HarbourVest Global Private Equity Ltd - The AIC · HarbourVest Global Private Equity Ltd Richard Hickman 12 OCTOBER 2017. CONFIDENTIAL > Introduction to Private Equity > HVPE Overview

CONFIDENTIAL

HarbourVest Global Private Equity LtdRichard Hickman

12 OCTOBER 2017

CONFIDENTIAL

> Introduction to Private Equity> HVPE Overview> Portfolio Construction> Performance > Managers and Investments> Key Take-Aways

1

Contents

CONFIDENTIAL

“Private equity is a form of equity investment into private companies not listed on the stock exchange.”

Invest Europe

Put simply…

2

What is private equity?

CONFIDENTIAL 3

Typical structure of a private equity fund

“GP”Private Equity Firm (General Partner/

Sponsor)

Private equity funds are typically limited partnerships with a 10-year life

Investment #1

Investment #2

Investment #3

Investment #4

Investment #5

Private Equity Fund (Limited Partnership)

“LPs”Investors

(Pension funds, insurance companies, high net worth individuals, family offices, fund-of-funds, sovereign wealth funds, etc.)

Limited Partner #1

Limited Partner #2

Limited Partner #3

Limited Partner #4

Investment #6

CONFIDENTIAL

1 2 3 4 5 6 7 8 9 10Year

Annual Capital Calls

Annual DistributionsCumulative

Net Cash Flow

Investment Stage

Liquidation Stage

Development Stage

This example is shown for illustrative purposes only and is intended to demonstrate the mechanics and cash flows of a private equity fund. It is not intended to predict the performance or cash flows of any specific fund and should not be construed as predicting the future. The actual pace and timing of cash flows of a private equity fund are highly dependent on the fund’s investment pace, the types of investments made by the fund, and market conditions. Private equity investing involves significant risks, including loss of the entire investment. Investments in private equity fund involve significant risk, including loss of the entire investment.

Single Private Equity Partnership

4

How do private equity fund cash flows work?

0%

Investment Stage (Years 1-5)

> Capital commitments are madeby limited partner atpartnership’s closing

> Investments are made in portfolio companies and typically can be made through Year 5

> Capital is called to fund investments as needed

Liquidation Stage (Years 8-10)

> Many investments havebeen exited

> Several investments are leftto wind down

> Provisions to extend usually in one to two year increments up to a maximum of four years

Development Stage (Years 3-8)

> Manager works to add value to portfolio companies

> Follow-on investments are made> Initial investments start to mature> Mature investments are exited> Cash distributions are paid to investors

CONFIDENTIAL

Source: Burgiss. As of March 31, 2017.

5

Global private equity/venture capital performancevs. public indices

11.0%9.8%

12.0%

9.1%

12.4%

17.8%

9.0%

12.4%

5.9%6.8%

18.5%

7.8%

11.6%

3.3%5.0%

17.6%

8.7%

11.6%

5.8%6.9%

0%

5%

10%

15%

20%

1-Year 3-Year 5-Year 10-Year 20-Year

Global All PE MSCI World PME MSCI EAFE PME MSCI ACWI PME

CONFIDENTIAL

Comparing public and private market investment

Private equity’s strong governance model promotes better alignment between stakeholders

Public Equity Private Equity

> Liquid investments

> Purchased through active exchanges

> Dispersed ownership

> Readily-available information

> Passive investment strategy

> Illiquid investments

> Purchases in privately negotiated transactions

> Majority or significant minority ownership

> Non-public information

> Active investment strategy

6

CONFIDENTIAL


7

Contents

CONFIDENTIAL

* By market capitalisation of ordinary shares. ** Share price data, market capitalisation and foreign exchange as at market close Friday 22 September 2017. GBP/USD 1.3513

> Guernsey domiciled investment company, first listed in December 2007> Investment strategy has remained focused since launch> HVPE is the second largest listed PE investment company in London*

Listed on the Main Market of the London Stock Exchange and constituent of the FTSE 250 Index

8

HVPE latest factsheet

Key data points 31 August 2017 / Current**

NAV $1,603 million

Market capitalisation $1,302 million

NAV/share USD (GBP) $20.07 (£14.86)

Share price USD (GBP) $16.30 (£12.07)

Discount to NAV 18.8%

NAV growth, 5 years USD (GBP) 76% (115%)

Share price growth, 5 years USD (GBP) 130% (172%)

Total shares in issue 79.9 million

Shares traded, 12 months to 31 August 2017 34,746 per day (avg.)

CONFIDENTIAL

Data as per 31 August 2017 Monthly Factsheet1 Managers currently investing capital actively on behalf of HarbourVest Partners in the HVPE funds. Additional exposures via Secondary deals and Co-investments bring total to 8902 Greater than 0.01% of NAV. In total there are 7,310 individual company exposures in the portfolio

> HVPE is designed to provide access to a range of private market investments> Invests in and alongside HarbourVest funds> HarbourVest funds in turn make investments into private market funds and operating companies

9

HVPE structure

HVPE

Primary46%

Secondary30%

Direct 24%

Buyout62%

Venture and Growth Equity 31%

Consumer / Financial 34%

Technology / Telecom30%

Medical / Biotech

16%

41 HarbourVest Funds and 2 Co-Investments

245 Actively Investing Primary Managers1

1,823 Companies2Industrial /

Other20%

Mezz/RA7%

CONFIDENTIAL 10

HVPE Board

Sir Michael BunburyChairman, Independent Director

D. Brooks ZugDirector

Peter WilsonDirector

Keith CorbinSenior Independent Director and Chairman of the Audit Committee

Alan HodsonIndependent Director

Andrew MooreIndependent Director

Jean-Bernard SchmidtIndependent Director

Francesca BarnesIndependent Director

CONFIDENTIAL


11

Contents

CONFIDENTIAL 12

Private equity portfolio building blocks

Investment

Size

Stage

Geography

Vintage Year 2016

US

Buyout

Small Mid

Manager Industry Strategy

Large

Venture Mezzanine

Europe Asia RoW

Strategy Secondary Primary Direct

20152014

Each portfolio building block has to be diversified based on its own unique risk/return profile

