HARBOURVEST HVGPE : Monthly Update for 31 December 2015

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Monthly Factsheet

31 DECEMBER 2015

Highlights

• HVPE's estimated NAV per share is $16.93, a 1% increase from the 30 November 2015 estimate of $16.80 and a 7% increase from 31 January 2015.

• Gearing remains at zero, and the Company holds $219 million of cash on its balance sheet.

• The Investment Pipeline of unfunded commitments is $1.1 billion, a $102 million increase from 30 November.

• The Company invested $32 million and received $67 million in realisations during the month.

• During December, HVPE committed an additional $132 million to U.S.-focused fund-of-funds HarbourVest X Buyout.

• On 21 December 2015, HVPE announced its inclusion as a constituent of the FTSE 250 Index.

SUMMARY OF NET ASSET VALUE (in millions except per share and last traded price data)	31 December 2015	30 November 2015	Change
Investment Portfolio	$1,129.4	$1,153.2	($23.8)
Cash and Cash Equivalents	$219.1	$184.4	$34.7
Debt	-	-	-
Net Other Assets (Liabilities)	$3.8	$3.9	($0.1)
Estimated NAV	$1,352.3	$1,341.5	$10.8
Cash + Remaining Available Credit Facility*	$719.1	$684.4	$34.7
% Invested	84%	86%	(2%)
Commitment Level (Allocated Investment Pipeline)†	126%	127%	(1%)
Rolling Coverage Ratio‡	107%	105%	2%
Estimated NAV per Share ($) (79.9 million shares outstanding)	$16.93	$16.80	$0.13
Share Price ($) (converted from £ at the rate indicated)	$13.44	$13.01	$0.43
Foreign Exchange Rate	1.4736	1.5056	(0.032)
Estimated NAV per Share (£) (79.9 million shares outstanding)	£11.49	£11.16	£0.33
Last Traded Price (LSE) (£)	£9.12	£8.64	£0.48
Discount to NAV	21%	23%	(2%)

* 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. Note: HVPE shares are also listed on the Euronext in Amsterdam. Trading volume on Euronext is limited. HVPE's functional currency is the

Inclusion in the FTSE 250 Index

On 21 December 2015, HVPE announced its inclusion as a constituent of the FTSE 250 Index. The Company is now eligible for trading by index-tracker funds which is likely to further boost its liquidity.

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.

THE PRIVATE EQUITY CYCLE	Month Ended 31 December 2015	Month Ended 30 November 2015
1 / Commitments	$132.0	-
New Commitments to HarbourVest Funds
INVESTMENT PIPELINE (UNFUNDED COMMITMENTS)
Allocated	$572.9	$546.7
Unallocated	483.6	407.6
Total Investment Pipeline	$1,056.5	$954.3
2 / Cash Invested in HarbourVest Funds	$31.7	$14.0
3 / NAV Growth (Change In Estimated NAV)	$10.8	$11.9
4 / Realisations Received from HarbourVest Funds	$66.9	$31.2

Commitments and Investment Pipeline

During December, HVPE committed an additional $132.0 million to U.S. fund-of-funds HarbourVest X Buyout, bringing the total commitment to $232.0 million. HVPE's existing HarbourVest fund commitments continued to make new investments.

HVPE's Investment Pipeline (unfunded commitments) of $1.1 billion increased on a net basis by $102.2 million during December based on the new HarbourVest fund commitment, capital funded, and foreign currency movement. Of the total investment pipeline, approximately $572.9 million (54%) has been committed by HarbourVest funds to underlying partnerships.

Cash Invested

During December, HVPE invested $31.7 million in HarbourVest fund-of-funds, direct co-investment funds, and a secondary fund (compared to $14.0 million in November).

