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

HarbourVest Global Private Equity Ltd. Analyst Presentation 10 February 2016

HVPE Update

HarbourVest CONFIDENTIAL 2 Chairman’s Review  FTSE 250 inclusion  Recent market action  Balance sheet HVPE NET ASSET VALUE GROWTH ($ millions except per share data) 1600 $1,352 ( ▲ 7%) $1,266 ( ▲ 10%) 1400 ( ▲ 15%) $1,167 ( ▲ 9%) 1200 $1,030 ( ▲ 12%) $944 $16.93 ( ▲ 18%) 1000 $850 $15.86 NAV per Share $14.38 800 NAV per Share $12.46 600 $11.42 NAV per Share NAV per Share $10.24 400 NAV per Share NAV per Share 200 0 2015 December 2011 2012 2013 2014 2015 January Note: past performance is not an indication of future results.

HarbourVest CONFIDENTIAL 3 HVPE Factsheet  Investment strategy has remained focused since launch  HVPE is now the fourth largest listed PE investment company in London  NAV performance over all time periods since inception has been very strong Key data points 31 December 2015 / Current* NAV $1,352 million Market capitalisation $1,037 million NAV/share USD (GBP) $16.93 (£11.74) Share price USD (GBP) $12.98 (£9.01)* Discount to NAV 23.3% NAV growth, 5 years USD (GBP) 75% (90%) Share price growth, 5 years USD (GBP) 168% (191%) Total shares in issue 79.9 million Shares traded, year to 3 rd Nov 2015 9.9 million (avg. 39,000 / day) Shares traded, 4 th Nov to 8 th Feb 2016 13.1 million (avg. 196,000 / day) * Share price data as of market close, 8 th February 2016

HarbourVest CONFIDENTIAL 4 HVPE Model Overview  HVPE is designed to provide access to a range of private market investments  Invests in and alongside HarbourVest funds  HarbourVest funds in turn make investments into private market funds and operating companies HVPE 33 HarbourVest Funds + 2 Co-Investments Primary Secondary Direct 50% 34% 16% 788 Funds / Partnerships Buyout VC & Growth 65% 35% 6,812 Operating Companies Industrial / Medical / Consumer / Financial Technology / Telecom Other Biotech 35% 31% 18% 16%

$10.24 $8.65 $16.93 $15.86 $14.38 $12.45 $11.42 $10.39 $7.61 HarbourVest CONFIDENTIAL 5 NAV Total Return HVPE total NAV return including the total distributions of $0.49 per share is now 69% since inception, representing annual growth of 6.6% vs. 2.3%* for the MSCI ACWI on a total return basis $20.00 HVPE NAV $18.00 MSCI ACWI TR $16.00 HVPE Share Price $13.44 $14.00 $12.00 $10.00 Cumulative Return (6 Dec 07 – 31 Dec 15) $8.00 HVPE NAV 69.3% $6.00 HVPE Share Price 34.4% $4.00 MSCI ACWI TR 20.4% $2.00 Total Return Jan Jan Jan Jan Jan Jan Jan Jan Dec 2008 2009 2010 2011 2012 2013 2014 2015 2015 HVPE NAV $10.39 $7.61 $8.65 $10.24 $11.42 $12.46 $14.38 $15.86 $16.93 3.9% (26.8%) 13.7% 18.4% 11.5% 9.1% 15.4% 10.3% 6.7% MSCI ACWI 571.4 332.7 465.1 554.7 538.2 621.5 704.0 755.8 753.5 (8.7%) (41.8%) 39.8% 19.3% (3.0%) 15.5% 13.3% 7.4% (0.3%) *Compound annual growth rate calculated through 31 December 2015. Note: past performance is not an indication of future results

HarbourVest CONFIDENTIAL 6 NAV Portfolio Breakdown - Detail  HVPE has minimal exposure to the energy and banking sectors  Significant exposure to software, technology and biotech arising primarily from the venture portfolio  Balanced by more traditional healthcare, consumer and industrial businesses HVPE NAV: Sector Breakdown, 31 December 2015 12.5% 11.6% 10.7% 9.1% 7.7% 7.0% 5.6% 5.6% 4.7% 4.5% 3.8% 3.4% 3.3% 2.9% 3.6% 2.3% 1.7% Data as of 31 December 2015.

Private Equity Market Overview

HarbourVest CONFIDENTIAL 8 U.S. buyout outlook Fundraising Investments  Pipeline remains robust  GPs highly selective due to elevated pricing as the economy moves sideways  LP demand doesn’t appear to be letting up but may be impacted by public market declines  Volatility in markets should create buying opportunities  Oversubscription and rapid fundraises consistent across proven managers  Investment activity expected to modestly improve, but catalyst needed for a significant increase – corporate M&A may be the key  Relationship and access are key Liquidity Companies to Watch  Anticipate another strong year of liquidity after two years of record setting distributions  Expectations, however, should be tempered slightly due to recent volatility in capital markets and in the global macro economic environment The companies listed above are intended for illustrative purposes only. While these are actual investments in a HarbourVest portfolio, there is no guarantee they will be in a future portfolio.

