HarbourVest Global Private Equity Ltd Capital Markets Event 20 - - PowerPoint PPT Presentation
HarbourVest Global Private Equity Ltd Capital Markets Event 20 June 2019 Outline Tenth consecutive year of net asset value (NAV) growth Chairmans Introduction The Case for HVPE Annual Results 12 Months to 31 January 2019
Capital Markets Event
20 June 2019
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Chairman’s Introduction The Case for HVPE Annual Results – 12 Months to 31 January 2019 Longer Term Performance Appendix
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Sir Michael Bunbury
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Richard Hickman Director, Investment and Operations
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Provides access to a broad range of private markets opportunities Well-diversified to limit downside risk from individual holdings NAV per share outperformance of FTSE AW TR of 3.8% since inception
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Note: Holdings in publicly-traded companies, often resulting from IPOs in the private equity portfolio, represent 10% of HVPE’s investment portfolio value.
*HVPE introduced an additional US dollar share price on 10 December 2018; from this date onwards, the actual US dollar share price, as reported by the London Stock Exchange, has been used.
Past performance is not necessarily indicative of future results.
$7.61 $8.65 $10.24 $11.42 $12.46 $14.38 $15.86 $16.75 $18.47 $21.46 $24.09 $9.25 $5.00 $6.18 $6.37 $8.66 $10.75 $12.73 $12.41 $15.03 $17.77 $18.75
NAV Per Share Share Price*
2009 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010
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HVPE provides access to private companies typically available only to institutional investors Buying shares in HVPE puts an investor on a level playing field with those institutions Aim is to deliver material outperformance of public markets over the long term HVPE
46 HARBOURVEST FUNDS & 7 SECONDARY CO-INVESTMENTS
PRIMARY 44% SECONDARY 35% DIRECT 21%
GP 1 GP 2 GP 3 GP 4
Holdings in publicly-traded companies, often resulting from IPOs in the private equity portfolio, represent 10% of HVPE’s investment portfolio value. *The top 1,000 companies represent 82% of NAV. In total there are 9,004 companies in the portfolio. Figures as at 31 May 2019.
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HVPE portfolio comprises multiple uncorrelated elements Enhances consistency of returns over time Aim is to optimise returns over the long run whilst managing downside risk
STAGE STRATEGY GEOGRAPHY INDUSTRY
Buyout 54% Venture 31% RA & Mezz 15% Primary 44% Secondary 35% Direct 21% US 54% Europe 21% Asia 18% ROW 7%
24% 16% 14% 13% 11% 10% 7% 5%
Technology Consumer Medical Business S. Industrial Financial Energy Media
Diversification as at 31 May 2019.
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As of March 31, 2019. Based on primary, secondary, direct and real assets commitments made by HarbourVest. Indicates HarbourVest team location.
Expertise across capital structure (equity and debt) and investment types PRIMARY SECONDARY DIRECT CO-INVEST REAL ASSETS $36.8 billion committed $21.2 billion committed $10.8 billion committed $1.8 billion committed London Beijing
North America
First investment 1982 $40.4 billion committed
Latin America
First investment 1994 $0.7 billion committed
EMEA
First investment 1984 $22.6 billion committed
Asia Pacific
First investment 1984 $7.2 billion committed
Toronto Boston Bogotá Tel Aviv Hong Kong Seoul Tokyo Dublin
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Funds Sourced
Funds Reviewed in Depth
Managers Selected
Deals Logged
Offers and Indications
Deals Closed
Deals Sourced
Deals Reviewed in Depth
Deals Closed
$3.1B Committed $3.6B Committed $2.3B Committed
PRIMARY SECONDARY & REAL ASSETS DIRECT – EQUITY & CREDIT
Represents all investment opportunities reviewed and approved for all HarbourVest funds / accounts from January 1, 2018 through December 31, 2018. Number of committed and closed deals in 2018, independent of when they were sourced. Direct deals do not include follow-on investments.
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As of December 31, 2018. HarbourVest returns reflect the combined return (pooled IRR) of all primary, secondary, and direct investments in the HVPE portfolio in that vintage year. Private Equity returns reflect the combined return (pooled IRR) of all private equity investments included in the Burgiss Manager Universe for that vintage year. Past performance is no guarantee of future returns. 11.2% 10.8% 11.0% 14.0% 17.4% 15.9% 20.6% 21.1% 21.0% 20.3% 23.5% 15.2% 6.3% 9.0% 12.3% 15.1% 12.6% 16.4% 15.3% 12.5% 16.7% 15.1% 15.3% 10.8%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 06-'16 Internal Rate of Return (IRR) HarbourVest Private Equity Pooled
Vintage Year
2006-2011
// Returns above private equity average in 3 of 6 vintage years
2012-2016
// Returns above private equity average in all vintage years
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NAV growth in year of 12.3% in USD (21.5% in GBP) Share price increase of 13.9% in GBP Total new commitments of $730.0m made to five HarbourVest vehicles Realised uplifts continued above 30% Net investor; new investments ($396.2m) exceeded distributions ($306.6m)
Full report can be viewed on www.HVPE.com
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All values in millions, except percentage data. Past performance does not indicate future results.
