in part in a HarbourVest direct fund.
2
2
2
2
2
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Annual Report and Financial Statements 2026
63
Global online retailer of fashion apparels
and home supplies
The company’s online store offers affordable products
like clothing, shoes, jewelry, and other accessories
to make fashion accessible to all. The company uses
on-demand manufacturing technology to connect
suppliers to an agile supply chain, reducing inventory
waste and enabling customers to purchase products
and get them delivered across the world.
HarbourVest has a strong relationship with IDG China
after completing several continuation funds with
them. HarbourVest acquired a stake in Shein through
a GP-led continuation fund in 2020 at a valuation
of $3 billion.
The company benefitted from the COVID-19 lockdown
where most consumer spending shifted towards
e-commerce platforms (given the closure of most
brick-and-mortar retail globally). Revenue has grown
significantly since HarbourVest’s initial investment
and the company continues to benefit from a highly
scalable, asset-light operating model and a large global
customer base, and represents one of the largest
fast-fashion e-commerce platforms globally.
Investment value at 31 January 2026
$7 7.6m
% of Investment value at 31 January 2026
1.6%
Stage: Venture/Growth
Location: Singapore
Business nature: Fast fashion e-commerce
01
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Top ten disclosable companies continued
Developer of a foreign exchange and money transferring
application designed to promote financial cohesion across
the communities in which they operate
The company’s platform compares live exchange rates for multiple
currencies, makes transfers directly to other bank accounts, tracks
and optimises monthly expenses, and assists in buying and selling
cryptocurrencies, enabling users to improve their financial health,
giving more control, and connecting people across the world.
Stage: Venture/Growth
Location: United Kingdom
Business nature: Digital banking and financial services
Stage: Infrastructure
Location: Australia
Business nature: Global logistics and supply chain company
Operates marine terminal and provides cargo handling
services and container terminals throughout Australia
DP World Australia (“DPWA”) is the leading Australian container port
operator with a presence in all of Australia’s major ports, including
Brisbane, Sydney, Melbourne, and Fremantle. DPWA operates in an
oligopoly market structure, with three to four competitors, with
the backing of a best-in-class operator in DPWA. It is the largest
stevedore in Australia, with a 50% market share at the time
of underwriting.
HarbourVest was able to access the investment via a continuation
vehicle in which the GPs existing LPs were seeking liquidity, while
the GP sought to retain control over the investment given its strong
position in the market, as well as the thesis for continued growth
in valuation and the prospect for attractive, recurring, long-term
cash yield.
Investment value at 31 January 2026
$32.6m
% of Investment value at 31 January 2026
0.7%
040302
Offers a cloud platform that helps organisations to
turn data into value
Databricks provides a cloud-based big data platform centred around
a “lakehouse” architecture, which is designed to manage both
structured and unstructured data to help enterprises build, scale,
and govern analytics and AI applications.
This “data lakehouse” is an open format metadata and governance
layer that integrates with enterprise’s data sources enabling ETL
(extract, transform, load) from which an enterprise can conduct
business analytics, reports, data science, and machine learning.
The company serves Fortune 2000 enterprises, including more
than 60% of Fortune 500 companies.
The company’s valuation reflects its February 2026 funding round at
a $134 billion valuation, supported by strong operating momentum,
including 65% year over year growth in annualised revenue for the
January quarter driven by AI expansion.
Stage: Venture/Growth
Location: United States
Business nature: Data and AI company
Investment value at 31 January 2026
$48.8m
²
% of Investment value at 31 January 2026
1.0%
Investment value at 31 January 2026
$36.6m
% of Investment value at 31 January 2026
0.8%
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Stage: Venture/Growth
Location: United States
Business nature: Cybersecurity company
Developer of a cloud security platform designed to help
businesses to secure their cloud infrastructure at scale
Wiz is a cybersecurity company offering cloud native application protection,
as well as a variety of additional security products that allow enterprises
to secure their cloud footprint across various clouds and architectures.
The Investment Manager believes that this investment represented an
opportunity to invest in a differentiated market player within a large,
fast-growing market alongside a credible lead investor. At the time of
diligence, the company exhibited an exceptional financial profile, yielding
triple digit top-line growth at scale.
In March 2026, Wiz was acquired by Google for ~$32 billion. Wiz will be
part of Google Cloud, where the combination is expected to provide Google
Cloud customers with better security for enterprise systems and lower
the cost of maintaining a strong security posture across on-prem and
multi-cloud environments.
Investment value at 31 January 2026
$30.2m
²
% of Investment value at 31 January 2026
0.6%
Leading European discount general
merchandise retailer
HarbourVest invested in European discount
retailer Action Nederland alongside 3i. The
company operates more than 3,000 stores across
14 European countries, offering approximately
6,000 unique items across a range of general
merchandise categories including household
items, decoration, DIY, personal care, toys, and
food and drink. The company uses everyday low
prices and a constantly rotating assortment of
merchandise to drive recurring customer traffic
and create a “treasure hunt” dynamic.
The Investment Manager believes this is a
compelling opportunity to invest in a consistently
well-performing, calibrated asset, which has good
whitespace potential.
Action delivered 2025 like-for-like sales growth of
5%, with continued strong performance across all
countries with the exception of France which has
had weaker consumer demand. Action added 384
new stores in 2025, reflecting outperformance
versus 370 projected earlier in the year.
Investment value at 31 January 2026
$28.7m
²
% of Investment value at 31 January 2026
0.6%
Stage: Buyout
Location: Netherlands
Business nature: Dutch discount retail chain
05 06
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Top ten disclosable companies continued
Stage: Buyout
Location: United States
Business nature: Finance firm
Specialty municipal finance company
Preston Hollow Capital is a specialty municipal finance merchant
bank focused on niche underwriting and opportunistic investing.
HarbourVest co-invested with Stone Point Capital, a finance-focused
GP with deep experience in the credit underwriting arena. Since the
initial investment, Preston Hollow Capital has demonstrated strong
performance, having significantly grown its investment book and
generated distributable proceeds.
The Investment Manager likes the investment as the company
has an impressive management team track record and operates
within a large municipal bond market which presents various
business opportunities.
Performance has been impacted by lower yield on the investment
portfolio, but the company continues to distribute annual dividends,
including tax distributions, which are accretive to the return profile.
0807
Space launch service provider and cargo transport
Space Exploration Technologies Corporation (“SpaceX”) designs,
develops, and launches advanced rockets and spacecraft for
commercial, government, and international customers. Its services
include orbital launch capabilities as well as cargo and crew
transportation using its Falcon 9, Falcon Heavy and Dragon rockets.
The company is known for pioneering reusable rocket technology
to reduce launch costs and improve efficiency. In addition to
launch services, SpaceX operates Starlink, a global satellite internet
network, and is developing Starship, a fully reusable spacecraft
intended for future deep-space missions, including lunar and
Mars exploration.
Stage: Venture/Growth
Location: United States
Business nature: Space technology
Investment value at 31 January 2026
$26.1m
% of Investment value at 31 January 2026
0.6%
Investment value at 31 January 2026
$24.1m
²
% of Investment value at 31 January 2026
0.5%
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UK-based B2B insurance distributor
Howden is a UK-based speciality commercial insurance broker and
underwriting agency. The company serves an international client
base and has a differentiated position as one of the top brokers
internationally and within the Lloyd’s of London market. Founded
in 1994, Howden is the largest European headquartered insurance
intermediary, operating across more than 250 offices in 45 countries
managing approximately $30 billion of gross written premiums.
Howden has delivered strong growth across all business segments,
with new initiatives contributing approximately one-third of organic
growth. Despite this performance, the company is navigating near
term headwinds from turbulent UK&I personal lines markets and
softening pricing in certain commercial products.
Stage: Buyout
Location: United Kingdom
Business nature: Insurance broker
Investment value at 31 January 2026
$22.4m
²
% of Investment value at 31 January 2026
0.5%
09
Independent power producer focused on flexible
natural gas fired electricity generation in U.S.
Northeast power markets.
Lightning Power is a large-scale independent power producer
formed by LS Power in 2024, comprising approximately 11
GW of natural gas fired generation across 18 facilities located
primarily in the PJM, ISO New England, and NYISO markets.
The portfolio includes a mix of efficient combined cycle
plants and fast start combustion turbine peakers, providing
critical reliability, capacity, and grid balancing services in
densely populated, supply constrained regions.
The company generates revenue through a combination of
merchant energy sales, capacity market revenues, ancillary
services, and selective contracted arrangements. Lightning’s
fleet is well positioned to benefit from tightening reserve
margins and structurally rising power demand driven by
electrification, data center growth, and AI related load, while
its operational flexibility enhances value during periods of
price volatility.
Lightning Power is a wholly owned affiliate of LS Power,
a long-standing owner, operator, and developer of North
American power infrastructure. The business was
strategically assembled through the aggregation of LS
Power owned assets to create a scaled, pure play natural
gas IPP with stable cash flows, low-cost operations, and an
experienced management team. Since formation, Lightning
has accessed the capital markets with a sizable investment
grade oriented debt financing to support long-term ownership
and balance sheet flexibility.
Investment value at 31 January 2026
$20.1m
% of Investment value at 31 January 2026
0.4%
Stage: Infrastructure
Location: United States
Business nature: Power generation
10
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70 Board of Directors
72 Directors’ report
80 Board structure and Committees
83 Audit and Risk Committee
86 Nomination Committee and Management
Engagement and Service Provider Committee
87 Inside Information Committee and
Remuneration Committee
88 Directors’ remuneration report
90 Statement of Compliance with the AIC
Code of Corporate Governance
Governance
Inside this section
Directors’ report
Read on page 72
Board structure and Committees
Read on page 80
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HVPE is the largest and most liquid
investment company in the listed private
equity fund‑of‑funds sector, offering
shareholders unparalleled access to
some of the most exciting private market
opportunities globally. Our unique model
allows investors to benefit from the
scale, expertise and performance of
HarbourVest’s market‑leading platform
via the Company’s shares which are
dealt, in volume, daily.
Ed Warner
Chair, HVPE
Case Study
80% of the $125 million SMA commitment
made in August 2025 was allocated to primary
fund investment opportunities. This included a
$15 million commitment to CVC Catalyst III.
CVC Catalyst III
CVC Catalyst III is a global mid-market buyout strategy focused on
control investments in fast-growing, resilient businesses across
Europe and North America, leveraging CVC’s deep regional footprint
and specialist sector teams. The strategy targets companies with
strong growth and margin profiles, where CVC can apply its integrated
platform and operational capabilities to drive earnings growth and
multiple uplift. The investment case is underpinned by CVC’s long
heritage in mid-market buyouts.
Read on page 30
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Board of Directors
Our Board of Directors
Job Title
Chair, Independent Non-Executive Director Senior Independent Non-Executive Director* Independent Non-Executive Director
Appointed
August 2019 April 2017 March 2021
Key skills
– Leadership skills
– Investment strategist
– Extensive financial services experience
– Extensive private equity investment experience
– Over ten years’ governance experience on public and private
company boards
– Risk management experience
– Chartered certified accountant
– Extensive audit and risk management experience
– Over 25 years’ experience of working with Guernsey regulated, listed,
and closed-ended investment structures
Biography
Ed Warner has extensive financial services experience from years spent
in senior positions at several investment banks and financial institutions,
including IFX Group, Old Mutual Plc, NatWest Markets, and Dresdner
Kleinwort Benson. He has considerable Plc experience and has chaired
the boards at a range of prominent organisations. He is also currently
independent chair of the online derivatives exchange LMAX, and investment
company FGEN.
Prior chair roles include Air Partner Plc, the BlackRock Energy and
Resources Income Trust, Grant Thornton UK LLP, Standard Life Private
Equity Trust, and Panmure Gordon & Co.
Francesca Barnes is a Non-Executive Director of NatWest Holdings Limited,
and a number of NatWest Group’s other ring-fenced bank boards, as well
as Capvis private equity. She was on the board of Coutts & Co, and chair of
the Audit and Risk committees until 2021. She has been a member of the
University of Southampton Council, Chair of Trustees for Penny Brohn UK
and Chair of Governors for two secondary schools. Francesca spent 16
years at UBS AG. For the latter seven of these she served as Global Head
of Private Equity, following on from senior positions in restructuring and
loan portfolio management. Prior to this, she spent 11 years with Chase
Manhattan UK and US, in roles spanning commodity finance, financial
institutions, and private equity.
Libby Burne has spent her career working within the financial services
sector. She is a Non-Executive Director of Bluefield Solar Income Fund
Limited (FTSE 250) and The Channel Islands Property Fund Limited as
well as a number of unlisted venture capital, private equity, real estate
and insurance structures. Prior to becoming a Non-Executive Director,
Libby was an audit director at PwC in the Channel Islands and, previously,
PwC Australia. Libby is a Fellow of the Association of Chartered Certified
Accountants, holds a degree in Applied Accounting, and is a Guernsey
resident, as such bringing recent and relevant financial and sector experience.
Committees
C C C
C
Committee Key
Audit and Risk Inside Information Committee Management Engagement and Service Provider Committee Nomination Committee Remuneration Committee
C
Chair of Committee
Edmond (“Ed”)
Warner
Francesca
Barnes
Elizabeth
(“Libby”)
Burne
* Francesca Barnes will not be standing for re-election at the July 2026 AGM.
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The HVPE Board is fully independent and is responsible for the oversight of the Company. The Board is comprised of experienced
professionals with a diverse range of unique skills gained from their financial services careers.
Job Title
Independent Non-Executive Director** Independent Non-Executive Director Independent Non-Executive Director
Appointed
14 May 2026 May 2022 May 2018
Key skills
– Over 40 years’ experience in both commercial and investment banking
– Extensive listed private equity investment trust experience
– Holds an MBA and is a Fellow of the Institute of Bankers in Scotland
– Extensive private equity investment experience
– Experience in investment strategy development and execution
– Strong background in ESG
– Chartered accountant, qualified in audit
– Extensive governance experience on public and private company boards
Biography
Alan is a Non-Executive Director of the Bank of London & The Middle East
where he holds the regulated position of Chair of the Risk Committee. He
also chairs the Irish based private company known as GSLS, a PE led cash
logistics business. Alan is also a Member of Court of Heriot-Watt University
where he sits on the Donations & Investments Committee, and he currently
acts as an advisor for a neobank.
Alan has extensive PE experience from both his Executive and Non-
Executive career. He was NED and then Chair for Patria Private Equity Trust
for some 12 years until late March past and he has acted as the Independent
NED for certain Private Equity owned investment companies in the Financial
Services space.
Alan’s Executive career spanned some 36 years at RBS where he held a
number of senior executive leadership roles in commercial, corporate and
investment banking across a number of asset classes.
Anulika invests in, and advises on impact investments across EMEA. She
is also an independent Non-Executive director at Mid Wynd International
Investment Trust PLC. She is the Founder of the Sequoia Platform, a leading
educational not for profit focused on social mobility in the United Kingdom.
She was the Chair of the Board of Governors at University of East London
until Q4 2022.
Anulika has extensive investment experience and believes in investing
for good. Having worked at some of the leading financial institutions,
Lehman Brothers and Goldman Sachs in investment banking, and in private
equity with The Carlyle Group and Soros Fund, Anulika has developed
an impressive investment track record. She has led the development
of greenfield impact investment structures in emerging markets and
developed inclusive investment strategies for development finance
institutions (“DFIs”), corporations, and foundations.
Steven Wilderspin has more than 20 years’ experience as a Non-Executive
Director on the boards of private structures and listed investment companies.
Steven has provided independent directorship services since 2007. He has
served on a number of private equity, property, and hedge fund boards as
well as commercial companies. Steven currently serves as the Chairman
of the audit and risk committee of GCP Infrastructure Investments
Limited, and non-executive director of Phoenix Spree Deutschland Ltd and
Henderson Far East Income Limited. Steven previously Chaired Blackstone
Loan Financing Limited and served on the Board of 3i Infrastructure Plc,
where he was Chairman of the audit and risk committee. From 2001 until
2007, Steven was a Director of fund administrator Maples Finance Jersey
Limited, where he was responsible for fund and securitisation structures.
He originally qualified with PwC in London. Steven has recent and relevant
financial and sector experience.
Committees
C
Committee Key
Audit and Risk Inside Information Committee Management Engagement and Service Provider Committee Nomination Committee Remuneration Committee
C
Chair of Committee
Anulika
Malomo
(formerly
Ajufo)
Steven
Wilderspin
Alan
Devine
** Subject to shareholder approval of his election to the Board of the Company, the Board will appoint Alan Devine as the Senior Independent Director at the conclusion of the July 2026 AGM.
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Read biography here
Director’s Report
The Strategic Report starts with the Chair’s Statement on pages 12
to 15 and describes HVPE’s principal activities, its principal risks and
uncertainties, the important events that occurred during the financial
year and those that happened after the year-end. The Strategic
Report also sets out how HVPE’s performance, as shown in the
Financial Statements, was influenced by HVPE’s activities and the
year’s events, as well as indicating HVPE’s likely future development.
Corporate summary
The Company is a closed-ended investment company incorporated
in Guernsey on 18 October 2007 with an unlimited life. The Company
currently has one class of shares (the “Ordinary Shares”), and these
shares are admitted to trading on the Main Market of the London
Stock Exchange.
With effect from 10 December 2018, the Company introduced an
additional US dollar market quotation which operates alongside the
Company’s existing sterling quotation, allowing shares to be traded
in either currency.
Investment objective and investment policy
The Company’s investment objective is to generate superior
shareholder returns through long-term capital appreciation by investing
primarily in a diversified global portfolio of private equity investments.
The Company may also make investments in private market assets
other than private equity where it identifies attractive opportunities.
Ed Warner
Chair
The Company seeks to achieve its investment objective primarily by
investing in investment vehicles managed by HarbourVest, which
invests in or alongside third-party managed investment funds
(“HarbourVest Managed Vehicles”). HarbourVest broadly makes three
types of investment: (i) “Primary investments”, making limited partner
commitments to underlying private market funds prior to final closing;
(ii) “Secondary investments”, purchasing private market assets by
acquiring positions in existing private market funds or by acquiring
portfolios of investments made by such private market funds; and (iii)
“Direct investments”, investing into operating companies, projects, or
assets alongside other investors.
In addition, the Company may, on an opportunistic basis, make
investments (generally at the same time and on substantially the
same terms) alongside HarbourVest funds (“Co-investments”)
and in closed-ended listed private equity funds not managed by
HarbourVest (“Third-Party Funds”). Co-investments made by
the Company may, inter alia, include investments in transactions
structured by other HarbourVest vehicles including, but not limited
to, commitments to private market funds or operating companies in
which other HarbourVest funds have invested.
Annual Report and Audited
Consolidated Financial Statements
The Directors present their report and the Audited Consolidated Financial
Statements (the “Financial Statements” or “Accounts”) for the year ended
31 January 2026.
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Cash at any time not held in such longer-term investments will,
pending such investment, be held in cash, cash equivalents, money
market instruments, government securities, asset-backed securities,
and other investment-grade securities and interests in any private
equity vehicle that is listed or traded on any securities exchange
(“Temporary Investments”).
The Company uses an over-commitment strategy in order to remain
as fully invested as possible. To achieve this objective, the Company
has undrawn capital commitments to HarbourVest Managed
Vehicles and Co-investments which exceed its liquid funding
resources but uses its best endeavours to maintain capital resources
which, together with anticipated cash flows, will be sufficient
to enable the Company to satisfy such commitments as they
are called.
Diversification and investment guidelines
The Company will, by investing in a range of HarbourVest Managed
Vehicles, Co-investments, and Third-Party Funds, seek to achieve
portfolio diversification in terms of:
• geography: providing exposure to assets in the US, Europe, Asia,
and other markets;
• stage of investment: providing exposure to investments at different
stages of development such as early stage, balanced and late
stage venture capital, small and middle-market businesses
or projects, large capitalisation investments, mezzanine
investments, and special situations such as restructuring of
funds or distressed debt;
• strategy: providing exposure to primary, secondary, and direct
co-investment strategies;
• vintage year: providing exposure to investments made across
many years; and
• industry: with investments exposed, directly or indirectly, to a
large number of different companies across a broad array
of industries.
In addition, the Company will observe the following
investment restrictions:
• With the exception, at any time, of not more than one
HarbourVest fund or Co-investment to which up to 40% of the
Company’s Gross Assets (see page 125 for the definition) may be
committed or in which up to 40% of the Company’s Gross Assets
may be invested, no more than 20% of the Company’s Gross
Assets will be invested in or committed at any time to a single
HarbourVest fund or Co-investment.
• No more than 10% of the Company’s Gross Assets will be
invested (in aggregate) in Third-Party Funds.
• The Investment Manager will use its reasonable endeavours to
ensure that no more than 20% of the Company’s Gross Assets,
at the time of making the commitment, will be committed to or
invested in, directly or indirectly, whether by way of a Co-investment
or through a HarbourVest fund, (a) any single ultimate underlying
investment, or (b) one or more collective investment undertakings
which may each invest more than 20% of the Company’s Gross
Assets in other collective investment undertakings (ignoring, for
these purposes, appreciations, and depreciations in the value of
assets, fluctuations in exchange rates, and other circumstances
affecting every holder of the relevant asset).
• Any commitment to a single Co-investment which exceeds
5% of the Company’s NAV (calculated at the time of making
such commitment) shall require prior Board approval, provided
however that no commitment shall be made to any single Co-
investment which, at the time of making such commitment,
represents more than 10% (or, in the case of a Co-investment
that is an investment into an entity which is not itself a
collective investment undertaking (a “Direct Investment”), 5%)
of the aggregate of: (a) the Company’s NAV at the time of the
commitment; and (b) undrawn amounts available to the Company
under any credit facilities.
• The Company will not, without the prior approval of the Board,
acquire any interest in any HarbourVest fund from a third party in
a secondary transaction for a purchase price that:
(i) exceeds 5% of the Company’s NAV; or
(ii) is greater than 105% of the most recently reported NAV of such
interest (adjusted for contributions made to and distributions
made by such HarbourVest fund since such date).
Save for cash awaiting investment which may be invested in
Temporary Investments, the Company will invest only in HarbourVest
funds (either by subscribing for an interest during the initial offering
period of the relevant fund or by acquiring such an interest in a
secondary transaction), in Co-investments or in Third-party Funds.
Company’s right to invest in HarbourVest Funds
Pursuant to contractual arrangements with HarbourVest, the
Company has the right to invest in each new HarbourVest fund,
subject to the following conditions:
• Unless the Board agrees otherwise, no capital commitment
to any HarbourVest fund may, at the time of making the
commitment, represent more than 35% or less than 5% of the
aggregate total capital commitments to such HarbourVest fund
from all its investors.
• Unless HarbourVest agrees otherwise, the Company shall not
have a right to make an investment in, or a commitment to, any
HarbourVest fund to which ten or fewer investors (investors who
are associates being treated as one investor for these purposes)
make commitments.
