Share Name Share Symbol Market Type Share ISIN Share Description
Harbourvest Global Private Equity Limited LSE:HVPE London Ordinary Share GG00BR30MJ80 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +4.00p +0.24% 1,700.00p 1,696.00p 1,710.00p 1,710.00p 1,700.00p 1,710.00p 3,740 09:13:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -6.3 0.0 - -

HarbourVest Global Annual Financial Report

12/05/2017 7:01am

UK Regulatory (RNS & others)


 
TIDMHVPE 
 
 
   12 May 2017 
 
   RESULTS FOR THE YEARED 31 JANUARY 2017 
 
   10% NAV growth marks eighth consecutive year of increasing NAV 
 
   HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a 
closed-end investment company, announces its audited results for the 
year ended 31 January 2017.  All figures relate to the year ended 31 
January 2017 unless otherwise stated. 
 
   Strong performance 
 
 
   -- Continued growth in net asset value ("NAV") per share 
 
          -- In the year, 10% growth to $18.47 
 
          -- Annual compound growth of 11% since 2010 (US dollars) 
 
   -- Share price up 37% to GBP11.95 at 31 January 2017 
 
          -- Further rise of 7% to GBP12.78 between financial year end and 10 
             May 2017 
 
 
   -- Discount to NAV narrowed from 26% to 19% over year 
 
 
   -- 
 
          -- Continued to close post-reporting period 
 
   -- Active portfolio management, supporting next wave of growth 
 
          -- $425m committed to new HarbourVest funds (2016: $526m) 
 
          -- $270m invested in private companies through HarbourVest funds 
             (2016: $211m) 
 
          -- $148m value growth from investment portfolio (2016: $82m) 
 
                 -- Direct-co-investments and buyouts key drivers 
 
          -- $251m realisations (2016: $363m); larger exits realised at an 
             average 30% above carrying value 
 
   -- Net cash of $175.2m on balance sheet, zero borrowings 
 
 
   Sir Michael Bunbury, Chairman of HVPE, said: 
 
   "I am very pleased to report another year of steady progress for HVPE. 
This represents the eighth consecutive financial year of positive NAV 
growth and reflects the continuing success of HVPE's consistent 
investment strategy. 
 
   "Through committing to HarbourVest-managed funds, this Company provides 
shareholders with access to a ready-made and globally diversified 
private equity programme - a strategy which aims to deliver long-term 
capital appreciation for shareholders. From inception in December 2007 
to 31 January 2017, HVPE has delivered a share price total return of 
140% in sterling terms. 
 
   "As we approach our tenth year of existence, we remain confident that 
the private markets will continue to offer superior returns and that 
your Company is well-positioned to take advantage of this." 
 
   To view the Company's Annual Financial Report please follow this link: 
Annual Report - Year Ending 31 January 2017.  : 
http://www.hvpe.com//media/Files/H/Hvgpe/reports-and-presentations/reports/2017/hvpe-2017-ar.pdf 
 
 
   The annual financial report will also shortly be available on the 
National Storage Mechanism, which is situated at 
www.morningstar.co.uk/uk/nsm. 
 
   Enquiries: 
 
 
 
 
HVPE 
Richard Hickman             Tel: +44 (0)20 7399 9847  rhickman@harbourvest.com 
Charlotte Edgar             Tel: +44 (0)20 7399 9826  cedgar@harbourvest.com 
HarbourVest Partners 
Laura Thaxter               Tel: +1 (617) 348 3695    lthaxter@harbourvest.com 
MHP Communications 
Jamie Ricketts / Mark Lunn  Tel: +44(0)20 3128 8100   hvpe@mhpc.com 
/ Kelsey Traynor 
 
 
   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 investment specialist with more than 
30 years of experience. 
 
   About HarbourVest Partners, LLC: 
 
   HarbourVest is an independent, global private markets asset manager with 
more than 30 years of experience and more than $40 billion in assets 
under management. The Firm's powerful global platform offers clients 
investment opportunities through primary fund investments, secondary 
investments, and direct co-investments in commingled funds or separately 
managed accounts. HarbourVest has more than 400 employees, including 
more than 100 investment professionals across Asia, Europe, and the 
Americas. This global team has committed more than $34 billion to 
newly-formed funds, completed over $16 billion in secondary purchases, 
and invested $6 billion directly in operating companies. Partnering with 
HarbourVest, clients have access to customised solutions, longstanding 
relationships, actionable insights, and proven results. 
 
