HARBOURVEST HVGPE : Monthly Update for 31 January 2015

Monthly Factsheet

31 JANUARY 2015

Highlights

HVPE's estimated NAV per share is $15.49, a 1.4% decrease from 31 December 2014 (due mainly to foreign currency movement) and a 7.7% increase during the financial year ended 31 January 2015.

Gearing remains at zero, and the Company holds $67 million of cash on its balance sheet.

The Investment Pipeline of unfunded commitments is $734 million, a $7 million decrease from 31 December. The Company received $15 million in realisations during January, bringing total realisations during the financial year to a record $356 million, $100 million above the prior financial year total of $256 million.

* Available credit facility reflects amount available subject to most restrictive covenant limit applicable.

† Reflects the Investment Portfolio plus the allocated Investment Pipeline divided by estimated NAV.

‡ Reflects cash plus Available Credit Facility plus projected full year realisations divided by forecast cash investments over the next three years. HVPE shares are also listed on the Euronext in Amsterdam. Trading is limited.

TRADING VOLUME (JULY 2013 - JANUARY 2015) Number of Shares Traded (million)

12

11.8m

10 9.1m

8

6 4.9m

4

2

0

July to December 2013

January to June 2014

July to December 2014

January 2015

0.5m

HVPE Monthly Factsheet 1

The Private Equity Cycle

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

This comprehensive solution is designed to deliver shareholders strong returns over a multi-year investment cycle.

New Commitments to HarbourVest funds - -

Allocated $558.7 $548.4
Unallocated 175.4 192.5

2 CASH INVESTED IN HARBOURVEST FUNDS - $54.4

3 NAV Growth (change in estimated NAV) ($17.4) $7.7

Commitments and Investment Pipeline

HVPE did not make any new HarbourVest fund commitments during January. During the financial year ended
31 January 2015, HVPE committed a total of $350.5 million to newly-formed HarbourVest funds. The Company continued to benefit from ongoing investments made by the actively-investing HarbourVest funds in its portfolio.
HVPE's Investment Pipeline (unfunded commitments) of $734.1 million decreased on a net basis by $6.8 million during January based on foreign currency movement. Of the total investment pipeline, approximately $559 million (76%) has been committed by HarbourVest funds to underlying partnerships.

Cash Invested

HVPE did not invest capital into HarbourVest funds during January 2015 (after funding $54.4 million during December 2014). During the financial year ended 31 January 2015, HVPE invested a total of $162.2 million in HarbourVest funds, in line with the prior financial year total.

NAV Growth

At 31 January 2015, HVPE's estimated Net Asset Value (NAV) per share is $15.49, a $0.22 per share decrease from the 31 December 2014 estimate of $15.71. This change resulted mainly from negative foreign currency movement and operating expenses of $0.03 per share. During January, the MSCI All Country World Index (USD) decreased 1.6%, and the euro depreciated 6.7% against the U.S. dollar.
HVPE's investment manager has estimated calendar fourth quarter 2014 valuations for HarbourVest fund-of-funds and direct funds using fund level activity, known transactions, preliminary direct portfolio company values, comparable public index movements, and discussions with general partners with whom it has invested. The Company's audited NAV and financial statements for the financial year ended 31 January 2015 will be published in May 2015. Until then, HVPE's estimated monthly NAV will continue to reflect the best information available to the investment manager, including adjustments to the estimated 31 December 2014 valuations as actual results are received from the underlying managers. The estimated NAV will also be adjusted monthly to reflect changes in the value of publicly-held securities in the portfolio, foreign currency movement, cashflows, and any known material events. The investment manager expects the Company's NAV to reflect final HarbourVest direct fund year-end valuations in March and April 2015, followed by final year-end valuations for HarbourVest fund-of-funds in April and May 2015.

Realisations Received

HVPE received $14.5 million in realisations during January (compared to $61.6 million in December 2014), the largest source of which was developing U.S. fund-of-funds HarbourVest VIII Buyout (sale of information security and data protection provider SafeNet to Gemalto for 2.1 times the fund's cost). HVPE received a total of $355.5 million in realisations during the financial year ended 31 January 2015 and is $193.3 million cash flow positive for the financial year since
31 January 2014.

HVPE Monthly Factsheet 2

Liquidity Events
During January, there were a total of 35 liquidity events across
HVPE's underlying portfolio (compared to 59 in December and
a last 12-month average of 47). These included 29 M&A transactions (including the sale of direct co-investment SafeNet to Gemalto) and six IPOs.

VENTURE-BACKED IPOS INCLUDED:

- Cloud-based document sharing platform Box (BOX), held in the

HVPE LIQUIDITY EVENTS

• Venture M&A

• Venture IPO

• Buyout/other M&A

• Buyout/other IPO

(# of transactions)

60

primary fund portfolio via Andreessen Horowitz, Bessemer Venture 50

Partners, Draper Fisher Jurvetson, and U.S. Venture Partners and

the secondary portfolio (and Conversus) via New Enterprise Associates 40

and Scale Venture Partners

- U.S.-based drug delivery technology provider Zosano Pharma (ZSAN), 30

held in the primary fund portfolio via New Enterprise Associates

- Denmark-based Ascendis Pharma (ASND), held in the primary fund 20

portfolio via Sofinnova Partners

Medical (ENTL), held in Conversus Capital via Essex Woodlands

Health Ventures 0

59

December 2014

35

January 2015

Managing a Listed Private Equity Company

Throughout HVPE's ongoing cycle of Commitments, Investment, Growth, and Realisation, the Board (along with the Investment Manager) employs tools and policies to manage the risk and reward for the benefit of the Company's shareholders.

