HarbourVest Global Private Equity Ltd. Analyst Presentation 10 - - PowerPoint PPT Presentation

HarbourVest Global Private Equity Ltd.

Analyst Presentation

10 February 2016

HVPE Update

HarbourVest CONFIDENTIAL

Chairman’s Review

2

 FTSE 250 inclusion  Recent market action  Balance sheet

Note: past performance is not an indication of future results.

200 400 600 800 1000 1200 1400 1600

2011 2012 2013 2014

$10.24

NAV per Share

$11.42

NAV per Share

$12.46

NAV per Share

$14.38

NAV per Share

$850 $944 $1,030 $1,167

(▲18%) (▲12%) (▲9%) (▲15%) HVPE NET ASSET VALUE GROWTH ($ millions except per share data)

$15.86

NAV per Share

$1,266 (▲10%)

2015 January

$1,352 (▲7%)

2015 December

$16.93

NAV per Share

HarbourVest CONFIDENTIAL

HVPE Factsheet

3

 Investment strategy has remained focused since launch  HVPE is now the fourth largest listed PE investment company in London  NAV performance over all time periods since inception has been very strong

* Share price data as of market close, 8th February 2016

Key data points 31 December 2015 / Current* NAV $1,352 million Market capitalisation $1,037 million NAV/share USD (GBP) $16.93 (£11.74) Share price USD (GBP) $12.98 (£9.01)* Discount to NAV 23.3% NAV growth, 5 years USD (GBP) 75% (90%) Share price growth, 5 years USD (GBP) 168% (191%) Total shares in issue 79.9 million Shares traded, year to 3rd Nov 2015 9.9 million (avg. 39,000 / day) Shares traded, 4th Nov to 8th Feb 2016 13.1 million (avg. 196,000 / day)

HarbourVest CONFIDENTIAL

HVPE Model Overview

4

 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

HVPE

Primary 50% Secondary 34% Direct 16% Buyout 65% VC & Growth 35% Consumer / Financial 35% Technology / Telecom 31% Industrial / Other 18% 33 HarbourVest Funds + 2 Co-Investments 788 Funds / Partnerships 6,812 Operating Companies Medical / Biotech 16%

HarbourVest CONFIDENTIAL

NAV Total Return

5

HVPE total NAV return including the total distributions of $0.49 per share is now 69% since inception, representing annual growth of 6.6% vs. 2.3%* for the MSCI ACWI on a total return basis

*Compound annual growth rate calculated through 31 December 2015. Note: past performance is not an indication of future results

$10.39 $7.61 $8.65 $10.24 $11.42 $12.45 $14.38 $15.86 $16.93

$2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00

HVPE NAV MSCI ACWI TR HVPE Share Price Total Return Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Dec 2015 HVPE NAV $10.39 $7.61 $8.65 $10.24 $11.42 $12.46 $14.38 $15.86 $16.93 3.9% (26.8%) 13.7% 18.4% 11.5% 9.1% 15.4% 10.3% 6.7% MSCI ACWI 571.4 332.7 465.1 554.7 538.2 621.5 704.0 755.8 753.5 (8.7%) (41.8%) 39.8% 19.3% (3.0%) 15.5% 13.3% 7.4% (0.3%)

Cumulative Return (6 Dec 07 – 31 Dec 15) HVPE NAV 69.3% HVPE Share Price 34.4% MSCI ACWI TR 20.4%

$13.44

HarbourVest CONFIDENTIAL

NAV Portfolio Breakdown - Detail

6

• HVPE has minimal exposure to the energy and banking sectors
• Significant exposure to software, technology and biotech arising primarily from the venture

portfolio

• Balanced by more traditional healthcare, consumer and industrial businesses

Data as of 31 December 2015. 12.5% 11.6% 10.7% 9.1% 7.7% 7.0% 5.6% 5.6% 4.7% 4.5% 3.8% 3.4% 3.3% 2.9% 2.3% 1.7% 3.6%

HVPE NAV: Sector Breakdown, 31 December 2015

Private Equity Market Overview

HarbourVest CONFIDENTIAL

Fundraising Investments

 Pipeline remains robust  LP demand doesn’t appear to be letting up but

may be impacted by public market declines

 Oversubscription and rapid fundraises

consistent across proven managers

 Relationship and access are key  GPs highly selective due to elevated pricing as

the economy moves sideways

 Volatility in markets should create buying

• pportunities

 Investment activity expected to modestly

improve, but catalyst needed for a significant increase – corporate M&A may be the key Liquidity Companies to Watch

 Anticipate another strong year of liquidity after

two years of record setting distributions

 Expectations, however, should be tempered

slightly due to recent volatility in capital markets and in the global macro economic environment

U.S. buyout outlook

8 The companies listed above are intended for illustrative purposes only. While these are actual investments in a HarbourVest portfolio, there is no guarantee they will be in a future portfolio.