   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 and its investment 
manager, HarbourVest Advisers L.P. (the "Investment Manager"). 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 
Ground Floor Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 
2HT. 
 
   (c) 2017 HarbourVest Global Private Equity Limited. All rights reserved. 
 
   Chairman's Statement 
 
   Dear Shareholder, 
 
   The year to 31 January 2017 was a year of steady progress for 
HarbourVest Global Private Equity ("HVPE" or the "Company") following 
the landmark previous year which saw the establishment of a single class 
of voting shares, the listing of those shares on the Main Market in 
London and the entry of the Company into the FTSE 250 Index. Furthermore, 
in October 2016 HVPE announced that it had delisted its shares in 
Amsterdam and in November it moved its Home State to the United Kingdom. 
 
   The Company has witnessed a continuing transition in its share register. 
Shares have flowed East across the Atlantic such that the percentage 
owned by US Persons is estimated to have reduced from 42% in May 2016 to 
29% as at the date of this letter. A number of new, mainly UK domiciled, 
shareholders and investment managers have become major shareholders. On 
behalf of the Board of HVPE I want to thank longstanding shareholders 
for their support and to welcome new shareholders, wherever they are 
located, and particularly those institutions and private wealth managers 
that have seen the merits of making a long-term investment in private 
equity through ownership of shares in your Company. 
 
   2017 is the tenth year of the Company's existence and the financial 
record since inception is shown at the foot of this Statement. Even 
approaching ten years is not a long time when investing in private 
markets and the Company is fortunate to be able to draw on, and be 
guided by, the experience of our Investment Manager, HarbourVest 
Partners ("HarbourVest"). Together with colleagues, in 1982 Brooks Zug, 
currently a Senior Managing Director of HarbourVest and a director of 
HVPE, formed the business that is now HarbourVest and over the last 35 
years they have built a formidable track record of successfully 
investing in private markets. From small beginnings, HarbourVest has 
expanded to become a world-wide private equity manager presently 
managing in excess of $40 billion of investors' money from all around 
the globe. It is this wealth of experience and the global reach of the 
Investment Manager that underpins the proposition for investment in the 
shares of HVPE as being one of the very few large (a market 
capitalisation of GBP1 billion), liquid (a median turnover of shares to 
the value of approximately GBP343,000 per day) and widely diversified 
private equity vehicles listed on the London Stock Exchange. 
 
   This Annual Report seeks both to report on the progress of the Company 
during the year to 31 January 2017 and also to explain in some detail 
the process by which the Company is managed with the aim of delivering 
long-term net asset value ("NAV") appreciation. As a highly diversified 
company with underlying investments in more than 7,000 companies the NAV 
of HVPE is never likely to be materially affected by the performance of 
any one individual company. But over time the returns from successful 
early stage investing through funds in companies that have become 
household names such as Google, Facebook or, recently, Snapchat, can be 
significant. Taken together with the larger element of the Company's 
business, being investment in buy-outs and corporate turn-around 
situations, the aim is to deliver steady growth in NAV per share in 
normal market conditions. Of course, conditions are not always normal 
and the ten-year record reminds us of the effect of the Global Financial 
Crisis. However, since 2010 the NAV per share in US dollar ("USD") terms 
has grown at a compound rate of 11.4% per annum and in the year to 31 
January 2017 grew by 10.3% to $18.47. 
 
   Performance and Asset Values 
 
   Although the share price does not directly track the growth in NAV per 
share, such growth is the bedrock which underpins the company. In the 
year to 31 January 2017 USD NAV per share grew by 10.3%. Unlike the 
previous year when NAV performance exceeded the total return of the MSCI 
All Country World Index by 12%, on this occasion growth of 10.3% was 
somewhat less than the return on that index which accelerated markedly 
from mid-summer of 2016. The total return from the MSCI Index was 18.6% 
for the 12 months, and that from the FTSE All World Index was 18.8%. In 
future the Company intends to benchmark performance against the FTSE All 
World Index which better matches HVPE's asset profile, albeit still not 
perfectly. This is not a softening of the benchmark as over the long 
term the FTSE Index has outperformed the MSCI. 
 
   Relative performance to any one single date is only a snapshot and 
heavily influenced by short-term movements in listed markets as opposed 
to valuations of private assets which typically are only revalued every 
three to six months. What matters is the long-term performance. Since 
inception in 2007 HVPE has delivered NAV per share total return in USD 
of 84.7% as against 38.6% total return for the FTSE All World Index. 
 
