HarbourVest Global Private Equity Ltd. Capital Markets Session 15 - PowerPoint PPT Presentation

HarbourVest Global Private Equity Ltd. Capital Markets Session 15 June 2016

HarbourVest CONFIDENTIAL 1 Agenda  Chairman’s Introduction  HVPE Factsheet & Overview  HVPE Performance vs. Peers  Financial Performance & Portfolio Highlights  Managers and Investments  Key Take-Aways

HarbourVest CONFIDENTIAL 2 Chairman’s Introduction  The history of HarbourVest Global Private Equity  Manager award  The management team  The Board  The year to 31 January 2016 in review  Balance sheet and commitments HVPE NET ASSET VALUE GROWTH ($ millions except per share data) $1,337 ( ▲ 6%) 1400 $1,266 ( ▲ 10%) $1,167 ( ▲ 15%) 1200 $1,030 ( ▲ 9%) $944 ( ▲ 12%) 1000 $16.75 800 $15.86 NAV per Share 600 $14.38 NAV per Share $12.46 $11.42 400 NAV per Share NAV per Share NAV per Share 200 0 2012 2013 2014 2015 2016

HarbourVest CONFIDENTIAL 3 HVPE Factsheet HVPE is a Guernsey domiciled investment company, first listed in December 2007  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 30 April 2016 / Current* NAV $1,358 million Market capitalisation $1,072 million NAV/share USD (GBP) $17.01 (£11.82) Share price USD (GBP) $13.42 (£9.32)* Discount to NAV 21.1% NAV growth, 5 years USD (GBP) 62% (82%) Share price growth, 5 years USD (GBP) 94% (120%) 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 3 rd June 2016 18.3 million (avg. 125,000 / day) * Share price data as of market close, 3 rd June 2016. GBP/USD 1.440

HarbourVest CONFIDENTIAL 4 HVPE 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 34 HarbourVest Funds + 2 Co-Investments Primary Secondary Direct 49% 36% 15% 764 Funds / Partnerships Buyout VC & Growth 66% 34% 6,923 Operating Companies Industrial / Medical / Consumer / Financial Technology / Telecom Other Biotech 35% 31% 18% 16%

HarbourVest CONFIDENTIAL 5 Top 10 HarbourVest Funds  HVPE is offered a minimum 5% investment into all new HarbourVest funds  Commitment amounts are fine-tuned with respect to a series of portfolio construction targets  HVPE’s top 10 HarbourVest fund holdings are shown below Fund Proportion of HVPE Fund Proportion of HVPE NAV NAV Fund VIII Buyout 11.0% Fund IX Venture 4.4% Dover VIII 8.7% 2007 Direct 4.4% Fund VII Partnership 7.5% Conversus 4.2% HIPEP VI Partnership 6.8% HIPEP VI Asia Pacific 3.2% 2013 Direct 4.7% Fund VIII Venture 3.2% Data as of 31 Jan 2016

HarbourVest CONFIDENTIAL 6 HVPE Portfolio Construction Targets  HVPE commitments are made with reference to a set of agreed five-year targets  Other external/macro factors will influence portfolio composition over time INVESTMENT PORTFOLIO CONSTRUCTION TARGETS By Stage By Geography By Strategy    70% Buyout 60% US 60% Primary    30% Venture and Growth Equity 25% Europe 25% Secondary   10% Asia Pacific 15% Direct  5% Rest of World

HarbourVest CONFIDENTIAL 7 Diversification at 30 April 2016  The current breakdown by stage, geography and strategy is shown below  New commitments to Europe are expected to move this allocation closer to the target level over time INVESTMENT PORTFOLIO DIVERSIFICATION By Stage By Geography By Strategy    62% Buyout 62% US 49% Primary    34% Venture and Growth Equity 21% Europe 34% Secondary    4% Other 11% Asia Pacific 17% Direct  6% Rest of World

HarbourVest CONFIDENTIAL 8 HVPE Performance  HVPE vs. Public Markets  Share Price Discount to NAV  Share Price Performance – Short-term  Shareholder Register

HarbourVest CONFIDENTIAL 9 NAV Total Return HVPE total NAV return including the total distributions of $0.49 per share is now 70.1% since inception, representing annual growth of 6.5% vs. 2.5%* for the MSCI ACWI on a total return basis $20.00 HVPE NAV $17.01 $18.00 $15.86 MSCI ACWI TR $16.00 $14.38 HVPE Share Price $13.81 $14.00 $12.45 $11.42 $12.00 $10.39 $10.24 $10.00 $8.65 Cumulative Return (6 Dec 07 – 30 Apr 16) $7.61 $8.00 HVPE NAV 70.1% $6.00 HVPE Share Price 38.2% $4.00 MSCI ACWI TR 22.7% $2.00 Total Return Jan Jan Jan Jan Jan Jan Jan Jan Jan 2008 2009 2010 2011 2012 2013 2014 2015 2016 HVPE NAV $10.39 $7.61 $8.65 $10.24 $11.42 $12.46 $14.38 $15.86 $16.75 3.9% (26.8%) 13.7% 18.4% 11.5% 9.1% 15.4% 10.3% 5.6% MSCI ACWI 571.4 332.7 465.1 554.7 538.2 621.5 704.0 755.8 708.3 (8.7%) (41.8%) 39.8% 19.3% (3.0%) 15.5% 13.3% 7.4% (6.3%) *Compound annual growth rate calculated through 30 April 2016. Note: past performance is not an indication of future results