CONFIDENTIAL

HarbourVest proprietary data set; Vintage years 1995 – 2012; Funds with residual value

CONFIDENTIAL

Past performance is no guarantee of future returns

Performance of sub-asset classes across cycles

14

Sub asset classes performance

> Some strategies prove to be more correlated and volatile relative to the economic cycle

> It is hard to predict the top and the bottom> Performance can vary dramatically

Takeaways:> Diversify across key markets> Commit continuously> Don’t time the market

Legend Rank 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 3 Yr IRR

5 Yr IRR

10 Yr IRR

Asia 1 104.3% 83.1% 33.4% 12.0% 33.1% 38.1% 37.5% 22.1% 26.1% 11.6% 15.5% 14.6% 16.4% 20.6% 25.0% 28.0% 21.8% 20.9% 16.8% 15.8% 12.2%

Euro Buyout 2 28.1% 18.7% 20.4% 10.2% 32.5% 36.9% 37.5% 20.3% 24.2% 10.9% 10.7% 11.3% 14.8% 20.2% 18.2% 22.8% 16.9% 15.3% 16.7% 15.0% 12.0%

Global Secondaries 3 19.1% 17.7% 20.3% 9.8% 17.3% 25.3% 29.8% 19.8% 20.3% 9.0% 9.2% 10.6% 14.5% 16.9% 17.5% 20.5% 16.3% 15.2% 15.7% 14.8% 11.2%

US Buyout 4 13.3% 16.9% 14.7% 9.4% 16.6% 23.8% 22.1% 17.8% 15.4% 8.8% 9.1% 9.9% 14.1% 15.8% 15.9% 18.2% 14.7% 14.2% 13.9% 14.2% 10.8%

US Growth 5 10.6% 14.5% 11.4% 8.9% 16.1% 20.2% 21.9% 17.2% 13.4% 8.6% 8.2% 9.4% 14.0% 15.2% 14.9% 16.5% 13.8% 11.3% 12.9% 13.4% 10.4%

US Venture 6 10.6% 12.4% 10.7% 8.4% 15.9% 20.0% 20.1% 16.1% 12.6% 7.8% 8.0% 9.4% 13.5% 14.6% 13.9% 15.9% 13.7% 9.4% 12.2% 12.7% 10.3%

Global Credit 7 5.9% 12.1% 9.3% 6.1% 15.3% 20.0% 18.6% 16.1% 11.5% 7.7% 7.9% 9.3% 13.4% 13.3% 12.4% 15.4% 12.7% 8.6% 10.1% 12.1% 9.9%

US Credit 8 5.6% 10.4% 8.0% 2.6% 13.2% 18.8% 17.8% 12.2% 7.8% 7.2% 7.1% 8.9% 13.3% 11.2% 10.1% 8.9% 12.2% 6.8% 9.6% 11.7% 9.6%

Global PE Energy 9 5.6% 10.1% 5.1% 0.4% 10.4% 13.4% 16.1% 11.9% 7.1% 7.1% 7.1% 8.7% 11.2% 10.5% 9.5% 8.4% 12.1% 6.4% 7.9% 10.0% 9.4%

US PE Energy 10 5.0% 9.9% 2.3% 7.9% 10.1% 8.9% 8.3% 6.7% 6.9% 6.8% 8.5% 1.0% 10.4% 1.3% 7.1% 6.0% 6.3% 7.5% 8.9% 7.1%

Global Infrastructure 11 4.8% -3.0% 3.6% 8.3% 5.5% 7.6% 4.2% 6.5% -0.6% 8.2% 0.3% 8.9% 1.0% 4.1% 5.1% 5.3% -3.0% 2.1% 5.5%

Global PE 12 -4.8% 0.0% 3.6% 1.6% 2.1% 6.1% -1.6% 7.7% -0.4% -3.4% 1.3% 5.2%

US EconomyOECD Global Economy

Source: Cambridge Associates net LP pooled returns as of 9/30/2016, RecessionAlert.comEuro Buyout returns represented in EUR

Quilt

LegendRank1996199719981999200020012002200320042005200620072008200920102011201220133 Yr IRR5 Yr IRR10 Yr IRR

Asia1104.3%83.1%33.4%12.0%33.1%38.1%37.5%22.1%26.1%11.6%15.5%14.6%16.4%20.6%25.0%28.0%21.8%20.9%16.8%15.8%12.2%

Euro Buyout228.1%18.7%20.4%10.2%32.5%36.9%37.5%20.3%24.2%10.9%10.7%11.3%14.8%20.2%18.2%22.8%16.9%15.3%16.7%15.0%12.0%

Global Secondaries319.1%17.7%20.3%9.8%17.3%25.3%29.8%19.8%20.3%9.0%9.2%10.6%14.5%16.9%17.5%20.5%16.3%15.2%15.7%14.8%11.2%

US Buyout413.3%16.9%14.7%9.4%16.6%23.8%22.1%17.8%15.4%8.8%9.1%9.9%14.1%15.8%15.9%18.2%14.7%14.2%13.9%14.2%10.8%

US Growth510.6%14.5%11.4%8.9%16.1%20.2%21.9%17.2%13.4%8.6%8.2%9.4%14.0%15.2%14.9%16.5%13.8%11.3%12.9%13.4%10.4%

