Annual Financial Report

HarbourVest Global Priv. Equity Ltd

28 May 2026

 

28 May 2026

HARBOURVEST GLOBAL PRIVATE EQUITY LIMITED

("HVPE" or the "Company")

RESULTS FOR THE 12 MONTHS ENDED 31 JANUARY 2026

Navigating market complexity with discipline, performance and purpose

Accelerated capital returns and strengthened shareholder alignment

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 audited results for the 12 months ended 31 January 2026.

Highlights

Resilient performance

·    Net Assets of $4.3bn (2025: $4.0bn)

·    NAV per Share Return ($) +9.7% (2025: +7.3%)

·    Share Price Return (£) +13.6% (2025: +19.2%)

·    Discount to NAV (£) reduced from 35% to 26%

·    Realisations of $435 million (2025: $382 million), with over two-thirds occurring in the second half of the year

·    Weighted Average Uplift to Pre‑Transaction Carrying Value 22% (2025: 37%)

January 2025 initiatives delivering returns for investors 

·    Increased Distribution Pool resulted in $88 million being returned to investors via buybacks

·    Separately Managed Account ("SMA") investment structure providing increased control, flexibility and reduced look-through gearing

·    Announced a targeted asset sale at a blended discount of 6% to NAV generating proceeds of approximately $299 million

·    Upcoming Continuation Vote will provide all shareholders with a say in HVPE's future

Further initiatives announced in April 2026 to accelerate capital returns

·    Distribution Pool expanded with 100% of secondary sale proceeds allocated to the Pool for the remainder of 2026; Distribution Pool cap suspended

·    At least $500 million (c.12% of NAV) to be distributed to shareholders during 2026, comprising a proposed $400 million tender offer and continued share buybacks

·   Framework established to return approximately 5-10% of NAV annually until the next Continuation Vote, to be held no later than July 2029

·    Formal twice-yearly portfolio liquidity reviews introduced by the HVPE Investment Committee

·    Further investment commitments paused for the remainder of 2026

Engaged Board

·    $88 million (£67 million) deployed to buy back shares, boosting NAV per share by 1.4%

·    Total of $252 million worth of shares has been bought back since September 2022, adding 5.9% to NAV per share

·    Numerous direct meetings with shareholders, engaging with investors globally

·    Externally facilitated Board performance review completed during the year - occurs every three years

·    Board succession: Francesca Barnes to step down as Senior Independent Director ("SID") at the July 2026 AGM after nine years of service; Alan Devine was appointed a Non Executive Director on 14^th May 2026 and will then take up the role of SID with effect after the AGM

·    Annual Capital Markets Day taking place in person on the afternoon of Thursday, 11 June 2026, in London. Register using the link below: https://pages.harbourvest.com/2026_Q2_HVPE_Capital_Markets_Day_Registration.html

·    Annual General Meeting to be held in Guernsey at 13:00 BST on Wednesday, 15 July 2026

Unlocking exceptional private market opportunities in a transforming landscape

·    Global Private Equity exit value rose 50% in 2025 to $1.3 trillion, the second highest year on record, providing grounds for optimism

·    Secondary market volume reached record levels, and GPs hold approximately $2.2 trillion of dry powder, creating conditions that could catalyse an uplift in deal activity

·    HVPE's diversified global portfolio, with no single holding exceeding 1.6% of NAV, is well positioned to benefit from a broad-based recovery in private market exit activity

·    The Board and the Manager believe that HVPE's structure, scale and long-term track record position the Company well for the future, with the portfolio expected to remain resilient through periods of short-term volatility

Ed Warner, Chair of HVPE, commented:

" HVPE has delivered another year of strong performance, with a 9.7% increase in NAV per share and a 13.6% rise in the share price. These results, combined with our decisive actions to enhance capital returns and narrow the discount, underscore the Board's commitment to acting in the best interests of all shareholders.

"The initiatives we have implemented during and since the year end represent the most comprehensive programme of capital returns in the listed private equity fund-of-funds sector. We expect to distribute at least $500 million to shareholders during 2026, alongside a clear framework for ongoing returns of 5-10% of NAV annually.

"As we approach the Continuation Vote at the July AGM, the Board is unanimous in its support for continuation and is confident that HVPE's unique structure, scale, and long-term track record make it a compelling platform for accessing private markets. I would like to thank all shareholders for their continued support."

Annual Report and Accounts

To view the Company's Annual Report and Accounts please visit HVPE's website: https://www.hvpe.com/insights-reports/reports-presentations/. Page number references in this

announcement refer to pages in this report. The Annual Report and Accounts will also shortly be

available on the National Storage Mechanism, which is situated at:

https://data.fca.org.uk/#/nsm/nationalstoragemechanism

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

- ENDS -

LEI: 213800NBWV6WWV8TOL46

Enquiries:

Shareholders
HarbourVest Partners
Richard Hickman	Tel: [phone]	[e-mail]
Stephanie Hocking	Tel: [phone]	[e-mail]
Peel Hunt (Joint Broker)
Luke Simpson /	Tel: [phone]	[e-mail]
Huw Jeremy (Investment Banking)		[e-mail]
Alex Howe /		[e-mail]
Ed Welsby (Sales)		[e-mail]
Winterflood Investment Trusts (Joint Broker)
Neil Morgan /	Tel: [phone]	[e-mail]
Joe Winkley (Corporate Finance)		[e-mail]
Hugh Middleton		[e-mail]
Darren Willis (Sales)		[e-mail]
Media Camarco		[e-mail]
Billy Clegg
Jennifer Renwick  Amrith Uppuluri
HarbourVest Partners		[e-mail]

Notes to Editors:

About HarbourVest Global Private Equity Limited:

HarbourVest Global Private Equity Limited ("HVPE" or the "Company") is a Guernsey-incorporated, closed-end investment company which is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 index. HVPE is designed to offer shareholders long-term capital appreciation by investing in a private equity portfolio diversified by geography, stage of investment, vintage year, and industry. The Company invests in and alongside HarbourVest-managed funds which focus on primary fund commitments, secondary investments and direct co-investments in operating companies. HVPE's investment manager is HarbourVest Advisers L.P., an affiliate of HarbourVest Partners, LLC, an independent, global private markets asset manager with over 43 years of experience.

About HarbourVest Partners, LLC:

HarbourVest is an independent, global private markets firm with over 43 years of experience and $161 billion of assets under management as of December 31, 2025. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,200 employees, including more than 230 investment professionals across Asia, Europe, and the Americas. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities.

This announcement is for information purposes only and does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in any jurisdiction and should not be relied upon in connection with any decision to subscribe for or acquire any Shares.  In particular, this announcement does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States or to US Persons (as defined in Regulation S under the US Securities Act of 1933, as amended ("US Persons")).  Neither this announcement nor any copy of it may be taken, released, published or distributed, directly or indirectly to US Persons or in or into the United States (including its territories and possessions), Canada, Australia or Japan, or any jurisdiction where such action would be unlawful. Accordingly, recipients represent that they are able to receive this announcement without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business. No recipient may distribute, or make available, this announcement (directly or indirectly) to any other person. Recipients of this announcement should inform themselves about and observe any applicable legal requirements in their jurisdictions.

The Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and, accordingly, may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, within the United States or to US Persons.  In addition, the Company is not registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act") and shareholders of the Company will not have the protections of that act.  There will be no public offer of the Shares in the United States or to US Persons.

This announcement has been prepared by the Company. No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this announcement is accepted and no representation, warranty or undertaking, express or implied, is or will be made by the Company, the Investment Manager or any of their respective directors, officers, employees, advisers, representatives or other agents ("Agents") for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of the Investment Manager nor any of their respective Agents makes or has been authorised to make any representation or warranties (express or implied) in relation to the Company or as to the truth, accuracy or completeness of this announcement, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this announcement and nothing in this announcement is or should be relied on as a promise or representation as to the future.

Other than as required by applicable laws, the Company gives no undertaking to update this announcement or any additional information, or to correct any inaccuracies in it which may become apparent and the distribution of this announcement. The information contained in this announcement is given at the date of its publication and is subject to updating, revision and amendment. The contents of this announcement have not been approved by any competent regulatory or supervisory authority.

This announcement includes statements that are, or may be deemed to be, "forward looking statements".  These forward looking statements can be identified by the use of forward looking terminology, including the terms "believes", "projects", "estimates", "anticipates", "expects", "intends", "plans", "goal", "target", "aim", "may", "will", "would", "could", "should" or "continue" or, in each case, their negative or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts and include statements regarding the intentions, beliefs or current expectations of the Company.  By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company's ability to control or predict. Forward looking statements are not guarantees of future performance. More detailed information on the potential factors which could affect the financial results of the Company is contained in the Company's public filings and reports.

All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results.

This announcement is issued by the Company, whose registered address is BNP Paribas House, St Julian's Avenue, St Peter Port, Guernsey, GY1 1WA

© 2026 HarbourVest Global Private Equity Limited. All rights reserved.

chair's statement

As we reflect on HVPE's year ended 31 January 2026, I am delighted to report another year of good performance, underscoring the resilience of our model and the quality of our portfolio. Despite a complex global environment, HVPE has continued to deliver value for shareholders, achieving a 10% increase in Net Asset Value ("NAV") per share in dollar terms and a 14% rise in share price in sterling terms. This strong short-term performance builds on HVPE's impressive long-term track record: on a ten-year view, HVPE has delivered a 255% increase in NAV per share in dollar terms and a 260% rise in share price in sterling terms. These results reaffirm our commitment to the Company's objective to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments.

HVPE democratises access to private equity, offering a unique opportunity for investors of all sizes to participate in this dynamic asset class which otherwise remains inaccessible to many. Private markets have historically delivered superior long-term returns compared to public markets, driven by their ability to access high-growth companies earlier in their lifecycle and to benefit from active management strategies. Investors can gain ownership of cutting-edge companies in sectors such as fintech, artificial intelligence, and space technology - companies that are often private for years before becoming household names.

Through our closed-ended structure, we provide daily liquidity without the constraints of forced sales, enabling long-term investment planning, efficient capital allocation and broad diversification. These attributes, combined with our scale and liquidity, position HVPE as a market-leading vehicle for accessing private equity opportunities.

Over the past year, we have undertaken several initiatives to enhance shareholder value and simplify our investment structure, all of which have positively contributed to narrowing the discount¹ to NAV at which the Company's shares trade. These include increasing share buybacks by enhancing the Distribution Pool allocation from 15% to 30% of gross realisations, and introducing a Separately Managed Account ("SMA") to streamline HVPE's investment structure. In addition, in December, we announced an asset sale at a blended discount of 6% to NAV, which is expected to generate proceeds of $299 million. The sale will generate substantial liquidity for shareholders which will be returned via a share tender in the autumn.

These initiatives were not undertaken in isolation. They formed part of a deliberate and coordinated approach by the Board to simplify HVPE's structure, improve capital flexibility, reinforce confidence in the Company's long-term strategy and ultimately reduce the share price discount to NAV. In particular, the introduction of the SMA gives HVPE greater control, improved flexibility on investments and exits, reduced borrowing costs and improved optionality in managing the portfolio over time - all of which come at no extra cost to HVPE. Alongside the increased Distribution Pool allocation, these measures have enhanced our ability to return capital to shareholders in a disciplined manner, while continuing to support the long-term growth of the underlying portfolio.

We recognise that private capital investment companies are more complex than their public equity investment counterparts, and the Board has therefore placed significant emphasis on clear communication and shareholder engagement throughout the year. This has included targeted outreach to both institutional and retail investors, and we remain committed to transparency, education and constructive dialogue as we continue to execute our strategy.

These actions, alongside portfolio exit activity, have contributed to the narrowing of our discount to NAV from 35% to 26% during the year. Feedback on these initiatives has been overwhelmingly positive, and we remain committed to maintaining the highest standards of governance and engagement. Over the past year, the Board has held numerous direct meetings with shareholders, engaging with investors from all over the world. We value these conversations and remain steadfast in our commitment to acting in the best interests of all shareholders.

During the year the Board constructively challenged the manager, HarbourVest Partners, in a number of areas including, amongst other things, performance attribution and capital allocation modelling. The Board was grateful for the manager's flexibility and commitment to the introduction of the SMA at a very competitive fee structure and we finished the financial year with continued confidence in HarbourVest as our manager.

Subsequent to the year-end, and following extensive engagement with a broad range of shareholders, the Board announced a further set of comprehensive initiatives in April 2026 designed to accelerate capital returns, strengthen governance and address the Company's persistently wide discount to NAV. These measures build on the actions implemented during the year and reflect the Board's assessment of market conditions, portfolio liquidity and shareholder feedback. In taking these decisions, we have sought to strike an appropriate balance between returning capital, maintaining balance sheet strength and preserving the long‑term integrity of the portfolio.

Central to this programme is the material expansion of the Distribution Pool - the mechanism the Board established in 2024 to provide a transparent and sustainable framework for returning capital to shareholders. In 2025 we doubled the allocation of natural portfolio gross cash realisations to the Pool from 15% to 30%. For the remainder of 2026, we have gone further.

Subject to the Continuation Vote passing, all proceeds from secondary sales, including the $299 million of proceeds generated from the asset sale announced in December 2025, will be allocated in their entirety to the Pool, providing substantially increased capacity for distributions. Additionally, we have suspended the cap previously applied to the Pool balance, enabling it to accumulate at a pace commensurate with the scale of returns we intend to deliver. In total, the Board expects to distribute at least $500 million to shareholders during 2026, equivalent to approximately 12% of estimated NAV. This will comprise a proposed $400 million tender offer, which we plan to launch in the Autumn at a discount of around 10% to NAV, alongside continued share buyback activity. This would represent one of the largest single‑year capital returns in the listed private equity fund‑of‑funds sector.

Beyond the current year, the Board has established a clear framework for ongoing capital returns. We intend to distribute approximately 5-10% of NAV annually until the next Continuation Vote, through a combination of periodic tender offers and share buybacks. The Distribution Pool will continue to form the basis for these annual allocations, with the Board retaining discretion to calibrate the precise level each year by reference to balance sheet strength, the prevailing discount to NAV, market conditions and the views of shareholders. This framework is designed to provide shareholders with both visibility and confidence that capital discipline will remain at the core of the Board's strategy.

1      The discount is calculated based on the NAV per share available to the market at the financial year end, that being the 31 December estimate, converted to sterling at the prevailing GBP/USD foreign exchange ("FX") rate, compared with the share prices on 31 January 2026 and 2025.

Alongside these capital measures, we have taken steps to enhance the governance and oversight of the portfolio. The HVPE Investment Committee will now conduct formal, twice‑yearly liquidity reviews of the Company's holdings, with the explicit objective of identifying secondary market transactions where a disposal would deliver a net benefit to HVPE's shareholders. This complements the regular portfolio reviews already undertaken by HarbourVest across its broader platform and formalises a process that contributed to the successful $299 million asset sale announced during the year at a blended discount of just 6% to NAV. This asset sale is both a reflection of the Board's commitment to ensuring liquidity is generated despite challenging market conditions, but also the Manager's strength in the secondary market.

In addition, the Board has decided to pause all new commitments for the remainder of 2026. While the Board and the Manager continue to believe that regular new commitments are essential to optimising long‑term returns, this pause reflects a deliberate and prudent approach to managing the Company's near‑term cash requirements, including the proposed tender offer, while maintaining balance sheet resilience.

Taken together, these new initiatives represent a decisive and co‑ordinated response to the challenges facing the listed private equity sector. They are designed to narrow the gap between the Company's share price and its underlying value, reward shareholders for their patience and commitment, and demonstrate that the Board is prepared to act with both ambition and discipline. We are confident that these measures, combined with the actions already implemented during the year, position HVPE well for the period ahead.

Governance and Board changes

At the forthcoming Annual General Meeting ("AGM") to be held in July, it is intended that after nine years of service, Francesca Barnes, Senior Independent Director ("SID"), will not offer herself for re-election. The Board is enormously grateful to Francesca for her considered and astute contributions; and her dedication to the Company throughout her tenure has been greatly appreciated. The Board intends to appoint Mr Alan Devine as SID with effect from the conclusion of the AGM. Alan Devine is an experienced financial services executive and non-executive director with over 40 years' experience, having held senior positions across private equity, transportation and banking.

During the year, we undertook an externally facilitated review of the Board's performance as part of our ongoing commitment to maintaining a high standard of governance and effectiveness. All Directors contributed constructively to the process, which provided valuable insights to inform the Board's continued development and our priorities for the year ahead. Further details are available on page 81.

Continued buyback activity

The Company continued to buyback shares and was active on 191 out of 252 trading days during the financial year. A total of $88 million (£67 million) was deployed to buy back 2,414,511 shares, at an average price of £27.71. At 2.2% of opening NAV, buyback activity represented a meaningful capital allocation during the year, boosting NAV per share by 1.4% with the share buyback programme overall contributing 5.9% since its inception.

Portfolio cash flows, commitments and balance sheet

The Portfolio generated a net cash inflow of $54 million during the financial year, with $381 million invested and $435 million received from realisations. Whilst realisation activity remained relatively low by historical standards, it is encouraging to see the Portfolio generate a net cash inflow for the Company following three prior consecutive years of net investment. The cash balance for HVPE at 31 January 2026 was $123 million which was in line with the prior year figure. Despite the cash inflow from the Portfolio, the Company's net debt increased to $447 million at 31 January 2026 (up from $357 million on 31 January 2025), due to share buybacks and operating expenses.

In August 2025 the Board and Manager finalised the terms of the new SMA structure with the Company committing $125 million to be invested into opportunities sourced during 2025. Additionally, $250 million was committed to the SMA to be deployed into investments sourced during 2026.

Outlook

Looking ahead, and given the extent of our geographic, sector and company diversification, we are cautiously optimistic about the private equity markets. While challenges persist, we are encouraged by the increasing number of transactions in our portfolio, which we view as a leading indicator of improving cash realisations. HVPE is well-positioned to capitalise on these opportunities, supported by the strength of our structure, the quality of our underlying managers, and the depth of our portfolio.

Continuation Vote

We are relentlessly focused on delivering for our shareholders. We welcome shareholder engagement, and the upcoming Continuation Vote at the July AGM will offer shareholders the opportunity to opine on a structure that has consistently delivered long-term value. HVPE is he first in our sub-sector to introduce this mechanism, and we are proud to offer shareholders the chance to vote on the continuation of the Company in its current form. The Board has decided to build on this leading position by pledging that a further Continuation Vote will be held no later than July 2029, ensuring that shareholders continue to have an opportunity to reflect on the success of the Company. The Board is unanimously in favour of continuation and will vote its shares accordingly.

As we approach the Continuation Vote, we believe HVPE's unique structure, scale, liquidity levels and performance track record make it a leading platform for enabling all shareholders to access the private equity asset class. Indeed, HVPE provides investors with the largest, deepest liquidity opportunity in the London stock market in our sub-sector. Your Board firmly believes HVPE should continue, given the superior returns delivered for investors not just in the 2026 financial year, but over the long term.

The Board have continued to return meaningful capital to shareholders following the year-end¹, deploying $71 million (£53 million) to buy back 1.7 million shares. The positive momentum seen in the share price has also continued, with the share price increasing by 4.5% after the year-end to close at £32.75.

Thank you for your continued support.

Ed Warner

Chair

27 May 2026

1      Post year-end figures are reported to 22 May 2026.

Investment Manager's Review

In this section, Richard Hickman, Managing Director, who is responsible for the day-to-day management of the Company and a member of the HVPE Investment Committee, reflects on the financial year and shares his outlook. Richard joined HarbourVest in 2014 and has a total of 20 years' experience in the listed private equity sector.

Introduction

After a prolonged period of macroeconomic uncertainty, global financial markets showed signs of stabilisation during 2025. The easing cycle initiated by central banks gathered momentum as inflation continued to moderate across major economies. Over the course of the year, interest rates were reduced in both the US and Europe, supporting an improvement in financing conditions and investor confidence. While geopolitical tensions and policy uncertainty persisted, market sentiment improved as the year progressed, with equity markets delivering strong returns. By the year‑end, leading equity indices were trading at, or close to, historical highs, reflecting renewed optimism around growth prospects and the outlook for interest rates. The growth in valuations in public markets was mirrored selectively in private markets, predominantly in the mega cap and AI spaces.