Leverage
The Company does not intend to have on its balance sheet
aggregate leverage outstanding at Company level for investment
purposes at any time in excess of 20% of the Company’s NAV.
The Company may use additional borrowings for cash
management purposes, or in the event of a material downturn.
These borrowings could be for extended periods of time
depending on market conditions.
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Principal risks and uncertainties
The principal risks the Board has identified are disclosed on pages
49 to 50 of the Strategic Report.
Results and dividend
The results for the financial year ended 31 January 2026 are set out
in the Consolidated Statements of Operations within the Financial
Statements on page 101. The Directors did not declare any dividends
during the year under review and the Directors do not recommend
the payment of dividends as at the date of this report.
Directors
The Directors as shown on pages 70 to 71 all held office throughout
the entire reporting period, except for Alan Devine who was
appointed with effect from 14 May 2026. All Directors listed were in
place at the date of signature of this Annual Report. As all Directors
are considered to be independent the Board is wholly independent.
Ms Barnes is the Senior Independent Director (“SID”). Further details
of the Board composition can be found on pages 80 to 82.
Ms Barnes has been an independent Director of the Company
since April 2017, a period of just over nine years. In accordance
with the Board’s Tenure Policy, Ms Barnes has therefore notified
the Company of her intention to stand down as a Director at the
upcoming AGM. Alan Devine will be appointed as Senior Independent
Director in her place.
Save as disclosed in this Annual Report, the Company is not aware
of any other potential conflicts of interest between any duty owed to
it by any of the Directors and their respective private interests.
Directors’ interests in shares
31 January 2026 31 January 2025
Francesca Barnes 5,300 5,300
Libby Burne 786 786
Anulika Malomo 958 958
Ed Warner 16,000 16,000
Steven Wilderspin 1,300 1,300
Alan Devine was appointed as a Director with effect from 14 May
2026. Alan Devine holds 747 shares in the Company (including his
connected persons).
Substantial shareholders
The table that follows shows the interests of major shareholders
based on the best available information provided by analysis of
the Company’s share register, also incorporating any disclosures
provided to the Company in accordance with Disclosure Guidance
and Transparency Rule 5 (“DTR5”) in the period under review and up
to 30 April 2026.
% Of voting rights
31 January 2026
% of voting rights
30 April 2026
Rathbone Investment
Management Ltd. 6.03% 5.93%
Saba Capital N/A
1
5.01%
2
Total of substantial shareholders 6.03% 10.94%
1 Please note that at 31 January 2026, Saba Capital was below the 5% of voting rights
threshold to be classified as a substantial shareholder and has therefore not been
included in the 31 January 2026 total.
2 The Board notes that certain shareholders, including Saba Capital, have disclosed
interests via TR-1 notices. These interests include financial instruments (total
return swaps), which provide economic exposure to the Company’s shares without
corresponding direct legal ownership.
Corporate governance
The Board recognises that sound corporate governance is key to
the success of HVPE and follows best practice wherever possible.
HVPE complies with the AIC Code published in August 2024, which
is endorsed by the Financial Reporting Council (“FRC”). A Statement
of Compliance with the AIC Code is provided on page 85 and further
details about how our Corporate Governance framework operates
can be found throughout this Governance Report.
Corporate responsibility
HVPE’s long-term viability is enhanced by the Board considering
the ongoing interests of all the Company’s stakeholders within
a decision making process that operates in a sound corporate
governance framework. The Board seeks open and regular dialogue
with the Company’s shareholders and other stakeholders (as
described on pages 44 to 46) and it applies its principles of mutual
honesty, transparency and accountability in all such engagements.
The Board receives regular updates outlining regulatory and
statutory developments and responds as appropriate.
Approach to sustainability matters
The Board recognises the critical importance of sustainable
investing considerations to many investors because environmental,
social and governance issues can present both opportunities and
threats to long-term investment performance. As such, the Board is
committed to responsible and sustainable investing. The Board also
recognises that HVPE is reliant on – and therefore will benefit from
– the continued evolution of HarbourVest’s practices and standards
pertaining to sustainable investing. Finally, the Board recognises that
it ought to operate its business activities in a manner consistent with
its sustainable investing beliefs.
Director’s Report continued
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Because HVPE’s approach to sustainability is materially informed
by the strategy of the Investment Manager, the Board is committed
to ensuring that it has appointed an Investment Manager that is
incorporating high standards of sustainable investing practice
and has the skill and vision to respond to ongoing developments.
It is confident that in HarbourVest it has such an Investment
Manager. The Board believes that HarbourVest has instituted
robust environmental, social and governance due diligence and
engagement procedures within each of its investment strategies and
that these procedures support sound investment decision-making.
HVPE is reliant on HarbourVest’s screening processes, controls and
priorities to address sustainability and business conduct matters
within the investment portfolio both in the selection and oversight
of investments. The Board believes that engagement related to
investee companies is an effective way of driving meaningful change
and takes comfort from the extent of the Investment Manager’s
activity in this area, which is described on pages 51 to 57.
The Board receives regular updates from the Investment Manager
on the development and implementation of its Sustainable Investing
policies and processes, and the Board has established a framework
for monitoring its continuing progress. Updates include information
on the integration of sustainability and business conduct factors
during decision making, risk monitoring and engagement related
to identified risks in order to seek resolution and future mitigation.
This provides a valuable opportunity for the Board to challenge
the Investment Manager to demonstrate that it is applying high
standards of Sustainable Investing practice within its investments
and operations. The Board also receives a regular update on the
GHG emissions of the portfolio
As an investment company with no direct employees, the core
of the Company’s sustainability initiatives is derived from its
oversight of its service providers, most importantly the Investment
Manager. However, the Board also recognises that it ought to
operate its business activities as an Investment Company in a
manner consistent with its sustainable investing beliefs, including
the following:
• Carbon Footprint: The Board initiated a project to calculate its
own carbon footprint in 2021 and since that time, has continued
to offset its operational carbon emissions, the majority of which
result from travel. The offsetting programme compensates for
emissions by delivering finance to emission reduction projects,
which are independently reviewed to assure emissions reductions
are occurring.
• Diversity and Inclusion: The Board continues to be committed
to diversity and inclusion considerations within its Board
appointment process. The Board’s Policy on Diversity and
Inclusion is included on page 82.
• Position on Modern Slavery: The Board recognises the
importance of the issues which the UK Modern Slavery Act 2015
is designed to address. Its oversight of outsourced providers,
including the Investment Manager, includes questions relating
to their policies to combat Modern Slavery. As Chair, Ed Warner
assumes direct oversight of the Company’s statements and
its response to the issue of Modern Slavery. A description of
the Board’s approach to this subject is set out on the
Company’s website.
Significant votes against policy
The Directors have adopted a policy whereby, should 20% or more
of votes be cast against a recommendation made by the Board for
a resolution, the Company shall:
• explain, when announcing voting results, what actions it intends
to take to consult shareholders in order to understand the
reasons behind the result;
• no later than six months after the shareholder meeting, publish
an update on the views received from shareholders and actions
taken; and
• provide a final summary in the Annual Report and, if applicable,
in the explanatory notes to resolutions at the next shareholder
meeting state what impact the feedback has had on the decisions
the Board has taken and any actions or resolutions proposed.
No significant votes were received against any Board-recommended
resolution at the 2025 AGM.
Anti-bribery policy
The Directors have undertaken to operate the business in an honest
and ethical manner and accordingly take a zero-tolerance approach
to bribery and corruption, including the facilitation of corporate tax
evasion. The key components of this approach are implemented
as follows:
• The Board is committed to acting professionally, fairly, and with
integrity in all its business dealings and relationships.
• The Company implements and enforces effective procedures
to counter bribery.
• The Company requires all its service providers and advisers to
adopt equivalent or similar principles.
Disclosures required under UKLR 6.6.1R
The Financial Conduct Authority’s Listing Rule 6.6.1R requires that
the Company includes certain information relating to waivers of
Directors’ fees and long-term incentive schemes in force (amongst
other matters). The Directors confirm that there are no disclosures to
be made in this regard.
Investment Manager
A description of how the Company has invested its assets, including
a quantitative analysis, may be found on pages 1 to 67, with further
information disclosed in the Notes to the Financial Statements on
pages 110 to 116. The Board has considered the appointment of
the Investment Manager and, in the opinion of the Directors, the
continuing appointment of the Investment Manager on the terms
agreed is in the interests of its shareholders as a whole.
In considering this appointment, the Board has reviewed the past
performance of the Investment Manager, the engagement of the
Investment Manager with shareholders and the Board, and the
strategic plan presented to the Board by the Investment Manager.
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Director’s Report continued
The Investment Manager is HarbourVest Advisers L.P., and its
principal duties as stated in the Investment Management Agreement
(“IMA”) are as follows:
• to manage the assets of the Company in accordance with
the investment policy of the Company (subject always to the
overall supervision and direction of the Board, and subject to
any restrictions contained in any prospectuses published by the
Company);
• to assist the Company with shareholder liaison; and
• to monitor compliance with the Investment Policy on
a regular basis.
The Investment Management Agreement (“IMA”), which was
amended and restated on 30 July 2019, and again on 31 January
2023, may be terminated by either party by giving 12 months’ notice.
From 1 February 2025 the Manager was entitled to a management
fee for assets held under the SMA, as detailed on page 42. For
assets held outside of the SMA, the Investment Manager is not
entitled to any direct remuneration from the Company, instead
deriving its revenue from the management fees and carried
interest payable by the Company on its investments in underlying
HarbourVest funds.
The Investment Manager is also entitled to reimbursement of
expenses occurred in the performance of its duties. With effect
from 1 February 2022, rather than the direct reimbursement of all
its expenses, the Investment Manager has charged the Company
a fixed fee (the “Fixed Fee”) for the services of the employees
substantially dedicated to the Company’s affairs and for assistance
provided by other employees of the Investment Manager with
respect to certain administrative functions relating to the Company.
The Fixed Fee will be increased each financial year on the basis of
the average percentage change in the Investment Manager’s firm-
wide compensation budget for the succeeding year. The Fixed Fee
arrangement was reviewed in February 2026.
The Fixed Fee payable to the Investment Manager for the
reimbursement of expenses in respect of the year ended
31 January 2026 was $3.1 million (the year ended 31 January 2025
was $2.9 million). Further details are given in Note 3 to the Financial
Statements.
Delegation of responsibilities
Under the IMA, the Board has delegated to the Investment Manager
substantial authority for carrying out the day-to-day management
and operations of the Company, including making specific
investment decisions, subject at all times to the control of, and
review by, the Board. In particular, the IMA provides that the Board
and the Investment Manager shall agree a strategy mandate which
sets out a rolling five-year plan for the Company. The Board is
responsible for the overall leadership of the Company and for setting
its values and standards. This includes determining the investment
and business strategy, and the ongoing review of the Company’s
investment objective and investment policy. Matters reserved for
the Board include Board and Committee membership, including the
review and authorisation of any consequential conflicts of interest,
the raising of new capital, major financing facilities, and contracts
that are not in the ordinary course of business, together with any
governance and regulatory requirements. Any changes in relation
to the capital structure of the Company, including the allotment
and issuance of shares, are the responsibility of the Board. The
Board has reserved to itself the determination of the Company’s
Sustainable Investing Policy and the approval of sustainability-
related statements and disclosures made on behalf of the Company
The Board has also reserved to itself the determination of the
Company’s capital allocation policy, including the implementation
of buybacks, dividends, or other distributions to shareholders.
Share repurchase programme
At the 2025 AGM, held on 16 July 2025, the Directors sought and
were granted authority to repurchase 10,975,097 Ordinary Shares
(being equal to 14.99% of the aggregate number of Ordinary Shares
in issue at the date of the AGM) for cancellation, or to be held as
treasury shares. This authority will expire at the forthcoming AGM.
The Directors intend to seek annual renewal of this authority
from shareholders.
During the financial year ended 31 January 2026, the Company
repurchased 2,414,511 Ordinary Shares for cancellation at an
average price of £27.71 per share, for a gross consideration of
£67.0 million. The Company paid its brokers, Peel Hunt and
Winterflood Securities, commission totalling £67,185.
Following the year-end, the Company repurchased 1,723,251 Shares
for cancellation at an average price of £30.66 per share, for a gross
consideration of £52.9 million. The Company paid its brokers, Peel
Hunt and Winterflood Securities, commission totalling £52,945.
Distribution Pool
On 1 February 2024, the Board established a Distribution Pool to
fund buybacks or to return capital to shareholders by other means.
The Distribution Pool has been funded by a proportion of the cash
realisations from the Company’s portfolio, with this proportion set
initially at 15%. The Distribution Pool accumulates on a rolling basis.
As further announced on 30 January 2025, the Board decided to
double the allocation of cash realisations from HVPE’s portfolio to
the Distribution Pool, increasing it from 15% to 30% with effect from
1 February 2025. As announced on 14 April 2026, 100% of proceeds
from any secondary sales will be allocated to the Distribution Pool
in the 2026 calendar year. The Distribution Pool can be deployed
for share buybacks and/or other forms of capital return at the sole
discretion of the Board. As announced on 14 April 2026, the current
expectation is that the Distribution Pool will be used for ongoing
share buybacks and a $400 million tender offer in Autumn 2026,
subject to shareholders passing the Continuation Vote at the AGM in
July 2026.
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When determining the timing, amount and nature of a shareholder
distribution, the Board considers a standard set of factors, including
the macroeconomic environment, the discount to NAV at which
HVPE’s shares are trading (both in absolute terms and relative to
peers), market sentiment, and the relative merits of distributing
capital against the potential benefit of committing to new
investment opportunities.
The Board may choose to retain the Distribution Pool for an
extended period to preserve capacity ahead of a future downturn,
or may allocate some of the cash for reinvestment.
The Board’s intention is to optimise the long-term total return for
shareholders through the cycle while preserving the strength of
the balance sheet. The Distribution Pool allocation will be reviewed
annually, and the Board will continue to monitor the situation
closely to ensure that the best possible outcomes are achieved
for shareholders.
Introduction to the Going Concern
and Viability Statements
Since the inception of HVPE, the Directors have relied upon model
scenarios to manage the Company’s liquidity requirements and
balance sheet risk more generally. This modelling allows the
Directors to evaluate whether the Company is a going concern and
provides evidence to support the Directors’ viability statement in
the Company’s Annual Report and Accounts. While the modelling
process has been refined over the years, it has provided a consistent
approach through which the Directors have been able to provide
a firm assessment, as demonstrated through the Global Financial
Crisis and COVID-19 pandemic.
The Directors have assessed different scenarios including an
expected case based on the current market environment (Low
Case), plausible upside and downside cases (Base and Low Stress
Cases), and an Extreme Downside case. This allows the Directors’
flexibility in choosing the most appropriate scenario for the current
market environment and actual activity recorded since the end
of the reporting period. As more fully explained in the Investment
Manager’s Report above, during the period under review and
subsequent to the period-end, the challenging macroeconomic
and geopolitical environment has resulted in higher inflation, higher
interest rates, volatility in public markets and subdued activity in
private markets. While the Company’s actual cash flow through
May has been tracking closer to the plausible upside or Base Case
scenario, this trend is in contrast with the portfolio activity over the
last three years. As such, the Directors have focused on the Low
Case (considered the likely scenario given recent experience and
current market conditions), and also considered a stress test of the
Low scenario, which included lower distributions due to unfavorable
capital markets. This stress test is considered a plausible downside
scenario from current levels and allowed the Directors to assess the
liquidity of the Company considering the ongoing market uncertainty
following recent concerns over software industry valuations and the
war in Iran.
In considering Going Concern for the required one-year period for
these 2026 Annual Report and Accounts, the Directors primarily
focused on two model scenarios: the Low and the Extreme
Downside, while allowing for the possibility of falling between
these two scenarios in the stress test of the Low scenario. These
scenarios have been used to form the basis of the Going Concern
and Viability statements as provided below. The credit facility
provides an additional source of capital to HVPE which helps to
underpin the existing and future commitments of the Company. The
Company maintains a credit facility of $1.2 billion which currently
extends out to mid-2029 to align with the ongoing growth strategy
and risk management practices of the Company. Along with the
model scenarios discussed above, the available credit facility
provides further support in the Board’s assessment of going
concern and viability.
Going Concern Statement
In accordance with the 2024 AIC Code of Corporate Governance and
US GAAP, the Board has performed a robust assessment of principal
risks (refer to pages 49-50 for an update on the Principal Risks of
the Company) along with the assessment of whether the Company
will remain a going concern through the period ending 30 June 2027
which covers the twelve months from the signing of the financial
statements and whether it believes that the principal risks of the
Company will remain as identified on pages 49-50 of this report over
the going concern assessment period.
The Board considered model scenarios assuming varying degrees
of impact on the portfolio over the period ending 30 June 2027.
The Board primarily focused on the Low Case and the Extreme
Downside Case as noted above. The Low Case was considered the
most likely scenario given the current economic environment, as
the Investment Manager included reasonable portfolio growth and
distribution levels for the current environment in the assumptions of
the Low Case for 2026. While the Low Case was the primary focus of
the Board in assessing the going concern of the Company, a stress
test of the Low Case scenario and the Extreme Downside Case were
also considered. The stress test of the Low Case adjusted some of
the key assumptions including lower distributions considering the
possibility of less favourable capital markets. The Extreme Downside
Case was designed to specifically stress the balance sheet with
multiple worst case scenarios all playing out to 30 June 2027; 1) a
credit crisis resulting in all of the fund-level bridging leverage being
called at once as the underlying HarbourVest fund credit facilities
could not be renewed ($414.1 million in unexpected capital called);
2) despite this credit crisis capital calls are still being received at
levels experienced over the last five years (i.e. no material decline in
the level of capital calls as seen during the GFC); 3) material asset
value declines similar to what was experienced during the GFC,
and; 4) distribution levels falling to levels equivalent to what was
experienced during the GFC. The Board does not believe the Extreme
Downside Case is a likely scenario but factors this into the going
concern assessment.
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Director’s Report continued
The results of these model scenarios showed that the Company
would have sufficient resources to withstand the impact of all
scenarios, except the Extreme Downside Case occurring to 30 June
2027. The Extreme Downside scenario projects net leverage slightly
exceeding the credit facility size by the end of 2026. Under this
scenario the Board would take some action to raise additional
capital, either by increasing access to credit or selling assets to raise
additional capital and reducing future capital calls. Based on this
assessment, and the strategic options that the Directors have at
their disposal to address liquidity shortfalls, the Directors conclude
that the working capital of the Company is sufficient for its current
requirements and the Company will be able to continue in operation
at least through 30 June 2027, which covers the next twelve-month
period from the signing of the Annual Report and Accounts.
A Continuation Vote is scheduled in July 2026, which falls within
the going concern assessment period. While the addition of the
continuation vote improves HVPE’s corporate governance, at the
time of preparation of this report the outcome of the continuation
vote is not known. As contemplated in the AIC Statement of
Recommended Practice when a company is approaching a
continuation vote, this indicates the existence of a material
uncertainty that may cast significant doubt on the Company’s
ability to continue as a going concern over the assessment period.
Having carefully assessed the Company’s position, the Board is
confident that shareholders will support the Company’s continuation
and, therefore, considers it appropriate to prepare the financial
statements on a going concern basis.
Viability Statement
Pursuant to the 2024 UK Corporate Governance Code and the
2024 AIC Corporate Governance Code, the Board has assessed the
viability of the Company over the period from 31 January 2026 to
31 December 2030, which aligns with the timing of the Investment
Manager’s current five-year model scenarios. Whilst the Board has
no reason to believe that the Company will not be viable over a longer
period, it has chosen this period as this aligns with the Board’s
strategic horizon and with the expiration of the Company’s credit
facility which is used to support the over commitment strategy. The
current facility will expire in June 2029, however, the Investment
Manager is confident that a new facility with a longer duration will
be in place ahead of this expiration date.
The Company’s investment objective is to generate superior
shareholder returns through long-term capital appreciation by
investing primarily in a diversified portfolio of private equity
investments. The majority of the Company’s investments are in
HarbourVest-managed private equity fund-of-funds, which have fund
lives of 10-14 years.
While the Company’s investment lifecycle spans a time period of
ten years or more, the Board currently focuses on a time period
extending through to 31 December 2030 when considering the
strategic planning of the Company. The strategic planning focuses
on building a portfolio of long-term assets through capital allocation
into a set of rolling five-year calendar year-end portfolio construction
targets defined by investment stage, geography, and strategy. This
rolling five-year process allows the Board a medium-term view of
potential portfolio growth, projected cash flow and potential future
commitments under various economic scenarios.
As part of its strategic planning, the Board considered model
scenarios including the impact of the recently announced
shareholder initiatives and assuming varying degrees of impact
on the portfolio. The Board primarily focused on the Low Case, a
stress test of the Low Case, and the Extreme Downside Case, the
latter of which is a worst-case scenario that assumes large NAV
declines and a material reduction in realisations from the underlying
investment portfolio. Based on a review of the existing liquidity
resources of the Company and the model scenarios noted above,
the Board concluded that the Company’s cash balance and available
credit facility would be sufficient to cover the Company’s liquidity
requirements under all scenarios except the Extreme Downside
scenario. HVPE would need to take some action to manage liquidity
under this scenario. This could include the renewal or replacement of
the existing credit facility, raising additional capital or selling assets.
Considering the options available to raise additional capital, and the
results of this modelling, the Directors believe that the Company
would be viable in the face of these scenarios occurring over the
period ending 31 December 2030.
Statement of Directors’ Responsibilities in Respect of
the Financial Statements
The Directors are required to prepare Financial Statements for each
financial year which give a true and fair view of the assets, liabilities,
financial position, and profit or loss of the Company in accordance
with US GAAP at the end of the financial year, and of the gain or
loss for that period. In preparing those Financial Statements, the
Directors are required to:
• select suitable accounting policies and apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been
followed subject to any material departures disclosed and
explained in the Financial Statements; and
• prepare the Financial Statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The Directors are responsible for keeping proper accounting records
which disclose with reasonable accuracy at any time the financial
position of the Company and enable them to ensure that the
Financial Statements have been properly prepared in accordance
with The Companies (Guernsey) Law, 2008. They are also
responsible for safeguarding the assets of the Company, and hence
for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
The Directors are responsible for ensuring that the Annual Report
and Financial Statements include the information required by the UK
Listing Rules and the Disclosure Guidance and Transparency Rules
of the Financial Conduct Authority (together “the Rules”). They are
also responsible for ensuring that the Company complies with the
provisions of the Rules which, with regard to corporate governance,
require the Company to disclose how it has applied the principles,
and complied with the provisions, of the corporate governance code
applicable to the Company.
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Disclosure of Information to the Auditor
So far as each of the Directors is aware, there is no relevant audit
information of which the Company’s auditor is unaware, and each
has taken all the steps they ought to have taken as a Director to
make themselves aware of any relevant audit information and to
establish that the Company’s auditor is aware of that information.