US Venture610.6%12.4%10.7%8.4%15.9%20.0%20.1%16.1%12.6%7.8%8.0%9.4%13.5%14.6%13.9%15.9%13.7%9.4%12.2%12.7%10.3%

Global Credit75.9%12.1%9.3%6.1%15.3%20.0%18.6%16.1%11.5%7.7%7.9%9.3%13.4%13.3%12.4%15.4%12.7%8.6%10.1%12.1%9.9%

US Credit85.6%10.4%8.0%2.6%13.2%18.8%17.8%12.2%7.8%7.2%7.1%8.9%13.3%11.2%10.1%8.9%12.2%6.8%9.6%11.7%9.6%

Global PE Energy95.6%10.1%5.1%0.4%10.4%13.4%16.1%11.9%7.1%7.1%7.1%8.7%11.2%10.5%9.5%8.4%12.1%6.4%7.9%10.0%9.4%

US PE Energy105.0%9.9%2.3%7.9%10.1%8.9%8.3%6.7%6.9%6.8%8.5%1.0%10.4%1.3%7.1%6.0%6.3%7.5%8.9%7.1%

Global Infrastructure114.8%-3.0%3.6%8.3%5.5%7.6%4.2%6.5%-0.6%8.2%0.3%8.9%1.0%4.1%5.1%5.3%-3.0%2.1%5.5%

Global PE12-4.8%-0.0%3.6%1.6%2.1%6.1%-1.6%7.7%-0.4%-3.4%1.3%5.2%

US Economy

OECD Global Economy

Source: Cambridge Associates net LP pooled returns as of 9/30/2016, RecessionAlert.com