FINANCIAL SUMMARY 31 JANUARY 2019 31 JANUARY 2018 Investment Portfolio $1,760.2 $1,452.2 Commitments to HarbourVest funds $730.0 $339.8 Total Investment Pipeline $1,562.7 $1,237.5 Cash Invested in HarbourVest funds $396.2 $312.7 % of Investment Pipeline 28.3% 25.7%
*Pct. of average Investment Pipeline over period
Distributions Received $306.6 $405.1 % of Investment Portfolio 19.1% 29.5%
*Pct. of average Investment Portfolio over period
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HARBOURVEST FUND DESCRIPTION TOTAL AMOUNT HarbourVest Fund XI US-focused fund-of-funds $385.0m 2018 Global Fund Global multi-strategy fund-of-funds $70.0m HarbourVest Adelaide Real assets vehicle $150.0m Secondary Overflow III Secondary co-investment vehicle $75.0m HarbourVest Co-Invest V Global co-investment fund $50.0m TOTAL $730.0m
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HARBOURVEST FUND DESCRIPTION TOTAL AMOUNT Global Fund 2019 Global multi-strategy fund-of-funds $25.0m Credit Opportunities Fund II US-focused credit fund $20.0m Dover Street X Global secondary fund $50.0m TOTAL $95.0m
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Wide exposure to a number of investments at different stages of the lifecycle Profile helps to stabilise investment returns and leads to more predictable cash flows No single year accounts for more than 18% of the portfolio by value
Vintage exposure calculated as a percentage of HVPE’s investment portfolio, based on reported values at 31 January 2019. Past performance does not indicate future results.
Primary Secondary Direct co-investment Buyout Venture/Growth Equity Real Assets Other US Europe Asia Pacific ROW 2% 2% 3% 1% 1% 2% 6% 5% 6% 11% 11% 18% 18% 14% 4% 3% 6% 3% 1% 2% 7% 7% 12% 9% 15% 16% 9% 6% < 2006 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Percentage of Investment Portfolio Year of Investment Vintage Year
Mature Growth Investment
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Direct co-investments outperformed Primary and Secondary investments Venture and growth equity led all other stages US and Asia Pacific were the strongest performing regions
Past performance does not indicate future results.
STRATEGY STAGE GEOGRAPHY
11.4% 11.3% 14.7% 10.2% 16.2% 10.5% 19.5% 10.5% 13.1% 10.8% 3.0%
Primary Secondary Direct co-investment Buyout Venture/Growth Equity Real Assets Other US Europe Asia Pacific ROW
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Weighted average EBITDA increase over the previous year is 13% 76% of the underlying companies increased EBITDA during the year Approximately 74% of these companies are growing EBITDA by more than 10% per annum Overall valuation multiple is 11.2x EBITDA Overall debt multiple is 4.5x EBITDA
The sample of portfolio companies used for this analysis changes period on period, based on the information available to the Company at the time. Past performance does not indicate future results.
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A broad spread of vintage years supports a steady flow of distributions The 2014 vintage was the most significant contributor at 15% Crisis-era vintages are now largely realised
Distributions calculated as a percentage of HVPE’s investment portfolio, based on reported values at 31 January 2019. Past performance does not indicate future results.
Primary Secondary Direct co-investment Buyout Venture/Growth Equity Real Assets Other US Europe Asia Pacific ROW 10% 8% 17% 8% 2% 4% 8% 6% 10% 10% 10% 6% 1% 0% 3% 5% 8% 9% 2% 4% 10% 7% 5% 15% 14% 8% 9% 1% < 2006 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018 2019
Mature Growth Investment
Percentage of Investment Portfolio
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Weighted average uplift of 41% achieved (average multiple of 3.9x cost) Realisations from the venture portfolio (6.3x) and IPOs (5.3x) were particularly strong Uplift average of 39.7% over the last seven years
This analysis represents a subset of the transactions and does not represent the portfolio as a whole. Additionally, it 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 necessarily indicative of future returns. In 2019, Accolade Wines and Envirotainer, which are currently held at blended multiples of 94.4x and 176.8x respectively, represent extraordinary returns and are excluded from the analysis due to the large positive impact they have on the weighted average multiples. If included, the total return multiple on the sample is 10.1x and the Buyout and M&A return multiples would be 11.2x and 11.4x respectively.
49.0% 40.5% 37.0% 39.5% 50.0% 45.2% 42.0% 23.8% 38.0% 30.0% 31.0% 40.6% 3.2x 6.3x 3.6x 5.3x 3.9x
ANNUAL WEIGHTED AVG. UPLIFTS (TOTAL) WEIGHTED AVG. UPLIFTS WEIGHTED AVG. MULTIPLES
2012 2013 2014 2015 2016 2017 2018 2019 Buyout Venture M&A IPO Buyout Venture M&A IPO TOTAL
2019
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A closed-ended investment company must maintain a strong balance sheet HVPE is able to invest through the cycle to optimise returns New, enlarged credit facility with improved terms ensures access to funding as needed
$0 $100 $200 $300 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Absolute
Conversus
31 January 2019 $156.6m
$48 $83 $52 $137 $181 $204 $257 $356 $363 $251 $405 $307
$0 $100 $200 $300 $400 $500 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Calls ($m) Distributions ($m) Net Position ($m)
Cash position and credit facility position as at 31 January 2019. Cash flow profile based on annual performance disclosed in HVPE’s annual reports. Past performance does not indicate future results.
Cash Position ($m) Credit Facility ($m)
CASH POSITION & CREDIT FACILITY CASH FLOW PROFILE
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$600m multi-currency credit facility provided jointly by Credit Suisse and Mitsubishi Initial term to January 2026; five year evergreen structure with two-year no-notice provision Blended fee rate of 95 bps per annum on the undrawn amount Margin over Libor on the drawn amount scales as follows
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Past performance does not indicate future results.