HarbourVest CONFIDENTIAL

Fundraising Investments

• Robust pipeline of opportunities in early 2016

– Some managers pursuing funds for brand extension

• Top-tier managers oversubscribed at premium terms
• Continued selectivity among LPs leads to “Haves” and “Have-

Nots” – LPs backing fewer managers with larger commitments – Herd mentality pursuing the “Haves”

• Liquidity expected to continue to drive future commitments
• Time between venture manager fundraises decreasing to

about three years

• Pace of innovation creating rich investment landscape

– Consumer and enterprise represent large markets undergoing technological and business model change – Mobile / Social / Cloud & Big Data / Device, Storage, Networking / Security / etc.

• Fewer fund formations reduce competition
• Early stage investment valuations attractive but late stage

rounds commanding high valuations – Better ecosystem for portfolio company success

• Companies staying private longer to reach larger scale before

going public – raising larger growth rounds

Liquidity Companies to watch

• High-growth companies generating exciting returns in steady

macro environment

• Companies preparing for IPOs are stronger than ever;

however, recent market volatility could delay some exits, and some IPOs being priced below latest venture round

• After-market stock performance important to continued IPO

activity

• Continued interest from strategic acquirers looking for new

growth opportunities

U.S. venture outlook

9 The companies listed above are intended for illustrative purposes only. While these are actual investments in a HarbourVest portfolio, there is no guarantee they will be in a future portfolio.

HarbourVest CONFIDENTIAL

Significant increase in European fundraising activity as managers take advantage of increased LP appetite

10

Funds Raised

Source: Thomson Reuters as of January 12, 2015. The funds and general partners listed above are intended for illustrative purposes only. While these are actual investments and relationships in a HarbourVest portfolio, there is no guarantee they will be in a future portfolio. 

2015 fundraising levels up 42% on 2014, supported by large cap managers:

• Bridgepoint Europe V (€4bn)
• PAI Europe VI (€3.3bn)
• Equistone Europe V (€2.0bn)
• EQT VII (€6.75bn)
• Montagu V (€2.75bn)



Trend expected to continue through to H1 2016:

• Charterhouse €3bn
• Advent €12bn
• BC Partners €7bn
• KKR Europe €3.5bn



Top performing GPs raising larger funds,

• versubscribed, and in a short time frame.

Number of Funds Raised and Average Fund Size (line) # of Funds € Billions 39 71 105 103 96 52 32 50 36 49 61 53

€ 0 € 200 € 400 € 600 € 800 € 1,000 20 40 60 80 100 120 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15

€ Millions €18 €9 €47 €58 €36 €63 €8 €7 €26 €19 €33 €34 €48 €0 €20 €40 €60 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 Over €2bn

HarbourVest CONFIDENTIAL

European deal activity has increased but remains well below the 2007 peak

 2015 transaction volumes up 38%

vs 2014

 2015 transactions <€1 billion

driving increased deal activity, up 75% on 2014

 2015 buyout activity has reached a

new post-GFC high

 Increased activity mirrored in the

wider M&A space

Transaction Value by Deal Size (EV)

Source: Incisive Media, MergerMarket as of January 12, 2015

€ Billions Buyout Transaction Value and European M&A

11

€ Billions

€130 €199 €225 €88 €35 €77 €79 €74 €82 €90 €125

€0 €500 €1,000 €1,500

€0 €100 €200 €300

’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 Buyouts Total M&A

16% 18% 10% 10% 14% 14% 12% 15% 12% 11% Buyouts %

• f M&A

15%

€130 €199 €225 €88 €35 €77 €79 €74 €82 €90 €125 €0 €50 €100 €150 €200 €250 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 >€1B €500-1B €250-500M €100-250M €0-100M

HarbourVest CONFIDENTIAL

European exits have been very strong, with an increasing share from IPOs

12 Source: Incisive Media, MergerMarket as of January 12, 2015. The companies listed above are intended for illustrative purposes only. While these are actual investments in a HarbourVest portfolio, there is no guarantee they will be in a future portfolio.

€ Billions € Billions M&A Exits IPO Exits

2015 IPOs(1)

€ 2 € 9 € 16 € 13 € 15 € 1 € 2 € 15 € 8 € 3 € 19 € 35 € 39 €0 €10 €20 €30 €40 €50 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 €30 €62 €110 €121 €156 €65 €25 €74 €99 €89 €67 €133 €148 €0 €50 €100 €150

'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15

HarbourVest CONFIDENTIAL

In Europe and the US, prices are near 2007 levels, albeit with much healthier interest coverage

13 Source: Standard & Poor’s Leveraged Commentary & Data Q4 2015

Purchase Price / LTM EBITDA for LBOs ‘07 ‘15 xLTM EBITDA €250-500m 9.5x 9.0x >€500m 10.3x 10.2x <€250m 8.8x N/A ‘07 Q4 ‘15 Average EBITDA / cash interest LBOs 2.4x 3.8x

• Euro. Total 9.7x

9.2x US Total 9.7x 10.1x >€1bn 10.0x 10.4x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x 11.0x '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 <€250m €250-500m >€500m >€1bn Europe Total US Total