Euro Buyout returns represented in EUR

IRR Data

VintageGeoIrrRankIRR Unique

1993Asia00.0000000002

1994Asia0.976574624790.0097657465

1995Asia-0.139576041612-0.00139576

1996Asia4.837221906110.0483722196

1997Asia9.8550878006100.0985508786

1998Asia2.3417749125100.0234177498

1999Asia8.888431653650.0888843173

2000Asia16.624846218440.1662484631

2001Asia10.1457012822100.1014570138

2002Asia29.768262537830.2976826265

2003Asia12.221008144380.1222100826

2004Asia20.349570384130.2034957051

2005Asia10.909592173220.1090959231

2006Asia9.115830791940.0911583094

2007Asia9.870512531340.0987051269

2008Asia14.483915995630.1448391617

2009Asia8.8983414546110.0889834163

2010Asia15.923802755940.1592380295

2011Asia18.220334656640.1822033486

2012Asia13.801148002150.1380114821

2013Asia14.176440833540.1417644105

2014Asia16.978067875220.1697806811

1993Euro Buyout23.826219261140.238262195

1994Euro Buyout39.871362530830.3987136278

1995Euro Buyout59.12650816320.5912650842

1996Euro Buyout19.078110334530.190781106

1997Euro Buyout14.490448652850.1449044893

1998Euro Buyout14.696011230240.1469601152

1999Euro Buyout12.017644345510.1201764465

2000Euro Buyout15.276427023770.1527642733

2001Euro Buyout25.344876052330.2534487637

2002Euro Buyout21.863814459750.2186381479

2003Euro Buyout16.097799055960.160977994

2004Euro Buyout15.369662694240.1536966304

2005Euro Buyout7.782280905760.0778228127

2006Euro Buyout7.137443516180.0713744389

2007Euro Buyout8.930591879180.0893059226

2008Euro Buyout13.465693964560.1346569435

2009Euro Buyout15.157604936350.1515760534

2010Euro Buyout17.527766449430.1752776686

2011Euro Buyout16.492800519750.1649280094

2012Euro Buyout12.137501552490.1213750198

2013Euro Buyout8.580894303870.0858089474

2014Euro Buyout7.051794594580.0705179504

1993Global Secondaries00.0000000046

1994Global Secondaries20.39116650960.2039116698


1996Global Secondaries00.0000000049



















1993US Buyout24.577838631230.2457783931

1994US Buyout25.414613382950.2541461407

1995US Buyout13.477858884770.1347785958

1996US Buyout5.941875946870.0594187666

1997US Buyout10.075476558490.1007547728

1998US Buyout5.050873626390.0505087436

1999US Buyout9.756930526230.0975693127

2000US Buyout17.334396216830.1733439697

2001US Buyout23.781170726640.2378117149

2002US Buyout17.842705157680.1784270593

2003US Buyout20.262421714320.2026242249

2004US Buyout12.600071399560.1260007219

2005US Buyout9.046535728330.0904653653

2006US Buyout7.879403393670.078794042

2007US Buyout11.291963951920.1129196477

2008US Buyout14.808514486120.1480851532

2009US Buyout20.612852962710.206128538

2010US Buyout12.409054304770.1240905515

2011US Buyout15.891726320460.1589172718

2012US Buyout16.300626079930.1630062695

2013US Buyout15.172066895330.1517206778

2014US Buyout13.476312958840.1347631385

1993US Growth00.000000009

1994US Growth45.165967574220.4516596848

1995US Growth00.0000000092

1996US Growth13.290142128140.1329014306

1997US Growth00.0000000094

1998US Growth11.449614024450.1144961497

1999US Growth2.61029927480.0261030023

2000US Growth7.9444618731100.0794446284

2001US Growth13.394128433390.1339412941

2002US Growth5.4737961059110.054737971

2003US Growth00.00000001

2004US Growth2.1496222818120.0214962329

2005US Growth11.648874990110.1164887601

2006US Growth8.195568035350.0819556907

2007US Growth9.416925122550.0941692616

2008US Growth16.403136773910.1640313782

2009US Growth20.159569573420.2015957063

2010US Growth18.190101844920.1819010291

2011US Growth22.770314677820.2277031576

2012US Growth13.652341131460.1365234222

2013US Growth9.405391854360.0940539295

2014US Growth5.918256768790.0591825788

1993US Venture46.765673847710.4676567497

1994US Venture59.90814293410.5990814406

1995US Venture76.512909754310.7651291089

1996US Venture104.314486424711.0431448757

1997US Venture83.097743385110.8309774455

1998US Venture33.394170084510.3339417125

1999US Venture0.366827384590.0036682856

2000US Venture-0.015111724612-0.0001511053

2001US Venture3.5748986709120.0357489987

2002US Venture1.5504954519120.0155049666

2003US Venture8.2673491731100.0826735039

2004US Venture6.7232268256100.0672322806

2005US Venture8.620099854850.0862010109

2006US Venture7.987436119660.0798743737

2007US Venture14.606137641610.146061389

2008US Venture14.062980663340.1406298193

2009US Venture16.882270736230.1688227202

2010US Venture25.041512710110.25041514

2011US Venture28.032307006910.2803230831

2012US Venture21.81299078410.2181299209

2013US Venture20.857121150110.2085712247

2014US Venture14.312817427230.1431281876

1993Global PE30.892941880820.3089294322

1994Global PE33.690071711640.3369007306

1995Global PE31.116262525630.3111626389

1996Global PE28.086043426120.280860448

1997Global PE18.658593282520.1865859466

1998Global PE9.322781509270.093227829

1999Global PE6.146578014870.0614657941

2000Global PE10.367023650690.1036702506

2001Global PE18.836620987380.1883662241

2002Global PE16.119362720190.1611936415

2003Global PE16.05736677170.1605736821

2004Global PE11.520219153770.115202206

2005Global PE8.765169011340.0876517047

2006Global PE7.126253674290.0712625514

2007Global PE9.375650587160.0937565207

2008Global PE13.444625081870.1344462657

2009Global PE14.608257720760.1460825922

2010Global PE13.852963945860.1385296546

2011Global PE15.429687133670.1542968865

2012Global PE14.658505518640.1465850705

2013Global PE11.25140762650.1125140917

2014Global PE10.897630889750.1089763244

1993Global Credit14.1925362360.1419253779

1994Global Credit11.0315382780.1103153984

1995Global Credit7.2374367780.0723743835

1996Global Credit5.573502390.0557350389

1997Global Credit12.0960362270.1209603782

1998Global Credit-2.963424411-0.0296342279

1999Global Credit9.4266320640.0942663368

2000Global Credit16.1040310550.1610403268

2001Global Credit20.0163616360.2001636327

2002Global Credit22.0936135840.2209361523

2003Global Credit7.63808631110.0763808797

2004Global Credit7.0849416590.0708494332

2005Global Credit6.12686231120.0612686399

2006Global Credit9.1757997930.0917580148

2007Global Credit8.16745316110.0816745486

2008Global Credit13.9580802250.1395808193

2009Global Credit11.2332538680.1123325558

2010Global Credit10.149935480.1014993713

2011Global Credit8.4417058990.0844170763

2012Global Credit12.7180706970.1271807244

2013Global Credit5.33749206110.0533749382

2014Global Credit9.59245760.0959245877

1993US Credit14.1925362350.1419253801

1994US Credit11.2374612670.1123746305