The strong performance of public equity markets by year-end came depsite considerable volatility in the interim. In April 2025, the announcement of new US trade tariffs introduced a renewed source of macroeconomic and geopolitical risk, triggering a sharp public market sell-off and temporary pause in global M&A activity. While equity markets recovered through the second half of the year as policy clarity improved and rate cuts resumed, elevated uncertainty continued to influence investor behaviour. At the same time, rapid advances in AI continued to attract significant investor interest, reflecting its potential to boost productivity while also raising concerns around the pace of technological development relative to regulatory oversight. Despite these destabilising influences, global M&A dealmaking expanded rapidly in the second half of 2025, taking the total to $4.7 trillion¹, 43% above 2024 and a level only surpassed by the record seen in 2021.

Private market investors entered 2026 feeling optimistic that the selective recovery of 2025 may broaden out across transaction sizes and sectors, aided by an expectation of falling inflation and lower interest rates. However, fears surrounding the impact of AI on the business models of software companies weighed negatively on investor sentiment, leading to a broad-based software company sell-off in equity markets. This fear also penetrated the private credit market. Several high‑profile "semi‑liquid" private credit funds experienced redemption requests in excess of their quarterly limits, as investors responded to growing concerns over the creditworthiness of portfolio companies potentially threatened by AI. Furthermore, the outbreak of the war in Iran led to a spike in global energy prices and a re-emergence of concerns over inflationary pressures and the potential for central banks to tighten monetary policy once again.

Looking forward to the remainder of 2026 it appears that uncertainty will be a significant factor impacting the investment landscape once again. This uncertainty is both at the macroeconomic level, as the Middle East crisis continues to unfold and at the individual company level, as some companies harness the power of AI wheras others see their business models threatened by it.

Private markets industry

Even though the mid-year disruption caused by the US government's April 2025 tariff announcements had a temporary destabilising impact, deal activity accelerated significantly during the second half of 2025, with private equity exit value increasing by 50% over the prior year to $1.3 trillion², representing the second highest year after the peak seen in 2021. The growth in exit activity was driven by a substantial increase in "megadeals", which are deals worth over $1 billion. This is evident when looking at the increase in the number of exits in the year, which grew substantially less than the increase in value at only 6%³. This increase in mega cap transactions was fuelled by large-scale consolidation due to a more accommodative antitrust environment in the US coupled with a decline in interest rates. Whilst the growth of exit activity in the smaller transaction space was more modest during 2025, the recovery of larger scale transactions provides some signs for optimism that other areas of the market may open up once uncertainty begins to abate.

1      Source: McKinsey & Company, "2026 M&A Trends",February 2026

2      Source, Pitchbook, "2025 Annual Global PE First Look" January 6 2026

3      Source, Pitchbook, "2025 Annual Global PE First Look" January 6 2026

Investment activity rebounded as markets recovered from the temporary tariff disruption, increasing by 32% over the prior year to $1.5 trillion¹. Like exit activity, investment activity was particularly focused in the larger cap space with "mega venture" transactions becoming increasingly prominent in the market with new record transaction sizes and company valuations being reached. Prominent mega venture transactions in the year included a $40 billion raise by OpenAI in March 2025², the largest private financing round ever completed. A secondary share tender in December 2025 for SpaceX valued the company at $800 billion, a new record at the time for the most valuable private company ever, which has subsequently been surpassed by further increases as the company reportedly looks to IPO this summer³. Public-to-private ("P2P") transactions, those where companies leave public markets to undergo significant transformations with private equity partners, were also a key focus in 2025. The $55 billion take private of Electronic Arts during the year, by a consortium comprising PIF, Silver Lake and Affinity Partners, marked the largest buyout deal ever⁴.

The relatively narrow based nature of the recovery in exits meant many Limited Partners ("LPs") continued to face the liquidity constraints that have been a feature of the private equity market since 2022. Both LP‑led and GP‑led transactions reached new record levels during 2025 of $125 billion and $115 billion respectively⁵, reflecting the growing use of secondaries as a portfolio management and liquidity tool. LPs increasingly utilised secondaries to actively manage exposures and pacing, while GPs made greater use of continuation vehicles to generate liquidity from mature assets while retaining partial exposure to future upside. This drove secondary market volume to $240 billion, surpassing the record $162 billion that was reached in 2024⁶. Although secondary transactions remain a relatively small proportion of overall private market asset turnover, the scale of activity and continued innovation in transaction structures highlight the expanding role of secondaries within the private markets ecosystem and the significant potential for further growth over time.

1      Source: PitchBook as of December 31, 2025

2      Source: CNBC, OpenAI closes $40 billion funding round, record for private tech deal

3      Source: Reuters, "SpaceX files for IPO, sources say, offering investors stake in Musk's space ambitions"

4      Source: NY Times, "$55 Billion Deal for Electronic Arts Is Biggest Buyout Ever"

5      Source: Jefferies, "Global Secondary Market Review", January 2026

6      Source: Jefferies, "Global Secondary Market Review", January 2026

Trends by region

The recovery in private market activity accelerated further in 2025, although momentum and market dynamics continued to vary meaningfully by region.

In the US, private equity activity strengthened materially over the course of the year. Total deal value of $1.2 trillion¹ exceeded $1 trillion for only the second time on record, supported by a pronounced rebound in large-scale transactions and a more accommodative financing environment as interest rates moved lower. Exit activity also improved sharply, with total exit value rising 90% on the prior year to $728 billion², driven by a combination of sponsor‑to‑sponsor transactions, renewed strategic buyer appetite, and a reopening of the IPO market. Public listings by PE‑ and VC‑backed companies increased in both number and value, although post‑IPO performance remained mixed, reinforcing a continued preference among sponsors for selective and well‑timed exits rather than broad-based public market re‑entry. Venture capital activity remained highly concentrated, with capital flowing disproportionately to large, late‑stage financings in sectors aligned with AI, data infrastructure, fintech, and defence‑related technologies. While overall venture liquidity improved compared to prior years, exit value remained reliant on a relatively small number of transactions, underscoring the uneven nature of the recovery.

European private equity recorded a landmark year in 2025, with deal activity reaching record levels of €645 billion³ as lower borrowing costs and improved macroeconomic visibility supported a resurgence in sponsor confidence. Buyout deal values and volumes increased meaningfully, with megadeals once again accounting for a substantial share of total activity, levels last seen during the 2021-22 period. US investors played an increasingly prominent role, particularly in larger transactions, reflecting Europe's continued attractiveness as a source of relative value and diversification. Exit activity in Europe showed clear signs of improvement, especially in the second half of the year, with total exit value rising 10% on 2024 to €302 billion and holding periods beginning to stabilise to 5.8 years, down from 6.6 years in 2024⁴, after several years of extension. However, despite this progress, exit markets remained structurally constrained, with IPOs continuing to play a limited role relative to sponsor‑to‑sponsor and secondary transactions. Fundraising slowed after two consecutive record years, falling by 45% year-on-year to €81 billion⁵, reflecting weaker distributions and tighter capital conditions, with capital increasingly concentrated among established managers and middle‑market strategies attracting sustained investor interest. Additionally, a lack of raising in the megafund space (funds above €5 billion) also contributed to the slowdown in the year.

Private equity and venture activity across Asia‑Pacific remained resilient in 2025, although conditions varied significantly by country. Total investment levels of $172 billion⁶ were broadly stable compared with the prior year, supported by continued strength in Japan and India, alongside selective large transactions in China. India emerged as the region's most active exit market, underpinned by a robust domestic IPO environment and strong participation from local investors, while Japan continued to benefit from corporate reform and an increasing willingness among corporates to pursue carve‑outs and strategic divestments. Venture capital activity across the region remained focused on later‑stage opportunities, particularly in technology‑enabled services, healthcare, and AI‑related applications. While near‑term activity was periodically disrupted by geopolitical uncertainty and trade‑related volatility, the region's long‑term fundamentals remain supportive. Rising disposable incomes, expanding domestic capital markets, and ongoing technological adoption continue to create attractive opportunities for experienced managers with local presence and sector expertise.

1      Source: Pitchbook, "2025 Annual US PE Breakdown, January 2026

2      Source: Pitchbook, "2025 Annual US PE Breakdown, January 2026

3      Source: Pitchbook, "2025 Annual European Breakdown", January 2026

4      Source: Pitchbook, "2025 Annual European Breakdown", January 2026

5      Source: Pitchbook, "2025 Annual European Breakdown", January 2026

6      Source, Pitchbook, "2025 Annual Global PE First Look", total includes Asia and Oceania regions, January 2026

Investment Manager's Report

A summary of HVPE's year

Distributions and announced secondary sale

Whilst the PE industry saw a substantial pick-up in exit volume, HVPE's portfolio saw a more modest increase in the year to January 2026. This can be attributed to HVPE's portfolio being more heavily weighted to smaller companies which saw a lower increase in transaction volume globally than in the mega cap space. During the year, portfolio realisations totalled $435 million, representing a 14% increase on the prior year and a realisation rate of 10% of the opening portfolio value. Although the realisation rate remained lower than the prior five-year average realisation rate of 15% of opening portfolio value, it is encouraging that the second half of the year showed a marked progression in the pace of realisations, with the $292 million received in the second half being over double that of the amount realised in the first half ($142 million).

In December 2025 we announced the sale of five HarbourVest fund positions at a blended discount of 6% to the 30 June 2025 NAVs. This transaction demonstrates HVPE's proactive approach to portfolio management and our commitment to delivering long-term value for shareholders. The proceeds from this secondary sale are due to be received in two tranches post year-end in 2026 and so do not form part of the current year realisations figure. The secondary sale benefited from the breadth and reach of the wider HarbourVest platform, was executed anonymously to protect value, and proved well-timed given a degree of subsequent softening in secondary market pricing.

As announced in April 2026 as one of the shareholder initiatives, the HVPE Investment Committee will introduce a formalised twice-yearly liquidity review of HVPE's portfolio. This will have the objective of completing other similar transactions in the future, where such transactions are expected to deliver a net benefit to HVPE shareholders.

The first year of investing through the SMA structure

A $125 million commitment to the new SMA structure was made in August 2025.

This marked a significant milestone in the Company's transition to its new investment model and reflects HVPE's ongoing commitment to building a diversified global private equity portfolio, with a balanced approach across investment strategies, stages, and geographies. The underlying allocations for this commitment consisted of primaries and direct co-investments identified during the 2025 calendar year. The benefits of the SMA include a reduction in HVPE's debt exposure over time as well as greater flexibility over investment pacing and portfolio liquidity.

A $250 million commitment to the SMA was made in December 2025 with the intention that this is allocated to underlying investments during the 2026 calendar year. This commitment will be invested in line with our medium-term goal of moving the portfolio gradually towards our Strategic Asset Allocation ("SAA"). Following the 2025 annual review of HVPE's SAA targets, the Board approved two stage level changes recommended by the HVPE Investment Committee which were to decrease the allocation for InfRA and Credit from 15% to 12% and to increase the Buyout target from 55% to 58%.

Outlook

Looking ahead to the remainder of 2026, there are risks posed to private markets but also potential opportunities, particularly for established managers with long-term track records of investing through cycles.

While public markets have reacted sharply to the perceived threat that AI may pose to incumbent software companies, we remain confident in the resilience of the portfolio and in the depth of experience of our underlying managers in navigating periods of technological change. Based on the analytical work that we have carried out on our underlying software companies so far, which account for 28% of our portfolio, we believe that very few of our underlying companies are at a high risk of disruption from AI. Where AI-related risks have been identified, these are primarily valuation‑driven rather than operational in nature. Risks to end‑markets and day‑to‑day trading performance are generally limited, due to the mission‑critical nature of many portfolio companies' products and services, which typically require high levels of accuracy and determinism and are deeply embedded within customers' operations, making switching providers both costly and complex.

It is important to note that while the public market selloff was broad across all software companies, not all software will be disrupted by AI. We also see opportunities for incumbents to expand monetisation and enhance products as they introduce more personalised and autonomous workflows. As an investor in venture/growth and buyout, HVPE has exposure to companies looking to disrupt industries by harnessing the power of AI technology, so parts of our portfolio may be poised to benefit from this dynamic, helping to offset any challenges in other areas.

Looking ahead, geopolitical uncertainty will continue to be a key investor concern, with the full first and second order effects of the Middle East conflict yet to be felt. We believe that the benefits of the private equity model come into their own during uncertain times. Taking a long-term view on investment allows managers to focus on the fundamental qualities of strong businesses and prioritise these against short-term fluctuations in market and macro conditions that may weigh more heavily on the views of public market investors.

Market indicators during 2025 point to a measured improvement in private markets conditions, providing some grounds for cautious optimism as the industry looks ahead to 2026 and beyond. Private capital activity across the US and Europe showed signs of stabilisation over the year, with capital increasingly directed towards larger, high‑conviction transactions, particularly in AI and related infrastructure. While this concentration reflects continued investor selectivity, it also highlights sustained demand for high‑quality assets in structurally attractive sub‑sectors, which could broaden across private markets should macroeconomic conditions moderate.

There is also growing evidence that the prolonged period of subdued transaction activity has helped narrow the gap between buyers' and sellers' valuation expectations. GPs of newer vintage funds continue to hold significant levels of dry powder with levels at around $2.2 trillion¹ as at 31 December 2025, while more mature fund vintages are under increasing pressure to generate exits and return liquidity to limited partners with hold periods of portfolio companies extending to six years². Taken together, these dynamics could help catalyse an uplift in private market exit activity. If this occurs, we believe the portfolio is well-placed to benefit from a broad‑based recovery in exit activity across private markets.

A rise in exit activity would enhance liquidity, supporting both share buybacks and the ability to reinvest in compelling new opportunities. Maintaining a disciplined approach to reinvestment, while ensuring balanced exposure across different vintage years, is essential for the listed private equity sector's capacity to deliver long-term value to investors. Moreover, as private market exits are typically achieved at robust uplifts to GP valuation marks, increased exit activity should help to address lingering concerns around valuations, which have contributed to the sustained wide discounts in the listed private equity sector in recent years.

The nature of private markets investing means that long‑term performance is the most appropriate measure of success. HVPE continues to demonstrate a strong long‑term track record, delivering a compound US dollar NAV return of 13.5% per annum over the ten years ended 31 January 2026. Unlike public equity markets, where returns have become increasingly concentrated in a small number of large technology‑focused companies, HVPE's performance has been driven by a highly diversified portfolio with exposure across a wide range of sectors, geographies and strategies, reducing concentration risk at the individual company level. This diversified approach has supported resilient performance through varying market conditions.

As investment manager, HarbourVest draws on decades of experience in private markets and remains a strong advocate for the benefits of disciplined, long‑term investing through economic cycles. Since HVPE's inception in 2007, the Company has delivered strong absolute and relative outcomes for shareholders, including annualised double‑digit US dollar NAV growth of 10.3% and annualised sterling share price growth of 10.6%. HVPE provides access to the growth potential of more than 14,000 private companies through a globally diversified portfolio that HarbourVest believes is well positioned to continue delivering long‑term value. We therefore strongly encourage shareholders to vote in favour of the continuation of HVPE at the upcoming AGM, allowing them to remain invested in the unique long‑term value creation strategy that has supported HVPE's growth into one of the largest and most liquid listed private markets investment companies on the London Stock Exchange today.

Richard Hickman

Managing Director

1      Source: McKinsey & Company, "2026 M&A Trends", February 2026

2      Source: McKinsey & Company, "2026 M&A Trends", February 2026

NAV per Share - 12 months to January 2026

HVPE's NAV per share increased by 9.7% (or $5.23) in the 12 months to 31 January 2026, ending the financial year at $59.40. The FTSE All-World TR Index (in US dollars), increased by 22.8% in the same period.

Over the long term, HVPE's NAV per share return has been strong. The 31 January 2026 figure of $59.40 is 65% higher than the NAV per share figure reported five years earlier (31 January 2021: $35.97) and over three-and-a-half times the respective figure ten years earlier (31 January 2016: $16.75). As a reminder, these figures are net of all fees and costs.

HVPE remains well diversified by sector, which we believe is key to achieving consistently strong returns from a private markets portfolio. As at 31 January 2026, no single company represented more than 1.6% of the Investment Portfolio value (31 January 2025: 2.2%), helping to mitigate company-specific risk. The top 100 companies in the portfolio represented 28% of total value (31 January 2025: 29%), while the top 1,000 companies represented 81% (31 January 2025: 81%).

The portfolio delivered value growth of 10.0% over the 12 months. The primary portfolio was the best performing strategy in percentage terms, delivering value growth of 12.2% over the 12 months. This compared with growth of 8.1% for secondaries and 7.4% for direct co-investments. Geographically, North America, Europe and Asia categories all saw growth at 8.2%, 18.3% and 6.6% respectively, while the Rest of the World saw a decline (-2.0%). Looking at stages, the Mezzanine and InfRA portfolio was the strongest performer, growing 14.4% in the 12 months ended 31 January 2026. Buyout and Venture & Growth Equity stage assets also grew, recording gains of 8.8% and 11.5% respectively.

As at 31 January 2026, HVPE held investments in 61 HarbourVest funds and 16 secondary co-investments¹ (compared with 61 and 16 respectively at 31 January 2025) in addition to investments held in the SMA vehicle which was formed during the year. Of the HarbourVest fund investments, the largest fund contributors to NAV per share movement in absolute terms during the 12 months to 31 January 2026 are described below:

•    HIPEP IX, an international multi-strategy fund of funds, was the largest contributor to NAV per share, adding $0.49 over the reporting period. With a vintage year of 2020, this fund is in its growth phase. The increase came predominately from unrealised gains.

•    Fund XI Venture, a US-focused venture fund of funds, was the second-largest contributor over the reporting period, adding $0.45 to NAV per share. With a vintage year of 2018, this fund is in its growth phase. The increase came predominately from unrealised gains.

•    Dover Street XI, a global multi-stage secondary fund, was the third-largest contributor, adding $0.34 to NAV per share. With a vintage year of 2022, this fund is in its investment phase. The increase came predominantly from unrealised gains.

•    Fund XII Buyout, a US-focused buyout fund of funds, was the fourth-largest contributor over the reporting period, adding $0.33 to NAV per share. With a vintage year of 2021, this fund is in its growth phase. This increase came predominantly from unrealised gains.

•    Fund X Venture, a US-focused venture fund of funds, was the next largest contributor over the reporting period, adding $0.30 to NAV per share. With a vintage year of 2015, this fund is in its mature phase. This increase came predominantly from realised gains.

All of the remaining HarbourVest funds in the portfolio together contributed to an aggregate $2.75 increase to HVPE's NAV per share over the year.

1      These include four Secondary Overflow III investments, 11 Secondary Overflow IV investments, and Conversus, referred to as "HVPE Charlotte Co-Investment L.P." in the Audited Consolidated Schedule of Investments.

Portfolio cash flows and balance sheet

In the 12 months to 31 January 2026, HVPE received cash distributions of $435 million (12 months to 31 January 2025: $382 million) while funding capital calls of $381 million for new investments (12 months to 31 January 2025: $443 million). The result was net cash flow of $54 million over the reporting period (12 months to 31 January 2025: negative $61 million). The impact of the portfolio cash flow on the balance sheet and the credit facility is provided on page 36.

Distributions were weighted towards the second half of the year as exit activity accelerated, with $292 million being received compared with $143 million in the first half.

The largest HarbourVest fund capital calls and distributions over the reporting period are set out in the tables on the next page.

The top ten HarbourVest fund calls in aggregate accounted for $314 million (82%) of the total calls and came from a broad mix of funds. The majority of total calls by value (73%) were into primary opportunities.

The top ten HarbourVest fund distributions totalled $217 million, or 50% of the total proceeds received in the period. Distributions by value were split between primary investments (70%) and direct co-investments (18%), with the remainder coming from secondary investments.