   HVPE's strategy is to deliver superior long term NAV per share 
performance. The aim is that this should exceed that of listed markets 
by 5% per annum and as reported a year ago that aim was achieved from 
inception in 2007 to 31 January 2016. It has not been for the year to 31 
January 2017 as a result of a combination of rapidly rising listed 
markets towards the end of the period, lags in private equity valuations 
and deliberately increased commitments to new funds so as to lay the 
ground for growth in future years. All in all, though, the Board 
considers the outturn for the 12 months to 31 January to be fully 
satisfactory. 
 
   Share Price Performance, Share Trading and Discounts 
 
   Ultimately what matters to shareholders is share price performance. For 
UK investors the year to 31 January 2017 saw the share price as quoted 
in UK pounds sterling ("GBP") rise by 37% driven by NAV per share growth 
in USD and a decline in the GBP/USD exchange rate, resulting in a 
narrowing of the discount from 25.9% to 18.6%. At 31 January 2017 the 
share price ended the year at GBP11.95. For US based investors there was 
also substantial growth, albeit lower than 
 
   for UK shareholders, of 21%. Although some other companies and markets 
materially outpaced such growth, given low inflation and minimal returns 
on cash and near-cash assets, returns at such levels over 12 months for 
a long-term asset must be considered very respectable. 
 
   Nevertheless, as with all equity type of assets with a liquid market 
price, there was significant volatility in both the discount to NAV at 
which the shares traded over the 12 months and in the share price. In 
mid-summer, immediately following the shock Referendum vote in the UK, 
the discount exceeded 30% and the share price was below GBP9. By 
contrast at 31 January 2017 the discount was less than 19% with the 
share price heading towards GBP12. The Board regularly reviews the level 
of the discount and considers whether the Company has feasible options 
which might reduce the discount over the longer term. To date the Board 
remains of the view that good investment performance which delivers long 
term growth in NAV per share, together with increased acceptance by the 
market of the benefits of listed private equity as an asset class, are 
the key to lower discounts. Meanwhile shareholders do need to be 
prepared to tolerate volatility in both discount and share price and 
look beyond both to the value creation that increasing NAV per share 
will ultimately bring. 
 
   During the year there was a further welcome increase in the number of 
shares routinely traded and there was substantial movement in the 
register of shareholders. The Company estimates that some 42% of issued 
shares were traded in the year. 
 
   Currency 
 
   In earlier paragraphs I have referred to values in both UK pounds 
(market capitalisation and share turnover) and in US dollars (NAV). 
Currencies and their relative movements have a significant effect on 
your Company which needs to be borne in mind when considering results 
and prospects for the future. 
 
   HVPE's functional currency is the US dollar. The Company draws up its 
accounts in USDs and those accounts are presented under US accounting 
standards. The majority of the Company's assets are and are always 
likely to be USD assets. At year-end the US assets represented 62% of 
the Company's assets and the Investment Manager's target allocation is 
65%. In addition many of the assets located outside of the US are 
heavily influenced by the performance of the USD and, with the exception 
of those 23% of underlying investments denominated in currencies other 
than US dollars, all funds in which HVPE is directly or indirectly 
invested are USD denominated. So both in terms of assets and in terms of 
currency the USD is significantly the most important currency as far as 
NAV is concerned. 
 
   Currencies impact on HVPE in a number of ways. The share price quote is 
in UK pounds as is required by the rules of the London Stock Exchange. 
The share price finds its own level but in the long run it is heavily 
influenced by, and indeed driven by, the USD NAV per share. So as was 
the case in the year to 31 January 2017, a substantial depreciation of 
the GBP relative to the USD has boosted the GBP share price return very 
substantially. During the year the GBP share price rose from GBP8.71 to 
GBP11.95, or by 37.2%. Translated back into USD the gain was 21.1% for a 
shareholder whose base currency is the USD. 
 
   Investors in HVPE shares are investing in what is very largely a USD 
asset even though the shares are quoted in GBP. Within HVPE the 
principal currency risk is that of the translation of the euro assets 
into USDs. The volatility of the exchange rate between the euro and the 
USD has resulted in both foreign exchange gains and losses in individual 
time periods since the inception of the Company. For a number of years 
the exchange risk was partly offset by the presence of borrowings in 
euros. However, since 2014 the Company has had no borrowings but has 
held substantial USD deposits and thus no hedge against depreciation of 
the euro is currently in place. 
 