Responsibility Statement
The Board of Directors, as identified on pages 70 to 71, jointly and
severally confirm that, to the best of their knowledge:
• the Financial Statements, prepared in accordance with US GAAP,
give a true and fair view of the assets, liabilities, financial position,
and profits of the Company and its undertakings;
• this report includes a fair review of the development and
performance of the business and the position of the Company
and the undertakings included in the consolidation taken as
a whole, together with a description of the principal risks and
uncertainties that they face; and
• the Annual Report and Financial Statements taken as a whole
are fair, balanced, and understandable, and provide the
information necessary for shareholders to assess the Company
and its undertakings’ position, performance, business model,
and strategy.
Signed on behalf of the Board by:
Ed Warner
Chair
27 May 2026
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Board Structure and Committees
The activities of the Company are overseen by the Board, which
is comprised of Independent Directors. The Board meets at least
four times a year, and between these scheduled meetings there
is regular contact between Directors, the Investment Manager,
the Administrator, and the Company Secretary, including a formal
strategy meeting and Board update calls.
The Board aims to run the Company in a manner which is consistent
with its belief in honesty, transparency, and accountability. This is
reflected in the way in which Board meetings are conducted, during
which the Chair promotes and facilitates a culture of open and
constructive debate on each topic, encouraging input from
all Directors and advisers to ensure a wide exchange of well-
informed views. The Directors believe that good governance
means effective management of the affairs of the Company and
meaningful engagement with investors. The Board is committed
to maintaining high standards of financial reporting, transparency,
and business integrity.
Board and Committee Meetings
and Attendance Record
The table below sets out the Directors’ attendance at the Board
and Committee meetings held during the financial year ended
31 January 2026:
Director
Scheduled Board
Meetings
Audit and Risk
Committee
Meetings
Inside
Information
Committee
Meetings
1
Management
Engagement and
Service Provider
Committee
Meetings
Nomination
Committee
Meetings
Remuneration
Committee
Meetings
Francesca Barnes 6 of 7
2,3
6 of 7 n/a 2 of 2 1 of 1 1 of 1
Libby Burne 7 of 7 7 of 7 n/a 2 of 2 1 of 1 1 of 1
Anulika Malomo 7 of 7 7 of 7 n/a 2 of 2 1 of 1 1 of 1
Ed Warner 7 of 7 n/a n/a 2 of 2 1 of 1 1 of 1
Steven Wilderspin 7 of 7 7 of 7 n/a 2 of 2 1 of 1 1 of 1
In addition to the above meetings, ad-hoc Board and Committee
meetings can be convened at short notice and, as they only require
a quorum of two Directors, there is a possibility of lower attendance
than for the scheduled meetings. During the financial year, there
were 12 ad-hoc Board meetings with a quorum at each. These ad-
hoc Board meetings included regular meetings held to determine
the deployment of the funds within the Distribution Pool from time
to time, on the basis of a standard template of information agreed by
the Board. If any Director is unable to attend a meeting, they receive
the papers and have the opportunity to discuss them with the Chair.
At each scheduled Board meeting, amongst other items, the
Directors review and discuss the Investment Manager’s Report,
HVPE’s financial position, drivers of performance, how HVPE has
performed, the commitment plan, the corporate broking report
(which includes an update on the Company’s peer group) as well
as wider issues relating to the market and HVPE’s share price
performance, in particular the discount to NAV. Marketing and
investor relations are covered in detail at two Board meetings, and at
a higher level at the remaining meetings. Each meeting ends with a
discussion between the Directors, at which no representative of the
Investment Manager is present.
Responsibilities
The Board has adopted formal responsibilities for the Chair and
the Senior Independent Director, as well as a schedule of matters
reserved for the Board. All of these documents are available on
the Company’s website: www.hvpe.com/company-info/corporate-
governance/
Board Composition
Together, the members of the Board possess a balance of skills,
experience, and length of service which the Directors believe is
appropriate. Succession planning remains an ongoing process,
designed to bring effective and smooth transition between Director
appointments and to avoid undue disruption. This ensures that the
Board is well-balanced through the appointment of new Directors
with the necessary skills and experience.
The Directors are kept fully informed of investment and financial
controls and other matters that are relevant to the business of the
Company. Such information is brought to the attention of the Board
by the Investment Manager, the Administrator, and the Company
Secretary in their regular reports to the Board. The Directors also
have access, where necessary in the furtherance of their duties,
to professional advice at the expense of the Company. Further
details of the Board Committees are set out below and their terms
of reference are available on the Company’s website: https://www.
hvpe.com/company-info/corporate-governance/.
All Directors received notice of the meetings, the agenda, and
supporting documents and were able to comment on the matters to
be raised at the proposed meeting. During each meeting, the Chair
promoted and facilitated open, constructive debate on each topic,
encouraging input from all Directors. As well as the scheduled Board
and strategy meetings, the Board also received detailed information
from the Investment Manager via update calls, with particular
reference to the impact on the Company of external developments.
1 No meetings of the Inside Information Committee were held in the Financial Year.
2 Directors were provided with meeting packs for meetings they were unable to attend so they were informed of the meeting agenda and outcomes.
3 Ms Barnes was unable to attend the meeting held in October 2025 due to a prior commitment.
Note: Alan Devine was appointed on 14 May 2026 and is therefore not included in the table above
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All continuing Directors are subject to annual re-election by
shareholders. When a new Director is appointed to the Board, they
participate in a structured induction process comprising of a series of
meetings with the Chair of the Board and Chair of the Audit and Risk
Committee, key individuals within the Investment Manager, and other
service providers. Directors must be able to demonstrate commitment
to the Company and ensure that they have sufficient time to fulfil their
roles effectively. Therefore, in accordance with the Board’s established
protocol on the management of potential conflicts, if a Director wishes
to undertake additional external appointments, approval is sought from
the Chair in order to confirm that the Director will be able to continue
to dedicate sufficient time to carry out their duties as a Director of the
Company, in addition to assessing any potential conflicts of interest
and independence issues. In the case of any potential appointment
for the Chair, the relevant assessment is conducted by the Senior
Independent Director.
Tenure Policy
When considering its composition, the Board is strongly committed
to striking the correct balance between the benefits of continuity,
experience, and knowledge and those that come from the
introduction of Directors with diversity of perspectives and skills.
The Board has adopted a Tenure Policy confirming its intention
that each Director will retire at the AGM immediately following the
completion of their ninth year on the Board.
It is acknowledged that there could be unusual circumstances in
which a short extension of that time period could be appropriate. In
that event, a comprehensive explanation of the circumstances would
be provided to stakeholders.
Board and Committees evaluation
The Board undertakes a formal annual evaluation of its performance
and of the performance of each of its Committees. This includes
the Chair carrying out an individual review with each Director of
their respective performance and contribution, and the Senior
Independent Director leading an annual evaluation by the rest of the
Board of the performance of the Chair.
Each Committee of the Board considers its performance annually,
including whether it should undertake any additional activities.
An externally facilitated Board evaluation occurs every three years.
HVPE engaged Lintstock Ltd in 2025 to conduct an external review
of the performance of the Board. Lintstock is an advisory firm that
specialises in Board Reviews and has no other connection with the
Company or individual Directors.
The methodology applied for the process is detailed in the
flowchart below:
Lintstock found that the HVPE Board engaged well with the Board
Review process, providing a number of useful insights to support
continuous improvement. The exercise had a particular focus on
the impact of recent activist and market pressures, and the lessons
that the Board ought to draw from the experience. The Review
also highlighted a few areas for further focus, including strategic
priorities for discussion at the November 2025 strategy session and
opportunities to enhance the Board’s engagement with the wider
HarbourVest team. The Review included a comparison of the Board’s
performance against the Lintstock Index. Drawing on insights from
over 100 of Lintstock’s recent mandates for UK Investment Companies,
this analysis placed the performance of the Board into context,
providing a balanced view of the Board’s strengths and priorities.
Scoping and Tailoring
April-June 2025
Meeting Observations
July 2025
Board Discussion
November 2025
Lintstock collaborated with the Chair and HVPE’s Head of Corporate Governance to tailor the line of enquiry to
the specific needs of the Company.
As well as covering core aspects of governance such as information, composition and dynamics, the Review
considered investment performance, risk management, as well as the Board’s relationship with HarbourVest
and the Company’s shareholders.
Lintstock representatives observed the July Board meeting and reviewed the accompanying papers.
Completion of Surveys
July-August 2025
Board members and selected HarbourVest representatives completed bespoke surveys assessing the
performance of the Board. Each Director also completed a self-assessment questionnaire addressing
their own performance.
Interviews
August 2025
In-depth interviews with the Board and HarbourVest representatives were conducted by two Lintstock
Partners. The findings from the survey stage enabled Lintstock to focus discussions on the priorities
for each interviewee.
Lintstock’s findings were shared with the Chair and then discussed at a dedicated Board session in November,
at which actions were agreed for implementation and monitoring.
Analysis and Delivery of Reports
September 2025
Lintstock analysed the findings from the surveys and the interviews and delivered focused reports
documenting the findings, including a number of recommendations to increase effectiveness.
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Board Structure and Committees continued
Board gender representation as at 31 January 2026
Number of Board Members Percentage of the Board
Number of Senior Positions (Chair,
SID, ARC Chair)
Men 2 40% 2
Women 3 60% 1
Not specified/prefer not to say 0 0% 0
Board ethnic diversity as at 31 January 2026
Number of Board Members Percentage of the Board
Number of Senior Positions (Chair,
SID, ARC Chair)
White British or other White (including
minority white groups) 4 80% 3
Mixed/Multiple Ethnic Groups 0 0% 0
Asian/Asian British 0 0% 0
Black/African/Caribbean/
Black British 1 20% 0
Other ethnic group 0 0% 0
Not specified/prefer not to say 0 0% 0
Policy on Diversity and Inclusion
During the year ended 31 January 2026, the Company met
the targets on board diversity set out in the Financial Conduct
Authority’s UK Listing Rule 6.6.6R(9). During the year, the Board
consisted of three women and two men, and therefore exceeded the
Hampton-Alexander Review target for 40% female representation on
FTSE 350 company boards. During the year, the Company also met
the target relating to senior board positions, with the role of Senior
Independent Director held by a woman. The roles of Chair and Chair
of the Audit and Risk Committee
1
were held by male Directors. The
Company has no employees. The Board also achieved the level of
ethnic diversity targeted by the Parker Review, with one of the five
Directors being from an ethnic minority background.
However, the Board acknowledges that it may not meet the target
relating to senior board positions following the July 2026 AGM. Of
the three senior Board positions proposed for election or re-election,
the Chair, Senior Independent Director and Chair of the Audit and
Risk Committee are expected to be held by male Directors. Given the
size of the Board, changes to senior roles arise only as part of the
normal cycle of succession planning.
The Board recognises that diversity includes racial, socio-economic,
and other factors such as physical ability, and that different
backgrounds and experiences can bring real value to the Company
in terms of decision-making. The Board does not have any specific
diversity targets in mind, given the range of factors that this term
necessarily covers, and its main priority will always be to appoint the
most appropriate candidate for any role.
The Company has provided the disclosures required
under the Financial Conduct Authority’s UK Listing Rule
6.6.6R (9) in the two tables set out below. The Company
has collected the data for the following two tables by
making due enquiry of the Directors.
1 As an investment company, HVPE does not have a CEO. These roles defined by the guidance are not specifically tailored for investment companies. In this section we have interpreted
“CFO” as “Chair of the Audit and Risk Committee”.
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Read biography here
Audit and Risk Committee
About the Committee
The Audit and Risk Committee members are outlined on pages 70
and 71. Ms Barnes and Ms Malomo each held senior banking and
finance roles for a number of years as described in their biographies.
Ms Burne is a former auditor with over 20 years’ experience.
Mr Wilderspin is a qualified Chartered Accountant and has over 20
years’ experience as an executive and non-executive director on
a number of private and listed fund boards as well as commercial
companies. Members of the Committee are deemed by the Board to
have recent and relevant financial and sector experience.
The Audit and Risk Committee is responsible for the review of the
Company’s accounting policies, periodic Financial Statements and
auditor engagement. The Committee is also responsible for making
appropriate recommendations to the Board, including that the
Financial Statements are fair, balanced, and understandable, and
ensuring that the Company complies to the best of its ability with
applicable laws and regulations and adheres to the tenet of generally
accepted codes of conduct. The Committee is also responsible
for overseeing the Company’s risk management framework and
regulatory compliance.
All of the Company’s management and administration functions are
delegated to independent third parties or the Investment Manager
and it is therefore felt that it would not be practical or cost effective
for the Company to have its own internal audit facility. This matter
is reviewed annually. The Audit and Risk Committee does have the
power to commission third-party assurance work as it sees fit, but
did not do so in the year under review.
Steven Wilderspin
Audit and Risk Chair
Activities of the Committee
Audit and Risk Committee meetings
In the financial year ended 31 January 2026, the Audit and Risk
Committee met seven times. A summary of Director attendance is
included in the “Board and Committee Meetings and Attendance
Record” section on page 80. In these meetings, the Committee
considered the following matters:
Auditor Tenure
The Audit and Risk Committee reviewed the effectiveness of the
external audit process for the 2025 Financial Statements, including
audit quality, objectivity (level of challenge and professional
scepticism), and independence, using a detailed questionnaire
developed internally from guidance issued by the main accounting
firms and the FRC. This included discussions with the Company’s
auditor (Ernst & Young LLP), Investment Manager and Company
Secretary to review how well the previous year’s audit had gone. The
main conclusion from this review was that the audit has been of high
quality and robust in nature. The Committee concluded that Ernst
& Young LLP’s appointment as the Company’s auditor should be
continued for the 2026 Financial Statements.
The Company’s auditor has been engaged by the Company since
2007 and was re-engaged following a competitive tender process in
May 2017. The partner responsible for the audit, Richard Le Tissier,
commenced his role for the year ended 31 January 2022 audit. The
Company’s auditor performed the audit of the Company’s Financial
Statements, prepared in accordance with applicable law, US GAAP,
and audited under both relevant US Generally Accepted Auditing
Standards (“US GAAS”) and International Standards on Auditing
(UK). The audit approach remained substantially unchanged relative
to the prior year.
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Audit and Risk Committee continued
Pursuant to best practice, the Audit Committee undertook an audit
tender process during 2025 and 2026 in respect of the audit of the
Company’s Financial Statements for the year ending 31 January
2027 and onwards. The tender process was designed and overseen
by the Audit Committee and considered, among other matters, audit
quality, sector and technical expertise, independence, experience of
listed investment companies, proposed audit approach, resourcing
and continuity, and proposed audit fees. Four audit firms were
approached to participate in the tender process. In line with the
Committee’s approach to promoting audit independence and
objectivity, the incumbent auditor was not invited to tender. Three
of the invited firms subsequently met the Audit Committee in
January 2026 to present their proposals and respond to questions.
Following a comparative assessment of the proposals against the
agreed selection criteria, the Audit Committee identified two firms
that best met the Company’s requirements and recommended
both to the Board, expressing a preference for one firm. The Board
considered the Audit Committee’s recommendation and approved
the appointment of KPMG as the Company’s auditor in line with the
Audit Committee’s preference.
Auditor independence
The Audit and Risk Committee understands the importance of
auditor independence, and, during the year, the Committee reviewed
the independence and objectivity of the Company’s auditor. The
Committee received a report from the external auditor describing
its independence, controls, and current practices to safeguard
and maintain auditor independence. Other than fees paid for
conducting a review of the Interim Financial Statements, there were
no other non-audit fees paid to the auditor by the Company. The
Committee has adopted a non-audit services policy that complies
with the Revised Ethical Standard 2024 issued by the UK FRC,
which determines those services that the auditor is prohibited
from providing to the Company and those services that the auditor
may conduct. The policy includes a cap on the cost of any non-
audit services provided by the auditor at 70% of the average of the
previous three years’ audit fees.
In all cases, the Committee reviews the potential engagement of the
auditor in advance to ensure that the auditor is the most appropriate
party to deliver the proposed services and to put in place safeguards,
where appropriate, to manage any threats to auditor independence.
Terms of engagement
The Audit and Risk Committee reviewed the audit scope and fee
proposal set out by the auditor in its audit planning. The auditor
requested a modest increase in fees for 2026 to reflect inflation. The
Committee recommended to the Board the total fee for audit and
interim review work of £388,130 for 2026, a 3% increase on the fees
charged for 2025.
Internal controls
to manage rather than eliminate the risk of failure to achieve
business objectives and by their nature can only provide reasonable
and not absolute assurance against misstatement and loss. The
Company places reliance on the control environment of its service
providers, including its independent Administrator, the Investment
Manager and the Registrar. In order to satisfy itself that the controls
in place at the Investment Manager are adequate, the Audit and Risk
Committee has reviewed the Private Equity Fund Administration
Report on Controls Placed in Operation and Tests of Operating
Effectiveness (“Type II SOC I Report”) for the period to 30 September
2025 (a bridging letter covers the period 1 October 2025 to
31 January 2026), detailing the controls environment in place at the
Investment Manager. An ISAE 3402 Report on Fund Administration
for the period to 30 September 2025 detailing the controls
environment in place at the Administrator and Company Secretary,
and an AAF01/20 Type 2 Assurance Report for the period to 30 June
2025 relating to the operations of the Registrar, were also reviewed
along with bridging letters to cover the periods to 31 January 2026.
In these reports there were findings, but the Committee is satisfied
that the identified weaknesses were not material to the affairs of the
Company, and that the respective service providers had taken action
to improve controls in the identified areas. In addition, during the
year, the Management Engagement and Service Provider Committee
conducted a detailed review of the performance of the Company’s
service providers, including the Investment Manager, Administrator
and Registrar. The Investment Manager’s Type II SOC I Report
describes the internal controls in the HarbourVest Accounting group,
which is responsible for maintaining the Company’s accounting
records and the production of the Accounts contained in the
Company’s Financial Statements. The main features of the controls
are: clearly documented valuation policies; detailed review of
financial reporting from underlying limited partnerships and investee
companies; detailed reconciliation of capital accounts in underlying
limited partnerships; monthly reconciliation of bank accounts; and a
multi-layered review of financial reporting to ensure compliance with
accounting standards and other reporting obligations.
Additionally, the Audit and Risk Committee assessed the new
requirements that are being introduced as part of the 2024 UK
Corporate Governance Code. Specifically, how the Board will achieve
compliance with the new Provision 29, relating to the monitoring of
the Company’s risk management and internal control framework and
annual review of its effectiveness. Preparatory work during the year
included the discussion of the current risk and control framework,
the identification of proposed material controls over principal risks,
financial and non-financial reporting and assurance obtained to
support the Board’s declaration of effectiveness of internal controls
which will be required for the year ending 31 January 2027.
Risk management
The Audit and Risk Committee reviewed the Company’s risk
management framework during the year, and confirmed it was
satisfied that it was appropriate for the Company’s requirements.
Further details of the principal risks and uncertainties facing the
Company are given on pages 49 to 50. This is in accordance with
relevant best practice as detailed in the FRC’s guidance on
Risk Management, Internal Control, and Related Financial and
Business Reporting.
The Audit and Risk Committee is responsible for the overall risk
framework, for mapping each risk through the framework, and for
conducting specific risk reviews; the Board is responsible for setting
risk appetite, identifying and assessing risks in terms of potential
impact and likelihood, and considering emerging and topical risks.
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Financial risks
The Company is funded from equity balances, comprising issued
Ordinary Share capital, as detailed in Note 1 to the Financial
Statements, and retained earnings. The Company has access to
borrowings pursuant to the credit facility of up to $1.2 billion. As
at 31 January 2026, the credit facility was drawn by $570 million.
Although the Company’s currency exposure is currently not hedged,
the Company’s stance on hedging is kept under review by the Audit
and Risk Committee.
The Investment Manager and the Directors ensure that all
investment activity is performed in accordance with the investment
guidelines. The Company’s investment activities expose it to
various types of risks that are associated with the financial
instruments and markets in which it invests. Risk is inherent in the
Company’s activities, and is managed through a process of ongoing
identification, measurement, and monitoring. The financial risks
to which the Company is exposed include market risk, liquidity risk,
and cash flow risk.
Regulatory compliance
The Audit and Risk Committee has engaged with the Administrator’s
compliance team to ensure that the Company fulfils its regulatory
obligations. A Compliance Monitoring Plan is in place and is regularly
reviewed by the Committee.
Audited financial statements, significant
judgements and reporting matters
As part of the 31 January 2026 year-end audit, the Audit and Risk
Committee reviewed and discussed the most relevant issues for the
Company, most notably the risk of misstatement or manipulation of
the valuation of its investments in HarbourVest Managed Vehicles,
and the ongoing impact of geopolitical events and macroeconomic
events, specifically with regard to the Board’s statements on going
concern and viability.
The greatest element of judgement by the Investment Manager
in the valuation process is the roll forward of 31 December 2025
NAVs to the Company’s year-end of 31 January 2026. This is a focus
for the auditor, as outlined on page 94, and is specifically addressed
in discussions with the Committee prior to approval of the
Financial Statements.
The Audit and Risk Committee remains satisfied that the valuation
techniques used are accurate and appropriate for the Company’s
investments and consistent with the requirements of US GAAP. The
Audit and Risk Committee ensures that the Board is kept regularly
informed of relevant updates or changes to US GAAP that impact
the Company, including but not limited to valuation principles.
Fair, balanced, and understandable
As a result of the work performed, the Audit and Risk Committee
has concluded that the Audited Financial Statements for the year
ended 31 January 2026 are fair, balanced and understandable, and
provide the information necessary for shareholders to assess the
Company’s position and performance, business model, and strategy.
It has reported on these findings to the Board.
Corporate governance
The Audit and Risk Committee has reviewed the Board’s assessment
of the Company’s compliance with the 2024 AIC Code of Corporate
Governance for Investment Companies. The AIC Code was updated
in 2024 to reflect revisions to the UK Corporate Governance Code,
with most changes applying for the Company’s current financial
year ending 31 January 2026. The revised Code also introduces a
new requirement for a Board-level declaration on the effectiveness
of the Company’s material internal controls as at the balance
sheet date, which will apply for the Company’s next financial year
commencing on 1 February 2026. During the year ended 31 January
2026, the Audit and Risk Committee commenced preparatory work
to support the Board’s future compliance with this requirement,
including consideration of the scope of material internal controls
and the evidence and assurance required to support the declaration.
The Committee is subject to the FRC’s Audit Committees and
the External Audit: Minimum Standard, and compliance with its
provisions is kept under review.
Governance and effectiveness
The Audit and Risk Committee conducted a review of its activities
against its terms of reference in respect of the year ended
31 January 2026 and concluded that all requisite activities
had been undertaken.