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The 12 month range for each ratio includes monthly estimate data, from 30 June 2018 through to 31 May 2019. Blue circles represent where that respective ratio currently sits within that range, and the yellow diamond represents the median ratio within the period. Past performance does not indicate future results. For illustrative purposes only.
TOTAL COMMITMENT RATIO ROLLING COVERAGE RATIO COMMITMENT COVERAGE RATIO 12 month range 12 month range 12 month range 164% 177% 72% 83% 42% 51%
Total exposure to private markets investments as a percentage of NAV A measure of medium-term commitment coverage Short-term liquidity as a percentage of total investment pipeline
(Jan 2019: 173%)
(Jan 2019: 72%)
(Jan 2019: 48%)
31 May 2019 31 May 2019 31 May 2019
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HarbourVest funds utilise credit lines for bridging, project finance, and fund recaps The facilities are capped at 20%-30% of uncalled commitments from LPs HVPE’s total look-through exposure was $272.6m at 31 January 2019 Current amount is an increase of $33.9m from the $238.7m at 31 January 2018 The amount of embedded leverage is considered in scenario testing and commitment plans
Past performance does not indicate future results.
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Reflects the total cost incurred by the Company for managing its portfolio The TER, net of interest income, is 2.37% for the 12 months to 31 January 2019 This is a reduction compared to the 2.90% reported last year
The Total Expense Ratio (TER) is calculated over average NAV. HVPE’s Total Expense Ratio of 2.37% is comprised of Net Operating Expense Ratio, 1.50% plus Carried Interest, 0.87%. Past performance does not indicate future results.
FINANCIAL SUMMARY 31 JANUARY 2019 31 JANUARY 2018
Recurring Operating Expenses 0.62% 0.66% HarbourVest Fund Operating Expenses 0.26% 0.22% Management Fees 0.83% 1.01% Operating Expense Ratio 1.71% 1.89% Interest Income (0.21%) (0.13%) Net Operating Expense Ratio 1.50% 1.76% Carried Interest 0.87% 1.14% Total Expense Ratio 2.37% 2.90%
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Discount/premium data as at 17 June, 2019. Source: J.P. Morgan Cazenove Investment Companies Daily Interactive Stats.
*Source: Canaccord Genuity, ‘Strong fundamentals and an elegant solution to ongoing de-equitization’. Annualised total returns based on 9 years to 31 December 2018.
Past performance does not indicate future results.
HVPE is the only fund to narrow its discount over the last 12 months The discount is now inside of the listed fund-of-funds average
ANNUALISED TOTAL RETURNS* SHARE PRICE DISCOUNTS TO NAV: 2019 & 2018
0.8%
10.2% 0.8% 2018 2019
14.6% 13.4% 12.4% 12.3% 12.2% 11.1% 11.0% 10.4% 9.9% 9.6% 7.0% 6.8% 6.5%
HVPE Pantheon NB Private Equity Standard Life Hg Capital LPE Avg. Return ICG Enterprise MSCI ACWI BMO FTSE Inv. Cos FTSE All S. MSCI Eur. JPEL
Based on returns for the 9 years to 31 December 2018 HVPE FOF Avg. JPEL ICG Pantheon NB PE
BMO Hg Capital
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The Times, 20th February 2019 The FT, 2nd April 2019 Daily Telegraph, 11th May 2019 Daily Mail, 20th October 2018 MoneyWeek, 4th April 2019
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Source data: Bloomberg. Data for each fund is share price total return with dividends re-invested. Analysis based on period 02 June 2014 to 10 June 2019. HGT and BC12 represent the best and worst performing listed private equity funds, respectively, on a share price total return basis for the period under consideration. SMT and WPCT represent the best and worst performing mainstream funds providing exposure to private companies, respectively, on a share price total return basis for the period under consideration For illustrative purposes only. Past performance does not indicate future results.
0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 220.0 240.0 260.0 280.0 300.0 HVPE SMT HGT WPCT BC12
SMT: 165% HGT: 141% HVPE: 134% WPCT: -41% BC12: -67%
Premium/Discount at 02 June 2014 SMT: +1% HGT: -7% HVPE: -23% WPCT*: +3% BC12: -6%
*Discount for WPCT calculated at 21 April ’15, the fund’s launch date.