Credit Facility

HVPE has fully repaid its debt to the credit facility. At 31 January 2015, HVPE's cash ($67.3 million) and remaining available credit facility ($300.0 million) total $367.3 million. This represents 66% of commitments allocated to underlying partnerships and 50% of total commitments (compared to 65% and 48%, respectively, at 31 December 2014). The Rolling Coverage Ratio at 31 January 2015 is 77%. This reflects the sum of cash, available credit facility, and the realisations expected to be received during the current financial year over the expected cash investments in HarbourVest funds over the current year and the next two years. This ratio considers the extended pace of capital
calls funded to HVPE's HarbourVest fund commitments.

Management of Foreign Currency Exposure

HVPE has exposure to foreign currency movements through foreign currency-denominated assets within the portfolio and through its 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.

Portfolio Diversification NAV

Consistent with HVPE's investment objective, the investment manager strives to manage risk through diversification within the portfolio. The charts illustrate the breakdown of HVPE's investment portfolio at 31 January 2015.

PORTFOLIO DIVERSIFICATION AT 31 JANUARY 2015

By Stage

By Phase

By Geography By Strategy

By Industry

• 62% Buyout

• 34% Venture and

Growth Equity

• 4% Other

• 54% Growth

• 24% Mature

• 22% Investment

• 67% U.S.

• 19% Europe

• 9% Asia Pacific

• 5% Rest of World

• 50% Primary

• 35% Secondary

• 15% Direct

• 35% Consumer / Financial

• 30% Technology / Telecom

• 19% Industrial / Other

• 16% Medical / Biotech

Notes The diversification by net asset value analysis is based on the fair value of the underlying investments, as estimated by the investment manager. Diversification by stage, phase, and geography is based on the estimated net asset value of partnership investments within HVPE's fund-of-funds and company investments within HVPE's direct funds. Industry diversification is based on the reported value of the underlying company investments for both fund-of-funds and direct funds. Some of the funds held in HVPE have not been fully invested. The composition of investments by phase, stage, geography, strategy, and industry may change as additional investments are made and existing investments are realised. By phase, growth includes vintage years 2006 to 2010, mature includes vintage years pre-2006, and investment includes vintage years 2011 to 2015.

HVPE Monthly Factsheet 3

Company Overview

HarbourVest Global Private Equity Limited ("HVPE" or the "Company") is a Guernsey-incorporated, closed-end investment company listed on the Specialist Fund Market ("SFM") of the London Stock Exchange and Euronext Amsterdam. HVPE is designed to offer shareholders superior, long-term capital appreciation while avoiding undue risk by investing in
a diversified portfolio of private equity investments. The Company is managed by an affiliate of HarbourVest Partners, LLC ("HarbourVest"), a leading private equity fund-of-funds manager. The HarbourVest team has managed private equity invest- ments for over 30 years, gaining invaluable expertise and developing long-term relationships with high quality managers.
HVPE is expected to continue to make investments in and alongside existing and newly-formed HarbourVest funds as they come to market. HarbourVest's funds typically invest their capital in primary partnerships, secondary investments, and direct investments across vintage years, strategies, geographies, and industries.

Contacts

REGISTERED OFFICE HarbourVest Global Private Equity Limited Company Registration Number: 47907

PO Box 156

Frances House Sir William Place St Peter Port

Guernsey GY1 4EU Tel +44 1481 702 400

Fax +44 1481 702 407

INVESTMENT MANAGER HarbourVest Advisers L.P.

c/o HarbourVest Partners, LLC One Financial Center

44th Floor

Boston MA 02111

U.S.A.

Tel +1 617 348 3707

Fax +1 617 350 0305

Richard Hickman

rhickman@harbourvest.com

+44 (0)20 7399 8847

KEY INFORMATION

Exchanges Euronext Amsterdam & London Stock Exchange

Ticker HVPE

Listing Date 6 December 2007 (Euronext)

12 May 2010 (LSE)

Financial Year End 31 January

Base Currency U.S. Dollars

ISIN GG00BR30MJ80

Bloomberg HVPE NA, HVPE LN Reuters HVPE.AS, HVPE.L Common Code 032908187

Amsterdam 612956

Security Code

Valuation Methodology HVPE carries its investments at fair value in accordance with U.S. generally-accepted accounting principles. HVPE's investment manager uses the best information it has available to estimate fair value. Fair value for private equity assets is based on the most recent financial information provided by the investment manager, adjusted for known investment operating expenses and subsequent transactions, including investments, realisations, changes in foreign currency exchange rates, and changes in value of public securities. Valuation adjustments are made for known significant events, if any, that affect the fair value of the investments. The 31 January 2015 estimated NAV is based on estimated investment values at 31 December 2014, including a positive valuation adjustment, for company investments within HVPE's direct funds and partnerships within HVPE's fund-of-funds, adjusted for foreign exchange movements, cashflows, and known events to 31 January 2015.

HVPE is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financieel toezicht). 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 document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the securities described herein. This report was prepared using financial information contained in HVPE's books and records as of the reporting date. This information is believed to be accurate but has not been audited by a third party. This report describes past performance, which may not be indicative of future results. HVPE does not accept liability for actions taken on the basis of the information provided.

HVPE Monthly Factsheet 4

distributed by