1995US Credit6.065728790.060657305

1996US Credit5.573502380.0557350411

1997US Credit12.3709625960.1237096441

1998US Credit-4.8110554712-0.0481105364

1999US Credit8.4361676560.0843616949

2000US Credit15.9438131760.1594381502

2001US Credit19.9599996770.1996000153

2002US Credit20.0641951260.2006419699

2003US Credit17.1852000150.1718520189

2004US Credit4.17533488110.0417533677

2005US Credit7.2217357880.0722173768

2006US Credit10.6844993820.1068450129

2007US Credit9.3321751970.0933217711

2008US Credit13.2560001580.1325600208

2009US Credit10.5069720990.1050697403

2010US Credit9.5269389890.0952694093

2011US Credit8.8759688780.0887597083

2012US Credit12.1788283180.1217883028

2013US Credit6.26609224100.0626609422

2014US Credit8.2265044470.0822650643

1993Global Infrastructure000.00000002



1996Global Infrastructure5.00108078100.0500108281



















1993Global PE Energy000.0000000222

1994Global PE Energy-4.6769056912-0.0467690346

1995Global PE Energy14.5450832460.1454508548

1996Global PE Energy10.6174849760.1061748722

1997Global PE Energy17.6757283530.1767573061

1998Global PE Energy20.2524671730.2025246944

1999Global PE Energy000.0000000228

2000Global PE Energy33.063347610.3306334989

2001Global PE Energy36.930422920.369304252

2002Global PE Energy37.4720394920.374720418

2003Global PE Energy19.7700708130.1977007313

2004Global PE Energy24.1546357320.2415463806

2005Global PE Energy6.86091181100.0686091415

2006Global PE Energy-0.6257032811-0.0062570093

2007Global PE Energy8.7126156490.08712618

2008Global PE Energy0.29321366110.0029321603

2009Global PE Energy10.42232305100.1042232543

2010Global PE Energy1.0264075110.0102640989

2011Global PE Energy4.12077204110.0412077444

2012Global PE Energy5.14160737110.0514160978

2013Global PE Energy6.3545693990.0635457181

2014Global PE Energy0.24258643110.0024258886

1993US PE Energy000.0000000244

1994US PE Energy-4.6769056911-0.0467690324

1995US PE Energy14.5450832450.145450857

1996US PE Energy10.6174849750.1061748744

1997US PE Energy16.9447679940.1694477047

1998US PE Energy20.4404149220.2044041741

1999US PE Energy000.000000025

2000US PE Energy32.4593222720.3245932478

2001US PE Energy38.0664866710.3806648919

2002US PE Energy37.4720394910.3747204202

2003US PE Energy17.8441664940.1784416903

2004US PE Energy26.0525667910.2605256934

2005US PE Energy7.7304491370.0773045169

2006US PE Energy-1.6457253912-0.0164572282

2007US PE Energy8.51101643100.0851101901

2008US PE Energy-0.3860901612-0.0038608757

2009US PE Energy13.3496210870.1334962368

2010US PE Energy1.32469591100.0132469852

2011US PE Energy7.09744134100.0709744396

2012US PE Energy6.02137568100.0602137831

2013US PE Energy6.7513245980.0675132723

2014US PE Energy1.15096881100.0115097146

3 Yr IRRAsia15.715863976530.1571586664

3 Yr IRREuro Buyout16.712132958520.1671213563

3 Yr IRRGlobal Secondaries10.081846604270.1008184928

3 Yr IRRUS Buyout13.88573626240.1388573895

3 Yr IRRUS Growth12.861686477250.1286168918

3 Yr IRRUS Venture16.780903388410.167809061

3 Yr IRRGlobal PE12.236148190860.1223615091

3 Yr IRRGlobal Credit7.54972735100.0754973008

3 Yr IRRUS Credit7.9464412890.0794644402

3 Yr IRRGlobal Infrastructure9.6164439180.0961644666

3 Yr IRRGlobal PE Energy-3.3875661612-0.033875634

3 Yr IRRUS PE Energy-2.9858680811-0.0298586531

5 Yr IRRAsia12.695835101460.1269583788



5 Yr IRRUS Buyout15.801502784910.1580150559

5 Yr IRRUS Growth14.961884438420.1496188726

5 Yr IRRUS Venture14.239142026240.1423914486

5 Yr IRRGlobal PE13.409374465350.1340937731


5 Yr IRRUS Credit12.142522370.1214252516


5 Yr IRRGlobal PE Energy1.28930314120.0128930602

5 Yr IRRUS PE Energy2.06520442110.0206520731

10 Yr IRRAsia12.182358246110.1218236115



10 Yr IRRUS Buyout11.167231117130.1116723405

10 Yr IRRUS Growth12.001028657220.120010316

10 Yr IRRUS Venture10.312026074760.1031202902

10 Yr IRRGlobal PE10.372357896750.1037236086


10 Yr IRRUS Credit9.5677823280.095677853


10 Yr IRRGlobal PE Energy5.2425777120.052425807

10 Yr IRRUS PE Energy5.54782877110.0554783178

CONFIDENTIAL

> HVPE commitments are made with reference to a set of agreed five-year targets> The Board reviewed and revised these targets at the end of 2016 > Other external/macro factors will influence portfolio composition over time

15

HVPE portfolio construction targets

By Stage By Geography By Strategy

INVESTMENT PORTFOLIO CONSTRUCTION TARGETS

65% Buyout 30% Venture and Growth Equity 5% Mezzanine and Real Assets

65% US 18% Europe 12% Asia Pacific 5% Rest of World

60% Primary 25% Secondary 15% Direct

CONFIDENTIAL

> Introduction to Private Equity> HVPE Overview> Portfolio Construction> Performance> Managers and Investments> Key Take-Aways

16

Contents

CONFIDENTIAL

* Compound annual growth rate calculated through 31 August 2017Past performance is no guarantee of future returns

HVPE total NAV return including the total distributions of $0.49 per share is now 95% since inception, representing annual growth of 7.4% vs. 4.6%* for the FTSE AW on a total return basis

17

Long-term NAV total return (USD)

$10.39

$7.61$8.65

$10.24$11.42

$12.46

$14.38$15.86

$16.75

$18.47

$20.07

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

$20.00 HVPE NAV ($)FTSE AWI TRHVPE Share Price ($)

$16.23

Jan 2008

Jan 2009

Jan 2010

Jan 2011

Jan 2012

Jan 2013

Jan 2014

Jan 2015

Jan2016

Jan2017

Aug2017

HVPE NAV $10.39 $7.61 $8.65 $10.24 $11.42 $12.46 $14.38 $15.86 $16.75 $18.47 $20.07

3.9% (26.8%) 13.7% 18.4% 11.5% 9.1% 15.4% 10.3% 5.6% 10.3% 8.2%

FTSE AW TR 242.2 140.3 200.3 240.7 233.1 269.5 305.0 327.9 307.7 365.4 410.4

(8.1%) (42.1%) 42.8% 20.1% (3.2%) 15.6% 13.2% 7.5% (6.2%) 18.8% 12.3%

Cumulative Return(6 Dec 07 – 31 August 17)

HVPE NAV ($) 100.7%

HVPE Share Price TR ($) 60.7%

FTSE AW TR 55.7%

CONFIDENTIAL

Source: Edison Research / MorningStar / Datastream data, 31 May 2017*All figures GBPPast performance is no guarantee of future returns

> HVPE is ranked among the top performing listed private equity funds for NAV growth over five years, and is the top performer in its peer group since inception in December 2007

18

NAV performance compared to peers (GBP)

25%

69%

101%

195%

28%

61%78%

94%

0%

50%

100%

150%

200%

NAV TR 1 Year NAV TR 3 Years NAV TR 5 Years NAV TR Since Inception

HVPE NAV growth Peer Median Average NAV Growth

HVPE NAV Performance vs. Peers*

CONFIDENTIAL

Source: J.P. Morgan Cazenove Investment Companies Daily Interactive Stats sheet as of 22 September 2017