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HVPE is a unique, high-quality global private markets portfolio HarbourVest’s public facing vehicle Strong, double-digit NAV per share returns over the 12 months Compound annual NAV per share growth of 12.2% in USD over the last 10 years Outperformance of 3.8% annualised compared to FTSE AW total return since inception Represents a fully-managed programme for buy-and-hold investors of all types
Visit us at www.hvpe.com
Peter Wilson Managing Director
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Funds Raised Deal Volumes Economic Growth Outlook Political Risk Central Bank Policy Public Markets Valuations
Return Premium
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Sources: IMF World Economic Outlook, as of June 2019. HIS Markit PMI data
Composite PMI, year-on-year change Real GDP Growth
Current Pricing, rebased to 100 at January 1, 2009 PMI >50 indicates positive output / employment intentions 2019F 3.3% 2.3% 1.6% 5.1% 6.3%
1.0% 3.0% 5.0% 7.0% 9.0% 11.0% '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19F
World US Europe Asia China
48 49 50 51 52 53 54 55 56 57 US Euro Area China World May-17 May-18 Jan-19 May-19
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Sources: Bloomberg, as of June 11, 2019
Global Equity Markets (2018, 2019 YTD)
Annual Change (%)
Central Bank Interest Rates
2009 – June 2019, Forecasts 2019+ 2.5% 0.75%
0.0 0.5 1.0 1.5 2.0 2.5 3.0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Fed BoE ECB Forecasts for Apr ‘20
Nov’18
2.75% 1.75% 0.75% 0.00%
Jun’19
1.00%
15% 7% 11% 17% 12%
0% 20% 40% S&P 500 MSCI Asia MSCI Europe Shanghai SE MSCI World 2018 2019 YTD
CONFIDENTIAL
55 22 35 6 4 6 10 9 20 4
10 20 30 40 50 60 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 YTD Number of Trading Days
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Source: Bloomberg as of June 11, 2019
S&P 500 Daily Price Movements
+16% S&P 500 Avg. Return +12% Era of Low Volatility Early Recovery +14% Complex Picture 2018 Annual Meeting
CONFIDENTIAL
Funds Raised Deal Volumes Economic Growth Outlook Political Risk Central Bank Policy Public Markets Valuations
Return Premium
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to restore public market performance
less pronounced (for now)
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0.0 0.2 0.4 0.6 0.8 1.0 1.2
'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '18 Q1 '19 Q1
Buyout VC
Source: Pitchbook as of April 2019
Global Private Equity Fundraising
By Region By Strategy
'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '18 Q1 '19 Q1
100 200 300 400 500 600
Capital Raised, USD Billions
US Europe Asia Total ’09-’13: $1.0 trillion Total ’14-’18: $1.8 trillion
fund size up 70% ’13-’18
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Source: Pitchbook as of April 2019. Bloomberg as of December 31, 2018. LCD Leveraged Buyout Review for US and Europe, Q4 2018
Global Private Equity Deal Value
By Region
'09 '10 '11 '12 '13 '14 '15 '16 '17 '18
200 400 600 800 1,000 1,200
Deal Value, USD Billions
US Europe Asia
US / Europe Buyout Multiples
Annual Average Debt/EV EBITDA
Total: $1.1 trillion Total: $3.8 trillion ’14-’18 CAGR 38% 14% 18% Asia Europe US 6.1x 6.3x 5.1x 4.3x 5.8x 5.5x 3.6x 3.4x 3.6x 5.1x 4.8x 5.4x 9.7x 9.7x 8.7x 9.3x 10.6x 10.9x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x
Debt/EBITDA Equity/EBITDA
‘07 ‘12 ‘18 US EU US EU US EU
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Sources: Sourcing Value – Pitchbook as of April 2019; Sector Expertise – HarbourVest data for US and European buyouts, 2009-2018, in USD as of December 31, 2018. GP logos represent managers HarbourVest has committed to over the last 2 years with strong sector expertise; Buy & Build - LCD Leveraged Buyout Review for US and Europe, Q4 2018. GP logos represent managers HarbourVest has committed to over the last year with buy-and-build focused investment strategies.
Differentiated Origination Sourcing Value Buy & Build
2018 Realized Return of Buyouts | 2009-2018
10.9x >$500m 8.9x <$250m
US Buyout Purchase Multiples by EV
Preferred positioning / Proprietary deal flow
1.9x 1.9x 2.4x 2.5x 2.5x 2.5x 2.8x 2.9x 2.9x 3.0x Other Consumer Telecom Media Energy Financial Healthcare
Industrial Tech.
P2P / PIPE Sponsor Merger 10 Largest Global Deals in 2018 Corporate Carve-out P2P / PIPE Sponsor Merger
Sector Expertise
CONFIDENTIAL 42
Source: Pitchbook as of April 2019. HarbourVest cashflows include all aggregated underlying portfolio holding calls and distributions for all HarbourVest funds / accounts as of December 31, 2018.
Global Private Equity Exits (2009 – 2019) By Region
'09 '10 '11 '12 '13 '14 '15 '16 '17 '18
100 200 300 400 500 600 700 800 900 1,000
Exit Value, USD Billions
US Europe Asia
HarbourVest Portfolio-Level Cashflows
1.1 1.6 1.7 1.6 1.1 1.4 1.3 1.2 1.8 1.8 0.5 1.6 2.1 2.5 2.7 3.4 3.9 2.6 3.4 2.8 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18
$ Billions
Distributions Calls 1.5x 2.0x 2.1x 2.9x 2.5x 2.4x 1.5x 1.2x Total: $1.9 trillion Total: $4.4 trillion 1.0x 0.5x
Annual Distributions & Capital Calls
CONFIDENTIAL 43
Trailing Period Returns: Global PE vs. PME
12.6% 14.5% 14.1% 14.6%
6.8% 6.3% 9.1%
0% 5% 10% 15% 20% 1-Year 3-Year 5-Year 10-Year Trailing Period Return (IRR %) Private Equity (All Funds) Public Market Equivalent +2,000 bps Burgiss Benchmarks/ Index Comparison +770 bps +770 bps +550 bps
As of December 31, 2018. Source: Burgiss. The Private Equity (All Funds) return is a pooled fund IRR based on the combined cash flows of all global PE funds in the benchmark. Public market comparison (MSCI ACWI) is based on the PME+ methodology of buying and selling the index with the same timing of cash flows as the Private Equity (All Funds) return. The securities comprising the public market indices have substantially different characteristics than the private equity benchmarks, and the comparison is provided for illustrative purposes only. This industry data reflects the fees, carried interest, and other expenses of the funds included in the benchmark. Please note returns would be reduced by fees, carried interest, and other expenses borne by investors in a HarbourVest fund / account. See ‘Additional Important Information’ at the end of the presentation, including important disclosures related to Gross Performance Returns, Public Market Comparison, Fees and Expenses, and Private Equity Index Data. Past performance is not a reliable indicator of future results.