The HarbourVest fund-level borrowing as at 31 January 2026 is reported in Managing the Balance Sheet on page 38.

Portfolio companies

During the year, the ten largest individual company realisations generated total distributions of $124 million, accounting for approximately 28% of all proceeds received. Of these ten companies, eight were disclosed in HVPE's top 100 portfolio companies as at the end of the prior financial year.

Further details are provided on these eight below (ordered by size of distribution). The top ten distributions by value are listed on page 33.

•    Froneri is an ice cream and frozen food manufacturer in Europe. Froneri was HVPE's 7th-largest company at 31 January 2025 and generated proceeds of $23.8 million following a secondary transaction in which PAI Partners rolled its stake into a newly established single‑asset continuation vehicle alongside new institutional co‑investors.

•    Scale AI, Inc. is a developer of a data-oriented platform intended to provide training and validation data for AI applications. Scale was HVPE's 12th-largest company at 31 January 2025 and generated proceeds of $19.7 million following a large strategic minority investment by Meta Platforms.

•    AssuredPartners is an insurance brokerage serving middle‑market clients across the United States and the United Kingdom. AssuredPartners was HVPE's 21st-largest company at 31 January 2025 and generated proceeds of $14.4 million following the trade sale of the company to Arthur J. Gallagher & Co.

•    CSL Dualcom is a UK‑based provider of mission‑critical connectivity solutions for security, life‑safety and IoT applications. CSL Dualcom was HVPE's 43rd-largest company at 31 January 2025 and generated proceeds of $11.2 million following the transfer of ownership into a continuation vehicle led by ECI Partners and new institutional investors.

•    Consumer Cellular is a US wireless service provider focused primarily on the over‑50s demographic. Consumer Cellular was HVPE's 47th-largest company at 31 January 2025 and generated proceeds of $10.8 million following a continuation vehicle transaction by the manager, GTCR.

•    Action Nederland is a European non‑food discount retailer with operations across more than a dozen countries. Action Nederland was HVPE's 5th-largest company at 31 January 2025 and generated proceeds of $9.4 million relating to ongoing distributions to shareholders from the business' strong cash generation. The company is still one of HVPE's most significant holdings and is the 7th-largest company in the portfolio at 31 January 2026.

•    ByteDance is a global technology company best known for the TikTok platform. ByteDance was HVPE's 17th-largest company at 31 January 2025 and generated proceeds of $8.6 million following the sale of its US operations to a consortium of American investors.

•    Qlik Technologies is a data integration, analytics and AI software provider. Qlik Technologies was HVPE's 72nd-largest company at 31 January 2025 and generated proceeds of $7.9 million following the sale of a significant minority stake by Thoma Bravo to a consortium led by the Abu Dhabi Investment Authority.

Top Five HarbourVest Fund and SMA Calls

HarbourVest Fund Name	Vintage Year		Description	Called Amount
Dover Street XI	2022		Global multi-stage secondary fund	$65.0m
HIPEP IX Partnership	2020		International multi-strategy fund of funds	$58.2m
Asia Pacific 5	2021		Asia-pacific-focused multi-strategy fund of funds	$48.0m
SMA 2025 tranche	2025		2025 vintage SMA investments	$25.9m
Fund XII Buyout	2021		US-focused buyout fund of funds	$24.8m

Top Five HarbourVest Fund and SMA Distributions

HarbourVest Fund Name	Vintage Year		Description	Distributed Amount
Co-Investment V	2018		Global direct co-investment fund	$36.6m
Fund X Buyout	2015		US-focused buyout fund of funds	$29.9m
Fund IX Venture	2011		US-focused venture fund of funds	$22.3m
HIPEP VII Partnership	2014		International multi-strategy fund of funds	$21.3m
Fund X Venture	2015		US-focused venture fund of funds	$20.3m

M&A transactions and IPOs

During the 12 months ended 31 January 2026, there were a total of 537 known M&A transactions and IPOs, an 8% increase on the 496 total transactions reported in the 12 months to 31 January 2025. Within HVPE's portfolio, we have seen positive news flow in recent months that companies such as SpaceX, Revolut and Databricks are considering IPOs, which is an encouraging sign that we could see an improvement in exit activity in 2026 and beyond.

Of these 537 known transactions, 87% (467) were M&A (trade sales or sponsor-to-sponsor transactions), with the remaining 13% (70) being

IPOs. IPOs tend to represent a relatively small proportion of exits for HVPE, consistent with wider industry trends.

There was a slight weighting towards venture transactions where, of HVPE's total 467 known M&A transactions and IPOs, 216, or 46%, related to buyout-backed companies with the other 251, or 54%, relating to venture-backed companies. Over the period, the weighted average uplift to pre‑transaction carrying value for a large sample of transactions was 22%¹.

The top five M&A and IPO transactions during the period (by contribution to HVPE NAV per share) are listed below.

Top Five M&A transactions in the 12 months ended 31 January 2026

(by contribution to HVPE NAV per share²)

Calpine Corporation	Other	Utilities	+$0.13
IFS AB	Buyout	Information Technology	+$0.09
Acumatica	Buyout	Information Technology	+$0.05
Scale AI, Inc.	Venture	Information Technology	+$0.04
Tendam Retail, S.A.	Buyout	Consumer Discretionary	+$0.04

Top Five IPOs in the 12 months ended 31 January 2025

(by contribution to HVPE NAV per share²)

Figure Technologies Inc,	Venture	Financials	+$0.14
Medline Industries Inc.	Buyout	Health Care	+$0.08
Firefly Aerospace	Buyout	Industrials	+$0.04
Figma, Inc.	Venture	Information Technology	+$0.04
Circle Internet Financial Ltd.	Venture	Financials	+$0.04

1      These figures represent the weighted average percentage uplift to carrying value of 142 individual company M&A and IPO transactions during the year ended 31 January 2026. This analysis takes each company's value (whether realised or unrealised) at 31 January 2026 and compares it to the carrying value prior to announcement of the transaction. This analysis represents 92% of the total value of transactions in the year ended 31 January 2026 , is based on the most up to date financial information available for each company at the date the calculation was performed and does not represent the portfolio as a whole. Additionally, it does not reflect management fees, carried interest or other expenses of the HarbourVest funds or the underlying managers, which will reduce returns. Past performance is not necessarily indicative of future returns.

2      As measured since the announcement of the transaction or IPO filing.

Recent Events

HVPE estimated NAV as at 30 April 2026

HVPE releases an estimated NAV on a monthly basis. These reports are available on the Company's website, generally within 20 calendar days of the month-end.

On 22 May 2026, HVPE published an estimated NAV per share at 30 April 2026 of $59.91 (£44.03), an increase of $0.51 (+0.9%) since the final 31 January 2026 NAV (US Generally Accepted Accounting Principles ("GAAP")) figure of $59.40. This latest NAV per share is based on a valuation breakdown of: 6% actual 30 April 2026 (reflecting public company holdings) and 94% actual 31 December 2025. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cash flows, and any known material events to 30 April 2026.

The Investment Pipeline of unfunded commitments decreased from $2.4 billion at 31 January 2026 to $2.3 billion at 30 April 2026, based on capital funded and taking foreign exchange movements into account.

HVPE's cash and cash equivalents increased from $123 million at 31 January 2026 to $207 million at 30 April 2026. The undrawn facility balance was unchanged at $630 million at 31 January 2026 and 30 April 2026.

HVPE's look-through exposure to borrowing at the HarbourVest fund level decreased by $26 million, from $559 million at 31 January 2026 to $533 million at 30 April 2026. The latest balance sheet ratios can be found in the factsheet on the HVPE website: www.hvpe.com/insights-reports/estimated-monthly-nav.

Announcement on further initiatives to enhance shareholder value

On 14 April 2026 HVPE announced a series of new initiatives aimed at further enhancing returns to shareholders and addressing the discount to NAV. These initiatives follow on from the three shareholder friendly initiatives announced and implemented in 2025. These new initiatives are summarised below and are discussed in more detail in the Chair's Statement on page 13.

1.  Distribution Pool ("the Pool") parameters revised so as to create an enlarged balance for capital returns with 100% of secondary sale proceeds allocated to the Pool in 2026

2.  A total of at least $500 million (circa 12% of NAV) to be distributed to shareholders during 2026, subject to shareholders passing the Continuation Vote at the AGM in July 2026:

a.  $400 million via a tender offer in Autumn 2026

b.  $100 million via share buybacks

3.  The Board intends to distribute approximately 5-10% of NAV annually until the next Continuation Vote via periodic tender offers and share buybacks

4.  HVPE Investment Committee to formalise portfolio liquidity review on a twice-yearly basis

5.  New commitments placed on hold for remainder of 2026

6.  Subsequent Continuation Vote to be held no later than July 2029

Buybacks

Post year-end, HVPE has been in the market for 75 days buying back shares. During this time, 1,723,251 Ordinary Shares have been repurchased for cancellation at an average price of £30.66 per share for a total consideration of £53 million ($71 million). The total number of shares in issue is now 70,130,909.

As at 22 May 2026, the Distribution Pool balance was $191 million.

Share price since 31 January 2026

The closing price of £32.75 on 22 May 2026 represents a rise of 4.5% since the year-end. This compares to the FTSE AW TR Index's increase of 9.5% in sterling terms over the same period. The market capitalisation of the Company as at 22 May 2026 was £2.3 billion and, as of the same date, HVPE was ranked 47th in the FTSE 250.

Managing the balance sheet

Effective and prudent balance sheet management is critical when running a closed-ended vehicle investing into a portfolio of private market funds with varying cash flow profiles. This is particularly true for a company such as HVPE which has historically maintained a large pipeline of unfunded commitments (the "Investment Pipeline"), which is the amount of capital committed to underlying HarbourVest Managed Vehicles, but not yet drawn down for investments.

This section aims to outline HVPE's approach to managing its balance sheet and explain the steps it takes to ensure that the Company is sufficiently resourced in preparation for periods of significant market stress.

The chart on the right shows the gross and net cash flows in US dollar terms since inception. This reflects the cash flow cycles that our balance sheet management is designed to accommodate.

Move to the SMA structure

The year ended 31 January 2026 marked the first one in which HVPE began committing capital via the SMA structure, with the first commitment to the SMA being made in August 2025.

The importance of the credit facility

HVPE makes commitments to HarbourVest Managed Vehicles, which typically call capital over a period of several years. This long-duration cash flow profile necessitates a large pipeline of unfunded commitments in order to ensure that the Company remains approximately fully invested over time - this is known as an over-commitment strategy and is critical to optimising long-term NAV per share growth. In most years, the capital called from HVPE by the HarbourVest Managed Vehicles is taken from the cash distributions flowing from liquidity events within the portfolio. In addition, a proportion of cash distributions will be used to fund capital returns to shareholders through the Distribution Pool mechanism. At times, however, capital calls and shareholder capital returns will exceed distributions, potentially by a meaningful amount, and it may be necessary to draw on the credit facility to fund the difference.

A subsequent year may see the reverse situation, with net positive cash flow used to repay the borrowing. In this way, the credit facility acts as a working capital buffer and enables HVPE to manage its commitments to the level required in order to optimise returns through the cycle.

The Board is conscious of the need to ensure that the credit facility is always of a size and duration appropriate to HVPE's needs. In June 2024, HVPE secured a new larger credit line to provide an enhanced level of support for its balance sheet, reflecting the strong growth in HVPE's net assets to $4.0 billion at the time the agreement was finalised. This restored the credit facility to a size equivalent to approximately 30% of NAV, comparable to 2015-2019 levels. This new $1.2 billion multi-currency credit facility (increased from $800 million), added Ares Management Credit funds and Apollo-managed funds as new syndicate members to join the two existing lenders, Mitsubishi UFJ Trust and Banking Corporation ("MUTB") and The Guardians of New Zealand Superannuation, with the new syndicate demonstrating their confidence in HVPE's portfolio and business model. The facility has a five-year term, expiring in June 2029. In November 2024 MUTB, which has supported HVPE as a major lender since 2019, syndicated $100 million of HVPE's Credit Facility to Nomura Corporate Funding Americas, LLC. The Board and Investment Manager are confident that this revised facility provides sufficient headroom for HVPE's existing and planned commitments over the period.

In the 12 months to 31 January 2026, HVPE received cash distributions of $435 million while funding capital calls of $381 million for new investments. The result was net portfolio cash inflow of $54 million over the reporting period. However, there were non-portfolio net cash outflows of $144 million, primarily related to buybacks ($88 million) and operating expenses ($63 million). Therefore, to ensure that HVPE had sufficient liquid resources to meet its near-term obligations, HVPE initiated a further net draw of $90 million on its credit facility during the period, increasing the credit facility drawn balance to $570 million. This left HVPE with $630 million remaining of its credit facility as at 31 January 2026. The cash balance at 31 January 2026 was $123 million, which was in line with the prior year figure. This resulted in a net debt position of $447 million (10% geared) at 31 January 2026, up from $357 million (9% geared) as at 31 January 2025.

Further detail on how we stress test the balance sheet can be found later on in this section.

Understanding HVPE's Investment Pipeline (unfunded commitments)

At 31 January 2026, HVPE's total pipeline of unfunded commitments - commitments to HarbourVest Managed Vehicles which have yet to be called - stood at $2.5 billion. This total pipeline comprised "allocated" investments of $1.9 billion and "unallocated" investments of $0.6 billion. "Allocated" refers to the portion of commitments which have been allocated by HarbourVest Managed Vehicles to underlying partnerships. "Unallocated" commitments are those which have yet to be allocated by HarbourVest Managed Vehicles to underlying partnerships, and therefore cannot be drawn down in the short term. It is important to note that, of the allocated pipeline, approximately 61% of commitments are to primary funds, which have a longer drawdown profile, whilst secondary and direct co-investment funds represent approximately 24% and 14%, respectively. Further detail on this, including the age breakdown of the allocated pipeline, is provided on page 30.

Since July 2022, HVPE's cash flow has been negative, with capital calls exceeding distributions up until January 2025. Whilst the situation improved in the year ended 31 January 2026, with the net portfolio cashflow turning positive for the first time since January 2022 with a $54 million net cash inflow, HVPE's total cashflow remained negative due to the impact of non-portfolio outflows (primarily operating expenses and buybacks).

Initially, the shortfall was met from the cash surplus accumulated through 2021 and early 2022. In the first half of 2023, the cash balance fell below our approved agreed minimum level and we subsequently drew on our credit facility. Periods of negative cash flow do occur from time to time and are factored into our cash flow projections. Prior periods of negative cash flow have been relatively brief, but nevertheless we do plan for extended periods of weak distributions combined with normal or elevated capital calls.

We cannot be sure that previous patterns will be repeated and must consider the possibility that capital calls could remain elevated even during a period of suppressed distribution activity. A large credit facility committed for an extended period, provides reassurance that the Company would be able to remain operational under such conditions, with the additional flexibility to continue to take advantage of attractive investment opportunities as they arise. HVPE's credit facility enabled it to be a net investor through the period 2008 to 2011, which has helped the Company to deliver very attractive long-term returns for shareholders.

We continue to assess the credit facility to ensure that its size and cost remain proportionate to the benefits that it brings to HVPE.

Cash flows, modelling and stress testing the balance sheet

Cash flows from individual private equity investments can be irregular and unpredictable, and as a result, monitoring these is a complex and time-consuming task for investors in multiple funds such as HVPE. When managing a closed-ended vehicle that makes significant, irrevocable commitments to underlying funds, effective cash flow modelling is essential, first to ensure that the Company has sufficient capital available to honour its existing commitments, and second to inform the decisions it makes around future commitment levels.

The Investment Manager builds a bottom-up forecast based on an aggregation of individual HarbourVest fund models and then applies a sensitised top-down analysis informed by historical actual calls and distributions. Short-term broader market trends and systemic factors are also considered.

Finally, a range of scenario tests are conducted. HVPE has an 18-year track record in monitoring and interpreting cash flows arising from activity in the underlying portfolio. This detailed modelling is typically updated on an annual basis and reviewed quarterly for any changes to key assumptions. The scenarios under which Directors consider the Company to be a Going Concern can be found on page 77.

Distribution Pool Policy

Since 1 February 2024, a proportion of the cash realisations from the Company's portfolio have been allocated to the Distribution Pool which has been used to fund capital returns to shareholders. To date, the Distribution Pool has solely been used to fund share buybacks. As announced in April 2026, the Board intend to use the Distribution Pool to undertake a tender offer in Autumn 2026 in addition to ongoing share buybacks during 2026. Amounts distributed to shareholders through the Distribution Pool mechanism are factored into the Company's cash flow and balance sheet models accordingly.

HarbourVest Fund-level borrowing

HarbourVest funds employ credit lines for two main purposes: bridging capital calls and distributions, and financing specific investment projects where the use of debt may be advantageous. The majority of this fund-level borrowing represents delayed capital calls, where a proportion of the unfunded commitments has been invested through the use of subscription credit lines at the HarbourVest fund level, but the capital has not yet been called from HVPE.

HVPE has indirect exposure, on a look-through basis, to its pro rata share of borrowing carried on the balance sheets of some of the HarbourVest funds in which HVPE is a LP (referred to as HarbourVest Partners ("HVP") fund-level borrowing). This borrowing does not represent an additional liability above and beyond the commitments that HVPE has made to the HarbourVest funds.

The HVPE team monitors the HVP fund-level borrowing in absolute terms, and as a percentage of NAV. This borrowing is also considered when evaluating balance sheet ratios: the Total Commitment Ratio within the Investment Pipeline, and the Medium-Term Coverage Ratio within the three-year capital call projections. HVP fund-level borrowing is also included when assessing the credit facility's loan-to-value ratios, as mentioned in Note 6, "Debt Facility" on pages 114 to 115 of the Financial Statements. Possible changes in this borrowing (and hence the timing of capital calls payable by HVPE) are also incorporated into the balance sheet scenario tests conducted as part of the annual commitment planning exercise.

As at 31 January 2026, HVPE's share of HVP fund-level borrowing on a look-through basis was $559 million, a net increase of $20 million from the $539 million reported at 31 January 2025. Expressed as a percentage of NAV, this figure was 13%, which was unchanged from the figure as at 31 January 2025. The increase of $20 million can be attributed to new investment activity by the underlying funds coupled with underlying realisations continuing to be at depressed levels. Post year-end, as at 30 April 2026, the HVP fund-level borrowing decreased by $26 million and stood at $533 million.

HVPE's year-end HVP fund-level borrowing exposure of $559 million includes $536 million (96%) of bridging finance (also known as subscription line finance), which is used to delay and smooth the pacing of capital calls to investors in the funds, including HVPE. Typically, these bridging facilities are committed by the lenders for a minimum of 12 months. The remaining $23 million (4%) is project debt, held in the most part by the HarbourVest secondary funds to finance specific projects. The bridging finance, should it be repaid in full or in part, will result in capital calls to investors in the HarbourVest funds, including HVPE, as this type of borrowing represents a portion of HVPE's existing unfunded commitment (Investment Pipeline) figure. Furthermore, during the period in which the debt is outstanding, there is a gearing effect on HVPE's NAV, as the investments have already been made while HVPE's share of the capital has not yet been called. Project finance has only a very limited impact on prospective cash flow but does contribute to the gearing effect.

In order to estimate the total potential gearing effect on HVPE as at 31 January 2026, an investor should take the HVP fund-level borrowing figure of $559 million and add the Company's net debt of $447 million. The resulting net total borrowing figure of $1 billion would translate to an approximate level of look-through gearing of 24% of NAV at the financial year end. Further detail on the credit facility and the criteria upon which it can be drawn can be found under Note 6, "Debt Facility" on page 114 of the Audited Consolidated Financial Statements.

The SMA structure does not currently utilise fund-level borrowing, and so going forward it is anticipated that HVPE will see a significant reduction in its debt exposure overall.

Balance Sheet Ratios at 31 January 2026¹

Commitment Ratios

The Board and the Investment Manager refer to three key ratios when assessing the Company's commitment levels:

1. Total Commitment Ratio ("TCR")

The level of the TCR is a key determinant of the Company's total commitment capacity for new HarbourVest funds and co-investments within a given time period. The TCR decreased slightly during the year.

