SPINE WIDTH TBC HarbourVest Global Private Equity | Annual Report and Accounts 2026 ## One share. ## A world ## of private ## company ## opportunities ### Annual Report and Accounts 2026 ## 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. Read on page 4 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 1 Annual Report and Financial Statements 2026 ## Contents ## Our year in numbers Gradual improvement in portfolio performance as market conditions stabilised | Strategic report | Governance | | | | --- | --- | --- | --- | | | | Net Asset Value (“NAV”) per Share ($) | NAV per Share Return ($) | | 1 Our year in numbers | 70 Board of Directors | | | [APM] | 4 HVPE at a glance | 72 Directors’ report | | --- | --- | | 6 About the Investment Manager | 80 Board structure and committees | | 8 Benefits of private markets exposure | 83 Audit and Risk Committee | ## $59.40 ## 9 The case for HVPE 86 Nomination Committee and Management +9.7% Engagement and Service Provider Committee 31 January 2025: $54.17 11 HVPE’s structure change 87 Inside Information Committee and 12 months to 31 January 2025: +7.3% 12 Chair’s Statement Remuneration Committee Share Price (£) Share Price Return (£) 88 Directors’ remuneration report Investment Manager’s Review [APM] 90 Statement of Compliance with the AIC 16 Introduction Code of Corporate Governance ## 17 HVPE Investment Committee £31.35 19 Investment Manager’s Report ### Financial statements 31 January 2025: £27.60 ## +13.6% 92 Independent Auditor’s Report 28 Value creation cycle Net Assets ($) 12 months to 31 January 2025: +19.2% 100 Consolidated Statements of Assets 29 Commitment phase and Liabilities 1 31 Investment phase Share Price Discount to Net Assets (£) 101 Consolidated Statements of Operations [APM] 32 Growth phase 102 Consolidated Statements of Changes ## $4.3bn 33 Mature phase in Net Assets 34 Recent events 103 Consolidated Statements of Cash Flows 31 January 2025: $4.0bn 35 Key performance indicators (“KPIs”) 104 Consolidated Schedule of Investments ## 26% and investment objective Total New Commitments ($) 110 Notes to the Consolidated 36 Managing the balance sheet Financial Statements 31 January 2025: 35% 41 Managing costs 2 Net Portfolio Cash Flow ($) ### 43 Summary of Net Assets/The private equity cycle Other information [APM] ## $375m 44 Stakeholder engagement 118 Supplementary data 48 Principal risks and uncertainties 12 months to 31 January 2025: $415m 125 Glossary 51 Sustainable Investing 127 Alternative Performance Measures ## 58 Manager spotlight $54m 129 Disclosures 62 Top ten disclosable companies 133 Key information 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 Governance Financial StatementsStrategic Report Other information ## 2 Annual Report and Financial Statements 2026 ## Inside this section ## As public markets become more ## Strategic ## concentrated, investors are increasingly ## placing private markets at the core of ## their portfolios – seeking diversification, ## resilience and long‑term value creation. John Toomey ## report CEO, HarbourVest Partners HVPE Investment Committee member | 1 Our year in numbers | 33 Mature phase | | --- | --- | | 4 HVPE at a glance | 34 Recent events | | 6 About the Investment Manager | 35 Key performance indicators (“KPIs”) | and investment objective 8 Benefits of private markets exposure 36 Managing the balance sheet 9 The case for HVPE 41 Managing costs 11 HVPE’s structure change 43 Summary of Net Assets/The private equity cycle 12 Chair’s Statement 44 Stakeholder engagement 48 Principal risks and uncertainties Investment Manager’s Review | 16 Introduction | 51 Sustainable Investing | | --- | --- | | 17 HVPE Investment Committee | 58 Manager spotlight | | 19 Investment Manager’s Report | 62 Top ten disclosable companies | 28 Value creation cycle 29 Commitment phase 31 Investment phase 32 Growth phase HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 3 Annual Report and Financial Statements 2026 ## 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. Read on page 30 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 4 Annual Report and Financial Statements 2026 ## HVPE at a glance ## Democratising access to private investments ### HVPE HarbourVest Partners General Partners (GPs) Portfolio companies | HarbourVest Global Private Equity (“HVPE”) | Through HarbourVest Partners, we connect | Many of the most sought-after underlying | HVPE shares offer global exposure to a | | | --- | --- | --- | --- | --- | | is a listed investment company, launched in | our shareholders with the deep expertise | fund managers are often oversubscribed | portfolio of unique and diversified companies | | | December 2007, which provides access to | of private markets experts, resulting in the | when they raise new funds, making these | not listed on public markets, including: | | | investments in private companies. These | construction of a prudently managed global | funds difficult to access for many investors. | | | | investments are made exclusively through | private companies portfolio designed to | | | | | | | | E-commerce | Space technology | | vehicles managed by HarbourVest Partners. | navigate economic cycles as smoothly | The longevity and stability of the HarbourVest | | | | | as possible whilst striving to deliver | team, and depth of its global platform, has | | | | Investment into private companies requires | outperformance of the public markets | enabled the firm to cultivate relationships | | | | experience, skill and expertise. HVPE’s | over the long term. | with many of the top-tier and exclusive | | | Fintech & bankingCloud data platform focus is on building a comprehensive global fund managers, positioning HarbourVest as portfolio of the highest-quality investments, HarbourVest focuses exclusively on private both a preferred prospective investor and in a proactive yet measured way, with the markets. The firm’s powerful global platform a favoured investment partner. This gives strength of our balance sheet underpinning offers its clients investment opportunities HVPE the ability to provide shareholders with Cloud security Insurance everything we do. Our multi-layered through primary fund investments, secondary access to these top-tier managers which are platform distribution investment approach creates diversification, investments and direct co-investments otherwise generally inaccessible to a majority helping to spread risk, and produces an in commingled funds or separately of investors. attractive portfolio that no individual investor managed accounts. can replicate. Discount retailer SaaS communications HarbourVest has deep investment experience Net assets at 31 January 2026 and dedicated on-the-ground teams in key private markets around the world. ## $4.3bn HarbourVest active GP relationships at Market cap at 31 January 2026 AUM at 31 December 2025 31 December 2025 As at 31 January 2026 ## £2.3bn $160bn+ 700+ 1,000+ 1 underlying material company exposures Read on page 9 Read on page 6 Read on page 58 Read on page 62 1 Material exposures are counted as underlying look through investments with a value of over $1 million. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 5 Annual Report and Financial Statements 2026 ## 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 ## Let the An expert Actively ## companies team with managed, ## shaping our exceptional globally ## world power access diversified ## your portfolio Our portfolio includes companies at the forefront of global The HarbourVest team has been investing in the private We take an active approach to portfolio construction, 1 change and economies. By investing in companies driving markets for over 43 years , gaining invaluable expertise and combining rigorous analysis with ongoing oversight and progress across sectors and regions, we aim to capture developing long-term relationships with sought-after General risk management. By investing across regions, sectors sustainable growth opportunities that can support long-term Partners. HarbourVest is a market leader and innovator and themes we have built a diversified portfolio that is well portfolio performance. in complex secondary transactions and has committed positioned to navigate market volatility whilst also delivering over $194 billion to primaries, secondaries and direct co- long-term growth. 1 investments since its inception . Read more about our largest companies Read more about our manager Read more about our diversification 1 Information as of 31 December 2025. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 6 Annual Report and Financial Statements 2026 ## Investment case ## HarbourVest Partners: Private equity investor HarbourVest provides HVPE with access to: ## Unlocking the power of ## private markets ### An expert team – with exceptional access Global platform Experience Deep private of scale and stability market expertise ### 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. ### Our structure Robust private Top-tier Responsible markets database network of GPs for corporate governance and oversight of the Company Signatory of: Aligned to: Member of: HVPE Board All information as of 31 December 2025. AUM reflects committed capital from limited partners, inclusive of General Partner commitments for all active Responsible for managing the funds/accounts but excludes leverage and any funds/accounts that are in extension, liquidation or fully liquidated. portfolio in accordance with the parameters agreed with the Board HarbourVest Global Private Equity HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 7 7 Annual Report and Financial Statements 2026 Annual Report and Financial Statements 2026 Assets under management ## A global platform powering ## $160bn+ ## private investment access Years of market experience ### Exposure to private markets provides access to innovative companies, ## 43+ ### resilient long‑term performance and broader diversification for investors. Employees globally ## 1,200+ Toronto, Canada London, UK Number of companies in performance database Frankfurt, Germany Tokyo, Japan ## Dublin, Ireland 43,600+ Investment professionals Abu Dhabi, United Arab Emirates Boston, USA Beijing, China ## 230+ Singapore Hong Kong Global offices Zürich, Switzerland ## 15 Advisory board seats ## ¹ ## 950 + Partnerships engaged with since inception Tel Aviv, Israel Seoul, South Korea ## 5,000+ 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 Bogotá, Colombia Sydney, Australia fund/account investments. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 8 Annual Report and Financial Statements 2026 ## Investment case continued ## Benefits of private markets ### 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 ### Alignment of interests and strong governance ### Drives • Private equity returns are typically less volatile than listed equity returns • 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 3 during its ownership period Time‑weighted returns of private equity vs public equities • Long-term investment horizons, extensive firm resources and Buyout  MSCI ACWI deep industry expertise allow GPs to develop, improve and transform companies • This contrasts with public equity markets, where investors may be more Year 5 passive in their nature and may make decisions on a shorter-term basis 14.2% 14.0% Year 10 10.5% 13.6% Year 15 8 .7% ### Growing opportunity set Diversification • Morningstar data shows that private companies used to stay private for • Private market assets add diversification to a portfolio 6.9 years a decade ago. That has increased to 10.7 years today, resulting in • Private equity managers tend to invest in higher margin, more resilient, and less the universe of public companies shrinking capital-intensive businesses • The number of publicly traded companies in the US declined by 34% • Each private market sub-asset class has distinct return drivers, risk factors, and degrees of 1 between 2000 and 2023 sensitivity to the macro cycle • Conversely, the number of private equity-backed companies in the US rose 2 by 459% over the same period • 25x as many private companies compared to public companies 4 Public Companies • These private companies can be at the forefront of exciting technologies and sectors such as space travel and AI 25x as many Private Companies compared to Public Companies ### Allows for Number of US companies over time 8,000 6,000 4,000 2,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* 1 Public companies are domestic US firms listed on the NYSE and Nasdaq. 12,000 Public companies PE-backed companies 2 Source: Pitchbook. 10,000 3 Sources: MSCI Private Capital Solution. All returns in USD. Past performance is not a reliable indicator of future * As of 30 June 2024. results. All data as of 30 June 2025. Source: Pitchbook. Private-equity-backed companies exclude venture capital. 4 Sources: Private company count: Pitchbook as of 2 October 2024, Public company count: MSCI ACWI as of Public companies are domestic US firms listed on the NYSE and Nasdaq. 30 September 2024. 16.0% 9 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information # The case for HVPE 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. Share Price, NAV Per Share and FTSE All-World Movement since inception (USD total return) NAV per share TR ($) — Share price TR ($, converted)* — FTSE AW TR ($) ![img-0.jpeg](img-0.jpeg) * 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. # 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 10 Annual Report and Financial Statements 2026 ## Investment case continued | Sector-leading governance with a | The Board welcomes open and constructive | Benefits of scale and HarbourVest | Additionally, as announced in April 2026, the HVPE | | --- | --- | --- | --- | | shareholder first focus | dialogue with shareholders. During the year, | Partners’ expertise with a low | Investment Committee will introduce a formalised | | HVPE’s fully independent Board is focused on | the Chair and Senior Independent Director met | management fee | twice-yearly liquidity review of HVPE’s portfolio. | | maximising shareholder value and prioritising | with many shareholders to discuss areas of | HVPE is the largest private equity fund of funds | The objective of this review will be to capture | | shareholders’ rights. As outlined in the Chair’s | concern and will continue to engage actively | investment company listed on the London Stock | opportunities for secondary market transactions | | Statement, this commitment has been | with shareholders in the lead-up to the | Exchange, and its scale enables the portfolio to | where such transactions are expected to deliver a | | demonstrated through the shareholder-friendly | Continuation Vote. | be managed with a management fee which is the | net benefit to HVPE shareholders. This formalised | | initiatives announced in February 2025 and | | lowest in the sector at 0.6% of NAV. The recently | review will add the potential to further enhance | | April 2026. As communicated in the April 2026 | Strong long-term performance | introduced SMA (“Separately Managed Account”) | returns while generating additional sources of | | update, should the Continuation Vote pass, the | Private equity managers invest in companies with | structure allows the portfolio to be managed in a | liquidity from the portfolio moving forward. | | proceeds from the secondary sale announced in | the aim of implementing transformational changes | more tailored and nimble manner. | | | December 2025 will be used to return significant | over the long term. Accordingly, investment | | Benefits of investment | | value to shareholders as part of a $400 million | performance should be assessed over the same | Well-positioned to benefit from a | company structure | | share tender in the Autumn. The Board has also | long-term horizons considered by managers. | private equity industry recovery | HVPE’s investment company structure means | | announced its intention to distribute approximately | Through this long-term lens, HVPE’s strategy has | We believe that HVPE’s portfolio is well positioned | it has a stable capital base, which allows for the | | 5-10% of NAV annually until the next Continuation | generated strong returns for its shareholders with | to benefit from an increase in exit activity as | pursuit of an investment programme with a long- | | Vote, via a combination of periodic tenders and | a 494% NAV per share dollar total return and 319% | economic conditions stabilise and the selective | term horizon in mind, and means that HVPE has | | share buybacks. | share price dollar total return since inception. This | recovery in M&A activity which has been seen | the ability to remain fully invested at all times. | | | compares with a 299% FTSE All-World dollar total | in the mega-cap and AI space broadens to | The Board retains the discretion to reduce the | | | return over the same period. | other areas of the market. An increase in exit | share base via buybacks as part of its capital | HVPE offers exposure to activity would generate liquidity that could be allocation policy. At the same time investors have ### Diversification reinvested into new opportunities and returned to the freedom to liquidate their shareholdings on 16 out of 20 HVPE’s diversified global portfolio spans shareholders via the Distribution Pool. Increased a daily basis via the stock market due to HVPE’s 1 investment stages from early venture to large-cap realisations also have the potential to support NAV listed status. HVPE’s public status also ensures of the largest “unicorn” companies globally buyouts. HVPE provides exposure to over 14,000 performance, as demonstrated by the long-term shareholders receive regular and transparent companies, most of which are private, offering track record of HVPE’s underlying managers in reporting on their investment. Portfolio aggregate exit uplift of a portfolio that would be almost impossible to delivering exits at healthy uplifts to prior holding replicate. Portfolio exposure is well balanced by valuations, with an aggregate uplift on exit of 46% sector and diversified by underlying holdings, with since 2012. A vote in favour of continuation will ## 46% no single company making up more than 1.6% of allow shareholders to participate in the portfolio’s since 2012 NAV. This diversification is particularly beneficial future return potential as investments mature and when considering the high degree of concentration are realised. Annualised NAV outperformance of that is seen in public markets, with technology exposure, particularly in the “Magnificent 7” stocks, dominating the S&P 500. ## 2.4% Vs FTSE All-world since inception 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 11 Annual Report and Financial Statements 2026 ## HVPE’s structure change There is no change to the arrangements It will take time for the NAV of the SMA assets to ### In August 2025, HarbourVest and the Board finalised a revised with respect to HVPE’s existing portfolio of build up, particularly for the primary portion of ### arrangement whereby capital will be deployed by the Investment HarbourVest funds, which will continue to call the portfolio. This is because primary investing Manager via a dedicated HVPE vehicle directly into third‑party General remaining committed capital as new investments involves making commitments to underlying funds are made and make distributions as investments with multi-year investment timelines meaning that ### Partner funds, secondary opportunities and co‑investments. Over are sold. The existing portfolio will gradually run- the NAV of these funds will grow gradually over time, this arrangement, typically referred to as a Separately Managed off as the HarbourVest funds mature. several years. ### Account (“SMA”), will simplify HVPE’s investment structure, allow Further detail on the new SMA structure can be ### increased flexibility over portfolio management and reduce the found on the HVPE website at https://www.hvpe. com/our-portfolio/structure-of-hvpe/. ### Company’s debt exposure. ### Old structure New structure for investments ### Pre‑August 2025 From August 2025 Prior to August 2025 all private market investments New investments are now made under the SMA, removing were via funds managed by HarbourVest Partners the layer of HVP funds from the ownership structure ## New SMA structure means ## capital is now invested by a ## dedicated HVPE vehicle directly HarbourVest’s commingled funds ## into third‑party General Partner Fund Fund Fund Fund Fund Fund A B C D E F ## funds, secondary opportunities HVPE SMA ## Fund Fund Fund Fund Fund Fund and co‑investments G H I J K L Direct private markets investments/Funds Direct private markets investments/Funds HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 12 Annual Report and Financial Statements 2026 ## Chair’s Statement ## Resilient performance ## amid market complexity As we reflect on HVPE’s year ended 31 January such as fintech, artificial intelligence, and space approach by the Board to simplify HVPE’s 2026, I am delighted to report another year of technology – companies that are often private for structure, improve capital flexibility, reinforce good performance, underscoring the resilience years before becoming household names. confidence in the Company’s long-term strategy of our model and the quality of our portfolio. and ultimately reduce the share price discount Despite a complex global environment, HVPE Through our closed-ended structure, we provide to NAV. In particular, the introduction of the SMA has continued to deliver value for shareholders, daily liquidity without the constraints of forced sales, gives HVPE greater control, improved flexibility on achieving a 10% increase in Net Asset Value enabling long-term investment planning, efficient investments and exits, reduced borrowing costs (“NAV”) per share in dollar terms and a 14% rise in capital allocation and broad diversification. These and improved optionality in managing the portfolio share price in sterling terms. This strong short- attributes, combined with our scale and liquidity, over time – all of which come at no extra cost | term performance builds on HVPE’s impressive | position HVPE as a market-leading vehicle for | to HVPE. Alongside the increased Distribution | | --- | --- | --- | | long-term track record: on a ten-year view, | accessing private equity opportunities. | Pool allocation, these measures have enhanced | | HVPE has delivered a 255% increase in NAV per | | our ability to return capital to shareholders in a | | share in dollar terms and a 260% rise in share | Over the past year, we have undertaken several | disciplined manner, while continuing to support | | price in sterling terms. These results reaffirm | initiatives to enhance shareholder value and | the long-term growth of the underlying portfolio. | ## Feedback on these initiatives our commitment to the Company’s objective to simplify our investment structure, all of which have 1 has been overwhelmingly generate superior shareholder returns through positively contributed to narrowing the discount to We recognise that private capital investment long-term capital appreciation by investing NAV at which the Company’s shares trade. These companies are more complex than their public ## positive, and we remain primarily in a diversified portfolio of private include increasing share buybacks by enhancing equity investment counterparts, and the Board committed to maintaining markets investments. the Distribution Pool allocation from 15% to 30% has therefore placed significant emphasis on clear of gross realisations, and introducing a Separately communication and shareholder engagement ## the highest standards of HVPE democratises access to private equity, Managed Account (“SMA”) to streamline HVPE’s throughout the year. This has included targeted governance and engagement. offering a unique opportunity for investors of all investment structure. In addition, in December, we outreach to both institutional and retail investors, sizes to participate in this dynamic asset class which announced an asset sale at a blended discount of and we remain committed to transparency, Ed Warner otherwise remains inaccessible to many. Private 6% to NAV, which is expected to generate proceeds education and constructive dialogue as we HVPE Chair markets have historically delivered superior long- of $299 million. The sale will generate substantial continue to execute our strategy. term returns compared to public markets, driven liquidity for shareholders which will be returned via NAV per Share at 31 January 2026 by their ability to access high-growth companies a share tender in the autumn. earlier in their lifecycle and to benefit from active ## management strategies. Investors can gain These initiatives were not undertaken in isolation. $59.40 ownership of cutting-edge companies in sectors They formed part of a deliberate and coordinated 2025: $54.17 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. 13 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information 9 # Recent actions taken by the Board # February 2024 Distribution pool policy introduced - 10% 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 # 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 # April 2026 Further initiatives announced - $100m buybacks and $400m lender announced for 2026 - New commitments paused for remainder of 2025 - Bisexual secondary sale reviews - Further capital returns of 5-10% of NAV until next Continuation Vote # July 2026 ASM - ASM will include a Continuation Vote resolution * 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 HHPF share buybacks or return capital to shareholders by other means. # Share price at 31 January 2026 £31.35 2025 £27.60 # Share buybacks for year ended 31 January 2026 $88m 2025 $106m 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 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 lender 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 14 Annual Report and Financial Statements 2026 ## Chair’s Statement continued | Alongside these capital measures, we have taken | Governance and Board changes | Portfolio cash flows, commitments | | --- | --- | --- | | steps to enhance the governance and oversight | At the forthcoming Annual General Meeting | and balance sheet | | of the portfolio. The HVPE Investment Committee | (“AGM”) to be held in July, it is intended that | The Portfolio generated a net cash inflow of | | will now conduct formal, twice-yearly liquidity | after nine years of service, Francesca Barnes, | $54 million during the financial year, with | | reviews of the Company’s holdings, with the | Senior Independent Director (“SID”), will not offer | $381 million invested and $435 million received | ## Your Board firmly believes HVPE explicit objective of identifying secondary market herself for re-election. The Board is enormously from realisations. Whilst realisation activity ## should continue, given the transactions where a disposal would deliver a net grateful to Francesca for her considered and remained relatively low by historical standards, benefit to HVPE’s shareholders. This complements astute contributions; and her dedication to the it is encouraging to see the Portfolio generate a ## superior returns delivered for the regular portfolio reviews already undertaken Company throughout her tenure has been greatly net cash inflow for the Company following three ## investors, not just in the 2026 by HarbourVest across its broader platform and appreciated. The Board intends to appoint Mr Alan prior consecutive years of net investment. The formalises a process that contributed to the Devine as SID with effect from the conclusion of cash balance for HVPE at 31 January 2026 was ## financial year, but over the successful $299 million asset sale announced the AGM. Alan Devine is an experienced financial $123 million which was in line with the prior year ## long term. | | during the year at a blended discount of just | services executive and non-executive director | figure. Despite the cash inflow from the Portfolio, | | --- | --- | --- | --- | | | 6% to NAV. This asset sale is both a reflection | with over 40 years’ experience, having held senior | the Company’s net debt increased to $447 million | | Ed Warner | of the Board’s commitment to ensuring liquidity | positions across private equity, transportation | at 31 January 2026 (up from $357 million on | | HVPE Chair | is generated despite challenging market | and banking. | 31 January 2025), due to share buybacks and | | | conditions, but also the Manager’s strength | | operating expenses. | | | in the secondary market. | During the year, we undertook an externally | | Beyond the current year, the Board has established facilitated review of the Board’s performance as In August 2025 the Board and Manager finalised a clear framework for ongoing capital returns. We In addition, the Board has decided to pause all new part of our ongoing commitment to maintaining the terms of the new SMA structure with intend to distribute approximately 5-10% of NAV commitments for the remainder of 2026. While a high standard of governance and effectiveness. the Company committing $125 million to be annually until the next Continuation Vote, through the Board and the Manager continue to believe All Directors contributed constructively to the invested into opportunities sourced during 2025. a combination of periodic tender offers and share that regular new commitments are essential to process, which provided valuable insights to Additionally, $250 million was committed to the buybacks. The Distribution Pool will continue to optimising long-term returns, this pause reflects inform the Board’s continued development and SMA to be deployed into investments sourced form the basis for these annual allocations, with a deliberate and prudent approach to managing our priorities for the year ahead. Further details during 2026. the Board retaining discretion to calibrate the the Company’s near-term cash requirements, are available on page 81. precise level each year by reference to balance ### including the proposed tender offer, while Outlook sheet strength, the prevailing discount to NAV, ### maintaining balance sheet resilience. Continued buyback activity Looking ahead, and given the extent of our market conditions and the views of shareholders. The Company continued to buyback shares geographic, sector and company diversification, This framework is designed to provide Taken together, these new initiatives represent and was active on 191 out of 252 trading days we are cautiously optimistic about the private shareholders with both visibility and confidence a decisive and co-ordinated response to the during the financial year. A total of $88 million equity markets. While challenges persist, we that capital discipline will remain at the core of the challenges facing the listed private equity sector. (£67 million) was deployed to buy back 2,414,511 are encouraged by the increasing number of Board’s strategy. They are designed to narrow the gap between shares, at an average price of £27.71. At 2.2% transactions in our portfolio, which we view as a the Company’s share price and its underlying of opening NAV, buyback activity represented leading indicator of improving cash realisations. value, reward shareholders for their patience and a meaningful capital allocation during the year, HVPE is well-positioned to capitalise on these | commitment, and demonstrate that the Board is | boosting NAV per share by 1.4% with the share | opportunities, supported by the strength of our | | --- | --- | --- | | prepared to act with both ambition and discipline. | buyback programme overall contributing 5.9% | structure, the quality of our underlying managers, | | We are confident that these measures, combined | since its inception. | and the depth of our portfolio. | with the actions already implemented during the year, position HVPE well for the period ahead. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 15 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 1 shareholders following the year-end , 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 Register here to join our distribution list 1 Post year-end figures are reported to 22 May 2026. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 16 Annual Report and Financial Statements 2026 ## Investment Manager’s Review ### 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 | regulatory oversight. Despite these destabilising | Private markets industry | | --- | --- | --- | | After a prolonged period of macroeconomic | influences, global M&A dealmaking expanded | Even though the mid-year disruption caused by | | uncertainty, global financial markets showed | rapidly in the second half of 2025, taking the total | the US government’s April 2025 tariff | 1 | signs of stabilisation during 2025. The easing | to $4.7 trillion | , 43% above 2024 and a level only | announcements had a temporary destabilising | | --- | --- | --- | --- | | cycle initiated by central banks gathered | surpassed by the record seen in 2021. | | impact, deal activity accelerated significantly | | momentum as inflation continued to moderate | | | during the second half of 2025, with private equity | | across major economies. Over the course of | Private market investors entered 2026 feeling | | exit value increasing by 50% over the prior year | 2 the year, interest rates were reduced in both the optimistic that the selective recovery of 2025 to $1.3 trillion , representing the second highest US and Europe, supporting an improvement in may broaden out across transaction sizes year after the peak seen in 2021. The growth financing conditions and investor confidence. and sectors, aided by an expectation of falling in exit activity was driven by a substantial increase While geopolitical tensions and policy uncertainty inflation and lower interest rates. However, fears in “megadeals”, which are deals worth over persisted, market sentiment improved as the surrounding the impact of AI on the business $1 billion. This is evident when looking at the year progressed, with equity markets delivering models of software companies weighed negatively increase in the number of exits in the year, strong returns. By the year-end, leading equity on investor sentiment, leading to a broad-based which grew substantially less than the increase 3 indices were trading at, or close to, historical software company sell-off in equity markets. This in value at only 6% . This increase in mega highs, reflecting renewed optimism around fear also penetrated the private credit market. cap transactions was fuelled by large-scale HVPE has demonstrated a growth prospects and the outlook for interest Several high-profile “semi-liquid” private credit consolidation due to a more accommodative rates. The growth in valuations in public markets funds experienced redemption requests in excess antitrust environment in the US coupled with a ## strong long‑term track record was mirrored selectively in private markets, of their quarterly limits, as investors responded decline in interest rates. Whilst the growth of exit of consistent compound predominantly in the mega cap and AI spaces. to growing concerns over the creditworthiness of activity in the smaller transaction space was more portfolio companies potentially threatened by AI. modest during 2025, the recovery of larger scale ## growth, with the closing NAV The strong performance of public equity markets Furthermore, the outbreak of the war in Iran led to transactions provides some signs for optimism per share of $59.40 having by year-end came depsite considerable volatility a spike in global energy prices and a re-emergence that other areas of the market may open up once in the interim. In April 2025, the announcement of of concerns over inflationary pressures and the uncertainty begins to abate. ## more than tripled over the new US trade tariffs introduced a renewed source potential for central banks to tighten monetary ## past ten years. of macroeconomic and geopolitical risk, triggering policy once again. a sharp public market sell-off and temporary | Richard Hickman | pause in global M&A activity. While equity markets | Looking forward to the remainder of 2026 it | | --- | --- | --- | | HarbourVest Partners Managing Director | recovered through the second half of the year as | appears that uncertainty will be a significant factor | | of HVPE | policy clarity improved and rate cuts resumed, | impacting the investment landscape once again. | | | elevated uncertainty continued to influence | This uncertainty is both at the macroeconomic | | | investor behaviour. At the same time, rapid | level, as the Middle East crisis continues to unfold | 1 Source: McKinsey & Company, “2026 M&A Trends”, advances in AI continued to attract significant and at the individual company level, as some February 2026 2 Source, Pitchbook, “2025 Annual Global PE First Look” investor interest, reflecting its potential to boost companies harness the power of AI wheras others January 6 2026 productivity while also raising concerns around see their business models threatened by it. 3 Source, Pitchbook, “2025 Annual Global PE First Look” the pace of technological development relative to January 6 2026 17 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information ## 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: ![img-1.jpeg](img-1.jpeg) ![img-2.jpeg](img-2.jpeg) ![img-3.jpeg](img-3.jpeg) ![img-4.jpeg](img-4.jpeg) Investment activity rebounded as markets recovered from the temporary tariff disruption, increasing by 32% over the prior year to $1.5 trillion¹. 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 2025², 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 summer³. 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 ever⁴. 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 2026 of $125 billion and $115 billion respectively⁵, 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 2024⁶. 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. 