% change versus 2007

+4% +6%

• 1%
• 7%
• 5%

Primary Fund Investing Opportunities

HarbourVest CONFIDENTIAL

Principal challenges facing investors

15

Hundreds

• f experienced

managers Frequent monitoring of manager developments Resources to proactively seek leading managers Dedicated team to identify and evaluate best

• pportunities

Creating long-term relationships Access to

• versubscribed

funds

HarbourVest CONFIDENTIAL

HarbourVest’s long-term philosophy seeks to maximize returns while simultaneously managing risk

 Focus on markets with strong fundamentals  Leverage HarbourVest network to source and

access most promising investment

• pportunities

 Invest with teams that have demonstrated

strong performance

16

Maximizing Returns

 Diversify commitments across vintage years  Participate across all segments of private

markets; buyout, growth equity, venture, credit

 Diversify across a variety of industry

segments

Managing Risk

Build a broadly diversified portfolio with the

• bjectives of low volatility and meaningful
• utperformance of public indices

Invest opportunistically in a combination of primary, secondary, and direct co-investments

HarbourVest CONFIDENTIAL

Profile of primary investments

 Foundation of a private equity program  Targeted portfolio construction  Access to leading managers  Long-term driver of returns  Active engagement

17

Why Invest in Primary Program?

 Fund managers invest capital into

companies over 3-5 years

 Realizations usually begin after

companies have time to develop (4-5 years)

 Typically have negative IRRs (J-curve)

early in the investment period given time necessary to build portfolio value

What is the profile of a Primary Investment?

HarbourVest CONFIDENTIAL

HarbourVest primary capabilities

18

Primary highlights

Experienced Team

26 senior team members with average firm tenure

• f 11 years

Highly Selective

Invest in less than 5% of the market

Active Relationships

Seek advisory board representation to enhance

• versight
• 35 dedicated investment professionals
• $30 billion deployed in over 300 GP relationships

since 1982

• Over 80% advisory board representation

Secondary Investments Direct Investments Primary Partnerships

Data as of 30th June 2015.

HarbourVest CONFIDENTIAL

HarbourVest global manager relationships

19

Deep relationships across the global markets

The general partners listed above are intended for illustrative purposes only. While these are actual investment relationships in a HarbourVest portfolio, there is no guarantee they will be in a future portfolio.

U.S. VENTURE U.S. BUYOUT SPECIAL SITUATIONS EUROPE ASIA PACIFIC EMERGING MARKETS

Accel Andreessen Horowitz August Capital Austin Ventures Bain Ventures Battery Ventures Bessemer Venture Partners Canaan Partners Carmel Ventures Columbia DCM Domain Partners Draper Fisher Jurvetson Foundation Capital Galen Partners Ignition Capital Insight Ventures Kleiner Perkins Lightspeed New Enterprise Associates North Bridge Venture Partners Oak Investment Partners Redpoint Ventures Sigma Partners Spark Capital Social Capital Summit TA Associates TCV Third Rock Ventures Trident U.S. Venture Partners Venrock Versant ABRY Partners AIP Bain Capital Berkshire Partners Blackstone Partners Centerbridge Capital Charlesbank Capital Court Square Endeavour Capital EOS Capital GTCR Harvest Partners Hellman & Friedman H.I.G. Kelso KKR KPS Capital Leonard Green & Partners Madison Dearborn Marlin Equity Partners Nautic Partners Odyssey Partners Olympus Partners Pamlico Capital Pfingsten Providence Equity Sentinel Capital Silver Lake SK Capital Sterling Capital Stone Point Capital Sun Capital The Resolute Fund Thoma Bravo Thomas H. Lee Partners TPG TSG Vector Capital Vestar Capital Vista Equity Partners Wellspring Capital Westview Capital WCAS Wicks Capital ABRY Partners AION Capital Alchemy Centerbridge Capital Clearwater Capital Falcon GSO Partners HIG Partners Hutton Collins Indigo Capital Oaktree Capital Summit Partners Sun Capital TA Associates Wayzata Windjammer Abenex Partners Advent International Alchemy Partners BC Partners Capvis Equity Partners Charterhouse Capital Chequers Capital CGS Management CICLAD CVC ECI EQT Gilde Partners H.I.G. HitecVision Holtzbrinck Ventures Hutton Collins IK Investment Partners Index Ventures Indigo Capital Inflexion Investindustrial Litorina Paragon Partners Permira Advisers Quadriga Capital TDR Capital Towerbrook Capital Waterland PE Accel India AION Capital Anchorage Archer Capital Bain Capital Asia Boyu Capital CHAMP CHAMP Ventures ChrysCapital CITIC Clearvue Partners Clearwater Capital DCM Everstone Capital Hahn & Co. IDG-Accel India Value Fund KKR KV Asia Capital Legend Capital Lightspeed Ventures Northstar Equity Olympus Capital Orchid Asia Quadrant TPG Asia Trustbridge Partners Unison Capital Actera Partners Advent Latin America Baring Vostok Capitalworks Equity Carmel Ventures Da Vinci Capital Ethos Private Equity FIMI Fortissimo Capital Helios JVP Linzor NG Management Southern Cross Latin America Turkish Private Equity Victoria

HarbourVest CONFIDENTIAL

Sourcing high quality opportunities

The general partners listed above are intended for illustrative purposes only. While these are actual investment relationships in a HarbourVest portfolio, there is no guarantee they will be in a future portfolio.