In presenting this report, I have set out for the Company’s
shareholders the key areas that the Audit and Risk Committee
focuses on. If any shareholders would like any further information
about how the Audit and Risk Committee operates and its review
process, I, or any of the other members of the Audit and Risk
Committee would be pleased to meet them to discuss this.
Steven Wilderspin
Chair of the Audit and Risk Committee
27 May 2026
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Nomination Committee and Management Engagement
and Service Provider Committee
Nomination Committee
About the Committee
The Nomination Committee was established on 24 November
2015 and is chaired by Mr Warner, Chair of the Company. All of
the Directors are members of the Committee.
There was one scheduled meeting held during the year, which was
attended by all members. The mandate of the Committee is to
consider issues related to the structure, size, and composition of
the Board, plans in respect of tenure and succession for Directors
and issues relating to the identification and nomination of Board
candidates to fill Board vacancies as and when they arise. In
considering the characteristics needed for any Board candidates,
the Committee will evaluate the skills, experience and knowledge
of the existing Board members in order to identify the areas where
additional or replacement abilities are needed.
The terms of reference for the Nomination Committee can be found
on the Company’s website at
2024-11-26-hvpe-nomination-committee-terms-of-reference-
adopted.pdf.
Activities of the Committee
Changes to Board composition
In accordance with the approach to succession planning outlined
below, Alan Devine was appointed as a Director with effect from
14 May 2026 and will stand for election by shareholders at the
2026 AGM.
Approach to succession planning
Ms Barnes has been an independent Director of the Company since
April 2017, a period of just over nine years. In accordance with
the Board’s Tenure Policy, Ms Barnes notified the Company of her
intention to stand down as a Director at the upcoming AGM. To help
facilitate an orderly succession process, the Nomination Committee
prepared a role profile for a new independent Director to replace
Ms Barnes, including her role as the Senior Independent Director,
engaging a third-party recruitment firm, Odgers Berndston, to assist
it in the search. The Committee reviewed a long list of candidates
and, following a detailed evaluation, selected suitable candidates
for first round interviews and proposed a sub-set of these for
interview by the entire Board (excluding Ms Barnes). In May 2026,
the Committee made a formal recommendation to the Board that
Alan Devine be appointed as a Director. The Board agreed with this
recommendation and Alan Devine was appointed with effect from
14 May 2026.
Odgers Berndston has no connections to the Company or
its Directors.
Governance and effectiveness
During the year, the Nomination Committee conducted a review of its
activities against its constitution and terms of reference in respect
of the year under review and concluded that it had satisfactorily
complied with all of its terms of reference.
Management Engagement and Service Provider
Committee (“MESPC”)
About the Committee
The MESPC was established on 24 November 2015 and is chaired by
Ms Burne. All of the Directors are members of the Committee.
The MESPC held two meetings in the year under review and all
members of the Committee attended the meetings.
Activities of the Committee
In the course of the year under review, the MESPC conducted a
review of the Company’s service providers to ensure the effective
management and administration of the Company’s business under
terms which were competitive and reasonable for the shareholders.
Investment Manager review
The annual review of the Investment Manager was undertaken in
July 2025. As part of this review, the Board received presentations
from the HVPE Investment Committee, as well as from various
operational teams and the senior management of the Investment
Manager. Subjects covered included investment strategy, manager
selection processes, an update on capital markets, Sustainable
Investing and other matters relating to the Company’s affairs.
Following this review, the Board discussed its conclusions with the
Investment Manager. The Board and MESPC are satisfied with the
performance of the Investment Manager with respect to investment
returns and the overall level of service provided to the Company.
The Board undertook visits to the Investment Manager’s offices in
London and Boston during the financial year.
MESPC review of other service providers
The MESPC met in December 2025 and conducted a detailed review
of the performance of the Company’s key service providers. The
Committee considered service providers’ responses to a series
of individually tailored questions relating to the full scope of the
service being provided to the Company. These covered reviews
of key personnel, results, fees and any errors as well as requiring
a description of each service provider’s key policies and internal
controls. Questions on environmental, social and governance
practices were embedded as an integral part of the overall review
conducted for each provider.
In addition, as part of this overall analysis, the Chair of the MESPC
held discussions with the Company’s most critical service providers
in order to ensure open two-way communication between the Board
and the Company’s key service providers and to strengthen the
engagement between the Company and its stakeholders.
Following this evaluation, decisions were made by the Committee
in connection with the retention of each service provider and the
retendering of certain contracts.
Governance and effectiveness
In December 2025, the MESPC conducted a review of its activities
against its constitution and terms of reference in respect of the year
under review and concluded that it had satisfactorily complied with
all of its terms of reference.
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Inside Information Committee and
Remuneration Committee
Inside Information Committee
About the Committee
The Committee was formed on 12 July 2016 and is chaired by
Mr Warner. Any Director can form part of this Committee, but its
usual member is Mr Wilderspin.
The purpose of the Committee is to assist and inform the decisions
of the Board concerning the identification of inside information and to
make recommendations as to how and when any such information
may need to be made public in order for the Company to comply with
its obligations under the UK Market Abuse Regulation.
Remuneration Committee
About the Committee
The Remuneration Committee was established on 23 March 2021
and is chaired by the Senior Independent Director of the Company,
Ms Barnes. All of the Directors are members of the Committee.
The Remuneration Committee has been delegated responsibility for
determining the policy for Directors’ remuneration and setting the
remuneration of the Chair of the Board. The Committee also makes
recommendations to the Board for the Directors’ remuneration
levels which are determined in accordance with the Company’s
Articles of Incorporation. Remuneration does not include
performance-related elements.
There was one scheduled meeting held during the year. All members
attended the meeting.
The Committee decided that for the year under consideration, a
modest increase, in line with the approach adopted in the previous
year, would be appropriate. As a result, it was resolved to approve
an increase in the Chair’s fee of 3.1% to £115,500 per annum and
to recommend to the Board that the base fees for Directors should
be increased by 3.3% to £62,000 per annum. No increases were
recommended for the premiums paid to Committee Chairs. All
increases were effective from 1 February 2026.
Governance and effectiveness
During the year, the Remuneration Committee conducted a review
of its activities against its constitution and terms of reference
in respect of the year under review and concluded that it had
satisfactorily complied with all of its terms of reference.
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Directors’ Remuneration Report
Ordinary resolutions for the approval of this Directors’ Remuneration Report and the approval of the Directors’
Remuneration Policy will be put to shareholders at the forthcoming AGM to be held on 15 July 2026.
Directors’ Remuneration Policy
As a Guernsey domiciled Company, the Directors are not required
to present the Company’s Remuneration Policy to shareholders at
the AGM. In line with best practice, however, the Directors present
the Board’s remuneration report to shareholders for approval.
The Directors’ Remuneration Policy (“The Policy”) will be put to
shareholders’ vote every three years.
A resolution to approve the Policy will be put to shareholders as part
of the 2026 AGM. The Policy specifies that:
• The Board’s policy is that Directors’ fees should properly reflect
the time spent on the Company’s business and should be at a
level to ensure that appropriate candidates can be recruited to
and retained on the Board. Directors’ fees are reviewed annually
by the Remuneration Committee, with any increase taking effect
from the first day of the Company’s subsequent financial year.
• The Chair of the Board and the Chairs of theCommittees of the
Board may be paid higher fees than the other Directors, reflecting
the greater time commitment involved in fulfilling those roles.
• Reviews of the levels of Directors’ remuneration reflect industry
research carried out by third parties on the level of fees paid to
the directors of the Company’s peers, within the investment funds
industry generally and of other listed companies of similar size
and complexity. The Remuneration Committee will also consider
any comments received from shareholders on Remuneration
Policy on an ongoing basis and take account of those views.
• The involvement of remuneration consultants has not been
deemed necessary to date but the Remuneration Committee is
able to access their services if required.
• The Company has no Chief Executive Officer and no employees
and therefore no consultation of employees is required and there
is no employee comparative data to provide in relation to the
setting of the Remuneration Policy for Directors. All the Directors
are non-executive.
• There are no performance related elements to Directors’ fees and
the Company does not operate any type of incentive, share scheme,
award or pension scheme. Therefore, no Directors receive bonus
payments or pension contributions from the Company or hold
options to acquire shares in the Company. Directors are not granted
exit payments and are not provided with compensation for loss
of office.
• Directors may be reimbursed for reasonable out-of-pocket
expenses incurred in attending the Company’s business.
• The Remuneration Committee is responsible for making
recommendations to the Board but has delegated responsibility
for determining and setting the remuneration for the Chair.
• An ordinary resolution to approve the Directors’ Remuneration
Policy will be put to shareholders at the July 2026 Annual General
Meeting and will reoccur every three years.
• The terms and conditions of Directors’ appointments are set out
in formal letters of appointment which are available for review at
the Company’s registered office.
• There is a cap on total Directors’ fees of £550,000 per annum as
set out in the Articles section 20 paragraph (1).
Directors’ service contracts
There are no long-term incentive schemes provided by the Company
and no performance fees are paid to Directors.
No Director has a service contract with the Company. Each Director
is appointed by a letter of appointment which sets out the terms of
the appointment.
Directors are remunerated in the form of fees, payable quarterly in
arrears to the Director personally. The table to the on the next page
details the fees paid to each Director of the Company for the years
ended 31 January 2025 and 31 January 2026.
Following the recommendation of the Remuneration Committee,
the Board approved incremental increases in the fees paid to the
Directors to take place from 1 February 2026. In approving these
increases, the Board was acting on its intention to prefer measured
annual incremental increases rather than intermittent corrections.
Under the Company’s Articles of Incorporation, Directors are entitled
to additional ad-hoc remuneration for project work outside the scope
of their ordinary duties. No such payments were made in the year
ended 31 January 2026.
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Director Role
Fees Paid for the 12 Months
ended 31 January 2026
Fees Paid for the 12 Months
ended 31 January 2025
Francesca Barnes Senior Independent Director £63,000 £61,000
Libby Burne
Chair of the MESPC,
Independent Director £63,000 £61,000
Carolina Espinal Director N/A Nil
1
Anulika Malomo Independent Director £60,000 £58,000
Ed Warner Chair, Independent Director £112,000 £109,000
Steven Wilderspin
Chair of the ARC,
Independent Director £72,000 £70,000
Alan Devine Director N/A
2
N/A
2
1 Ms Espinal retired from the Board at the AGM on 17 July 2024.
2 Alan Devine was appointed to the Board after the January 2026 financial year end on 14 May 2026.
Role
Annual Fee from
1 February 2026
Annual Fee from
1 February 2025
Annual Fee to
31 January 2025
Chair of the Board £115,500 £112,000 £109,000
Non-Executive Director £62,000 £60,000 £58,000
Premium for Senior
Independent Director £3,000 £3,000 £3,000
Premium for Chair of the
Audit and Risk Committee £12,000 £12,000 £12,000
Premium for Chair of
the MESPC £3,000 £3,000 £3,000
Ed Warner Steven Wilderspin
Chair Chair of the Audit and Risk Committee
27 May 2026
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Statement of Compliance with the AIC Code of Corporate Governance
The Directors place a large degree of importance on ensuring that high standards of corporate governance are maintained and aim to comply to
the greatest extent possible with the provisions of the AIC Code, which was published in 2024.
The Board has considered the principles and provisions of the AIC
Code. The AIC Code addresses all the principles and provisions set
out in the 2024 UK Corporate Governance Code (the “UK Code”),
as well as setting out additional provisions on issues that are of
specific relevance to the Company. The AIC Code has been endorsed
by the Financial Reporting Council and the Guernsey Financial
Services Commission (“GFSC”). By reporting against the AIC Code,
the Company is meeting its obligations under the UK Code, the
GFSC Finance Sector Code of Corporate Governance, as amended
in February 2026, and the associated disclosure requirements set
out under paragraph 6.6.6R of the Financial Conduct Authority’s
UK Listing Rules. The Board considers that reporting against the
principles and provisions of the AIC Code provides more relevant
information to stakeholders. The AIC Code is available on the AIC
website: www.theaic.co.uk.
The Company complied with all the principles and provisions of the
AIC Code during the year ended 31 January 2026.
Set out to the right is where stakeholders can find further
information within the Annual Report about how the Company has
complied with the various principles and provisions of the AIC Code.
1. Board Leadership and Purpose
Purpose On page 72
Strategy On pages 72 to 77
Values and culture On page 82
Shareholder engagement On pages 44 to 46
2. Division of responsibilities
Director independence On page 74
Board meetings On page 80
Relations with Investment Manager On pages 75 to 76
Management Engagement Committee On page 86
3. Composition, Succession, and Evaluation
Nomination Committee On page 86
Director re-election On pages 80 to 81
Use of external search agency Approach to succession Planning on page 86
Board evaluation Board and Committees Evaluation on page 81
4. Audit, Risk and Internal Control
Audit and Risk Committee On pages 83 to 85
Emerging and principal risks On pages 49 to 50
Risk management and internal control systems On pages 85 to 85
Going concern statement On pages 77 to 78
Viability statement On page 78
5. Remuneration
Directors’ remuneration report On pages 88 to 89
Governance Financial StatementsStrategic Report Other information
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92 Independent Auditor’s Report
100 Consolidated Statements of Assets and Liabilities
101 Consolidated Statements of Operations
102 Consolidated Statements of Changes
in Net Assets
103 Consolidated Statements of Cash Flows
104 Consolidated Schedule of Investments
110 Notes to the Consolidated Financial Statements
Financial
Statements
Inside this section
Independent Auditor’s Report
Read on page 92
Consolidated Financial Statements
Read on page 100
Notes to the Consolidated
Financial Statements
Read on page 110
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Independent Auditor’s Report
To the members 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 (“HVPE” or the ”Group”) for the year ended 31 January 2026
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 12, 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 financial statements:
• Give a true and fair view of the state of the Group’s affairs as at 31 January 2026 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 Companies (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 UK 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.
Material uncertainty related to going concern
We draw attention to Note 2 of the Consolidated Financial Statements, which indicates that the
Company will hold a continuation vote at the July 2026 AGM. As stated in Note 2, this event indicates
that a material uncertainty exists that may cast significant doubt on the Group and Company’s ability to
continue as a going concern. Our opinion is not modified in respect of this matter.
We draw attention to the Viability Statement in the Annual Report on page 78, which indicates that one of
the key assumptions to the statement of viability is in respect of the material uncertainty arising from the
forthcoming continuation vote to be held at the July 2026 AGM. Our opinion is not modified in respect of
this matter.
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:
• Discussing with the Directors and considering whether any other events or conditions, apart
from the continuation vote discussed in Note 2, exist that, individually or collectively, may cast
significant doubt on the entity’s ability to continue as a going concern and concluding that no such
circumstances exist;
• Evaluating the going concern assessment prepared by the Investment Manager and approved by
the Directors for the period up until 30 June 2027 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 Manager’s forecast
by comparing actual performance to historical forecasts;
• Testing the arithmetical accuracy of relevant aspects of the models supporting the going concern
basis, stress test of low case 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.
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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 Consolidated Financial Statements about whether the Directors
considered it appropriate to adopt the going concern basis of accounting and
• the Directors’ identification in the Consolidated Financial Statements of the material uncertainty
related to the entity’s ability to continue as a going concern over a period to 30 June 2027 which is at
least 12 months from when the Consolidated Financial Statements are authorised for issue.
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
Key audit matters Risk of misstatement or manipulation of the valuation of the Group’s
investments in the underlying Primary or Secondary HarbourVest funds,
together the “HarbourVest investment funds”
Materiality Overall group materiality of $83.7m which represents 2% of Net Assets.
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, 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 three 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.
Climate change
The Group has explained climate-related risks in HVPE’s Approach to Sustainable Investing and forms
part of the “Other Information”, rather than the Consolidated Financial Statements. Our procedures on
these disclosures therefore consisted solely of considering whether they are materially inconsistent with
the Financial Statements, or our knowledge obtained in the course of the audit,or otherwise appear to be
materially misstated.
Our audit effort in considering the impact of climate change on the financial statements was focused
on the adequacy of the disclosures in the Consolidated 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 2026.
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.
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Key audit matters
Key audit matters are those matters that, in our professional judgement, 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.
Risk Our response to the risk
Key observations communicated
to the Audit Committee
Misstatement or manipulation of the
valuation of the Group’s investments in
the underlying Primary or Secondary
HarbourVest funds, together the
“HarbourVest investment funds” ($4,713
million of which $4,416m relates to NAV
and $296m are probable sales price;
2025 $4,375 million).
Refer to the Accounting policies and Note 4
of the Consolidated Financial Statements.
There is a risk that the valuation of the
Group’s investments at 31 January 2026,
which comprise 110.4% (2025: 108.7%) of
net assets is materially misstated.
The valuation of the investments is the
principal driver of the Group’s net asset
value and hence incorrect valuations would
have a significant impact on the net asset
value and performance of the Group.
Our response comprised the performance of the following procedures:
Confirmed and documented our understanding of the Group’s processes, controls and methodologies for valuing investments
held by the Group in the HarbourVest investment funds, including the use of the practical expedient as set out in Accounting
Standard Codification (ASC) Topic 820 Fair Value Measurement (“ASC 820”) by performing our walkthrough processes and
evaluating the implementation and design effectiveness of controls;
We also utilised the System and Organisation Controls 1 Report for Private Equity Fund Administration Report on Controls Placed
in Operation and Tests of Operating Effectiveness (“SOC 1 report”) of HarbourVest Partner LLC to confirm our understanding of
the production on the NAVs of the HarbourVest investment funds;
In relation to Investments accounted for using the practical expedient under ASC Topic 820 totalling $4,416m we agreed 99% by
value of the individual net asset values of each HarbourVest investment fund to its underlying audited Net Asset Value (NAV) in
the corresponding financial statements as at 31 December 2025 which, prior to adjustments, formed the basis for the Group’s
carrying amount as at 31 January 2026;
We obtained a schedule of all adjustments made to those audited NAVs between 1 January 2026 and 31 January 2026, and:
• Verified a sample of contributions and distributions made to/from the HarbourVest investment funds to supporting
bank statements;
• Recalculated a sample of accrued management fees in the HarbourVest investment funds based on the terms of the signed
management agreements and agreed terms to relevant supporting documents;
• Performed analytical procedures and verified foreign exchange rate changes to independent third-party sources, and their
application to HarbourVest investment funds denominated in foreign currencies;
• Considered whether there were changes in market conditions during the period from 1 January 2026 to 31 January 2026 that
could have had a material impact to the valuations of the direct investments and marketable securities of the HarbourVest
investment funds;
• Independently sourced third-party prices and verified fair value changes on publicly traded securities held in the HarbourVest
investment funds; and
• Through enquiry determined that there were no post-closing adjustments since 31 December 2025 or other material changes
to the NAV subsequent to the HarbourVest investment funds’ finalised financial reporting process.
In relation to investments valued on a secondary sale basis totalling $296m: we agreed the valuation based on the agreed
purchase price as adjusted for any funded capital commitment or distributions up to 31 January 2026 to the Agreements of
Purchase and Sale and the Pre-closing notices for the transactions.
We assessed the fairness, accuracy and completeness of the disclosures in the Consolidated Financial Statements.
We reported to the Audit and
Risk Committee that we did not
identify any instances of the use
of inappropriate methodologies
and that the valuation of the
Group’s investments in the
HarbourVest investment funds
were not materially misstated.
Independent Auditor’s Report
To the members of HarbourVest Global Private Equity Limited
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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 $83.7 million (2025: $80.4 million), which is 2% (2025: 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 2026 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% (2025: 75%) of our planning
materiality, namely $62.8m (2025: $60.3m). We have set performance materiality at this percentage
due to our past experience of the audit that indicates a lower risk of misstatements, both corrected
and uncorrected. Our objective in adopting this approach was to ensure that total uncorrected
and undetected audit differences in the Consolidated Financial Statements did not exceed our
materiality level.
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 $4.2m (2025: $4.0m), 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 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.
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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 page 77 to 78.
• 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 77 to 78.
• 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 page 77 to 78.
• Directors’ statement on fair, balanced and understandable set out on page 78.
• Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks
set out on pages 49 to 50.
• The section of the annual report that describes the review of effectiveness of risk management and
internal control systems set out on pages 83 to 85
• The section describing the work of the audit committee set out on pages 83 to 85.
Responsibilities of Directors
As explained more fully in the directors’ responsibilities statement set out on pages 78 to 79, 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 the 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 2024 UK Corporate Governance Code;
– The 2024 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.
Independent Auditor’s Report
To the members of HarbourVest Global Private Equity Limited
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• 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 accounted for using the practical expedient under ASC Topic 820 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 19
years, covering the years ending 31 January 2008 to 31 January 2026.
• The audit opinion is consistent with the additional report to the audit 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
27 May 2026
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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 2026 and 2025, 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 12 (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 2026 and 2025, 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.
Substantial Doubt About the Company’s Ability to Continue as a Going Concern
The accompanying Consolidated Financial Statements have been prepared assuming that the Company
will continue as a going concern. As discussed in note 2 to the Consolidated Financial Statements, a
continuation vote is scheduled in July 2026 and this event indicates that a material uncertainty exists
that may cast substantial doubt on the Group and Company’s ability to continue as a going concern. The
Consolidated Financial Statements do not include any adjustments that might result from the outcome
of this uncertainty. Our opinion is not modified with respect to this matter.
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 skepticism 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.
Report of the Independent Auditors
To the Directors of HarbourVest Global Private Equity Limited
HarbourVest Global Private Equity
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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.
Ernst & Young LLP
Guernsey, Channel Islands
27 May 2026
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Consolidated Statements of Assets and Liabilities
At 31 January 2026 and 2025
In US Dollars
2026
(in thousands*)
2025
(in thousands*)
Assets
Investments (Note 4) 4,712,575 4,374,601
Cash and equivalents 123,368 122,990
Other assets 15,371 19,566
Accounts receivable from HarbourVest Advisers L.P. (Note 9) 241 244
Total assets 4,851,555 4,517,4 01
Liabilities
Amounts due under the credit facilities (Note 6) 570,000 480,000
Accounts payable and accrued expenses 13,613 14,444
Total liabilities 583,613 494,444
Net assets $4,267,942 $4,022,957
Net assets consist of
Shares, unlimited shares authorised, 71,854,160 and 74,268,671 shares issued and outstanding at 31 January 2026 and 31 January 2025 respectively, no par value 4,267,942 4,022,957
Net assets $4,267,942 $4,022,957
Net asset value per share $59.40 $5 4.17
* Except net asset value per share.
The accompanying notes are an integral part of the Financial Statements.