1 Source: PIF/Mlock as of December 31, 2025 2 Source: CNBC, OpenAI, OpenAI 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100 3 Source: Reuters, "Group 1: How to P2P, compare cap offerings to improve private equity market growth" 4 Source: NY Times, "Stock/Standard for Electronic Arts to Improve Market Value" 5 Source: Jefferex, "Global Secondary Market Review", January 2026 6 Source: Jefferex, "Global Secondary Market Review", January 2026 6 Source: Jefferex, "Global Secondary Market Review", January 2026 6 Source: Jefferex, "Global Secondary Market Review", January 2026 6 Source: Jefferex, "Global Secondary Market Review", January 2026 6 Source: Jefferex, "Global Secondary Market Review", January 2026 ![img-5.jpeg](img-5.jpeg) HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 18 Annual Report and Financial Statements 2026 ## Investment Manager’s Review continued Trends by region improved compared to prior years, exit value Private equity and venture activity across strategic divestments. Venture capital activity The recovery in private market activity accelerated remained reliant on a relatively small number of Asia-Pacific remained resilient in 2025, although across the region remained focused on later-stage further in 2025, although momentum and market transactions, underscoring the uneven nature of conditions varied significantly by country. Total opportunities, particularly in technology-enabled 6 dynamics continued to vary meaningfully the recovery. investment levels of $172 billion were broadly services, healthcare, and AI-related applications. by region. stable compared with the prior year, supported While near-term activity was periodically disrupted European private equity recorded a landmark year by continued strength in Japan and India, by geopolitical uncertainty and trade-related In the US, private equity activity strengthened in 2025, with deal activity reaching record levels alongside selective large transactions in China. volatility, the region’s long-term fundamentals 3 materially over the course of the year. Total deal of €645 billion as lower borrowing costs and India emerged as the region’s most active exit remain supportive. Rising disposable incomes, 1 improved macroeconomic visibility supported a market, underpinned by a robust domestic IPO expanding domestic capital markets, and ongoing value of $1.2 trillion exceeded $1 trillion for only the second time on record, supported by a resurgence in sponsor confidence. Buyout deal environment and strong participation from local technological adoption continue to create pronounced rebound in large-scale transactions values and volumes increased meaningfully, investors, while Japan continued to benefit from attractive opportunities for experienced managers and a more accommodative financing with megadeals once again accounting for a corporate reform and an increasing willingness with local presence and sector expertise. environment as interest rates moved lower. Exit substantial share of total activity, levels last seen among corporates to pursue carve-outs and activity also improved sharply, with total exit during the 2021–22 period. US investors played 2 an increasingly prominent role, particularly in value rising 90% on the prior year to $728 billion , driven by a combination of sponsor-to-sponsor larger transactions, reflecting Europe’s continued transactions, renewed strategic buyer appetite, attractiveness as a source of relative value and and a reopening of the IPO market. Public listings diversification. Exit activity in Europe showed | by PE- and VC-backed companies increased | clear signs of improvement, especially in the | | --- | --- | | in both number and value, although post-IPO | second half of the year, with total exit value | | performance remained mixed, reinforcing a | rising 10% on 2024 to €302 billion and holding | | continued preference among sponsors for | periods beginning to stabilise to 5.8 years, down | 4 selective and well-timed exits rather than from 6.6 years in 2024 , after several years of broad-based public market re-entry. Venture extension. However, despite this progress, exit capital activity remained highly concentrated, markets remained structurally constrained, with with capital flowing disproportionately to large, IPOs continuing to play a limited role relative to late-stage financings in sectors aligned with AI, sponsor-to-sponsor and secondary transactions. data infrastructure, fintech, and defence-related Fundraising slowed after two consecutive record 5 technologies. While overall venture liquidity years, falling by 45% year-on-year to €81 billion , reflecting weaker distributions and tighter capital conditions, with capital increasingly concentrated among established managers and middle-market 1 Source: Pitchbook, “2025 Annual US PE Breakdown, strategies attracting sustained investor interest. January 2026 2 Source: Pitchbook, “2025 Annual US PE Breakdown, Additionally, a lack of raising in the megafund January 2026 space (funds above €5 billion) also contributed 3 Source: Pitchbook, “2025 Annual European Breakdown”, to the slowdown in the year. 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 19 Annual Report and Financial Statements 2026 ## Investment Manager’s Report | A summary of HVPE’s year | As announced in April 2026 as one of the | This marked a significant milestone in the | | --- | --- | --- | | Distributions and announced secondary sale | shareholder initiatives, the HVPE Investment | Company’s transition to its new investment | | Whilst the PE industry saw a substantial pick- | Committee will introduce a formalised | model and reflects HVPE’s ongoing commitment | | up in exit volume, HVPE’s portfolio saw a more | twice-yearly liquidity review of HVPE’s portfolio. | to building a diversified global private equity | | modest increase in the year to January 2026. | This will have the objective of completing other | portfolio, with a balanced approach across | ## Similar to public equity This can be attributed to HVPE’s portfolio being similar transactions in the future, where such investment strategies, stages, and geographies. portfolios that should be transactions are expected to deliver a net benefit The underlying allocations for this commitment more heavily weighted to smaller companies which saw a lower increase in transaction volume to HVPE shareholders. consisted of primaries and direct co-investments ## diversified across large, globally than in the mega cap space. During the identified during the 2025 calendar year. The ## mid, small, growth and The first year of investing through benefits of the SMA include a reduction in year, portfolio realisations totalled $435 million, representing a 14% increase on the prior year and the SMA structure HVPE’s debt exposure over time as well as ## value stocks, private equity a realisation rate of 10% of the opening portfolio A $125 million commitment to the new SMA greater flexibility over investment pacing and ## portfolios need to be value. Although the realisation rate remained lower structure was made in August 2025. portfolio liquidity. ## diversified across managers, than the prior five-year average realisation rate of 15% of opening portfolio value, it is encouraging ## company size, investment that the second half of the year showed a marked ### HVPE’s simplified structure ## strategies, and other progression in the pace of realisations, with the $292 million received in the second half being over The diagram below shows HVPE’s SMA structure. ## key dimensions. double that of the amount realised in the first half ($142 million). John Toomey CEO, HarbourVest Partners In December 2025 we announced the sale of five HVPE Investment Committee member HarbourVest fund positions at a blended discount of 6% to the 30 June 2025 NAVs. This transaction | demonstrates HVPE’s proactive approach to | | | | 1 | | --- | --- | --- | --- | --- | | portfolio management and our commitment | | | | HVP SMA | | | 51% | 29% | 20% | | to delivering long-term value for shareholders. primary fund secondary HVP direct The proceeds from this secondary sale are due of funds fund of funds co‑investment funds 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 Primary Secondary ## 1,227 to protect value, and proved well-timed given a partnerships portfolios underlying funds degree of subsequent softening in secondary market pricing. 14,909 companies Companies (1,000+ material) HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 20 Annual Report and Financial Statements 2026 ## Investment Manager’s Report continued | NAV per Share at 31 January 2026 | Outlook | Looking ahead, geopolitical uncertainty will | is well-placed to benefit from a broad-based | | --- | --- | --- | --- | | | Looking ahead to the remainder of 2026, there | continue to be a key investor concern, with the full | recovery in exit activity across private markets. | | | are risks posed to private markets but also | first and second order effects of the Middle East | | | | potential opportunities, particularly for established | conflict yet to be felt. We believe that the benefits | A rise in exit activity would enhance liquidity, | | $59.40 | managers with long-term track records of | of the private equity model come into their own | supporting both share buybacks and the ability | | | investing through cycles. | during uncertain times. Taking a long-term view | to reinvest in compelling new opportunities. | 2025 $54.17 on investment allows managers to focus on Maintaining a disciplined approach to While public markets have reacted sharply to the the fundamental qualities of strong businesses reinvestment, while ensuring balanced exposure Share Price at 31 January 2026 perceived threat that AI may pose to incumbent and prioritise these against short-term across different vintage years, is essential for the software companies, we remain confident in fluctuations in market and macro conditions listed private equity sector’s capacity to deliver the resilience of the portfolio and in the depth that may weigh more heavily on the views long-term value to investors. Moreover, as private of experience of our underlying managers in of public market investors. market exits are typically achieved at robust ## £31.35 | | navigating periods of technological change. | | uplifts to GP valuation marks, increased exit | | --- | --- | --- | --- | | 2025: £27.60 | Based on the analytical work that we have carried | Market indicators during 2025 point to a measured | activity should help to address lingering concerns | | | out on our underlying software companies so | improvement in private markets conditions, | around valuations, which have contributed to | | | far, which account for 28% of our portfolio, we | providing some grounds for cautious optimism | the sustained wide discounts in the listed private | | | believe that very few of our underlying companies | as the industry looks ahead to 2026 and beyond. | equity sector in recent years. | A $250 million commitment to the SMA was are at a high risk of disruption from AI. Where Private capital activity across the US and Europe made in December 2025 with the intention that AI-related risks have been identified, these are showed signs of stabilisation over the year, with The nature of private markets investing this is allocated to underlying investments during primarily valuation-driven rather than operational capital increasingly directed towards larger, means that long-term performance is the the 2026 calendar year. This commitment will in nature. Risks to end-markets and day-to-day high-conviction transactions, particularly in AI and most appropriate measure of success. HVPE be invested in line with our medium-term goal trading performance are generally limited, due related infrastructure. While this concentration continues to demonstrate a strong long-term of moving the portfolio gradually towards our to the mission-critical nature of many portfolio reflects continued investor selectivity, it also track record, delivering a compound US dollar Strategic Asset Allocation (“SAA”). Following companies’ products and services, which typically highlights sustained demand for high-quality NAV return of 13.5% per annum over the ten the 2025 annual review of HVPE’s SAA targets, require high levels of accuracy and determinism assets in structurally attractive sub-sectors, which years ended 31 January 2026. Unlike public the Board approved two stage level changes and are deeply embedded within customers’ could broaden across private markets should equity markets, where returns have become recommended by the HVPE Investment operations, making switching providers both macroeconomic conditions moderate. increasingly concentrated in a small number of Committee which were to decrease the allocation costly and complex. large technology-focused companies, HVPE’s for InfRA and Credit from 15% to 12% and to There is also growing evidence that the prolonged performance has been driven by a highly increase the Buyout target from 55% to 58%. It is important to note that while the public market period of subdued transaction activity has helped diversified portfolio with exposure across a wide selloff was broad across all software companies, narrow the gap between buyers’ and sellers’ range of sectors, geographies and strategies, not all software will be disrupted by AI. We also valuation expectations. GPs of newer vintage reducing concentration risk at the individual see opportunities for incumbents to expand funds continue to hold significant levels of dry company level. This diversified approach has 1 | monetisation and enhance products as they | powder with levels at around $2.2 trillion | as at | supported resilient performance through varying | | --- | --- | --- | --- | | introduce more personalised and autonomous | 31 December 2025, while more mature fund | | market conditions. | | workflows. As an investor in venture/growth and | vintages are under increasing pressure to generate | | | | buyout, HVPE has exposure to companies looking | exits and return liquidity to limited partners with | | | | to disrupt industries by harnessing the power of AI | hold periods of portfolio companies extending | | | 1 Source: McKinsey & Company, “2026 M&A Trends”, 2 technology, so parts of our portfolio may be poised to six years . Taken together, these dynamics February 2026 2 Source: McKinsey & Company, “2026 M&A Trends”, to benefit from this dynamic, helping to offset any could help catalyse an uplift in private market exit February 2026 challenges in other areas. activity. If this occurs, we believe the portfolio HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 21 Annual Report and Financial Statements 2026 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 Governance Financial StatementsStrategic Report Other information ## 22 Annual Report and Financial Statements 2026 ## Investment Manager’s Report continued ### NAV per Share – 12 months to ### January 2026 1 ### Fund movement – NAV per Share at 31 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 2.75 1.35 same period. Over the long term, HVPE’s NAV per share return (0.32) has been strong. The 31 January 2026 figure (0.32) 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 (0.80) the respective figure ten years earlier (31 January 2016: $16.75). As a reminder, these figures are net of all fees and costs. 0.30 0.33 0.66 59.40 HVPE remains well diversified by sector, which 0.34 we believe is key to achieving consistently strong returns from a private markets portfolio. As at 0.45 31 January 2026, no single company represented 0.49 more than 1.6% of the Investment Portfolio value (31 January 2025: 2.2%), helping to 54.17 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%). | NAV per Share | HIPEP | Fund XI | Dover Street | | Fund XII | Fund X | | Other | Management | | | Performance | | | Net Operating | | Foreign | Share | NAV per Share | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | at 31 Jan 2025 | IX | Venture | | XI | Buyout | Venture | HarbourVest | | | Fees | 3 | | Fees | 4 | Expenses | 5 | Currency | Buyback | at 31 Jan 2026 | | | | | | | | | Managed Vehicles | | 2 | | | | | | | | | | | Gross Realised Gain/Value Change 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). HarbourVest Global Private Equity HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 23 23 Annual Report and Financial Statements 2026 Annual Report and Financial Statements 2026 | The portfolio delivered value growth of 10.0% | | fund is in its growth phase. The increase came | Distributions were weighted towards the second | Further details are provided on these eight below | | | --- | --- | --- | --- | --- | --- | | over the 12 months. The primary portfolio was | | predominately from unrealised gains. | half of the year as exit activity accelerated, with | (ordered by size of distribution). The top ten | | | the best performing strategy in percentage terms, | • Dover Street XI, a global multi-stage secondary | | $292 million being received compared with | distributions by value are listed on page 33. | | | delivering value growth of 12.2% over the 12 | | fund, was the third-largest contributor, adding | $143 million in the first half. | | | | months. This compared with growth of 8.1% for | | $0.34 to NAV per share. With a vintage year | | • Froneri is an ice cream and frozen food | | | secondaries and 7.4% for direct co-investments. | | of 2022, this fund is in its investment phase. | The largest HarbourVest fund capital calls and | | manufacturer in Europe. Froneri was HVPE’s | | Geographically, North America, Europe and Asia | | The increase came predominantly from | distributions over the reporting period are set out | | 7th-largest company at 31 January 2025 and | | categories all saw growth at 8.2%, 18.3% and 6.6% | | unrealised gains. | in the tables on the next page. | | generated proceeds of $23.8 million following | | respectively, while the Rest of the World saw a | • Fund XII Buyout, a US-focused buyout fund of | | | | a secondary transaction in which PAI Partners | | decline (-2.0%). Looking at stages, the Mezzanine | | funds, was the fourth-largest contributor over | The top ten HarbourVest fund calls in aggregate | | rolled its stake into a newly established | | and InfRA portfolio was the strongest performer, | | the reporting period, adding $0.33 to NAV per | accounted for $314 million (82%) of the total | | single-asset continuation vehicle alongside | | growing 14.4% in the 12 months ended 31 January | | share. With a vintage year of 2021, this fund | calls and came from a broad mix of funds. The | | new institutional co-investors. | | 2026. Buyout and Venture & Growth Equity stage | | is in its growth phase. This increase came | majority of total calls by value (73%) were into | • Scale AI, Inc. is a developer of a data-oriented | | | assets also grew, recording gains of 8.8% and | | predominantly from unrealised gains. | primary opportunities. | | platform intended to provide training and | | 11.5% respectively. | • Fund X Venture, a US-focused venture fund of | | | | validation data for AI applications. Scale was | | | | funds, was the next largest contributor over | The top ten HarbourVest fund distributions totalled | | HVPE’s 12th-largest company at 31 January | | As at 31 January 2026, HVPE held investments | | the reporting period, adding $0.30 to NAV per | $217 million, or 50% of the total proceeds received | | 2025 and generated proceeds of $19.7 million | | in 61 HarbourVest funds and 16 secondary | | share. With a vintage year of 2015, this fund | in the period. Distributions by value were split | | following a large strategic minority investment | 1 | co-investments | | (compared with 61 and 16 | | is in its mature phase. This increase came | between primary investments (70%) and direct | | by Meta Platforms. | | --- | --- | --- | --- | --- | --- | --- | --- | | respectively at 31 January 2025) in addition to | | | | predominantly from realised gains. | co-investments (18%), with the remainder coming | • AssuredPartners is an insurance brokerage | | | investments held in the SMA vehicle which was | | | | | from secondary investments. | | serving middle-market clients across the | | formed during the year. Of the HarbourVest fund | | | All of the remaining HarbourVest funds in the | | | | United States and the United Kingdom. | | investments, the largest fund contributors to | | | portfolio together contributed to an aggregate | | The HarbourVest fund-level borrowing as at | | AssuredPartners was HVPE’s 21st-largest | | NAV per share movement in absolute terms | | | $2.75 increase to HVPE’s NAV per share over | | 31 January 2026 is reported in Managing the | | company at 31 January 2025 and generated | | during the 12 months to 31 January 2026 are | | | the year. | | Balance Sheet on page 38. | | proceeds of $14.4 million following the | | described below: | | | | | | | trade sale of the company to Arthur J. | | | | | Portfolio cash flows and balance sheet | | Portfolio companies | | Gallagher & Co. | | • HIPEP IX, an international multi-strategy fund | | | In the 12 months to 31 January 2026, HVPE | | During the year, the ten largest individual company | | | | | of funds, was the largest contributor to NAV | | received cash distributions of $435 million | | realisations generated total distributions of | | | | | per share, adding $0.49 over the reporting | | (12 months to 31 January 2025: $382 million) | | $124 million, accounting for approximately 28% | | | | | period. With a vintage year of 2020, this fund | | while funding capital calls of $381 million for new | | of all proceeds received. Of these ten companies, | | | | | is in its growth phase. The increase came | | investments (12 months to 31 January 2025: | | eight were disclosed in HVPE’s top 100 portfolio | | | | | predominately from unrealised gains. | | $443 million). The result was net cash flow of | | companies as at the end of the prior financial year. | | | | • Fund XI Venture, a US-focused venture fund | | | $54 million over the reporting period (12 months | | | | | | | of funds, was the second-largest contributor | | to 31 January 2025: negative $61 million). The | | | | | | | over the reporting period, adding $0.45 to NAV | | impact of the portfolio cash flow on the balance | | | | | | | per share. With a vintage year of 2018, this | | 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 24 Annual Report and Financial Statements 2026 ## Investment Manager’s Report continued • CSL Dualcom is a UK-based provider of Top five HarbourVest Fund and SMA calls mission-critical connectivity solutions for security, life-safety and IoT applications. CSL HarbourVest Fund Name Vintage Year Description Called Amount Dualcom was HVPE’s 43rd-largest company ## at 31 January 2025 and generated proceeds of Dover Street XI 2022 Global multi-stage secondary fund $65.0m $11.2 million following the transfer of ownership into a continuation vehicle led by ECI Partners ## HIPEP IX Partnership 2020 International multi-strategy fund of funds $58.2m and new institutional investors. • Consumer Cellular is a US wireless service provider focused primarily on the over-50s ## Asia Pacific 5 2021 Asia-pacific-focused multi-strategy fund of funds $48.0m demographic. Consumer Cellular was HVPE’s 47th-largest company at 31 January 2025 and generated proceeds of $10.8 million following SMA 2025 tranche 2025 2025 vintage SMA investments ## $25.9m a continuation vehicle transaction by the manager, GTCR. ## • Action Nederland is a European non-food Fund XII Buyout 2021 US-focused buyout fund of funds $24.8m 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 Top five HarbourVest Fund and SMA distributions $9.4 million relating to ongoing distributions to HarbourVest Fund Name Vintage Year Description Distributed Amount shareholders from the business’ strong cash generation. The company is still one of HVPE’s ## Co-Investment V 2018 Global direct co-investment fund $36.6m most significant holdings and is the 7th-largest company in the portfolio at 31 January 2026. • ByteDance is a global technology company ## Fund X Buyout 2015 US-focused buyout fund of funds $29.9m best known for the TikTok platform. ByteDance was HVPE’s 17th-largest company at 31 January 2025 and generated proceeds Fund IX Venture 2011 US-focused venture fund of funds ## $22.3m of $8.6 million following the sale of its US operations to a consortium of ## American investors. HIPEP VII Partnership 2014 International multi-strategy fund of funds $21.3m • Qlik Technologies is a data integration, analytics and AI software provider. Qlik ## Fund X Venture 2015 US-focused venture fund of funds $20.3m 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 Global Private Equity Governance Financial StatementsStrategic Report Other information ## 25 Annual Report and Financial Statements 2026 ### M&A transactions and IPOs IPOs. IPOs tend to represent a relatively small Top five M&A transactions in the 12 months ended 31 January 2026 | During the 12 months ended 31 January | proportion of exits for HVPE, consistent with wider | | 2 | | --- | --- | --- | --- | | | | (by contribution to HVPE NAV per share | ) | | 2026, there were a total of 537 known M&A | industry trends. | | | transactions and IPOs, an 8% increase on the | 496 total transactions reported in the 12 months | There was a slight weighting towards venture | Calpine Corporation Other Utilities | +$0.13 | | --- | --- | --- | --- | | to 31 January 2025. Within HVPE’s portfolio, we | transactions where, of HVPE’s total 467 known | | | | have seen positive news flow in recent months | M&A transactions and IPOs, 216, or 46%, related | | | | | | IFS AB Buyout Information Technology | +$0.09 | | that companies such as SpaceX, Revolut | to buyout-backed companies with the other 251, | | | | and Databricks are considering IPOs, which | or 54%, relating to venture-backed companies. | | | | is an encouraging sign that we could see an | Over the period, the weighted average uplift to | | | | | | Acumatica Buyout Information Technology | +$0.05 | | improvement in exit activity in 2026 and beyond. | pre-transaction carrying value for a large sample | | | 1 of transactions was 22% . Of these 537 known transactions, 87% (467) Scale AI, Inc. Venture Information Technology ## +$0.04 were M&A (trade sales or sponsor-to-sponsor The top five M&A and IPO transactions during the transactions), with the remaining 13% (70) being period (by contribution to HVPE NAV per share) ## are listed below. Tendam Retail, S.A. Buyout Consumer Discretionary +$0.04 Top five IPOs in the 12 months ended 31 January 2026 Breakdown of known M&A transactions and IPOs 2 (by contribution to HVPE NAV per share ) (by quarter end) | | | | | Figure Technologies Inc, Venture Financials | +$0.14 | | --- | --- | --- | --- | --- | --- | | Quarter 01 | Quarter 02 | Quarter 03 | Quarter 04 | | | | | | | | Medline Industries Inc. Buyout Health Care | +$0.08 | Total 537 ## Firefly Aerospace Buyout Industrials +$0.04 Breakdown of known M&A transactions and IPOs ## Figma, Inc. Venture Information Technology +$0.04 (by count) ## Circle Internet Financial Ltd. Venture Financials +$0.04 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 M&A IPO 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 Buyout M&A – 40%   Venture M&A – 47%   Buyout IPO – 4%   Venture IPO – 9% not necessarily indicative of future returns. ## 125 143 108 161 2 As measured since the announcement of the transaction or IPO filing. 87% 13% HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 26 Annual Report and Financial Statements 2026 ## Investment Manager’s Report continued ## 1 ## Diversification at 31 January 2026 Geography Stage Strategy North America Europe Asia Buyout Venture and Buyout Seco ndary Direct Growth Equity Co-investment Actual Actual Actual North America 62% Buyout 60% Primary 51% Europe 22% Venture and Growth Equity 32% Secondary 29% Asia 15% Rest of World 1% Mezzanine, Infrastructure & Real Assets 8% Direct Co-investment 20% Phase Industry Currency 3% 1% 15% 4% 1% 35% 35% 3% 10% 12% 11% 83% 14% 50% 11% 12% 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 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. ## 62% 51% 60% 29% 32% 22% 20% 15% ## 62% 30% Buyout Venture and Growth Equity HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 27 Annual Report and Financial Statements 2026 ## Innovative technology 12.5% SaaS 0.3% Process Automation 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 10.8% Systems Software types of company in each sub-category, is shown below: i o n a t l i s t a i i g D 1.0% Virtual Reality (“VR”) C 12.6% l o u d T e c | | | s | | h | | | | --- | --- | --- | --- | --- | --- | --- | | | | e i | | a | | | | | | g | | | n | | | | w | o | | | d | | | 1.5% Quantum Technologies | e l | | | | | 18.8% Application Software | | | o | | | | D | | | | N n | 12.0% | | | | | | | | | 33.1% | | e | | | | h | | | | v | | | | c | | | | O | | e T p s Venture 2.9% Autonomous Cars & Growth B innovative i o technology t e 1.9% Robotics and Drones c 12.1% h n o 3.5% CloudTech and DevOps Services l o g y 4.4% Space Technology 30.2% A I D a t a 0.6% Other Biotech Services & B i g 1 28.8% AI and Machine Learning 2.6% Pharma 1.5% Big Data 8.9% Biotech R&D 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 28 Annual Report and Financial Statements 2026 ## Value creation cycle ### Commitment phase The first phase at which the Investment ## Value creation Manager and the Board consider making new commitments to the portfolio. ## cycle ## $375m commitments made to the HarbourVest SMA ### Investment phase ### Investing in private markets requires a in the 12 months to 31 January 2026. The second phase, where the ### considered, long‑term approach. HVPE HarbourVest Managed Vehicles invest HVPE’s commitments. ### provides a complete solution for public ## 02 ### investors by managing the portfolio through ## $381m ## 01 ### four phases of the cycle: Commitment, invested into HarbourVest Managed Vehicles in the 12 months to 31 January 2026. ### Investment, Growth, and Mature. Value The value creation cycle describes the movements during creation the year ended 31 January 2026, during which time all new cycle 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 mature phase during years seven to ten. SMA investments are The fourth phase, where underlying ## expected to have a shorter investment phase as all commitments 03 managers are realising investments. are allocated to underlying partnerships or deployed within one year. The growth and mature phases of SMA investments ## 04 are expected to be of similar duration to those of the ## $435m HarbourVest Funds. ### in proceeds received from HarbourVest Growth phase funds in the 12 months to 31 January 2026. 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. Click to read more about How we do it HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 29 Annual Report and Financial Statements 2026 ## Commitment phase 01 ### 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 0% Years 1 2 3 4 5 6 7 8 9 10 Capital Calls Distributions Cumulative Net Cash Flow Distributions: Cash flows back to investors Capital is called from investors Investors commit capital Indication of fund performance over a period of time ### Contributing factors Time private equity portfolios Fees and expenses on Underperformers within the Gains usually come in the later can take several years to reach committed capital generally portfolio can occur in the years as companies mature their investment targets cause a negative return early early years, creating further and increase in value and in a fund’s life negative performance are sold HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 30 Annual Report and Financial Statements 2026 ## Value creation cycle continued ## Commitment phase continued 01 1 ### Allocated and Unallocated Investment Pipeline Projected timeline for capital calls from total 2026 annual ### Investment Pipeline SMA tranche In order to reflect the differences in expected The graph below details the projected timeline of the anticipated capital calls from HVPE’s Investment ### drawdown periods appropriately, the Company ($250 million 7% Pipeline, taken from the low case scenario. For more details on cash flows and modelling, please refer to 23% divides its Investment Pipeline of unfunded page 37. Of the $2.4 billion included in the investment pipeline, we expect to fund $587 million in the next 12 committed) commitments into two categories: months (24% of the investment pipeline) and $1.3 billion over the next three years (54% of the investment 11% pipeline). For further details on sources of liquidity and coverage, please see the Medium-term Coverage A $250 million commitment – “Allocated” – Unfunded commitments Ratio on page 40. to the SMA was made in ## $2.4bn (Investment Pipeline) which have been December 2025 with the allocated by HarbourVest Managed Vehicles to 1 Anticipated capital calls per financial year ($m) 23% intention that this is allocated underlying partnerships. to underlying investments – “Unallocated” – Unfunded commitments during the 2026 calendar 36% 587 (Investment Pipeline) which have yet to be year. The allocation strategy allocated by HarbourVest Managed Vehicles to 500 for this commitment underlying partnerships and therefore cannot 400 407 includes 49% to primary be drawn down in the short term. 322 investments, 18% each to 300 | Unallocated ($1,886m) | | | | 232 | | | | | secondary investments and | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Allocated ($563m) | | Note: All of the Company’s commitments to HarbourVest | 200 | | | | | | | | | | | | | 144 | | | | co-investments, and 8% | | (Years since allocation made) | | direct co-investment and secondary funds are classified as | | | | | | | | | | | | 100 | | | | | | each to infrastructure and | | | | “allocated” commitments because their drawdown profiles | | | | 58 | | | | | 1‑3 years | 7‑10 years | | | | | | 31 | 15 | | credit. Stage allocation will 4‑6 years >10 years are closer to those of third-party funds. 0 be 70% to buyout and 30% to Jan 33 Jan 34Jan 32Jan 31Jan 30Jan 29Jan 28Jan 27 venture/growth opportunities. Geographically, the allocation is 60% to North America, 24% ### Commitments made to HarbourVest Managed Vehicles in the 12 months to 31 January 2026 to Europe, and 16% to Asia. (in order of the size of the commitment) Annual SMA 2026 tranche Annual SMA 2025 tranche* Total Committed ## $375m ## (12 Months to 31 January 2025: $415m $250m commitments to HarbourVest funds) ## $250m $125m *$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. 600 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 31 Annual Report and Financial Statements 2026 ## Investment phase 02 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. $4.7m ### Dover Street XI $4.8m ### ($65 million call) $5.1m Dover Street XI was HVPE’s $5.5m largest source of capital $5.8m calls in the 12 months to $6.0m 31 January 2026 $6.4m Dover Street XI is a 2022-vintage fund and provides a turnkey $6.6m investment solution for $8.1m investors seeking diversified exposure to the global private $10.7m equity secondary market. The fund leverages HarbourVest’s global platform, long-standing General Partner relationships and differentiated information ### Top ten primary managers by amount invested ($m) access to build a diversified portfolio of mature private equity assets across buyout, growth %12 %12 %12 %12 %12 %12 %12 %12 %12 %12 and venture strategies. Dover Index Ventures – Venture/Growth – Europe Street XI focuses on secondary investments, with an emphasis Sterling Investment Partners Management, L.L.C. – Buyout – North America on complex GP-led and LP-led Five V Capital – Buyout – Asia transactions, complemented by traditional secondary Symphony Technology Group – Buyout – North America opportunities. The portfolio is diversified by geography, sector, Accel – Venture/Growth – North America vintage year and manager, with individual transaction Incline Equity Management – Buyout – North America sizes typically ranging from Battery Ventures – Venture/Growth – North America approximately $150 million to $400 million. HongShan (formerly Sequoia Capital China) – Venture/Growth – Asia Pemba Capital Partners – Buyout – Asia Call Novacap Investments Inc. – Buyout – North America ## $65m HarbourVest Global Private Equity HarbourVest Global Private Equity Strategic Report Governance Financial Statements Other information Governance Financial StatementsStrategic Report Other information ## 32 Annual Report and Financial Statements 2026 Annual Report and Financial Statements 2026 ## Value creation cycle continued ## 1 ## Growth phase 03 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 Growth by geography Growth by strategy A breakdown by sub-sector for each stage: A breakdown by sub-sector for each region: A breakdown by sub-sector for each strategy: HIPEP IX – ### Largest gain ($35 2 ### million gain) +14.4% +18.3% HIPEP IX was HVPE’s largest fund gain in +12.2% the 12 months to +11.5% +8.2% 31 January 2026. +8.1% +8.8% +6.6% +7.4% Gain -2.0% Closing NAV Performance Closing NAV Performance Closing NAV Performance ## $35m | Large Buyout 17.1% +8.3% | US Buyout 37.4% +5.9% | Asia Primary 7.3% +11.8% | | | --- | --- | --- | --- | | Med Buyout 26.5% +8.5% | US Venture 18.6% +12.9% | Rest of World Primary 0.8% +1.5% | | | Small Buyout 16.8% +9.6% | US Other 5.5% +9.9% | Europe Primary 10.9% +20.5% | | | Total Buyout 60.4% +8.8% | Total North America 61.5% +8.2% | US Primary 31.8% +10.0% | | | Early Venture 10.9% +13.1% | Europe Buyout 15.8% +16.9% | Total Primary 50.8% +12.2% | | | Balanced Venture 6.6% +21.7% | Europe Venture 4.7% +21.2% | Asia Secondary 4.6% -0.6% | | | Growth Equity 14.1% +5.9% | Europe Other 1.9% +24.3% | Rest of World Secondary 0.3% +11.3% | | | Total Venture 31.6% +11.5% | Total Europe 22.4% +18.3% | Europe Secondary 6.2% +15.6% | | | Credit 3.0% +5.9% | Asia Buyout 6.1% +8.6% | US Secondary 17.9% +7.8% | 1 Note that the net gain of $392 million | is at the fund level and net of all Infra 5.0% +20.7% Asia Venture 8.0% +3.4% Total Secondary 29.1% +8.1% management fees and carry charged Other 0.0% +26.2% Asia Other 0.6% +36.0% Asia Direct 2.8% +6.5% by underlying GPs and HarbourVest, Total Other 8.0% +14.4% Total Asia 14.7% +6.6% Rest of World Direct 0.2% -28.6% while the percentage gains are at the underlying partnership level and are Total Portfolio 100.0% +10.0% Total Rest of World 1.4% -2.0% Europe Direct 5.2% +17.3% net of GP fees and carry, gross of Total Portfolio 100.0% +10.0% US Direct 11.9% +4.1% HarbourVest fees and carry. 2 Gross of management fees, carried Total Direct 20.1% +7.4% interest and other expenses related to Total Portfolio 100.0% +10.0% the fund. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 33 Annual Report and Financial Statements 2026 ## Mature phase 04 ### 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 ### HarbourVest Partners Q4 2025 private transaction – proceeds received ### Froneri Limited Co-Investment V ## from full realisation $23.8m Co-Investment V was HVPE’s Q2 2025 M&A transaction – proceeds received largest fund distribution in the 12 Scale AI, Inc. ## from partial realisation $19.7m months to 31 January 2026. Q3 2025 M&A transaction – proceeds received Co-Investment V is a fund that invests AssuredPartners, LLC ## from full realisation $14.4m in a diversified global portfolio of direct co-investments in buyout, growth equity, and other private market transactions Q4 2025 private transaction – proceeds received CSL Dualcom alongside top-tier private markets ## from partial realisation $11.2m managers. Co-Investment V offers a portfolio of co-investments diversified Q2 2025 private transaction – proceeds received by lead manager, industry, stage, and Consumer Cellular ## from full realisation $10.8m geography, utilising HarbourVest’s repeatable process to access and create compelling opportunities. Q2 2025 private transaction – proceeds received Undisclosed 2 ## from full realisation $10.4m Distribution Q3 2025 private transaction – proceeds received Action Nederland BV ## from partial realisation $9.4m ## $37m Q4 2025 private transaction – proceeds received ByteDance Technology Co. ## from partial realisation $8.6m 1 This amount represents HVPE’s share of the distributed value from primary, secondary, and Q2 2025 M&A transaction – proceeds received Qlik Technologies, Inc. direct co-investment realisations received during ## from full realisation $7.9m the financial period. It does not represent the net distribution received by HVPE from the HarbourVest Q2 202 M&A transaction – proceeds received funds. Past performance is not necessarily Acumatica, Inc. ## from full realisation $7.6m indicative of future returns.2 Holding cannot be disclosed due to confidentiality agreement in place. 34 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information 5 # Recent Events ![img-6.jpeg](img-6.jpeg) # 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 (±0.5%) 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-report/estimated-monthly-risks. # 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 # 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 70,120,908. As at 22 May 2026, the Distribution Pool balance was $191 million. ![img-7.jpeg](img-7.jpeg) ![img-8.jpeg](img-8.jpeg) # Share price since 31 January 2026 The closing price of £30.75 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 4.5% 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 35 Annual Report and Financial Statements 2026 1 ## KPIs 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. ### NAV per Share Return Total Shareholder Return Balance Sheet Strength Liquidity in the Shares ### (1 year and 10 years) (1 year and 10 years) (Daily Trading Volume) HVPE seeks to achieve growth in NAV per share The key measure of HVPE’s performance is the total The Board and the Investment Manager actively monitor Current and prospective shareholders place a high value materially ahead of public markets over the long term, return experienced by its shareholders. While NAV HVPE’s balance sheet by means of a set of key ratios, on liquidity as it provides reassurance that there is a ready as defined by the FTSE All-World Total Return (“FTSE per share is the major value driver, the level of any with a view to maintaining a robust financial position market in the shares should they wish to manage their AW TR”) Index in US dollars. The FTSE AW TR is a global premium or discount to NAV at which HVPE’s shares under all plausible forecast scenarios. position. The Board and the Investment Manager monitor equity index with geographical weightings comparable trade is also a key factor for shareholders. liquidity on a regular basis using the daily mean. to HVPE’s portfolio. Please refer to the Alternative Please see “Managing the balance sheet” on page 40 for Performance Measures on pages 127 to 128 for details of more details on the ratios and page 23 of the Investment Daily liquidity, measured by mean daily trading volume, performance calculations. Manager’s Report for more detail on the net portfolio decreased over the period. The fall in trading volume was cash flow. seen as the share price stabilised following the market disruption caused by the April 2025 US government tariff A. Absolute performance (US dollar) [APM] announcement before increasing to a new record high as 1 year to 31 January: the year progressed. | 2026 | | $59.40 (+9.7%) | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | Absolute performance (sterling) [APM] | | | 5 | | 2025 | $54.17 (+7.3%) | | | A. Total Commitment Ratio [APM] | A. Change in mean daily trading volume | | 1 year to 31 January: | 2024 | $50.47 (+4.0%) | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 2026 | 104,826 (-25.5%) | | | 2023 | $48.52 (-1.2%) | | | | | | | | | | | | 2025 | | £27.60 (+19.2%) | 2025 | 170% | 2025 | | 140,687 (+29.7%) | | | | 2024 | £23.15 (+4.8%) | | 2024 | 167% | 2024 | 108,438 (-7.3%) | | 2 B. Relative performance vs FTSE AW TR [APM] 2023 £22.10 (-20 .4%) 2023 167% 2023 116,939 (-24.0%) 1 year to 31 January: | (-13.2%) | 2026 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 10 years to 31 January 2026: | | 4 | | | | | | | B. Net portfolio cash flow | [APM] | | | | (-13.7%) | 2025 | | | | | | | (-11.3%) | 2024 | | | | $54m | 2026 | ## +260% 2023 +6.1% $(61)m 2025 10 years to 31 January 2025: +227% $(283)m 2024 3 C. 10 years to 31 January (total return) $(56)m 2023 | 2025 | 242% | | | --- | --- | --- | | 2024 | 251% | | | 2023 | | 289% | D. 10-year relative outperformance (annualised) 3 to 31 January 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 2025 2.7% most relevant period for assessment. 4 Cash distributions from private equity investments ($435 million) minus cash contributions to private equity investments ($381 million). 2024 4.3% Please refer to the Consolidated Statements of Cash Flows on page 103. 2023 5.7% 5 Includes trading volume for both tickers, HVPE and HVPD. Historical years have been trued up to this effect. 2026 2026 2026 0.1% 255% 168% 2026 £31.35 (+13.6%) HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 36 Annual Report and Financial Statements 2026 ## Managing the balance sheet ## Managing the balance sheet ### Effective and prudent balance The importance of the credit facility a proportion of cash distributions will be used to HVPE makes commitments to HarbourVest fund capital returns to shareholders through the ### sheet management is critical when Key Definitions Managed Vehicles, which typically call capital Distribution Pool mechanism. At times, however, ### running a closed‑ended vehicle Capital call – A request made by the over a period of several years. This long-duration capital calls and shareholder capital returns will ### investing into a portfolio of private HarbourVest Managed Vehicle or General cash flow profile necessitates a large pipeline of exceed distributions, potentially by a meaningful Partner for a portion of the capital market funds with varying cash flow unfunded commitments in order to ensure that amount, and it may be necessary to draw on the committed by a Limited Partner. profiles. This is particularly true for the Company remains approximately fully invested credit facility to fund the difference. ### a company such as HVPE which over time – this is known as an over-commitment Capital distribution – The payment strategy and is critical to optimising long-term NAV A subsequent year may see the reverse situation, ### has historically maintained a large of cash by the HarbourVest Managed per share growth. In most years, the capital called with net positive cash flow used to repay the ### pipeline of unfunded commitments Vehicle or General Partner to a Limited from HVPE by the HarbourVest Managed Vehicles borrowing. In this way, the credit facility acts as Partner following a portfolio company ### (the “Investment Pipeline”), which is a working capital buffer and enables HVPE to is taken from the cash distributions flowing from liquidity event. | the amount of capital committed to | liquidity events within the portfolio. In addition, | manage its commitments to the level required in | | --- | --- | --- | | underlying HarbourVest Managed | | order to optimise returns through the cycle. | | Vehicles, but not yet drawn down | Calls and distributions since inception, annual to 31 January ($m) | | ### for investments. This section aims to outline HVPE’s approach to managing its balance sheet and explain the steps 532 it takes to ensure that the Company is sufficiently 435 405 363 382 356 resourced in preparation for periods of significant 307 308 310 290 257 251 market stress. 204 181 137 83 48 52 The chart on the right shows the gross and net cash flows in US dollar terms since inception. 835 (74) | This reflects the cash flow cycles that our balance | (97) | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | (128) | (141) | | | | | | | | | | | | | | | | | | (163) | (162) | | | | | | | | sheet management is designed to accommodate. | | | | | (199) | | | (211) | | | | | | | | | | | (251) | | | | | (270) | | | | | | | | | | | | | | | | (313) | | (324) | | | | | | | | | | | | | | (396) | | (381) | ### Move to the SMA structure | | (431) | | | | (443) | | --- | --- | --- | --- | --- | --- | | The year ended 31 January 2026 marked the first | | (515) | | | | | | | | (5 88) | (593) | | one in which HVPE began committing capital via the SMA structure, with the first commitment to 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 the SMA being made in August 2025. 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) HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 37 Annual Report and Financial Statements 2026 The Board is conscious of the need to ensure that increasing the credit facility drawn balance to Since July 2022, HVPE’s cash flow has been the credit facility is always of a size and duration $570 million. This left HVPE with $630 million negative, with capital calls exceeding distributions ### Key definitions appropriate to HVPE’s needs. In June 2024, remaining of its credit facility as at 31 January up until January 2025. Whilst the situation Committed capital – The capital a Limited HVPE secured a new larger credit line to provide 2026. The cash balance at 31 January 2026 improved in the year ended 31 January 2026, Partner has agreed to contribute to a fund an enhanced level of support for its balance was $123 million, which was in line with the prior with the net portfolio cashflow turning positive across its lifespan. sheet, reflecting the strong growth in HVPE’s net year figure. This resulted in a net debt position for the first time since January 2022 with a assets to $4.0 billion at the time the agreement of $447 million (10% geared) at 31 January 2026, $54 million net cash inflow, HVPE’s total cashflow Investment Pipeline (or unfunded was finalised. This restored the credit facility to up from $357 million (9% geared) as at remained negative due to the impact of non- commitments) – Total commitments a size equivalent to approximately 30% of NAV, 31 January 2025. portfolio outflows (primarily operating to HarbourVest funds, which are to comparable to 2015-2019 levels. This new expenses and buybacks). be prospectively called or invested by $1.2 billion multi-currency credit facility (increased Further detail on how we stress test the balance an underlying General Partner. This is from $800 million), added Ares Management sheet can be found later on in this section. Initially, the shortfall was met from the cash comprised of allocated investments Credit funds and Apollo-managed funds as new surplus accumulated through 2021 and early and unallocated investments. | syndicate members to join the two existing | Understanding HVPE’s Investment | 2022. In the first half of 2023, the cash balance fell | | --- | --- | --- | | lenders, Mitsubishi UFJ Trust and Banking | Pipeline (unfunded commitments) | below our approved agreed minimum level and we | | Corporation (“MUTB”) and The Guardians of New | At 31 January 2026, HVPE’s total pipeline of | subsequently drew on our credit facility. Periods of | | Zealand Superannuation, with the new syndicate | unfunded commitments – commitments to | negative cash flow do occur from time to time and | We continue to assess the credit facility to ensure demonstrating their confidence in HVPE’s HarbourVest Managed Vehicles which have yet to are factored into our cash flow projections. Prior that its size and cost remain proportionate to the portfolio and business model. The facility has a be called – stood at $2.5 billion. This total pipeline periods of negative cash flow have been relatively benefits that it brings to HVPE. five-year term, expiring in June 2029. In November comprised “allocated” investments of $1.9 billion brief, but nevertheless we do plan for extended 2024 MUTB, which has supported HVPE as a and “unallocated” investments of $0.6 billion. periods of weak distributions combined with ### Cash flows, modelling and stress testing major lender since 2019, syndicated $100 million “Allocated” refers to the portion of commitments normal or elevated capital calls. ### the balance sheet of HVPE’s Credit Facility to Nomura Corporate which have been allocated by HarbourVest Cash flows from individual private equity Funding Americas, LLC. The Board and Investment Managed Vehicles to underlying partnerships. We cannot be sure that previous patterns will be investments can be irregular and unpredictable, Manager are confident that this revised facility “Unallocated” commitments are those which repeated and must consider the possibility that and as a result, monitoring these is a complex provides sufficient headroom for HVPE’s existing have yet to be allocated by HarbourVest Managed capital calls could remain elevated even during a and time-consuming task for investors in multiple and planned commitments over the period. Vehicles to underlying partnerships, and therefore period of suppressed distribution activity. A large funds such as HVPE. When managing a closed- cannot be drawn down in the short term. It is credit facility committed for an extended period, ended vehicle that makes significant, irrevocable In the 12 months to 31 January 2026, HVPE important to note that, of the allocated pipeline, provides reassurance that the Company would be commitments to underlying funds, effective cash received cash distributions of $435 million while approximately 61% of commitments are to able to remain operational under such conditions, flow modelling is essential, first to ensure that funding capital calls of $381 million for new primary funds, which have a longer drawdown with the additional flexibility to continue to take the Company has sufficient capital available to investments. The result was net portfolio cash profile, whilst secondary and direct co-investment advantage of attractive investment opportunities honour its existing commitments, and second inflow of $54 million over the reporting period. funds represent approximately 24% and 14%, as they arise. HVPE’s credit facility enabled it to to inform the decisions it makes around future However, there were non-portfolio net cash respectively. Further detail on this, including be a net investor through the period 2008 to 2011, commitment levels. outflows of $144 million, primarily related to the age breakdown of the allocated pipeline, is which has helped the Company to deliver very buybacks ($88 million) and operating expenses provided on page 30. attractive long-term returns for shareholders. ($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, HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 38 Annual Report and Financial Statements 2026 ## Managing the balance sheet continued The Investment Manager builds a bottom-up Distribution Pool Policy The HVPE team monitors the HVP fund-level specific projects. The bridging finance, should it forecast based on an aggregation of individual Since 1 February 2024, a proportion of the cash borrowing in absolute terms, and as a percentage be repaid in full or in part, will result in capital calls HarbourVest fund models and then applies a realisations from the Company’s portfolio have of NAV. This borrowing is also considered to investors in the HarbourVest funds, including sensitised top-down analysis informed by been allocated to the Distribution Pool which has when evaluating balance sheet ratios: the Total HVPE, as this type of borrowing represents a historical actual calls and distributions. Short-term been used to fund capital returns to shareholders. Commitment Ratio within the Investment Pipeline, portion of HVPE’s existing unfunded commitment broader market trends and systemic factors To date, the Distribution Pool has solely been used and the Medium-Term Coverage Ratio within the (Investment Pipeline) figure. Furthermore, during are also considered. to fund share buybacks. As announced in April three-year capital call projections. HVP fund-level the period in which the debt is outstanding, 2026, the Board intend to use the Distribution Pool borrowing is also included when assessing the there is a gearing effect on HVPE’s NAV, as the Finally, a range of scenario tests are conducted. to undertake a tender offer in Autumn 2026 in credit facility’s loan-to-value ratios, as mentioned investments have already been made while HVPE’s HVPE has an 18-year track record in monitoring addition to ongoing share buybacks during 2026. in Note 6, “Debt Facility” on pages 114 to 115 of share of the capital has not yet been called. and interpreting cash flows arising from activity in Amounts distributed to shareholders through the Financial Statements. Possible changes in this Project finance has only a very limited impact on the underlying portfolio. This detailed modelling is the Distribution Pool mechanism are factored borrowing (and hence the timing of capital calls prospective cash flow but does contribute to the typically updated on an annual basis and reviewed into the Company’s cash flow and balance payable by HVPE) are also incorporated into the gearing effect. quarterly for any changes to key assumptions. sheet models accordingly. balance sheet scenario tests conducted as part of The scenarios under which Directors consider the the annual commitment planning exercise. In order to estimate the total potential gearing ### Company to be a Going Concern can be found on HarbourVest Fund-level borrowing effect on HVPE as at 31 January 2026, an page 77. HarbourVest funds employ credit lines for As at 31 January 2026, HVPE’s share of HVP investor should take the HVP fund-level borrowing two main purposes: bridging capital calls and fund-level borrowing on a look-through basis was figure of $559 million and add the Company’s distributions, and financing specific investment $559 million, a net increase of $20 million from net debt of $447 million. The resulting net total projects where the use of debt may be the $539 million reported at 31 January 2025. borrowing figure of $1 billion would translate to advantageous. The majority of this fund-level Expressed as a percentage of NAV, this figure was an approximate level of look-through gearing of borrowing represents delayed capital calls, where 13%, which was unchanged from the figure as 24% of NAV at the financial year end. Further detail a proportion of the unfunded commitments has at 31 January 2025. The increase of $20 million on the credit facility and the criteria upon which been invested through the use of subscription can be attributed to new investment activity by it can be drawn can be found under Note 6, “Debt credit lines at the HarbourVest fund level, but the the underlying funds coupled with underlying Facility” on page 114 of the Audited Consolidated capital has not yet been called from HVPE. realisations continuing to be at depressed levels. Financial Statements. Post year-end, as at 30 April 2026, the HVP | HVPE has indirect exposure, on a look-through | fund-level borrowing decreased by $26 million | The SMA structure does not currently utilise | | --- | --- | --- | | basis, to its pro rata share of borrowing carried on | and stood at $533 million. | fund-level borrowing, and so going forward it | | the balance sheets of some of the HarbourVest | | is anticipated that HVPE will see a significant | | funds in which HVPE is a LP (referred to as | HVPE’s year-end HVP fund-level borrowing | reduction in its debt exposure overall. | | HarbourVest Partners (“HVP”) fund-level | exposure of $559 million includes $536 million | | | borrowing). This borrowing does not represent | (96%) of bridging finance (also known as | | | an additional liability above and beyond the | subscription line finance), which is used to delay | | | commitments that HVPE has made to the | and smooth the pacing of capital calls to investors | | | HarbourVest funds. | 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 39 Annual Report and Financial Statements 2026 ### Expected future impact of ### the SMA on the balance sheet ## Commitment pacing under the SMA As described in more detail on page 19, HVPE started making commitments via the ### – Commitments are made to the SMA programme on an annual basis. The amounts committed to the SMA programme SMA structure rather than through commingled ### are then allocated to underlying investment opportunities over an expected 12‑month period. funds during the year ended 31 January 2026. – This differs from a commingled fund where amounts committed are allocated to underlying investment opportunities Amounts committed to the SMA are allocated ### over a multi‑year period. to underlying investments annually. This differs from a commingled structure where it normally – As a result, the new commitment level needed to achieve a set underlying investment allocation in a 12‑month period is takes several years to allocate committed capital ### substantially higher under the commingled structure compared to the SMA structure. to underlying investments. The impact of moving ### – The simple example below compares a $100 million SMA commitment against a $400 million commingled to the SMA will be a gradual reduction in HVPE’s commitment, which is assumed to allocate to underlying investments evenly across a four‑year period. unfunded commitments balance over time, as the – The move to the SMA structure will greatly reduce HVPE’s “Unallocated” commitment figure over time. revised structure will require lower unallocated commitments. The drawdown pace of underlying investments will be unaffected by the move to the SMA. Existing Structure 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 ## $400m portfolio mature and pay down debt. Additionally, Commingled commitment ## Year 01 Year 02 Year 03 Year 04 the Company’s pipeline of unfunded commitments with assumed four‑year allocation pace 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. Future Structure The transition period to the new structure will, by necessity, be gradual. New commitments made going forward will be into the SMA, while ## 4x $100m the existing portfolio of HarbourVest funds will ## Year 01 Year 02 Year 03 Year 04 continue to operate as before. SMA Commitment (allocated in 12 months) As the SMA was only introduced during the current year, there was no material impact on the commitment or gearing levels during the year ended 31 January 2026. Substantially lower commitment figure required under the SMA structure to achieve the same amount underlying investment allocation in year one. 40 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information 39 ## Managing the balance sheet continued ### Balance Sheet Ratios at 31 January 2026$^{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 market 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 | $2.4bn | | 31% (34% at 31 January 2025) | | #### 3. Medium-term Coverage Ratio ("MCR") HVPE uses this third specific metric to provide greater insight into the Company's balance sheet position and a more relevant comparison with the Company's peer group$^{3}$. 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)^{4} | $1.8bn | | --- | --- | | Divided by the next 36 months' estimated investments^{4} | $1.3bn | | 138% (104%^{4} 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 138. 2. The peer group refers to the unfunded private equity fund of funds. CT Private Equity Trust, CCI Enterprise Trust, Pantheon International Plc and Fatio Private Equity Trust. 3. Estimated distributions and estimated investments taken from two case scenario which is reflective of the current market environment. For, includes $200 million of proceeds expected from the asset sale announced in December 2025, $200 million of estimated proceeds from an additional asset sale in 2026, and $500 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 in return of most $500 million to shareholders in 2026. If included in the calculation, the MCR would be 100%. 5. The peer year MCR calculation was based on the base case scenario and only included estimated distributions from the investment portfolio. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 41 Annual Report and Financial Statements 2026 ## Managing costs ## Managing costs | Total Expense Ratio (“TER”) | Finally, performance fees are charged on | HVPE Total Expense Ratio as a % of average NAV | | | --- | --- | --- | --- | | HVPE’s TER reflects the total cost incurred by | secondary investments and direct co-investments | | | | the Company in assembling and maintaining its | (not on primary investments which make up 51% | | | | | | .00% | 5.00 | | portfolio of HarbourVest funds, co-investments | of HVPE’s portfolio). In total, these accounted | | | | | | .50% | 4.50 | | and SMA investments. The figure is broken down | for 0.57% of average NAV in the 12 months to | | | | | | .00% | 4.00 | | into four distinct categories of expense. | 31 January 2026 (12 months to 31 January 2025: | | | | | 0.44%). The performance fee figure varies from | .50% | 3.50 | | First, there is the direct cost of running the | period to period and is driven by the performance | .00% | 3.00 | | Company in its own right, encompassing items | achieved by the relevant HarbourVest funds and | .50% | 2.50 | | such as the maintenance and use of the credit | SMA investments. | | | | | | .00% | 2.00 | facility, Board fees and expenses, professional | | | .50% | | | | | | | | | | | | | | | | | | 1.50 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | fees, marketing, financial reporting, the services of | Together, these four cost components give a TER, | | | | | | | | | | | | | | | | | | | | | | | .00% | | | | | | | | | | | | | | | | | | 1.00 | | a dedicated team from the Investment Manager, | net of interest income (0.11%), of 2.74% for the | | | | | | | | | | | | | | | | | | | | | and compliance costs. These costs, totalling 1.51% | 12 months to 31 January 2026. It is important | .50% | | | | | | | | | | | | | | | | | | 0.50 | | of average NAV in the 12 months to 31 January | to note that, while the operating expenses and | .00% | | | | | | | | | | | | | | | | | | 0.00 | | 2026 (12 months to 31 January 2025: 1.33%), | the management fees do not vary greatly from | | | | | | | | | | | | | | | | | | | | | are categorised as recurring operating expenses | one year to the next, the performance fee figure | | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | | as shown in the first line of the table below. The | will vary significantly depending on the returns | | | | | | | | | | | | | | | | | | | | HVPE Net Recurring Operating Expenses Fund Level Operating Expenses increase in operating expenses is due to the delivered by the relevant underlying HarbourVest Attributable Management Fee (Co-investment) Attributable Management Fee (Funds) greater utilisation of the credit facility during funds. The TER for the 12 months to 31 January the year. 2026 of 2.74% was 28 basis points higher than the same period in the prior year, predominantly | | Second, operating costs borne by the HarbourVest | owing to an increase in credit facility costs and an | | | --- | --- | --- | --- | | 5 | | | % | | | funds amounted to a further 0.20% of average | increase in performance fees. | | | 4 | | | % | NAV in the 12-month period to 31 January 2026 4 The calculation above excludes the fees % (12 months to 31 January 2025: 0.22%). | 3 | | | charged by the underlying partnerships held by | % | | --- | --- | --- | --- | --- | | 3 | Third, HVPE pays management fees to | | the HarbourVest funds and SMA vehicle. It is | % | | | HarbourVest with respect to the funds and | | important to note that all performance data we | | | 2 | | | | % | | | SMA vehicle in which it invests, and also for the | | report to shareholders is, and always has been, | | | 2 | | | | % | | | | 1 | net of all fees and expenses. | | | | secondary co-investment in Conversus | made | | | | 1 | | | | % | alongside the HarbourVest funds. The total of all 1 % management fees in the 12 months to 31 January 0 2026 was equivalent to 0.57% of average NAV % 0 (12 months to 31 January 2025: 0.62%). % 1 “HVPE Charlotte Co-Investment L.P.” in the Audited Consolidated Schedule of Investments. Attributable Performance Fees HVPE Total Expense Ratio 42 HarbourVest Global Private Equity^{}[] Annual Report and Financial Statements 2025 Strategic Report Governance Financial Statements Other information 39 ## Managing costs continued ### Costs associated with the new SMA structure introduced during the year ended 31 January 2025 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. ### Total Net Expense Ratio breakdown | | 12 months to 31 January 2025 | 12 months to 31 January 2025 | | --- | --- | --- | | Operating expenses^{1} | **1.81%** | 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 (preference fees and organisational costs) which are included in realized and unrealised gains (income) on investments in the Audited Consolidated Statements of Operations. 3. The includes fund level management fees payable to HarbourVest which are included in realized and unrealised gains (income) on investments in the Audited Consolidated Statements of Operations, together with the management fees relating to secondary co-investments rated in 2 above. 4. The is shown as interest from cash and cash equivalents on the face of the Audited Consolidated Statements of Operations. 5. The includes fund level performance fees payable to HarbourVest which are included in realized and unrealised gains (income) on investments in the Audited Consolidated Statements of Operations. 6. This are calculated using the average NAV over the respective periods ($4.5 billion) at 31 January 2026 and $4.0 billion at 31 January 2025. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 43 Annual Report and Financial Statements 2026 ## Summary of Net Assets/The private equity cycle | Summary of Net Assets / The private equity cycle | | | | | The private equity cycle | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 31 January 2026 | | 31 January 2025 | | | 12 months ended | | 12 months ended | | | | | (millions*) | | (millions*) | | 31 January 2026 | | 31 January 2025 | | | | | | | | | | (millions*) | | (millions*) | Investment Portfolio $4,713 $4,375 1. Commitments Cash and cash equivalents $123 $123 New commitments to HarbourVest Managed Vehicles $375 $415 Drawings on the HVPE credit facility $(570) $(480) Investment Pipeline Net other assets/liabilities $2 $5 Allocated $1,886 $1,867 NAV $4,268 $4,023 Unallocated $563 $585 NAV per share ($) $59.40 $5 4.17 Total Investment Pipeline $2,448 $2,452 FX rate 1.3686 1.2395 2. Cash Invested NAV per share (£) £43.40 £43.70 Invested in HarbourVest Managed Vehicles $381 $443 Cash + cash equivalents + available credit facility $753 $843 7 8 % of average Investment Pipeline 16% 18% *Unless otherwise stated. 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 9 10 % of average Investment Portfolio 10% 9% *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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 44 Annual Report and Financial Statements 2026 ## Stakeholder engagement ## Directors’ responsibilities and stakeholder engagement The Board of Directors seeks to ensure high integrating consideration of the Company’s impact formal and informal reporting, and regular The following section (pages 44 – 46) identifies standards in corporate governance by adhering to on the environment and wider society. The Board monitoring. This is designed to provide sufficient key stakeholders, explains their significance, and the principles of the 2024 AIC Code of Corporate believes that the success of the Company relies understanding of the needs and priorities outlines how the Company engages with them. Governance (the “AIC Code”) which states that all to a great extent upon its stakeholders and that of stakeholders for them to be factored into The outcomes of that engagement are reflected companies, regardless of their domicile, should the interests of the Company and its stakeholders the Board’s decision-making process, and to in the key decisions made by the Board during the | report on the matters set out in Section 172 of | are fostered by a culture of mutual honesty, | maintain and enhance the Company’s long-term | year with stakeholder interests being considered at | | --- | --- | --- | --- | | the UK Companies Act 2006. Accordingly, the | transparency, and accountability. | viability. Throughout these interactions the Board | every Board meeting. | | Board has prepared the following summary of | | encourages open and constructive two-way | | | some of the ways in which it builds and maintains | The Directors engage with key stakeholders | debate – the same approach that it adopts within | | | its relationships with its stakeholders while also | through a combination of face-to-face meetings, | its own deliberations. | | Stakeholder How the Board engages Shareholders and prospective investors • The Board communicates with shareholders through the Company’s regular financial reporting and monthly NAV updates which are published on HVPE’s Shareholders and prospective investors are today’s and website. It meets shareholders in person at HVPE’s annual Capital Markets Day and at other ad-hoc shareholder meetings. Results presentations from these tomorrow’s owners of the Company and their interests 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 are at the core of every decision made by the Board. The Markets Day to address investors’ concerns openly and regularly participates in presentations on the Investor Meets Company platform where shareholders can creation of long-term value for its shareholders is central address questions to the Board directly. The Board welcomes the views of shareholders who may contact any Board member directly, including the Chair, the to the Company’s purpose. Support from this group of 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 stakeholders is critical to the success of HVPE and to the email to hvpecosec@bnpparibas.com. delivery of its investment objective. • 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) • Whether individually or collectively, Board members maintain a continuous dialogue with the Investment Manager and with different members of its dedicated It is essential that the Board maintains a strong HVPE team. This includes calls, correspondence, and meetings which take place regularly including visits to the Investment Manager’s offices in Boston and relationship with its Investment Manager. As set out in London during the financial year. The nature of this open two-way interaction allows for clear communication, robust and constructive challenge, and a strong the Strategic Report, HarbourVest is fundamental to partnership with a distinct focus on promoting the success of HVPE for the benefit of all its stakeholders. HVPE’s business and to its ability to achieve its strategic • The Board requests and receives detailed monitoring reports from HarbourVest on the investments and investment processes on a regular basis and in objectives. HVPE invests in HarbourVest Managed response to specific events. The Investment Manager also proactively communicates with the Board on any matters which it believes are pertinent to it. Vehicles in order to achieve its purpose of providing easy The emphasis is on detailed and informative dialogue. access to a diversified global portfolio of high-quality • The Board undertakes strategic planning with the Investment Manager to assist the Company in achieving its investment objective. Directors visit the private investments. It is heavily reliant on HarbourVest’s Investment Manager’s offices, meet members of its global team in a wide range of investment and operational functions, request information and receive expertise, its access to investment opportunities and its presentations from relevant members of those teams and have the opportunity to attend the Investment Manager’s annual investment conference. sophisticated and highly developed investment processes. • 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 Governance Financial StatementsStrategic Report Other information ## 45 Annual Report and Financial Statements 2026 Stakeholder How the Board engages Community and environment • The Board receives formal updates on HarbourVest’s Sustainable Investment initiatives and processes at least twice a year, and the HVPE Board’s engagement The impact of the Company on the community and the with these matters helps to drive the sustainability agenda at HarbourVest. environment in which it operates, the positions adopted • The Board monitors the development of the Investment Manager’s processes as they relate to the investments held by HVPE and has developed reporting by its service providers, and, most importantly, the metrics to assist it in identifying progress made. consideration that the Investment Manager gives to • 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 sustainability matters both in its own business and that sustainability considerations have on them. in its investment processes, are important topics at • Questions about Environmental, Social and Governance policies and sustainability initiatives are incorporated as part of the annual Management Engagement Board meetings. and Service Provider Committee (“MESPC”) review and where appropriate, the Board engages with service providers about their responses. 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. BNP Paribas (the Company Secretary and Administrator) • The Board holds regular meetings, which ensures clear communication between BNP Paribas, the Company, and its Directors. The dedicated HVPE team at the BNP Paribas S.A., Guernsey Branch (“BNP Paribas”) Investment Manager is also in frequent and regular communication with BNP Paribas. fulfils the essential functions of Company Secretary and • All Directors have open access to any member of the relevant BNP Paribas team. Administrator. These are regulated roles which include • Regular oversight of the full range of BNP Paribas’ functions is conducted through Board and Committee reporting, and formal MESPC review. oversight of the NAV process, the issuing of regulated • The Board provides and encourages regular and timely two-way feedback. 