CONFIDENTIAL Source: Burgiss All PE Benchmark Pooled IRR vs. Index Comparison returns at 12/31/2018. Includes funds with 2008+ vintage years. 44
10-Year Benchmark IRR vs. Public Markets
US
15.8% 12.0% 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Trailing Period Return (IRR %) Burgiss US PE S&P 500
+380 bps
Europe Asia
12.0% 6.7% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Burgiss Europe PE MSCI Europe
+530 bps
14.4% 6.9% 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Burgiss Asia PE MSCI Asia
+750 bps
CONFIDENTIAL
Funds Raised Deal Volumes Economic Growth Outlook Political Risk Central Bank Policy Public Markets Valuations
Return Premium
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fundraising and rising deployment continues
approach to sustain strong performance
returns vs. public markets
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Funds Raised Deal Volumes Economic Growth Outlook Political Risk Central Bank Policy Public Markets Valuations
Return Premium
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HVPE’s team has the complementary skills needed to run a high-quality fund
41 years with HarbourVest 49 years in the industry Responsible for overseeing primary, secondary, and direct co-investments 23 years with HarbourVest 28 years in the industry Leads secondary investment in Europe A member of the EMC
Senior Managing Director and Founder, HVPE Director Peter Wilson Managing Director Secondary Investments, HVPE Director Richard Hickman Director, Investment & Operations William Macaulay Director of Finance Charlotte Edgar Head of Investor Relations
2 years with HarbourVest 10 years in the industry Focuses on marketing and communications 5 years with HarbourVest 13 years in the industry Focuses on investor relations and
10 years with HarbourVest 10 years in the industry Focuses on financial management and portfolio reporting 1 year with HarbourVest 1 year in the industry Supports financial reporting, investor relations and marketing activity
Hakki Mustafa Portfolio Associate
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Comprised of highly-experienced finance and investment professionals
Sir Michael Bunbury Chairman, Independent Director
Zug Director Peter Wilson Director Keith Corbin Senior Independent Director Alan Hodson Independent Director Andrew Moore Independent Director Francesca Barnes Independent Director Steven Wilderspin Independent Director and Chairman of the Audit Committee
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No single manager represents more than 2.8% of the underlying portfolio The 10 largest managers represent 15.6% of the underlying portfolio These managers have the expertise to capture trends and unlock value
As at 31 January 2019. Past performance does not indicate future results.
MANAGER REGION STAGE AMOUNT OF INVESTMENT VALUE
IDG Capital Partners Asia Venture $48.6m Index Ventures Europe Venture $31.9m Thoma Bravo US Buyout $29.6m Insight Venture Management US Venture $26.8m The Jordan Company US Buyout $26.0m Compass Partners Europe Buyout $24.9m DCM Asia Venture $22.3m Hellman & Friedman US Buyout $21.8m Battery Ventures US Venture $21.6m Lightspeed Venture Partners US Venture $20.3m
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No single manager represents more than 1.5% of the underlying portfolio The 10 largest companies represent 10.3% of the underlying portfolio These companies are diversified across geography, investment stage, and industry
As at 31 January 2019. Past performance does not indicate future results.
COMPANY LOCATION STRATEGY AMOUNT OF INVESTMENT VALUE
Press Ganey Associates US Buyout $25.8m Preston Hollow Capital US Buyout $22.0m Undisclosed Netherlands Buyout $21.3m Rodenstock Germany Buyout $20.4m Appriss US Venture $18.4m Device Technologies Australia Buyout $17.3m Valeo Foods Ireland Buyout $14.4m Five Star Food Service US Other $14.2m SolarWinds US Buyout $13.7m Staples US Buyout $13.5m
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Total of 413 liquidity events in the period (84% trade sales and 16% IPOs) Acrisure ($20.0m) and Mater Private Healthcare ($15.3m) were the largest distributions Top 10 largest exits distributed $93.5m to HVPE
Past performance does not indicate future results.
Buyout
COMPANY DESCRIPTION HVPE DISTRIBUTED VALUE
Acrisure Insurance and Consulting services $20.0m Mater Private Healthcare Private healthcare services $15.3m CentralSquare Public sector technology platform $10.3m Envirotainer Air cargo container manufacturer $9.8m Multiasistencia Business process outsourcing services $7.1m Adaptive Insights Business intelligence software $7.0m TMF Group Outsourced business services $6.5m NEW Asurion Corporation Provider of consumer product protection $6.3m Finanzcheck Online consumer loan marketplace $6.1m Wayfair Online home goods retailer $5.2m
Alex Rogers, Managing Director
MAY | 2019
CONFIDENTIAL
Many industries would not exist without diversification
1
For illustrative purposes only
> Insurance companies
as well as casinos are profitable by diversifying their risk of loss across a large number of people with the odds priced slightly in their own favor
> E-commerce marketplaces
are profitable through connecting a diverse range of sellers and buyers across a wide variety products
CONFIDENTIAL 2
Note: the interaction of diversification and selection skill are out of scope for this work and are covered in another breakout
CONFIDENTIAL 3
Proprietary quantitative model based on historical realized return data
▪ 22,350+ realized company investments ▪ 4,200+ mature funds Example: ▪ 30 companies ▪ 2 partnerships ▪ 3 vintages ▪ 60% US + 40% Europe ▪ 15% Venture + 85% Buyout Repeated 10,000 times
Sample Set Synthetic Portfolio Simulation
HarbourVest performance does not represent the performance of any specific fund or the return to limited partners. This information is presented on a gross basis. These returns do not reflect the management fees, carried interest, and other expenses borne by investors in the HarbourVest-managed funds/accounts, which will reduce returns. See Appendix for additional definitions. See ‘Additional Important Information’ at the end of the presentation, including important disclosures related to Gross Performance Returns and Fees and Expenses. Past performance is not a reliable indicator of futureresults.