The Financial Statements on pages 100 to 116 were approved by the Board on 27 May and were signed on its behalf by:
Ed Warner Steven Wilderspin
Chair Chair of the Audit and Risk Committee
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Consolidated Statements of Operations
For the Years Ended 31 January 2026 and 2025
In US Dollars
2026
(in thousands)
2025
(in thousands)
Realised and unrealised gains on investments
Net realised gain on investments 235,544 150,618
Net change in unrealised appreciation on investments 156,001 105,227
Net gain on investments 391,545 255,845
Investment income
Interest and dividends from cash and equivalents 4,097 5,762
Other income 310 228
Expenses
Interest expense (Note 6) 43,068 36,353
Commitment fees (Note 6) 6,571 6,901
Financing expenses 4,973 3,720
Investment services (Note 3) 3,076 2,884
Professional fees 1,867 1,056
Marketing expenses 987 761
Directors’ fees and expenses (Note 9) 574 492
Tax expenses 99 37
Management fees (Note 3) 65 110
Other expenses 1,519 1,010
Total expenses 62,799 53,324
Net investment loss (58,392) (47,33 4)
Net increase in net assets resulting from operations $333,153 $208,511
The accompanying notes are an integral part of the Financial Statements.
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In US Dollars
2026
(in thousands)
2025
(in thousands)
Increase in net assets from operations
Net realised gain on investments 235,544 150,618
Net change in unrealised appreciation on investments 156,001 105,227
Net investment loss (58,392) (47,33 4)
Net increase in net assets resulting from operations 333,153 208,511
Capital share transactions
Share repurchase (88,168) (106,126)
Net decrease in net assets from capital share transactions (88,168) (106,126)
Total increase in net assets 244,985 102,385
Net assets at beginning of year 4,022,957 3,920,572
Net assets at end of year $4,267,942 $4,022,957
The accompanying notes are an integral part of the Financial Statements.
Consolidated Statements of Changes in Net Assets
For the Years Ended 31 January 2026 and 2025
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Consolidated Statements of Cash Flows
For the Years Ended 31 January 2026 and 2025
In US Dollars
2026
(in thousands)
2025
(in thousands)
Cash flows from operating activities
Net increase in net assets resulting from operations 333,153 208,511
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Net realised gain on investments (235,544) (150,618)
Net change in unrealised appreciation on investments (156,001) (105,227)
Contributions to private equity investments (381,061) (443,568)
Distributions from private equity investments 434,632 382,418
Other 3,367 (7,556)
Net cash used in operating activities (1,454) (116,040)
Cash flows from financing activities
Proceeds from borrowing on the credit facilities 120,000 570,000
Repayments in respect of the credit facilities (30,000) (365,000)
Share repurchase (88,168) (106,126)
Net cash provided by financing activities 1,832 98,874
Net change in cash and equivalents 378 (17,166)
Cash and equivalents at beginning of year 122,990 140,156
Cash and equivalents at end of year $123,368 $122,990
Supplemental disclosure:
Interest paid during the year
$42,566 $36,396
The accompanying notes are an integral part of the Financial Statements.
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Consolidated Schedule of Investments
At 31 January 2026
US Funds
In US Dollars
Unfunded
Commitment
(in thousands)
Amount
Invested*
(in thousands)
Distributions
Received
(in thousands)
Fair Value
(in thousands)
Fair Value
as a % of
Net Assets
HarbourVest Partners VI-Direct Fund L.P. 1,313 46,722 41,081 3,526 0.1
HarbourVest Partners VII-Venture Partnership Fund L.P.
†
2,319 135,290 206,567 539 0.0
HarbourVest Partners VIII-Cayman Mezzanine and Distressed Debt Fund L.P. 2,000 48,202 62,811 681 0.0
HarbourVest Partners VIII-Cayman Buyout Fund L.P. 7,500 245,259 421,171 627 0.0
HarbourVest Partners VIII-Cayman Venture Fund L.P. 1,000 49,192 96,935 22,655 0.5
HarbourVest Partners IX-Cayman Buyout Fund L.P. 8,520 62,761 118,245 13,160 0.3
HarbourVest Partners IX-Cayman Credit Opportunities Fund L.P. 1,438 11,111 15,321 1,309 0.0
HarbourVest Partners IX-Cayman Venture Fund L.P. 3,500 66,826 170,802 53,116 1.2
HarbourVest Partners 2013 Cayman Direct Fund L.P. 3,229 97,131 174,973 17,904 0.4
HarbourVest Partners Cayman Cleantech Fund II L.P. 900 19,156 29,645 10,362 0.2
HarbourVest Partners X Buyout Feeder Fund L.P. 34,650 217,378 207,923 192,957 4.5
HarbourVest Partners X Venture Feeder Fund L.P. 6,290 141,764 133,340 255,092 6.0
HarbourVest Partners Mezzanine Income Fund L.P. 8,155 42,067 76,956 5,151 0.1
HarbourVest Partners XI Buyout Feeder Fund L.P. 62,300 287,700 92,396 388,453 9.1
HarbourVest Partners XI Micro Buyout Feeder Fund L.P. 5,655 59,345 23,414 80,537 1.9
HarbourVest Partners XI Venture Feeder Fund L.P. 13,300 176,736 54,284 268,727 6.3
HarbourVest Partners XII Buyout Feeder Fund L.P. 252,450 242,550 5,403 312,259 7.3
HarbourVest Partners XII Micro Buyout Feeder Fund L.P. 36,800 43,200 579 48,598 1.2
HarbourVest Partners XII Venture Feeder Fund L.P. 56,363 78,638 1,061 112,034 2.6
HarbourVest Partners XII Venture AIF SCSp 54,625 60,450 378 84,092 2.0
HarbourVest Infrastructure Income Delaware Parallel Partnership – 117,233 43,150 130,925 3.1
HarbourVest Partners XIII Buyout Feeder Fund L.P. 66,500 3,500 – 4,141 0.1
HarbourVest Partners XIII Small Cap Feeder Fund L.P. 18,000 2,000 – 2,135 0.1
HarbourVest Partners XIII Venture Feeder Fund L.P. 38,000 2,000 – 2,403 0.1
Total US Funds 684,805 2,256,210 1,976,434 2,011,381 47.1
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Consolidated Schedule of Investments continued
At 31 January 2026
International/Global Funds
In US Dollars
Unfunded
Commitment
(in thousands)
Amount
Invested*
(in thousands)
Distributions
Received
(in thousands)
Fair Value
(in thousands)
Fair Value
as a % of
Net Assets
Dover Street VII Cayman L.P. 4,250 83,504 118,312 109 0.0
HIPEP VI-Cayman Partnership Fund L.P.** 5,926 117,845 202,435 31,028 0.7
HIPEP VI-Cayman Asia Pacific Fund L.P. 2,500 47,687 68,513 8,216 0.2
HIPEP VI-Cayman Emerging Markets Fund L.P. – 30,059 24,590 9,705 0.2
Dover Street VIII Cayman L.P. 14,400 165,724 266,629 6,463 0.2
HVPE Charlotte Co-Investment L.P. – 93,894 162,267 820 0.0
HarbourVest Global Annual Private Equity Fund L.P. 9,000 91,001 166,618 51,741 1.2
HIPEP VII Partnership Feeder Fund L.P. 9,688 115,313 156,244 111,46 4 2.6
HIPEP VII Asia Pacific Feeder Fund L.P. 1,200 28,800 27,951 24,002 0.6
HIPEP VII Emerging Markets Feeder Fund L.P. 2,600 17,400 13,810 17,186 0.4
HIPEP VII Europe Feeder Fund L.P.
††
7,4 66 64,329 103,061 64,767 1.5
HarbourVest Canada Parallel Growth Fund L.P.
‡‡
2,893 21,298 26,103 18,74 6 0.4
HarbourVest 2015 Global Fund L.P. 7,000 93,017 137,422 58,913 1.4
HarbourVest 2016 Global AIF L.P. 10,000 90,026 109,672 60,784 1.4
HarbourVest Partners Co-Investment IV AIF L.P. 7,000 93,000 113,331 52,215 1.2
Dover Street IX Cayman L.P. 9,000 91,000 108,021 40,312 0.9
HarbourVest Real Assets III Feeder L.P. 3,750 46,250 27,680 38,557 0.9
HarbourVest 2017 Global AIF L.P. 15,000 85,021 91,478 65,731 1.5
HIPEP VIII Partnership AIF L.P. 15,725 154,275 75,851 180,543 4.2
Secondary Overflow Fund III L.P. 22,354 62,804 86,057 33,576 0.8
HarbourVest Asia Pacific VIII AIF Fund L.P. 3,375 46,631 18,334 46,566 1.1
HarbourVest 2018 Global Feeder Fund L.P. 7,700 62,300 40,689 67,479 1.6
HarbourVest Partners Co-Investment V Feeder Fund L.P. 22,500 77,5 4 8 81,378 84,258 2.0
HarbourVest Real Assets IV Feeder L.P. 8,500 41,500 20,349 40,132 0.9
HarbourVest 2019 Global Feeder Fund L.P. 18,000 82,007 37,901 98,461 2.3
HarbourVest Credit Opportunities Fund II L.P. 1,500 48,500 25,571 41,689 1.0
Dover Street X Feeder Fund L.P. 27,000 123,018 56,941 127,689 3.0
Secondary Overflow Fund IV L.P. 42,566 86,840 36,837 96,084 2.3
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Consolidated Schedule of Investments continued
At 31 January 2026
International/Global Funds
In US Dollars
Unfunded
Commitment
(in thousands)
Amount
Invested*
(in thousands)
Distributions
Received
(in thousands)
Fair Value
(in thousands)
Fair Value
as a % of
Net Assets
HIPEP IX Feeder Fund L.P. 203,700 281,308 32,760 341,670 8.0
HarbourVest 2020 Global Feeder Fund L.P. 6,500 43,501 6,381 54,455 1.3
HarbourVest Partners Co-Investment VI Feeder Fund L.P. 18,750 106,256 6,933 131,560 3.1
HarbourVest Asia Pacific 5 Feeder Fund L.P. 121,500 178,500 1,163 214,086 5.0
HarbourVest 2021 Global Feeder Fund L.P. 44,522 125,530 8,403 145,148 3.4
HarbourVest 2022 Global Feeder Fund L.P. 46,000 54,000 3,794 74,421 1.7
Dover Street XI Feeder Fund L.P. 122,500 127,500 16,277 157,069 3.7
HarbourVest Credit Opportunities III Feeder Fund L.P. 106,875 18,125 2,880 17,506 0.4
HIPEP X Feeder Fund L.P. 300,800 19,200 – 30,969 0.7
HarbourVest Infrastructure Opportunities III Feeder Fund L.P. 92,000 8,000 1,328 13,560 0.3
Secondary Overflow Fund V L.P. – – – (143) 0.0
HarbourVest Partners Stewardship Feeder Fund L.P. 20,388 14,666 – 15,923 0.4
HarbourVest Private Equity Continuation Solutions Feeder Fund L.P. 50,000 – – 1,472 0.0
HarbourVest HVGPE SMA L.P. (Tranche 1) 99,063 25,938 – 26,262 0.6
HarbourVest HVGPE SMA L.P. (Tranche 2) 250,000 – – – 0.0
Total International/Global Funds 1,763,489 3,163,116 2,483,963 2,701,194 63.3
Total Investments 2,448,294 5,419,326 4,460,397 4,712,575 110.4
* 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 2026, the cost basis of partnership investments is $3,089,895,000.
Totals and subtotals may not recalculate due to rounding.
The accompanying notes are an integral part of the Financial Statements.
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Consolidated Schedule of Investments continued
At 31 January 2025
US Funds
In US Dollars
Unfunded
Commitment
(in thousands)
Amount
Invested*
(in thousands)
Distributions
Received
(in thousands)
Fair Value
(in thousands)
Fair Value
as a % of
Net Assets
HarbourVest Partners VI-Direct Fund L.P. 1,313 46,722 41,081 2,508 0.1
HarbourVest Partners VII-Venture Partnership Fund L.P.
†
2,319 135,290 205,308 1,558 0.0
HarbourVest Partners VIII-Cayman Mezzanine and Distressed Debt Fund L.P. 2,000 48,202 62,811 679 0.0
HarbourVest Partners VIII-Cayman Buyout Fund L.P. 7,500 245,259 420,282 1,517 0.0
HarbourVest Partners VIII-Cayman Venture Fund L.P. 1,000 49,192 92,447 17,035 0.4
HarbourVest Partners IX-Cayman Buyout Fund L.P. 8,520 62,761 109,735 24,230 0.6
HarbourVest Partners IX-Cayman Credit Opportunities Fund L.P. 1,438 11,111 14,141 3,061 0.1
HarbourVest Partners IX-Cayman Venture Fund L.P. 3,500 66,826 148,455 71,624 1.8
HarbourVest Partners 2013 Cayman Direct Fund L.P. 3,229 97,131 166,055 29,717 0.7
HarbourVest Partners Cayman Cleantech Fund II L.P. 900 19,156 21,404 17,014 0.4
HarbourVest Partners X Buyout Feeder Fund L.P. 34,650 217, 378 178,034 222,685 5.5
HarbourVest Partners X Venture Feeder Fund L.P. 6,290 141,764 113,071 254,014 6.3
HarbourVest Partners Mezzanine Income Fund L.P. 8,155 42,067 74,761 10,344 0.3
HarbourVest Partners XI Buyout Feeder Fund L.P. 62,300 287,700 82,498 382,424 9.5
HarbourVest Partners XI Micro Buyout Feeder Fund L.P. 5,655 59,345 21,957 76,178 1.9
HarbourVest Partners XI Venture Feeder Fund L.P. 13,300 176,736 46,989 244,019 6.1
HarbourVest Partners XII Buyout Feeder Fund L.P. 277,200 217,800 5,403 263,894 6.6
HarbourVest Partners XII Micro Buyout Feeder Fund L.P. 44,400 35,600 579 39,655 1.0
HarbourVest Partners XII Venture Feeder Fund L.P. 74,588 60,413 1,061 72,977 1.8
HarbourVest Partners XII Venture AIF SCSp 77,625 37,450 378 46,597 1.2
HarbourVest Infrastructure Income Delaware Parallel Partnership – 117,233 39,846 113,833 2.8
HarbourVest Partners XIII Buyout Feeder Fund L.P. 70,000 – – 133 0.0
HarbourVest Partners XIII Small Cap Feeder Fund L.P. 20,000 – – 18 0.0
HarbourVest Partners XIII Venture Feeder Fund L.P. 40,000 – – 120 0.0
Total US Funds 765,880 2,175,135 1,846,300 1,895,836 47.1
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Consolidated Schedule of Investments continued
At 31 January 2025
International/Global Funds
In US Dollars
Unfunded
Commitment
(in thousands)
Amount
Invested*
(in thousands)
Distributions
Received
(in thousands)
Fair Value
(in thousands)
Fair Value
as a % of
Net Assets
Dover Street VII Cayman L.P. 4,250 83,504 118,312 108 0.0
HIPEP VI-Cayman Partnership Fund L.P.** 5,181 117,845 192,120 39,810 1.0
HIPEP VI-Cayman Asia Pacific Fund L.P. 2,500 47,687 64,495 12,245 0.3
HIPEP VI-Cayman Emerging Markets Fund L.P. – 30,059 21,678 14,333 0.4
Dover Street VIII Cayman L.P. 14,400 165,724 265,014 8,797 0.2
HVPE Charlotte Co-Investment L.P. – 93,894 162,267 839 0.0
HarbourVest Global Annual Private Equity Fund L.P. 9,000 91,001 152,834 63,634 1.6
HIPEP VII Partnership Feeder Fund L.P. 9,688 115,313 134,970 116,259 2.9
HIPEP VII Asia Pacific Feeder Fund L.P. 1,200 28,800 24,500 25,343 0.6
HIPEP VII Emerging Markets Feeder Fund L.P. 2,600 17,400 9,747 21,113 0.5
HIPEP VII Europe Feeder Fund L.P.
††
6,528 64,329 90,515 64,428 1.6
HarbourVest Canada Parallel Growth Fund L.P.
‡‡
2,709 21,298 18,565 24,335 0.6
HarbourVest 2015 Global Fund L.P. 7,000 93,017 128,444 62,336 1.5
HarbourVest 2016 Global AIF L.P. 15,000 85,026 99,040 65,823 1.6
HarbourVest Partners Co-Investment IV AIF L.P. 7,000 93,000 96,234 75,665 1.9
Dover Street IX Cayman L.P. 9,000 91,000 105,650 46,149 1.1
HarbourVest Real Assets III Feeder L.P. 3,750 46,250 26,469 37,774 0.9
HarbourVest 2017 Global AIF L.P. 18,000 82,021 74,805 79,505 2.0
HIPEP VIII Partnership AIF L.P. 15,725 154,275 56,301 174,526 4.3
Secondary Overflow Fund III L.P. 22,354 62,804 73,594 46,842 1.2
HarbourVest Asia Pacific VIII AIF Fund L.P. 3,375 46,631 14,544 46,272 1.2
HarbourVest 2018 Global Feeder Fund L.P. 10,150 59,850 30,212 72,899 1.8
HarbourVest Partners Co-Investment V Feeder Fund L.P. 22,500 77,5 4 8 44,752 112,14 3 2.8
HarbourVest Real Assets IV Feeder L.P. 8,500 41,500 16,912 41,390 1.0
HarbourVest 2019 Global Feeder Fund L.P. 26,000 74,007 18,410 104,468 2.6
HarbourVest Credit Opportunities Fund II L.P. 1,500 48,500 20,383 43,293 1.1
Dover Street X Feeder Fund L.P. 30,000 120,018 46,853 134,688 3.3
Secondary Overflow Fund IV L.P. 45,290 8 4,116 30,870 94,977 2.4
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Consolidated Schedule of Investments continued
At 31 January 2025
International/Global Funds
In US Dollars
Unfunded
Commitment
(in thousands)
Amount
Invested*
(in thousands)
Distributions
Received
(in thousands)
Fair Value
(in thousands)
Fair Value
as a % of
Net Assets
HIPEP IX Feeder Fund L.P. 261,900 223,108 21,284 243,790 6.1
HarbourVest 2020 Global Feeder Fund L.P. 7,750 42,251 4,633 50,263 1.2
HarbourVest Partners Co-Investment VI Feeder Fund L.P. 18,750 106,256 1,917 131,532 3.3
HarbourVest Asia Pacific 5 Feeder Fund L.P. 169,500 130,500 1,163 145,251 3.6
HarbourVest 2021 Global Feeder Fund L.P. 58,122 111,930 5,359 126,324 3.1
HarbourVest 2022 Global Feeder Fund L.P. 57,500 42,500 1,185 56,597 1.4
Dover Street XI Feeder Fund L.P. 187,500 62,500 5,432 80,512 2.0
HarbourVest Credit Opportunities III Feeder Fund L.P. 125,000 – – 1,143 0.0
HIPEP X Feeder Fund L.P. 320,000 – – 2,901 0.1
HarbourVest Infrastructure Opportunities III Feeder Fund L.P. 100,000 – – 2,740 0.1
Secondary Overflow Fund V L.P. – – – (97) 0.0
HarbourVest Partners Stewardship Feeder Fund L.P. 27,38 8 7,666 – 8,078 0.2
HarbourVest Private Equity Continuation Solutions Feeder Fund L.P. 50,000 – – (262) 0.0
Total International/Global Funds 1,686,608 2,863,130 2,179,464 2,478,766 61.6
Total Investments 2,452,488 5,038,265 4,025,764 4,374,601 108.7
* 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.
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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 2026, the Company’s 71,854,160 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 2,414,511 and 3,414,837 shares during the years ended 31 January 2026 and
31 January 2025, 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 114 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 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 models support 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.
A continuation vote is scheduled in July 2026, which falls within the going concern assessment period.
While the addition of the continuation vote improves HVPE’s corporate governance, at the time of
preparation of this report the outcome of the continuation vote is not known. As contemplated in the
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AIC Statement of Recommended Practice when a company is approaching a continuation vote, this
indicates the existence of a material uncertainty that may cast significant doubt on the Company’s ability
to continue as a going concern over the assessment period. Having carefully assessed the Company’s
position, the Board is confident that shareholders will support the Company’s continuation and,
therefore, considers it appropriate to prepare the financial statements on a going concern basis.
Basis of Presentation
The Financial Statements include the accounts of HarbourVest Global Private Equity Limited and its
three wholly owned subsidiaries: HVGPE – Domestic A L.P., HVGPE – Domestic B L.P., and HVGPE –
Domestic C 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 2026, 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.
Notes to the Consolidated Financial Statements continued
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.
During the year, the Company entered into an asset sale agreement with respect to certain underlying
investments. For the portion of investments subject to this agreement, fair value has been estimated
based on the pricing set forth in the executed agreement, as adjusted for any relevant subsequent cash
flows through the measurement date. The valuation of these investments incorporates significant
unobservable inputs, primarily the terms of the agreement, including assumptions regarding the
consummation and timing of the transaction. Accordingly, such investments are classified within Level 3
of the fair value hierarchy in accordance with ASC Topic 820.
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.
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Notes to the Consolidated Financial Statements continued
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 2026, 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 (“BNP”) 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 2026
and 2025, fees of $231,000 and $184,000, respectively, were incurred to BNP and are included as other
expenses in the Consolidated Statements of Operations.
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Registrar
The Company has retained MUFG, previously Link Market Services, as share registrar. Fees for this
service include a base fee of £17,000, plus other miscellaneous expenses. During the years ended
31 January 2026 and 2025, registrar fees of $47,000 and $22,000, 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 2026 and 2025, auditor fees of $594,000 and $433,000 were accrued,
respectively, and are included in professional fees in the Consolidated Statements of Operations. The
31 January 2026 figure includes $404,000 relating to the 31 January 2026 annual audit fee and a
$67,000 true-up relating to the prior financial year’s audit fee. 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. In addition, the 31 January 2026 and 2025 figures include fees of $123,000
and $117,000, 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 2026 and 2025.
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 2026 and 2025,
reimbursements for services provided by the Investment Manager were $3,076,000 and $2,884,000,
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 2026 and 2025, 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 2026 and 2025.
Management fees included in the Consolidated Statements of Operations are shown in the table below:
2026
(in thousands)
2025
(in thousands)
HVPE Charlotte Co-Investment L.P. $65 $110
For the years ended 31 January 2026 and 2025, management fees on the HVPE Charlotte Co-Investment
L.P. investment were calculated based on a weighted average effective annual rate of 0.08% 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 categorised within the fair value hierarchy.
Notes to the Consolidated Financial Statements continued
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The following table summarizes the levels used in valuing the Company’s investments as of
31 December 2025.
All amounts in
U.S. dollars Level 1 Level 2 Level 3
Measured using
NAV as a practical
expedient Total
Partnership
Investments – – $296,416,000 $4,416,159,000 $4,712,575,000
Total – – $296,416,000 $4,416,159,000 $4,712,575,000
Investments that are measured at fair value using the NAV as a practical expedient have not been
classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit
reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statement of
Assets and Liabilities.
The Partnership recognizes transfers at fair value at 31 December 2025. During the year ended
31 December 2025, there were transfers into Level 3 Investments of $296,416,000 due to the Company’s
involvement in the asset sale transaction described in Note 2.
