HVPE ESTIMATED NAV PER SHARE UPDATE AT 31 JANUARY 2023

• Estimated NAV per share of $48.43 (£39.31); up 0.8% in US dollar terms over the month
  • 7% of Investment Portfolio valued at 31 January 2023 (representing the public companies in the portfolio)
  • 3% valued at 31 December 2022, with the remaining 90% valued at 30 September 2022
• Net investor during January, with a net $5 million invested

HarbourVest Global Private Equity Limited (“HVPE” or the “Company”), a FTSE 250 investment company with global exposure to private companies, managed by HarbourVest Partners, today announces its estimated Net Asset Value (“NAV”) at 31 January 2023.

HVPE provides a complete private equity solution for public investors, managing the portfolio through four phases of the private equity cycle to create value: Commitments, Investment, Growth, and Realisation.

Commitments

During January 2023, no new commitments were made to HarbourVest funds, noting that $325 million of new commitments were made in December 2022. HVPE’s Investment Pipeline (unfunded commitments) decreased by $6 million from the prior month, following capital called for investments, as highlighted below, and minor foreign exchange movements. The Investment Pipeline totalled $2.8 billion at 31 January 2023.

Investment

During January 2023, HVPE invested $6 million into HarbourVest funds (compared to $132 million in December 2022). The largest individual investment during the month was made to a 2019 vintage US-focused credit fund.

Growth

At 31 January 2023, HVPE’s estimated NAV per share was $48.43 (£39.31), compared to the 31 December 2022 estimate of $48.04 (£39.76). This represents a 0.8% increase in US dollar terms over the previous month and was mainly driven by an increase in the public market portion of the fund of funds portfolio.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 7% actual 31 January 2023 (representing the public companies in the portfolio), 3% actual 31 December 2022 and 90% actual 30 September 2022. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cash flows, and any known material events to 31 January 2023. This compares to 7% actual 31 December 2022 (representing the public companies in the portfolio), and 93% actual 30 September 2022, used in the 31 December 2022 estimated NAV per share calculation.

Realisation

HVPE received distributions of $1 million from HarbourVest funds during January 2023 (compared to $108 million in December 2022). The largest source of proceeds came from a 2018 vintage secondary co-investment. During January 2023, there were a total of 16 M&A transactions and IPOs across HVPE’s underlying portfolio, compared to December’s total of 16, and a last 12-month average of 20. These were broken down into 15 M&A transactions and one IPO.

Balance Sheet and Credit Facility

At 31 January 2023, HVPE had the full $800 million available on its credit facility. Borrowing at the HarbourVest fund level amounted to $517 million, an increase of $26 million from the previous month. HVPE’s cash and cash equivalents ($198 million) and available credit ($800 million) totalled $998 million.

Additional detail about HVPE’s NAV and investment diversification can be found on HVPE’s website, in the Monthly Update for 31 January 2023.

The HVPE team is here to discuss any questions you may have, so please do not hesitate to contact Richard Hickman or Charlotte Edgar using the contact details below.

Below is an animated film which highlights the key points from the recent half year results