Leveraging Our Platform Founding Investor Proactive Outreach Unlocking Access Long-standing Relationships

A proactive and differentiated approach to origination

20

HarbourVest CONFIDENTIAL

Creating returns through varied portfolio strategies

21 Examples of private equity managers with whom HarbourVest has invested. HarbourVest funds may not invest with these managers in the future. Investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that future private equity investments will achieve similar results.

Value Sector Specialists Growth Diversified



Capitalize on stress and distress – corporate carve-outs, out-of-favor industries, turnarounds, and complex situations



Value orientation and pricing discipline



Identify attractive segments for consolidation



Enhance value through accretive acquisitions and organic initiatives



Growth capital or buy and build



Identify industry trends and potential downturns



Deep network and operational expertise



Specialization offers competitive advantage



Focus across multiple sectors



Seek attractive returns with lower volatility

HarbourVest CONFIDENTIAL

Access to market leading companies

 Private equity managers have the opportunity to invest in a large pool of companies that are not

available to public market investors

Examples of investments across the private equity industry. Private equity investments involve significant risks, including loss of the entire investment. HarbourVest funds may not have participated in all of these investments. Investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that future private equity investments will achieve similar results. 22

PRIVATE EQUITY

VENTURE BUYOUT SEED EARLY EXPANSION/LATER

Exit via IPO or M&A

HarbourVest CONFIDENTIAL

Fund-of-funds performance

23

Outperformance Versus Public Benchmarks

Performance as of September 30, 2015. The performance of the HarbourVest funds appears as a matter of record only since these funds are closed and not accepting new

• investors. Net L.P. IRR is a blended return for all limited partners in the fund and may not reflect an individual LPs actual return. Past performance is no guarantee of future returns.

See note for additional information

11.1% 9.9% 24.3% 15.2% 16.2% 8.4% 7.5% 5.5% 6.1% 9.1% 8.1% 2.7% 3.8% 4.0% 6.5%

0% 5% 10% 15% 20% 25% Fund VIII Venture 2006-2011 Fund VIII Buyout 2006-2011 Fund IX Venture 2011-2014 Fund IX Buyout 2011-2014 HIPEP VI Partnership 2008-2014 HarbourVest Net IRR S&P 500 Russell 2000 MSCI World ex-US MSCI EAFE

4.1% 13.4% 5.3% 3.1% 7.9% Share of HVPE NAV, 31 Dec 2015

Secondary Opportunities

25 HarbourVest CONFIDENTIAL

Benefits of secondary investing

J-curve mitigation Near-term liquidity Faster capital deployment Immediate diversification Compelling returns with lower risk

Secondaries offer investors attractive and differentiated characteristics

HarbourVest CONFIDENTIAL

Secondary transaction types

26

Single Partnership Interest Portfolio of Partnership Interests Volume

Captive Team Spinouts

COMPLEX TRADITIONAL

Joint Ventures GP For Hire Trans. Take Private Trans.

HarbourVest CONFIDENTIAL

Expanding universe of secondary deal types creates opportunity

27

Inefficiency

Traditional Traditional Public to Privates Secondary Direct Portfolios Structured Liquidity Solutions Fund Restructurings Traditional GP for Hire Captive Team Spinouts

Time Period Inefficiency 1985 - 2000 2000 - 2010 Today

LP Tender Offers

HarbourVest CONFIDENTIAL

Growing market opportunity

28 Source: Thomson Reuters; Cogent Partners

Market growth fueled by growing primary market Incremental growth drivers

10 20 30 40 50 ′05 ′06 ′07 ′08 ′09 ′10 ′11 ′12 ′13 ′14 ′15 200 400 600 800 1,000 $ Billions PE NAV > 5 years old Secondary Market Deal Volume Estimated Secondary Market Deal Volume $ Billions Proliferation of whole fund liquidity solutions Proactive portfolio management Sovereign wealth funds becoming more active sellers Financial institutions have significant private equity assets to be divested

HarbourVest CONFIDENTIAL

Secondary market pricing

29 Source: Greenhill Cogent

 Secondary pricing remains “sticky” despite recent market volatility  Highest quality buyout assets trading at or above par  Venture assets pricing at all time high since 2007  Delta remains between mature / tail-end assets and more recent vintages 70% 63% 83% 82% 80% 80% 84% 89% 93% 91% 92% 88% 109% 109% 73% 59% 89% 86% 85% 84% 89% 92% 100% 95% 95% 91% 108% 103% 63% 68% 70% 74% 74% 70% 77% 80% 82% 80% 82% 74%