Total exposure to private markets investments as a percentage of NAV
Investment Portfolio + Investment Pipeline	$7.2bn
Divided by the NAV	$4.3bn
168% (170% at 31 January 2025)

2. Commitment Coverage Ratio

The nature of HVPE's structure, whereby it commits to HarbourVest Managed Vehicles, which in turn invest in private equity managers, means that it typically takes longer for commitments to be drawn down compared with other listed private equity funds. As a result, to remain fully invested, it has to maintain a larger pipeline of unfunded commitments. This means that HVPE's Commitment Coverage Ratio may appear relatively low in comparison with other firms within its peer group², although the introduction of the SMA structure is likely to alter this position over time. This ratio decreased over the financial year due to impact of cash outflows reducing the short-term liquidity.

Short-term liquidity as a percentage of total Investment Pipeline
Cash + available credit facility	$0.8bn
Divided by the Investment Pipeline	$2.4bn
31% (34% at 31 January 2025)

3. Medium-term Coverage Ratio ("MCR")

HVPE uses this third specific metric to provide greater insight into the Company's balance sheet position and a more relevant comparison with the Company's peer group².This ratio increased over the financial year due to an increase in the amount of distributions expected to be received in the next 12 months.

A measure of medium-term commitment coverage based on current commitments
Cash + available credit facility (total $0.75bn) + next 12 months' estimated distributions ($1.06bn)3	$1.8bn
Divided by the next 36 months' estimated investments4	$1.3bn
138% (104%5 at 31 January 2025)

The most recent published ratios, as at 30 April 2026, can be found within HVPE's latest monthly factsheet on its website.

1      These metrics are considered Alternative Performance Measures. More detail can be found on pages 127 to 128.

2      The peer group refers to the UK listed private equity fund of funds: CT Private Equity Trust, ICG Enterprise Trust, Pantheon International Plc and Patria Private Equity Trust.

3      Estimated distributions and estimated investments taken from low case scenario which is reflective of the current market environment; this includes $299 million of proceeds expected from the asset sale announced in December 2025, $256 million of estimated proceeds from an additional asset sale in 2026, and $501 million of estimated distributions from the investment portfolio. For further details on cash flows and modelling, please see page 37.

4      Estimated investments include estimated calls from the investment pipeline over the next 36 months. This excludes the recent announcement to return at least $500 million to shareholders in 2026. If included in the calculation, the MCR would be 100%.

5      The prior year MCR calculation was based on the base case scenario and only included estimated distributions from the investment portfolio.

Managing costs

Total Expense Ratio ("TER")

HVPE's TER reflects the total cost incurred by the Company in assembling and maintaining its portfolio of HarbourVest funds, co-investments and SMA investments. The figure is broken down into four distinct categories of expense.

First, there is the direct cost of running the Company in its own right, encompassing items such as the maintenance and use of the credit facility, Board fees and expenses, professional fees, marketing, financial reporting, the services of a dedicated team from the Investment Manager, and compliance costs. These costs, totalling 1.51% of average NAV in the 12 months to 31 January 2026 (12 months to 31 January 2025: 1.33%), are categorised as recurring operating expenses as shown in the first line of the table below. The increase in operating expenses is due to the greater utilisation of the credit facility during the year.

Second, operating costs borne by the HarbourVest funds amounted to a further 0.20% of average NAV in the 12-month period to 31 January 2026 (12 months to 31 January 2025: 0.22%).

Third, HVPE pays management fees to HarbourVest with respect to the funds and SMA vehicle in which it invests, and also for the secondary co-investment in Conversus¹ made alongside the HarbourVest funds. The total of all management fees in the 12 months to 31 January 2026 was equivalent to 0.57% of average NAV (12 months to 31 January 2025: 0.62%).

Finally, performance fees are charged on secondary investments and direct co-investments (not on primary investments which make up 51% of HVPE's portfolio). In total, these accounted for 0.57% of average NAV in the 12 months to 31 January 2026 (12 months to 31 January 2025: 0.44%). The performance fee figure varies from period to period and is driven by the performance achieved by the relevant HarbourVest funds and SMA investments.

Together, these four cost components give a TER, net of interest income (0.11%), of 2.74% for the 12 months to 31 January 2026. It is important to note that, while the operating expenses and the management fees do not vary greatly from one year to the next, the performance fee figure will vary significantly depending on the returns delivered by the relevant underlying HarbourVest funds. The TER for the 12 months to 31 January 2026 of 2.74% was 28 basis points higher than the same period in the prior year, predominantly owing to an increase in credit facility costs and an increase in performance fees.

The calculation above excludes the fees charged by the underlying partnerships held by the HarbourVest funds and SMA vehicle. It is important to note that all performance data we report to shareholders is, and always has been, net of all fees and expenses.

1      "HVPE Charlotte Co-Investment L.P." in the Audited Consolidated Schedule of Investments.

Costs associated with the new SMA structure introduced during the year ended 31 January 2026

HarbourVest charges carried interest on the secondary and direct co-investment portfolios held within the SMA, at rates of 12.5% and 13.25% respectively, subject to a hurdle of 8% IRR. Investments in each annual SMA tranche are pooled together for the purposes of calculating carried interest, effectively treating each tranche like an individual "fund". No HarbourVest carried interest is charged on primary investments.

A management fee of 0.6% per year is charged on the NAV of investments held within the SMA. HVPE has retained its existing stakes in the HarbourVest funds, so the SMA fee and carried interest has been combined with the fees on the funds in HVPE's reporting for the current financial year. Since the terms are substantially similar to the existing arrangements, we do not expect the introduction of the SMA to give rise to a material change in HVPE's cost structure.

Total Net Expense Ratio breakdown

	12 months to 31 January 2026	12 months to 31 January 2025
Operating expenses1	1.51%	1.33%
HarbourVest fund operating expenses2	0.20%	0.22%
Management fees3	0.57%	0.62%
Operating expense ratio	2.28%	2.17%
Interest income4	(0.11%)	(0.15%)
Net operating expense ratio	2.17%	2.02%
Performance fees5	0.57%	0.44%
Total net expense ratio6	2.74%	2.46%

1      Operating expenses includes total expenses shown in the Audited Consolidated Statements of Operations, excluding management fees from the secondary co-investments which are included in the management fees in this table.

2      HVPE's share of fund-level operating expenses (professional fees and organisational costs) which are included in realised and unrealised gains (losses) on investments in the Audited Consolidated Statements of Operations.

3      This includes fund-level management fees payable to HarbourVest which are included in realised and unrealised gains (losses) on investments in the Audited Consolidated Statements of Operations, together with the management fees relating to secondary co-investments noted in 2 above.

4      This is shown as interest from cash and cash equivalents on the face of the Audited Consolidated Statements of Operations.

5      This includes fund-level performance fees payable to HarbourVest which are included in realised and unrealised gains (losses) on investments in the Audited Consolidated Statements of Operations.

6      TERs are calculated using the average NAV over the respective periods ($4.3 billion at 31 January 2026 and $4.0 billion at 31 January 2025.

Summary of Net Assets

	31 January 2026 (millions*)	31 January 2025 (millions*)
Investment Portfolio	$4,713	$4,375
Cash and cash equivalents	$123	$123
Drawings on the HVPE credit facility	$(570)	$(480)
Net other assets/liabilities	$2	$5
NAV	$4,268	$4,023
NAV per share ($)	$59.40	$54.17
FX rate	1.3686	1.2395
NAV per share (£)	£43.40	£43.70
Cash + cash equivalents + available credit facility	$753	$843

*Unless otherwise stated.

The private equity cycle

	12 months ended 31 January 2026 (millions*)	12 months ended 31 January 2025 (millions*)
1. Commitments
New commitments to HarbourVest Managed Vehicles	$375	$415
Investment Pipeline
Allocated	$1,886	$1,867
Unallocated	$563	$585
Total Investment Pipeline	$2,448	$2,452
2. Cash Invested
Invested in HarbourVest Managed Vehicles	$381	$443
% of average Investment Pipeline	16%7	18%8
3. Growth
Investment Portfolio (beginning)	$4,375	$4,058
Cash invested	$381	$443
Investment Portfolio growth	$392	$256
Distributions received	$(435)	$(382)
Investment Portfolio (end)	$4,713	$4,375
4. Distributions Received
Cash received from HarbourVest Funds	$435	$382
% of average Investment Portfolio	10%9	9%10

*Unless otherwise stated.

7      This represents the percentage for the amount invested divided by the average of the Investment Pipelines at 31 January 2025 and 31 January 2026.

8      This represents the percentage for the amount invested divided by the average of the Investment Pipelines at 31 January 2024 and 31 January 2025.

9      This represents the percentage for the cash received divided by the average of the Investment Portfolios at 31 January 2025 and 31 January 2026.

10    This represents the percentage for the cash received divided by the average of the Investment Portfolios at 31 January 2024 and 31 January 2025.

Principal risks and uncertainties

Risk Factors and Internal Controls

The Board is responsible for the Company's risk management and internal control systems and actively monitors the risks faced by the Company, taking steps to mitigate and minimise these where possible. Further details on the Board's governance and oversight can be found on pages 70 to 90.

Risk appetite

The Board's investment risk appetite is to follow an over-commitment policy that optimises shareholder returns by balancing investment return and associated distributions with a continuing programme of regularly buying back its own shares through the operation of its Distribution Pool. Together, this allows the Company to make balanced, regular investment through economic and investment cycles, and ensures that it has access to sufficient funding for any potential negative cash flow situations, including under an Extreme Downside scenario. At the same time, the funding available to the Company by way of cash balances and lending facilities is managed to ensure that its cost, by way of interest, facility fees or cash drag, is reasonable.

When considering other risks, the Board's risk appetite is to balance the potential impact and probability of each risk with its ability and desire to control and mitigate that risk to an acceptable level. In doing so, as a baseline, the Board will seek to follow best practice and remain compliant with all applicable laws, rules, and regulations.

Risk management

As recommended by the Audit and Risk Committee (see the report on the activities of that Committee on pages 83 to 85), the Directors have adopted a risk management framework which governs how the Board identifies and measures risks, determines risk appetite, assesses mitigation and controls, and reports on risks.

The Board reviews risk at least twice a year and receives in-depth reports on specific risks as recommended by the Audit and Risk Committee. The Board divides identified risks into those which have a higher probability and a significant potential impact and those which are less material and are monitored on a watch list. The Board also conducts an annual exercise to identify new or emerging risks.

In considering material risks, the Board identifies those which should be categorised as principal risks, which are those where the combination of probability and impact is assessed as being most significant and which the Board therefore considers could seriously affect the performance, future prospects, or reputation of the Company.

Principal risk	Description and potential impact	Mitigation and management	Commentary
Performance of HarbourVest The risk posed by the Company's dependence on its Investment Manager	The Company is dependent on its Investment Manager and on the performance of HarbourVest's investment professionals. The vast majority of the Company's assets are invested in HarbourVest Managed Vehicles and significant reliance is placed by the Company on HarbourVest's control environment. Any inability by HarbourVest to maintain its investment performance, whether in absolute or relative terms, could result in a significant deterioration in net asset value for the Company and its shareholders.	HarbourVest has a strong long-term track record of managing private equity investments. It maintains good relationships with key managers and has a consistent and repeatable investment process with low turnover of senior investment professionals. There is a high level of diversification by geography, strategy and vintage which mitigates the risk. HVPE has a dedicated Investment Committee within HarbourVest. The Board monitors HarbourVest's performance through the MESPC, and its control environment is assessed by the Audit and Risk Committee.	Stable HVPE has faced challenging market conditions over the past few years, which have persisted longer than expected. The wider private equity industry has been under pressure as exit processes have been postponed and consequent distributions have been at lower levels than usual. Whilst the current year showed some signs of recovery, further improvement in distribution levels will be an important precursor to the re-rating of the Company's shares. No significant matters of concern regarding the HarbourVest control environment arose during the year. There will be some operational risk as the change to investment via an SMA is steadily implemented, and the Investment Manager and Board adjust to managing a different investment and cash flow structure. This risk is mitigated by the Investment Manager's extensive experience in running SMAs.
Public market risks The risk of a decline in global public markets or a deterioration in the economic environment	Equity market volatility increases overall levels of uncertainty for HVPE and its investments. Increasing geopolitical risks influence how markets trade, reversing any potential positive effects of developing improvements in economic indicators. Overall declines in public markets impact HVPE's NAV per share by directly reducing the value of public securities in HVPE's portfolio and indirectly influencing private market valuations. They are also likely to have a direct impact on HVPE's share price.	The Company's exposure to individual public markets is partially mitigated by the geographical and sectoral diversification within the portfolio. In previous downturns, private market valuations have not been impacted as much as public markets. The Board regularly reviews scenario analyses prepared by the Investment Manager which incorporate the effects of significant public market downturns.	Upgrade The portfolio has proved itself to be resilient despite challenging market conditions and a material increase in geopolitical risk over the past year. In addition, share price performance during the financial year was strong. However, ongoing conflicts, including those in Ukraine and the Middle East, together with heightened trade tensions caused by the tariff policies of the US administration, have impacted global trade flows, inflation, interest rates and economic growth. These factors have contributed to elevated volatility and have had a destabilising effect on global public markets.
Valuation risk The risk that market instability leads to continuing uncertainty about private asset valuations.	Uncertainty and distrust in relation to the valuation of private market investments may lead investors to make their own judgements based on incomplete information, which could result in a lack of confidence in the reliability of HVPE's published NAV. The low level of exits and liquidity events that has been seen recently reduces the ability to present public substantiation of valuation levels.	Both the Investment Manager and the GPs of underlying funds value investments in accordance with industry standards and accounting regulations. All the valuations are audited annually. When the Company reports its monthly NAV, it discloses the date of the underlying valuations to provide transparency to shareholders. The Audit and Risk Committee receives reports on the Investment Manager's control environment, including the processes relating to valuations.	Stable This risk was increased in the 2023 Annual Report and Accounts and remains at this heightened level as investors wait for a return to a consistent flow of exits at a premium to carrying value. Whilst there was some improvement in realisation levels, particularly in the second half of the financial year, the Board believes that this risk will remain a focus until there is a significant increase in the level of exit activity and therefore of external validation of valuation levels.
Balance sheet risks Risks to the Company's balance sheet resulting from its overcommitment strategy, borrowing arrangements and policy for the use of leverage.	The Company's balance sheet strategy and its policy for the use of leverage are described on page 36. The Company continues to maintain an overcommitment strategy and may draw on its credit facility to bridge periods of negative cash flow when capital calls on investments are greater than distributions received. The level of potential borrowing available under the credit facility could be negatively affected by declining NAV. In a stressed environment characterised by declining NAVs, reduced realisations, and rapid substantial capital calls, the Company's net leverage ratio could increase beyond an appropriate level, resulting in a need to sell assets. A reduction in the availability or use of borrowing at the HarbourVest fund level, or accelerated repayment thereof, could result in an increase in capital calls to a level in excess of the modelled scenarios.	The size and term of the Company's credit facility mitigates this risk. The Board has put a monitoring programme in place, supported by sophisticated and comprehensive cash flow modelling, which underpins the commitment strategy and limits the likelihood of unexpected shocks. The monitoring programme also considers the level of borrowing at HarbourVest fund level. Both the Board and the Investment Manager will continue to monitor these metrics actively and will take appropriate action as required, such as secondary sales and pausing further commitments, to attempt to mitigate these risks. Please also see the Going Concern and Viability Statement on pages 77 to 78 for information on the scenarios that are considered by the Board.	Stable The Distribution Pool is funded by a proportion of the cash realisations from the Company's portfolio, which has resulted in adjustments being made to the financial models relating to the Company's future commitments. In previous years, strong NAV gains and distributions strengthened the balance sheet. The levels of distributions received during the year under review remained low in comparison both with previous years and with the modelled scenarios. As a result, cash flow was negatively affected and there was increased use of the credit facility. However, the second half of the year showed signs of a recovery in distribution level. The secondary sale which was announced in December 2025 will generate $299 million of net proceeds and reduce HVPE's total unfunded commitments by $105 million and fund-level borrowing by $28 million. Whilst the commitment reduction will strengthen the balance sheet, the proceeds from the secondary sale will be used to fund shareholder distributions during 2026 and so will not have a strengthening effect on the balance sheet.
Popularity of the Listed Private Equity sector The risk that investor sentiment towards the listed private equity sector as a whole may deteriorate.	Investor sentiment towards the Listed Private Equity sector may deteriorate, resulting in a widening of the Company's share price discount relative to its NAV per share. This may be because of perceptions of the position of the market in the private equity cycle, perceptions about the cost of private equity investing, or due to investors making their own judgements regarding current valuations. HVPE's discount is currently wider than its historical average and has remained so for a sustained period.	The Company has demonstrated the value of investing in private markets through the investment cycle and gaining exposure to a diverse range of markets. HVPE, together with its peers, continues to advocate for the sector, to increase investors' familiarity with private equity and to set out the advantages of the investment trust structure in providing access to illiquid assets through a liquid share.	Stable Whilst there was some improvement in the year, discounts within the sector remain wide and the market commentary on the sector has focused on the level of exit activity and the performance comparison to the wider listed equity space. The Board believes that market sentiment towards the sector should turn more positive once there is an increase in realisation events which validate valuations and support cash flow.
Trading liquidity and price The risk that the discount that the share price represents to the NAV per share fails to narrow, leading to dissatisfaction among some shareholders.	HVPE's relatively wide discount risks undermining investor confidence and could erode levels of shareholder satisfaction. Despite the substantive efforts made by the Board to address this issue through its establishment of the Distribution Pool and active engagement with shareholders, some investors remain unconvinced by its proposals and have called for further action to be taken. This may lead to a reduction in long-term support for the Company amongst the wider shareholder base.	The Board has made robust efforts to enhance its communications, to describe its strategy, to engage with its shareholders, and to listen and respond to the views expressed. The Distribution Pool has been established to address issues raised and there is regular and extensive consideration of potential options to close the discount, including enhanced disclosure and transparency for shareholders. The Board continues to stress the long-term nature of HVPE, the consistent performance and the benefits of its diversification strategy as it remains determined to satisfy its investment objective and purpose.	Stable HVPE's discount saw some improvement during the year, reducing from 35% to 26%. However, this remains above average historical levels. An increase in exits and distributions could help a recovery in the share price and subsequent narrowing of the discount in the future. During the year, the Board has been intensely focused on the size of the discount and has introduced a number of measures to assist in reducing it. It doubled the allocation to the Distribution Pool and finalised the terms of a simplified investment structure as well as agreeing a substantial secondary sale of assets towards the end of the year. The Continuation Vote in July's AGM will allow shareholders to express their levels of support for the actions that have been taken by the Board to date.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARBOURVEST GLOBAL PRIVATE EQUITY LIMITED

Opinion

We have audited the Consolidated Financial Statements of HarbourVest Global Private Equity Limited (the "Company") and its subsidiaries ("HVPE" or the "Group") for the year ended 31 January 2026 which comprise the Consolidated Statements of Assets and Liabilities, the Consolidated Statements of Operations, the Consolidated Statements of Changes in Net Assets, the Consolidated Statements of Cash Flows, the Consolidated Schedule of Investments and the related notes 1 to 12, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United States Generally Accepted Accounting Principles ("US GAAP").

In our opinion, the financial statements:

•    Give a true and fair view of the state of the Group's affairs as at 31 January 2026 and of its profit for the year then ended;

•    Have been properly prepared in accordance with US GAAP; and

•    Have been properly prepared in accordance with the requirements of the Companies (Guernsey) Law 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the financial statements, including the UK FRC's Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

The non-audit services prohibited by the FRC's Ethical Standard were not provided to the Group or the Company and we remain independent of the Group and the Company in conducting the audit.