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. Credit facility providers • 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 credit facility is a key component of the Company’s the Company. balance sheet management in pursuing an over- • 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 commitment strategy in order to remain as fully invested facility is always of a size and duration appropriate to HVPE’s needs. as possible. It is essential for the Company to have funding • The Board ensures that the Investment Manager is in regular dialogue with the Company’s lenders. available as it is needed. Regulators • Through the activities of the Audit and Risk Committee (“ARC”) and in conjunction with the Administrator and the Investment Manager, the Board has Regulators are key stakeholders for HVPE in ensuring the established systems of controls which collectively ensure compliance with required regulation. maintenance of the Company’s listing and an adequate • The Board receives regular reports on the monitoring of those controls, which is overseen by the ARC. and transparent level of disclosure in its communications. • The Board regularly considers how it meets regulatory and statutory obligations. This enables its shareholders to trade in its shares and to • Directors undertake individual training to keep them updated with regulatory developments. 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. Other service providers • The Board has access to all service providers, as do both the Investment Manager and the Administrator. The Company depends on a number of service providers • The brokers provide regular reports to the Board and attend Board Meetings to respond to Directors’ questions. who are essential to the maintenance of its listed status • 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 and the delivery of its purpose. These include its brokers, engagement, for all relevant parties. legal advisers, PR advisers and the Registrar. • 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 46 Annual Report and Financial Statements 2026 ## Stakeholder engagement continued 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. ___ ### Decision Impact on long-term success Stakeholder Consideration The Board worked with the Manager to The sale involved a curated portfolio of five HarbourVest The Board sought alternative sources of liquidity in response to fund positions, focused on buyout investments, achieved the extended period of lower distributions following the record ### identify assets for a secondary sale which at price representing 94% of the combined funds’ NAV as exit environment of 2021. ### was announced in December 2025. 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 approved applications for marketing HVPE can now be actively marketed to sophisticated The Board continues to explore opportunities to access investors in both jurisdictions, broadening the potential additional pools of capital in order to support the share price ### permissions to be made in Ireland and investor base and supporting demand for the and manage the discount to NAV. ### the Netherlands. Company’s shares. The Board negotiated the final terms for the new The introduction of the SMA structure is expected to The Board recognised the complexity of HVPE’s structure and simplify HVPE’s investment structure over time, increase believes the new arrangement provides greater transparency ### simplified investment model with HarbourVest flexibility in capital allocation, enhance control over portfolio and clarity for shareholders. The terms were negotiated to ### Partners that was implemented during the year. liquidity and support a gradual reduction in overall leverage. ensure there is no expected increase in HarbourVest Partners’ fees despite the more tailored nature of the structure. The Board commissioned an external independent The review provided candid third-party insight into The findings informed areas where communication shareholder sentiment, enabling the Board to identify and engagement could be improved, helping to ensure ### report to identify how the Company and its Board concerns and respond constructively. that shareholder feedback is reflected in the Board’s ### were perceived by its major shareholders. ongoing approach. The Company refreshed its branding, The new website and annual report enhance the information These initiatives form part of a broader programme to available to existing and prospective shareholders. Together, strengthen HVPE’s marketing and shareholder communications, ### launched a new website and issued a rebranded they provide more granular insight into the investment improving clarity and supporting informed investment ### Annual Report during the year. These initiatives portfolio alongside clearer explanations of HVPE’s structure decision-making. ### provide enhanced information about its portfolio and the industry in which it operates. ### as well as educational information on private ### equity investments and the listed private equity ### sector in general. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 47 Annual Report and Financial Statements 2026 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 48 Annual Report and Financial Statements 2026 ## 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 49 Annual Report and Financial Statements 2026 Risk Factors and Internal Controls through economic and investment cycles, and Risk management In considering material risks, the Board identifies The Board is responsible for the Company’s risk ensures that it has access to sufficient funding As recommended by the Audit and Risk those which should be categorised as principal management and internal control systems and for any potential negative cash flow situations, Committee (see the report on the activities of risks, which are those where the combination actively monitors the risks faced by the Company, including under an Extreme Downside scenario. that Committee on pages 83 to 85), the Directors of probability and impact is assessed as being taking steps to mitigate and minimise these At the same time, the funding available to the have adopted a risk management framework most significant and which the Board therefore where possible. Further details on the Board’s Company by way of cash balances and lending which governs how the Board identifies and considers could seriously affect the performance, governance and oversight can be found on pages facilities is managed to ensure that its cost, by way measures risks, determines risk appetite, assesses future prospects, or reputation of the Company. 70 to 90. of interest, facility fees or cash drag, is reasonable. mitigation and controls, and reports on risks. ### Risk appetite When considering other risks, the Board’s risk The Board reviews risk at least twice a year and The Board’s investment risk appetite is to follow appetite is to balance the potential impact and receives in-depth reports on specific risks as an over-commitment policy that optimises probability of each risk with its ability and desire recommended by the Audit and Risk Committee. shareholder returns by balancing investment to control and mitigate that risk to an acceptable The Board divides identified risks into those return and associated distributions with a level. In doing so, as a baseline, the Board will seek which have a higher probability and a significant continuing programme of regularly buying to follow best practice and remain compliant with potential impact and those which are less material back its own shares through the operation of all applicable laws, rules, and regulations. and are monitored on a watch list. The Board also its Distribution Pool. Together, this allows the conducts an annual exercise to identify new or Company to make balanced, regular investment emerging risks. Principal risk Description and potential impact Mitigation and management Commentary Performance of The Company is dependent on its Investment Manager and on HarbourVest has a strong long-term track record of managing Stable HarbourVest the performance of HarbourVest’s investment professionals. private equity investments. It maintains good relationships with HVPE has faced challenging market conditions over the past few years, which The risk posed by The vast majority of the Company’s assets are invested in key managers and has a consistent and repeatable investment have persisted longer than expected. The wider private equity industry has the Company’s HarbourVest Managed Vehicles and significant reliance is process with low turnover of senior investment professionals. been under pressure as exit processes have been postponed and consequent dependence on placed by the Company on HarbourVest’s control environment. There is a high level of diversification by geography, strategy distributions have been at lower levels than usual. Whilst the current year its Investment Any inability by HarbourVest to maintain its investment and vintage which mitigates the risk. HVPE has a dedicated showed some signs of recovery, further improvement in distribution levels will Manager performance, whether in absolute or relative terms, could Investment Committee within HarbourVest. The Board monitors be an important precursor to the re-rating of the Company’s shares. result in a significant deterioration in net asset value for the HarbourVest’s performance through the MESPC, and its control Company and its shareholders. environment is assessed by the Audit and Risk Committee. 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 Equity market volatility increases overall levels of uncertainty for The Company’s exposure to individual public markets is partially Upgrade The risk of a HVPE and its investments. Increasing geopolitical risks influence mitigated by the geographical and sectoral diversification within The portfolio has proved itself to be resilient despite challenging market decline in global how markets trade, reversing any potential positive effects the portfolio. In previous downturns, private market valuations conditions and a material increase in geopolitical risk over the past year. In public markets of developing improvements in economic indicators. Overall have not been impacted as much as public markets. The Board addition, share price performance during the financial year was strong. or a deterioration declines in public markets impact HVPE’s NAV per share by regularly reviews scenario analyses prepared by the Investment in the economic directly reducing the value of public securities in HVPE’s portfolio Manager which incorporate the effects of significant public However, ongoing conflicts, including those in Ukraine and the Middle East, environment and indirectly influencing private market valuations. They are also market downturns. together with heightened trade tensions caused by the tariff policies of the US likely to have a direct impact on HVPE’s share price. 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 50 Annual Report and Financial Statements 2026 ## Principal risks and uncertainties continued Principal risk Description and potential impact Mitigation and management Commentary Valuation risk Uncertainty and distrust in relation to the valuation of private Both the Investment Manager and the GPs of underlying funds Stable The risk that market investments may lead investors to make their own value investments in accordance with industry standards and This risk was increased in the 2023 Annual Report and Accounts and remains at market instability judgements based on incomplete information, which could result accounting regulations. All the valuations are audited annually. this heightened level as investors wait for a return to a consistent flow of exits at leads to continuing in a lack of confidence in the reliability of HVPE’s published NAV. When the Company reports its monthly NAV, it discloses the a premium to carrying value. Whilst there was some improvement in realisation uncertainty about The low level of exits and liquidity events that has been seen date of the underlying valuations to provide transparency levels, particularly in the second half of the financial year, the Board believes that private asset recently reduces the ability to present public substantiation of to shareholders. this risk will remain a focus until there is a significant increase in the level of exit valuations. valuation levels. The Audit and Risk Committee receives reports on the activity and therefore of external validation of valuation levels. Investment Manager’s control environment, including the processes relating to valuations. Balance sheet risks The Company’s balance sheet strategy and its policy for the use The size and term of the Company’s credit facility mitigates Stable Risks to the of leverage are described on page 36. The Company continues this risk. The Board has put a monitoring programme in place, The Distribution Pool is funded by a proportion of the cash realisations from Company’s balance to maintain an overcommitment strategy and may draw on supported by sophisticated and comprehensive cash flow the Company’s portfolio, which has resulted in adjustments being made to the sheet resulting from its credit facility to bridge periods of negative cash flow when modelling, which underpins the commitment strategy and limits financial models relating to the Company’s future commitments. its overcommitment capital calls on investments are greater than distributions the likelihood of unexpected shocks. The monitoring programme strategy, borrowing received. The level of potential borrowing available under the also considers the level of borrowing at HarbourVest fund level. In previous years, strong NAV gains and distributions strengthened the balance arrangements and credit facility could be negatively affected by declining NAV. In a Both the Board and the Investment Manager will continue to sheet. The levels of distributions received during the year under review remained policy for the use stressed environment characterised by declining NAVs, reduced monitor these metrics actively and will take appropriate action low in comparison both with previous years and with the modelled scenarios. As of leverage. realisations, and rapid substantial capital calls, the Company’s as required, such as secondary sales and pausing further a result, cash flow was negatively affected and there was increased use of the net leverage ratio could increase beyond an appropriate level, commitments, to attempt to mitigate these risks. credit facility. However, the second half of the year showed signs of a recovery in resulting in a need to sell assets. A reduction in the availability or distribution level. Please also see the Going Concern and Viability Statement use of borrowing at the HarbourVest fund level, or accelerated on pages 77 to 78 for information on the scenarios that are The secondary sale which was announced in December 2025 will generate $299 repayment thereof, could result in an increase in capital calls to a considered by the Board. million of net proceeds and reduce HVPE’s total unfunded commitments by level in excess of the modelled scenarios. $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 Investor sentiment towards the Listed Private Equity sector may The Company has demonstrated the value of investing in private Stable Listed Private deteriorate, resulting in a widening of the Company’s share price markets through the investment cycle and gaining exposure Whilst there was some improvement in the year, discounts within the sector Equity sector discount relative to its NAV per share. This may be because of to a diverse range of markets. HVPE, together with its peers, remain wide and the market commentary on the sector has focused on the level The risk that perceptions of the position of the market in the private equity continues to advocate for the sector, to increase investors’ of exit activity and the performance comparison to the wider listed equity space. investor sentiment cycle, perceptions about the cost of private equity investing, or familiarity with private equity and to set out the advantages of The Board believes that market sentiment towards the sector should turn more towards the listed due to investors making their own judgements regarding current the investment trust structure in providing access to illiquid positive once there is an increase in realisation events which validate valuations private equity sector valuations. HVPE’s discount is currently wider than its historical assets through a liquid share. and support cash flow. as a whole may average and has remained so for a sustained period. deteriorate. Trading liquidity HVPE’s relatively wide discount risks undermining investor The Board has made robust efforts to enhance its Stable and price confidence and could erode levels of shareholder satisfaction. communications, to describe its strategy, to engage with its HVPE’s discount saw some improvement during the year, reducing from 35% The risk that the Despite the substantive efforts made by the Board to address shareholders, and to listen and respond to the views expressed. to 26%. However, this remains above average historical levels. An increase in discount that this issue through its establishment of the Distribution Pool and The Distribution Pool has been established to address issues exits and distributions could help a recovery in the share price and subsequent the share price active engagement with shareholders, some investors remain raised and there is regular and extensive consideration of narrowing of the discount in the future. represents to the unconvinced by its proposals and have called for further action potential options to close the discount, including enhanced NAV per share fails to be taken. This may lead to a reduction in long-term support disclosure and transparency for shareholders. The Board During the year, the Board has been intensely focused on the size of the discount to narrow, leading for the Company amongst the wider shareholder base. continues to stress the long-term nature of HVPE, the consistent and has introduced a number of measures to assist in reducing it. It doubled to dissatisfaction performance and the benefits of its diversification strategy the allocation to the Distribution Pool and finalised the terms of a simplified among some as it remains determined to satisfy its investment objective investment structure as well as agreeing a substantial secondary sale of assets shareholders. and purpose. 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 51 Annual Report and Financial Statements 2026 ## 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 52 Annual Report and Financial Statements 2026 ## Sustainable investing continued ## 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 In the section below, we walk through our deliver strong risk-adjusted returns and serves sustainable investing process and some of to mitigate reputational risk to the partners the exciting initiatives we have continued to across our network. Our teams are empowered to participate in this past year, including: integrate sustainability considerations throughout the investment lifecycle. This helps them to • Multiplying our ESG dataset, gathering over ## Performance identify and manage risks more effectively, 49,000 portfolio company data points through Invest with a broader lens to make while also supporting value creation across the ESG Data Convergence Initiative (EDCI) well-informed decisions. Manage portfolio our portfolio. • Pursuing unified decarbonisation disclosures risk and support value creation. with the Private Markets Decarbonisation | HarbourVest’s commitment to sustainable | | Roadmap (PMDR) | | --- | --- | --- | | investing is founded in a tenet that has served | • Progressing our own environmental initiatives, | | | us well for over 40 years: better information | | including our carbon emissions strategy and | | drives better results. In support of this belief, we | | new climate-conscious headquarters | centre our approach to sustainable investing on ## Transparency three areas of focus: performance, transparency, As we look ahead, we remain steadfast in our belief Report to stakeholders and support industry and alignment. that sustainable investing is not just good business standards. Anticipate and comply with – it is essential to building a resilient and prosperous sustainability-related regulation. HarbourVest’s Sustainable Investing Council is future for all stakeholders. comprised of senior leaders from across the firm, including HarbourVest CEO John Toomey. Our Read more about our progress and current dedicated Sustainable Investing team is part of initiatives in our Annual Sustainable the Investments function and supports our six Investing Report. strategy teams with training, due diligence, and ## portfolio monitoring. HarbourVest’s investments Alignment teams are responsible for implementing our Add value to our partnerships and clients. sustainable investing processes when evaluating Strive to be a responsible corporate citizen. and monitoring deals. Click to read more: Annual Sustainable Investing Report HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 53 Annual Report and Financial Statements 2026 ## 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 Our proprietary Manager Scorecard provides a The Manager Scorecard provides ratings for GPs by evaluating three key scorecard indicators: considerations is incorporated as standard valuable mechanism for both researching and in investment committee materials, and our engaging with GPs on their sustainable investing Partnership management Investment process Reporting and transparency Sustainable Investing team participates in processes. Our investment teams across our strategy investment committee meetings strategies use the Scorecard to evaluate a GP’s Quality of sustainable Sophistication and Quality of reporting and on a weekly basis. We utilise multiple data approach and capabilities on a broad range of investing policy and ability to mechanics behind processes incident monitoring inputs to support our diligence and proprietary sustainability and business conduct factors and execute on commitments for considering sustainability sustainability analysis on a deal-by-deal basis; we compile the results to generate an overall rating Commitment to proactively and business conduct factors also leverage these data tools to support portfolio which we track over time. Commitments to areas such and transparently engage in investment decision-making monitoring and GP engagement, in addition to as climate change and DEI with LPs on sustainable and portfolio engagement collecting portfolio data from GPs. investing activities ## 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 54 Annual Report and Financial Statements 2026 ## Sustainable investing continued Climate change score: Derived from Scorecard indicators on a manager’s commitment to developing a DEI score: Derived from Scorecard indicators on a manager’s senior investment team diversity, their climate change strategy and implementation of a strategy in alignment with the Recommendations of approach to improving diverse recruitment and retention, advocacy, and their strategy with respect to the Taskforce on Climate-related Financial Disclosures (“TCFD”). diversity in the portfolios. ## 55% 17% 12% 16% 19% 30% 37% 14% <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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 55 Annual Report and Financial Statements 2026 ### Building a holistic picture Additional analysis: By using multiple data sources, our investment ## The biggest movers: teams are able to build a holistic picture of a deal’s sustainability characteristics from the lead sponsor to the underlying assets. ## 85% When looking at the data from 2022 to 2025, select trends stand out: Have a sustainable Monitoring portfolio emissions is increasingly accessible investing policy ## 28% The process of carbon footprinting a portfolio requires a significant amount of legwork: from helping companies establish the infrastructure to calculate their ## ( 13%) annual emissions to collecting the data in a systematic, timely way for portfolio Have conducted ## 33% RepRisk is a database that provides reputational risk aggregation. But the evolution of industry frameworks and carbon accounting carbon ratings for GPs and operating companies based on an technologies over the past few years have eased some of the burden for GPs. Have dedicated footprinting assessment of reported sustainability and business sustainability resourcing conduct incidents associated with that company, analysis of which are subsequently weighted according to severity, the portfolio frequency, and source. RepRisk allows us to proactively scan for negative ESG ## We are amidst the sustainability data era 18% incidents for thousands of portfolio companies and GPs ## 37% One of the largest jumps that we observe in our data is the number of GPs that Have conducted climate risk across investment strategies. are tracking company-level sustainability KPIs. This finding reflects the impact mapping of the portfolio ## ( 12%) of the EDCI, which has grown from six founding members in 2021 to more Track than 500 GP and LP members. As an EDCI member, HarbourVest collects sustainability data annually from GPs; the “Industry stewardship” section details some of KPIs ## 27% our findings. EcoVadis is a globally trusted provider of business Have sustainable investing on sustainability ratings, covering over 150,000 companies their LPAC agenda as standard with growing private markets coverage. Nearly 20 years later, the PRI remains an industry leader EcoVadis allows us to dive deeper into the sustainability ## 38% As a PRI signatory since 2013, HarbourVest knows the value of a commitment characteristics of individual companies. It also provides to the six simple principles laid out by the PRI, but also to the wide network us with insights into sustainability risks and opportunities ## ( 9%) 61% inherent to industry and location. of resources and investors that the PRI unites. Private markets managers Are PRI Have a DEI or anti- have historically been slower to adopt the PRI, but we continue to observe signatories harassment policy membership growth among our GPs. ## 71% Altitude is a science-based sustainability data platform ### Value through sustainability Have recruitment initiatives designed to assess climate, carbon, and nature-related Over the past year, we have observed a noticeable increase in GPs articulating how they have risks across private equity and infrastructure portfolios. in place to drive DEI incorporated sustainability as a part of their value creation toolkit when working with portfolio We started using Altitude in 2024 to screen for potentially companies. Sustainability often goes hand-in-hand with efficiency and longevity — both are material physical and transition risks and opportunities characteristics that we look for as signals of a sound investment. for our infrastructure investments, using geospatial and industry data aligned with IPCC scenarios. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 56 Annual Report and Financial Statements 2026 ## 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”) Private Markets Decarbonisation Roadmap (“PMDR”) As our 2025 Manager Scorecard trends This year, we received EDCI-aligned data for The PMDR is an industry-driven framework As global chair of the iCI in 2022 and 2023, 1 demonstrate, the availability of sustainability 2,591 of HarbourVest companies , representing designed to help private markets investors HarbourVest is proud to have co-led this project data has increased drastically since 2022. This is an approximate 20% increase of data from our track, benchmark, and communicate their with our peers and we continue to advocate for its at least partially attributable to the introduction 2024 data collection process. The data reveals decarbonisation journey. In recognition of the adoption by the broader private equity market. of the EDCI in 2021, which has proven to be an some trends: challenges faced by private markets investors in industry-changing framework. HarbourVest is a making net zero commitments or decarbonisation This year, HarbourVest utilised the PMDR Support | formal supporter of the EDCI. | | targets, the PMDR offers a flexible approach that | Tool, launched in November 2024, to request | | --- | --- | --- | --- | | | | recognises the growth demands and operational | classification data for portfolio companies from | | | | complexity of private market portfolios. | GPs in our portfolio. This data has generated | | Greenhouse | 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 | | distinct insights into the decarbonisation work | gas emissions companies; Scope 2 data from 28% more companies; and perhaps most importantly, Scope 3 The Initiative Climat International (“iCI”) and being undertaken by our GPs in tandem with their data from 40% more companies. Private Equity CEO Taskforce of the Sustainable portfolio companies. Net zero HarbourVest received responses from approximately 72%, or approximately 1,850 companies, Markets Initiative (“PESMIT”) partnered with Bain related to their net-zero strategy. This reflects an increased response rate of approximately 6%, or & Co to launch the PMDR, with input from more 105 companies, relative to last year. than 250 GPs, LPs, and ecosystem players. 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 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 energy usage majority of these companies being domiciled in Europe. Job creation Approximately 71% of companies in our dataset submitted information related to organic 2 job creation . 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 3 companies, representing one of the highest response rates across EDCI metrics. 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 57 Annual Report and Financial Statements 2026 ### The next frontier of healthcare For the third consecutive year, our collaboration ## Emerging trends Healthcare is a core segment of HarbourVest’s with ClimeCo has enabled us to provide funding ### In this section, we delve into three themes that are central to investment strategy, supported by deep and to an exciting project operating local to our ### sustainable investing: decarbonisation, AI and developments in | | | long-standing relationships we have cultivated | headquarters in Massachusetts. The Greater | | | --- | --- | --- | --- | --- | | emerging healthcare technologies. | | with experts across the sector. Sustainable, | New Bedford LFG Utilization Project is a | | | | | responsible investing in new healthcare frontiers is | forward-looking initiative that transforms | | | Decarbonisation in action | Software, AI, and responsible | reshaping global opportunities for private investors | waste into renewable energy. HVPE has also | | | HarbourVest committed to an actionable climate | deployment | and patients alike. Advancements in artificial | invested in this project through the purchase | | | change strategy in 2020. Our goal is to develop | HarbourVest sees how artificial intelligence is | intelligence, precision medicine, genetic editing, | of carbon offsets. | | | a meaningful understanding of how the effects | becoming a defining force in the evolution of | and other breakthroughs not only drive financial | | | | of climate change may impact our investments, | software-driven business models. | returns but also foster accessible, effective, and | Climate-conscious Boston headquarters | | | enhance reporting, and determine what we can | | equitable care on a global scale. | In spring 2025, HarbourVest opened its new | | | do to strengthen portfolio resiliency on behalf of | From an investment perspective, HarbourVest | | headquarters in Boston, designed to exemplify | | | our clients. Portfolio resiliency is pursued through | views AI exposure as increasingly systemic. | Sustainable investment strategies ensure that | climate-conscious and energy-efficient operations: | | | stewarding assets toward an orderly transition to a | Modern software and hardware stacks are deeply | ethical considerations, such as patient privacy | • The facility employs a curb-to-grid waste | | | low-carbon economy while preparing for a delayed | interconnected, with AI functionality embedded | and equitable access, remain priorities. Through | | management system that reduces landfill | | or disorderly transition. There are two strategies | across platforms and vendors. As a result, | this lens, private equity investors can catalyse | | contributions by 90%, repurposing waste into | | in particular that we can proactively pursue to | AI-related opportunities and risks are no longer | meaningful change in health care, addressing | | renewable energy sources. | | support decarbonisation: 1) identifying compelling | confined to individual products or companies, but | societal challenges while unlocking long-term | • Power receptacles throughout the building | | | opportunities to invest in climate solutions; and | extend across portfolios, requiring a holistic view | value and impact. | | automatically shut off within 20 minutes | | 2) investing with GPs that are actively working | of how the technology is developed, implemented, | | | of vacancy, significantly curtailing energy | | to decarbonise their portfolios where relevant | and governed. | Our HarbourVest Stewardship programme | | consumption and phantom loads throughout | | and material. | | builds portfolios by selecting co-investment | | the building. | | | Amid this shift, we believe responsible | and infrastructure deals that we believe make | • Our food services partner, Restaurant | | | For the first, HarbourVest is identifying scalable, | deployment will be decisive in shaping long-term | a positive impact while meeting our standard | | Associates, is aligned with the Equitable | | return-driven climate investments by targeting | value. When done well, we believe governance | underwriting criteria. Within our Stewardship | | Food Initiative and Fair Food networks, both | | infrastructure platforms that align with rising | can enable growth, support differentiation, and | programme, we focus on health-themed | | recognised for robust sustainability standards | | energy demand, evolving power and energy | help build trust. | investments that improve health outcomes and | | and commitments to social responsibility. | | ecosystems, and technological innovation. | | make care more affordable and accessible. | • All cutlery and barista bar cups are fully | | | | While many AI-related risks are intangible, they | | | compostable, while containers, plates, and | | For the second, involvement with the previously | can be materially significant – spanning customer | | | bowls are sourced from an ecofriendly, | ## Managing our footprint mentioned PMDR framework allows GPs to: risk, operational risk, litigation risk, social licence, biodegradable material derived from ### Carbon emissions strategy • Categorise portfolio companies by their stage industry-wide backlash, and anti-competitive sugarcane fibre. As a key component of our sustainability journey, of decarbonisation (from “Not Started” to behaviour. Addressing these challenges effectively HarbourVest has partnered with ClimeCo to “Aligned to Net Zero”) requires collaboration across GPs, LPs, and offset our operational emissions. ClimeCo is a • Use a common language for stakeholder portfolio companies, with shared learning leading environmental credits project developer dialogue, reporting, and cross-ownership and thoughtful engagement supporting the and maintains a diverse portfolio of offsets that progress tracking responsible deployment of AI over time. are independently verified to ensure emissions • Focus on actionable progress rather than reductions are occurring. distant targets HarbourVest Global Private Equity HarbourVest Global Private Equity Strategic Report Governance Financial Statements Other information Governance Financial StatementsStrategic Report Other information ## 58 Annual Report and Financial Statements 2026 Annual Report and Financial Statements 2026 1 ## Manager spotlight ## Top ten managers ## across all strategies ## at 31 January 2026 ## held within HVPE’s ## underlying portfolio. ### Primary Investments Secondary Investments ### • Commitments to newly-formed • Purchases of private equity assets in ### funds being raised by existing funds or ### experienced managers. portfolios of direct investments. ### • Access to leading private equity funds. • Attractive pricing opportunities. ### • Comprehensive foundation of a private • Diversification across prior ### equity programme. vintage years. ### • Potential driver of • Potential for J-curve mitigation ### long-term performance. (positive returns may be ### achieved more rapidly). 