500 1,000 1,500 2,000 50% 60% 70% 80% 90% 100% 110% 120% ’06 ’07 ’08 ’09 ’10 ’11 ’12 (1H) ’12 (2H) ’13 (1H) ’13 (2H) ’14 (1H) ’14 (2H) ’15 (1H) ’15 (2H) All Buyout Venture S&P 500

• Avg. Closing Price ‒ S&P 500

Secondary Pricing (as a % of NAV)

HarbourVest CONFIDENTIAL

Ability to transact at below market prices

 12 deals completed representing more than

$2.0 billion in commitments

 19.7% discount on complex transactions

30

Secondary Purchases LTM June 30 2015

* Cogent Partners; data as of bid date ** Calculated based on HarbourVest investment at closing

Complex 63%

70% 80% 90% 100% LTM June 30 Investments % of NAV

$2.0 Billion NAV

$247 million in purchase discount LTM average market price (92%)* HarbourVest weighted average purchase price (88%)**

HarbourVest CONFIDENTIAL 31

Secondary highlights

HarbourVest secondary capabilities

Secondary highlights

Capitalize on Experience

18 senior team members with average firm tenure

• f 12 years

Differentiated Investment Approach

Focus on less efficient parts of the market

HarbourVest Platform

Leverage GP and LP relationships to generate proprietary deal flow and information advantage

• 28 dedicated investment professionals
• Over $13 billion deployed in over 400 secondary

transactions since 1986

Secondary Investments Direct Investments Primary Partnerships

Data as of 30th June 2015

32 HarbourVest CONFIDENTIAL

Differentiated approach to portfolio construction

Complex Complex Complex Complex Traditional Traditional Traditional Traditional

Dover VI 2005 Dover VII 2008 Dover VIII 2012 Dover V 2003

Traditional



Leverage primary relationships and strategic value to general partners



Be selective, exercise pricing discipline, and focus on higher quality managers



HarbourVest is a market pioneer – $6.4 billion invested across 900 funds since 1986

Complex



Focus on less-efficient segments given experience, skills, and resources required to execute



Leverage HarbourVest platform to enhance competitive positioning



HarbourVest is a market leader – $6.9 billion invested across 70 deals since 1995

As of September 30, 2015

HarbourVest CONFIDENTIAL

Project Charlotte

33 The deal summary above is intended for illustrative purposes only. While this is an actual investment in a HarbourVest portfolio, there is no guarantee it will be in a future portfolio

Deal Size $746 million Closed December 2012 Type Complex- Public to private Seller Conversus Capital, L.P. Transaction Dynamic Transaction Structure HarbourVest Advantage

 Conversus Capital L.P. (“CCAP”),

Euronext-listed private equity vehicle, owned diversified portfolio

• f over 200 high quality funds well

known to HarbourVest

 CCAP adopted permanent

harvesting strategy in late 2011 and announced it would explore strategic alternatives to enhance unit holder value in early 2012

 HarbourVest agreed to purchase

investment portfolio of CCAP at 15% discount to June 30, 2012 NAV

 Board of CCAP accepted

HarbourVest offer as solution that addressed needs of diverse unit holder base

 Up to 49.9% of existing CCAP unit

holders can remain invested in portfolio through an interest in HarbourVest acquisition vehicle

 Guernsey acquisition vehicle

structured to acquire assets in tax efficient way and to accommodate rolling CCAP unit holders

 HarbourVest will acquire eight

holding partnerships, which hold CCAP investment portfolio, and thus gain an indirect interest in over 200 underlying funds

 HarbourVest will manage run-off of

portfolio on behalf of our funds and rolling CCAP unit holders

 Demonstrated experience in listed

private equity sector following 2011 acquisition of Absolute Private Equity (previously listed on Swiss SIX exchange)

 Existing general partner

relationships facilitated our ability to diligence large, diversified portfolio in short time frame

 Board supported HarbourVest’s

• ffer and recognized our extensive

experience and knowledge of private equity

HarbourVest CONFIDENTIAL

Secondary performance

34

Outperformance Versus Public Benchmarks

Performance as of September 30, 2015. The performance of the HarbourVest funds appears as a matter of record only since these funds are closed and not accepting new

• investors. Net L.P. IRR is a blended return for all limited partners in the fund and may not reflect an individual LPs actual return. Past performance is no guarantee of future returns.

See note for additional information * Dover VIII is currently within its investment period

12.1% 38.0% 5.9%

• 3.5%
• 5%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Dover VII 2008-2011 Dover VIII 2012-2015* HarbourVest Net IRR MSCI AC World

3.7% 9.5% Share of HVPE NAV, 31 Dec 2015

Direct Co-investment Opportunities

HarbourVest CONFIDENTIAL

Co-Investment Opportunities

36

What is co-investment?

 Investing into a company alongside another general partner

Why do lead GPs seek co-investors?

 Additional capital and professional resources  Complementary skill set  Avoid partnering with competitive GP

What are the challenges

• f co-investing?