> HVPE currently trades at a wider discount than many of its closest peers> The market is beginning to recognise the strength of HVPE’s long-term track record> Increased marketing and communications activity is helping to build demand

19

Share price discount to NAV

Current Share Price Discount/Premium to NAV

-26.4%

-19.2%

-18.6%

-17.7%

-15.9%

-14.4%

-14.2%

-12.9%

-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50%

Altamir

JP Morgan Private Equity

HarbourVest Private Equity

Pantheon International

NB Private Equity Partners

ICG Enterprise Trust

Aberdeen Private Equity

Standard Life Euro Private Eq

CONFIDENTIAL

Source: Listed peer annual reports (listed peers include: Pantheon, NBPE, F&C, ICG and SVG)

> HVPE’s Total Expense Ratio is 2.2% of NAV on a run-rate annualised basis> This has declined considerably in recent years, and compares well against peers> This figure does not include fees and carried interest paid to third party managers within the

HarbourVest funds themselves, which are deducted at source from the distributions received by those funds

20

Total expense ratio (TER)

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

2009 2010 2011 2012 2013 2014 2015 2016

% o

f Ave

rage

NAV

HVPE Total Expense Ratio vs Peer Average

HVPE Operating Expenses HVPE Management Fee HVPE Carried Interest

HVPE Total Expense Ratio (TER) Listed PE TER Average (est.)

CONFIDENTIAL

* As at 31 August 2017

> Non-US ownership had risen from 52% in September 2015 to more than 74% as of August this year> Buyers include large institutions (+18%), index funds (+5%), private wealth managers in the UK and

continental Europe (+5%), and retail investors (+1%)

21

Current shareholder profile

September 2015 August 2017

US47.8%UK

43.7%

Other8.5%

US25.4%

UK64.4%

Other10.2%

New investors from the UK, Europe and Asia continued to build positions in the shares

CONFIDENTIAL

Total unfunded commitments at 31 January 2017

22

Of the total $1,201m in unfunded commitments (Investment Pipeline), $322m (27%) is unallocated

The rolling coverage ratio rose slightly from 104% to 105% during the period as the net cash position was maintained

Unallocated$322

Allocated $879

Investment PipelineAt 31 January 2017

1-3 yrs 4-6 yrs 7-10 yrs >10 yrs

$598 $152 $49 $79

Rolling Coverage Ratio (31 January 2017)Cash + Available Credit Facility $675m

Current Year Projected Realisations $269m

A: Total Liquid Resources $944m

B: Next Three Years’ Estimated Investments $898m

Rolling Coverage Ratio = A/B = 105%

CONFIDENTIAL

* Uplift represents weighted average return for the 148 largest M&A and IPO transactions which represent approximately 85% of the value of the known transactions during the financial year. This analysis representsa subset of the transactions and does not represent the portfolio as a whole. Additionally, this analysis does not reflect management fees, carried interest, and other expenses of the HarbourVest funds or the underlying managers, which will reduce returns. Past performance is not a guarantee of future success

> The weighted average uplift achieved at realisation was 30% (at an average multiple of 3.7x cost*) in the 12 months ended 31 January 2017

> Realisations from the Venture portfolio were particularly strong, with an average multiple on cost of 5.2x

23

Uplift on carrying value at realisation to 31 January 2017

30% 30% 31% 30% 30%

0%

20%

40%

Total Venture Buyout M&A IPO

Weighted Average Uplift % on the Carrying Value*

3.7x

5.2x

2.9x 3.6x4.1x

0x

2x

4x

6x

Total Venture Buyout M&A IPO

Weighted Average Multiple on the Cost of Investment

CONFIDENTIAL


24

Contents

CONFIDENTIAL

Manager Region Stage % of Investment Value

Thoma Bravo US Buyout and Venture 1.8%

Welsh, Carson, Anderson & Stowe US Buyout and Mezzanine 1.5%

Compass Partners International Europe Buyout 1.4%

TPG Capital US Buyout 1.3%

The Blackstone Group US Buyout 1.3%

Index Ventures Europe Venture and Growth Equity 1.2%

Health Evolution Investments US Growth Equity 1.2%

Lightspeed Venture Partners US Venture and Growth Equity 1.2%

Insight Venture US Venture 1.1%

Hellman & Friedman US Buyout 1.1%

> No single manager represents more than 1.8% of the portfolio> Portfolio includes household names as well as more specialised groups

25

Top 10 managers by share of HVPE NAV at 31 January 2017

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjmgr_zjYnNAhULECwKHQPtANgQjRwIBw&url=http://compasspartners.com/&psig=AFQjCNHUSuA0Wu5JrG-E5ce1hTYqpiObgA&ust=1464948846580205https://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi1u9ncjonNAhWMOSwKHQOOCiwQjRwIBw&url=https://en.wikipedia.org/wiki/File:Hellman-friedman-logo.png&psig=AFQjCNFZF0NdrZ6aylwJyOtGy6skFGK1PQ&ust=1464949070224240https://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjDyojsj4nNAhXoa5oKHbl8CT8QjRwIBw&url=https://en.wikipedia.org/wiki/The_Blackstone_Group&psig=AFQjCNGIOKIv2FTz0g_iBWmLa9_MsT9Crw&ust=1464949365501743