1HarbourVest proprietary data set includes funds with less than 20% in residual value. Residual Value = 1-
σ Cumulative Distributions Total Value
; Provided for illustrative purposes only.
Measure Metric Expected Return Median DPI Risk Adjusted Return Sortino Ratio Downside Risk Expected Shortfall 95% Minimum Acceptable Return MAR
Simulation Approach (Monte-Carlo) 1. Sample from HarbourVest’s robust proprietary historical data set of mature1 investments 2. Create a synthetic portfolio with a specified allocation across stages and geographies, capturing the market cycle effect 3. Repeat portfolio creation 10,000 times and measure portfolio level return distribution
CONFIDENTIAL 4
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Proprietary investment management and analytical dataset
Portfolio Companies*
M&A exits in last five years
Vintage Years
General Partners
Unique Partnerships
IPOs in last five years
Fund Returns, Cash Flows and Valuations
Company Pricing, Performance and Valuations
Source: HarbourVest Proprietary Data Set includes HarbourVest investment data and 3rd party data sources. As of December 31, 2018. *Includes portfolio companies held directly, as well as indirectly through primary and secondary investments.
CONFIDENTIAL
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x Probability Density DPI Multiple at Maturity
Benefits of Fund Diversification in a Venture Portfolio
Concentrated Venture Portfolio Diversified Venture Portfolio
Diversified portfolio has a higher probability of achieving returns above 2.0x while significantly increasing the expected return in an extreme downside scenario
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DPI Multiple Concentrated US Venture1 Diversified US Venture2 % <= 1.0x 20.4% 4.2% 1.0x < % <= 1.5x 35.7% 41.7% 1.5x < % <= 2.0x 21.5% 32.8% % > 2.0x 22.5% 21.3% Median DPI 1.42x 1.54x Sortino Ratio
3
0.20 0.34 Expected Shortfall 95%
4
0.56x 0.94x
HarbourVest proprietary data set; Vintage years 1995 – 2010; Funds with residual value <20%; Residual Value = 1-
σ Cumulative Distributions Total Value
1Concentrated portfolio; 3 US Venture funds; 2Diversified portfolio 24 US Venture funds; 3-year even allocation across consecutive vintage years (specific timing of allocations assigned during HarbourVest analysis); 3Sortino Ratio = Expected Return −MAR
Downside Deviation
; MAR is Minimal Acceptable Return; MAR = 1.50x; Downside Deviation =
1 𝑂*σ𝑗=1 𝑂 ((min 0,𝑦𝑗 − 𝑁𝐵𝑆 )2where 𝑦𝑗 = 𝑗𝑢h return and N = total number of returns;
4Expected shortfall 95% represents the expected return in the lowest 5% of modeled scenarios; The graphic and data above are based on a Monte Carlo simulation. See ‘Additional Important Information’ at the end of the
presentation, including important disclosures related to Gross / Net Performance Returns, Fees and Expenses and Monte Carlo Simulations. Past performance is not a reliable indicator of future results.
CONFIDENTIAL
Diversified portfolio has the same expected return with significantly lower risk of losing capital
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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x Probability Density DPI Multiple at Maturity
Benefits of Fund Diversification in a Buyout Portfolio
Concentrated Buyout Portfolio Diversified Buyout Portfolio
DPI Multiple Concentrated US Buyout1 Diversified US Buyout2 % <= 1.0x 3.5% 0.0% 1.0x < % <= 1.5x 26.8% 8.9% 1.5x < % <= 2.0x 46.3% 85.2% % > 2.0x 23.4% 5.9% Median DPI 1.70x 1.73x Sortino Ratio
3
0.33 2.20 Expected Shortfall 95%
4
0.92x 1.39x
HarbourVest proprietary data set; Vintage years 1995 – 2010; Funds with residual value <20%; Residual Value = 1-
σ Cumulative Distributions Total Value
1Concentrated portfolio; 3 US Buyout funds; 2Diversified portfolio 24 US Buyout funds; 3-year even allocation across consecutive vintage years (specific timing of allocations assigned during HarbourVest analysis); 3Sortino Ratio = Expected Return −MAR
Downside Deviation
; MAR is Minimal Acceptable Return; MAR = 1.50x; Downside Deviation =
1 𝑂*σ𝑗=1 𝑂 ((min 0,𝑦𝑗 − 𝑁𝐵𝑆 )2where 𝑦𝑗 = 𝑗𝑢h return and N = total number of returns;
4Expected shortfall 95% represents the expected return in the lowest 5% of modeled scenarios; The graphic and data above are based on a Monte Carlo simulation. See ‘Additional Important Information’ at the end of the
presentation, including important disclosures related to Gross / Net Performance Returns, Fees and Expenses and Monte Carlo Simulations. Past performance is not a reliable indicator of future results.