Material uncertainty related to going concern

We draw attention to Note 2 of the Consolidated Financial Statements, which indicates that the Company will hold a continuation vote at the July 2026 AGM. As stated in Note 2, this event indicates that a material uncertainty exists that may cast significant doubt on the Group and Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

We draw attention to the Viability Statement in the Annual Report on page 78, which indicates that one of the key assumptions to the statement of viability is in respect of the material uncertainty arising from the forthcoming continuation vote to be held at the July 2026 AGM. Our opinion is not modified in respect of this matter.

In auditing the Consolidated Financial Statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the Consolidated Financial Statements is appropriate. Our evaluation of the Directors' assessment of the Group's and Company's ability to continue to adopt the going concern basis of accounting included:

•    Discussing with the Directors and considering whether any other events or conditions, apart from the continuation vote discussed in Note 2, exist that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern and concluding that no such circumstances exist;

•    Evaluating the going concern assessment prepared by the Investment Manager and approved by the Directors for the period up until 30 June 2027 from the date of approval of the Consolidated Financial Statements;

•    Obtaining the models used to forecast cash flows under differing scenarios and challenged the sensitivities and assumptions used in the forecasts. We assessed whether the commitments made to underlying investments cast significant doubt over the going concern status of the Group and compared the historical calls made by underlying investments as a percentage of the total commitments made, including a discussion with the Investment Manager regarding the possibility for uncalled commitments to be called. We considered the accuracy of Investment Manager's forecast by comparing actual performance to historical forecasts;

•    Testing the arithmetical accuracy of relevant aspects of the models supporting the going concern basis, stress test of low case and extreme downside scenarios;

•    Confirming the available credit facility balances to understand the potential impact of the leverage in the underlying funds. We recalculated the forecast debt covenants under the different scenarios to validate compliance within the going concern period; and

•    Evaluated the disclosures made in the Annual Report and Consolidated Financial Statements regarding going concern to ascertain that they are in accordance with US GAAP and have complied with, or explained reasons for non-compliance, with all the AIC Code of Corporate Governance provisions

In relation to the Group's reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to:

•    the Directors' statement in the Consolidated Financial Statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting and

•    the Directors' identification in the Consolidated Financial Statements of the material uncertainty related to the entity's ability to continue as a going concern over a period to 30 June 2027 which is at least 12 months from when the Consolidated Financial Statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Group and Company's ability to continue as a going concern.

Overview of our audit approach

Key audit matters	Risk of misstatement or manipulation of the valuation of the Group's investments in the underlying Primary or Secondary HarbourVest funds, together the "HarbourVest investment funds"
Materiality	Overall group materiality of $83.7m which represents 2% of Net Assets.

An overview of the scope of our audit

Tailoring the scope

Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our audit scope for each company within the Group. Taken together, this enables us to form an opinion on the Consolidated Financial Statements. We take into account size, risk profile, the organisation of the group and effectiveness of group-wide controls, changes in the business environment, the potential impact of climate change when assessing the level of work to be performed.

The audit was led from Guernsey and utilised audit team members from the Boston office of Ernst & Young LLP in the US. We operated as an integrated audit team across the two jurisdictions, and we performed audit procedures and responded to the risk identified as described below.

The Group comprises the Company and its three wholly owned subsidiaries as explained in Note 2 to the Group Financial Statements. The Company, each subsidiary and the consolidation are subject to full scope audit procedures.

Climate change

The Group has explained climate-related risks in HVPE's Approach to Sustainable Investing and forms part of the "Other Information", rather than the Consolidated Financial Statements. Our procedures on these disclosures therefore consisted solely of considering whether they are materially inconsistent with the Financial Statements, or our knowledge obtained in the course of the audit,or otherwise appear to be materially misstated.

Our audit effort in considering the impact of climate change on the financial statements was focused on the adequacy of the disclosures in the Consolidated Financial Statements as set out in note 2 and the conclusions that there was no material impact on the recognition and separate measurement considerations of the assets and liabilities of the Group as at 31 January 2026.

Based on our work we have not identified the impact of climate change on the financial statements to be a key audit matter or to impact a key audit matter.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Consolidated Financial Statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.

Risk	Our response to the risk	Key observations communicated to the Audit Committee
Misstatement or manipulation of the valuation of the Group's investments in the underlying Primary or Secondary HarbourVest funds, together the "HarbourVest investment funds" ($4,713 million of which $4,416m relates to NAV and $296m are probable sales price; 2025 $4,375 million). Refer to the Accounting policies and Note 4 of the Consolidated Financial Statements. There is a risk that the valuation of the Group's investments at 31 January 2026, which comprise 110.4% (2025: 108.7%) of net assets is materially misstated. The valuation of the investments is the principal driver of the Group's net asset value and hence incorrect valuations would have a significant impact on the net asset value and performance of the Group.	Our response comprised the performance of the following procedures: Confirmed and documented our understanding of the Group's processes, controls and methodologies for valuing investments held by the Group in the HarbourVest investment funds, including the use of the practical expedient as set out in Accounting Standard Codification (ASC) Topic 820 Fair Value Measurement ("ASC 820") by performing our walkthrough processes and evaluating the implementation and design effectiveness of controls; We also utilised the System and Organisation Controls 1 Report for Private Equity Fund Administration Report on Controls Placed in Operation and Tests of Operating Effectiveness ("SOC 1 report") of HarbourVest Partner LLC to confirm our understanding of the production on the NAVs of the HarbourVest investment funds; In relation to Investments accounted for using the practical expedient under ASC Topic 820 totalling $4,416m we agreed 99% by value of the individual net asset values of each HarbourVest investment fund to its underlying audited Net Asset Value (NAV) in the corresponding financial statements as at 31 December 2025 which, prior to adjustments, formed the basis for the Group's carrying amount as at 31 January 2026; We obtained a schedule of all adjustments made to those audited NAVs between 1 January 2026 and 31 January 2026, and: •    Verified a sample of contributions and distributions made to/from the HarbourVest investment funds to supporting bank statements; •    Recalculated a sample of accrued management fees in the HarbourVest investment funds based on the terms of the signed management agreements and agreed terms to relevant supporting documents; •    Performed analytical procedures and verified foreign exchange rate changes to independent third-party sources, and their application to HarbourVest investment funds denominated in foreign currencies; •    Considered whether there were changes in market conditions during the period from 1 January 2026 to 31 January 2026 that could have had a material impact to the valuations of the direct investments and marketable securities of the HarbourVest investment funds; •    Independently sourced third-party prices and verified fair value changes on publicly traded securities held in the HarbourVest investment funds; and •    Through enquiry determined that there were no post-closing adjustments since 31 December 2025 or other material changes to the NAV subsequent to the HarbourVest investment funds' finalised financial reporting process. In relation to investments valued on a secondary sale basis totalling $296m: we agreed the valuation based on the agreed purchase price as adjusted for any funded capital commitment or distributions up to 31 January 2026 to the Agreements of Purchase and Sale and the Pre-closing notices for the transactions. We assessed the fairness, accuracy and completeness of the disclosures in the Consolidated Financial Statements.	We reported to the Audit and Risk Committee that we did not identify any instances of the use of inappropriate methodologies and that the valuation of the Group's investments in the HarbourVest investment funds were not materially misstated.

Our application of materiality

We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on the audit and in forming our audit opinion.

Materiality

The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the economic decisions of the users of the financial statements. Materiality provides a basis for determining the nature and extent of our audit procedures.

We determined materiality for the Group to be $83.7 million (2025: $80.4 million), which is 2% (2025: 2%) of net assets. We believe that net assets provides us with a basis for determining the nature, timing and extent of risk assessment procedures, identifying and assessing the risk of material misstatement and determining the nature, timing and extent of further audit procedures. We used the net assets as a basis for determining planning materiality because the Group's primary performance measures for internal and external reporting are based on net assets as we consider it is the measure most relevant to the stakeholders of the Group.

During the course of our audit, we reassessed initial materiality from the planning stage based on 31 January 2026 net assets.

Performance materiality

The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.

On the basis of our risk assessments, together with our assessment of the Group's overall control environment, our judgement was that performance materiality was 75% (2025: 75%) of our planning materiality, namely $62.8m (2025: $60.3m). We have set performance materiality at this percentage due to our past experience of the audit that indicates a lower risk of misstatements, both corrected and uncorrected. Our objective in adopting this approach was to ensure that total uncorrected and undetected audit differences in the Consolidated Financial Statements did not exceed our materiality level.

Reporting threshold

An amount below which identified misstatements are considered as being clearly trivial.

We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of $4.2m (2025: $4.0m), which is set at 5% of planning materiality, as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds.

We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of other relevant qualitative considerations in forming our opinion.

Other information

The other information comprises the information included in the annual report other than the Consolidated Financial Statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report.

Our opinion on the Consolidated Financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated Financial Statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which The Companies (Guernsey) Law 2008 requires us to report to you if, in our opinion:

•    proper accounting records have not been kept by the Company, or

•    the Financial Statements are not in agreement with the Company's accounting records and returns; or

•    we have not received all the information and explanations we require for our audit.

Corporate Governance Statement

We have reviewed the directors' statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the group and company's compliance with the provisions of the UK Corporate Governance Code specified for our review by the Listing Rules.

Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit:

•    Directors' statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified set out on page 77 to 78.

•    Directors' explanation as to its assessment of the company's prospects, the period this assessment covers and why the period is appropriate set out on pages 77 to 78.

•    Director's statement on whether it has a reasonable expectation that the group will be able to continue in operation and meets its liabilities set out on page 77 to 78.

•    Directors' statement on fair, balanced and understandable set out on page 78.

•    Board's confirmation that it has carried out a robust assessment of the emerging and principal risks set out on pages 49 to 50.

•    The section of the annual report that describes the review of effectiveness of risk management and internal control systems set out on pages 83 to 85

•    The section describing the work of the audit committee set out on pages 83 to 85.

Responsibilities of Directors

As explained more fully in the directors' responsibilities statement set out on pages 78 to 79, the Directors are responsible for the preparation of the Consolidated Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the Consolidated Financial Statements, the Directors are responsible for assessing the Group and the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

•    We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most significant are:

-   Financial Conduct Authority ("FCA") Listing Rules;

-   Disclosure Guidance and Transparency Rules ("DTR") of the FCA;

-   The 2024 UK Corporate Governance Code;

-   The 2024 AIC Code of Corporate Governance; and

-   The Companies (Guernsey) Law, 2008, as amended.

•    We understood how the Group is complying with those frameworks by:

-   Discussing the processes and procedures used by the Directors, the Investment Manager, the Company Secretary and Administrator to ensure compliance with the relevant frameworks;

-   Inspecting the Group's relevant documented policies, processes and procedures; and

-   Reviewing internal reports that evidence compliance testing.

•    We assessed the susceptibility of the Group's Consolidated Financial Statements to material misstatement, including how fraud might occur by;

-   Identifying misstatement or manipulation of the valuation of the Group's investments in the HarbourVest funds accounted for using the practical expedient under ASC Topic 820 and undertaking the audit procedures set out in the Key Audit Matters section above;

-   Obtaining an understanding of entity-level controls and considering the influence of the control environment;

-   Obtaining management's assessment of fraud risks including an understanding of the nature, extent and frequency of such assessment documented in the HVPE Risk Review;

-   Making inquiries with those charged with governance as to how they exercise oversight of management's processes for identifying and responding to fraud risks and the controls established by management to mitigate specifically those risks the entity has identified, or that otherwise help to prevent, deter and detect fraud;

-   Making inquiries with management and those charged with governance regarding how they identify related parties including circumstances related to the existence of a related party with dominant influence; and

-   Making inquiries with management and those charged with governance regarding their knowledge of any actual or suspected fraud or allegations of fraudulent financial reporting affecting the Group.

•    Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved:

-   Having discussions with those charged with governance, the Investment Manager, the Company Secretary and Administrator to obtain an understanding of how instances of non-compliance with relevant laws and regulations are identified;

-   Reviewing Board minutes and internal compliance reporting;

-   Inspecting correspondence with regulators;

-   Reviewing the Consolidated Financial Statements to check that they comply with the reporting requirements of the Group;

-   Obtaining relevant written representations from the Board of Directors; and

-   Performing journal entry testing

•    Our understanding of the Company's current activities, the scope of its authorisation and the effectiveness of its control environment are as follows:

-   The activities of the Company are overseen by the Board, who meet regularly throughout the year;

-   We have reviewed the SOC-1 reports and bridging letters of Company's key service providers for the year audited and are not aware of any matters of concern relating to the control environment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters we are required to address

Following the recommendation from the audit committee we were appointed by the Company on 2 November 2007 to audit the financial statements for the year ending 31 January 2008 and subsequent financial periods.

•    The period of total uninterrupted engagement including previous renewals and reappointments is 19 years, covering the years ending 31 January 2008 to 31 January 2026.

•    The audit opinion is consistent with the additional report to the audit committee.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Section 262 of The Companies (Guernsey) Law 2008. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Geoffrey Le Tissier

For and on behalf of Ernst & Young LLP

Guernsey

27 May 2026

Report of the Independent Auditors

To the Directors of HarbourVest Global Private Equity Limited

Opinion

We have audited the consolidated financial statements of HarbourVest Global Private Equity Limited (the "Company") and its subsidiaries ("the Group"), which comprise the consolidated statements of assets and liabilities, including the consolidated schedule of investments, as of 31 January 2026 and 2025, and the related consolidated statements of operations, changes in net assets and cash flows for the year then ended, and the related notes 1 to 12 (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Group at 31 January 2026 and 2025, and the results of its operations, changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Group and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Substantial Doubt About the Company's Ability to Continue as a Going Concern

The accompanying Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern. As discussed in note 2 to the Consolidated Financial Statements, a continuation vote is scheduled in July 2026 and this event indicates that a material uncertainty exists that may cast substantial doubt on the Group and Company's ability to continue as a going concern. The Consolidated Financial Statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Group's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

•    Exercise professional judgment and maintain professional skepticism throughout the audit.

•    Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

•    Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. Accordingly, no such opinion is expressed.

•    Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

•    Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Group's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Other Information

Management is responsible for the other information. The other information comprises the Strategic Report, Governance, and Other Information included in the annual report but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Ernst & Young LLP

Guernsey, Channel Islands

27 May 2026

Consolidated Statements of Assets and Liabilities

AT 31 JANUARY 2026 AND 2025

In US Dollars	2026 (in thousands*)	2025 (in thousands*)
Assets
Investments (Note 4)	4,712,575	4,374,601
Cash and equivalents	123,368	122,990
Other assets	15,371	19,566
Accounts receivable from HarbourVest Advisers L.P. (Note 9)	241	244
Total assets	4,851,555	4,517,401
Liabilities
Amounts due under the credit facilities (Note 6)	570,000	480,000
Accounts payable and accrued expenses	13,613	14,444
Total liabilities	583,613	494,444
Net assets	$4,267,942	$4,022,957
Net assets consist of
Shares, unlimited shares authorised, 71,854,160 and 74,268,671 shares issued and outstanding at 31 January 2026 and 31 January 2025 respectively, no par value	4,267,942	4,022,957
Net assets	$4,267,942	$4,022,957
Net asset value per share	$59.40	$54.17

* Except net asset value per share.

The accompanying notes are an integral part of the Financial Statements.

The Financial Statements on pages 100 to 116 were approved by the Board on 27 May and were signed on its behalf by:

Ed Warner                                              Steven Wilderspin

Chair                                                       Chair of the Audit and Risk Committee

Consolidated Statements of Operations

FOR THE YEARS ENDED 31 JANUARY 2026 AND 2025

In US Dollars	2026 (in thousands)	2025 (in thousands)
Realised and unrealised gains on investments
Net realised gain on investments	235,544	150,618
Net change in unrealised appreciation on investments	156,001	105,227
Net gain on investments	391,545	255,845
Investment income
Interest and dividends from cash and equivalents	4,097	5,762
Other income	310	228
Expenses
Interest expense (Note 6)	43,068	36,353
Commitment fees (Note 6)	6,571	6,901
Financing expenses	4,973	3,720
Investment services (Note 3)	3,076	2,884
Professional fees	1,867	1,056
Marketing expenses	987	761
Directors' fees and expenses (Note 9)	574	492
Tax expenses	99	37
Management fees (Note 3)	65	110
Other expenses	1,519	1,010
Total expenses	62,799	53,324
Net investment loss	(58,392)	(47,334)
Net increase in net assets resulting from operations	$333,153	$208,511

The accompanying notes are an integral part of the Financial Statements.

Consolidated Statements of Changes in Net Assets

FOR THE YEARS ENDED 31 JANUARY 2026 AND 2025

In US Dollars	2026 (in thousands)	2025 (in thousands)
Increase in net assets from operations
Net realised gain on investments	235,544	150,618
Net change in unrealised appreciation on investments	156,001	105,227
Net investment loss	(58,392)	(47,334)
Net increase in net assets resulting from operations	333,153	208,511
Capital share transactions
Share repurchase	(88,168)	(106,126)
Net decrease in net assets from capital share transactions	(88,168)	(106,126)
Total increase in net assets	244,985	102,385
Net assets at beginning of year	4,022,957	3,920,572
Net assets at end of year	$4,267,942	$4,022,957

The accompanying notes are an integral part of the Financial Statements.

Consolidated Statements of Cash Flows

FOR THE YEARS ENDED 31 JANUARY 2026 AND 2025

In US Dollars	2026 (in thousands)	2025 (in thousands)
Cash flows from operating activities
Net increase in net assets resulting from operations	333,153	208,511
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Net realised gain on investments	(235,544)	(150,618)
Net change in unrealised appreciation on investments	(156,001)	(105,227)
Contributions to private equity investments	(381,061)	(443,568)
Distributions from private equity investments	434,632	382,418
Other	3,367	(7,556)
Net cash used in operating activities	(1,454)	(116,040)
Cash flows from financing activities
Proceeds from borrowing on the credit facilities	120,000	570,000
Repayments in respect of the credit facilities	(30,000)	(365,000)
Share repurchase	(88,168)	(106,126)
Net cash provided by financing activities	1,832	98,874
Net change in cash and equivalents	378	(17,166)
Cash and equivalents at beginning of year	122,990	140,156
Cash and equivalents at end of year	$123,368	$122,990
Supplemental disclosure:
Interest paid during the year	$42,566	$36,396

The accompanying notes are an integral part of the Financial Statements.