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 59 Annual Report and Financial Statements 2026 ## US Growth-Stage Venture & Growth Tech Venture US Mid-Market ## Software & Internet Equity in Disruptive Investment Buyouts in Software ## Investments Tech (US & Europe) in China & Technology Strategy: Primary, Secondary Strategy: Primary Strategy: Primary, Secondary Strategy: Primary, Secondary Stage: Venture & Growth Equity Stage: Venture & Growth Equity Stage: Venture & Growth Equity Stage: Buyout ### Description Description Description Description Growth stage investments primarily in the Venture and growth equity investment Venture investment into companies located Primarily buyout investment in mid- US, with a focus on the software, software- primarily in Europe and the US, with a focus in China, with a focus on technology- market companies located in the US, with enabled services, and internet sectors. on disruptive technology and innovative enabled consumer, enterprise solutions, a focus on the software and technology The manager leverages its deep in-house business models in the fintech, enterprise and AI sectors. The manager has a strong sectors. The manager has a demonstrated sourcing and operating resources to execute software, online marketplaces, and gaming/ and consistent investment track record, capability in unlocking value through various on its growth strategy, which has resulted entertainment sectors. The manager has a evidenced by its funding of Pinduoduo transaction types with deep expertise from in consistent strong performance across strong investment track record; its portfolio and Yuanfudao. its focused sector approach. fund cycles. companies include Adyen, Datadog, Roblox, Robinhood, Farfetch, and Revolut. Investment value at 31 January 2026 Investment value at 31 January 2026 Investment value at 31 January 2026 Investment value at 31 January 2026 | | $138.2m | | | $134.0m | | | $111.8m | | | $87.7m | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025: $139.7m | | | 2025: $111.4m | | | 2025: $139.2m | | | 2025: $96.5m | | % of Investment Portfolio at 31 January 2026 | | | % of Investment Portfolio at 31 January 2026 | | | % of Investment Portfolio at 31 January 2026 | | | % of Investment Portfolio at 31 January 2026 | | | ## 2.9% 2.8% 2.4% 1.9% 2025: 3.2% 2025: 2.5% 2025: 3.2% 2025: 2.2% HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 60 Annual Report and Financial Statements 2026 ## Manager spotlight continued ## Buyout & Large-Scale High-Growth Tech Global Growth Equity Early-Stage Tech ## Investments in North Investments in the US Investments Investments in the US ## America & Europe Strategy: Primary, Secondary Strategy: Primary Strategy: Secondary Strategy: Primary, Secondary Stage: Buyout Stage: Venture & Growth Equity Stage: Buyout Stage: Venture & Growth Equity ### Description Description Description Description Buyout stage and large-scale investments Early and later stage high-growth Global growth equity investor, primarily Venture investments in early-stage technology primarily across North America and Europe. investments primarily in US-based targeting later-stage growth companies, companies, primarily in enterprise businesses The manager invests across a broad range technology companies in the consumer, but also in earlier stage companies when it as well as consumer, fintech, hardtech, of industries, including software, financial enterprise, and fintech sectors. The believes there is the potential for outsized and health companies. The team primarily services, business services, healthcare, manager leverages its extensive operating growth. The manager has a focus on five operates out of one office in Menlo Park internet & media, industrials, and consumer. resources to drive accelerated growth at sectors: Technology, Financial Services, with most deals based in California. Given portfolio companies and actively develop Consumer, Healthcare, and Life Sciences. its long history of investing, Kleiner Perkins its strategic networks. The manager is typically an active lead has developed a strong reputation, allowing investor with a significant minority it to gain access to some of today’s leading ownership position and a board seat. technology companies at their earliest stages of development. Investment value at 31 January 2026 Investment value at 31 January 2026 Investment value at 31 January 2026 Investment value at 31 January 2026 | | $7 7.9m | | | $74.0m | | | $63.6m | | | $61.3m | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025: $71.7m | | | 2025: $60.5m | | | 2025: $45.4m | | | 2025: $50.3m | | % of Investment Portfolio at 31 January 2026 | | | % of Investment Portfolio at 31 January 2026 | | | % of Investment Portfolio at 31 January 2026 | | | % of Investment Portfolio at 31 January 2026 | | | ## 1.7% 1.6% 1.3% 1.3% 2025: 1.6% 2025: 1.4% 2025: 1.0% 2025: 1.2% HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 61 Annual Report and Financial Statements 2026 ## Multi-Stage Tech Early-Stage ## Investments in US, Tech Investments ## Europe & Israel in the US Strategy: Primary Strategy: Primary Stage: Venture & Growth Equity Stage: Venture & Growth Equity ### Description Description Multi-stage investments into technology Venture and growth equity investments businesses based in the US (and to a primarily in North America with a focus lesser extent in Europe and Israel) with on technology-driven businesses across an emphasis on application software, enterprise software/SaaS, consumer, IT infrastructure, consumer internet/ fintech, security, information technology, mobile, and tech-enabled services. healthcare, media, and business products The manager’s portfolio is diversified by & services. The manager partners with stage, investing in seed, early, growth, exceptional teams from inception through and buyout opportunities. all phases of private company growth, supporting companies as they scale. Investment value at 31 January 2026 Investment value at 31 January 2026 | | $60.7m | | | $59.5m | | | --- | --- | --- | --- | --- | --- | | | | 2025: $53.0m | | | 2025: $46.9m | | % of Investment Portfolio at 31 January 2026 | | | % of Investment Portfolio at 31 January 2026 | | | ## 1.3% 1.3% 2025: 1.2% 2025: 1.1% HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 62 Annual Report and Financial Statements 2026 ## Top ten disclosable companies ## 1 ## HVPE’s top ten disclosable ### United States ## portfolio companies at 2 2 ## 31 January 2026. ### HVPE provides shareholders with exposure to over 1,000 material ### private company exposures that typically can only be accessed by 2 ### institutional investors. A list of our largest ten disclosable portfolio ### company exposures by percentage of Investment Portfolio Value ### can be found below. Read more about Portfolio Diversification ### Rest of the World ### United Kingdom 2 2 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. HarbourVest Global Private Equity HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 63 63 Annual Report and Financial Statements 2026 Annual Report and Financial Statements 2026 ### Global online retailer of fashion apparels ### and home supplies The company’s online store offers affordable products ## 01 like clothing, shoes, jewelry, and other accessories Stage: Venture/Growth to make fashion accessible to all. The company uses Location: Singapore on-demand manufacturing technology to connect Business nature: Fast fashion e-commerce 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% 64 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information # Top ten disclosable companies continued 02 ![img-9.jpeg](img-9.jpeg) Stage: Venture/Growth Location: United States Business nature: Data and AI company 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. Investment value at 31 January 2026 $48.8m² % of investment value at 31 January 2026 1.0% 03 ![img-10.jpeg](img-10.jpeg) 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 GPs 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 $36.6m % of investment value at 31 January 2026 0.8% 04 ![img-11.jpeg](img-11.jpeg) Stage: Venture/Growth Location: United Kingdom Business nature: Digital banking and financial services 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. Investment value at 31 January 2026 $32.6m % of investment value at 31 January 2026 0.7% HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 65 Annual Report and Financial Statements 2026 Leading European discount general merchandise retailer ## 05 06 HarbourVest invested in European discount Stage: Buyout retailer Action Nederland alongside 3i. The Location: Netherlands company operates more than 3,000 stores across Business nature: Dutch discount retail chain 14 European countries, offering approximately 6,000 unique items across a range of general merchandise categories including household Stage: Venture/Growth items, decoration, DIY, personal care, toys, and Location: United States food and drink. The company uses everyday low Business nature: Cybersecurity company prices and a constantly rotating assortment of merchandise to drive recurring customer traffic Developer of a cloud security platform designed to help and create a “treasure hunt” dynamic. businesses to secure their cloud infrastructure at scale The Investment Manager believes this is a Wiz is a cybersecurity company offering cloud native application protection, compelling opportunity to invest in a consistently as well as a variety of additional security products that allow enterprises well-performing, calibrated asset, which has good to secure their cloud footprint across various clouds and architectures. whitespace potential. The Investment Manager believes that this investment represented an opportunity to invest in a differentiated market player within a large, Action delivered 2025 like-for-like sales growth of fast-growing market alongside a credible lead investor. At the time of 5%, with continued strong performance across all diligence, the company exhibited an exceptional financial profile, yielding countries with the exception of France which has triple digit top-line growth at scale. had weaker consumer demand. Action added 384 new stores in 2025, reflecting outperformance In March 2026, Wiz was acquired by Google for ~$32 billion. Wiz will be versus 370 projected earlier in the year. 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 Investment value at 31 January 2026 multi-cloud environments. ## ² ## $28.7m Investment value at 31 January 2026 % of Investment value at 31 January 2026 ## ² ## $30.2m ## 0.6% % of Investment value at 31 January 2026 ## 0.6% HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 66 Annual Report and Financial Statements 2026 ## Top ten disclosable companies continued ## 0807 Stage: Venture/Growth Stage: Buyout Location: United States Location: United States Business nature: Space technology Business nature: Finance firm Space launch service provider and cargo transport Specialty municipal finance company Space Exploration Technologies Corporation (“SpaceX”) designs, Preston Hollow Capital is a specialty municipal finance merchant develops, and launches advanced rockets and spacecraft for bank focused on niche underwriting and opportunistic investing. commercial, government, and international customers. Its services HarbourVest co-invested with Stone Point Capital, a finance-focused include orbital launch capabilities as well as cargo and crew GP with deep experience in the credit underwriting arena. Since the transportation using its Falcon 9, Falcon Heavy and Dragon rockets. initial investment, Preston Hollow Capital has demonstrated strong The company is known for pioneering reusable rocket technology performance, having significantly grown its investment book and to reduce launch costs and improve efficiency. In addition to generated distributable proceeds. launch services, SpaceX operates Starlink, a global satellite internet network, and is developing Starship, a fully reusable spacecraft The Investment Manager likes the investment as the company intended for future deep-space missions, including lunar and has an impressive management team track record and operates Mars exploration. 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. Investment value at 31 January 2026 Investment value at 31 January 2026 ## ² ## $26.1m $24.1m % of Investment value at 31 January 2026 % of Investment value at 31 January 2026 ## 0.6% 0.5% 67 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information 09 ![img-12.jpeg](img-12.jpeg) Stage: Buyout Location: United Kingdom Business nature: Insurance broker # 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. Investment value at 31 January 2026 $22.4m² % of Investment value at 31 January 2026 0.5% 10 LS Power Stage: Infrastructure Location: United States Business nature: Power generation 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 prekers, 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% HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 68 Annual Report and Financial Statements 2026 ## Inside this section ## Governance ### Directors’ report Read on page 72 ### Board structure and Committees Read on page 80 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 69 Annual Report and Financial Statements 2026 ## Case Study ### 80% of the $125 million SMA commitment ## HVPE is the largest and most liquid ### made in August 2025 was allocated to primary ## investment company in the listed private ### fund investment opportunities. This included a ## equity fund‑of‑funds sector, offering ### $15 million commitment to CVC Catalyst III. ## shareholders unparalleled access to ## some of the most exciting private market ### CVC Catalyst III ## opportunities globally. Our unique model CVC Catalyst III is a global mid-market buyout strategy focused on control investments in fast-growing, resilient businesses across ## allows investors to benefit from the Europe and North America, leveraging CVC’s deep regional footprint ## scale, expertise and performance of and specialist sector teams. The strategy targets companies with ## HarbourVest’s market‑leading platform strong growth and margin profiles, where CVC can apply its integrated platform and operational capabilities to drive earnings growth and ## via the Company’s shares which are multiple uplift. The investment case is underpinned by CVC’s long ## dealt, in volume, daily. heritage in mid-market buyouts. Ed Warner Chair, HVPE Read on page 30 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 70 Annual Report and Financial Statements 2026 ## Board of Directors ## Our Board of Directors Edmond (“Ed”) Francesca Elizabeth Warner Barnes (“Libby”) Burne 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 – Extensive private equity investment experience – Chartered certified accountant – Investment strategist – Over ten years’ governance experience on public and private – Extensive audit and risk management experience – Extensive financial services experience company boards – Over 25 years’ experience of working with Guernsey regulated, listed, – Risk management experience and closed-ended investment structures Biography Ed Warner has extensive financial services experience from years spent Francesca Barnes is a Non-Executive Director of NatWest Holdings Limited, Libby Burne has spent her career working within the financial services in senior positions at several investment banks and financial institutions, and a number of NatWest Group’s other ring-fenced bank boards, as well sector. She is a Non-Executive Director of Bluefield Solar Income Fund including IFX Group, Old Mutual Plc, NatWest Markets, and Dresdner as Capvis private equity. She was on the board of Coutts & Co, and chair of Limited (FTSE 250) and The Channel Islands Property Fund Limited as Kleinwort Benson. He has considerable Plc experience and has chaired the Audit and Risk committees until 2021. She has been a member of the well as a number of unlisted venture capital, private equity, real estate the boards at a range of prominent organisations. He is also currently University of Southampton Council, Chair of Trustees for Penny Brohn UK and insurance structures. Prior to becoming a Non-Executive Director, independent chair of the online derivatives exchange LMAX, and investment and Chair of Governors for two secondary schools. Francesca spent 16 Libby was an audit director at PwC in the Channel Islands and, previously, company FGEN. years at UBS AG. For the latter seven of these she served as Global Head PwC Australia. Libby is a Fellow of the Association of Chartered Certified of Private Equity, following on from senior positions in restructuring and Accountants, holds a degree in Applied Accounting, and is a Guernsey Prior chair roles include Air Partner Plc, the BlackRock Energy and loan portfolio management. Prior to this, she spent 11 years with Chase resident, as such bringing recent and relevant financial and sector experience. Resources Income Trust, Grant Thornton UK LLP, Standard Life Private Manhattan UK and US, in roles spanning commodity finance, financial Equity Trust, and Panmure Gordon & Co. institutions, and private equity. 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 * Francesca Barnes will not be standing for re-election at the July 2026 AGM. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 71 Annual Report and Financial Statements 2026 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. Alan Anulika Steven Devine Malomo Wilderspin (formerly Ajufo) 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 private equity investment experience – Chartered accountant, qualified in audit – Extensive listed private equity investment trust experience – Experience in investment strategy development and execution – Extensive governance experience on public and private company boards – Holds an MBA and is a Fellow of the Institute of Bankers in Scotland – Strong background in ESG Biography Alan is a Non-Executive Director of the Bank of London & The Middle East Anulika invests in, and advises on impact investments across EMEA. She Steven Wilderspin has more than 20 years’ experience as a Non-Executive where he holds the regulated position of Chair of the Risk Committee. He is also an independent Non-Executive director at Mid Wynd International Director on the boards of private structures and listed investment companies. also chairs the Irish based private company known as GSLS, a PE led cash Investment Trust PLC. She is the Founder of the Sequoia Platform, a leading logistics business. Alan is also a Member of Court of Heriot-Watt University educational not for profit focused on social mobility in the United Kingdom. Steven has provided independent directorship services since 2007. He has where he sits on the Donations & Investments Committee, and he currently She was the Chair of the Board of Governors at University of East London served on a number of private equity, property, and hedge fund boards as acts as an advisor for a neobank. until Q4 2022. well as commercial companies. Steven currently serves as the Chairman of the audit and risk committee of GCP Infrastructure Investments Alan has extensive PE experience from both his Executive and Non- Anulika has extensive investment experience and believes in investing Limited, and non-executive director of Phoenix Spree Deutschland Ltd and Executive career. He was NED and then Chair for Patria Private Equity Trust for good. Having worked at some of the leading financial institutions, Henderson Far East Income Limited. Steven previously Chaired Blackstone for some 12 years until late March past and he has acted as the Independent Lehman Brothers and Goldman Sachs in investment banking, and in private Loan Financing Limited and served on the Board of 3i Infrastructure Plc, NED for certain Private Equity owned investment companies in the Financial equity with The Carlyle Group and Soros Fund, Anulika has developed where he was Chairman of the audit and risk committee. From 2001 until Services space. an impressive investment track record. She has led the development 2007, Steven was a Director of fund administrator Maples Finance Jersey of greenfield impact investment structures in emerging markets and Limited, where he was responsible for fund and securitisation structures. Alan’s Executive career spanned some 36 years at RBS where he held a developed inclusive investment strategies for development finance He originally qualified with PwC in London. Steven has recent and relevant number of senior executive leadership roles in commercial, corporate and institutions (“DFIs”), corporations, and foundations. financial and sector experience. investment banking across a number of asset classes. Committees C Committee Key Audit and Risk    Inside Information Committee    Management Engagement and Service Provider Committee    Nomination Committee    Remuneration Committee C Chair of Committee ** 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 72 Annual Report and Financial Statements 2026 ## Director’s Report ## 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. The Strategic Report starts with the Chair’s Statement on pages 12 The Company seeks to achieve its investment objective primarily by to 15 and describes HVPE’s principal activities, its principal risks and investing in investment vehicles managed by HarbourVest, which Ed Warner uncertainties, the important events that occurred during the financial invests in or alongside third-party managed investment funds Chair year and those that happened after the year-end. The Strategic (“HarbourVest Managed Vehicles”). HarbourVest broadly makes three Report also sets out how HVPE’s performance, as shown in the types of investment: (i) “Primary investments”, making limited partner Read biography here Financial Statements, was influenced by HVPE’s activities and the commitments to underlying private market funds prior to final closing; year’s events, as well as indicating HVPE’s likely future development. (ii) “Secondary investments”, purchasing private market assets by acquiring positions in existing private market funds or by acquiring ### Corporate summary portfolios of investments made by such private market funds; and (iii) The Company is a closed-ended investment company incorporated “Direct investments”, investing into operating companies, projects, or in Guernsey on 18 October 2007 with an unlimited life. The Company assets alongside other investors. currently has one class of shares (the “Ordinary Shares”), and these shares are admitted to trading on the Main Market of the London In addition, the Company may, on an opportunistic basis, make Stock Exchange. investments (generally at the same time and on substantially the same terms) alongside HarbourVest funds (“Co-investments”) With effect from 10 December 2018, the Company introduced an and in closed-ended listed private equity funds not managed by additional US dollar market quotation which operates alongside the HarbourVest (“Third-Party Funds”). Co-investments made by Company’s existing sterling quotation, allowing shares to be traded the Company may, inter alia, include investments in transactions in either currency. structured by other HarbourVest vehicles including, but not limited to, commitments to private market funds or operating companies in ### Investment objective and investment policy which other HarbourVest funds have invested. 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 73 Annual Report and Financial Statements 2026 Cash at any time not held in such longer-term investments will, In addition, the Company will observe the following Save for cash awaiting investment which may be invested in pending such investment, be held in cash, cash equivalents, money investment restrictions: Temporary Investments, the Company will invest only in HarbourVest market instruments, government securities, asset-backed securities, funds (either by subscribing for an interest during the initial offering and other investment-grade securities and interests in any private • With the exception, at any time, of not more than one period of the relevant fund or by acquiring such an interest in a equity vehicle that is listed or traded on any securities exchange HarbourVest fund or Co-investment to which up to 40% of the secondary transaction), in Co-investments or in Third-party Funds. (“Temporary Investments”). 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 Company’s right to invest in HarbourVest Funds The Company uses an over-commitment strategy in order to remain may be invested, no more than 20% of the Company’s Gross Pursuant to contractual arrangements with HarbourVest, the as fully invested as possible. To achieve this objective, the Company Assets will be invested in or committed at any time to a single Company has the right to invest in each new HarbourVest fund, has undrawn capital commitments to HarbourVest Managed HarbourVest fund or Co-investment. subject to the following conditions: Vehicles and Co-investments which exceed its liquid funding • No more than 10% of the Company’s Gross Assets will be resources but uses its best endeavours to maintain capital resources invested (in aggregate) in Third-Party Funds. • Unless the Board agrees otherwise, no capital commitment which, together with anticipated cash flows, will be sufficient • The Investment Manager will use its reasonable endeavours to to any HarbourVest fund may, at the time of making the to enable the Company to satisfy such commitments as they ensure that no more than 20% of the Company’s Gross Assets, commitment, represent more than 35% or less than 5% of the are called. at the time of making the commitment, will be committed to or aggregate total capital commitments to such HarbourVest fund invested in, directly or indirectly, whether by way of a Co-investment from all its investors. Diversification and investment guidelines or through a HarbourVest fund, (a) any single ultimate underlying • Unless HarbourVest agrees otherwise, the Company shall not The Company will, by investing in a range of HarbourVest Managed investment, or (b) one or more collective investment undertakings have a right to make an investment in, or a commitment to, any Vehicles, Co-investments, and Third-Party Funds, seek to achieve which may each invest more than 20% of the Company’s Gross HarbourVest fund to which ten or fewer investors (investors who portfolio diversification in terms of: Assets in other collective investment undertakings (ignoring, for are associates being treated as one investor for these purposes) these purposes, appreciations, and depreciations in the value of make commitments. • geography: providing exposure to assets in the US, Europe, Asia, assets, fluctuations in exchange rates, and other circumstances ### and other markets; affecting every holder of the relevant asset). Leverage • stage of investment: providing exposure to investments at different • Any commitment to a single Co-investment which exceeds The Company does not intend to have on its balance sheet stages of development such as early stage, balanced and late 5% of the Company’s NAV (calculated at the time of making aggregate leverage outstanding at Company level for investment stage venture capital, small and middle-market businesses such commitment) shall require prior Board approval, provided purposes at any time in excess of 20% of the Company’s NAV. or projects, large capitalisation investments, mezzanine however that no commitment shall be made to any single Co- The Company may use additional borrowings for cash investments, and special situations such as restructuring of investment which, at the time of making such commitment, management purposes, or in the event of a material downturn. funds or distressed debt; represents more than 10% (or, in the case of a Co-investment These borrowings could be for extended periods of time • strategy: providing exposure to primary, secondary, and direct that is an investment into an entity which is not itself a depending on market conditions. co-investment strategies; collective investment undertaking (a “Direct Investment”), 5%) • vintage year: providing exposure to investments made across of the aggregate of: (a) the Company’s NAV at the time of the many years; and commitment; and (b) undrawn amounts available to the Company • industry: with investments exposed, directly or indirectly, to a under any credit facilities. large number of different companies across a broad array • The Company will not, without the prior approval of the Board, of industries. 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). 74 HarbourWest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Government Financial Statements Other information 9 # Director's Report continued ## 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 ("SIO"). 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 this 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 2025 | | --- | --- | --- | | Rathbone Investment | | | | Management Ltd. | 6.03% | 5.93% | | Saba Capital | N/A | 5.01%^{1} | | Total of substantial shareholders | 6.03% | 10.94% | 1 Please note that at 31 January 2024, Saba Capital was below the 5% of voting rights threshold to be described 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 TA-1 statute. 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 89 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 HarbourWest'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. ![img-13.jpeg](img-13.jpeg) HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 75 Annual Report and Financial Statements 2026 Because HVPE’s approach to sustainability is materially informed • Carbon Footprint: The Board initiated a project to calculate its Anti-bribery policy by the strategy of the Investment Manager, the Board is committed own carbon footprint in 2021 and since that time, has continued The Directors have undertaken to operate the business in an honest to ensuring that it has appointed an Investment Manager that is to offset its operational carbon emissions, the majority of which and ethical manner and accordingly take a zero-tolerance approach incorporating high standards of sustainable investing practice result from travel. The offsetting programme compensates for to bribery and corruption, including the facilitation of corporate tax and has the skill and vision to respond to ongoing developments. emissions by delivering finance to emission reduction projects, evasion. The key components of this approach are implemented It is confident that in HarbourVest it has such an Investment which are independently reviewed to assure emissions reductions as follows: Manager. The Board believes that HarbourVest has instituted are occurring. robust environmental, social and governance due diligence and • Diversity and Inclusion: The Board continues to be committed • The Board is committed to acting professionally, fairly, and with engagement procedures within each of its investment strategies and to diversity and inclusion considerations within its Board integrity in all its business dealings and relationships. that these procedures support sound investment decision-making. appointment process. The Board’s Policy on Diversity and • The Company implements and enforces effective procedures Inclusion is included on page 82. to counter bribery. HVPE is reliant on HarbourVest’s screening processes, controls and • Position on Modern Slavery: The Board recognises the • The Company requires all its service providers and advisers to priorities to address sustainability and business conduct matters importance of the issues which the UK Modern Slavery Act 2015 adopt equivalent or similar principles. within the investment portfolio both in the selection and oversight is designed to address. Its oversight of outsourced providers, of investments. The Board believes that engagement related to including the Investment Manager, includes questions relating Disclosures required under UKLR 6.6.1R investee companies is an effective way of driving meaningful change to their policies to combat Modern Slavery. As Chair, Ed Warner The Financial Conduct Authority’s Listing Rule 6.6.1R requires that and takes comfort from the extent of the Investment Manager’s assumes direct oversight of the Company’s statements and the Company includes certain information relating to waivers of activity in this area, which is described on pages 51 to 57. its response to the issue of Modern Slavery. A description of Directors’ fees and long-term incentive schemes in force (amongst the Board’s approach to this subject is set out on the other matters). The Directors confirm that there are no disclosures to The Board receives regular updates from the Investment Manager Company’s website. be made in this regard. on the development and implementation of its Sustainable Investing ### policies and processes, and the Board has established a framework Significant votes against policy Investment Manager for monitoring its continuing progress. Updates include information The Directors have adopted a policy whereby, should 20% or more A description of how the Company has invested its assets, including on the integration of sustainability and business conduct factors of votes be cast against a recommendation made by the Board for a quantitative analysis, may be found on pages 1 to 67, with further during decision making, risk monitoring and engagement related a resolution, the Company shall: information disclosed in the Notes to the Financial Statements on to identified risks in order to seek resolution and future mitigation. pages 110 to 116. The Board has considered the appointment of This provides a valuable opportunity for the Board to challenge • explain, when announcing voting results, what actions it intends the Investment Manager and, in the opinion of the Directors, the the Investment Manager to demonstrate that it is applying high to take to consult shareholders in order to understand the continuing appointment of the Investment Manager on the terms standards of Sustainable Investing practice within its investments reasons behind the result; agreed is in the interests of its shareholders as a whole. and operations. The Board also receives a regular update on the • no later than six months after the shareholder meeting, publish GHG emissions of the portfolio an update on the views received from shareholders and actions In considering this appointment, the Board has reviewed the past taken; and performance of the Investment Manager, the engagement of the As an investment company with no direct employees, the core • provide a final summary in the Annual Report and, if applicable, Investment Manager with shareholders and the Board, and the of the Company’s sustainability initiatives is derived from its in the explanatory notes to resolutions at the next shareholder strategic plan presented to the Board by the Investment Manager. oversight of its service providers, most importantly the Investment meeting state what impact the feedback has had on the decisions Manager. However, the Board also recognises that it ought to the Board has taken and any actions or resolutions proposed. operate its business activities as an Investment Company in a manner consistent with its sustainable investing beliefs, including No significant votes were received against any Board-recommended the following: resolution at the 2025 AGM. 76 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Government Financial Statements Other information # 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 2026 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 10,978,097 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 £2771 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 £30.65 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 2025, subject to shareholders passing the Continuation Vote at the AGM in July 2026. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 77 Annual Report and Financial Statements 2026 When determining the timing, amount and nature of a shareholder subsequent to the period-end, the challenging macroeconomic Going Concern Statement distribution, the Board considers a standard set of factors, including and geopolitical environment has resulted in higher inflation, higher In accordance with the 2024 AIC Code of Corporate Governance and the macroeconomic environment, the discount to NAV at which interest rates, volatility in public markets and subdued activity in US GAAP, the Board has performed a robust assessment of principal HVPE’s shares are trading (both in absolute terms and relative to private markets. While the Company’s actual cash flow through risks (refer to pages 49-50 for an update on the Principal Risks of peers), market sentiment, and the relative merits of distributing May has been tracking closer to the plausible upside or Base Case the Company) along with the assessment of whether the Company capital against the potential benefit of committing to new scenario, this trend is in contrast with the portfolio activity over the will remain a going concern through the period ending 30 June 2027 investment opportunities. last three years. As such, the Directors have focused on the Low which covers the twelve months from the signing of the financial Case (considered the likely scenario given recent experience and statements and whether it believes that the principal risks of the The Board may choose to retain the Distribution Pool for an current market conditions), and also considered a stress test of the Company will remain as identified on pages 49-50 of this report over extended period to preserve capacity ahead of a future downturn, Low scenario, which included lower distributions due to unfavorable the going concern assessment period. or may allocate some of the cash for reinvestment. capital markets. This stress test is considered a plausible downside scenario from current levels and allowed the Directors to assess the The Board considered model scenarios assuming varying degrees The Board’s intention is to optimise the long-term total return for liquidity of the Company considering the ongoing market uncertainty of impact on the portfolio over the period ending 30 June 2027. shareholders through the cycle while preserving the strength of following recent concerns over software industry valuations and the The Board primarily focused on the Low Case and the Extreme the balance sheet. The Distribution Pool allocation will be reviewed war in Iran. Downside Case as noted above. The Low Case was considered the annually, and the Board will continue to monitor the situation most likely scenario given the current economic environment, as closely to ensure that the best possible outcomes are achieved In considering Going Concern for the required one-year period for the Investment Manager included reasonable portfolio growth and for shareholders. these 2026 Annual Report and Accounts, the Directors primarily distribution levels for the current environment in the assumptions of focused on two model scenarios: the Low and the Extreme the Low Case for 2026. While the Low Case was the primary focus of Introduction to the Going Concern Downside, while allowing for the possibility of falling between the Board in assessing the going concern of the Company, a stress and Viability Statements these two scenarios in the stress test of the Low scenario. These test of the Low Case scenario and the Extreme Downside Case were Since the inception of HVPE, the Directors have relied upon model scenarios have been used to form the basis of the Going Concern also considered. The stress test of the Low Case adjusted some of scenarios to manage the Company’s liquidity requirements and and Viability statements as provided below. The credit facility the key assumptions including lower distributions considering the balance sheet risk more generally. This modelling allows the provides an additional source of capital to HVPE which helps to possibility of less favourable capital markets. The Extreme Downside Directors to evaluate whether the Company is a going concern and underpin the existing and future commitments of the Company. The Case was designed to specifically stress the balance sheet with provides evidence to support the Directors’ viability statement in Company maintains a credit facility of $1.2 billion which currently multiple worst case scenarios all playing out to 30 June 2027; 1) a the Company’s Annual Report and Accounts. While the modelling extends out to mid-2029 to align with the ongoing growth strategy credit crisis resulting in all of the fund-level bridging leverage being process has been refined over the years, it has provided a consistent and risk management practices of the Company. Along with the called at once as the underlying HarbourVest fund credit facilities approach through which the Directors have been able to provide model scenarios discussed above, the available credit facility could not be renewed ($414.1 million in unexpected capital called); a firm assessment, as demonstrated through the Global Financial provides further support in the Board’s assessment of going 2) despite this credit crisis capital calls are still being received at Crisis and COVID-19 pandemic. concern and viability. 