The following table presents additional information about valuation methodologies and inputs used for
investments that are measured at fair value and categorized within Level 3 as of December 31, 2025:
Asset Type
Fair Value at
December 31, 2025
Valuation
Methodologies
Unobservable
Input(s) Range
Partnership Investments $296,416,000
Recent
Transaction N/A N/A
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 2026 and 2025, the Company made contributions of $381,061,000
and $443,568,000, respectively, to investments and received distributions of $434,632,000 and
$382,418,000, respectively, from investments. As of 31 January 2026 and 2025, respectively,
$4,416,159,000 and $4,374,601,000 of the Company’s investments are valued using the practical
expedient.
Note 5 Commitments
As of 31 January 2026, the Company had unfunded investment commitments to other limited
partnerships of $2,448,294,000 which are payable upon notice by the partnerships to which the
commitments have been made. As of 31 January 2025 the Company had unfunded investment
commitments to other limited partnerships of $2,452,488,000.
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, 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. As of 31 January 31 2026,
no further contributions are required to be paid in the event of termination.
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.
Notes to the Consolidated Financial Statements continued
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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 2026 and 31 January 2025, there was $570,000,000 and $480,000,000 in debt outstanding
against the 2024 Facility, respectively. For the years ended 31 January 2026 and 2025, interest of
$43,068,000 and $36,353,000, respectively, was incurred. Included in other assets at 31 January 2026
and 31 January 2025 are deferred financing costs of $14,787,000 and $19,066,000, respectively, related
to refinancing the Facilities. The deferred financing costs are amortised over 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 2026 and 2025, $6,571,000 and $6,901,000, respectively, in commitment
fees have been incurred.
Note 7 Financial Highlights
For the Years Ended 31 January 2026 and 2025
In US Dollars 2026 2025
Shares
Per share operating performance:
Net asset value, beginning of period $54.17 $50.47
Net realised and unrealised gains 5.37 3.36
Net investment loss (0.80) (0.62)
Total from investment operations 4.57 2.74
Net increase from repurchase of Class A shares 0.66 0.96
Net asset value, end of period $59.40 $5 4.17
Market value, end of period $42.93* $34.15*
Total return at net asset value 9.7% 7.3 %
Total return at market value 25.7% 17.2%
Ratios to average net assets
Expenses† 1.51% 1.34%
Net investment loss (1.41)% (1.19)%
* 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 net asset value 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 $241,000 and $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 2026 and 2025, respectively.
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 $574,000 and $492,000 were incurred during
the years ended 31 January 2026 and 2025, respectively.
Note 10 Operating Segments
The Company adopted Financial Accounting Standards Board Accounting Standards Update 2023-07,
Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”).
Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Company’s
financial position or the results of its operations. An operating segment is defined as a component of a public
entity that engages in business activities from which it may recognize revenues and incur expenses, has
operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to
make decisions about resources to be allocated to the segment and assess its performance, and has discrete
financial information available. The executive leadership of the Company acts as the Company’s CODM. The
Company represents a single operating segment, as the CODM monitors the investment activity and cash
flow of the Company as a whole. The financial information in the form of the Company’s fund investments,
realised and unrealised gains on investments, expenses and changes in net assets (i.e., net increase
(decrease) in net assets resulting from operations), which are used by the CODM to assess the Company’s
performance and to make resource allocation decisions for the Company’s segments, is consistent with that
presented within the Company’s consolidated financial statements. Detailed financial information for the
Company is reflected within the accompanying financial statements with segment assets, cash flow, and
operations consolidated in the accompanying Consolidated Financial Statements.
Notes to the Consolidated Financial Statements continued
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Note 11 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 12 Subsequent Events
In the preparation of the Financial Statements, the Company has evaluated the effects, if any, of events
occurring after the balance sheet date.
In this period, the Company made purchases of 1,723,251 of its ordinary shares for cancellation, for total
consideration of £52,885,000.
On March 31, 2026, the Company completed a transaction in which it sold its entire interest in one
underlying investment fund and a portion of its interests in several other underlying investment funds. An
agreement related to this transaction was signed in December 2025, and the transaction did not close as
of 31 January 2026.
There were no other events or material transactions subsequent to 31 January 2026 that required
recognition or disclosure in the Consolidated Financial Statements.
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Governance Financial StatementsStrategic Report Other information
118 Supplementary data
125 Glossary
127 Alternative Performance Measures
129 Disclosures
133 Key information
Other
information
Inside this section
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.
Richard Hickman
Managing Director, HarbourVest Partners
HarbourVest Global Private Equity
Annual Report and Financial Statements 2026
118
Governance Financial StatementsStrategic Report Other information
Supplementary data
HVPE’s Harbourvest Fund and SMA Investments at 31 January 2026
– HVPE’s HarbourVest Fund investments, SMA investments and secondary co-investments are profiled below.
– Financial information at 31 January 2026 for each fund is provided in the Audited Consolidated Financial Statements of the Company’s Annual Report and Accounts on pages 104 to 106.
V = Venture, B = Buyout, O = Other, P = Primary, S = Secondary, D = Direct Co-investment
HarbourVest Managed Vehicle Phase Vintage year Stage Geography Strategy
Investment Phase
HarbourVest HVPE SMA (Tranche 2) Investment 2026 V, B, O Global P, S, D
HarbourVest HVPE SMA (Tranche 1) Investment 2025 V, B Global P, D
HarbourVest Partners XIII Buyout Investment 2024 B US P, S, D
HarbourVest Partners XIII Small Cap Investment 2024 B US P, S, D
HarbourVest Partners XIII Venture Investment 2024 V US P, S, D
HarbourVest Stewardship Fund Investment 2023 V, B Global D
HarbourVest Infrastructure Opportunities III Investment 2023 O Global S, D
HIPEP X Fund Investment 2023 V, B Eur, AP, RoW P, S, D
HarbourVest Private Equity Continuation Solutions Investment 2022 V, B Global S,D
Dover Street XI Investment 2022 V, B, O Global S
HarbourVest Credit Opportunities III Investment 2022 O US D
HarbourVest 2022 Global Investment 2022 V, B, O Global P, S, D
HarbourVest Infrastructure Income Partnership Investment 2022 O Global S, D
HarbourVest Partners XII Venture AIF Investment 2022 V US P, S, D
Growth Phase
HarbourVest 2021 Global Fund Growth 2021 V, B, O Global P, S, D
HarbourVest Asia Pacific 5 Growth 2021 V, B AP P, S, D
HarbourVest Partners XII Venture Growth 2021 V US P, S, D
HarbourVest Partners XII Micro Buyout Growth 2021 B US P, S, D
HarbourVest Partners XII Buyout Growth 2021 B US P, S, D
HarbourVest Partners Co-Investment VI Growth 2021 V, B, O Global D
HIPEP IX Partnership Fund Growth 2020 V, B Eur, AP, RoW P, S, D
HarbourVest 2020 Global Fund Growth 2020 V, B, O Global P, S, D
Secondary Overflow Fund IV Growth 2020 V, B Global S
HarbourVest Real Assets IV Growth 2019 O Global S
HarbourVest Credit Opportunities Fund II Growth 2019 O US D
Dover Street X Growth 2019 V, B Global S
HarbourVest 2019 Global Fund Growth 2019 V, B, O Global P, S, D
HarbourVest Partners Co-Investment V Growth 2018 V, B, O Global D
HarbourVest 2018 Global Fund Growth 2018 V, B, O Global P, S, D
HarbourVest Partners XI Venture Growth 2018 V US P, S, D
HarbourVest Partners XI Micro Buyout Growth 2018 B US P, S, D
HarbourVest Partners XI Buyout Growth 2018 B US P, S, D
HIPEP VIII Asia Pacific Fund Growth 2017 V, B AP P, S, D
HarbourVest 2017 Global Fund Growth 2017 V, B, O Global P, S, D
HarbourVest Fund Phase Vintage year Stage Geography Strategy
HIPEP VIII Partnership Fund Growth 2017 V, B Eur, AP, RoW P, S, D
Mature Phase
Secondary Overflow Fund III Mature 2016 V, B Global S
HarbourVest Partners Co-Investment IV Mature 2016 V, B Global D
HarbourVest Real Assets III Mature 2016 O Global S
HarbourVest 2016 Global Fund Mature 2016 V, B, O Global P, S, D
Dover Street IX Mature 2016 V, B Global S
HarbourVest 2015 Global Fund Mature 2015 V, B, O Global P, S, D
HarbourVest Canada Growth Fund Mature 2015 V US, Can P, D
HarbourVest Mezzanine Income Fund Mature 2015 O US D
HarbourVest X Buyout Mature 2015 B US P, S, D
HarbourVest X Venture Mature 2015 V US P, S, D
HarbourVest Global Annual Private Equity Fund Mature 2014 V, B, O Global P, S, D
HIPEP VII Asia Pacific Fund Mature 2014 V, B AP P, S, D
HIPEP VII Emerging Markets Fund Mature 2014 V, B RoW P, S, D
HIPEP VII Europe Fund Mature 2014 V, B Eur P, S, D
HIPEP VII Partnership Fund Mature 2014 V, B Eur, AP, RoW P, S, D
HarbourVest 2013 Direct Fund Mature 2013 V, B Global D
HarbourVest Cleantech Fund II Mature 2012 V Global P, S, D
Dover Street VIII Mature 2012 V, B Global S
Conversus Capital Mature 2011 V, B, O Global S
HarbourVest Partners IX Buyout Fund Mature 2011 B US P, S, D
HarbourVest Partners IX Credit Opportunities Fund Mature 2011 O US P, S, D
HarbourVest Partners IX Venture Fund Mature 2011 V US P, S, D
HIPEP VI Asia Pacific Fund Mature 2008 V, B AP P
HIPEP VI Emerging Markets Fund Mature 2008 V, B RoW P
Dover Street VII Mature 2007 V, B Global S
HarbourVest VIII Buyout Fund Mature 2006 B US P, S, D
HarbourVest VIII Mezzanine and Distressed Debt Fund Mature 2006 O US P, S, D
HarbourVest VIII Venture Fund Mature 2006 V US P, S, D
HarbourVest VII Venture Fund Mature 2003 V US P, S
HarbourVest VI Direct Fund Mature 1999 V, B US D
Vintage year is year of first closing for investments made after 1 January 2025, and year of initial capital
call for investments made prior to 1 January 2025. HarbourVest fund of funds typically call capital over a
multi-year period.
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Supplementary data continued
Largest Underlying Companies at 31 January 2026
– No single portfolio company represented more than 1.6% of the Investment Portfolio.
– The five largest companies represented 4.9% of the Investment Portfolio.
– The 25 largest companies represented 13.0% of the Investment Portfolio.
– In total, the top 100 companies represented $1,341 million or 28.5% of the Investment Portfolio.
The 100 largest portfolio company investments based on Investment Portfolio value are listed by percentage of investment value. Some holdings cannot be disclosed due to confidentiality agreements in place.
Rank Company Stage % Amount (m) Location Public? Description
1 SheIn Venture/Growth 1.6% $77.6 Singapore No Developer of a global B2C e-commerce platform designed to provide women fast fashion goods from China
2 Databricks, Inc. Venture/Growth 1.0% $48.8 United States No Offers a cloud platform that helps organisations to turn data into value
3 DP World Australia Pty Ltd Infrastructure 0.8% $36.6 Australia No Operates marine terminal and provides cargo handling services and container terminals throughout Australia
4 Undisclosed Buyout 0.7% $33.2 United States No Undisclosed
5 Revolut Venture/Growth 0.7% $32.6 United Kingdom No Developer of a foreign exchange and money-transferring application designed to simplify personal money management across
currencies and borders.
6 Wiz, Inc. Venture/Growth 0.6% $30.2 United States No Developer of a cloud security platform designed to help businesses to secure their cloud infrastructure at scale.
7 Action Nederland BV Buyout 0.6% $28.7 Netherlands No Leading European discount general merchandise retailer
8 Space Exploration
Technologies Corporation
Venture/Growth 0.6% $26.1 United States No Serves as a privately-held space launch service provider and cargo transport
9 Preston Hollow Capital, LLC Buyout 0.5% $24.1 United States No Specialty municipal finance company
10 Howden Group Holdings Buyout 0.5% $22.4 United Kingdom No Operator of an insurance brokerage agency intended for insurance broking and underwriting services
11 Lightning Power, LLC Infrastructure 0.4% $20.1 United States No An independent power producer with a 10.8gw natural gas generation fleet.
12 Alpha Trains Infrastructure 0.4% $19.4 Luxembourg No Operator of a train leasing company in Luxembourg. The company operates as an investor, owner, and manager of passenger trains
and freight locomotives and also operates passenger fleets and electric locomotives.
13 National Gas Infrastructure 0.4% $19.3 United Kingdom No Gas transmission business in the UK
14 Smarsh, Inc. Buyout 0.4% $18.9 United States No Smarsh, Inc. (“Smarsh”) is a mission critical communications intelligence platform used by regulated organizations to capture,
archive and supervise data. The company offers market-leading technology that helps its customer manage risk.
15 Figma, Inc. Venture/Growth 0.4% $18.6 United States Yes Startup building a cloud-based design suite which will allow an online community of designers to share and contribute their ideas
with each other
16 Movate Buyout 0.4% $18.0 India No Global leader in technology support with expertise in supporting enterprise and consumer products, managing IT infrastructures
and deploying networks
17 Visma Group Holdings A/s Buyout 0.3% $16.4 Norway No Enterprise resource planning software
18 Itinere Infraestructuras, S,A. Infrastructure 0.3% $16.1 Spain No Provides civil infrastructure management services engaged in management operation, maintenance and conservation of toll roads
in Northern Spain
19 Constellation Energy Group, Inc Infrastructure 0.3% $15.1 United States Yes Producer of carbon-free energy and a supplier of energy products and services.
20 Sidney Murray
Hydroelectric Project
Infrastructure 0.3% $15.1 United States No 192 MW hydroelectric facility located near the Mississippi River in eastern Louisiana and represents one of the largest hydroelectric
facilities constructed in the U.S.
21 Knowlton Development
Corporation
Buyout 0.3% $15.0 Canada No Consumer products contract manufacturer
22 Undisclosed Buyout 0.3% $14.8 India No Undisclosed
23 National Stock Exchange
of India, Ltd.
Buyout 0.3% $14.8 India No India's largest equities and derivatives exchange
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Supplementary Data continued
Largest Underlying Companies at 31 January 2026 continued
Rank Company Stage % Amount (m) Location Public? Description
24 Zelis Healthcare, LLC Buyout 0.3% $14.4 United States No Provider of healthcare IT designed for end-to-end healthcare claims cost management and payments services, offering network
management, claims integrity and electronic payments, and more
25 Medline Industries Inc. Buyout 0.3% $13.8 United States Yes It is the largest privately held manufacturer and distributor of medical supplies providing products, education, clinical programs and
services across the continuum of care with offices in 20 countries.
26 IVC Evidensia Buyout 0.3% $13.4 United Kingdom No IVC is a UK-based veterinary services platform
27 KIOXIA Holdings Buyout 0.3% $13.3 Japan Yes Develops and manufactures non-volatile memory solutions, which include wireless secure digital cards, micro SD cards,
and USB sticks
28 Discord, Inc. Venture/Growth 0.3% $13.3 United States No The company's platform offers secure voice and text chat which works on both desktops and phones, helping to talk regularly with
the people they care about, enabling gamers to chat while playing without affecting the gaming performance.
29 EasyPark Holding AS Buyout 0.3% $13.1 Sweden No Smartphone app provides millions of registered users with the quickest and most efficient solution to find, remotely manage and
pay for parking
30 Odoo Venture/Growth 0.3% $13.1 Belgium No SaaS company that provides all in one management software designed to provide a range of easy to use business applications that
form a complete suite of tools to accompany any business need
31 Ardonagh Buyout 0.3% $12.9 United Kingdom No Leading UK insurance broker
32 Figure Technologies Inc, Venture/Growth 0.3% $12.8 United States Yes Uses blockchain, artificial intelligence, and advanced analytics to offer home equity lines of credit, home improvement loans, and
home buy-lease back offerings for retirement
33 Fullsteam Buyout 0.3% $12.6 United States No Fullsteam is an acquirer of vertical-specific business management software (BMS) for SMBs in North America. It leverages
proprietary payments technology and centralized back office operations to grow recurring revenue and margins of M&A targets
34 Assemblin Caverion Group Buyout 0.3% $12.5 Sweden No Technical installation and services company focused on specialist services primarily within electrical, heating & plumbing, and
HVAC (Heating, Ventilation and Air Conditioning)
35 SonarSource SA Venture/Growth 0.3% $12.2 Switzerland No Provides applications for code quality management in various languages for companies worldwide
36 The Amynta Group Buyout 0.3% $11.9 United States No Provides specialty property and casualty insurance focusing on workers' compensation and commercial package coverage for
small business, specialty risk and extended warranty coverage.
37 Apex Service Partners Buyout 0.2% $11.8 United States No Provider of heating, ventilation and air conditioning (HVAC), plumbing and electrical services focused on partnering with a network
of businesses to build a national platform.
38 Undisclosed Credit 0.2% $11.6 United States No Undisclosed
39 Puget Sound Energy Infrastructure 0.2% $11.5 United States No Provider of electric and gas utility services intended to help in decarbonization and greenhouse gas emissions reduction.
40 IQ-EQ Buyout 0.2% $11.5 Luxembourg No Provider of compliance, administration, asset and advisory services intended for investment funds, global corporations, family
offices and private clients.
41 Verisure Buyout 0.2% $11.5 Switzerland Yes Provider of monitored fire and intrusion alarms intended to protect against theft and burglary.
42 Inspire Brands, Inc. Buyout 0.2% $11.4 United States No Operator of a restaurant chain offering a wide range of fast-food cuisine
43 Undisclosed Buyout 0.2% $11.2 United States No Undisclosed
44 Anaplan Buyout 0.2% $11.2 United States No Business planning software company that sells subscriptions for cloud-based business-planning software and provides data for
decision-making purposes
45 Summit Infrastructure Group,
LLC
Infrastructure 0.2% $10.9 United States No Bandwidth infrastructure company providing connectivity in the Ashburn and Richmond, VA metropolitan markets
46 EngageSmart Buyout 0.2% $10.7 United States No SaaS payment acceptance and invoice presentment platform
47 Constantia Buyout 0.2% $10.6 Austria No Constantia is a global flexible packaging producer, primarily serving consumer (primarily food and beverage) and pharma
end markets
48 CordenPharma Buyout 0.2% $10.6 Germany No CDMO focused on some of the highest growing niche drug modalities
49 Undisclosed Buyout 0.2% $10.5 United States No Undisclosed
50 IU Group N.V. Buyout 0.2% $10.5 Germany No Provider of private higher education and personnel development services
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Supplementary Data continued
Largest Underlying Companies at 31 January 2026 continued
Rank Company Stage % Amount (m) Location Public? Description
51 Undisclosed Buyout 0.2% $10.4 China No Undisclosed
52 Anthropic, PBC Venture/Growth 0.2% $10.4 United States No Operator of an AI safety and research company intended to create large-scale AI systems that are steerable, interpretable,
and robust
53 Undisclosed Buyout 0.2% $10.3 United States No Undisclosed
54 Undisclosed Buyout 0.2% $10.3 United States No Undisclosed
55 Moon Active Venture/Growth 0.2% $10.0 United States No Mobile game development studio
56 Veeam Software Venture/Growth 0.2% $9.9 United States No International software development company that creates easy-to-use and affordable products built for virtualization and the cloud
57 FlixMobility GmbH Venture/Growth 0.2% $9.9 Germany No Tech-enabled and asset light bus and train transportation
58 Duravant Buyout 0.2% $9.7 United States No Leading provider of highly engineered automation solutions for food processing, material handling, and packing applications with
customers in 190+ countries globally
59 USCO SpA Buyout 0.2% $9.6 Italy No Largest independent provider of aftermarket undercarriage, ground engaging tools, and replacement parts to the global
construction industry.
60 Vantage Airport Group Ltd. Infrastructure 0.2% $9.4 Canada No Provides airport management and development services
61 Ultimate Kronos Group Buyout 0.2% $9.4 United States No Global provider of workforce management software and services focused on both large enterprises and small and
medium businesses
62 AllFunds Bank S.A. Buyout 0.2% $9.4 Spain Yes European B2B fund distribution platform
63 Grihum Housing Buyout 0.2% $9.2 India No Provides affordable hosing loans in India.
64 Rippling Venture/Growth 0.2% $9.1 United States No Developer of a human resource software created to automate department and human resource services including staff
onboarding, offer letters, tax forms, email accounts and other duties
65 Undisclosed Venture/Growth 0.2% $9.1 India No Undisclosed
66 G.B. Industries Sdn. Bhd. Buyout 0.2% $9.1 Malaysia No A leading electrical Personal Protective Equipment (“PPE”) manufacturer in Malaysia
67 Ensemble Health Partners Buyout 0.2% $8.9 United States No Leading revenue cycle management company for hospitals, health systems and physician practices
68 Glean Technologies, Inc. Venture/Growth 0.2% $8.9 United States No Developer of machine learning software used to turn dark data from legal contracts, regulatory filings, web pages and news articles
into readable datasets
69 Kersia Buyout 0.2% $8.8 France No Leading player providing biosecurity, disinfection and hygiene solutions for the food and farm industries
70 AutoScout24 Buyout 0.2% $8.8 Germany No Online automotive marketplace in Europe
71 zooplus Buyout 0.2% $8.7 Germany No Online retailer for pet supplies
72 Circana, Inc. Buyout 0.2% $8.6 United States No Circana is the leading advisor on the complexity of consumer behavior.
73 Authentic Brands Group, LLC Buyout 0.2% $8.5 United States No Brand development and licensing company
74 FattMerchant Buyout 0.2% $8.5 United States No Leading provider of payment processing solutions to SMBs and integrated software vendors (ISVs)
75 Argus Media Buyout 0.2% $8.5 United Kingdom No Produces independent price assessments, essential data and analysis on the international energy and commodity sectors,
anchoring physical commodity trade throughout global supply chains and underpinning financial derivatives markets
76 CHG Healthcare Services, Inc. Buyout 0.2% $8.4 United States No Provider of staffing services intended for hospitals and healthcare organizations across the United States.
77 Solace Systems Buyout 0.2% $8.4 Canada No Enterprise messaging solutions
78 Highstreet Insurance Partners Credit 0.2% $8.4 United States No The company offers commercial property and casualty insurance, employee benefits services and personal lines to a wide range of
industries and distinguishes itself through the specialization of its practice groups
79 Consolidated Communications,
Inc.