CONFIDENTIAL

> No single company represents more than 2.2% of the portfolio> As of 31 January, the top 10 companies shown below represented 11.8% of the portfolio value, while

the top 100 companies represented 40%

26

Top 10 companies by share of HVPE NAV at 31 January 2017

Top 10 companies Region Description % of Investment Value

Lightower Fiber Networks US Fibre optic telecommunications 2.14%

Press Ganey US Healthcare data provider 1.34%

Preston Hollow Capital US Speciality finance platform 1.33%

Capsugel US Drug delivery systems 1.31%

LeasePlan EUR Leasing and fleet management 1.12%

Acrisure US Insurance and consulting services 1.05%

Infinitas EUR Education content and services 0.97%

H-Line Shipping ASIA Gas shipping business 0.93%

Wayfair US Online retailer 0.86%

Ministry Brands US Software solutions providerfor faith-based organisations

0.77%

CONFIDENTIAL

> Below is a selection of particularly interesting companies sold from within the HVPE portfolio in recent years

> With more than 7,000 underlying company investments, HVPE typically sees 30-50 liquidity events per month

Company Date Country Stage Exit route

GoPro Jun 2014 US Venture NASDAQ

The Trainline Jan 2015 UK Buyout M&A (KKR)

Auto Trader Mar 2015 UK Buyout LSE

Glaukos Jun 2015 US Venture NASDAQ

Worldpay Oct 2015 UK Buyout LSE

PhotoBox Oct 2015 UK Venture M&A (Exponent & Electra Partners)

China Hydroelectric Corporation Dec 2015 China Venture M&A (Shenzhen Energy)

Quotient Clinical Dec 2015 US Venture M&A (GHO)

Swissport Feb 2016 EUR Buyout M&A (HNA Group)

US Foods May 2016 US Buyout NYSE

Note: As of 31 January 2017, HVPE retains a holding (directly or via an underlying manager) in a number of the public companies listed above. Company names shown for illustrative purposes.

27

Notable exits

https://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjkg8L9oYnNAhUrBMAKHSPzB78QjRwIBw&url=https://www.photobox.co.uk/&bvm=bv.123325700,d.ZGg&psig=AFQjCNG-xJP8NmxV47-DEET9PmV4Wf0H1A&ust=1464954245468149http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwio2YrtoonNAhVHJsAKHWglBH8QjRwIBw&url=http://www.zoominfo.com/c/China-Hydroelectric-Corporation/348000866&psig=AFQjCNEpnleNhfNtCNRNh1Wxj5OSW-mAPw&ust=1464954475909099http://www.autotrader.co.uk/http://www.autotrader.co.uk/http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiBmL2ipInNAhWGLcAKHQwYAGcQjRwIBw&url=http://cardealermagazine.co.uk/publish/junes-fastest-selling-cars-revealed-by-auto-trader/93349&psig=AFQjCNHPbqJVxxzv8L8qXI9wdrTQnNDKnQ&ust=1464954856835902http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwivwJLkpInNAhUhJsAKHUkNDw8QjRwIBw&url=http://www.paymentscardsandmobile.com/worldpay-moves-into-canada/&psig=AFQjCNEpIVUBpbFW72aDs-pg9uhdW8QI6A&ust=1464954989848234

CONFIDENTIAL


28

Contents

CONFIDENTIAL

> FTSE 250 company> Focused, consistent strategy: PE fund of funds > Continuous exposure through the private equity cycle> A carefully selected, diversified portfolio> Integrated, complementary approach: primary, secondary, and direct co-investment> Run by a high quality manager> Currently trading at a discount whilst realising assets at a premium

29

Key takeaways for investors

Visit us at www.hvpe.com

Upcoming event

Ten-Year Anniversary 29 November 2017

CONFIDENTIAL

Note to page 13

Note 1. These model (hypothetical) portfolios are intended for illustrative purposes only. Performance information for each hypothetical portfolio utilized a Monte Carlo Simulation. These are based on the actual cash flows of a proprietary data set that includes partnership investments made by HarbourVest Funds and accounts, along with partnership data from external sources. The capital calls and distribution data is based on historic partnership investment cash flows, but does not represent the actual experience of any investor or any HarbourVest fund. The results of the simulation are impacted by an uneven representation of funds with different vintage years, sizes, mangers, and strategies, and a limited pool of investment cash flow data. The actual pace and timing of cash flows is likely to be different and will be highly dependent on the underlying partnerships’ commitment pace, the types of investments made by the fund(s), market conditions, and terms of any relevant management agreements. The results presented are based entirely on the output from numerous mathematical simulations. The simulations are unconstrained by the fund size, market opportunity, and minimum commitment amount, and do not take into account the practical aspects of raising and managing a fund. The simulated hypothetical portfolio results should be used solely as a guide and should not be relied upon to manage your investments or make investment decisions. Past performance is not a guarantee of future returns, and there can be no assurance that future funds or accounts will achieve comparable results. Investments in private funds involve significant risks, including loss of the entire investment.

30

CONFIDENTIAL 31

Disclaimer

STRICTLY CONFIDENTIAL

This document and this presentation have been prepared and issued by HarbourVest Global Private Equity Limited (the “Company”) for information purposes only and maynot be used in making any investment decision.

None of the Company, its investment manager, HarbourVest Advisers, L.P. (the “Investment Manager”) or HarbourVest Partners, LLC (“HarbourVest”) has independentlyverified the information contained in this document and this presentation. This document and this presentation contain only summary information and no representation orwarranty, express or implied, is or will be made in relation to the accuracy or completeness of the information contained herein and no responsibility, obligation or liability(whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company, HarbourVest, the Investment Manager or any of their respective affiliates orby any of their respective officers, employees or agents in relation to it. Each of the Company, HarbourVest, the Investment Manager and their respective affiliates andofficers, employees or agents expressly disclaims any and all liability which may be based on the document and any errors therein or omissions therefrom. In particular, norepresentation or warranty is given as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any viewscontained herein are based on financial, economic, market and other conditions prevailing as of the date of this document and this presentation. The information contained inthis document and this presentation will not be updated. Further information on the Company, its Investment Manager and HarbourVest can be found on the Company’swebsite at www.hvgpe.com and HarbourVest’s website at www.harbourvest.com, including in announcements available on those sites.