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 The Directors have assessed different scenarios including an value declines similar to what was experienced during the GFC, expected case based on the current market environment (Low and; 4) distribution levels falling to levels equivalent to what was Case), plausible upside and downside cases (Base and Low Stress experienced during the GFC. The Board does not believe the Extreme Cases), and an Extreme Downside case. This allows the Directors’ Downside Case is a likely scenario but factors this into the going flexibility in choosing the most appropriate scenario for the current concern assessment. 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 78 HarbourWest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Government Financial Statements Other information # 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 HarbourWest-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. ![img-14.jpeg](img-14.jpeg) HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 79 Annual Report and Financial Statements 2026 ### 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 80 Annual Report and Financial Statements 2026 ## Board Structure and Committees The activities of the Company are overseen by the Board, which The Directors are kept fully informed of investment and financial In addition to the above meetings, ad-hoc Board and Committee is comprised of Independent Directors. The Board meets at least controls and other matters that are relevant to the business of the meetings can be convened at short notice and, as they only require four times a year, and between these scheduled meetings there Company. Such information is brought to the attention of the Board a quorum of two Directors, there is a possibility of lower attendance is regular contact between Directors, the Investment Manager, by the Investment Manager, the Administrator, and the Company than for the scheduled meetings. During the financial year, there the Administrator, and the Company Secretary, including a formal Secretary in their regular reports to the Board. The Directors also were 12 ad-hoc Board meetings with a quorum at each. These ad- strategy meeting and Board update calls. have access, where necessary in the furtherance of their duties, hoc Board meetings included regular meetings held to determine to professional advice at the expense of the Company. Further the deployment of the funds within the Distribution Pool from time The Board aims to run the Company in a manner which is consistent details of the Board Committees are set out below and their terms to time, on the basis of a standard template of information agreed by with its belief in honesty, transparency, and accountability. This is of reference are available on the Company’s website: https://www. the Board. If any Director is unable to attend a meeting, they receive reflected in the way in which Board meetings are conducted, during hvpe.com/company-info/corporate-governance/. the papers and have the opportunity to discuss them with the Chair. which the Chair promotes and facilitates a culture of open and constructive debate on each topic, encouraging input from All Directors received notice of the meetings, the agenda, and At each scheduled Board meeting, amongst other items, the all Directors and advisers to ensure a wide exchange of well- supporting documents and were able to comment on the matters to Directors review and discuss the Investment Manager’s Report, informed views. The Directors believe that good governance be raised at the proposed meeting. During each meeting, the Chair HVPE’s financial position, drivers of performance, how HVPE has means effective management of the affairs of the Company and promoted and facilitated open, constructive debate on each topic, performed, the commitment plan, the corporate broking report meaningful engagement with investors. The Board is committed encouraging input from all Directors. As well as the scheduled Board (which includes an update on the Company’s peer group) as well to maintaining high standards of financial reporting, transparency, and strategy meetings, the Board also received detailed information as wider issues relating to the market and HVPE’s share price and business integrity. from the Investment Manager via update calls, with particular performance, in particular the discount to NAV. Marketing and reference to the impact on the Company of external developments. investor relations are covered in detail at two Board meetings, and at ### Board and Committee Meetings a higher level at the remaining meetings. Each meeting ends with a ### and Attendance Record discussion between the Directors, at which no representative of the The table below sets out the Directors’ attendance at the Board Investment Manager is present. and Committee meetings held during the financial year ended ### 31 January 2026: Responsibilities The Board has adopted formal responsibilities for the Chair and Management the Senior Independent Director, as well as a schedule of matters Inside Engagement and reserved for the Board. All of these documents are available on | | | | Audit and Risk | | Information | | Service Provider | | Nomination | Remuneration | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Scheduled Board | | | Committee | Committee | | | Committee | Committee | | Committee | the Company’s website: www.hvpe.com/company-info/corporate- | | Director | | Meetings | | Meetings | Meetings | 1 | | Meetings | Meetings | | Meetings | | governance/ 2,3 Francesca Barnes 6 of 7 6 of 7 n/a 2 of 2 1 of 1 1 of 1 ### Board Composition Libby Burne 7 of 7 7 of 7 n/a 2 of 2 1 of 1 1 of 1 Together, the members of the Board possess a balance of skills, Anulika Malomo 7 of 7 7 of 7 n/a 2 of 2 1 of 1 1 of 1 experience, and length of service which the Directors believe is Ed Warner 7 of 7 n/a n/a 2 of 2 1 of 1 1 of 1 appropriate. Succession planning remains an ongoing process, Steven Wilderspin 7 of 7 7 of 7 n/a 2 of 2 1 of 1 1 of 1 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. 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 81 Annual Report and Financial Statements 2026 All continuing Directors are subject to annual re-election by Each Committee of the Board considers its performance annually, Lintstock found that the HVPE Board engaged well with the Board shareholders. When a new Director is appointed to the Board, they including whether it should undertake any additional activities. Review process, providing a number of useful insights to support participate in a structured induction process comprising of a series of An externally facilitated Board evaluation occurs every three years. continuous improvement. The exercise had a particular focus on meetings with the Chair of the Board and Chair of the Audit and Risk HVPE engaged Lintstock Ltd in 2025 to conduct an external review the impact of recent activist and market pressures, and the lessons Committee, key individuals within the Investment Manager, and other of the performance of the Board. Lintstock is an advisory firm that that the Board ought to draw from the experience. The Review service providers. Directors must be able to demonstrate commitment specialises in Board Reviews and has no other connection with the also highlighted a few areas for further focus, including strategic to the Company and ensure that they have sufficient time to fulfil their Company or individual Directors. priorities for discussion at the November 2025 strategy session and roles effectively. Therefore, in accordance with the Board’s established opportunities to enhance the Board’s engagement with the wider protocol on the management of potential conflicts, if a Director wishes The methodology applied for the process is detailed in the HarbourVest team. The Review included a comparison of the Board’s to undertake additional external appointments, approval is sought from flowchart below: performance against the Lintstock Index. Drawing on insights from the Chair in order to confirm that the Director will be able to continue over 100 of Lintstock’s recent mandates for UK Investment Companies, to dedicate sufficient time to carry out their duties as a Director of the this analysis placed the performance of the Board into context, Company, in addition to assessing any potential conflicts of interest providing a balanced view of the Board’s strengths and priorities. and independence issues. In the case of any potential appointment for the Chair, the relevant assessment is conducted by the Senior Lintstock collaborated with the Chair and HVPE’s Head of Corporate Governance to tailor the line of enquiry to Independent Director. the specific needs of the Company. Scoping and Tailoring April-June 2025 As well as covering core aspects of governance such as information, composition and dynamics, the Review ### Tenure Policy considered investment performance, risk management, as well as the Board’s relationship with HarbourVest When considering its composition, the Board is strongly committed and the Company’s shareholders. 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. Meeting Observations Lintstock representatives observed the July Board meeting and reviewed the accompanying papers. The Board has adopted a Tenure Policy confirming its intention July 2025 that each Director will retire at the AGM immediately following the completion of their ninth year on the Board. Board members and selected HarbourVest representatives completed bespoke surveys assessing the Completion of Surveys performance of the Board. Each Director also completed a self-assessment questionnaire addressing It is acknowledged that there could be unusual circumstances in July-August 2025 their own performance. 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. In-depth interviews with the Board and HarbourVest representatives were conducted by two Lintstock Interviews Partners. The findings from the survey stage enabled Lintstock to focus discussions on the priorities August 2025 for each interviewee. ### 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 Analysis and Delivery of Reports Lintstock analysed the findings from the surveys and the interviews and delivered focused reports September 2025 documenting the findings, including a number of recommendations to increase effectiveness. 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. Board Discussion Lintstock’s findings were shared with the Chair and then discussed at a dedicated Board session in November, November 2025 at which actions were agreed for implementation and monitoring. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 82 Annual Report and Financial Statements 2026 ## Board Structure and Committees continued Policy on Diversity and Inclusion However, the Board acknowledges that it may not meet the target The Company has provided the disclosures required During the year ended 31 January 2026, the Company met relating to senior board positions following the July 2026 AGM. Of under the Financial Conduct Authority’s UK Listing Rule the targets on board diversity set out in the Financial Conduct the three senior Board positions proposed for election or re-election, 6.6.6R (9) in the two tables set out below. The Company Authority’s UK Listing Rule 6.6.6R(9). During the year, the Board the Chair, Senior Independent Director and Chair of the Audit and has collected the data for the following two tables by consisted of three women and two men, and therefore exceeded the Risk Committee are expected to be held by male Directors. Given the making due enquiry of the Directors. Hampton-Alexander Review target for 40% female representation on size of the Board, changes to senior roles arise only as part of the FTSE 350 company boards. During the year, the Company also met normal cycle of succession planning. the target relating to senior board positions, with the role of Senior Independent Director held by a woman. The roles of Chair and Chair The Board recognises that diversity includes racial, socio-economic, 1 and other factors such as physical ability, and that different of the Audit and Risk Committee were held by male Directors. The Company has no employees. The Board also achieved the level of backgrounds and experiences can bring real value to the Company ethnic diversity targeted by the Parker Review, with one of the five in terms of decision-making. The Board does not have any specific Directors being from an ethnic minority background. 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. Board gender representation as at 31 January 2026 Number of Senior Positions (Chair, Number of Board Members Percentage of the Board 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 Senior Positions (Chair, Number of Board Members Percentage of the Board 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 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”. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 83 Annual Report and Financial Statements 2026 ## Audit and Risk Committee ### About the Committee Activities of the Committee The Audit and Risk Committee members are outlined on pages 70 Audit and Risk Committee meetings and 71. Ms Barnes and Ms Malomo each held senior banking and In the financial year ended 31 January 2026, the Audit and Risk finance roles for a number of years as described in their biographies. Committee met seven times. A summary of Director attendance is Ms Burne is a former auditor with over 20 years’ experience. included in the “Board and Committee Meetings and Attendance Mr Wilderspin is a qualified Chartered Accountant and has over 20 Record” section on page 80. In these meetings, the Committee years’ experience as an executive and non-executive director on considered the following matters: a number of private and listed fund boards as well as commercial companies. Members of the Committee are deemed by the Board to Auditor Tenure have recent and relevant financial and sector experience. The Audit and Risk Committee reviewed the effectiveness of the external audit process for the 2025 Financial Statements, including The Audit and Risk Committee is responsible for the review of the audit quality, objectivity (level of challenge and professional Company’s accounting policies, periodic Financial Statements and scepticism), and independence, using a detailed questionnaire auditor engagement. The Committee is also responsible for making developed internally from guidance issued by the main accounting appropriate recommendations to the Board, including that the firms and the FRC. This included discussions with the Company’s Financial Statements are fair, balanced, and understandable, and auditor (Ernst & Young LLP), Investment Manager and Company Steven Wilderspin ensuring that the Company complies to the best of its ability with Secretary to review how well the previous year’s audit had gone. The Audit and Risk Chair applicable laws and regulations and adheres to the tenet of generally main conclusion from this review was that the audit has been of high accepted codes of conduct. The Committee is also responsible quality and robust in nature. The Committee concluded that Ernst Read biography here for overseeing the Company’s risk management framework and & Young LLP’s appointment as the Company’s auditor should be regulatory compliance. continued for the 2026 Financial Statements. All of the Company’s management and administration functions are The Company’s auditor has been engaged by the Company since delegated to independent third parties or the Investment Manager 2007 and was re-engaged following a competitive tender process in and it is therefore felt that it would not be practical or cost effective May 2017. The partner responsible for the audit, Richard Le Tissier, for the Company to have its own internal audit facility. This matter commenced his role for the year ended 31 January 2022 audit. The is reviewed annually. The Audit and Risk Committee does have the Company’s auditor performed the audit of the Company’s Financial power to commission third-party assurance work as it sees fit, but Statements, prepared in accordance with applicable law, US GAAP, did not do so in the year under review. 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. 84 HarbourVest Global Private Equity Annual Report and Financial Statements 2025 Strategic Report Government Financial Statements Other information # 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 2025, 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. ![img-15.jpeg](img-15.jpeg) 85 HarbourWest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information 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 HarbourWest 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 ![img-16.jpeg](img-16.jpeg) 86 Harbour/First Global Private Equity^{}[] Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information 37 ## 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 https://www.nominations-committee-terms-of-reference-advised.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. ![img-17.jpeg](img-17.jpeg) HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 87 Annual Report and Financial Statements 2026 ## Inside Information Committee and ## Remuneration Committee ### Inside Information Committee The Committee decided that for the year under consideration, a About the Committee modest increase, in line with the approach adopted in the previous The Committee was formed on 12 July 2016 and is chaired by year, would be appropriate. As a result, it was resolved to approve Mr Warner. Any Director can form part of this Committee, but its an increase in the Chair’s fee of 3.1% to £115,500 per annum and usual member is Mr Wilderspin. 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 The purpose of the Committee is to assist and inform the decisions recommended for the premiums paid to Committee Chairs. All of the Board concerning the identification of inside information and to increases were effective from 1 February 2026. make recommendations as to how and when any such information may need to be made public in order for the Company to comply with Governance and effectiveness its obligations under the UK Market Abuse Regulation. During the year, the Remuneration Committee conducted a review of its activities against its constitution and terms of reference ### Remuneration Committee in respect of the year under review and concluded that it had About the Committee satisfactorily complied with all of its terms of reference. 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 88 Annual Report and Financial Statements 2026 ## 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 • There are no performance related elements to Directors’ fees and Directors’ service contracts As a Guernsey domiciled Company, the Directors are not required the Company does not operate any type of incentive, share scheme, There are no long-term incentive schemes provided by the Company to present the Company’s Remuneration Policy to shareholders at award or pension scheme. Therefore, no Directors receive bonus and no performance fees are paid to Directors. the AGM. In line with best practice, however, the Directors present payments or pension contributions from the Company or hold the Board’s remuneration report to shareholders for approval. options to acquire shares in the Company. Directors are not granted No Director has a service contract with the Company. Each Director The Directors’ Remuneration Policy (“The Policy”) will be put to exit payments and are not provided with compensation for loss is appointed by a letter of appointment which sets out the terms of shareholders’ vote every three years. of office. the appointment. • Directors may be reimbursed for reasonable out-of-pocket A resolution to approve the Policy will be put to shareholders as part expenses incurred in attending the Company’s business. Directors are remunerated in the form of fees, payable quarterly in of the 2026 AGM. The Policy specifies that: • The Remuneration Committee is responsible for making arrears to the Director personally. The table to the on the next page recommendations to the Board but has delegated responsibility details the fees paid to each Director of the Company for the years • The Board’s policy is that Directors’ fees should properly reflect for determining and setting the remuneration for the Chair. ended 31 January 2025 and 31 January 2026. the time spent on the Company’s business and should be at a • An ordinary resolution to approve the Directors’ Remuneration level to ensure that appropriate candidates can be recruited to Policy will be put to shareholders at the July 2026 Annual General Following the recommendation of the Remuneration Committee, and retained on the Board. Directors’ fees are reviewed annually Meeting and will reoccur every three years. the Board approved incremental increases in the fees paid to the by the Remuneration Committee, with any increase taking effect • The terms and conditions of Directors’ appointments are set out Directors to take place from 1 February 2026. In approving these from the first day of the Company’s subsequent financial year. in formal letters of appointment which are available for review at increases, the Board was acting on its intention to prefer measured • The Chair of the Board and the Chairs of theCommittees of the the Company’s registered office. annual incremental increases rather than intermittent corrections. Board may be paid higher fees than the other Directors, reflecting • There is a cap on total Directors’ fees of £550,000 per annum as the greater time commitment involved in fulfilling those roles. set out in the Articles section 20 paragraph (1). Under the Company’s Articles of Incorporation, Directors are entitled • Reviews of the levels of Directors’ remuneration reflect industry to additional ad-hoc remuneration for project work outside the scope research carried out by third parties on the level of fees paid to of their ordinary duties. No such payments were made in the year the directors of the Company’s peers, within the investment funds ended 31 January 2026. 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 89 Annual Report and Financial Statements 2026 Fees Paid for the 12 Months Fees Paid for the 12 Months Director Role ended 31 January 2026 ended 31 January 2025 Francesca Barnes Senior Independent Director £63,000 £61,000 Chair of the MESPC, Libby Burne Independent Director £63,000 £61,000 1 Carolina Espinal Director N/A Nil Anulika Malomo Independent Director £60,000 £58,000 Ed Warner Chair, Independent Director £112,000 £109,000 Chair of the ARC, | Steven Wilderspin | Independent Director £72,000 £70,000 | | | | | --- | --- | --- | --- | --- | | | | 2 | | 2 | | Alan Devine Director N/A | | | N/A | | 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. Annual Fee from Annual Fee from Annual Fee to Role 1 February 2026 1 February 2025 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 90 Annual Report and Financial Statements 2026 ## 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 1. Board Leadership and Purpose Code. The AIC Code addresses all the principles and provisions set Purpose On page 72 out in the 2024 UK Corporate Governance Code (the “UK Code”), Strategy On pages 72 to 77 as well as setting out additional provisions on issues that are of specific relevance to the Company. The AIC Code has been endorsed Values and culture On page 82 by the Financial Reporting Council and the Guernsey Financial Shareholder engagement On pages 44 to 46 Services Commission (“GFSC”). By reporting against the AIC Code, the Company is meeting its obligations under the UK Code, the 2. Division of responsibilities GFSC Finance Sector Code of Corporate Governance, as amended Director independence On page 74 in February 2026, and the associated disclosure requirements set out under paragraph 6.6.6R of the Financial Conduct Authority’s Board meetings On page 80 UK Listing Rules. The Board considers that reporting against the Relations with Investment Manager On pages 75 to 76 principles and provisions of the AIC Code provides more relevant Management Engagement Committee On page 86 information to stakeholders. The AIC Code is available on the AIC website: www.theaic.co.uk. 3. Composition, Succession, and Evaluation The Company complied with all the principles and provisions of the Nomination Committee On page 86 AIC Code during the year ended 31 January 2026. Director re-election On pages 80 to 81 Use of external search agency Approach to succession Planning on page 86 Set out to the right is where stakeholders can find further information within the Annual Report about how the Company has Board evaluation Board and Committees Evaluation on page 81 complied with the various principles and provisions of the AIC Code. 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 91 Annual Report and Financial Statements 2026 ## Inside this section ## Financial ## Statements ### 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 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 92 Annual Report and Financial Statements 2026 ## Independent Auditor’s Report ## To the members of HarbourVest Global Private Equity Limited ### Opinion Material uncertainty related to going concern We have audited the Consolidated Financial Statements of HarbourVest Global Private Equity Limited We draw attention to Note 2 of the Consolidated Financial Statements, which indicates that the (the ”Company”) and its subsidiaries (“HVPE” or the ”Group”) for the year ended 31 January 2026 Company will hold a continuation vote at the July 2026 AGM. As stated in Note 2, this event indicates which comprise the Consolidated Statements of Assets and Liabilities, the Consolidated Statements that a material uncertainty exists that may cast significant doubt on the Group and Company’s ability to of Operations, the Consolidated Statements of Changes in Net Assets, the Consolidated Statements continue as a going concern. Our opinion is not modified in respect of this matter. 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 We draw attention to the Viability Statement in the Annual Report on page 78, which indicates that one of in their preparation is applicable law and United States Generally Accepted Accounting Principles the key assumptions to the statement of viability is in respect of the material uncertainty arising from the (“US GAAP”). forthcoming continuation vote to be held at the July 2026 AGM. Our opinion is not modified in respect of this matter. In our opinion, the financial statements: In auditing the Consolidated Financial Statements, we have concluded that the Directors’ use of the • Give a true and fair view of the state of the Group’s affairs as at 31 January 2026 and of its profit for going concern basis of accounting in the preparation of the Consolidated Financial Statements is the year then ended; appropriate. Our evaluation of the Directors’ assessment of the Group’s and Company’s ability to • Have been properly prepared in accordance with US GAAP; and continue to adopt the going concern basis of accounting included: • Have been properly prepared in accordance with the requirements of the Companies (Guernsey) Law 2008. • 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 ### Basis for opinion significant doubt on the entity’s ability to continue as a going concern and concluding that no such We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) circumstances exist; and applicable law. Our responsibilities under those standards are further described in the Auditor’s • Evaluating the going concern assessment prepared by the Investment Manager and approved by responsibilities for the audit of the financial statements section of our report. We believe that the audit the Directors for the period up until 30 June 2027 from the date of approval of the Consolidated evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Financial Statements; • Obtaining the models used to forecast cash flows under differing scenarios and challenged the ### Independence sensitivities and assumptions used in the forecasts. We assessed whether the commitments We are independent of the Group and Company in accordance with the ethical requirements that are made to underlying investments cast significant doubt over the going concern status of the Group relevant to our audit of the financial statements, including the UK FRC’s Ethical Standard as applied to and compared the historical calls made by underlying investments as a percentage of the total listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with commitments made, including a discussion with the Investment Manager regarding the possibility for these requirements. uncalled commitments to be called. We considered the accuracy of Investment Manager’s forecast by comparing actual performance to historical forecasts; The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group or the • Testing the arithmetical accuracy of relevant aspects of the models supporting the going concern Company and we remain independent of the Group and the Company in conducting the audit. 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 93 Annual Report and Financial Statements 2026 In relation to the Group’s reporting on how they have applied the UK Corporate Governance Code, we Climate change have nothing material to add or draw attention to in relation to: 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 • the Directors’ statement in the Consolidated Financial Statements about whether the Directors these disclosures therefore consisted solely of considering whether they are materially inconsistent with considered it appropriate to adopt the going concern basis of accounting and the Financial Statements, or our knowledge obtained in the course of the audit,or otherwise appear to be • the Directors’ identification in the Consolidated Financial Statements of the material uncertainty materially misstated. 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 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 Our responsibilities and the responsibilities of the Directors with respect to going concern are described the conclusions that there was no material impact on the recognition and separate measurement in the relevant sections of this report. However, because not all future events or conditions can be considerations of the assets and liabilities of the Group as at 31 January 2026. predicted, this statement is not a guarantee as to the Group and Company’s ability to continue as a going concern. 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. ### 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. 94 HarbourVest Global Private Equity^{}[] Annual Report and Financial Statements 2025 Strategic Report Governance Financial Statements Other information ## Independent Auditor's Report To the members of HarbourVest Global Private Equity Limited ### 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 2025, 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 2025; We obtained a schedule of all adjustments made to those audited NAVs between 1 January 2025 and 31 January 2025, 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 2025 to 31 January 2025 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 2025 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. | 95 HarbourWest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information ### 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: $4.8m), 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 96 Annual Report and Financial Statements 2026 ## Independent Auditor’s Report ## To the members of HarbourVest Global Private Equity Limited ### Corporate Governance Statement Auditor’s responsibilities for the audit of the financial statements We have reviewed the directors’ statement in relation to going concern, longer-term viability and that Our objectives are to obtain reasonable assurance about whether the Consolidated Financial part of the Corporate Governance Statement relating to the group and company’s compliance with the statements as a whole are free from material misstatement, whether due to fraud or error, and to issue provisions of the UK Corporate Governance Code specified for our review by the Listing Rules. 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 Based on the work undertaken as part of our audit, we have concluded that each of the following misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, elements of the Corporate Governance Statement is materially consistent with the financial statements individually or in the aggregate, they could reasonably be expected to influence the economic decisions or our knowledge obtained during the audit: of users taken on the basis of these financial statements. • Directors’ statement with regards to the appropriateness of adopting the going concern basis of Explanation as to what extent the audit was considered capable of detecting ### accounting and any material uncertainties identified set out on page 77 to 78. irregularities, including fraud • Directors’ explanation as to its assessment of the company’s prospects, the period this assessment Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design covers and why the period is appropriate set out on pages 77 to 78. procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The • Director’s statement on whether it has a reasonable expectation that the group will be able to risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one continue in operation and meets its liabilities set out on page 77 to 78. resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional • Directors’ statement on fair, balanced and understandable set out on page 78. misrepresentations, or through collusion. The extent to which our procedures are capable of detecting • Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks irregularities, including fraud is detailed below. set out on pages 49 to 50. • The section of the annual report that describes the review of effectiveness of risk management and However, the primary responsibility for the prevention and detection of fraud rests with both those internal control systems set out on pages 83 to 85 charged with governance of the company and management. • The section describing the work of the audit committee set out on pages 83 to 85. • We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group ### Responsibilities of Directors and determined that the most significant are: As explained more fully in the directors’ responsibilities statement set out on pages 78 to 79, the – Financial Conduct Authority (“FCA”) Listing Rules; Directors are responsible for the preparation of the Consolidated Financial Statements and for being – Disclosure Guidance and Transparency Rules (“DTR”) of the FCA; satisfied that they give a true and fair view, and for such internal control as the Directors determine is – The 2024 UK Corporate Governance Code; necessary to enable the preparation of financial statements that are free from material misstatement, – The 2024 AIC Code of Corporate Governance; and whether due to fraud or error. – The Companies (Guernsey) Law, 2008, as amended. In preparing the Consolidated Financial Statements, the Directors are responsible for assessing the • We understood how the Group is complying with those frameworks by: Group and the Company’s ability to continue as a going concern, disclosing, as applicable, matters – Discussing the processes and procedures used by the Directors, the Investment Manager, the related to going concern and using the going concern basis of accounting unless the directors either Company Secretary and Administrator to ensure compliance with the relevant frameworks; intend to liquidate the group or the company or to cease operations, or have no realistic alternative but – Inspecting the Group’s relevant documented policies, processes and procedures; and to do so. – Reviewing internal reports that evidence compliance testing. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 97 Annual Report and Financial Statements 2026 • We assessed the susceptibility of the Group’s Consolidated Financial Statements to material A further description of our responsibilities for the audit of the financial statements is located on the misstatement, including how fraud might occur by; Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description – Identifying misstatement or manipulation of the valuation of the Group’s investments in the forms part of our auditor’s report. 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; Other matters we are required to address – Obtaining an understanding of entity-level controls and considering the influence of the Following the recommendation from the audit committee we were appointed by the Company on control environment; 2 November 2007 to audit the financial statements for the year ending 31 January 2008 and subsequent – Obtaining management’s assessment of fraud risks including an understanding of the nature, financial periods. 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 • The period of total uninterrupted engagement including previous renewals and reappointments is 19 of management’s processes for identifying and responding to fraud risks and the controls years, covering the years ending 31 January 2008 to 31 January 2026. established by management to mitigate specifically those risks the entity has identified, or that • The audit opinion is consistent with the additional report to the audit committee. otherwise help to prevent, deter and detect fraud; ### – Making inquiries with management and those charged with governance regarding how they Use of our report identify related parties including circumstances related to the existence of a related party with This report is made solely to the Company’s members, as a body, in accordance with Section 262 of dominant influence; and The Companies (Guernsey) Law 2008. Our audit work has been undertaken so that we might state to – Making inquiries with management and those charged with governance regarding their the Company’s members those matters we are required to state to them in an auditor’s report and for knowledge of any actual or suspected fraud or allegations of fraudulent financial reporting no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to affecting the Group. 