Buyout 0.2% $8.4 United States No Operates a rural local exchange that provides communications services to residential and business customers
80 TEAM Risk Management
Strategies, Inc
Buyout 0.2% $8.3 United States No Provider and administrator of self-directed home care for seniors and individuals with long-term disabilities
81 Fanatics, Inc. Venture/Growth 0.2% $8.3 United States No Operates as an online seller of licensed sporting apparel
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Rank Company Stage % Amount (m) Location Public? Description
82 Fastmarkets Buyout 0.2% $8.3 United Kingdom No Global information services business
83 Applied Intuition, Inc. Venture/Growth 0.2% $8.3 United States No Developer of advanced simulation infrastructure software designed to safely develop, test, and deploy autonomous vehicles.
84 Honour Lane Shipping Buyout 0.2% $8.2 China No Leading freight forwarding company specializing in sea freight forwarding services
85 Unither Pharmaceuticals Buyout 0.2% $8.2 France No Developer and manufacturer of drug delivery dosage forms
86 Proofpoint, Inc. Buyout 0.2% $8.2 United States No The firm's solutions are delivered through its security-as-a-service platform, which hosts an integrated set of on-demand data
protection applications
87 Undisclosed Buyout 0.2% $8.1 United States No Undisclosed
88 IFS AB Buyout 0.2% $8.1 Sweden No Developer of a business enterprise software designed for manufacturers and distributors of goods.
89 Undisclosed Venture/Growth 0.2% $8.0 Canada No Undisclosed
90 AI Dream Buyout 0.2% $7.9 China No Largest premium mattress player in China with a brand portfolio including Serta and King Koil.
91 Hub International Limited Buyout 0.2% $7.9 United States No Commercial insurance brokerage
92 Colossal Joyous Venture/Growth 0.2% $7.9 Hong Kong No Investment vehicle for investments within the cryptocurrency sector
93 Apotex Buyout 0.2% $7.8 Canada No Developer and manufacturers of pharmaceutical products intended to serve the healthcare sector. The company provides generic
pharmaceuticals in various dosages and formats and exports its products to various countries around the globe.
94 CrowdStrike Holdings, Inc. Venture/Growth 0.2% $7.8 United States Yes Provider of security services for enterprises and governments intellectual property and national security information
95 Worldwide Clinical Trials Buyout 0.2% $7. 8 United States No Provides drug development services including clinical trial design, project and data management, and FDA consulting
96 Stripe, Inc. Venture/Growth 0.2% $7.7 United States No Develops software which accepts payments online
97 Zendesk Inc. Buyout 0.2% $7.7 United States No Leading cloud based software-as-a-service helpdesk systems
98 NFP Corp Buyout 0.2% $7.7 United States No Wealth assets of NFP Corp
99 Solina Group Buyout 0.2% $7.7 France No Designs and produces ingredient-based functional and culinary solutions for the food industry
100 Undisclosed Buyout 0.2% $7.6 United States No Undisclosed
Total 28.5% $1,341.4
Supplementary Data continued
Largest Underlying Companies at 31 January 2026 continued
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Supplementary Data continued
Largest Managers at 31 January 2026
– No external manager represented more than 2.9% of the Investment Portfolio.
– As the Investment Manager of the HarbourVest direct funds and SMA investment vehicle, HarbourVest Partners, LLC is the largest manager held in HVPE, although not listed here.
– The five largest managers represented 11.7% of the Investment Portfolio.
– The 25 largest managers represented 32.4% of the Investment Portfolio.
– In total, the largest managers (0.2% of invested value or larger) represented 70.0% of the Investment Portfolio.
Manager Strategy Stage Geography
Sum of
NAV ($m)
% Investment
Portfolio Value
Insight Partners Venture/Growth Secondary North America $138.2 2.9%
Index Ventures Venture/Growth Primary Europe $134.0 2.8%
IDG Capital Partners Venture/Growth Secondary Asia $111.8 2.4%
Thoma Bravo Buyout Primary North America $87.7 1.9%
Hellman & Friedman LLC Buyout Primary North America $7 7.9 1.7%
Andreessen Horowitz Venture/Growth Primary North America $74.0 1.6%
General Atlantic Buyout Secondary North America $63.6 1.3%
Kleiner Perkins Venture/Growth Primary North America $61.3 1.3%
Battery Ventures Venture/Growth Primary North America $60.7 1.3%
Accel Venture/Growth Primary North America $59.5 1.3%
Corsair Capital Infrastructure Partners Infrastructure Secondary Asia $57.3 1.2%
Lightspeed Venture Partners Venture/Growth Primary North America $56.0 1.2%
TA Associates Buyout Primary North America $53.7 1.1%
CVC Capital Partners Limited Buyout Primary Europe $52.1 1.1%
Warburg Pincus Buyout Secondary North America $51.7 1.1%
Summit Partners Venture/Growth Primary North America $49.7 1.1%
Berkshire Partners LLC Buyout Secondary North America $45.4 1.0%
Silver Lake Management, L.L.C. Buyout Primary North America $42.3 0.9%
H.I.G. Capital Buyout Primary North America $39.3 0.8%
SK Capital Partners Buyout Primary North America $37.9 0.8%
GTCR, L.L.C. Buyout Primary North America $35.7 0.8%
HV Capital Venture/Growth Primary Europe $35.6 0.8%
Nautic Partners Buyout Primary North America $35.0 0.7%
Spark Capital Venture/Growth Primary North America $34.2 0.7%
AIP, LLC Buyout Primary North America $33.3 0.7%
Alpine Investors Buyout Secondary North America $33.2 0.7%
Avataar Capital Management Venture/Growth Secondary Asia $32.9 0.7%
Madison Dearborn Partners, LLC Buyout Secondary North America $32.1 0.7%
Capital Square Partners Buyout Secondary Asia $31.8 0.7%
Silversmith Capital Partners Venture/Growth Primary North America $30.5 0.6%
Waterland Private Equity Investments B.V. Buyout Primary Europe $30.4 0.6%
Manager Strategy Stage Geography
Sum of
NAV ($m)
% Investment
Portfolio Value
Advent Global Private Equity Buyout Primary Europe $29.9 0.6%
Permira Holdings Limited Buyout Primary Europe $29.4 0.6%
K1 Investment Management, LLC Buyout Secondary North America $28.3 0.6%
ABRY Partners, LLC Buyout Primary North America $28.3 0.6%
Genstar Capital Partners Buyout Primary North America $28.0 0.6%
Bridgepoint Capital Buyout Primary Europe $27.9 0.6%
DCM Venture/Growth Primary Asia $27.7 0.6%
Incline Equity Management Buyout Primary North America $26.2 0.6%
Bain Capital Partners Asia Buyout Primary Asia $25.3 0.5%
Leonard Green & Partners Buyout Secondary North America $25.0 0.5%
Inflexion Managers Limited Buyout Primary Europe $24.6 0.5%
Pamlico Capital Buyout Primary North America $24.4 0.5%
HgCapital Buyout Primary Europe $24.2 0.5%
Symphony Technology Group Buyout Primary North America $23.9 0.5%
IK Investment Partners Buyout Primary Europe $23.3 0.5%
EQT Managers Buyout Secondary Europe $23.3 0.5%
JMI Equity Venture/Growth Primary North America $22.6 0.5%
Redpoint Ventures Venture/Growth Primary North America $22.4 0.5%
Bain Capital Ventures Venture/Growth Primary North America $22.3 0.5%
Flagship Pioneering Venture/Growth Primary North America $22.1 0.5%
Sterling Investment Partners Management,
L.L.C.
Buyout Primary North America $21.9 0.5%
TSG Consumer Partners Buyout Primary North America $21.0 0.4%
ChrysCapital Venture/Growth Secondary Asia $20.6 0.4%
Gemspring Capital Buyout Primary North America $20.5 0.4%
Triton Managers Limited Buyout Secondary Europe $19.9 0.4%
The Founders Fund Venture/Growth Primary North America $19.8 0.4%
Parthenon Capital, LLC Buyout Primary North America $19.6 0.4%
Arcus Infrastructure Partners Infrastructure Secondary Europe $19.3 0.4%
Frazier Healthcare Partners Buyout Primary North America $19.0 0.4%
Sycamore Partners Management, LLC Buyout Primary North America $18.6 0.4%
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Manager Strategy Stage Geography
Sum of
NAV ($m)
% Investment
Portfolio Value
Pemba Capital Partners Buyout Primary Asia $18.5 0.4%
Investindustrial Buyout Primary Europe $17.7 0.4%
Boyu Capital Venture/Growth Primary Asia $17.6 0.4%
Gridiron Energy Management, LLC Infrastructure Secondary North America $17.6 0.4%
Draper Fisher Jurvetson Venture/Growth Primary North America $17.5 0.4%
Five V Capital Buyout Primary Asia $17.4 0.4%
Vitruvian Partners LLP Buyout Primary Europe $16.8 0.4%
HongShan (formerly Sequoia Capital China) Venture/Growth Primary Asia $16.7 0.4%
Blackstone Buyout Secondary North America $16.7 0.4%
Highlight Capital Venture/Growth Primary Asia $16.5 0.3%
Marlin Equity Partners Buyout Primary North America $16.2 0.3%
Bain Capital Buyout Primary North America $15.7 0.3%
Roark Capital Group Buyout Secondary North America $15.6 0.3%
Apollo Management, L.P. Buyout Secondary North America $15.4 0.3%
Clearlake Capital Group Buyout Secondary North America $15.4 0.3%
Qiming Venture Partners Venture/Growth Primary Asia $14.9 0.3%
ECI Partners LLP Buyout Primary Europe $14.4 0.3%
Trive Capital Buyout Primary North America $14.3 0.3%
Vestar Capital Partners Buyout Primary North America $14.3 0.3%
Astorg Partners Buyout Secondary Europe $14.0 0.3%
Energy Capital Partners Management, LP Infrastructure Secondary North America $13.7 0.3%
ArcLight Capital Partners Infrastructure Secondary North America $13.6 0.3%
Unusual Ventures Venture/Growth Primary North America $13.5 0.3%
AE Industrial Partners, LLC Buyout Primary North America $13.5 0.3%
Sentinel Capital Partners Buyout Primary North America $13.2 0.3%
Ares Management LLC Buyout Secondary North America $13.1 0.3%
Harvest Partners, Inc. Credit Secondary North America $13.1 0.3%
Adelis Equity Partners Buyout Primary Europe $13.1 0.3%
Tailwind Capital Partners Buyout Secondary North America $13.0 0.3%
Golden Gate Capital Venture/Growth Secondary North America $12.9 0.3%
Bessemer Venture Partners Venture/Growth Primary North America $12.5 0.3%
Summa Equity Buyout Primary Europe $12.4 0.3%
Cortec Group, Inc. Buyout Primary North America $12.3 0.3%
Lightspeed India Partners Venture/Growth Primary Asia $12.2 0.3%
Queen's Park Equity Buyout Primary Europe $12.2 0.3%
SDC Capital Partners Infrastructure Secondary North America $12.2 0.3%
Oakley Capital Limited Buyout Secondary Europe $12.0 0.3%
SignalFire Venture/Growth Primary North America $11.9 0.3%
Manager Strategy Stage Geography
Sum of
NAV ($m)
% Investment
Portfolio Value
Kelso & Company Buyout Primary North America $11.9 0.3%
Charles River Ventures Venture/Growth Primary North America $11.8 0.3%
Clayton, Dubilier & Rice Buyout Primary North America $11.8 0.3%
The CapStreet Group Buyout Primary North America $11.8 0.2%
Novacap Investments Inc. Buyout Primary North America $11.8 0.2%
OMERS Infrastructure Infrastructure Secondary North America $11.5 0.2%
HGGC, LLC Buyout Secondary North America $11.2 0.2%
Quadrant Private Equity Buyout Primary Asia $10.9 0.2%
One Equity Partners Buyout Secondary Europe $10.9 0.2%
Accel India Venture/Growth Primary Asia $10.8 0.2%
Sun Capital Partners Buyout Primary North America $10.8 0.2%
Ampersand Capital Partners Venture/Growth Primary North America $10.7 0.2%
Falfurrias Capital Partners Buyout Primary North America $10.6 0.2%
Aquiline Capital Partners LLC Buyout Secondary North America $10.6 0.2%
ZhenFund Venture/Growth Primary Asia $10.5 0.2%
Charlesbank Capital Partners Buyout Primary North America $10.5 0.2%
Deutsche Private Equity Buyout Secondary Europe $10.5 0.2%
Windjammer Capital Investors Buyout Primary North America $10.3 0.2%
ICONIQ Buyout Secondary North America $10.2 0.2%
Fortissimo Capital Buyout Primary Emerging Markets $10.2 0.2%
Forerunner Ventures Venture/Growth Primary North America $10.1 0.2%
One Peak Partners Venture/Growth Primary Europe $10.0 0.2%
Stone Point Capital Buyout Secondary North America $9.9 0.2%
Accel-KKR Partners Buyout Primary North America $9.9 0.2%
Oaktree Capital Management Credit Secondary North America $9.8 0.2%
First Reserve Corporation Infrastructure Secondary North America $9.8 0.2%
O2 Investment Partners LLC Buyout Primary North America $9.7 0.2%
Multiples Alternate Asset Manager Pvt. Ltd. Venture/Growth Primary Asia $9.6 0.2%
Pacific Equity Partners (Jersey) Limited Buyout Primary Asia $9.6 0.2%
Ince Capital Venture/Growth Primary Asia $9.4 0.2%
TOTAL $3,298.9 70.0%
Supplementary Data continued
Largest Managers at 31 January 2026 continued
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Glossary
Term Definition
Allocated
Investments
Commitments made to HarbourVest funds that have been allocated to, and can be called by,
an underlying General Partner
Beta A measure of the volatility of a security or portfolio compared to the market as a whole
Bridge Financing An interim financing option used by private equity funds to delay or aggregate capital calls.
A given investment is financed using a bridging loan, typically for a period of six to 12 months,
with a capital call required only once the bridging loan is due to be repaid
Buyout An investment strategy that involves acquiring controlling stakes in mature companies and
generating returns by selling them at a profit after operational efficiencies, expansion and/or
financial improvements
Called Capital Total amount of capital called for use by the HarbourVest fund or General Partner
Capital Call or
Drawdown
A request made by the HarbourVest fund or General Partner for a portion of the capital
committed by a Limited Partner
Carried Interest,
Carry or
Performance Fee
The share of profits due to a General Partner once the Limited Partner’s commitment to a fund
plus a defined Hurdle Rate is reached
Co-investment
(sometimes Direct
Co-investment)
A minority investment, made directly into an operating company, alongside a fund or other
private equity investor
Commingled Fund A fund structure that pools investments from multiple investors into a single fund
Commitment Period
or Investment Period
The period of time within which a fund can make investments as established in the Limited
Partnership Agreement
Committed Capital
or Commitment
The capital a Limited Partner has agreed to contribute to a fund across its lifespan
Commitment
Coverage Ratio
HVPE and many of the other listed private equity firms on the London Stock Exchange use this
metric as a measure of balance sheet risk. This ratio is calculated by taking the sum of cash and
available credit and dividing it by the total Investment Pipeline
Continuation Vote A continuation vote is a resolution that asks shareholders whether they wish the Company to
continue operating in its current form
Contributed Capital
or Paid-In Capital
The total amount of capital paid into a fund at a specific point in time
Cost (Current,
Realised, Total)
Current: The cost of current underlying companies
Realised: The cost of underlying companies from which the fund has fully or partially exited
Total: The cost of underlying companies, both current and fully or partially exited
Current Value or
Residual Value
The fair value of all current/unrealised investments
Discount An investment company trades at a discount if the share price is lower than the NAV per share.
The discount is shown as the percentage difference between the share price and NAV per share
Term Definition
Discount (Notional) As of the date of this report, the audited 31 January 2026 US GAAP NAV per share will become
known and available to the market. This information was not available on 31 January 2026 and
market participants could not have used it as a reference when making an investment decision.
The discount calculated by comparing the 31 January 2026 share price with the audited
31 January 2026 US GAAP NAV is, therefore, a notional/retrospective discount
Distributed or
Distributions
The total amount of cash (and/or stock) that has been returned to a fund and/or
Limited Partners
Distributed to
Paid-In Capital
(“DPI”) or
Realisation Multiple
Total distributions to a fund and/or Limited Partners divided by paid-in capital
Distribution Pool Used to fund future HVPE share buybacks or return capital to shareholders by other means.
From February 2024 to January 2025, 15% of cash realisations were allocated to the Pool. From
February 2025, 30% of cash realisations have been allocated to the Pool. Additionally, for the
remainder of 2026, 100% of proceeds from any secondary sales will be allocated to the Pool.
The Distribution Pool is held as part of HVPE’s total liquid resources and tracked from month to
month. The Distribution Pool accumulates on a rolling basis.
Dry Powder Capital that has been raised, but not yet invested
Due Diligence The process undertaken to confirm the accuracy of all data relating to a fund, company, or
product prior to an investment. This can also refer to the investigation of a buyer by a seller
Earnings Before
Interest, Taxes,
Depreciation and
Amortisation
(“EBITDA”)
A measure of earnings before interest and taxes that exclude non-cash expenses. Valuation
methods are commonly based on a comparison of private and public companies’ value as a
multiple of EBITDA
Fund-level
Borrowing
Exposure to leverage in underlying private equity funds. In the context of HVPE, this refers to the
Company’s look-through exposure to borrowings at the HarbourVest fund level
Fund of funds An investment strategy of holding a portfolio of third-party private equity funds and/or other
investments rather than investing directly in companies
Funded Capital The amount of contributed capital that has been invested by the fund, or capital invested by a
fund in a third-party investment
General Partner
(“GP”)
The manager of a fund
Gross Assets All of the assets of the Company accounted for under US GAAP before deducting any liabilities
Growth Capital or
Growth Equity
Investment in newly mature companies looking to raise funds, often to expand or restructure
operations, enter new markets, or finance an acquisition
Harbourvest Fund A fund structure managed by HarbourVest that pools investments from multiple investors into a
single fund
HarbourVest
Managed Vehicles
This collectively refers to HarbourVest Funds and the HVPE dedicated SMA vehicle
Initial Public
Offering (“IPO”)
The first offering of stock by a company to the public on a regulated exchange
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Term Definition
Internal Rate of
Return (“IRR”)
(Gross, Net,
Realised Gross)
A measure of the absolute annual rate of return of an investment that takes both the timing and
magnitude of cash flows into account, calculated using contributed capital, distributions, and
the value of unrealised investments
Gross: Without fees and carried interest taken into account
Net: With fees and carried interest deducted
Realised Gross: The return from underlying holdings from which the fund has already fully or
partially exited, without fees and carried interest taken into account
Investment Pipeline
(or unfunded
commitments)
Total commitments to HarbourVest funds, which are to be prospectively called or invested
by an underlying General Partner. This is comprised of allocated investments and
unallocated investments
J-curve A term given to the typical shape adopted by the annual returns from a private equity fund during
its lifecycle when graphed. Due to the investment process, capital calls and fees precede value
creation and potential distributions
Limited Partner The investors in a Limited Partnership – the typical structure of a private equity fund. Limited
Partners are not involved in the day-to-day management of a fund
Limited Partnership
Agreement (“LPA”)
The document which constitutes and defines a Limited Partnership, the legal structure typically
adopted by private equity funds
Management Fee The fee paid to a fund, typically a percentage of the Limited Partner’s commitment
Mean The average value calculated from a set of numbers
Median The middle value in an ordered sequence of numbers
Medium-term
Coverage Ratio
The medium-term coverage ratio (“MCR”) reflects the sum of cash, the available credit facility,
and the distributions expected during the next 12 months (from 31 January 2026), taken as
a percentage of the forecast cash investment in HarbourVest funds over the next 36 months
(from 31 January 2026). The forecast cash flow inputs in this ratio reflect the impact of existing
commitments only
Mergers and
Acquisitions (“M&A”)
The consolidation of companies, for example where the ownership of a company in the
underlying portfolio is transferred to, or combined with, another entity
Private Credit An investment strategy that typically includes junior debt and senior equity, often with the option
to convert debt into equity in the event of default
Net Asset Value
(“NAV”)
The total value of a company’s assets minus the total value of its liabilities
Preferred Return
or Hurdle Rate
A minimum annual rate of return, determined in the Limited Partnership Agreement, that a fund
must achieve before the General Partner may receive carried interest
Primary Fund
or Primaries
A fund where investors make a commitment at inception, usually as a Limited Partner in a new
Limited Partnership
Principal
Documents
The Company’s legal and organisational documents, including the Articles of Incorporation and
the Prospectus
Private Markets Investments made in non-public companies through privately negotiated transactions
Real Assets An investment strategy that invests in physical assets that derive value and generate returns
from their substance and properties, including infrastructure, real estate, agricultural land, oil
and gas, and other commodities
Term Definition
Realised Investment
or Exit
An underlying holding from which the General Partner has exited
Realised Value
or Proceeds
The returns generated from the liquidation or realisation of underlying holdings
Realised Value
to Total Cost
(“RV/TC”) Multiple
The returns generated from the liquidation or realisation of underlying holdings divided by the
cost of all holdings, both remaining and exited
Recapitalisation A refinancing strategy used by private equity funds, typically involving an increase in the level of
borrowing to enable an early cash distribution to investors
Secondary Fund
or Secondaries
A fund that purchases pre-existing interests in private equity funds or portfolios of companies
held by private equity funds
Share Buyback or
Share Repurchase
A share buyback is where a company purchases its own shares from the market
Separately Managed
Account (“SMA”)
An SMA is a tailored portfolio of investments administered by a financial advisor or asset
manager on behalf of a client to match the unique objectives that they have specified
Special Situations An opportunistic investment strategy that looks to take advantage of market dislocations and
unique situations to invest in private companies at discounts to their “fair” market value
Strategic Asset
Allocation (“SAA”)
Asset allocation across different stages, strategies, and geographies, together creating portfolio
construction targets
Total Value The fund’s total value plus any capital distributions already made
Total Value/Paid-In
(“TVPI”) or Total
Value/Contributed
Multiple
The fund’s total value plus any capital distributions already made divided by the amount of
capital already paid into the fund by investors
Total Value/Total
Cost (“TV/TC”)
Multiple
The total value divided by the total cost to date
Unallocated
Investments
Commitments made to HarbourVest funds that have not been allocated to, and cannot be called
by, an underlying General Partner
Unfunded
Commitment
The portion of investors’ capital commitment that has yet to be “drawn down” or called by a
fund manager
Uplift Increase in value received upon realisation of an investment relative to its carrying value prior
to exit
Valuation Multiple The value of an asset relative to a key financial metric
Venture
(or Venture Capital)
An investment strategy that generates returns by backing start-up and early-stage companies
that are believed to have long-term growth potential
Vintage Year Usually the year in which capital is first called by a particular fund, though definitions can vary
based on the type of fund or investment
Glossary continued
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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 2025 and 31 January 2026, those being the 31 December 2024 and
31 December 2025 estimates of $52.38 (sterling equivalent £41.84) and $58.13 (sterling equivalent
£42.47), respectively, adjusted for GBP/USD foreign exchange movement, against share prices of
£27.60 at 31 January 2025 and £31.35 at 31 January 2026.