CONFIDENTIAL
1.34x 1.60x 0.92x 1.39x
0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x 1.60x 1.80x
Concentrated Buyout Diversified Buyout
Expected Returns
Weighted Expected Return > 1.5x Expected Shortfall
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While the concentrated portfolio has a deceivingly high potential return, after factoring in the probability of achieving those outcomes, the diversified portfolio has a higher expected return as well as much better downside protection
1 1 2 2
HarbourVest proprietary data set; Vintage years 1995 – 2010; Funds with residual value <20%; Residual Value = 1-
σ Cumulative Distributions Total Value
1Concentrated portfolio; 3 US Buyout funds; 2Diversified portfolio 24 US Buyout funds; 3-year even allocation across consecutive vintage years (specific timing of allocations assigned during HarbourVest analysis); 3Expected shortfall 95% represents the expected return in the lowest 5% of modeled scenarios; The graphic and data above are based on a Monte Carlo simulation. See ‘Additional Important Information’ at the end of the
presentation, including important disclosures related to Gross / Net Performance Returns, Fees and Expenses and Monte Carlo Simulations. Past performance is not a reliable indicator of future results.
1.74x 1.74x 2.29x 2.08x
0.00x 0.50x 1.00x 1.50x 2.00x 2.50x
Concentrated Buyout Diversified Buyout
Possible Returns
1.5x < Average Return <=2.0x Average Return > 2.0x
3
CONFIDENTIAL 8
Stage diversified portfolio has the highest risk-adjusted return, improved upside potential with increased downside protection
DPI Multiple Diversified US Buyout1 Diversified US Venture2 Combined3 % <= 1.0x 0.0% 4.2% 0.0% 1.0x < % <= 1.5x 8.9% 41.7% 8.8% 1.5x < % <= 2.0x 85.2% 32.8% 80.2% % > 2.0x 5.9% 21.3% 11.0% Median DPI 1.73x 1.54x 1.69x Sortino Ratio
4
2.20 0.34 2.81 Expected Shortfall 95%
5
1.39x 0.94x 1.41x
HarbourVest proprietary data set; Vintage years 1995 – 2010; Funds with residual value <20%; Residual Value = 1-
σ Cumulative Distributions Total Value
1Buyout; 24 US funds; 2Venture; 24 US funds; 2Combined; 30% Venture/70% Buyout; 60 funds; 3-year even allocation across consecutive vintage years (specific timing of allocations assigned during HarbourVest analysis); 4Sortino Ratio = Expected Return −MAR
Downside Deviation
; MAR is Minimal Acceptable Return; MAR = 1.50x; Downside Deviation =
1 𝑂*σ𝑗=1 𝑂 ((min 0,𝑦𝑗 − 𝑁𝐵𝑆 )2where 𝑦𝑗 = 𝑗𝑢h return and N = total number of returns;
5Expected shortfall 95% represents the expected return in the lowest 5% of modeled scenarios; The graphic and data above are based on a Monte Carlo simulation. See ‘Additional Important Information’ at the end of the
presentation, including important disclosures related to Gross / Net Performance Returns, Fees and Expenses and Monte Carlo Simulations. Past performance is not a reliable indicator of future results.
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x Probability Density DPI Multiple at Maturity
Benefits of Stage Diversification
Diversified US Buyout Diversified US Venture Combined
CONFIDENTIAL
1.60x 1.21x 1.62x 1.39x 0.94x 1.41x
0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x 1.60x 1.80x
Diversified Buyout Diversified Venture Combined
Expected Returns
Weighted Expected Return > 1.5x Expected Shortfall
1.74x 1.69x 1.70x 2.08x 3.09x 2.32x
0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 3.50x
Diversified Buyout Diversified Venture Combined
Possible Returns
1.5x < Average Return <=2.0x Average Return > 2.0x
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While the diversified venture portfolio has the highest potential return after factoring in the probability of achieving those exceptional outcomes, the stage diversified portfolio has the highest expected return as well the best downside protection compared to either of its components
1 2 3 1 2 3
4
HarbourVest proprietary data set; Vintage years 1995 – 2010; Funds with residual value <20%; Residual Value = 1-
σ Cumulative Distributions Total Value
1Buyout; 24 US funds; 2Venture; 24 US funds; 2Combined; 30% Venture/70% Buyout; 60 funds; 3-year even allocation across consecutive vintage years (specific timing of allocations assigned during HarbourVest analysis); 4Expected shortfall 95% represents the expected return in the lowest 5% of modeled scenarios; The graphic and data above are based on a Monte Carlo simulation. See ‘Additional Important Information’ at the end of the
presentation, including important disclosures related to Gross / Net Performance Returns, Fees and Expenses and Monte Carlo Simulations. Past performance is not a reliable indicator of future results.
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Sharpe Ratio Sortino Ratio
Risk Adjusted Return Measure > Expected return per unit of risk > Unitless ratio > Increasing return while reducing risk results in higher ratios > Rational investors want to maximize risk adjusted returns (all else being equal) Uses > Score risk-adjusted returns based on return expectations > Score risk-adjusted returns relative to a return target (MAR) Risk Measure > Uses Downside Deviation or deviation of returns below the target (DD) as the measure
> Penalizes only those returns falling below the specified return threshold level Return Measure > Uses risk free rate as the target return > Uses MAR as the target return Formula Assumptions > Normally distributed returns > No distribution assumptions > The more the return distribution diverges from normal, the larger the difference between Sharpe and Sortino ratios Weaknesses > Negative ratios are hard to interpret > Both ratios require long historical performance data > Does not take into account tail risk Strengths > Easy to compute > Incorporate all observable risks
Sortino ratio is a better measure of the risk adjusted return in private equity
CONFIDENTIAL 13
CONFIDENTIAL
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Broadly diversified data set of 4,200+ mature fund1 investment returns and cash flows
Past performance is not a reliable indicator of future results. HarbourVest performance does not represent the performance of any specific fund or the return to limited partners. This performance information is presented on a gross basis. These returns do not reflect the management fees, carried interest, and other expenses borne by investors in the HarbourVest-managed funds/accounts, which will reduce returns. See ‘Additional Important Information’ at the end of the presentation, including important disclosures related to Gross / Net Performance Returns and Fees and Expenses.