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. • 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 Richard Geoffrey Le Tissier | Secretary and Administrator to obtain an understanding of how instances of non-compliance with | For and on behalf of Ernst & Young LLP | | --- | --- | | relevant laws and regulations are identified; | Guernsey | | – Reviewing Board minutes and internal compliance reporting; | 27 May 2026 | – 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 98 Annual Report and Financial Statements 2026 ## Report of the Independent Auditors ## To the Directors of HarbourVest Global Private Equity Limited ### Opinion Auditor’s Responsibilities for the Audit of the Financial Statements We have audited the consolidated financial statements of HarbourVest Global Private Equity Limited (the Our objectives are to obtain reasonable assurance about whether the financial statements as a whole “Company”) and its subsidiaries (“the Group”), which comprise the consolidated statements of assets are free of material misstatement, whether due to fraud or error, and to issue an auditor’s report that and liabilities, including the consolidated schedule of investments, as of 31 January 2026 and 2025, and includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance the related consolidated statements of operations, changes in net assets and cash flows for the year and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect then ended, and the related notes 1 to 12 (collectively referred to as the “financial statements”). 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 In our opinion, the accompanying financial statements present fairly, in all material respects, the financial omissions, misrepresentations, or the override of internal control. Misstatements are considered material position of the Group at 31 January 2026 and 2025, and the results of its operations, changes in its net if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment assets and its cash flows for the year then ended in accordance with accounting principles generally made by a reasonable user based on the financial statements. accepted in the United States of America. In performing an audit in accordance with GAAS, we: ### Basis for Opinion • Exercise professional judgment and maintain professional skepticism throughout the audit. We conducted our audit in accordance with auditing standards generally accepted in the United States • Identify and assess the risks of material misstatement of the financial statements, whether due of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s to fraud or error, and design and perform audit procedures responsive to those risks. Such Responsibilities for the Audit of the Financial Statements section of our report. We are required to be procedures include examining, on a test basis, evidence regarding the amounts and disclosures independent of the Group and to meet our other ethical responsibilities in accordance with the relevant in the financial statements. ethical requirements relating to our audit. We believe that the audit evidence we have obtained is • Obtain an understanding of internal control relevant to the audit in order to design audit procedures sufficient and appropriate to provide a basis for our audit opinion. 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. Substantial Doubt About the Company’s Ability to Continue as a Going Concern • Evaluate the appropriateness of accounting policies used and the reasonableness of significant The accompanying Consolidated Financial Statements have been prepared assuming that the Company accounting estimates made by management, as well as evaluate the overall presentation of the will continue as a going concern. As discussed in note 2 to the Consolidated Financial Statements, a financial statements. continuation vote is scheduled in July 2026 and this event indicates that a material uncertainty exists • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that that may cast substantial doubt on the Group and Company’s ability to continue as a going concern. The raise substantial doubt about the Group’s ability to continue as a going concern for a reasonable Consolidated Financial Statements do not include any adjustments that might result from the outcome period of time. of this uncertainty. Our opinion is not modified with respect to this matter. We are required to communicate with those charged with governance regarding, among other matters, Responsibilities of Management for the Financial Statements the planned scope and timing of the audit, significant audit findings, and certain internal control-related Management is responsible for the preparation and fair presentation of the financial statements in matters that we identified during the audit. 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 99 Annual Report and Financial Statements 2026 ### 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 100 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information ## 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 | 16,371 | 19,566 | | Accounts receivable from HarbourVest Advisers L.P. (Note 9) | 241 | 244 | | **Total assets** | **4,851,555** | **4,517,401** | | **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** | **$54.17** | *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** Chair **Steven Wilderspin** Chair of the Audit and Risk Committee ![img-18.jpeg](img-18.jpeg) 101 Harbour/Veet Global Private Equity^{}[] Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information ## 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** | **255,545** | | **Investment income** | | | | Interest and dividends from cash and equivalents | 4,097 | 5,762 | | Other income | 310 | 228 | | **Expenses** | | | | Interest expense (Note 6) | 43,068 | 35,353 | | 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)** | **(47,334)** | | **Net increase in net assets resulting from operations** | **$333,153** | **$298,511** | The accompanying notes are an integral part of the Financial Statements. 102 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information 3 ## Consolidated Statements of Changes in Net Assets For the Years Ended 31 January 2026 and 2025 | In US Dollars | 2026 (in thousands) | 2025 (in thousands) | | --- | --- | --- | | **Increase in net assets from operations** | | | | Net realized gain on investments | 235,544 | 150,618 | | Net change in unrealised appreciation on investments | 156,001 | 105,227 | | Net investment loss | (58,392) | (47,334) | | 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. 103 Harbour/Net Global Private Equity^{}[] Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information 3 ## 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 realized gain on investments | (236,544) | (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. 104 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information ## Consolidated Schedule of Investments At 31 January 2026 | US Funds | In US Dollars | | | | | | --- | --- | --- | --- | --- | --- | | | Unfunded Commitment (in thousands) | Amount Invested* (in thousands) | Distributions Retained (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. | 7,000 | 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 | 1,399 | 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 Cleartech 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 | 42,057 | 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. | 202,450 | 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** | 105 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information 9 # 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 | 155,244 | 111,454 | 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 | 13,830 | 17,186 | 0.4 | | HIPEP VII Europe Feeder Fund L.P.** | 7,466 | 54,329 | 103,061 | 64,767 | 1.5 | | HarbourVest Canada Parallel Growth Fund L.P.** | 2,893 | 21,298 | 26,103 | 18,746 | 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 | 164,275 | 75,851 | 180,543 | 4.2 | | Secondary Overflow Fund III L.P. | 22,354 | 52,804 | 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 | 77,548 | 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 | 56,041 | 127,689 | 3.0 | | Secondary Overflow Fund IV L.P. | 42,566 | 86,840 | 36,837 | 96,084 | 2.3 | 106 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information ## Consolidated Schedule of Investments continued At 31 January 2026 | International Global Funds | in US Dollars | | | | | | --- | --- | --- | --- | --- | --- | | | Unfunded Commitment (in thousands) | Amount Invested* (in thousands) | Distributions Reserved (in thousands) | Fair Value (in thousands) | Fair Value as a % of Fair 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 | 106,255 | 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 | 17,505 | 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 | 14,665 | – | 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 | – | 25,262 | 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 partners' interests for shares and cash at the time of HSFEx (H). \* Includes ownership interests in HarbourVest Partners UK Common 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 €50,000,000. 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. 107 HarbourVest Global Private Equity Annual Report and Financial Statements 2025 Strategic Report Governance Financial Statements Other information # **Consolidated Schedule of Investments** continued At 31 January 2025 | US Funds | In US Dollars | | | | | | --- | --- | --- | --- | --- | --- | | | Unfunded Commitment (in thousands) | Amount Voided* (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. | 7,000 | 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 Cleartech 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 | 5.3 | | HarbourVest Partners Mezzanine Income Fund L.P. | 8,155 | 42,057 | 74,751 | 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** | 108 HarbourVest Global Private Equity Annual Report and Financial Statements 2025 Strategic Report Governance Financial Statements Other information 9 # Consolidated Schedule of Investments continued At 31 January 2025 | International Global Funds | In US Dollars | | | | | | --- | --- | --- | --- | --- | --- | | | Unfunded Commitment (in thousands) | Amount Valuable* (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 | 152,634 | 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 | 62,335 | 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 | 48,250 | 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 | 40,631 | 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 | 77,548 | 44,752 | 112,143 | 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 | 84,116 | 30,870 | 94,977 | 2.4 | 109 HarbourVest Global Private Equity Annual Report and Financial Statements 2025 Strategic Report Governance Financial Statements Other information ## Consolidated Schedule of Investments continued | International/Global Funds | in US Dollars | | | | | | --- | --- | --- | --- | --- | --- | | | Unfunded Commitment (in thousands) | Amount Voided* (in thousands) | Distributions Retained (in thousands) | Fair Value (in thousands) | Fair Value as a % of Net Assets | | HPEP 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 | 106,255 | 1,917 | 131,632 | 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 XI Feeder Fund L.P. | 125,000 | – | – | 1,143 | 0.0 | | HPEP 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. | 27,388 | 7,656 | – | 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 HPEP's IPO. \*\* Includes ownership interests in HarbourVest Partners UK Common Partnership entities. \*\*\* Fund denominated in euros. Commitments amount is €100,000,000. \*\*\*\* Fund denominated in euros. Commitments amount is €62,000,000. \*\*\*\* Fund denominated in Canadian dollars. Commitments amount is €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. ![img-19.jpeg](img-19.jpeg) 110 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information # 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 111 Annual Report and Financial Statements 2026 ## Notes to the Consolidated Financial Statements continued AIC Statement of Recommended Practice when a company is approaching a continuation vote, this The fair value of the Company’s investments is primarily based on the most recently reported NAV indicates the existence of a material uncertainty that may cast significant doubt on the Company’s ability provided by the underlying Investment Manager as a practical expedient under ASC Topic 820. This fair to continue as a going concern over the assessment period. Having carefully assessed the Company’s value is then adjusted for known investment operating expenses and subsequent transactions, including position, the Board is confident that shareholders will support the Company’s continuation and, investments, realisations, changes in foreign currency exchange rates, and changes in value of private therefore, considers it appropriate to prepare the financial statements on a going concern basis. and public securities. This valuation does not necessarily reflect amounts that might ultimately be realised from the investment and the difference can be material. Basis of Presentation The Financial Statements include the accounts of HarbourVest Global Private Equity Limited and its During the year, the Company entered into an asset sale agreement with respect to certain underlying three wholly owned subsidiaries: HVGPE – Domestic A L.P., HVGPE – Domestic B L.P., and HVGPE – investments. For the portion of investments subject to this agreement, fair value has been estimated Domestic C L.P. (together “the undertakings”). Each of the subsidiaries is a Cayman Islands limited based on the pricing set forth in the executed agreement, as adjusted for any relevant subsequent cash partnership formed to facilitate the purchase of certain investments. All intercompany accounts and flows through the measurement date. The valuation of these investments incorporates significant transactions have been eliminated in consolidation. 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 Method of Accounting of the fair value hierarchy in accordance with ASC Topic 820. 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 Securities for which a public market does exist are valued by the Company at quoted market prices at rules of Guernsey law implementing the EU Transparency Directive, the Company is allowed to prepare the year-end date. Generally, the partnership investments have a defined term and cannot be transferred its financial statements in accordance with US GAAP instead of International Financial Reporting without the consent of the GP of the limited partnership in which the investment has been made. Standards (“IFRS”). Foreign Currency Transactions The Company is an investment company following the accounting and reporting guidance of the The currency in which the Company operates is US dollars, which is also the presentation currency. Financial Accounting Standards Boards (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 – Transactions denominated in foreign currencies are recorded in the local currency at the exchange rate Financial Services – Investment Companies. 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. Estimates Foreign currency translation gains and losses are included in realised and unrealised gains (losses) on The preparation of the Financial Statements in conformity with US GAAP requires management to investments as incurred. The Company does not segregate that portion of realised or unrealised gains make estimates and assumptions that affect the amounts reported in the Financial Statements and and losses attributable to foreign currency translation on investments. accompanying notes. Actual results could differ from those estimates. Cash and Equivalents Investments The Company considers all highly liquid investments with an original maturity of three months or less Investments are stated at fair value in accordance with the Company’s investment valuation policy. The to be cash equivalents. The carrying amount included in the Consolidated Statements of Assets and Board has concluded specifically that climate change, including physical and transition risks, does not have Liabilities for cash and equivalents approximates their fair value. The Company maintains bank accounts a material impact on the recognition and separate measurement considerations of the assets and liabilities denominated in US dollars, in euros, and in pounds sterling. The Company may invest excess cash of the Group in the financial statements as of 31 January 2026, but recognises that climate change may balances in highly liquid instruments such as certificates of deposit, sovereign debt obligations of certain have an effect on the investments held in the underlying partnerships. The inputs used to determine fair countries, and money market funds that are highly rated by the credit rating agencies. 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 The associated credit risk of the cash and equivalents is monitored by the Board and the Investment balances, the Company considers compliance with ASC Topic 820 – Fair Value Measurement, the currency Manager on a regular basis. The Board has authorised the Investment Manager to manage the cash in which the investment is denominated, and other information deemed appropriate. balances on a daily basis according to the terms set out in the treasury policies created by the Board. 112 HarbourWest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information # 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 £1,000 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 profit's 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 £50,000 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 113 Annual Report and Financial Statements 2026 ## Notes to the Consolidated Financial Statements continued Registrar For the years ended 31 January 2026 and 2025, management fees on the HVPE Charlotte Co-Investment The Company has retained MUFG, previously Link Market Services, as share registrar. Fees for this L.P. investment were calculated based on a weighted average effective annual rate of 0.08% and 0.13% service include a base fee of £17,000, plus other miscellaneous expenses. During the years ended respectively, on capital originally committed, net of management fee offsets to the parallel investment. 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. ### Note 4 Investments Independent Auditor’s Fees In accordance with the authoritative guidance on fair value measurements and disclosures under For the years ended 31 January 2026 and 2025, auditor fees of $594,000 and $433,000 were accrued, generally accepted accounting principles in the US, the Company discloses the fair value of its respectively, and are included in professional fees in the Consolidated Statements of Operations. The investments in a hierarchy that prioritises the inputs to valuation techniques used to measure the fair 31 January 2026 figure includes $404,000 relating to the 31 January 2026 annual audit fee and a value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical $67,000 true-up relating to the prior financial year’s audit fee. The 31 January 2025 figure includes assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 $319,000 relating to the 31 January 2025 annual audit fee and a $3,000 credit relating to the prior measurements). The guidance establishes three levels of the fair value hierarchy as follows: 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 Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities review of the Interim Financial Statements for each period end. There were no other non-audit fees paid that the Company has the ability to access at the measurement date; to the Auditor by the Company during the years ended 31 January 2026 and 2025. 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 Investment Management Agreement Level 3 – Inputs that are unobservable. 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 An investment’s level within the fair value hierarchy is based on the lowest level of any input that is the management and operation of the Company. During the years ended 31 January 2026 and 2025, significant to the fair value measurement. 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 Because of the inherent uncertainty of these valuations, the estimated fair value may differ significantly rather than an hourly basis. The Investment Manager does not directly charge HVPE management from the value that would have been used had a ready market for this security existed, and the difference fees or performance fees other than with respect to parallel investments. However, as an investor could be material. 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. 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 During the years ended 31 January 2026 and 2025, HVPE had one parallel investment: HarbourVest recently reported NAV provided by the underlying investment manager as a practical expedient under Structured Solutions II, L.P. (via HVPE Charlotte Co-Investment L.P.). Management fees paid for the ASC Topic 820. The fair value is then adjusted for known investment operating expenses and subsequent parallel investment made by the Company were consistent with the fees charged by the funds alongside transactions, including investments, realisations, changes in foreign currency exchange rates, and which the parallel investment was made during the years ended 31 January 2026 and 2025. 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. Management fees included in the Consolidated Statements of Operations are shown in the table below: 2026 2025 (in thousands) (in thousands) HVPE Charlotte Co-Investment L.P. $65 $110 114 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information 9 # Notes to the Consolidated Financial Statements continued 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 Inputs(s) | Range | | --- | --- | --- | --- | --- | | Partnership Investments | $296,416,000 | Percent 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"), Areis Management Limited ("Areis"), 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 Areis commitment was $350 million, the MUFG commitment was $300 million and the NZS commitment was $200 million. Collectively referred to as the Facilities. ![img-20.jpeg](img-20.jpeg) 115 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other information 9 # Notes to the Consolidated Financial Statements continued Amounts borrowed against the Facilities accrue interest at an aggregate rate of Term SOFR/SOMA/EURBOR, 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 | $54.17 | | 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)% | (1.16)% | * 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 ("HIP") investment. Through such agreement, the Company is entitled to 10% of the management fee revenue received by HarbourVest from HIP, provided that HarbourVest remains as HIP'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 28B) – 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. ![img-21.jpeg](img-21.jpeg) HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 116 Annual Report and Financial Statements 2026 ### 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. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 117 Annual Report and Financial Statements 2026 ## Inside this section ## Other ## information ## 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. 118 Supplementary data 125 Glossary Richard Hickman 127 Alternative Performance Measures Managing Director, HarbourVest Partners 129 Disclosures 133 Key information HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 118 Annual Report and Financial Statements 2026 ## 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 HarbourVest Fund Phase Vintage year Stage Geography Strategy Investment Phase HIPEP VIII Partnership Fund Growth 2017 V, B Eur, AP, RoW P, S, D HarbourVest HVPE SMA (Tranche 2) Investment 2026 V, B, O Global P, S, D Mature Phase HarbourVest HVPE SMA (Tranche 1) Investment 2025 V, B Global P, D Secondary Overflow Fund III Mature 2016 V, B Global S HarbourVest Partners XIII Buyout Investment 2024 B US P, S, D HarbourVest Partners Co-Investment IV Mature 2016 V, B Global D HarbourVest Partners XIII Small Cap Investment 2024 B US P, S, D HarbourVest Real Assets III Mature 2016 O Global S HarbourVest Partners XIII Venture Investment 2024 V US P, S, D HarbourVest 2016 Global Fund Mature 2016 V, B, O Global P, S, D HarbourVest Stewardship Fund Investment 2023 V, B Global D Dover Street IX Mature 2016 V, B Global S HarbourVest Infrastructure Opportunities III Investment 2023 O Global S, D HarbourVest 2015 Global Fund Mature 2015 V, B, O Global P, S, D HIPEP X Fund Investment 2023 V, B Eur, AP, RoW P, S, D HarbourVest Canada Growth Fund Mature 2015 V US, Can P, D HarbourVest Private Equity Continuation Solutions Investment 2022 V, B Global S,D HarbourVest Mezzanine Income Fund Mature 2015 O US D Dover Street XI Investment 2022 V, B, O Global S HarbourVest X Buyout Mature 2015 B US P, S, D HarbourVest Credit Opportunities III Investment 2022 O US D HarbourVest X Venture Mature 2015 V US P, S, D HarbourVest 2022 Global Investment 2022 V, B, O Global P, S, D HarbourVest Global Annual Private Equity Fund Mature 2014 V, B, O Global P, S, D HarbourVest Infrastructure Income Partnership Investment 2022 O Global S, D HIPEP VII Asia Pacific Fund Mature 2014 V, B AP P, S, D HarbourVest Partners XII Venture AIF Investment 2022 V US P, S, D HIPEP VII Emerging Markets Fund Mature 2014 V, B RoW P, S, D Growth Phase HIPEP VII Europe Fund Mature 2014 V, B Eur P, S, D HarbourVest 2021 Global Fund Growth 2021 V, B, O Global P, S, D HIPEP VII Partnership Fund Mature 2014 V, B Eur, AP, RoW P, S, D HarbourVest Asia Pacific 5 Growth 2021 V, B AP P, S, D HarbourVest 2013 Direct Fund Mature 2013 V, B Global D HarbourVest Partners XII Venture Growth 2021 V US P, S, D HarbourVest Cleantech Fund II Mature 2012 V Global P, S, D HarbourVest Partners XII Micro Buyout Growth 2021 B US P, S, D Dover Street VIII Mature 2012 V, B Global S HarbourVest Partners XII Buyout Growth 2021 B US P, S, D Conversus Capital Mature 2011 V, B, O Global S HarbourVest Partners Co-Investment VI Growth 2021 V, B, O Global D HarbourVest Partners IX Buyout Fund Mature 2011 B US P, S, D HIPEP IX Partnership Fund Growth 2020 V, B Eur, AP, RoW P, S, D HarbourVest Partners IX Credit Opportunities Fund Mature 2011 O US P, S, D HarbourVest 2020 Global Fund Growth 2020 V, B, O Global P, S, D HarbourVest Partners IX Venture Fund Mature 2011 V US P, S, D Secondary Overflow Fund IV Growth 2020 V, B Global S HIPEP VI Asia Pacific Fund Mature 2008 V, B AP P HarbourVest Real Assets IV Growth 2019 O Global S HIPEP VI Emerging Markets Fund Mature 2008 V, B RoW P HarbourVest Credit Opportunities Fund II Growth 2019 O US D Dover Street VII Mature 2007 V, B Global S Dover Street X Growth 2019 V, B Global S HarbourVest VIII Buyout Fund Mature 2006 B US P, S, D HarbourVest 2019 Global Fund Growth 2019 V, B, O Global P, S, D HarbourVest VIII Mezzanine and Distressed Debt Fund Mature 2006 O US P, S, D HarbourVest Partners Co-Investment V Growth 2018 V, B, O Global D HarbourVest VIII Venture Fund Mature 2006 V US P, S, D HarbourVest 2018 Global Fund Growth 2018 V, B, O Global P, S, D HarbourVest VII Venture Fund Mature 2003 V US P, S HarbourVest Partners XI Venture Growth 2018 V US P, S, D HarbourVest VI Direct Fund Mature 1999 V, B US D HarbourVest Partners XI Micro Buyout Growth 2018 B US P, S, D HarbourVest Partners XI Buyout Growth 2018 B US P, S, D Vintage year is year of first closing for investments made after 1 January 2025, and year of initial capital HIPEP VIII Asia Pacific Fund Growth 2017 V, B AP P, S, D call for investments made prior to 1 January 2025. HarbourVest fund of funds typically call capital over a HarbourVest 2017 Global Fund Growth 2017 V, B, O Global P, S, D multi-year period. 119 HarbourWest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other Information 39 ## 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 | Sheim | 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% | $96.6 | 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% | $35.1 | 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 banking and underwriting services | | 11 | Lightning Power, LLC | Infrastructure | 0.4% | $20.1 | United States | No | An independent power producer with a 10.8pp natural gas generation fleet | | 12 | Alpha Trians | Infrastructure | 0.4% | $19.4 | Luxembourg | No | Operator of a train-keeping 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 mass-incidental communications intelligence platform used by regulated organisations 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 | Viama Group Holdings A/a | Buyout | 0.3% | $16.4 | Norway | No | Enterprise resource planning software | | 18 | Enere Infrastructures, 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 certain free-energy and a supplier of energy products and services | | 20 | Sidney Murray Hydroelectric Project | Infrastructure | 0.3% | $15.1 | United States | No | 192MW 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% | $16.0 | 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 | 120 Harbour/First Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other Information 5 # Supplementary Data continued # Largest Underlying Companies at 31 January 2026 continued | Rank | Company | Stage | % | Amount (in) | Location | Public? | Description | | --- | --- | --- | --- | --- | --- | --- | --- | | 24 | Zeka 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 Evidence | Buyout | 0.3% | $13.4 | United Kingdom | No | IVC is a UK-based veterinary services platform | | 27 | KOREA 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 AG | 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 | Ditas | 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:Caverton 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 | Aptex 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 | IGEG | 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 | Versoune | 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 pre-treatment 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 | ContesPharma | Buyout | 0.2% | $10.6 | Germany | No | COMD 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 | 121 HarbourNet Global Private Equity^{}[] Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other Information 39 # Supplementary Data continued ## Largest Underlying Companies at 31 January 2026 continued | Rank | Company | Stage | % | Amount (in) | Location | Public? | Description | | --- | --- | --- | --- | --- | --- | --- | --- | | 61 | Undisclosed | Buyout | 0.2% | $10.4 | China | No | Undisclosed | | 62 | 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 observable, interpretable, and robust | | 63 | Undisclosed | Buyout | 0.2% | $10.3 | United States | No | Undisclosed | | 64 | Undisclosed | Buyout | 0.2% | $10.3 | United States | No | Undisclosed | | 65 | Moon Active | Venture/Growth | 0.2% | $10.0 | United States | No | Mobile game development studio | | 66 | Vivian 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 | | 67 | FixMobility GmbH | Venture/Growth | 0.2% | $9.9 | Germany | No | Tech-enabled and asset light bus and train transportation | | 68 | 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 180+ countries globally | | 69 | USCO SpA | Buyout | 0.2% | $9.6 | Italy | No | Largest independent provider of aftermarket undercarriage, ground engaging tools, and replacement parts for the global construction industry | | 70 | Vantage Airport Group Ltd. | Infrastructure | 0.2% | $9.4 | Canada | No | Provides airport management and development services | | 71 | 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 | | 72 | AllPanda Bank S.A. | Buyout | 0.2% | $9.4 | Spain | Yes | European B2B fund distribution platform | | 73 | Griflum Housing | Buyout | 0.2% | $9.2 | India | No | Provides affordable housing loans in India | | 74 | Rippling | Venture/Growth | 0.2% | $9.1 | United States | No | Developer of a Korean resource software created to automate department and human resource services including staff onboarding, offer letters, tax forms, email accounts and other duties | | 75 | Undisclosed | Venture/Growth | 0.2% | $9.1 | India | No | Undisclosed | | 76 | G.B. Industries Sdn. Bhd. | Buyout | 0.2% | $9.1 | Malaysia | No | A leading electrical Personal Protective Equipment ('PPE') manufacturer in Malaysia | | 77 | Ensemble Health Partners | Buyout | 0.2% | $8.9 | United States | No | Leading revenue cycle management company for hospitals, health systems and physician practices | | 78 | Elitan 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 | | 79 | Kensa | Buyout | 0.2% | $8.8 | France | No | Leading player providing biosecurity, disinfection and hygiene solutions for the food and farm industries | | 80 | AutoScout24 | Buyout | 0.2% | $8.8 | Germany | No | Online automotive marketplace in Europe | | 81 | Jooplus | Buyout | 0.2% | $8.7 | Germany | No | Online retailer for pet supplies | | 82 | Circana, Inc. | Buyout | 0.2% | $8.6 | United States | No | Circana is the leading advisor on the complexity of consumer behavior | | 83 | Authentic Brands Group, LLC | Buyout | 0.2% | $8.5 | United States | No | Brand development and licensing company | | 84 | FaithMerchant | Buyout | 0.2% | $8.5 | United States | No | Leading provider of payment processing solutions to SMEs and integrated software vendors (IDVs) | | 85 | Argus Media | Buyout | 0.2% | $8.5 | United Kingdom | No | Products independent price assessments, essential data and analysis on the international merge and commodity sectors, anchoring physical commodity trade throughout global supply chains and underpinning financial derivatives markets | | 86 | DHS 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 | | 87 | Solace Systems | Buyout | 0.2% | $8.4 | Canada | No | Enterprise messaging solutions | | 88 | 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 | | 89 | 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 | | 90 | 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 | | 91 | Fanatics, Inc. | Venture/Growth | 0.2% | $8.3 | United States | No | Operates as an online seller of licensed sporting apparel | 122 Harbour/First Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other Information 5 # Supplementary Data continued # Largest Underlying Companies at 31 January 2026 continued | Rank | Company | Stage | % | Amount (in) | Location | Public? | Description | | --- | --- | --- | --- | --- | --- | --- | --- | | 82 | Fastmarkets | Buyout | 0.2% | $8.3 | United Kingdom | No | Global information services business | | 83 | Applied Insulation, 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 Shopping | Buyout | 0.2% | $8.2 | China | No | Leading freight forwarding company specializing in sea freight forwarding services | | 85 | Unifier Pharmaceuticals | Buyout | 0.2% | $8.2 | France | No | Developer and manufacturer of drug delivery dosage forms | | 86 | Prostpoint, 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 | Al Dream | Buyout | 0.2% | $7.9 | China | No | Largest premium mattress player in China with a brand portfolio including Santa and King Kisi | | 91 | Hub International Limited | Buyout | 0.2% | $7.9 | United States | No | Commercial insurance brokerage | | 92 | Colossal Joacus | Venture/Growth | 0.2% | $7.9 | Hong Kong | No | Investment vehicle for investments within the cryptocurrency sector | | 93 | Apistex | Buyout | 0.2% | $7.8 | Canada | No | Developer and manufacturer 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 | GrowdStrike 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 | Zinpre, Inc. | Venture/Growth | 0.2% | $7.7 | United States | No | Develop 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%** | **$1,345.4** | | | | 123 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other Information 5 # Supplementary Data continued ## Largest Managers at 31 January 2026 - No external managers 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 (Sw) | % Investment Portfolio Value | | --- | --- | --- | --- | --- | --- | | Insight Partners | Venture/Growth | Secondary | North America | $138.2 | 2.9% | | Index Ventures | Venture/Growth | Primary | Europe | $154.0 | 2.8% | | ISO Capital Partners | Venture/Growth | Secondary | Asia | $171.8 | 2.4% | | Thoma Brook | Buyout | Primary | North America | $87.7 | 1.9% | | Veltman & Friedman LLC | Buyout | Primary | North America | $77.9 | 1.7% | | Andreessen-Horswitz | Venture/Growth | Primary | North America | $74.0 | 1.6% | | General Atlantic | Buyout | Secondary | North America | $63.6 | 1.3% | | Kaiser Perkins | Venture/Growth | Primary | North America | $61.3 | 1.3% | | Battery Ventures | Venture/Growth | Primary | North America | $60.7 | 1.3% | | Azzal | Venture/Growth | Primary | North America | $59.5 | 1.3% | | Conair 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, LLC | 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% | | OTOR, LLC | Buyout | Primary | North America | $35.7 | 0.8% | | HV Capital | Venture/Growth | Primary | Europe | $35.6 | 0.8% | | Nasitic 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% | | Avatour Capital Management | Venture/Growth | Secondary | Asia | $32.9 | 0.7% | | Madison-Owatson Partners, LLC | Buyout | Secondary | North America | $32.1 | 0.7% | | Capital Square Partners | Buyout | Secondary | Asia | $31.8 | 0.7% | | Silvermoth 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 (Sw) | % Investment Portfolio Value | | --- | --- | --- | --- | --- | --- | | Advent Global Private Equity | Buyout | Primary | Europe | $29.9 | 0.6% | | Pennra Holdings Limited | Buyout | Primary | Europe | $29.4 | 0.6% | | K1 Investment Management, LLC | Buyout | Secondary | North America | $28.9 | 0.6% | | ABPV Partners, LLC | Buyout | Primary | North America | $28.3 | 0.6% | | Greater Capital Partners | Buyout | Primary | North America | $28.0 | 0.6% | | Bridgepoint Capital | Buyout | Primary | Europe | $27.9 | 0.6% | | OCM | Venture/Growth | Primary | Asia | $27.7 | 0.6% | | Indite Equity Management | Buyout | Primary | North America | $26.2 | 0.6% | | Ban-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% | | Planico 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% | | IGT 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% | | Ban-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, LLC | 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% | | Centupring Capital | Buyout | Primary | North America | $20.5 | 0.4% | | Trion 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% | ![img-22.jpeg](img-22.jpeg) 124 HarbourWest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other Information 5 # Supplementary Data continued # Largest Managers at 31 January 2026 continued | Manager | Strategy | Stage | Geography | Sum of NAV (Bn) | % Investment Portfolio Value | | --- | --- | --- | --- | --- | --- | | Pemba Capital Partners | Buyout | Primary | Asia | $18.5 | 0.4% | | Inverdedustrial | Buyout | Primary | Europe | $17.7 | 0.4% | | Boys Capital | Venture/Growth | Primary | Asia | $17.6 | 0.4% | | Goldroin Energy Management, LLC | Infrastructure | Secondary | North America | $17.6 | 0.4% | | Draper Fisher Junction | Venture/Growth | Primary | North America | $17.5 | 0.4% | | Five V Capital | Buyout | Primary | Asia | $17.4 | 0.4% | | Intruxian Partners LLP | Buyout | Primary | Europe | $16.8 | 0.4% | | HoeyShan (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% | | Martin Equity Partners | Buyout | Primary | North America | $16.3 | 0.3% | | Bain Capital | Buyout | Primary | North America | $16.1 | 0.3% | | Frank Capital Group | Buyout | Secondary | North America | $15.6 | 0.3% | | Apollo Management, L.P. | Buyout | Secondary | North America | $15.4 | 0.3% | | Clewtake Capital Group | Buyout | Secondary | North America | $15.4 | 0.3% | | Coming Venture Partners | Venture/Growth | Primary | Asia | $14.9 | 0.3% | | ECI Partners LLP | Buyout | Primary | Europe | $14.4 | 0.3% | | Tribe Capital | Buyout | Primary | North America | $14.3 | 0.3% | | Vestar Capital Partners | Buyout | Primary | North America | $14.3 | 0.3% | | Asking Partners | Buyout | Secondary | Europe | $14.0 | 0.3% | | Energy Capital Partners Management, LP | Infrastructure | Secondary | North America | $13.7 | 0.3% | | AccLight Capital Partners | Infrastructure | Secondary | North America | $13.6 | 0.3% | | Unusual Ventures | Venture/Growth | Primary | North America | $13.5 | 0.3% | | All Industrial Partners, LLC | Buyout | Primary | North America | $13.5 | 0.3% | | Sentinal Capital Partners | Buyout | Primary | North America | $13.2 | 0.3% | | Aero Management LLC | Buyout | Secondary | North America | $13.1 | 0.3% | | Harvete Partners, Inc | Credit | Secondary | North America | $13.1 | 0.3% | | Adelix Equity Partners | Buyout | Primary | Europe | $13.1 | 0.3% | | Tallinnal Capital Partners | Buyout | Secondary | North America | $13.0 | 0.3% | | Golden Gate Capital | Venture/Growth | Secondary | North America | $12.9 | 0.3% | | Bequemer Venture Partners | Venture/Growth | Primary | North America | $12.5 | 0.3% | | Summa Equity | Buyout | Primary | Europe | $12.4 | 0.3% | | Center 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% | | Sakery Capital Limited | Buyout | Secondary | Europe | $12.0 | 0.3% | | Signal Fire | Venture/Growth | Primary | North America | $11.9 | 0.3% | | Manager | Strategy | Stage | Geography | Sum of NAV (Bn) | % Investment Portfolio Value | | --- | --- | --- | --- | --- | --- | | Halco & 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 Cap Street Group | Buyout | Primary | North America | $11.8 | 0.3% | | Nuvarag Investments Inc. | Buyout | Primary | North America | $11.8 | 0.3% | | OWERS Infrastructure | Infrastructure | Secondary | North America | $11.5 | 0.2% | | HODC, 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% | | Asset India | Venture/Growth | Primary | Asia | $10.8 | 0.2% | | Sun Capital Partners | Buyout | Primary | North America | $10.8 | 0.2% | | Amperland Capital Partners | Venture/Growth | Primary | North America | $10.7 | 0.2% | | Pathunas 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% | | Whittemmer Capital Investors | Buyout | Primary | North America | $10.3 | 0.2% | | IDONIG | Buyout | Secondary | North America | $10.3 | 0.2% | | Fortissimo Capital | Buyout | Primary | Emerging Markets | $10.2 | 0.2% | | Forexume 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% | | Ancel 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% | | Oil Investment Partners LLC | Buyout | Primary | North America | $9.7 | 0.2% | | Multiplex 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% | ![img-23.jpeg](img-23.jpeg) HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 125 Annual Report and Financial Statements 2026 ## Glossary Term Definition Term Definition Allocated Commitments made to HarbourVest funds that have been allocated to, and can be called by, Discount (Notional) As of the date of this report, the audited 31 January 2026 US GAAP NAV per share will become Investments an underlying General Partner known and available to the market. This information was not available on 31 January 2026 and Beta A measure of the volatility of a security or portfolio compared to the market as a whole 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 Bridge Financing An interim financing option used by private equity funds to delay or aggregate capital calls. 