The table below outlines the notional discounts to the share price at 31 January 2026, based on the
NAVs per share published after this date (31 January 2026 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.
Date of NAV (estimate and final) NAV per Share
NAV Converted at
31 January 2026
GBP/USD Exchange
Rate (1.3686)
Share Price
at 31 January
2026
Discount
to NAV at
31 January
2026
Estimated NAV at 31 December 2025
(published 23 January 2026) $58.13 £42.47 £31.35 26%
Estimated NAV at 31 January 2026
(published 24 February 2026) $58.27 £42.58 £31.35 26%
Final NAV (US GAAP) at 31 January 2026
(published 28 May 2026) $59.40 £43.40 £31.35 28%
Annualised Outperformance of FTSE AW TR Index Over the Last 10 Years
1
NAV (US dollar) Compound Annual Growth Rate (“CAGR”)
31 January 2016 $16.75
31 January 2026 $59.40
Elapsed time (years) 10.0
US dollar CAGR 13.48%
FTSE AW TR Index (US dollar) CAGR
31 January 2016 $307.72
31 January 2026 $1,077.87
Elapsed time (years) 10.0
FTSE AW TR CAGR 13.34%
Annualised outperformance of FTSE AW TR Index Over the Last
10 Years calculation 0.14%
13.48% minus 13.34% 0.14 percentage points (“pp”)
1 No number has been re-rounded up nor down to ensure it casts correctly in this section, thus preserving each component’s true
accuracy given its impact on various other parts of the report.
Distribution Pool
The Distribution Pool is used to fund HVPE share buybacks or return capital to shareholders by
other means. The pool is funded by a proportion of the gross distributions from the Company’s portfolio.
12 months to
31 January 2026
($ million)
12 months to
31 January 2025
($ million)
Balance (beginning) $38 $0
Rolled from prior buyback programme $0 $12
Seed allocation
1
$0 $75
Share of Portfolio distributions $130
2
$57
3
Share buybacks ($88) ($106)
Balance (closing) $80 $38
1 During the first year of its operation, the Distribution Pool was additionally funded by a seed amount which was reallocated from a
postponed commitment to a HarbourVest fund.
2 Allocation to Distribution Pool calculated as 30% of gross distributions in the year ended 31 January 2026.
3 Allocation to Distribution Pool calculated as 15% of gross distributions in the year ended 31 January 2025.
KPIs (page 35)
The KPI metrics show the movement between the NAV per share (in US dollars) and the share price
in sterling and translated into US dollars. Relative to the FTSE AW TR Index, this is the difference in
movement between the year-on-year change of this index versus the particular HVPE KPI.
NAV per Share ($) and relative performance
Date NAV per Share
Absolute
Performance
FTSE AW TR
Index Movement
Relative
Performance vs
FTSE AW TR
31 January 2018 $21.46 16.2% 28.2% -12.0pp
31 January 2019 $24.09 12.3% -7.1% +19.3pp
31 January 2020 $27.5 8 14.5% 16.7% -2.2pp
31 January 2021 $35.97 30.4% 17.4% +13.0pp
31 January 2022 $49.11 36.5% 13.8% +22.8pp
31 January 2023 $48.52 -1.2% -7.3% +6.1pp
31 January 2024 $50.47 4.0% 15.3% -11.3pp
31 January 2025 $54.17 7.3% 21.0% -13.7pp
31 January 2026 $59.40 9.7% 22.8% -13.2pp
Alternative Performance Measures
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10-year outperformance of FTSE AW TR
NAV (US dollar)
31 January 2016 $16.75
31 January 2026 $59.40
US dollar total return 254.6%
FTSE AW TR (US dollar)
31 January 2016 $307.72
31 January 2026 $1,077.87
FTSE AW TR total return 250.3%
10-year outperformance of FTSE AW TR calculation
254.6% minus 250.3% 4.3 percentage points (“pp”)
Total Shareholder Return (£)
Date Share Price (£)
Period-on-
period Change
31 January 2018 £12.52 +4.8%
31 January 2019 £14.26 +13.9%
31 January 2020 £18.36 +28.8%
31 January 2021 £18.70 +1.9%
31 January 2022 £27.75 +48.4%
31 January 2023 £22.10 -20.4%
31 January 2024 £23.15 +4.8%
31 January 2025 £27.60 +19.2%
31 January 2026 £31.35 +13.6%
Total Commitment Ratio
(Total exposure to private markets investments as a percentage of NAV)
31 January 2026
($m)
31 January 2025
($m)
Investment Portfolio $4,713 $4,375
Investment Pipeline $2,448 $2,452
Total $7,161 $6,827
NAV $4,268 $4,023
Total Commitment Ratio 168% 170%
Net Portfolio Cash Flow
(The difference between calls and distributions over the reporting period)
31 January 2026
($m)
31 January 2025
($m)
Calls ($381) ($443)
Distributions $435 $382
Net Portfolio Cash Flow $54 ($61)
Managing the Balance Sheet
Medium-term Coverage Ratio
(A measure of medium-term commitment coverage based on current commitments)
31 January 2026
($m)
31 January 2025
($m)
Cash $123 $123
Available credit facility $630 $720
Estimated distributions over the next 12 months $1,056 $622
Total sources $1,809 $1,465
Estimated investments over the next 36 months $1,315 $1,411
Medium-term Coverage Ratio 138% 104%
Commitment Coverage Ratio
(Short-term liquidity as a percentage of Total Investment Pipeline)
31 January 2026
($m)
31 January 2025
($m)
Cash $123 $123
Available credit facility $630 $720
Total sources $753 $843
Investment Pipeline $2,448 $2,452
Commitment Coverage Ratio 31% 34%
Alternative Performance Measures continued
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Disclosures
Investments
The companies represented within this report are provided for illustrative purposes only, as example
portfolio holdings. There are over 14,000 individual companies in the HVPE portfolio, with no one
company comprising more than 1.6% of the entire portfolio.
The deal summaries, General Partners (managers), and/or companies shown within the report are
intended for illustrative purposes only. While they may represent an actual investment or relationship
in the HVPE portfolio, there is no guarantee they will remain in the portfolio in the future.
Past performance is no guarantee of future returns.
Forward-looking Statements
This report contains certain forward-looking statements. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar
expressions concerning matters that are not historical facts. In some cases, forward-looking statements
can be identified by terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”,
“plan”, “potential”, “should”, “will”, and “would”, or the negative of those terms, or other comparable
terminology. The forward-looking statements are based on the Investment Manager’s and/or the
Directors’ beliefs, assumptions, and expectations of future performance and market developments,
taking into account all information currently available. These beliefs, assumptions, and expectations
can change as a result of many possible events or factors, not all of which are known or are within
the Investment Manager’s and/or the Directors’ control. If a change occurs, the Company’s business,
financial condition, liquidity, and results of operations may vary materially from those expressed in
forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks and uncertainties because
they relate to events, and depend on circumstances, that may or may not occur in the future. Forward-
looking statements are not guarantees of future performance. Any forward-looking statements are
only made as at the date of this document, and the Investment Manager and/or the Directors neither
intend nor assume any obligation to update forward-looking statements set forth in this document
whether as a result of new information, future events, or otherwise, except as required by law or other
applicable regulation.
In light of these risks, uncertainties, and assumptions, the events described by any such forward-looking
statements might not occur. The Investment Manager and/or the Directors qualify any and all of their
forward-looking statements by these cautionary factors.
Please keep this cautionary note in mind while reading this report.
Some of the factors that could cause actual results to vary from those expressed in forward-looking
statements include, but are not limited to:
• the factors described in this report;
• the rate at which HVPE deploys its capital in investments and achieves expected rates of return;
• HarbourVest’s ability to execute its investment strategy, including through the identification of a
sufficient number of appropriate investments;
• the ability of third-party managers of funds in which the HarbourVest funds are invested and of funds
in which the Company may invest through parallel investments to execute their own strategies and
achieve intended returns;
• the continuation of the Investment Manager as manager of the Company’s investments, the
continued affiliation with HarbourVest of its key investment professionals, and the continued
willingness of HarbourVest to sponsor the formation of and capital raising by, and to manage, new
private equity funds;
• HVPE’s financial condition and liquidity, including its ability to access or obtain new sources of
financing at attractive rates in order to fund short-term liquidity needs in accordance with the
investment strategy and commitment policy;
• changes in the values of, or returns on, investments that the Company makes;
• changes in financial markets, interest rates, or industry, general economic, or political conditions; and
• the general volatility of the capital markets and the market price of HVPE’s shares.
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 of the Company by the number of shares in issue. The Company
intends to publish the estimated NAV per share as calculated, monthly in arrears, as at each month-end,
generally within 20 days.
Regulatory Information
HVPE is required to comply with the UK Listing Rules, Disclosure Guidance and Transparency Rules of
the Financial Conduct Authority in the United Kingdom (the “LDGT Rules”). It is also authorised by the
Guernsey Financial Services Commission as an authorised closed- end investment scheme under the
Protection of Investors (Bailiwick of Guernsey) Law, 2020, as amended (the “POI Law”). HVPE is subject
to certain ongoing requirements under the LDGT Rules and the POI Law and certain rules promulgated
thereunder relating to the disclosure of certain information to investors, including the publication of
annual and half-yearly financial reports.
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Notification of commencement of marketing to the Commission under
The AIFMD (Marketing) Rules, 2021
We are pleased to inform our shareholders that on 5 January 2026, an application was made to the
Dutch Authority for Financial Markets (“AFM”), allowing the Company’s shares to be marketed in the
Netherlands under The AIFMD (Marketing) Rules, 2021. This follows the AIFMD permissions granted on
9 September 2025 by the Irish Central Bank for the Company’s shares to be marketed in Ireland.
These steps were taken as part of our ongoing commitment to expand the demand for the Company’s
shares by growing the potential investor base within the European Union.
Supplementary Information required by Alternative Investment Fund Managers
(“AIFM”) regulations
The following information is provided by HarbourVest Advisers L.P., a limited partnership established
pursuant to the laws of the State of Delaware, United States of America (the “HarbourVest Advisers”),
a non-EU Alternative Investment Fund Manager (“AIFM”). HarbourVest Advisers acts as AIFM of
HarbourVest Global Private Equity Limited (the “Company” or “HVPE”).
HarbourVest Advisers operates under HarbourVest Advisers G.P. LLC as its General Partner, and
HarbourVest Partners, LLC as the managing body (collectively referred to as “HarbourVest” or the
“Investment Manager”).
The Company’s risk profile is owned by the governing body of the Company itself (“the Board”).
The Board delegates certain activities to HarbourVest.
Remuneration disclosure
The compensation arrangements of HarbourVest, as they relate to HVPE, are intended to attract,
retain, and motivate personnel who can utilise their knowledge, expertise, and skills to serve the
interests of the Company.
Those arrangements are also designed to:
• promote sound risk management practices and alignment with the Company’s risk
management principles;
• discourage risk taking that is inconsistent with the Company’s risk appetite and policies;
• control fixed costs by ensuring that compensation expense varies with profitability and does
not constrain the Company’s ability to strengthen its capital base; and
• link a significant portion of Identified Staff’s total remuneration to the financial and operational
performance of the Company and other client portfolios that HarbourVest manages as well as
their individual performance.
HarbourVest considers that the overall remuneration package is competitive, but not excessive,
compared to peers of appropriate size, business scope, geography, complexity, and profitability.
These arrangements are intended to support the Company’s business strategy, long-term interests,
and values, and to ensure that risk taking does not exceed the Company’s tolerated level of risk.
Periodic benchmarking ensures that incentive compensation at the individual level (including cash and
non-cash benefits) is not unreasonable or disproportionate to the amount, nature, quality, and scope of
the work performed.
In general, the compensation of the individuals who are responsible for setting the Company’s risk
appetite is managed by the Board.
Base salaries are intended to provide regular cash flow to Identified Staff throughout the year,
irrespective of HarbourVest’s or individual performance. By placing a strong emphasis on annual
incentive awards, HarbourVest is able to limit fixed compensation expense while rewarding Identified
Staff for their individual contributions and the achievement of annual financial and non-financial goals.
Incentive compensation may be split into cash bonus, carried interest, and profit sharing.
Discretionary payments are intended to reward teamwork and adherence to organisational values which
include sound risk management practices.
Aggregate quantitative information on the remuneration of the Company for the financial year ended
31 January 2026 is as follows:
• All Company Personnel:
– Base Salaries (fixed): £370,000
– Variable Compensation: £0
Aggregate quantitative information on the remuneration of the Investment Manager for the financial year
ended 31 December 2025 is as follows:
• Identified Staff:
– Base Salaries (fixed): $132,363
– Variable Compensation: $85,221
The Company delegates certain portfolio management activities to the Investment Manager. There are
no relevant staff employed by the Investment Manager who have a material impact on the risk profile
of HVPE.
Disclosures continued
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Annual Report and Financial Statements 2026
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Governance Financial StatementsStrategic Report Other information
In accordance with applicable European regulation and guidance, the Identified Staff figures relate only
to the proportion of the staffs’ remuneration that is estimated to be attributed, on a pro rata basis, to the
functions such staff perform for the Delegate in relation to HVPE.
Periodic Disclosures
The Company is obligated to provide periodic disclosure to shareholders about the Company’s risk
profile and risk management, total leverage and to provide information of any material change to
the arrangements for managing the Company’s liquidity, the proportion of assets subject to special
arrangements arising from illiquidity (if any), the maximum permitted leverage and any grant of rights
of reuse of collateral or guarantees in relation to leverage.
Principal Risks & Economic Uncertainties
Key risks and uncertainties are set out below:
• Performance of HarbourVest – The risk posed by the Company’s dependence on its Investment Manager.
• Public Market Risks – The risk of a decline in global public markets or a deterioration in the
economic environment.
• Valuation Risk – The risk that market instability leads to continuing uncertainty about private
asset valuations.
• Balance Sheet Risks – Risks to the Company’s balance sheet resulting from its overcommitment
strategy, borrowing arrangements and policy for the use of leverage.
• Popularity of the Listed Private Equity Sector – The risk that investor sentiment towards the listed private
equity sector as a whole may deteriorate.
• Trading Liquidity and Price – The risk that the discount that the share price represents to the NAV per
share fails to narrow, leading to dissatisfaction among some shareholders.
Further information on the mitigation and management of these risks and uncertainties is included in
HVPE’s Annual Report, the latest version for which can be found on the company website at:
https://www.hvpe.com/insights-reports/reports-presentations/.
Leverage
The Company has entered into a Credit Facility, the proceeds of which may be used for cash
management purposes and to support the Company’s investment strategy. Although debt funding will
increase the Company’s investment return if it earns a greater return on the investments purchased with
the borrowed funds than it pays for the use of those funds, the use of leverage will conversely decrease
returns if the Company fails to earn as much on investments purchased with the borrowed funds as its
pays for the use of those funds.
The Company does not intend to have aggregate leverage outstanding at Company level for investment
purposes at any time in excess of 20 per cent. of the Company’s NAV. The Company may, however, have
additional borrowings for cash management purposes which may persist for extended periods of time
depending on market conditions.
The Company currently has access to additional borrowings pursuant to the Credit Facility of up to
$630 million, the proceeds of which may be used for cash management purposes and to support the
Company’s investment strategy. The current Credit Facility consists of a multi-currency committed
revolving credit facility in an aggregate amount equal to approximately $1,200 million.
The Credit Facility represents a source of financing to assist the Company in pursuing its investment
strategy. The Company may use the proceeds of any borrowings under the Credit Facility for cash
management purposes and to further enhance the investment strategy.
The AIFMD requires leverage to be expressed as a ratio between HVPE’s exposure and its net asset
value, and prescribes two methodologies, the gross method and the commitment method (as set out in
Commission Delegated Regulation No. 231/2013), for calculating such exposure. Using the methodologies
prescribed under the AIFMD, HVPE’s leverage ratio as at 31 January 2026 is shown below:
• Gross method: 111%
• Commitment method: 114%
Liquidity management
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.
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 historical actual calls and
distributions. Short-term broader market trends and systemic factors are also considered. Finally,
a range of scenario tests are conducted. HVPE now has a 16-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.
HarbourVest Global Private Equity
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Governance Financial StatementsStrategic Report Other information
The share of net assets attributable to assets that are difficult to liquidate at 31 January 2026 represent
110% of the NAV.
Risk Management
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.
The Board’s investment risk appetite is to follow an over-commitment policy that optimises shareholder
returns by balancing investment return and associated distributions with a continuing programme of
regularly buying back its own shares through the operation of its Distribution Pool. Together, this allows
the Company to make 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.
Material Changes to the Article 23 disclosures
The Company’s AIFMD Disclosure Supplement contains the disclosures required pursuant to Article 23
of AIFMD.
Disclosure Under Regulation (EU) 2019/2088 (the “Sustainable Finance Disclosure
Regulation”) and Regulation (EU) 2020/852 (the “Taxonomy Regulation”)
The investments made by the Company do not take into account the EU criteria for environmentally
sustainable economic activities within the meaning of the Taxonomy Regulation.
Notice to Swiss investors
The offer and marketing of the Company in Switzerland will be exclusively made to, and directed at,
qualified investors (the “Qualified Investors”), as defined in Article 10(3) and (3ter) of the Swiss Collective
Investment Schemes Act (“CISA”) and its implementing ordinance. Accordingly, the Company has not
been and will not be registered with the Swiss Financial Market Supervisory Authority (“FINMA”). This
document and/or any other offering or marketing materials relating to the Company may be made
available in Switzerland solely to Qualified Investors.
In respect of its offer and marketing in Switzerland to qualified investors with an opting-out pursuant to
Art. 5(1) of the Swiss Federal Act on Financial Services (“FinSA”) and without any portfolio management
or advisory relationship with a financial intermediary pursuant to Article 10(3ter) CISA, the Company has
appointed a Swiss representative and paying agent:
• Swiss representative: Acolin Fund Services AG, Maintower, Thurgauerstrasse 36/38, 8050 Zürich. The
legal documents as well as the latest annual and semi-annual financial reports, if any, of the Company
may be obtained free of charge from the Swiss representative. Past performance is no indication of
current or future performance. The performance data do not take account of the commissions and
costs incurred on the issue and redemption of units.
• Swiss paying agent: Banque Cantonale de Genève, 17 Quai de l’Ile,1204 Geneva, Switzerland.
Valuation Policy
Valuations Represent Fair Value Under US GAAP
HVPE’s 31 January 2026 NAV is based on the 31 December 2025 NAV of each HarbourVest fund,
HarbourVest SMA vehicle and Conversus, adjusted for changes in the value of public securities, foreign
currency, known material events, cash flows, and operating expenses during January 2026. The
valuation of each HarbourVest fund is presented on a fair value basis in accordance with US generally
accepted accounting principles (“US GAAP”). See Note 4 in the Notes to the Financial Statements on
pages 113 to 114.
The Investment Manager typically obtains financial information from 90% or more of the underlying
investments for each of HVPE’s HarbourVest funds to calculate the NAV. For each fund, the
accounting team reconciles investments, distributions, and unrealised/realised gains and losses
to the Financial Statements.
The team also reviews underlying partnership valuation policies.
Management of foreign currency exposure
The Investment Portfolio includes two euro-denominated HarbourVest funds and a Canadian dollar-
denominated fund.
• 12% of underlying partnership holdings are denominated in euros. The euro-denominated Investment
Pipeline is €11.3 million.
• 3% of underlying partnership holdings are denominated in sterling. There is no sterling-denominated
Investment Pipeline.
• 1% of underlying partnership holdings are denominated in Australian dollars. There is no Australian
dollar-denominated Investment Pipeline.
• 0.3% of underlying partnership holdings are denominated in Canadian dollars. The Canadian dollar-
denominated Investment Pipeline is C$3.9 million.
HVPE has exposure to foreign currency movement through foreign currency-denominated assets within
the Investment Portfolio and through its Investment Pipeline of unfunded commitments, which are long-
term in nature. The Company’s most significant currency exposure is to euros. The Company does not
actively use derivatives or other products to hedge the currency exposure.
Disclosures continued
Key Information
Exchange
London Stock Exchange (Main Market)
Ticker
HVPE (£)/HVPD ($)
Listing date
9 September 2015 (LSE Main Market)
2 May 2010 (LSE Specialist Fund Segment – since migrated to LSE Main Market)
6 December 2007 (Euronext – since delisted)
Fiscal year end
31 January
Base currency
US dollars
Sterling quote London Stock Exchange US dollar quote London Stock Exchange
ISIN ISIN
GG00BR30MJ80 GG00BR30MJ80
SEDOL SEDOL
BR30MJ8 BGT0LX2
TIDM TIDM
HVPE LN HVPD LN
Investment Manager
HarbourVest Advisers L.P. (affiliate of HarbourVest Partners, LLC)
Registration
Financial Conduct Authority
Fund consent
Guernsey Financial Services Commission
Outstanding shares
71,854,160 Ordinary Shares at 31 January 2026
70,130,909 Ordinary Shares at 27 May 2026
2025/26 Calendar
Monthly NAV estimate: Generally within 20 days of month-end
Capital markets day 2026: 11 June 2026
Annual General Meeting 2026: 15 July 2026
Semi-Annual Report and Audited Consolidated Financial Statements: October 2026
Company Advisers
Investment Manager
HarbourVest Advisers L.P.
c/o HarbourVest Partners, LLC
One Lincoln Street
Suite 1700
Boston MA 02111-2641
Tel +1 617 348 3707
Auditor
Ernst & Young LLP
Royal Chambers
St Julian’s Avenue
St Peter Port
Guernsey GY1 4AF
Company Secretary and Administrator
BNP Paribas, S.A., Guernsey Branch
BNP Paribas House
St Julian’s Avenue
St Peter Port
Guernsey GY1 1WA
Tel +44 (0)1481 750 800
Registrar
MUFG Pension & Market Services (formerly
Link Asset Services)
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Tel +44 (0)871 664 0300
Tel +44 (0)20 8369 3399 (outside UK)
Swiss Representative
Acolin Fund Services AG
Fund Services AG
Maintower
Thurgauerstrasse 36/38
8050 Zürich
Switzerland
Swiss Paying Agent
Banque Cantonale de Genève
17 Quai de l’Ile
1211 Geneva 2
Switzerland
Joint Corporate Brokers
Peel Hunt
7th Floor
100 Liverpool Street
London EC2M 2AT
Tel +44 (0)20 7418 8900
Winterflood Securities Limited
Riverbank House
2 Swan Lane
London EC4R 3GA
Tel +44 (0)20 3100 0000
Registered Office
HarbourVest Global Private Equity Limited
Company Registration Number: 47907
BNP Paribas House
St Julian’s Avenue
St Peter Port
Guernsey GY1 1WA
Tel +44 (0)1481 750 800
HarbourVest Global Private Equity | Annual Report and Accounts 2026