This document and this presentation do not constitute any form of financial opinion or recommendation on the part of the Company, HarbourVest or the Investment Manageror any of their respective affiliates and are not intended to be an offer, or the solicitation of any offer, to buy or sell any securities in any jurisdiction.

This document and this presentation contain track record data in relation to the performance of funds of funds managed by HarbourVest and its affiliates. When consideringsuch track record data, investors should bear in mind that past performance is not necessarily indicative of future results and, as a result, the Company’s actual returns maybe greater or less than the amounts shown herein. Investment returns will depend on the increase or decrease in the trading price of the Company’s shares. In addition theCompany is a closed-end investment company and the performance data presented herein for HarbourVest, as well as the private equity index performance data, relatesprincipally to funds structured as self-liquidating partnerships and in which investor contributions were made only when the underlying fund made an actual investment.

Neither this document, nor this presentation, nor any copy of either may be taken or transmitted into the United States of America, its territories or possessions or distributed,directly or indirectly, in the United States of America, its territories or to any US person (as defined in Rule 902 of Regulation S under the US Securities Act of 1933 (the“Securities Act”)). The distribution of this document and this presentation in other jurisdictions may be restricted by law and persons into whose possession this documentcomes should inform themselves about, and observe, any such restrictions.

This document and this presentation are being distributed in the United Kingdom only to (i) persons who have professional experience in matters relating to investments whofall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”), or (ii) persons who are high net worthentities falling within Article 49(2) (a) to (d) of the Order, and/or (iii) persons to whom it may otherwise be lawfully communicated, and (iv) "qualified investors" as defined insection 86 of the Financial Services and Markets Act 2000, as amended (all such persons together being referred to as “relevant persons”). Any person who is not a relevantperson should not act or rely on this presentation or any of its contents. Any investment or investment activity to which the presentation and these slides relate is availableonly to relevant persons and will be engaged in only with relevant persons.

By participating in this presentation or by accepting any copy of this document, you agree to be bound by the foregoing limitations.

CONFIDENTIAL 32

Forward-looking statements

This document contains certain forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, forward-looking statements can be indentified by terms such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘may,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘should,’’ ‘‘will,’’ and ‘‘would,’’ or the negative of those terms or other comparable terminology. The forward-looking statements are based on the Investment Manager’s beliefs, assumptions, and expectations of future performance and market developments, taking into account all information currently available. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known or are within the Investment Manager’s control. If a change occurs, the Company’s business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Some of the factors that could cause actual results to vary from those expressed in forward-looking statements, include, but are not limited to: the factors described in this report; the rate at which HVPE deploys its capital in investments and achieves expected rates of return; HarbourVest’s ability to execute its investment strategy, including through the identification of a sufficient number of appropriate investments; the ability of third-party managers of funds in which the HarbourVest funds are invested and of funds in which the Company may invest through parallel investments to execute their own strategies and achieve intended returns; the continuation of the Investment Manager as manager of the Company’s investments, the continued affiliation with HarbourVest of its key investment professionals and the continued willingness of HarbourVest to sponsor the formation of and capital raising by, and to manage, new private equity funds; HVPE’s financial condition and liquidity, including its ability to access or obtain new sources of financing at attractive rates in order to fund short term liquidity needs in accordance with the investment strategy and commitment policy; changes in the values of or returns on investments that the Company makes; changes in financial markets, interest rates or industry, general economic or political conditions; and the general volatility of the capital markets and the market price of HVPE’s shares. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events, and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Any forward-looking statements are only made as at the date of this document, and the Investment Manager neither intends nor assumes any obligation to update forward-looking statements set forth in this document whether as a result of new information, future events, or otherwise, except as required by law or other applicable regulation. In light of these risks, uncertainties, and assumptions, the events described by any such forward-looking statements might not occur. HarbourVest qualifies any and all of its forward-looking statements by these cautionary factors. Please keep this cautionary note in mind while reading this report.

REGISTERED OFFICEHarbourVest Global Private Equity LimitedCompany Registration Number: 47907Ground FloorDorey CourtAdmiral ParkSt Peter PortGuernsey GY1 2HTTel +44 (0)14 8170 2400Fax +44 (0)14 8170 2407

INVESTMENT MANAGERHarbourVest Advisers L.P.c/o HarbourVest Partners, LLCOne Financial Center44th FloorBoston MA 02111U.S.A.Tel +1 617 348 3707Fax +1 617 350 0305

Richard HickmanDirector, Investment and [email protected]+44 (0)20 7399 9847

HarbourVest Global Private Equity LtdContentsWhat is private equity?Typical structure of a private equity fundHow do private equity fund cash flows work?Global private equity/venture capital performance�vs. public indicesComparing public and private market investmentContentsHVPE latest factsheetHVPE structureHVPE BoardContentsPrivate equity portfolio building blocks�Benefits of geographic diversificationSub asset classes performanceHVPE portfolio construction targets ContentsLong-term NAV total return (USD)NAV performance compared to peers (GBP)Share price discount to NAV Total expense ratio (TER)Current shareholder profileTotal unfunded commitments at 31 January 2017Uplift on carrying value at realisation to 31 January 2017ContentsTop 10 managers by share of HVPE NAV at 31 January 2017Top 10 companies by share of HVPE NAV at 31 January 2017Notable exitsContentsKey takeaways for investorsNote to page 13 DisclaimerForward-looking statements

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HarbourVest Global Private Equity Ltd - The AIC · HarbourVest Global Private Equity Ltd Richard Hickman 12 OCTOBER 2017. CONFIDENTIAL > Introduction to Private Equity > HVPE Overview