   Company Portfolio, Balance Sheet and Fees 
 
   The Investment Manager's report following this Statement gives 
considerable detail on the affairs of the Company and as with last year 
I will confine my comments to a number of strategic matters. 
 
   Once again HVPE has seen significant uplifts in individual company 
valuations on the occasion of a liquidity event. This year the uplifts 
from carrying value on the day prior to the announcement of the 
liquidity event have averaged approximately 30%. Although this is lower 
than the uplifts reported for the previous five years, it still 
represents powerful evidence that the appraised fair value of the 
companies in which HVPE has an indirect underlying interest through its 
investment portfolio has regularly been uplifted on the occasion of a 
liquidity event. I see no reason why that trend should not continue in 
future years. 
 
   In order to lay the ground for future growth, and as reported by the 
Investment Manager, the Company has continued to make substantial 
commitments to new HarbourVest funds - being the only assets that the 
Company routinely invests in. During the year new commitments of USD 425 
million were made and at the period end HVPE had yet-to-be funded 
commitments of USD 1.2 billion. As has been regularly reported, the 
profile of draw-downs of cash for a company investing, as HVPE does, 
principally through funds of funds, is both relatively predictable and, 
for primary funds, is typically spread over five to seven years. In the 
judgement of the Board and of the Investment Manager this permits HVPE 
to run a Balance Sheet with significant yet-to-be funded commitments in 
the firm expectation, built on HVPE's experience of nearly 10 years and 
HarbourVest's of 35 years, that realisations from existing assets will 
flow through to provide funding to meet those future commitments. 
 
   Once again the pace of realisations was substantial in the 12 months to 
31 January 2017 and the Company ended the year with a cash balance of 
$175 million, only slightly reduced from $204 million 12 months earlier. 
During the year there were substantial cash movements amounting to $251 
million of realisations and $270 million of cash calls for investment. 
 
   The Investment Manager has prepared cash flow models covering several 
different macroeconomic scenarios. All of those models predict a Balance 
Sheet which remains sound even in the event of a downturn worse than the 
Global Financial Crisis of 2008/09. Although in most foreseeable 
circumstances the forecast level of borrowing remains very modest, as an 
"insurance" the Board has chosen to have available secured and committed 
bank facilities amounting to $500 million as committed jointly by Lloyds 
Bank and Credit Suisse. During the year the maturity of those facilities 
was extended to December 2020. Increased capital requirements for banks 
have meant that the cost of such facilities has risen and HVPE is now 
paying a fee of 1.15% per annum on undrawn facilities and interest at a 
margin over LIBOR of upwards from 3% in the event that funds are drawn. 
Although such facilities are significantly more expensive than they were 
in the early years of the Company's existence, the Board and the 
Investment Manager are of the opinion that they provide the essential 
building block for future investment performance by allowing HVPE to run 
a commitment ratio materially higher than many of its peers. It is, 
therefore, intended that facilities will be regularly renewed and 
extended such that at any time the Company will endeavour to have 
facilities available for at least the following 36 months. 
 
   I indicated a year ago that the Company's increased pace of commitments 
would likely lead to the plateauing of the management fees, as a 
percentage of NAV, payable to HarbourVest via the funds in which HVPE is 
invested. That has indeed proved to be the case and management fees as a 
percentage of year-end NAV have remained at 1.1%. 
 
   The Board and Management 
 
   No structural changes were made during the year. At the AGM in July 2016 
shareholders confirmed the appointment of two partners of HarbourVest, 
Brooks Zug and Peter Wilson, as continuing directors of HVPE for the 
following 12 months. Richard Hickman in London and Billy Macaulay in 
Boston head the team and have been joined by Charlotte Edgar as a Senior 
Marketing and Communications specialist located in London. As Chairman, 
I continue to be actively involved and am in regular contact with all of 
the key HarbourVest individuals. 
 
   As I reported in September, in 2016 the Board commissioned an external 
appraisal of its effectiveness which was undertaken by BoardAlpha Ltd. 
The report made a number of detailed recommendations; but it also 
endorsed the effectiveness of the current structure in respect of the 
management of the Company and the furtherance of the shareholders' 
interests. 
 