HarbourVest CONFIDENTIAL 9 U.S. venture outlook Fundraising Investments  Robust pipeline of opportunities in early 2016  Pace of innovation creating rich investment landscape – Some managers pursuing funds for brand extension – Consumer and enterprise represent large markets undergoing technological and business model change  Top-tier managers oversubscribed at premium terms – Mobile / Social / Cloud & Big Data / Device, Storage,  Continued selectivity among LPs leads to “Haves” and “Have - Networking / Security / etc. Nots”  Fewer fund formations reduce competition – LPs backing fewer managers with larger commitments  Early stage investment valuations attractive but late stage – Herd mentality pursuing the “Haves” rounds commanding high valuations  Liquidity expected to continue to drive future commitments – Better ecosystem for portfolio company success  Time between venture manager fundraises decreasing to  Companies staying private longer to reach larger scale before about three years going public – raising larger growth rounds Liquidity Companies to watch  High-growth companies generating exciting returns in steady macro environment  Companies preparing for IPOs are stronger than ever; however, recent market volatility could delay some exits, and some IPOs being priced below latest venture round  After-market stock performance important to continued IPO activity  Continued interest from strategic acquirers looking for new growth opportunities The companies listed above are intended for illustrative purposes only. While these are actual investments in a HarbourVest portfolio, there is no guarantee they will be in a future portfolio.

HarbourVest CONFIDENTIAL 10 Significant increase in European fundraising activity as managers take advantage of increased LP appetite Funds Raised € 63 Over € 2bn 2015 fundraising levels up 42% on 2014,  € 58 € 60 supported by large cap managers: € 48 € 47 - Bridgepoint Europe V ( € 4bn) € Billions € 36 € 40 € 33 € 34 - PAI Europe VI ( € 3.3bn) € 26 - Equistone Europe V ( € 2.0bn) € 18 € 19 € 20 - EQT VII ( € 6.75bn) € 9 € 8 € 7 - Montagu V ( € 2.75bn) € 0 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 Trend expected to continue through to H1  2016: Number of Funds Raised and Average Fund Size (line) - Charterhouse € 3bn 120 € 1,000 - Advent € 12bn 105 103 96 100 € 800 - BC Partners € 7bn 71 # of Funds 80 € Millions - KKR Europe € 3.5bn € 600 61 53 52 60 50 49 Top performing GPs raising larger funds,  39 € 400 36 oversubscribed, and in a short time frame. 32 40 € 200 20 0 € 0 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 Source: Thomson Reuters as of January 12, 2015. The funds and general partners listed above are intended for illustrative purposes only. While these are actual investments and relationships in a HarbourVest portfolio, there is no guarantee they will be in a future portfolio.

HarbourVest CONFIDENTIAL 11 European deal activity has increased but remains well below the 2007 peak Transaction Value by Deal Size (EV) € 250 € 225 > € 1B € 500-1B  2015 transaction volumes up 38% € 199 € 250-500M € 100-250M vs 2014 € 200 € 0-100M  2015 transactions < € 1 billion € Billions € 150 € 130 € 125 driving increased deal activity, up 75% on 2014 € 90 € 88 € 100 € 82 € 79 € 77 € 74  2015 buyout activity has reached a € 35 € 50 new post-GFC high € 0  Increased activity mirrored in the '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 wider M&A space Buyout Transaction Value and European M&A € 1,500 € 300 Buyouts Total M&A € 225 € 199 € 1,000 € 200 € Billions € 130 € 125 € 90 € 88 € 100 € 500 € 77 € 79 € 74 € 82 € 35 € 0 € 0 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 Buyouts % 15% 16% 18% 10% 10% 14% 14% 12% 15% 12% 11% of M&A Source: Incisive Media, MergerMarket as of January 12, 2015

HarbourVest CONFIDENTIAL 12 European exits have been very strong, with an increasing share from IPOs IPO Exits 2015 IPOs (1) € 50 € 39 € 40 € 35 € Billions € 30 € 19 € 20 € 16 € 13 € 15 € 15 € 9 € 8 € 10 € 3 € 2 € 1 € 2 € 0 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 M&A Exits € 156 € 148 € 150 € 121 € 133 € 110 € 99 € 89 € 100 € Billions € 74 € 67 € 65 € 62 € 50 € 30 € 25 € 0 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 Source: Incisive Media, MergerMarket as of January 12, 2015. The companies listed above are intended for illustrative purposes only. While these are actual investments in a HarbourVest portfolio, there is no guarantee they will be in a future portfolio.