Consolidated Schedule of Investments

AT 31 JANUARY 2026

US Funds	In US Dollars
	Unfunded Commitment (in thousands)	Amount Invested* (in thousands)	Distributions Received (in thousands)	Fair Value (in thousands)	Fair Value as a % of Net Assets
HarbourVest Partners VI-Direct Fund L.P.	1,313	46,722	41,081	3,526	0.1
HarbourVest Partners VII-Venture Partnership Fund L.P.†	2,319	135,290	206,567	539	0.0
HarbourVest Partners VIII-Cayman Mezzanine and Distressed Debt Fund L.P.	2,000	48,202	62,811	681	0.0
HarbourVest Partners VIII-Cayman Buyout Fund L.P.	7,500	245,259	421,171	627	0.0
HarbourVest Partners VIII-Cayman Venture Fund L.P.	1,000	49,192	96,935	22,655	0.5
HarbourVest Partners IX-Cayman Buyout Fund L.P.	8,520	62,761	118,245	13,160	0.3
HarbourVest Partners IX-Cayman Credit Opportunities Fund L.P.	1,438	11,111	15,321	1,309	0.0
HarbourVest Partners IX-Cayman Venture Fund L.P.	3,500	66,826	170,802	53,116	1.2
HarbourVest Partners 2013 Cayman Direct Fund L.P.	3,229	97,131	174,973	17,904	0.4
HarbourVest Partners Cayman Cleantech Fund II L.P.	900	19,156	29,645	10,362	0.2
HarbourVest Partners X Buyout Feeder Fund L.P.	34,650	217,378	207,923	192,957	4.5
HarbourVest Partners X Venture Feeder Fund L.P.	6,290	141,764	133,340	255,092	6.0
HarbourVest Partners Mezzanine Income Fund L.P.	8,155	42,067	76,956	5,151	0.1
HarbourVest Partners XI Buyout Feeder Fund L.P.	62,300	287,700	92,396	388,453	9.1
HarbourVest Partners XI Micro Buyout Feeder Fund L.P.	5,655	59,345	23,414	80,537	1.9
HarbourVest Partners XI Venture Feeder Fund L.P.	13,300	176,736	54,284	268,727	6.3
HarbourVest Partners XII Buyout Feeder Fund L.P.	252,450	242,550	5,403	312,259	7.3
HarbourVest Partners XII Micro Buyout Feeder Fund L.P.	36,800	43,200	579	48,598	1.2
HarbourVest Partners XII Venture Feeder Fund L.P.	56,363	78,638	1,061	112,034	2.6
HarbourVest Partners XII Venture AIF SCSp	54,625	60,450	378	84,092	2.0
HarbourVest Infrastructure Income Delaware Parallel Partnership	-	117,233	43,150	130,925	3.1
HarbourVest Partners XIII Buyout Feeder Fund L.P.	66,500	3,500	-	4,141	0.1
HarbourVest Partners XIII Small Cap Feeder Fund L.P.	18,000	2,000	-	2,135	0.1
HarbourVest Partners XIII Venture Feeder Fund L.P.	38,000	2,000	-	2,403	0.1
Total US Funds	684,805	2,256,210	1,976,434	2,011,381	47.1

International/Global Funds	In US Dollars
	Unfunded Commitment (in thousands)	Amount Invested* (in thousands)	Distributions Received (in thousands)	Fair Value (in thousands)	Fair Value as a % of Net Assets
Dover Street VII Cayman L.P.	4,250	83,504	118,312	109	0.0
HIPEP VI-Cayman Partnership Fund L.P.**	5,926	117,845	202,435	31,028	0.7
HIPEP VI-Cayman Asia Pacific Fund L.P.	2,500	47,687	68,513	8,216	0.2
HIPEP VI-Cayman Emerging Markets Fund L.P.	-	30,059	24,590	9,705	0.2
Dover Street VIII Cayman L.P.	14,400	165,724	266,629	6,463	0.2
HVPE Charlotte Co-Investment L.P.	-	93,894	162,267	820	0.0
HarbourVest Global Annual Private Equity Fund L.P.	9,000	91,001	166,618	51,741	1.2
HIPEP VII Partnership Feeder Fund L.P.	9,688	115,313	156,244	111,464	2.6
HIPEP VII Asia Pacific Feeder Fund L.P.	1,200	28,800	27,951	24,002	0.6
HIPEP VII Emerging Markets Feeder Fund L.P.	2,600	17,400	13,810	17,186	0.4
HIPEP VII Europe Feeder Fund L.P. ††	7,466	64,329	103,061	64,767	1.5
HarbourVest Canada Parallel Growth Fund L.P.‡‡	2,893	21,298	26,103	18,746	0.4
HarbourVest 2015 Global Fund L.P.	7,000	93,017	137,422	58,913	1.4
HarbourVest 2016 Global AIF L.P.	10,000	90,026	109,672	60,784	1.4
HarbourVest Partners Co-Investment IV AIF L.P.	7,000	93,000	113,331	52,215	1.2
Dover Street IX Cayman L.P.	9,000	91,000	108,021	40,312	0.9
HarbourVest Real Assets III Feeder L.P.	3,750	46,250	27,680	38,557	0.9
HarbourVest 2017 Global AIF L.P.	15,000	85,021	91,478	65,731	1.5
HIPEP VIII Partnership AIF L.P.	15,725	154,275	75,851	180,543	4.2
Secondary Overflow Fund III L.P.	22,354	62,804	86,057	33,576	0.8
HarbourVest Asia Pacific VIII AIF Fund L.P.	3,375	46,631	18,334	46,566	1.1
HarbourVest 2018 Global Feeder Fund L.P.	7,700	62,300	40,689	67,479	1.6
HarbourVest Partners Co-Investment V Feeder Fund L.P.	22,500	77,548	81,378	84,258	2.0
HarbourVest Real Assets IV Feeder L.P.	8,500	41,500	20,349	40,132	0.9
HarbourVest 2019 Global Feeder Fund L.P.	18,000	82,007	37,901	98,461	2.3
HarbourVest Credit Opportunities Fund II L.P.	1,500	48,500	25,571	41,689	1.0
Dover Street X Feeder Fund L.P.	27,000	123,018	56,941	127,689	3.0
Secondary Overflow Fund IV L.P.	42,566	86,840	36,837	96,084	2.3

International/Global Funds	In US Dollars
	Unfunded Commitment (in thousands)	Amount Invested* (in thousands)	Distributions Received (in thousands)	Fair Value (in thousands)	Fair Value as a % of Net Assets
HIPEP IX Feeder Fund L.P.	203,700	281,308	32,760	341,670	8.0
HarbourVest 2020 Global Feeder Fund L.P.	6,500	43,501	6,381	54,455	1.3
HarbourVest Partners Co-Investment VI Feeder Fund L.P.	18,750	106,256	6,933	131,560	3.1
HarbourVest Asia Pacific 5 Feeder Fund L.P.	121,500	178,500	1,163	214,086	5.0
HarbourVest 2021 Global Feeder Fund L.P.	44,522	125,530	8,403	145,148	3.4
HarbourVest 2022 Global Feeder Fund L.P.	46,000	54,000	3,794	74,421	1.7
Dover Street XI Feeder Fund L.P.	122,500	127,500	16,277	157,069	3.7
HarbourVest Credit Opportunities III Feeder Fund L.P.	106,875	18,125	2,880	17,506	0.4
HIPEP X Feeder Fund L.P.	300,800	19,200	-	30,969	0.7
HarbourVest Infrastructure Opportunities III Feeder Fund L.P.	92,000	8,000	1,328	13,560	0.3
Secondary Overflow Fund V L.P.	-	-	-	(143)	0.0
HarbourVest Partners Stewardship Feeder Fund L.P.	20,388	14,666	-	15,923	0.4
HarbourVest Private Equity Continuation Solutions Feeder Fund L.P.	50,000	-	-	1,472	0.0
HarbourVest HVGPE SMA L.P. (Tranche 1)	99,063	25,938	-	26,262	0.6
HarbourVest HVGPE SMA L.P. (Tranche 2)	250,000	-	-	-	0.0
Total International/Global Funds	1,763,489	3,163,116	2,483,963	2,701,194	63.3
Total Investments	2,448,294	5,419,326	4,460,397	4,712,575	110.4

*      Includes purchase of limited partner interests for shares and cash at the time of HVPE's IPO.

†      Includes ownership interests in HarbourVest Partners VII-Cayman Partnership entities.

**     Fund denominated in euros. Commitment amount is €100,000,000.

††    Fund denominated in euros. Commitment amount is €63,000,000.

‡‡    Fund denominated in Canadian dollars. Commitment amount is C$32,000,000.

As of 31 January 2026, the cost basis of partnership investments is $3,089,895,000.

Totals and subtotals may not recalculate due to rounding.

The accompanying notes are an integral part of the Financial Statements.

Consolidated Schedule of Investments

AT 31 JANUARY 2025

US Funds	In US Dollars
	Unfunded Commitment (in thousands)	Amount Invested* (in thousands)	Distributions Received (in thousands)	Fair Value (in thousands)	Fair Value as a % of Net Assets
HarbourVest Partners VI-Direct Fund L.P.	1,313	46,722	41,081	2,508	0.1
HarbourVest Partners VII-Venture Partnership Fund L.P.†	2,319	135,290	205,308	1,558	0.0
HarbourVest Partners VIII-Cayman Mezzanine and Distressed Debt Fund L.P.	2,000	48,202	62,811	679	0.0
HarbourVest Partners VIII-Cayman Buyout Fund L.P.	7,500	245,259	420,282	1,517	0.0
HarbourVest Partners VIII-Cayman Venture Fund L.P.	1,000	49,192	92,447	17,035	0.4
HarbourVest Partners IX-Cayman Buyout Fund L.P.	8,520	62,761	109,735	24,230	0.6
HarbourVest Partners IX-Cayman Credit Opportunities Fund L.P.	1,438	11,111	14,141	3,061	0.1
HarbourVest Partners IX-Cayman Venture Fund L.P.	3,500	66,826	148,455	71,624	1.8
HarbourVest Partners 2013 Cayman Direct Fund L.P.	3,229	97,131	166,055	29,717	0.7
HarbourVest Partners Cayman Cleantech Fund II L.P.	900	19,156	21,404	17,014	0.4
HarbourVest Partners X Buyout Feeder Fund L.P.	34,650	217,378	178,034	222,685	5.5
HarbourVest Partners X Venture Feeder Fund L.P.	6,290	141,764	113,071	254,014	6.3
HarbourVest Partners Mezzanine Income Fund L.P.	8,155	42,067	74,761	10,344	0.3
HarbourVest Partners XI Buyout Feeder Fund L.P.	62,300	287,700	82,498	382,424	9.5
HarbourVest Partners XI Micro Buyout Feeder Fund L.P.	5,655	59,345	21,957	76,178	1.9
HarbourVest Partners XI Venture Feeder Fund L.P.	13,300	176,736	46,989	244,019	6.1
HarbourVest Partners XII Buyout Feeder Fund L.P.	277,200	217,800	5,403	263,894	6.6
HarbourVest Partners XII Micro Buyout Feeder Fund L.P.	44,400	35,600	579	39,655	1.0
HarbourVest Partners XII Venture Feeder Fund L.P.	74,588	60,413	1,061	72,977	1.8
HarbourVest Partners XII Venture AIF SCSp	77,625	37,450	378	46,597	1.2
HarbourVest Infrastructure Income Delaware Parallel Partnership	-	117,233	39,846	113,833	2.8
HarbourVest Partners XIII Buyout Feeder Fund L.P.	70,000	-	-	133	0.0
HarbourVest Partners XIII Small Cap Feeder Fund L.P.	20,000	-	-	18	0.0
HarbourVest Partners XIII Venture Feeder Fund L.P.	40,000	-	-	120	0.0
Total US Funds	765,880	2,175,135	1,846,300	1,895,836	47.1

International/Global Funds	In US Dollars
	Unfunded Commitment (in thousands)	Amount Invested* (in thousands)	Distributions Received (in thousands)	Fair Value (in thousands)	Fair Value as a % of Net Assets
Dover Street VII Cayman L.P.	4,250	83,504	118,312	108	0.0
HIPEP VI-Cayman Partnership Fund L.P.**	5,181	117,845	192,120	39,810	1.0
HIPEP VI-Cayman Asia Pacific Fund L.P.	2,500	47,687	64,495	12,245	0.3
HIPEP VI-Cayman Emerging Markets Fund L.P.	-	30,059	21,678	14,333	0.4
Dover Street VIII Cayman L.P.	14,400	165,724	265,014	8,797	0.2
HVPE Charlotte Co-Investment L.P.	-	93,894	162,267	839	0.0
HarbourVest Global Annual Private Equity Fund L.P.	9,000	91,001	152,834	63,634	1.6
HIPEP VII Partnership Feeder Fund L.P.	9,688	115,313	134,970	116,259	2.9
HIPEP VII Asia Pacific Feeder Fund L.P.	1,200	28,800	24,500	25,343	0.6
HIPEP VII Emerging Markets Feeder Fund L.P.	2,600	17,400	9,747	21,113	0.5
HIPEP VII Europe Feeder Fund L.P.††	6,528	64,329	90,515	64,428	1.6
HarbourVest Canada Parallel Growth Fund L.P.‡‡	2,709	21,298	18,565	24,335	0.6
HarbourVest 2015 Global Fund L.P.	7,000	93,017	128,444	62,336	1.5
HarbourVest 2016 Global AIF L.P.	15,000	85,026	99,040	65,823	1.6
HarbourVest Partners Co-Investment IV AIF L.P.	7,000	93,000	96,234	75,665	1.9
Dover Street IX Cayman L.P.	9,000	91,000	105,650	46,149	1.1
HarbourVest Real Assets III Feeder L.P.	3,750	46,250	26,469	37,774	0.9
HarbourVest 2017 Global AIF L.P.	18,000	82,021	74,805	79,505	2.0
HIPEP VIII Partnership AIF L.P.	15,725	154,275	56,301	174,526	4.3
Secondary Overflow Fund III L.P.	22,354	62,804	73,594	46,842	1.2
HarbourVest Asia Pacific VIII AIF Fund L.P.	3,375	46,631	14,544	46,272	1.2
HarbourVest 2018 Global Feeder Fund L.P.	10,150	59,850	30,212	72,899	1.8
HarbourVest Partners Co-Investment V Feeder Fund L.P.	22,500	77,548	44,752	112,143	2.8
HarbourVest Real Assets IV Feeder L.P.	8,500	41,500	16,912	41,390	1.0
HarbourVest 2019 Global Feeder Fund L.P.	26,000	74,007	18,410	104,468	2.6
HarbourVest Credit Opportunities Fund II L.P.	1,500	48,500	20,383	43,293	1.1
Dover Street X Feeder Fund L.P.	30,000	120,018	46,853	134,688	3.3
Secondary Overflow Fund IV L.P.	45,290	84,116	30,870	94,977	2.4

International/Global Funds	In US Dollars
	Unfunded Commitment (in thousands)	Amount Invested* (in thousands)	Distributions Received (in thousands)	Fair Value (in thousands)	Fair Value as a % of Net Assets
HIPEP IX Feeder Fund L.P.	261,900	223,108	21,284	243,790	6.1
HarbourVest 2020 Global Feeder Fund L.P.	7,750	42,251	4,633	50,263	1.2
HarbourVest Partners Co-Investment VI Feeder Fund L.P.	18,750	106,256	1,917	131,532	3.3
HarbourVest Asia Pacific 5 Feeder Fund L.P.	169,500	130,500	1,163	145,251	3.6
HarbourVest 2021 Global Feeder Fund L.P.	58,122	111,930	5,359	126,324	3.1
HarbourVest 2022 Global Feeder Fund L.P.	57,500	42,500	1,185	56,597	1.4
Dover Street XI Feeder Fund L.P.	187,500	62,500	5,432	80,512	2.0
HarbourVest Credit Opportunities III Feeder Fund L.P.	125,000	-	-	1,143	0.0
HIPEP X Feeder Fund L.P.	320,000	-	-	2,901	0.1
HarbourVest Infrastructure Opportunities III Feeder Fund L.P.	100,000	-	-	2,740	0.1
Secondary Overflow Fund V L.P.	-	-	-	(97)	0.0
HarbourVest Partners Stewardship Feeder Fund L.P.	27,388	7,666	-	8,078	0.2
HarbourVest Private Equity Continuation Solutions Feeder Fund L.P.	50,000	-	-	(262)	0.0
Total International/Global Funds	1,686,608	2,863,130	2,179,464	2,478,766	61.6
Total Investments	2,452,488	5,038,265	4,025,764	4,374,601	108.7

*      Includes purchase of limited partner interests for shares and cash at the time of HVPE's IPO.

†      Includes ownership interests in HarbourVest Partners VII-Cayman Partnership entities.

**     Fund denominated in euros. Commitment amount is €100,000,000.

††    Fund denominated in euros. Commitment amount is €63,000,000.

‡‡    Fund denominated in Canadian dollars. Commitment amount is C$32,000,000.

As of 31 January 2025, the cost basis of partnership investments is $2,907,922,000.

Totals and subtotals may not recalculate due to rounding.

The accompanying notes are an integral part of the Financial Statements.

Notes to the Consolidated Financial Statements

Note 1 Company Organisation and Investment Objective

HarbourVest Global Private Equity Limited (the "Company" or "HVPE") is a closed-ended investment company registered with the Registrar of Companies in Guernsey under The Companies (Guernsey) Law, 2008. The Company's registered office is BNP Paribas House, St Julian's Avenue, St Peter Port, Guernsey GY1 1WA.

The Company was incorporated and registered in Guernsey on 18 October 2007. HVPE is designed to offer shareholders long-term capital appreciation by investing in a diversified portfolio of private equity investments. The Company invests in private equity through private equity funds and may make co-investments or other opportunistic investments. The Company is managed by HarbourVest Advisers L.P. (the "Investment Manager"), an affiliate of HarbourVest Partners, LLC ("HarbourVest"), a private equity fund-of-funds manager. The Company intends to invest in and alongside existing and newly-formed HarbourVest funds. HarbourVest is a global private equity fund of funds manager and typically invests capital in primary partnerships, secondary investments, and direct investments across vintage years, geographies, industries, and strategies.

Operations of the Company commenced on 6 December 2007, following the initial global offering of the Class A Ordinary Shares.

Share Capital

At 31 January 2026, the Company's 71,854,160 shares were listed on the London Stock Exchange under the symbol "HVPE". The shares are entitled to the income and increases and decreases in the net asset value ("NAV") of the Company, and to any dividends declared and paid, and have full voting rights. Dividends may be declared by the Board of Directors and paid from available assets subject to the Directors being satisfied that the Company will, immediately after payment of the dividend, satisfy the statutory solvency test prescribed by The Companies (Guernsey) Law, 2008. The Company repurchased 2,414,511 and 3,414,837 shares during the years ended 31 January 2026 and 31 January 2025, respectively.

Dividends would be paid to shareholders pro rata to their shareholdings.

The shareholders must approve any amendment to the Memorandum and Articles of Incorporation. The approval of 75% of the shares is required in respect of any changes that are administrative in nature, any material change from the investment strategy and/or investment objective of the Company, or any material change to the terms of the Investment Management Agreement.

There is no minimum statutory capital requirement under Guernsey law.

Investment Manager, Company Secretary, and Administrator

The Directors have delegated certain day-to-day operations of the Company to the Investment Manager and the Company Secretary and Administrator, under advice of the Directors, pursuant to service agreements with those parties, within the context of the strategy set by the Board. The Investment Manager is responsible for, among other things, selecting, acquiring, and disposing of the Company's investments, carrying out financing, cash management, and risk management activities, providing investment advisory services, including with respect to HVPE's investment policies and procedures, and arranging for personnel and support staff of the Investment Manager to assist in the administrative and executive functions of the Company.

Directors

The Directors are responsible for the determination of the investment policy of the Company on the advice of the Investment Manager and have overall responsibility for the Company's activities. This includes the periodic review of the Investment Manager's compliance with the Company's investment policies and procedures, and the approval of certain investments. A majority of Directors must be independent Directors and not affiliated with HarbourVest or any affiliate of HarbourVest.

Note 2 Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Company's consolidated financial statements ("Financial Statements").

Basis of Preparation

The Company maintains an overcommitment strategy in an attempt to remain fully invested over time (refer to Note 5 on page 114 for further details on unfunded commitments). HarbourVest prepares forecasts and predictions to provide assurance that the Company has sufficient resources to meet its ongoing requirements.

As part of this process the Investment Manager has created revised model scenarios with varying degrees of decline in investment value and investment distributions, with the worst being an Extreme Downside scenario representing an impact to the portfolio that is worse than that experienced during the GFC. All models support that the Company has enough resources to meet the Company's upcoming financial obligations. However, in all circumstances HVPE can take steps to limit or mitigate the impact on the Consolidated Statements of Assets and Liabilities, namely drawing on the credit facility, pausing new commitments, raising additional credit or capital, and selling assets to increase liquidity and reduce outstanding commitments.

A continuation vote is scheduled in July 2026, which falls within the going concern assessment period. While the addition of the continuation vote improves HVPE's corporate governance, at the time of preparation of this report the outcome of the continuation vote is not known. As contemplated in the AIC Statement of Recommended Practice when a company is approaching a continuation vote, this indicates the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern over the assessment period. Having carefully assessed the Company's position, the Board is confident that shareholders will support the Company's continuation and, therefore, considers it appropriate to prepare the financial statements on a going concern basis.

Basis of Presentation

The Financial Statements include the accounts of HarbourVest Global Private Equity Limited and its three wholly owned subsidiaries: HVGPE - Domestic A L.P., HVGPE - Domestic B L.P., and HVGPE - Domestic C L.P. (together "the undertakings"). Each of the subsidiaries is a Cayman Islands limited partnership formed to facilitate the purchase of certain investments. All intercompany accounts and transactions have been eliminated in consolidation.