HarbourVest CONFIDENTIAL 10 Share Price Discount to NAV  HVPE’s discount to NAV has narrowed in recent years  Main Market listing has improved marketability of the shares  Trading range among HVPE’s peer group is very wide Current Share Price Discount to NAV 3i 14.1% Electra -12.6% F&C Private Equity Trust -14.7% HarbourVest Private Equity -21.1% SVG Capital -22.1% UK FOFS Weighted Average -24.2% JP Morgan Private Equity -25.0% Pantheon International -25.6% NB Private Equity Partners -26.8% Standard Life Euro Private Eq -27.4% ICG (Graphite) -27.9% Aberdeen Private Equity -33.8% Altamir -39.6% -50% -40% -30% -20% -10% 0% 10% 20% Source: J.P. Morgan Cazenove Investment Companies Daily Interactive Stats sheet as of 6 June 2016.

HarbourVest CONFIDENTIAL 11 Share Price Performance – Sep 2015 Onwards  HVPE’s share price has performed well since the Main Market listing  Volatility has been significantly lower than that seen in the broader sector 130 125 120 115 Electra 110 SVG HVPE 105 Pantheon 100 NBPE 3i 95 90 85 80 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Source: Bloomberg data, 3 rd June 2016 Note: past performance is not an indication of future results

HarbourVest CONFIDENTIAL 12 Shareholder Register  US ownership has fallen from 48% in September to 42% today  Recent buyers include the UK arm of the Prudential (+6%), index funds (+6%), retail investors (+0.5%) and private wealth managers (+0.4%) September 2015 April 2016 Other Other 9% 8% US US 42% 48% UK UK 44% 49%

HarbourVest CONFIDENTIAL 13 Financial Performance & Portfolio Highlights  Investments and Commitments  NAV Performance  Realisations  Uplift on Carrying Values  Expenses  Portfolio Growth

HarbourVest CONFIDENTIAL 14 Investments and Commitments to 31 January 2016 Activity during the period (in millions except % data) Year Ended Year Ended Financial Summary 31 January 2016 31 January 2015 Commitments to HarbourVest funds $526.4 $350.5 Total Investment Pipeline $1,043.0 $734.1 Cash Invested in HarbourVest funds $211.0 $162.2 % of Investment Pipeline* 16.7% 12.8%  Since 31 January 2016, HVPE has made commitments of a further $200m * % of Investment Pipeline at prior financial year-end, adjusted for commitments made during the year

HarbourVest CONFIDENTIAL 15 Total Unfunded Commitments at 31 January 2016  Of the total $1,043m in unfunded commitments, $423m (41%) is unallocated  The rolling coverage ratio rose from 72% to 104% during the period as the net cash position continued to improve and the credit facility was increased from $300m to $500m Investment Pipeline Rolling Coverage Ratio (31 January 2016) At 31 January 2016 Cash + Available Credit Facility $704m Current Year Projected Realisations $286m Allocated Unallocated A: Total Liquid Resources $990m $620 $423 B: Next Three Years’ Estimated Investments $948m Rolling Coverage Ratio = A/B = 104% 1-3 yrs 4-6 yrs 7-10 yrs >10 yrs $316 $197 $60 $47

HarbourVest CONFIDENTIAL 16 NAV Performance to 31 January 2016  NAV increased in the period by 5.6%, from $15.86 to $16.75, vs. a decrease of 6.3% for the MSCI ACWI on a total return basis  The increase was driven by profitable realisations  By value, 67% of a large sample of underlying companies* grew EBITDA in the twelve months ending 31 January 2016 – Of these, 3/5 were growing at a rate greater than 10% per annum  The weighted average EBITDA multiple in the sampled portfolio is 9.9x (from 9.4x in the prior year)  The average debt multiple is 4.2x (3.9x) CHANGES IN NAV PER SHARE $18 $1.43 $16.75 $17 $15.86 ($0.26) ($0.12) ($0.16) $16 $15 $14 $13 $12 NAV per Share Realised Gain / Management and Operating Foreign NAV per Share at 31 Jan 2015 Value Change Performance Fees Expenses Currency at 31 Jan 2016 *These portfolio metrics reflect an analysis of 1,696 buyout companies in developing and investing U.S. and international HarbourVest funds where data is available. This represented 39% of the total buyout NAV at 31 January 2016. Please note that the sample is larger than that taken in the prior year, hence f igures will not tie back to last year’s Annual Report.