 Ability to generate sustainable and proprietary co-invest deal flow  Resources to evaluate opportunities both comprehensively and quickly  Selectivity and portfolio monitoring affect performance

How is a co-investment allocation complementary to an existing private equity portfolio?

 Exposure to high quality private equity managers  Portfolio diversified across regions, stages, and industries  Favorable fund economics

HarbourVest CONFIDENTIAL

Co-investment funds provide access to investments at lower cost

37

Assuming a gross 2.25x multiple and 18.4% IRR, a co-investment fund delivers outperformance

• f 0.3x TV/TC and 3.3% IRR

Shown for illustrative purposes only. Not intended to project performance. Assumes 100% of committed capital invested and 2.25x gross portfolio return in both

• scenarios. Management fees are paid through portfolio proceeds beginning in Year 5. Both scenarios have an identical schedule of gross distributions. IRRs are calculated based
• n annual cash flows, assuming capital called in mid-year and NAV as of year-end. IRRs reflect assumption of 18.4% NAV increase in Years 2 through 10. Does not reflect
• rganizational costs and other fund level operating expenses. No cash balance is modeled, i.e. all fund excess cash is distributed to LPs. The carried interest accrues to the

general partner’s account as it is generated and is paid to the general partner in Years 9 and 10. Co-investment Fund fees and carried interest are based on the terms of HarbourVest Partners Co-investment Fund IV.

2.1x 1.8x 16.3% 13.0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x Co-investment Fund Net Return Traditional GP Fund Net Return Net IRR Net Total Value / Total Cost Total Value / Total Cost IRR

HarbourVest CONFIDENTIAL

Sentiment around co-investing

0-9% 0-9% 10-24% 10-24% 25-49% 25-49% 50-74% 50-74% 75-100% 75-100% 0% 20% 40% 60% 80% 100% Now In 5 years

38

LPs expect co-investing to play a bigger role in their portfolios over the next five years…

Data Source: Bain & Company Global Private Equity Report 2015

…influenced by their belief that co- investments will perform better than fund investments

Proportion of LPs’ private equity exposure that is or will be through co-investment or direct investments

Significantly better returns Slightly better returns Similar returns 0% 20% 40% 60% 80% 100% Column1

Percentage of LPs and their perception of co- investment performance compared to that of fund investments

HarbourVest CONFIDENTIAL

Co-investment market deal segmentation

39 Company logos are representative investments HarbourVest has made since 2014 in each category. While these are actual investment relationships in a HarbourVest portfolio, there is no guarantee they will be in a future portfolio.

Complexity Exclusivity

Syndicated (Post-closing) Limited (Pre-closing) Exclusive (Pre-signing)

• More than 5 co-

investors

• Sole co-investor (co-

underwriter)

• Experienced and

trusted team with proven execution required

• 2-4 co-investors

HarbourVest CONFIDENTIAL

HarbourVest co-investment capabilities

40

Co-Investment highlights

HarbourVest co-investment capabilities

40

Experienced Team

15 senior team members with average firm tenure

• f 12 years

High Quality Deal Flow

Strong, continuous flow of qualified co-investment

• pportunities

Proprietary Due Diligence

Nearly 30 years of information on private equity managers and their investments

• 26 dedicated investment professionals
• Nearly $5 billion deployed in 290 companies since 1989
• On average, closed 13 investments per year over the

last 5 years

Secondary Investments Direct Investments Primary Partnerships

Data as of 30th June 2015

HarbourVest CONFIDENTIAL

Proactive sourcing generates highly qualified co-investment

• pportunities

41

From 2011-2015, HarbourVest completed co-investments alongside 51 GPs

The general partners listed above are intended for illustrative purposes only. While these are actual investment relationships in a HarbourVest portfolio, there is no guarantee they will be in a future portfolio.

Less than $1.0 billion fund size (23 GPs) Greater than $1.0 billion fund size (28 GPs)

HarbourVest CONFIDENTIAL

Broad relationships and strong deal flow provide portfolio diversification

42

 Significant exposure to small and mid-market investment opportunities

– 56% of deals with enterprise value of $1 billion or less

 Broad industry diversification  Deals of varied geography

Based on cost of deals as of September 30, 2015 for Portfolio 4 through Portfolio 7 (2001 through September 30, 2015)

Enterprise Value Geography Industry

<$500M 38% $500M - $1.0B 18% $1.0B - $1.5B 9% $1.5B - $2.0B 4% $2.0B - $2.5B 10% >$2.5B 21% Business Services 4% Consumer 14% Financial 9% Industrial 13% Media - Advertising 4% Medical 12% Other 6% Software 16% Technology 10% Telecom 12% Asia 7% Canada 1% Emerging Markets 6% Europe 32% U.S. 54%

HarbourVest CONFIDENTIAL

Company profile Digital Insight

This summary is illustrative of the types of deals completed by HarbourVest. It is not indicative of future performance or of the performance of the investments that the funds may