Method of Accounting

The Financial Statements are prepared in conformity with US generally accepted accounting principles ("US GAAP"), The Companies (Guernsey) Law, 2008, and the Principal Documents. Under applicable rules of Guernsey law implementing the EU Transparency Directive, the Company is allowed to prepare its financial statements in accordance with US GAAP instead of International Financial Reporting Standards ("IFRS").

The Company is an investment company following the accounting and reporting guidance of the Financial Accounting Standards Boards ("FASB") Accounting Standards Codification ("ASC") Topic 946 - Financial Services - Investment Companies.

Estimates

The preparation of the Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the Financial Statements and accompanying notes. Actual results could differ from those estimates.

Investments

Investments are stated at fair value in accordance with the Company's investment valuation policy. The Board has concluded specifically that climate change, including physical and transition risks, does not have a material impact on the recognition and separate measurement considerations of the assets and liabilities of the Group in the financial statements as of 31 January 2026, but recognises that climate change may have an effect on the investments held in the underlying partnerships. The inputs used to determine fair value include financial statements provided by the investment partnerships which typically include fair market value capital account balances. In reviewing the underlying financial statements and capital account balances, the Company considers compliance with ASC Topic 820 - Fair Value Measurement, the currency in which the investment is denominated, and other information deemed appropriate.

The fair value of the Company's investments is primarily based on the most recently reported NAV provided by the underlying Investment Manager as a practical expedient under ASC Topic 820. This fair value is then adjusted for known investment operating expenses and subsequent transactions, including investments, realisations, changes in foreign currency exchange rates, and changes in value of private and public securities. This valuation does not necessarily reflect amounts that might ultimately be realised from the investment and the difference can be material.

During the year, the Company entered into an asset sale agreement with respect to certain underlying investments. For the portion of investments subject to this agreement, fair value has been estimated based on the pricing set forth in the executed agreement, as adjusted for any relevant subsequent cash flows through the measurement date. The valuation of these investments incorporates significant unobservable inputs, primarily the terms of the agreement, including assumptions regarding the consummation and timing of the transaction. Accordingly, such investments are classified within Level 3 of the fair value hierarchy in accordance with ASC Topic 820.

Securities for which a public market does exist are valued by the Company at quoted market prices at the year-end date. Generally, the partnership investments have a defined term and cannot be transferred without the consent of the GP of the limited partnership in which the investment has been made.

Foreign Currency Transactions

The currency in which the Company operates is US dollars, which is also the presentation currency. Transactions denominated in foreign currencies are recorded in the local currency at the exchange rate in effect at the transaction dates. Foreign currency investments, investment commitments, cash and equivalents, and other assets and liabilities are translated at the rates in effect at the year-end date. Foreign currency translation gains and losses are included in realised and unrealised gains (losses) on investments as incurred. The Company does not segregate that portion of realised or unrealised gains and losses attributable to foreign currency translation on investments.

Cash and Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amount included in the Consolidated Statements of Assets and Liabilities for cash and equivalents approximates their fair value. The Company maintains bank accounts denominated in US dollars, in euros, and in pounds sterling. The Company may invest excess cash balances in highly liquid instruments such as certificates of deposit, sovereign debt obligations of certain countries, and money market funds that are highly rated by the credit rating agencies.

The associated credit risk of the cash and equivalents is monitored by the Board and the Investment Manager on a regular basis. The Board has authorised the Investment Manager to manage the cash balances on a daily basis according to the terms set out in the treasury policies created by the Board.

Investment Income

Investment income includes interest from cash and equivalents, dividends, and interest received from certain investments due to subsequent fund closings. Dividends are recorded when they are declared, and interest is recorded when earned. Interest and dividend income are presented net of withholding tax, if any.

Operating Expenses

Operating expenses include amounts directly incurred by the Company as part of its operations, and do not include amounts incurred from the operations of the investment entities.

Net Realised Gains and Losses on Investments

For investments in private equity funds, the Company records its share of realised gains and losses as reported by the Investment Manager including fund-level related expenses and management fees, and is net of any carry allocation. Realised gains and losses are calculated as the difference between proceeds received and the related cost of the investment.

Net Change in Unrealised Appreciation and Depreciation on Investments

For investments in private equity funds, the Company records its share of change in unrealised gains and losses as reported by the Investment Manager as an increase or decrease in unrealised appreciation or depreciation of investments and is net of any carry allocation. When an investment is realised, the related unrealised appreciation or depreciation is recognised as realised.

Income Taxes

The Company is registered in Guernsey as a tax exempt company. The States of Guernsey Income Tax Authority has granted the Company exemption from Guernsey income tax under the provision of the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and the Company will be charged an annual exemption fee of £1,600 included as other expenses in the Consolidated Statements of Operations. Income may be subject to withholding taxes imposed by the US or other countries, which will impact the Company's effective tax rate.

Investments made in entities that generate US source income may subject the Company to certain US federal and state income tax consequences. A US withholding tax at the rate of 30% may be applied on the distributive share of any US source dividends and interest (subject to certain exemptions) and certain other income that is received directly or through one or more entities treated as either partnerships or disregarded entities for US federal income tax purposes. Furthermore, investments made in entities that generate income that is effectively connected with a US trade or business may also subject the Company to certain US federal and state income tax consequences. The US requires withholding on effectively connected income for corporate partners at the rate of 21%. In addition, the Company may also be subject to a branch profits tax which can be imposed at a rate of up to 30% of any after-tax, effectively connected income associated with a US trade or business. However, no amounts have been accrued.

The Company accounts for income taxes under the provisions of ASC Topic 740 - Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognising the benefits of tax-return positions in the financial statements as "more-likely-than-not" to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50% likely to be realised. For the year ended 31 January 2026, the Investment Manager has analysed the Company's inventory of tax positions taken with respect to all applicable income tax issues for all open tax years (in each respective jurisdiction), and has concluded that no provision for income tax is required in the Company's Financial Statements.

Shareholders in certain jurisdictions may have individual tax consequences from ownership of the Company's shares. The Company has not included the impact of these tax consequences on the shareholders in these Financial Statements.

Market and Other Risk Factors

The Company's investments are subject to various risk factors including market price, credit, interest rate, liquidity, and currency risk. Investments are based primarily in the US, Europe, and Asia Pacific, and thus have concentrations in such regions. The Company's investments are also subject to the risks associated with investing in leveraged buyout and venture capital transactions that are illiquid and non-publicly traded. Such investments are inherently more sensitive to declines in revenues and to increases in expenses that may occur due to general downward swings in the world economy or other risk factors including increasingly intense competition, rapid changes in technology, changes in federal, state and foreign regulations, and limited capital investments.

The Company is subject to credit and liquidity risk to the extent any financial institution with which it conducts business is unable to fulfil contracted obligations on its behalf. Management monitors the financial condition of those financial institutions and does not anticipate any losses from these counterparties.

Note 3 Material Agreements and Related Fees

Administrative Agreement

The Company has retained BNP Paribas S.A., Guernsey Branch ("BNP") as Company Secretary and Administrator. Fees for these services are paid as invoiced by BNP and include an administration fee of £50,000 per annum, a secretarial fee of £60,000 per annum, a compliance services fee of £15,000 per annum, ad-hoc service fees, and reimbursable expenses. During the years ended 31 January 2026 and 2025, fees of $231,000 and $184,000, respectively, were incurred to BNP and are included as other expenses in the Consolidated Statements of Operations.

Registrar

The Company has retained MUFG, previously Link Market Services, as share registrar. Fees for this service include a base fee of £17,000, plus other miscellaneous expenses. During the years ended 31 January 2026 and 2025, registrar fees of $47,000 and $22,000, respectively, were incurred and are included as other expenses in the Consolidated Statements of Operations.

Independent Auditor's Fees

For the years ended 31 January 2026 and 2025, auditor fees of $594,000 and $433,000 were accrued, respectively, and are included in professional fees in the Consolidated Statements of Operations. The 31 January 2026 figure includes $404,000 relating to the 31 January 2026 annual audit fee and a $67,000 true-up relating to the prior financial year's audit fee. The 31 January 2025 figure includes $319,000 relating to the 31 January 2025 annual audit fee and a $3,000 credit relating to the prior financial year's audit fee. In addition, the 31 January 2026 and 2025 figures include fees of $123,000 and $117,000, respectively, for audit related services due to the Auditor, Ernst & Young LLP, conducting a review of the Interim Financial Statements for each period end. There were no other non-audit fees paid to the Auditor by the Company during the years ended 31 January 2026 and 2025.

Investment Management Agreement

The Company has retained HarbourVest Advisers L.P. as the Investment Manager. The Investment Manager is reimbursed for costs and expenses incurred on behalf of the Company in connection with the management and operation of the Company. During the years ended 31 January 2026 and 2025, reimbursements for services provided by the Investment Manager were $3,076,000 and $2,884,000, respectively. As of 1 February 2022, the Investment Manager is reimbursed on a fixed fee basis rather than an hourly basis. The Investment Manager does not directly charge HVPE management fees or performance fees other than with respect to parallel investments. However, as an investor in the HarbourVest funds, HVPE is charged the same management fees and is subject to the same performance allocations as other investors in such HarbourVest funds.

During the years ended 31 January 2026 and 2025, HVPE had one parallel investment: HarbourVest Structured Solutions II, L.P. (via HVPE Charlotte Co-Investment L.P.). Management fees paid for the parallel investment made by the Company were consistent with the fees charged by the funds alongside which the parallel investment was made during the years ended 31 January 2026 and 2025.

Management fees included in the Consolidated Statements of Operations are shown in the table below:

	2026 (in thousands)	2025 (in thousands)
HVPE Charlotte Co-Investment L.P.	$65	$110

For the years ended 31 January 2026 and 2025, management fees on the HVPE Charlotte Co-Investment L.P. investment were calculated based on a weighted average effective annual rate of 0.08% and 0.13% respectively, on capital originally committed, net of management fee offsets to the parallel investment.

Note 4 Investments

In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the US, the Company discloses the fair value of its investments in a hierarchy that prioritises the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and

Level 3 - Inputs that are unobservable.

An investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Because of the inherent uncertainty of these valuations, the estimated fair value may differ significantly from the value that would have been used had a ready market for this security existed, and the difference could be material.

Investments include limited partnership interests in HarbourVest funds which report under US generally accepted accounting principles. Inputs used to determine fair value are primarily based on the most recently reported NAV provided by the underlying investment manager as a practical expedient under ASC Topic 820. The fair value is then adjusted for known investment operating expenses and subsequent transactions, including investments, realisations, changes in foreign currency exchange rates, and changes in value of private and public securities. Investments for which fair value is measured using NAV per share as a practical expedient have not been categorised within the fair value hierarchy.

The following table summarizes the levels used in valuing the Company's investments as of 31 December 2025.

All amounts in U.S. dollars	Level 1	Level 2	Level 3	Measured using NAV as a practical expedient	Total
Partnership Investments	-	-	$296,416,000	$4,416,159,000	$4,712,575,000
Total	-	-	$296,416,000	$4,416,159,000	$4,712,575,000

Investments that are measured at fair value using the NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statement of Assets and Liabilities.

The Partnership recognizes transfers at fair value at 31 December 2025. During the year ended 31 December 2025, there were transfers into Level 3 Investments of $296,416,000 due to the Company's involvement in the asset sale transaction described in Note 2.

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2025:

Asset Type	Fair Value at December 31, 2025	Valuation Methodologies	Unobservable Input(s)	Range
Partnership Investments	$296,416,000	Recent Transaction	N/A	N/A

Income derived from investments in HarbourVest funds is recorded using the equity pick-up method. Under the equity pick-up-method of accounting, the Company's proportionate share of the net income (loss) and net realised gains (losses), as reported by the HarbourVest funds, is reflected in the Consolidated Statements of Operations as net realised gain (loss) on investments. The Company's proportionate share of the aggregate increase or decrease in unrealised appreciation or depreciation, as reported by the HarbourVest funds, is reflected in the Consolidated Statements of Operations as net change in unrealised appreciation on investments.

During the years ended 31 January 2026 and 2025, the Company made contributions of $381,061,000 and $443,568,000, respectively, to investments and received distributions of $434,632,000 and $382,418,000, respectively, from investments. As of 31 January 2026 and 2025, respectively, $4,416,159,000 and $4,374,601,000 of the Company's investments are valued using the practical expedient.

Note 5 Commitments

As of 31 January 2026, the Company had unfunded investment commitments to other limited partnerships of $2,448,294,000 which are payable upon notice by the partnerships to which the commitments have been made. As of 31 January 2025 the Company had unfunded investment commitments to other limited partnerships of $2,452,488,000.

The Investment Manager is not entitled to any direct remuneration (save expenses incurred in the performance of its duties) from the Company, instead deriving its fees from the management fees and carried interest payable by the Company on its investments in underlying HarbourVest Funds. The Investment Management Agreement (the "IMA"), which was amended and restated on 30 July 2019 and again on 31 January 2025, may be terminated by either party by giving 12 months' notice. In the event of termination within ten years and three months of the date of the listing on the Main Market on 9 September 2015, the Company would be required to pay a contribution, which would have been $735,000 at 31 January 2025, as reimbursement of the Investment Manager's remaining unamortised IPO costs. In addition, the Company would be required to pay a fee equal to the aggregate of the management fees for the underlying investments payable over the course of the 12-month period preceding the effective date of such termination to the Investment Manager. As of 31 January 31 2026, no further contributions are required to be paid in the event of termination.

Note 6 Debt Facility

The Company had an agreement with Mitsubishi UFJ Trust and Banking Corporation, New York Branch, Credit Suisse AG, London Branch and The Guardians of New Zealand Superannuation as manager and administrator of the New Zealand Superannuation Fund for the provision of a multi-currency revolving credit facility (the "2023 Facility") with a termination date no earlier than January 2026, subject to usual covenants. During the year ended 31 January 2025, the Company terminated the 2023 Facility and entered into an agreement with Apollo Management International LLP ("Apollo"), Ares Management Limited ("Ares"), Mitsubishi UFJ Trust and Banking Corporation, London Branch ("MUFG"), and Guardians of New Zealand Superannuation as manager and administrator of the New Zealand Superannuation Fund ("NZS") for the provision of a multi-currency revolving credit facility (the "2024 Facility"), with a termination date no earlier than June 2029, subject to usual covenants. The Apollo commitment was $350 million, the Ares commitment was $350 million, the MUFG commitment was $300 million and the NZS commitment was $200 million. Collectively referred to as the Facilities.

Amounts borrowed against the Facilities accrue interest at an aggregate rate of Term SOFR/SONIA/EURIBOR, a margin, and, under certain circumstances, a mandatory minimum cost. The Facilities are secured by the private equity investments and cash and equivalents of the Company, as defined in the agreement and is subject to certain loan-to-value ratios (which factor in borrowing on the Facilities and fund-level borrowing) and portfolio diversity tests applied to the Investment Portfolio of the Company. At 31 January 2026 and 31 January 2025, there was $570,000,000 and $480,000,000 in debt outstanding against the 2024 Facility, respectively. For the years ended 31 January 2026 and 2025, interest of $43,068,000 and $36,353,000, respectively, was incurred. Included in other assets at 31 January 2026 and 31 January 2025 are deferred financing costs of $14,787,000 and $19,066,000, respectively, related to refinancing the Facilities. The deferred financing costs are amortised over the terms of the Facilities. For the 2023 Facility, the Company was required to pay a non-utilisation fee of 100 basis points per annum for the Credit Suisse commitment and 90 basis points per annum for the MUFG commitment and a utilisation fee of 40 basis points per annum for the Credit Suisse commitment. For the 2024 Facility, the Company is required to pay a non-utilisation fee of 100 basis points per annum for all commitments. Together, these are presented as Commitment fees on the Consolidated Statement of Operations. For the years ended 31 January 2026 and 2025, $6,571,000 and $6,901,000, respectively, in commitment fees have been incurred.

Note 7 Financial Highlights

For the Years Ended 31 January 2026 and 2025

In US Dollars	2026	2025
Shares
Per share operating performance:
Net asset value, beginning of period	$54.17	$50.47
Net realised and unrealised gains	5.37	3.36
Net investment loss	(0.80)	(0.62)
Total from investment operations	4.57	2.74
Net increase from repurchase of Class A shares	0.66	0.96
Net asset value, end of period	$59.40	$54.17
Market value, end of period	$42.93*	$34.15*
Total return at net asset value	9.7%	7.3%
Total return at market value	25.7%	17.2%
Ratios to average net assets
Expenses†	1.51%	1.34%
Net investment loss	(1.41)%	(1.19)%

*      Represents the US dollar-denominated share price.

†      Does not include operating expenses of underlying investments.

Note 8 Publication and Calculation of Net Asset Value

The NAV of the Company is equal to the value of its total assets less its total liabilities. The NAV per share is calculated by dividing the net asset value by the number of shares in issue on that day. The Company publishes the NAV per share of the shares as calculated, monthly in arrears, at each month end, generally within 20 days.

Note 9 Related Party Transactions

Other amounts receivable from HarbourVest Advisers L.P. of $241,000 and $244,000 represent expenses of the Company incurred in the ordinary course of business, which have been paid for and are reimbursable from the Investment Manager at 31 January 2026 and 2025, respectively.

Other income relates to income received from a revenue sharing agreement entered into with the HarbourVest Infrastructure Income Delaware Parallel Partnership ("HIIP") investment. Through such agreement, the Company is entitled to 10% of the management fee revenue received by HarbourVest from HIIP, provided that HarbourVest remains as HIIP's exclusive investment manager.

Directors' fees and expenses, primarily compensation, of $574,000 and $492,000 were incurred during the years ended 31 January 2026 and 2025, respectively.

Note 10 Operating Segments

The Company adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Company's financial position or the results of its operations. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive leadership of the Company acts as the Company's CODM. The Company represents a single operating segment, as the CODM monitors the investment activity and cash flow of the Company as a whole. The financial information in the form of the Company's fund investments, realised and unrealised gains on investments, expenses and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations), which are used by the CODM to assess the Company's performance and to make resource allocation decisions for the Company's segments, is consistent with that presented within the Company's consolidated financial statements. Detailed financial information for the Company is reflected within the accompanying financial statements with segment assets, cash flow, and operations consolidated in the accompanying Consolidated Financial Statements.

Note 11 Indemnifications

General Indemnifications

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide for general indemnifications. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. Based on the prior experience of the Investment Manager, the Company expects the risk of loss under these indemnifications to be remote.

Investment Manager Indemnifications

Consistent with standard business practices in the normal course of business, the Company has provided general indemnifications to the Investment Manager, any affiliate of the Investment Manager and any person acting on behalf of the Investment Manager or such affiliate when they act in good faith, in the best interest of the Company. The Company is unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim but expects the risk of having to make any payments under these general business indemnifications to be remote.

Directors' and Officers' Indemnifications

The Company's Articles of Incorporation provide that the Directors, managers or other officers of the Company shall be fully indemnified by the Company from and against all actions, expenses, and liabilities which they may incur by reason of any contract entered into or any act in or about the execution of their offices, except such (if any) as they shall incur by or through their own negligence, default, breach of duty, or breach of trust, respectively.

Note 12 Subsequent Events

In the preparation of the Financial Statements, the Company has evaluated the effects, if any, of events occurring after the balance sheet date.

In this period, the Company made purchases of 1,723,251 of its ordinary shares for cancellation, for total consideration of £52,885,000.

On March 31, 2026, the Company completed a transaction in which it sold its entire interest in one underlying investment fund and a portion of its interests in several other underlying investment funds. An agreement related to this transaction was signed in December 2025, and the transaction did not close as of 31 January 2026.

There were no other events or material transactions subsequent to 31 January 2026 that required recognition or disclosure in the Consolidated Financial Statements.