1Less than 20% in residual value. Residual Value = 1-
σ Cumulative Distributions Total Value
*Other includes real estate, infrastructure, natural resources and fund of funds.
Buyout 28% Venture 21% Growth 7% Credit 11% Other* 33%
Stages
US 70% EU 18% Asia 8% ROW 4%
Regions
1995-1999 34% 2000-2004 34% 2005-2009 28% 2010+ 4%
Vintages
0x-0.5 7% 0.5x-1 15% 1x-1.5 29% 1.5x-2 24% 2x-2.5 12% 2.5x+ 13%
Multiples
CONFIDENTIAL HarbourVest proprietary data set includes funds with less than 20% in residual value. Residual Value = 1-
σ Cumulative Distributions Total Value
16
Private equity return distribution is not symmetrical
Past performance is not a reliable indicator of future results. HarbourVest performance does not represent the performance of any specific fund or the return to limited partners. This performance information is presented on a gross basis. These returns do not reflect the management fees, carried interest, and other expenses borne by investors in the HarbourVest-managed funds/accounts, which will reduce returns. See ‘Additional Important Information’ at the end of the presentation, including important disclosures related to Gross / Net Performance Returns and Fees and Expenses.
Buyout Summary Growth Summary As of June 30, 2018 As of June 30, 2018 Count 1,198 Count 278 Total Data Set Vintage Range 1995-2017 Total Data Set Vintage Range 1995 - 2013 Average DPI 1.77x Average DPI 1.90x Median DPI 1.66x Median DPI 1.53x Standard Deviation DPI 0.94x Standard Deviation DPI 1.49x Average IRR 15% Average IRR 17% Median IRR 12% Median IRR 9% Standard Deviation IRR 18% Standard Deviation IRR 36% Credit Summary Venture Summary As of June 30, 2018 As of June 30, 2018 Count 476 Count 890 Total Data Set Vintage Range 1995-2013 Total Data Set Vintage Range 1995-2012 Average DPI 1.48x Average DPI 1.87x Median DPI 1.40x Median DPI 1.21x Standard Deviation DPI 0.50x Standard Deviation DPI 2.92x Average IRR 13% Average IRR 17% Median IRR 10% Median IRR 0% Standard Deviation IRR 14% Standard Deviation IRR 50%
CONFIDENTIAL 17
>
When the return distribution is positively skewed, expected portfolio returns will exceed the expected return of an individual asset
>
Assets with a wider return dispersion require higher levels of diversification than assets with narrower return distributions
HarbourVest proprietary data set includes funds with less than 20% in residual value. Residual Value = 1-
σ Cumulative Distributions Total Value
HarbourVest performance does not represent the performance of any specific fund or the return to limited partners. This information is presented on a gross basis. These returns do not reflect the management fees, carried interest, and other expenses borne by investors in the HarbourVest-managed funds/accounts, which will reduce returns. See ‘Additional Important Information’ at the end of the presentation, including important disclosures related to Gross Performance Returns and Fees and Expenses. Past performance is not a reliable indicator of future results.
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0.25 0.5 0.75 1 1.25 1.5 1.75 2 2.25 2.5 2.75 3 3.25 3.5 3.75 4 4.25 4.5 4.75 5 5.25 5.5 5.75 6 More
Probability Density DPI Multiple
Buyout Return Multiple Distribution
0% 5% 10% 15% 20% 25% 30% 35% 0.25 0.5 0.75 1 1.25 1.5 1.75 2 2.25 2.5 2.75 3 3.25 3.5 3.75 4 4.25 4.5 4.75 5 5.25 5.5 5.75 6 More
Probability Density DPI Multiple
Credit Return Multiple Distribution
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0.25 0.5 0.75 1 1.25 1.5 1.75 2 2.25 2.5 2.75 3 3.25 3.5 3.75 4 4.25 4.5 4.75 5 5.25 5.5 5.75 6 More
Probability Density DPI Multiple
Growth Return Multiple Distribution
0% 2% 4% 6% 8% 10% 12% 14% 16% 0.25 0.5 0.75 1 1.25 1.5 1.75 2 2.25 2.5 2.75 3 3.25 3.5 3.75 4 4.25 4.5 4.75 5 5.25 5.5 5.75 6 More
Probability Density DPI Multiple
Venture Return Multiple Distribution
Median 1.66x Average 1.77x St Dev 0.94 Skew 4.90 Excess Kurtosis 62.28 Median 1.53x Average 1.90x St Dev 1.49 Skew 3.69 Excess Kurtosis 19.52 Median 1.40x Average 1.50x St Dev 0.52 Skew 1.51 Excess Kurtosis 5.80 Median 1.21x Average 1.87x St Dev 2.92 Skew 6.88 Excess Kurtosis 68.28
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53 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 officers, 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 on the Company’s website at www.hvpe.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
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
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 (i) 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 (as amended) (the “Order”), or (ii) persons who are high net worth entities 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 in section 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 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. By participating in this presentation or by accepting any copy of this document, you agree to be bound by the foregoing limitations.
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54 This document contains certain forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events
‘‘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
REGISTERED OFFICE HarbourVest Global Private Equity Limited Company Registration Number: 47907 BNP Paribas House
St Peter Port Guernsey GY1 W1A Tel +44 (0)1481 750800 Fax +44 (0)1534 731795 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 Richard Hickman Director, Investment and Operations rhickman@harbourvest.com +44 (0)20 7399 9847