• make. Reflects information as reported by the company at the time of investment. While these are actual investment relationships in a HarbourVest portfolio, there is no guarantee

they will be in a future portfolio. 43

Summary Stage Initial Investment Buyout July 2013

Business Overview

Industry Financial Services / Technology Headquarters Menlo Park, California Company Description Financial technology company that provides online banking, bill pay, and mobile platform software to regional and community financial institutions. These financial institutions then offer these services to their customers Market Summary Demand for online banking has grown significantly over the past decade as consumers exchange visiting branches with the ease of conducting transactions online. Digital banking products, particularly mobile solutions, are projected to enjoy robust growth as consumers continue to demand a customized experience Key Competitors Fiserv (FISV), Fidelity National Information Services (FIS) and Jack Henry (JKHY)

HarbourVest Advantage

• Longstanding relationship with Thoma Bravo
• Harnessed proprietary investor network to diligence the industry
• Secured the largest co-invest allocation due to speed of review, strength of relationship, and

industry knowledge

Investment Thesis

• Invest in a well-recognized provider of best in class electronic banking solutions
• Robust industry growth, particularly within mobile banking solutions
• Stable and recurring revenue base with opportunities to improve margins via identified cost

savings

HarbourVest CONFIDENTIAL

Co-investment returns have exceeded public benchmarks through various market cycles

44

Outperformance Versus Public Benchmarks

Performance as of September 30, 2015. The performance of the HarbourVest funds appears as a matter of record only since these funds are closed and not accepting new

• investors. Net L.P. IRR is a blended return for all limited partners in the fund and may not reflect an individual LPs actual return. Past performance is no guarantee of future returns.

See note for additional information * The 2013 Direct Fund is currently within its investment period.

9.6% 17.7% 3.4%

• 3.2%
• 5%

0% 5% 10% 15% 20% 2007 Direct Fund 2007-2013 2013 Direct Fund 2013-2015* HarbourVest Net IRR MSCI AC World

5.3% 7.9% Share of HVPE NAV, 31 Dec 2015

HarbourVest CONFIDENTIAL

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 may not 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 independently verified the information contained in this document and this presentation. This document and this presentation contain only summary information and no representation or warranty, 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 or by any of their respective officers, employees or agents in relation to it. Each of the Company, HarbourVest, the Investment Manager and their respective affiliates and

• fficers, 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, no

representation or warranty is given as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views contained herein are based on financial, economic, market and other conditions prevailing as of the date of this document and this presentation. The information contained in this document and this presentation will not be updated. Further information on the Company, its Investment Manager and HarbourVest can be found in the prospectus published on 2 November 2007, in connection with the listing of the Company’s A ordinary shares on Euronext Amsterdam by NYSE Euronext (available at no cost from www.euronext.com), and on the Company’s website 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 Manager or 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 considering such 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 may be 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 the Company is a closed-end investment company and the performance data presented herein for HarbourVest, as well as the private equity index performance data, relates principally 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 document comes should inform themselves about, and observe, any such restrictions. This document and this presentation are being distributed in the United Kingdom only to (a) persons who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2) (a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person 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 available only to relevant persons and will be engaged in only with relevant persons. The Company has been registered with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as a collective investment institution which may

• ffer participations in the Netherlands pursuant to article 2:66 of the Dutch Financial Markets Supervision Act.

By participating in this presentation or by accepting any copy of this document, you agree to be bound by the foregoing limitations. 45

HarbourVest CONFIDENTIAL

Disclaimer ctd.

STRICTLY CONFIDENTIAL The distribution of interests in HarbourVest Global Private Equity Limited (the “Fund”), a closed-ended investment company organised under the law of Guernsey, in Switzerland will be exclusively made to, and directed at, qualified investors (the "Qualified Investors"), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ("CISA") and its implementing ordinance. Accordingly, the Fund has not been and will not be registered with the Swiss Financial Market Supervisory Authority (FINMA). The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The Paying Agent in Switzerland is Banque Cantonale de Genève, 17 Quai de l'Ile, CH-1211 Geneva 2, Switzerland. The place of performance for Interests of the Fund offered or distributed in or from Switzerland is the registered office of the Representative. Copies of the Prospectus, Articles of Association and annual and semi-annual reports of the Fund can be obtained free of charge from the Representative. 46

HarbourVest CONFIDENTIAL

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

• f 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

• ccur. 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 OFFICE HarbourVest Global Private Equity Limited Company Registration Number: 47907 Ground Floor Dorey Court Admiral Park St Peter Port Guernsey GY1 2HT Tel +44 (0)14 8170 2400 Fax +44 (0)14 8170 2407 INVESTMENT MANAGER HarbourVest Advisers L.P. c/o HarbourVest Partners, LLC One Financial Center 44th Floor Boston MA 02111 U.S.A. Tel +1 617 348 3707 Fax +1 617 350 0305 Member of LPEQ