NAV Growth

At 31 December 2015, HVPE's estimated Net Asset Value (NAV) per share is $16.93, a $0.13 per share increase from the 30 November 2015 estimate of $16.80. This 0.8% increase compares to the MSCI All Country World Index (USD) decrease of 1.9% during December. This change was primarily driven by valuation uplifts and positive foreign currency movement. Consistent with prior December month ends, the entire portfolio reflects the investment manager's preliminary estimate of year-end 2015 valuation changes. These were partially offset by operating expenses of $0.02 per share. During December, the euro appreciated 2.8% against the U.S. dollar.

Realisations Received

HVPE Monthly Factsheet

HVPE received $66.9 million in realisations from HarbourVest funds during December (compared to $31.2 million in November). This was the highest monthly total during the financial year. The largest sources of realisations included direct co-investment fund HarbourVest 2007 Direct (sale of shares of The J.M. Smucker Company (SJM) acquired

in the March 2015 sale of Big Heart Pet Brands), global secondary fund Dover VIII, and U.S. fund-of-funds HarbourVest VII Venture.

LIQUIDITY EVENTS

During December, there were a total of 47 liquidity events across HVPE's underlying portfolio (compared to 42 in November and a last 12-month average of 42). These included 43 M&A transactions and four IPOs. M&A events included the sale of direct co-investment Freescale Semiconductor to NXP Semiconductors (NXPI) and

the sale of China Hydroelectric Corporation to Shenzhen Energy Group (held in the secondary portfolio via NewQuest Capital Advisors). The December 2015 IPOs included:

• Venture-backed Australian software provider Atlassian

  (TEAM), held in the primary fund portfolio via Accel Partners

• Buyout-backed Nordic hotel chain Scandic Hotels Group

(SHOT) held in the secondary portfolio via EQT Managers

HVPE LIQUIDITY EVENTS

• Buyout/other IPO

• Buyout/other M&A

• Venture IPO

• Venture M&A

(# of transactions)

40 47

42

30

20

10

Managing a Listed Private Equity Company

Throughout HVPE's ongoing cycle of Commitments, 0

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

November 2015

December 2015

HVPE currently has no drawings on its credit facility. At 31 December 2015, HVPE's cash ($219.1 million) and available credit ($500.0 million) total $719.1 million. This represents 126% of commitments allocated to underlying partnerships and 68% of total commitments (compared to 125% and 72%, respectively, at 30 November 2015). The Rolling Coverage Ratio at 31 December 2015 is 107%. This reflects the sum of cash, available credit, and realisations expected to be received during the current financial year, taken as a percentage of the expected cash investments in HarbourVest funds over the current year plus the next two years. In considering forecast investments over a three-year period rather than total unfunded commitments, this calculation enables a more useful comparison of HVPE's coverage ratio relative to its peers.

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 December 2015.

PORTFOLIO DIVERSIFICATION AT 31 DECEMBER 2015

By Stage

By Phase

By Geography By Strategy

By Industry

• 61% Buyout

• 35% Venture and

  Growth Equity

• 4% Other

• 49% Growth

• 18% Mature

• 33% Investment

  • 66% U.S.

  • 19% Europe

  • 10% Asia Pacific

  • 5% Rest of World

  • 50% Primary

  • 34% Secondary

  • 16% Direct

  • 35% Consumer / Financial

  • 31% Technology / Telecom

    HVPE Monthly Factsheet

  • 18% 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.

Company Overview

HarbourVest Global Private Equity Limited ("HVPE" or the "Company") is a Guernsey-incorporated, closed-end investment company listed on 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 investments 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 Ground Floor Dorey Court Admiral Park St Peter Port Guernsey GY1 2HT 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 9847

KEY INFORMATION Exchanges London Stock Exchange & Euronext Amsterdam Ticker HVPE Listing Date 6 December 2007 (Euronext) 9 September 2015 (LSE MM) Financial Year End 31 January Base Currency U.S. Dollars ISIN GG00BR30MJ80 SEDOL (SFM) BR30MJ8 SEDOL (Euronext) BR30MK9 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 December 2015 estimated NAV is based on estimated investment values at 31 December 2015, 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 December 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.

HVPE Monthly Factsheet

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.