31 January 2026 US GAAP NAV is, therefore, a notional/retrospective discount 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 Distributed or The total amount of cash (and/or stock) that has been returned to a fund and/or Distributions Limited Partners 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 Distributed to Total distributions to a fund and/or Limited Partners divided by paid-in capital financial improvements Paid-In Capital (“DPI”) or Called Capital Total amount of capital called for use by the HarbourVest fund or General Partner Realisation Multiple Capital Call or A request made by the HarbourVest fund or General Partner for a portion of the capital Distribution Pool Used to fund future HVPE share buybacks or return capital to shareholders by other means. Drawdown committed by a Limited Partner From February 2024 to January 2025, 15% of cash realisations were allocated to the Pool. From Carried Interest, The share of profits due to a General Partner once the Limited Partner’s commitment to a fund February 2025, 30% of cash realisations have been allocated to the Pool. Additionally, for the Carry or plus a defined Hurdle Rate is reached remainder of 2026, 100% of proceeds from any secondary sales will be allocated to the Pool. Performance Fee The Distribution Pool is held as part of HVPE’s total liquid resources and tracked from month to Co-investment A minority investment, made directly into an operating company, alongside a fund or other month. The Distribution Pool accumulates on a rolling basis. (sometimes Direct private equity investor Dry Powder Capital that has been raised, but not yet invested Co-investment) Due Diligence The process undertaken to confirm the accuracy of all data relating to a fund, company, or Commingled Fund A fund structure that pools investments from multiple investors into a single fund product prior to an investment. This can also refer to the investigation of a buyer by a seller Commitment Period The period of time within which a fund can make investments as established in the Limited Earnings Before A measure of earnings before interest and taxes that exclude non-cash expenses. Valuation or Investment Period Partnership Agreement Interest, Taxes, methods are commonly based on a comparison of private and public companies’ value as a Committed Capital The capital a Limited Partner has agreed to contribute to a fund across its lifespan Depreciation and multiple of EBITDA or Commitment Amortisation Commitment HVPE and many of the other listed private equity firms on the London Stock Exchange use this (“EBITDA”) Coverage Ratio metric as a measure of balance sheet risk. This ratio is calculated by taking the sum of cash and Fund-level Exposure to leverage in underlying private equity funds. In the context of HVPE, this refers to the available credit and dividing it by the total Investment Pipeline Borrowing Company’s look-through exposure to borrowings at the HarbourVest fund level Continuation Vote A continuation vote is a resolution that asks shareholders whether they wish the Company to Fund of funds An investment strategy of holding a portfolio of third-party private equity funds and/or other continue operating in its current form investments rather than investing directly in companies Contributed Capital The total amount of capital paid into a fund at a specific point in time Funded Capital The amount of contributed capital that has been invested by the fund, or capital invested by a or Paid-In Capital fund in a third-party investment Cost (Current, Current: The cost of current underlying companies General Partner The manager of a fund Realised, Total) (“GP”) Realised: The cost of underlying companies from which the fund has fully or partially exited Gross Assets All of the assets of the Company accounted for under US GAAP before deducting any liabilities Growth Capital or Investment in newly mature companies looking to raise funds, often to expand or restructure Total: The cost of underlying companies, both current and fully or partially exited Growth Equity operations, enter new markets, or finance an acquisition Current Value or The fair value of all current/unrealised investments Harbourvest Fund A fund structure managed by HarbourVest that pools investments from multiple investors into a Residual Value single fund Discount An investment company trades at a discount if the share price is lower than the NAV per share. HarbourVest This collectively refers to HarbourVest Funds and the HVPE dedicated SMA vehicle The discount is shown as the percentage difference between the share price and NAV per share Managed Vehicles Initial Public The first offering of stock by a company to the public on a regulated exchange Offering (“IPO”) HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 126 Annual Report and Financial Statements 2026 ## Glossary continued Term Definition Term Definition Internal Rate of A measure of the absolute annual rate of return of an investment that takes both the timing and Realised Investment An underlying holding from which the General Partner has exited Return (“IRR”) magnitude of cash flows into account, calculated using contributed capital, distributions, and or Exit (Gross, Net, the value of unrealised investments Realised Value The returns generated from the liquidation or realisation of underlying holdings Realised Gross) or Proceeds Gross: Without fees and carried interest taken into account Realised Value The returns generated from the liquidation or realisation of underlying holdings divided by the to Total Cost cost of all holdings, both remaining and exited Net: With fees and carried interest deducted (“RV/TC”) Multiple Recapitalisation A refinancing strategy used by private equity funds, typically involving an increase in the level of Realised Gross: The return from underlying holdings from which the fund has already fully or borrowing to enable an early cash distribution to investors partially exited, without fees and carried interest taken into account Secondary Fund A fund that purchases pre-existing interests in private equity funds or portfolios of companies Investment Pipeline Total commitments to HarbourVest funds, which are to be prospectively called or invested or Secondaries held by private equity funds (or unfunded by an underlying General Partner. This is comprised of allocated investments and commitments) unallocated investments Share Buyback or A share buyback is where a company purchases its own shares from the market Share Repurchase 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 Separately Managed An SMA is a tailored portfolio of investments administered by a financial advisor or asset creation and potential distributions Account (“SMA”) manager on behalf of a client to match the unique objectives that they have specified Limited Partner The investors in a Limited Partnership – the typical structure of a private equity fund. Limited Special Situations An opportunistic investment strategy that looks to take advantage of market dislocations and Partners are not involved in the day-to-day management of a fund unique situations to invest in private companies at discounts to their “fair” market value Limited Partnership The document which constitutes and defines a Limited Partnership, the legal structure typically Strategic Asset Asset allocation across different stages, strategies, and geographies, together creating portfolio Agreement (“LPA”) adopted by private equity funds Allocation (“SAA”) construction targets Management Fee The fee paid to a fund, typically a percentage of the Limited Partner’s commitment Total Value The fund’s total value plus any capital distributions already made Mean The average value calculated from a set of numbers Total Value/Paid-In The fund’s total value plus any capital distributions already made divided by the amount of (“TVPI”) or Total capital already paid into the fund by investors Median The middle value in an ordered sequence of numbers Value/Contributed Medium-term The medium-term coverage ratio (“MCR”) reflects the sum of cash, the available credit facility, Multiple Coverage Ratio and the distributions expected during the next 12 months (from 31 January 2026), taken as Total Value/Total The total value divided by the total cost to date a percentage of the forecast cash investment in HarbourVest funds over the next 36 months Cost (“TV/TC”) (from 31 January 2026). The forecast cash flow inputs in this ratio reflect the impact of existing Multiple commitments only Unallocated Commitments made to HarbourVest funds that have not been allocated to, and cannot be called Mergers and The consolidation of companies, for example where the ownership of a company in the Investments by, an underlying General Partner Acquisitions (“M&A”) underlying portfolio is transferred to, or combined with, another entity Unfunded The portion of investors’ capital commitment that has yet to be “drawn down” or called by a Private Credit An investment strategy that typically includes junior debt and senior equity, often with the option Commitment fund manager to convert debt into equity in the event of default Uplift Increase in value received upon realisation of an investment relative to its carrying value prior Net Asset Value The total value of a company’s assets minus the total value of its liabilities to exit (“NAV”) Valuation Multiple The value of an asset relative to a key financial metric Preferred Return A minimum annual rate of return, determined in the Limited Partnership Agreement, that a fund or Hurdle Rate must achieve before the General Partner may receive carried interest Venture An investment strategy that generates returns by backing start-up and early-stage companies (or Venture Capital) that are believed to have long-term growth potential Primary Fund A fund where investors make a commitment at inception, usually as a Limited Partner in a new or Primaries Limited Partnership 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 Principal The Company’s legal and organisational documents, including the Articles of Incorporation and Documents 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 HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 127 Annual Report and Financial Statements 2026 ## Alternative Performance Measures ### Reconciliation of share price discount to Net Asset Value per Share Distribution Pool The share price discount to NAV per share will vary depending on which NAV per share figure is used. The Distribution Pool is used to fund HVPE share buybacks or return capital to shareholders by The discount referred to elsewhere in this report is calculated using the live NAVs per share available other means. The pool is funded by a proportion of the gross distributions from the Company’s portfolio. in the market as at 31 January 2025 and 31 January 2026, those being the 31 December 2024 and | | | 12 months to | | 12 months to | | --- | --- | --- | --- | --- | | 31 December 2025 estimates of $52.38 (sterling equivalent £41.84) and $58.13 (sterling equivalent | 31 January 2026 | | 31 January 2025 | | | | | ($ million) | | ($ million) | £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. Balance (beginning) $38 $0 Rolled from prior buyback programme $0 $12 The table below outlines the notional discounts to the share price at 31 January 2026, based on the 1 | | Seed allocation | $0 $75 | | | | --- | --- | --- | --- | --- | | NAVs per share published after this date (31 January 2026 estimate and final). Movements between the | | 2 | | 3 | | | Share of Portfolio distributions $130 | | $57 | | published NAVs per share for the same calendar date largely arise as further underlying fund valuations Share buybacks ($88) ($106) are received, and as adjustments are made for public markets, foreign exchange and operating expenses. Balance (closing) $80 $38 NAV Converted at Discount 31 January 2026 Share Price to NAV at 1 During the first year of its operation, the Distribution Pool was additionally funded by a seed amount which was reallocated from a GBP/USD Exchange at 31 January 31 January postponed commitment to a HarbourVest fund. Date of NAV (estimate and final) NAV per Share Rate (1.3686) 2026 2026 2 Allocation to Distribution Pool calculated as 30% of gross distributions in the year ended 31 January 2026. Estimated NAV at 31 December 2025 3 Allocation to Distribution Pool calculated as 15% of gross distributions in the year ended 31 January 2025. (published 23 January 2026) $58.13 £42.47 £31.35 26% ### Estimated NAV at 31 January 2026 KPIs (page 35) (published 24 February 2026) $58.27 £42.58 £31.35 26% 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 Final NAV (US GAAP) at 31 January 2026 movement between the year-on-year change of this index versus the particular HVPE KPI. (published 28 May 2026) $59.40 £43.40 £31.35 28% NAV per Share ($) and relative performance 1 ### Annualised Outperformance of FTSE AW TR Index Over the Last 10 Years Relative NAV (US dollar) Compound Annual Growth Rate (“CAGR”) Absolute FTSE AW TR Performance vs Date NAV per Share Performance Index Movement FTSE AW TR 31 January 2016 $16.75 31 January 2018 $21.46 16.2% 28.2% -12.0pp 31 January 2026 $59.40 31 January 2019 $24.09 12.3% -7.1% +19.3pp Elapsed time (years) 10.0 31 January 2020 $27.5 8 14.5% 16.7% -2.2pp US dollar CAGR 13.48% 31 January 2021 $35.97 30.4% 17.4% +13.0pp | FTSE AW TR Index (US dollar) CAGR | 31 January 2022 $49.11 36.5% 13.8% +22.8pp | | --- | --- | | 31 January 2016 $307.72 | 31 January 2023 $48.52 -1.2% -7.3% +6.1pp | | 31 January 2026 $1,077.87 | 31 January 2024 $50.47 4.0% 15.3% -11.3pp | | Elapsed time (years) 10.0 | 31 January 2025 $54.17 7.3% 21.0% -13.7pp | | FTSE AW TR CAGR 13.34% | 31 January 2026 $59.40 9.7% 22.8% -13.2pp | Annualised outperformance of FTSE AW TR Index Over the Last 10 Years calculation 0.14% 13.48% minus 13.34% 0.14 percentage points (“pp”) 1 No number has been re-rounded up nor down to ensure it casts correctly in this section, thus preserving each component’s true accuracy given its impact on various other parts of the report. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 128 Annual Report and Financial Statements 2026 ## Alternative Performance Measures continued | 10-year outperformance of FTSE AW TR | Total Commitment Ratio | | | | | | --- | --- | --- | --- | --- | --- | | NAV (US dollar) | | 31 January 2026 | | 31 January 2025 | | | | (Total exposure to private markets investments as a percentage of NAV) | | ($m) | | ($m) | 31 January 2016 $16.75 Investment Portfolio $4,713 $4,375 31 January 2026 $59.40 Investment Pipeline $2,448 $2,452 US dollar total return 254.6% Total $7,161 $6,827 NAV $4,268 $4,023 FTSE AW TR (US dollar) Total Commitment Ratio 168% 170% 31 January 2016 $307.72 31 January 2026 $1,077.87 Net Portfolio Cash Flow FTSE AW TR total return 250.3% 31 January 2026 31 January 2025 (The difference between calls and distributions over the reporting period) ($m) ($m) Calls ($381) ($443) 10-year outperformance of FTSE AW TR calculation Distributions $435 $382 254.6% minus 250.3% 4.3 percentage points (“pp”) Net Portfolio Cash Flow $54 ($61) Total Shareholder Return (£) ### Managing the Balance Sheet Period-on- Medium-term Coverage Ratio Date Share Price (£) period Change 31 January 2026 31 January 2025 31 January 2018 £12.52 +4.8% | | (A measure of medium-term commitment coverage based on current commitments) | ($m) | ($m) | | --- | --- | --- | --- | | 31 January 2019 £14.26 +13.9% | Cash $123 $123 | | | | 31 January 2020 £18.36 +28.8% | Available credit facility $630 $720 | | | | 31 January 2021 £18.70 +1.9% | Estimated distributions over the next 12 months $1,056 $622 | | | | 31 January 2022 £27.75 +48.4% | Total sources $1,809 $1,465 | | | | 31 January 2023 £22.10 -20.4% | Estimated investments over the next 36 months $1,315 $1,411 | | | | 31 January 2024 £23.15 +4.8% | Medium-term Coverage Ratio 138% 104% | | | 31 January 2025 £27.60 +19.2% Commitment Coverage Ratio 31 January 2026 £31.35 +13.6% 31 January 2026 31 January 2025 (Short-term liquidity as a percentage of Total Investment Pipeline) ($m) ($m) Cash $123 $123 Available credit facility $630 $720 Total sources $753 $843 Investment Pipeline $2,448 $2,452 Commitment Coverage Ratio 31% 34% HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 129 Annual Report and Financial Statements 2026 ## Disclosures ### Investments Some of the factors that could cause actual results to vary from those expressed in forward-looking The companies represented within this report are provided for illustrative purposes only, as example statements include, but are not limited to: 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 factors described in this report; • the rate at which HVPE deploys its capital in investments and achieves expected rates of return; The deal summaries, General Partners (managers), and/or companies shown within the report are • HarbourVest’s ability to execute its investment strategy, including through the identification of a intended for illustrative purposes only. While they may represent an actual investment or relationship sufficient number of appropriate investments; in the HVPE portfolio, there is no guarantee they will remain in the portfolio in the future. • 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 Past performance is no guarantee of future returns. achieve intended returns; • the continuation of the Investment Manager as manager of the Company’s investments, the Forward-looking Statements continued affiliation with HarbourVest of its key investment professionals, and the continued This report contains certain forward-looking statements. Forward-looking statements relate to willingness of HarbourVest to sponsor the formation of and capital raising by, and to manage, new expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar private equity funds; expressions concerning matters that are not historical facts. In some cases, forward-looking statements • HVPE’s financial condition and liquidity, including its ability to access or obtain new sources of can be identified by terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, financing at attractive rates in order to fund short-term liquidity needs in accordance with the “plan”, “potential”, “should”, “will”, and “would”, or the negative of those terms, or other comparable investment strategy and commitment policy; terminology. The forward-looking statements are based on the Investment Manager’s and/or the • changes in the values of, or returns on, investments that the Company makes; Directors’ beliefs, assumptions, and expectations of future performance and market developments, • changes in financial markets, interest rates, or industry, general economic, or political conditions; and taking into account all information currently available. These beliefs, assumptions, and expectations • the general volatility of the capital markets and the market price of HVPE’s shares. 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, Publication and Calculation of Net Asset Value financial condition, liquidity, and results of operations may vary materially from those expressed in The NAV of the Company is equal to the value of its total assets less its total liabilities. The NAV per forward-looking statements. 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, By their nature, forward-looking statements involve known and unknown risks and uncertainties because generally within 20 days. 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 Regulatory Information only made as at the date of this document, and the Investment Manager and/or the Directors neither HVPE is required to comply with the UK Listing Rules, Disclosure Guidance and Transparency Rules of intend nor assume any obligation to update forward-looking statements set forth in this document the Financial Conduct Authority in the United Kingdom (the “LDGT Rules”). It is also authorised by the whether as a result of new information, future events, or otherwise, except as required by law or other Guernsey Financial Services Commission as an authorised closed- end investment scheme under the applicable regulation. 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 In light of these risks, uncertainties, and assumptions, the events described by any such forward-looking thereunder relating to the disclosure of certain information to investors, including the publication of statements might not occur. The Investment Manager and/or the Directors qualify any and all of their annual and half-yearly financial reports. forward-looking statements by these cautionary factors. Please keep this cautionary note in mind while reading this report. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 130 Annual Report and Financial Statements 2026 ## Disclosures continued Notification of commencement of marketing to the Commission under HarbourVest considers that the overall remuneration package is competitive, but not excessive, The AIFMD (Marketing) Rules, 2021 compared to peers of appropriate size, business scope, geography, complexity, and profitability. 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 These arrangements are intended to support the Company’s business strategy, long-term interests, Netherlands under The AIFMD (Marketing) Rules, 2021. This follows the AIFMD permissions granted on and values, and to ensure that risk taking does not exceed the Company’s tolerated level of risk. 9 September 2025 by the Irish Central Bank for the Company’s shares to be marketed in Ireland. Periodic benchmarking ensures that incentive compensation at the individual level (including cash and These steps were taken as part of our ongoing commitment to expand the demand for the Company’s non-cash benefits) is not unreasonable or disproportionate to the amount, nature, quality, and scope of shares by growing the potential investor base within the European Union. the work performed. Supplementary Information required by Alternative Investment Fund Managers In general, the compensation of the individuals who are responsible for setting the Company’s risk ### (“AIFM”) regulations appetite is managed by the Board. The following information is provided by HarbourVest Advisers L.P., a limited partnership established Base salaries are intended to provide regular cash flow to Identified Staff throughout the year, pursuant to the laws of the State of Delaware, United States of America (the “HarbourVest Advisers”), irrespective of HarbourVest’s or individual performance. By placing a strong emphasis on annual a non-EU Alternative Investment Fund Manager (“AIFM”). HarbourVest Advisers acts as AIFM of incentive awards, HarbourVest is able to limit fixed compensation expense while rewarding Identified HarbourVest Global Private Equity Limited (the “Company” or “HVPE”). 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. 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 Discretionary payments are intended to reward teamwork and adherence to organisational values which “Investment Manager”). include sound risk management practices. The Company’s risk profile is owned by the governing body of the Company itself (“the Board”). Aggregate quantitative information on the remuneration of the Company for the financial year ended The Board delegates certain activities to HarbourVest. 31 January 2026 is as follows: ### Remuneration disclosure • All Company Personnel: The compensation arrangements of HarbourVest, as they relate to HVPE, are intended to attract, – Base Salaries (fixed): £370,000 retain, and motivate personnel who can utilise their knowledge, expertise, and skills to serve the – Variable Compensation: £0 interests of the Company. Aggregate quantitative information on the remuneration of the Investment Manager for the financial year Those arrangements are also designed to: ended 31 December 2025 is as follows: • promote sound risk management practices and alignment with the Company’s risk management principles; • Identified Staff: • discourage risk taking that is inconsistent with the Company’s risk appetite and policies; – Base Salaries (fixed): $132,363 • control fixed costs by ensuring that compensation expense varies with profitability and does – Variable Compensation: $85,221 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 The Company delegates certain portfolio management activities to the Investment Manager. There are performance of the Company and other client portfolios that HarbourVest manages as well as no relevant staff employed by the Investment Manager who have a material impact on the risk profile their individual performance. of HVPE. HarbourVest Global Private Equity Governance Financial StatementsStrategic Report Other information ## 131 Annual Report and Financial Statements 2026 In accordance with applicable European regulation and guidance, the Identified Staff figures relate only The Company currently has access to additional borrowings pursuant to the Credit Facility of up to to the proportion of the staffs’ remuneration that is estimated to be attributed, on a pro rata basis, to the $630 million, the proceeds of which may be used for cash management purposes and to support the functions such staff perform for the Delegate in relation to HVPE. 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. ### Periodic Disclosures The Company is obligated to provide periodic disclosure to shareholders about the Company’s risk The Credit Facility represents a source of financing to assist the Company in pursuing its investment profile and risk management, total leverage and to provide information of any material change to strategy. The Company may use the proceeds of any borrowings under the Credit Facility for cash the arrangements for managing the Company’s liquidity, the proportion of assets subject to special management purposes and to further enhance the investment strategy. 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. 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 Principal Risks & Economic Uncertainties Commission Delegated Regulation No. 231/2013), for calculating such exposure. Using the methodologies Key risks and uncertainties are set out below: prescribed under the AIFMD, HVPE’s leverage ratio as at 31 January 2026 is shown below: • Performance of HarbourVest – The risk posed by the Company’s dependence on its Investment Manager. • Gross method: 111% • Public Market Risks – The risk of a decline in global public markets or a deterioration in the • Commitment method: 114% economic environment. ### • Valuation Risk – The risk that market instability leads to continuing uncertainty about private Liquidity management asset valuations. HVPE makes commitments to HarbourVest Managed Vehicles, which typically call capital over a • Balance Sheet Risks – Risks to the Company’s balance sheet resulting from its overcommitment period of several years. This long-duration cash flow profile necessitates a large pipeline of unfunded strategy, borrowing arrangements and policy for the use of leverage. commitments in order to ensure that the Company remains approximately fully invested over time – this • Popularity of the Listed Private Equity Sector – The risk that investor sentiment towards the listed private is known as an over-commitment strategy and is critical to optimising long-term NAV per share growth. equity sector as a whole may deteriorate. In most years, the capital called from HVPE by the HarbourVest Managed Vehicles is taken from the cash • Trading Liquidity and Price – The risk that the discount that the share price represents to the NAV per distributions flowing from liquidity events within the portfolio. At times, however, capital calls will exceed share fails to narrow, leading to dissatisfaction among some shareholders. 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 Further information on the mitigation and management of these risks and uncertainties is included in to repay the borrowing. In this way, the credit facility acts as a working capital buffer and enables HVPE HVPE’s Annual Report, the latest version for which can be found on the company website at: to manage its commitments to the level required in order to optimise returns through the cycle. https://www.hvpe.com/insights-reports/reports-presentations/. Cash flows from individual private equity investments can be irregular and unpredictable, and as a result, ### Leverage monitoring these is a complex and time-consuming task for investors in multiple funds such as HVPE. The Company has entered into a Credit Facility, the proceeds of which may be used for cash When managing a closed-ended vehicle that makes significant, irrevocable commitments to underlying management purposes and to support the Company’s investment strategy. Although debt funding will funds, effective cash flow modelling is essential, first to ensure that the Company has sufficient capital increase the Company’s investment return if it earns a greater return on the investments purchased with available to honour its existing commitments, and second to inform the decisions it makes around future the borrowed funds than it pays for the use of those funds, the use of leverage will conversely decrease commitment levels. 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 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 The Company does not intend to have aggregate leverage outstanding at Company level for investment distributions. Short-term broader market trends and systemic factors are also considered. Finally, purposes at any time in excess of 20 per cent. of the Company’s NAV. The Company may, however, have a range of scenario tests are conducted. HVPE now has a 16-year track record in monitoring and additional borrowings for cash management purposes which may persist for extended periods of time interpreting cash flows arising from activity in the underlying portfolio. This detailed modelling is depending on market conditions. typically updated on an annual basis and reviewed quarterly for any changes to key assumptions. 132 HarbourVest Global Private Equity Annual Report and Financial Statements 2026 Strategic Report Governance Financial Statements Other Information ## Disclosures continued 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 (3)(e) 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 13(3)(e) CISA, the Company has appointed a Swiss representative and paying agent. - Swiss representative: Acolin Fund Services AG, Mainlower, 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'Île, 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 411.3 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$3.9 million. HVPE has exposure to foreign currency movement through foreign currency-denominated assets within the Investment Portfolio and through its Investment Pipeline of unfunded commitments, which are long-term in nature. The Company's most significant currency exposure is to euros. The Company does not actively use derivatives or other products to hedge the currency exposure. ![img-24.jpeg](img-24.jpeg) ## Key Information | Exchange | Company Advisers | Swiss Paying Agent | | --- | --- | --- | | London Stock Exchange (Main Market) | | Banque Cantonale de Genève | | | Investment Manager | 17 Quai de l’Ile | ### Ticker HarbourVest Advisers L.P. 1211 Geneva 2 HVPE (£)/HVPD ($) c/o HarbourVest Partners, LLC Switzerland Listing date One Lincoln Street ### Joint Corporate Brokers 9 September 2015 (LSE Main Market) Suite 1700 Peel Hunt 2 May 2010 (LSE Specialist Fund Segment – since migrated to LSE Main Market) Boston MA 02111-2641 7th Floor 6 December 2007 (Euronext – since delisted) Tel +1 617 348 3707 100 Liverpool Street ### Auditor London EC2M 2AT Fiscal year end Ernst & Young LLP Tel +44 (0)20 7418 8900 31 January Royal Chambers Winterflood Securities Limited Base currency St Julian’s Avenue Riverbank House US dollars St Peter Port 2 Swan Lane Guernsey GY1 4AF | Sterling quote London Stock Exchange US dollar quote London Stock Exchange | | London EC4R 3GA | | --- | --- | --- | | ISIN ISIN | Company Secretary and Administrator | Tel +44 (0)20 3100 0000 | | GG00BR30MJ80 GG00BR30MJ80 | BNP Paribas, S.A., Guernsey Branch | | ### Registered Office SEDOL SEDOL BNP Paribas House HarbourVest Global Private Equity Limited BR30MJ8 BGT0LX2 St Julian’s Avenue Company Registration Number: 47907 St Peter Port TIDM TIDM BNP Paribas House Guernsey GY1 1WA HVPE LN HVPD LN St Julian’s Avenue Tel +44 (0)1481 750 800 St Peter Port Investment Manager Guernsey GY1 1WA ### Registrar HarbourVest Advisers L.P. (affiliate of HarbourVest Partners, LLC) Tel +44 (0)1481 750 800 MUFG Pension & Market Services (formerly Registration Link Asset Services) Financial Conduct Authority The Registry 34 Beckenham Road Fund consent Beckenham Guernsey Financial Services Commission Kent BR3 4TU Tel +44 (0)871 664 0300 Outstanding shares Tel +44 (0)20 8369 3399 (outside UK) 71,854,160 Ordinary Shares at 31 January 2026 70,130,909 Ordinary Shares at 27 May 2026 ### Swiss Representative Acolin Fund Services AG 2025/26 Calendar Fund Services AG Monthly NAV estimate: Generally within 20 days of month-end Maintower Capital markets day 2026: 11 June 2026 Thurgauerstrasse 36/38 Annual General Meeting 2026: 15 July 2026 8050 Zürich Semi-Annual Report and Audited Consolidated Financial Statements: October 2026 Switzerland HarbourVest Global Private Equity | Annual Report and Accounts 2026