47

HarbourVest CONFIDENTIAL In considering the prior performance information contained herein, prospective investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that the Fund will achieve comparable results or be able to implement its investment strategy. The foregoing performance information includes realized and unrealized investments. Unrealized investments are valued by the applicable general partner in accordance with the valuation guidelines contained in the applicable partnership agreement. Actual realized returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in prior performance data contained herein are based. Accordingly, the actual realized returns on these unrealized investments may differ materially from returns indicated herein. 1. Net L.P. Internal Rate of Return through the applicable date is the annualized return to limited partners after all fees, operating expenses and carried interest calculated using monthly cash flows to and from limited partners. In this calculation, the final cash flow to limited partners is the fair market value of the limited partners’ capital accounts at the applicable date as determined by the General Partner in accordance with the valuation policies in the applicable Partnership Agreement. 2. Public market comparison represents performance if the respective index had been purchased and sold at the time of the limited partners’ capital calls and distributions, with the remainder held at the date noted. Dividends are not reinvested. The securities comprising the public market benchmarks have substantially different characteristics than the investments held by the HarbourVest funds, and accordingly a direct comparison may not be meaningful. Includes data (prior to 1998) related to transactions that occurred when the HarbourVest team was affiliated with Hancock Venture Partners, Inc.

Additional information

48 This document has been prepared on the basis that you are an investment professional, is for the sole use of your organization, and should not be shared with any other parties. In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/ no longer available), this document may only be distributed and a Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). This presentation is being issued in the United Kingdom by HarbourVest Partners (U.K.) Limited to, and/or is directed at, persons to whom it may lawfully be issued or directed at under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 including persons who are authorised under the Act (“authorised persons”), certain persons having professional experience in matters relating to investments, high net worth companies, high net worth unincorporated associations or partnerships, trustees of high value trusts. The Fund is only available to such persons in the United Kingdom and this presentation must not be relied or acted upon by any other persons in the United Kingdom. This presentation is exempt from the general restriction in Section 21 of the Act on the communication of invitations or inducements to engage in investment activity on the grounds that it is being issued to and/or directed at only the types of person referred to above. The content of this presentation has not been approved by an authorised person and such approval is, save where this presentation is directed at or issued to the types of person referred to above, required by Section 21 of the Act. These materials do not constitute an offer to sell or the solicitation of an offer to buy interests in any Fund (the “Fund”) or any other investment sponsored by HarbourVest Partners L.P.

• r its affiliates. Any offering of interests in any Fund will be made solely pursuant to the Private Placement Memorandum of the Fund and subscriptions will be accepted solely pursuant

to definitive documentation. Offers and sales of interests in the Fund will not be registered under the laws of any jurisdiction and will be made solely to “qualified purchasers” as defined in the U.S. Investment Company Act of 1940, as amended. These materials are highly confidential and must be read in conjunction with the Private Placement Memorandum of the

• Fund. These materials do not purport to contain all the information relevant to evaluating an investment in the Fund.

HarbourVest CONFIDENTIAL

Additional information

49 The information contained herein is highly confidential and is being provided to you at your request for informational purposes only and is not, and may not be relied on in any manner as, legal, tax or investment advice or as an offer to sell or a solicitation of an offer to buy an interest in any investment sponsored by HarbourVest Partners L.P.

• r it’s affiliates (the “Fund”). A private offering of interests in the Fund will only be made pursuant to a confidential private placement memorandum (the “Memorandum”) and

the Fund’s partnership agreement and subscription documents, which will be furnished to qualified investors on a confidential basis at their request for their consideration in connection with such offering. The information contained herein will be superseded by, and is qualified in its entirety by reference to, the Memorandum, which will contain information about the investment objective, terms and conditions of an investment in the Fund and will also contain tax information and risk disclosures that are important to any investment decision regarding the Fund. No person has been authorized to make any statement concerning the Fund other than as will be set forth in the Memorandum and any such statements, if made, may not be relied upon. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest Partners L.P. (together with its affiliates, “HarbourVest”). Investment in the Fund will involve significant risks, including loss of the entire investment. Before deciding to invest in the Fund, prospective investors should pay particular attention to the risk factors contained in the Memorandum. Prospective investors should make their own investigations and evaluations of the information contained herein. Prior to the closing of a private offering of interests in the Fund, HarbourVest will give investors the opportunity to ask questions and receive additional information concerning the terms and conditions of such offering and other relevant matters. Each prospective investor should consult its own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning the information contained herein and such offering. Certain information contained herein (including financial information and information relating to investments) has been obtained from published and non-published sources. Such information has not been independently verified by HarbourVest. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. In considering any performance data contained herein, you should bear in mind that past performance is not indicative of future results. Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue” or “believe” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results or actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. None of the information contained herein has been filed with the Securities and Exchange Commission, any securities administrator under any state securities laws or any

• ther governmental or self-regulatory authority. No governmental authority has passed on the merits of the offering of interests in the Fund or the adequacy of the

information contained herein. Any representation to the contrary is unlawful. Issued by HarbourVest Partners (U.K.) Limited, 3rd Floor, 33 Jermyn Street, London SW1Y 6DN registered in England and Wales number 2512083. Authorised and regulated by the Financial Conduct Authority.