Alternative Performance Measures

Reconciliation of share price discount to Net Asset Value per Share

The share price discount to NAV per share will vary depending on which NAV per share figure is used. The discount referred to elsewhere in this report is calculated using the live NAVs per share available in the market as at 31 January 2025 and 31 January 2026, those being the 31 December 2024 and 31 December 2025 estimates of $52.38 (sterling equivalent £41.84) and $58.13 (sterling equivalent £42.47), respectively, adjusted for GBP/USD foreign exchange movement, against share prices of £27.60 at 31 January 2025 and £31.35 at 31 January 2026.

The table below outlines the notional discounts to the share price at 31 January 2026, based on the NAVs per share published after this date (31 January 2026 estimate and final). Movements between the published NAVs per share for the same calendar date largely arise as further underlying fund valuations are received, and as adjustments are made for public markets, foreign exchange and operating expenses.

Date of NAV (estimate and final)	NAV per Share	NAV Converted at 31 January 2026 GBP/USD Exchange Rate (1.3686)	Share Price at 31 January 2026	Discount to NAV at 31 January 2026
Estimated NAV at 31 December 2025 (published 23 January 2026)	$58.13	£42.47	£31.35	26%
Estimated NAV at 31 January 2026 (published 24 February 2026)	$58.27	£42.58	£31.35	26%
Final NAV (US GAAP) at 31 January 2026 (published 28 May 2026)	$59.40	£43.40	£31.35	28%

Annualised Outperformance of FTSE AW TR Index Over the Last 10 Years¹

NAV (US dollar) Compound Annual Growth Rate ("CAGR")
31 January 2016	$16.75
31 January 2026	$59.40
Elapsed time (years)	10.0
US dollar CAGR	13.48%
FTSE AW TR Index (US dollar) CAGR
31 January 2016	$307.72
31 January 2026	$1,077.87
Elapsed time (years)	10.0
FTSE AW TR CAGR	13.34%
Annualised outperformance of FTSE AW TR Index Over the Last 10 Years calculation	0.14%
13.48% minus 13.34%	0.14 percentage points ("pp")

1      No number has been re-rounded up nor down to ensure it casts correctly in this section, thus preserving each component's true accuracy given its impact on various other parts of the report.

Distribution Pool

The Distribution Pool is used to fund HVPE share buybacks or return capital to shareholders by other means. The pool is funded by a proportion of the gross distributions from the Company's portfolio.

	12 months to 31 January 2026 ($ million)	12 months to 31 January 2025 ($ million)
Balance (beginning)	$38	$0
Rolled from prior buyback programme	$0	$12
Seed allocation1	$0	$75
Share of Portfolio distributions	$1302	$573
Share buybacks	($88)	($106)
Balance (closing)	$80	$38

1      During the first year of its operation, the Distribution Pool was additionally funded by a seed amount which was reallocated from a postponed commitment to a HarbourVest fund.

2      Allocation to Distribution Pool calculated as 30% of gross distributions in the year ended 31 January 2026.

3      Allocation to Distribution Pool calculated as 15% of gross distributions in the year ended 31 January 2025.

KPIs (page 35)

The KPI metrics show the movement between the NAV per share (in US dollars) and the share price in sterling and translated into US dollars. Relative to the FTSE AW TR Index, this is the difference in movement between the year-on-year change of this index versus the particular HVPE KPI.

NAV per Share ($) and relative performance

Date	NAV per Share	Absolute Performance	FTSE AW TR Index Movement	Relative Performance vs FTSE AW TR
31 January 2018	$21.46	16.2%	28.2%	-12.0pp
31 January 2019	$24.09	12.3%	-7.1%	+19.3pp
31 January 2020	$27.58	14.5%	16.7%	-2.2pp
31 January 2021	$35.97	30.4%	17.4%	+13.0pp
31 January 2022	$49.11	36.5%	13.8%	+22.8pp
31 January 2023	$48.52	-1.2%	-7.3%	+6.1pp
31 January 2024	$50.47	4.0%	15.3%	-11.3pp
31 January 2025	$54.17	7.3%	21.0%	-13.7pp
31 January 2026	$59.40	9.7%	22.8%	-13.2pp

10-year outperformance of FTSE AW TR

NAV (US dollar)
31 January 2016	$16.75
31 January 2026	$59.40
US dollar total return	254.6%
FTSE AW TR (US dollar)
31 January 2016	$307.72
31 January 2026	$1,077.87
FTSE AW TR total return	250.3%

10-year outperformance of FTSE AW TR calculation
254.6% minus 250.3%	4.3 percentage points ("pp")

Total Shareholder Return (£)

Date	Share Price (£)	Period-on-period Change
31 January 2018	£12.52	+4.8%
31 January 2019	£14.26	+13.9%
31 January 2020	£18.36	+28.8%
31 January 2021	£18.70	+1.9%
31 January 2022	£27.75	+48.4%
31 January 2023	£22.10	-20.4%
31 January 2024	£23.15	+4.8%
31 January 2025	£27.60	+19.2%
31 January 2026	£31.35	+13.6%

Total Commitment Ratio

(Total exposure to private markets investments as a percentage of NAV)	31 January 2026 ($m)	31 January 2025 ($m)
Investment Portfolio	$4,713	$4,375
Investment Pipeline	$2,448	$2,452
Total	$7,161	$6,827
NAV	$4,268	$4,023
Total Commitment Ratio	168%	170%

Net Portfolio Cash Flow

(The difference between calls and distributions over the reporting period)	31 January 2026 ($m)	31 January 2025 ($m)
Calls	($381)	($443)
Distributions	$435	$382
Net Portfolio Cash Flow	$54	($61)

Managing the Balance Sheet

Medium-term Coverage Ratio

(A measure of medium-term commitment coverage based on current commitments)	31 January 2026 ($m)	31 January 2025 ($m)
Cash	$123	$123
Available credit facility	$630	$720
Estimated distributions over the next 12 months	$1,056	$622
Total sources	$1,809	$1,465
Estimated investments over the next 36 months	$1,315	$1,411
Medium-term Coverage Ratio	138%	104%

Commitment Coverage Ratio

(Short-term liquidity as a percentage of Total Investment Pipeline)	31 January 2026 ($m)	31 January 2025 ($m)
Cash	$123	$123
Available credit facility	$630	$720
Total sources	$753	$843
Investment Pipeline	$2,448	$2,452
Commitment Coverage Ratio	31%	34%

disclosures

Investments

The companies represented within this report are provided for illustrative purposes only, as example portfolio holdings. There are over 14,000 individual companies in the HVPE portfolio, with no one company comprising more than 1.6% of the entire portfolio.

The deal summaries, General Partners (managers), and/or companies shown within the report are intended for illustrative purposes only. While they may represent an actual investment or relationship in the HVPE portfolio, there is no guarantee they will remain in the portfolio in the future.

Past performance is no guarantee of future returns.

Forward-looking Statements

This report 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 identified 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 and/or the Directors' 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 and/or the Directors' 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.

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 and/or the Directors neither intend nor assume 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. The Investment Manager and/or the Directors qualify any and all of their forward-looking statements by these cautionary factors.

Please keep this cautionary note in mind while reading this report.

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.

Publication and Calculation of Net Asset Value

The NAV of the Company is equal to the value of its total assets less its total liabilities. The NAV per share is calculated by dividing the NAV of the Company by the number of shares in issue. The Company intends to publish the estimated NAV per share as calculated, monthly in arrears, as at each month-end, generally within 20 days.

Regulatory Information

HVPE is required to comply with the UK Listing Rules, Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom (the "LDGT Rules"). It is also authorised by the Guernsey Financial Services Commission as an authorised closed- end investment scheme under the Protection of Investors (Bailiwick of Guernsey) Law, 2020, as amended (the "POI Law"). HVPE is subject to certain ongoing requirements under the LDGT Rules and the POI Law and certain rules promulgated thereunder relating to the disclosure of certain information to investors, including the publication of annual and half-yearly financial reports.

Notification of commencement of marketing to the Commission under The AIFMD (Marketing) Rules, 2021

We are pleased to inform our shareholders that on 5 January 2026, an application was made to the Dutch Authority for Financial Markets ("AFM"), allowing the Company's shares to be marketed in the Netherlands under The AIFMD (Marketing) Rules, 2021. This follows the AIFMD permissions granted on 9 September 2025 by the Irish Central Bank for the Company's shares to be marketed in Ireland.

These steps were taken as part of our ongoing commitment to expand the demand for the Company's shares by growing the potential investor base within the European Union.

Supplementary Information required by Alternative Investment Fund Managers ("AIFM") regulations

The following information is provided by HarbourVest Advisers L.P., a limited partnership established pursuant to the laws of the State of Delaware, United States of America (the "HarbourVest Advisers"), a non-EU Alternative Investment Fund Manager ("AIFM"). HarbourVest Advisers acts as AIFM of HarbourVest Global Private Equity Limited (the "Company" or "HVPE").

HarbourVest Advisers operates under HarbourVest Advisers G.P. LLC as its General Partner, and HarbourVest Partners, LLC as the managing body (collectively referred to as "HarbourVest" or the "Investment Manager").

The Company's risk profile is owned by the governing body of the Company itself ("the Board"). The Board delegates certain activities to HarbourVest.

Remuneration disclosure

The compensation arrangements of HarbourVest, as they relate to HVPE, are intended to attract, retain, and motivate personnel who can utilise their knowledge, expertise, and skills to serve the interests of the Company.

Those arrangements are also designed to:

•    promote sound risk management practices and alignment with the Company's risk management principles;

•    discourage risk taking that is inconsistent with the Company's risk appetite and policies;

•    control fixed costs by ensuring that compensation expense varies with profitability and does not constrain the Company's ability to strengthen its capital base; and

•    link a significant portion of Identified Staff's total remuneration to the financial and operational performance of the Company and other client portfolios that HarbourVest manages as well as their individual performance.

HarbourVest considers that the overall remuneration package is competitive, but not excessive, compared to peers of appropriate size, business scope, geography, complexity, and profitability.

These arrangements are intended to support the Company's business strategy, long-term interests, and values, and to ensure that risk taking does not exceed the Company's tolerated level of risk.

Periodic benchmarking ensures that incentive compensation at the individual level (including cash and non-cash benefits) is not unreasonable or disproportionate to the amount, nature, quality, and scope of the work performed.

In general, the compensation of the individuals who are responsible for setting the Company's risk appetite is managed by the Board.

Base salaries are intended to provide regular cash flow to Identified Staff throughout the year, irrespective of HarbourVest's or individual performance. By placing a strong emphasis on annual incentive awards, HarbourVest is able to limit fixed compensation expense while rewarding Identified Staff for their individual contributions and the achievement of annual financial and non-financial goals. Incentive compensation may be split into cash bonus, carried interest, and profit sharing.

Discretionary payments are intended to reward teamwork and adherence to organisational values which include sound risk management practices.

Aggregate quantitative information on the remuneration of the Company for the financial year ended 31 January 2026 is as follows:

•    All Company Personnel:

-   Base Salaries (fixed): £370,000

-   Variable Compensation: £0

Aggregate quantitative information on the remuneration of the Investment Manager for the financial year ended 31 December 2025 is as follows:

•    Identified Staff:

-   Base Salaries (fixed): $132,363

-   Variable Compensation: $85,221

The Company delegates certain portfolio management activities to the Investment Manager. There are no relevant staff employed by the Investment Manager who have a material impact on the risk profile of HVPE.

In accordance with applicable European regulation and guidance, the Identified Staff figures relate only to the proportion of the staffs' remuneration that is estimated to be attributed, on a pro rata basis, to the functions such staff perform for the Delegate in relation to HVPE.

Periodic Disclosures

The Company is obligated to provide periodic disclosure to shareholders about the Company's risk profile and risk management, total leverage and to provide information of any material change to the arrangements for managing the Company's liquidity, the proportion of assets subject to special arrangements arising from illiquidity (if any), the maximum permitted leverage and any grant of rights of reuse of collateral or guarantees in relation to leverage.

Principal Risks & Economic Uncertainties

Key risks and uncertainties are set out below:

•    Performance of HarbourVest - The risk posed by the Company's dependence on its Investment Manager.

•    Public Market Risks - The risk of a decline in global public markets or a deterioration in the economic environment.

•    Valuation Risk - The risk that market instability leads to continuing uncertainty about private asset valuations.

•    Balance Sheet Risks - Risks to the Company's balance sheet resulting from its overcommitment strategy, borrowing arrangements and policy for the use of leverage.

•    Popularity of the Listed Private Equity Sector - The risk that investor sentiment towards the listed private equity sector as a whole may deteriorate.

•    Trading Liquidity and Price - The risk that the discount that the share price represents to the NAV per share fails to narrow, leading to dissatisfaction among some shareholders.

Further information on the mitigation and management of these risks and uncertainties is included in HVPE's Annual Report, the latest version for which can be found on the company website at: https://www.hvpe.com/insights-reports/reports-presentations/.

Leverage

The Company has entered into a Credit Facility, the proceeds of which may be used for cash management purposes and to support the Company's investment strategy. Although debt funding will increase the Company's investment return if it earns a greater return on the investments purchased with the borrowed funds than it pays for the use of those funds, the use of leverage will conversely decrease returns if the Company fails to earn as much on investments purchased with the borrowed funds as its pays for the use of those funds.

The Company does not intend to have aggregate leverage outstanding at Company level for investment purposes at any time in excess of 20 per cent. of the Company's NAV. The Company may, however, have additional borrowings for cash management purposes which may persist for extended periods of time depending on market conditions.

The Company currently has access to additional borrowings pursuant to the Credit Facility of up to $630 million, the proceeds of which may be used for cash management purposes and to support the Company's investment strategy. The current Credit Facility consists of a multi-currency committed revolving credit facility in an aggregate amount equal to approximately $1,200 million.

The Credit Facility represents a source of financing to assist the Company in pursuing its investment strategy. The Company may use the proceeds of any borrowings under the Credit Facility for cash management purposes and to further enhance the investment strategy.

The AIFMD requires leverage to be expressed as a ratio between HVPE's exposure and its net asset value, and prescribes two methodologies, the gross method and the commitment method (as set out in Commission Delegated Regulation No. 231/2013), for calculating such exposure. Using the methodologies prescribed under the AIFMD, HVPE's leverage ratio as at 31 January 2026 is shown below:

•    Gross method: 111%

•    Commitment method: 114%

Liquidity management

HVPE makes commitments to HarbourVest Managed Vehicles, which typically call capital over a period of several years. This long-duration cash flow profile necessitates a large pipeline of unfunded commitments in order to ensure that the Company remains approximately fully invested over time - this is known as an over-commitment strategy and is critical to optimising long-term NAV per share growth. In most years, the capital called from HVPE by the HarbourVest Managed Vehicles is taken from the cash distributions flowing from liquidity events within the portfolio. At times, however, capital calls will exceed distributions, potentially by a meaningful amount, and it may be necessary to draw on the credit facility to fund the difference. A subsequent year may see the reverse situation, with net positive cash flow used to repay the borrowing. In this way, the credit facility acts as a working capital buffer and enables HVPE to manage its commitments to the level required in order to optimise returns through the cycle.

Cash flows from individual private equity investments can be irregular and unpredictable, and as a result, monitoring these is a complex and time-consuming task for investors in multiple funds such as HVPE. When managing a closed-ended vehicle that makes significant, irrevocable commitments to underlying funds, effective cash flow modelling is essential, first to ensure that the Company has sufficient capital available to honour its existing commitments, and second to inform the decisions it makes around future commitment levels.

The Investment Manager builds a bottom-up forecast based on an aggregation of individual HarbourVest fund models, and then applies a sensitised top-down analysis informed by historical actual calls and distributions. Short-term broader market trends and systemic factors are also considered. Finally, a range of scenario tests are conducted. HVPE now has a 16-year track record in monitoring and interpreting cash flows arising from activity in the underlying portfolio. This detailed modelling is typically updated on an annual basis and reviewed quarterly for any changes to key assumptions.

The share of net assets attributable to assets that are difficult to liquidate at 31 January 2026 represent 110% of the NAV.

Risk Management

The Board is responsible for the Company's risk management and internal control systems and actively monitors the risks faced by the Company, taking steps to mitigate and minimise these where possible. The Board's investment risk appetite is to follow an over-commitment policy that optimises shareholder returns by balancing investment return and associated distributions with a continuing programme of regularly buying back its own shares through the operation of its Distribution Pool. Together, this allows the Company to make balanced, regular investment through economic and investment cycles, and ensures that it has access to sufficient funding for any potential negative cash flow situations, including under an Extreme Downside scenario. At the same time, the funding available to the Company by way of cash balances and lending facilities is managed to ensure that its cost, by way of interest, facility fees or cash drag, is reasonable. When considering other risks, the Board's risk appetite is to balance the potential impact and likelihood of each risk with its ability and desire to control and mitigate the risk to an acceptable level. In doing so, as a baseline, the Board will seek to follow best practice and remain compliant with all applicable laws, rules, and regulations.

Material Changes to the Article 23 disclosures

The Company's AIFMD Disclosure Supplement contains the disclosures required pursuant to Article 23 of AIFMD.

Disclosure Under Regulation (EU) 2019/2088 (the "Sustainable Finance Disclosure Regulation") and Regulation (EU) 2020/852 (the "Taxonomy Regulation")

The investments made by the Company do not take into account the EU criteria for environmentally sustainable economic activities within the meaning of the Taxonomy Regulation.

Notice to Swiss investors

The offer and marketing of the Company in Switzerland will be exclusively made to, and directed at, qualified investors (the "Qualified Investors"), as defined in Article 10(3) and (3ter) of the Swiss Collective Investment Schemes Act ("CISA") and its implementing ordinance. Accordingly, the Company has not been and will not be registered with the Swiss Financial Market Supervisory Authority ("FINMA"). This document and/or any other offering or marketing materials relating to the Company may be made available in Switzerland solely to Qualified Investors.

In respect of its offer and marketing in Switzerland to qualified investors with an opting-out pursuant to Art. 5(1) of the Swiss Federal Act on Financial Services ("FinSA") and without any portfolio management or advisory relationship with a financial intermediary pursuant to Article 10(3ter) CISA, the Company has appointed a Swiss representative and paying agent:

•    Swiss representative: Acolin Fund Services AG, Maintower, Thurgauerstrasse 36/38, 8050 Zürich. The legal documents as well as the latest annual and semi-annual financial reports, if any, of the Company may be obtained free of charge from the Swiss representative. Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units.

•    Swiss paying agent: Banque Cantonale de Genève, 17 Quai de l'Ile,1204 Geneva, Switzerland.

Valuation Policy

Valuations Represent Fair Value Under US GAAP

HVPE's 31 January 2026 NAV is based on the 31 December 2025 NAV of each HarbourVest fund, HarbourVest SMA vehicle and Conversus, adjusted for changes in the value of public securities, foreign currency, known material events, cash flows, and operating expenses during January 2026. The valuation of each HarbourVest fund is presented on a fair value basis in accordance with US generally accepted accounting principles ("US GAAP"). See Note 4 in the Notes to the Financial Statements on pages 113 to 114.

The Investment Manager typically obtains financial information from 90% or more of the underlying investments for each of HVPE's HarbourVest funds to calculate the NAV. For each fund, the accounting team reconciles investments, distributions, and unrealised/realised gains and losses to the Financial Statements.

The team also reviews underlying partnership valuation policies.

Management of foreign currency exposure

The Investment Portfolio includes two euro-denominated HarbourVest funds and a Canadian dollar-denominated fund.

•    12% of underlying partnership holdings are denominated in euros. The euro-denominated Investment Pipeline is €11.3 million.

•    3% of underlying partnership holdings are denominated in sterling. There is no sterling-denominated Investment Pipeline.

•    1% of underlying partnership holdings are denominated in Australian dollars. There is no Australian dollar-denominated Investment Pipeline.

•    0.3% of underlying partnership holdings are denominated in Canadian dollars. The Canadian dollar-denominated Investment Pipeline is C$3.9 million.

HVPE has exposure to foreign currency movement through foreign currency-denominated assets within the Investment Portfolio and through its Investment Pipeline of unfunded commitments, which are long-term in nature. The Company's most significant currency exposure is to euros. The Company does not actively use derivatives or other products to hedge the currency exposure.

 

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