   I have referred in earlier Statements to the fact that a number of 
directors have served for nine years and that in due course new 
appointments to the Board would be made. To commence this movement the 
Board appointed external recruitment consultants to search for an 
additional director. Following a robust process I was very pleased to be 
able to announce in March 2017 that the Company had appointed Francesca 
Barnes as an independent non-executive director. Francesca has a wealth 
of experience in the private equity world, most recently as a director 
of Electra Private Equity PLC from which Board she retired in 2016. 
Prior to that appointment Francesca spent 16 years at UBS AG serving as 
Global Head of Private Equity for the last seven years and, prior to UBS, 
served 11 years with Chase Manhattan UK and US in roles spanning 
commodity finance, financial institutions and private equity. 
 
   At present the Board has no formal policy on tenure. However, I am clear 
that the process which commenced with the appointment of Francesca 
Barnes will be ongoing with an aim always to have a Board of an 
appropriate size and with individuals who are qualified and capable of 
directing the Company in the interests of all shareholders. 
 
   Annual General Meeting and Informal Shareholder Meeting 
 
   HVPE will hold its formal Annual General Meeting in Guernsey on 20 July 
2017. Notice of the meeting, together with the resolutions to be tabled 
and voting forms, is expected to be dispatched to shareholders in the 
week commencing 22 May. Francesca Barnes will offer herself for election 
to the Board. All of the other Independent Directors, save for Alan 
Hodson, have served for more than nine years, and all, including Alan, 
will submit themselves for re-election at the 2017 AGM. This is in 
keeping with the AIC's Code. 
 
   Under the terms of the Investment Management Agreement, HarbourVest has 
the right to propose two persons for election to the Board and Brooks 
Zug and Peter Wilson, the two HarbourVest partners who currently serve 
on the Board of HVPE, have been duly proposed. Although it is relatively 
unusual for two representatives of the Investment Manager to serve on 
the Board of an investment company, as I have written before, in the 
special circumstances of HVPE I consider it to be wholly appropriate for 
this company and I ask shareholders to vote in favour of their 
re-election at the AGM. 
 
   In relation to the AGM, HVPE has recently appointed a specialist firm, 
Boudicca, to assist in the liaison between the company and its 
shareholders. Most shareholdings are registered in the names of nominee 
companies and frequently the chain between those registered holders and 
the decision makers in front offices of the managers has several links 
in it, including some spanning oceans. Boudicca will assist in ensuring 
that the relevant papers, including this Annual Report, reach the 
appropriate decision makers and we look forward to shareholders voting 
on the resolutions in front of the AGM by means of proxies executed by 
the registered holders. 
 
   In advance of the formal AGM HVPE will hold an informal meeting for 
interested shareholders at Sofitel St James, 6 Waterloo Place, London 
SW1Y 4AN from 8.30am on Thursday 8 June 2017. The Investment Manager has 
recently issued invitations and details by email to major shareholders. 
Any shareholder who has not received an invitation but would like to 
attend should contact Charlotte Edgar at cedgar@harbourvest.com. 
 
   Conclusion 
 
   As always in the investment world uncertainties abound. Markets and 
economies have to pause, and indeed retrench from time to time. 
Political events are unpredictable. 2016 was a wonderful year for owners 
of many assets and one cannot expect returns to run so very far ahead of 
economic growth in the long run. However, investing in private equity 
assets through 
 
   a company such as HVPE, managed as it is by a highly experienced manager, 
should be seen as a long-term strategy to add value from which all 
shareholders should benefit over the longer term. 
 
   Michael Bunbury 
 
   Chairman 
 
   12 May 2017 
 
   Principal Risks and Uncertainties 
 
   Risk Factors 
 
   The Board and Investment Manager have identified a number of risks to 
the Company's business. A comprehensive risk assessment process is 
undertaken on a quarterly basis to re-evaluate the impact and 
probability of each risk materialising and the financial or strategic 
impact of the risk. Those risks which have a higher probability and a 
significant potential impact on performance, strategy, reputation or 
operations are identified below as principal risks faced by the Company. 
 
   The Company's Board is responsible for monitoring and oversight of the 
risks facing the Company and conducts a structured review of these risks, 
and associated mitigants, on at least a quarterly basis. 
 
 
 
 
Risk      Description                                                   Mitigating Factor 
Foreign   Approximately 20% of the value of HVPE's total as-            The Board and the Investment Manager monitor the foreign 
Exchange   sets are denominated in non-US dollar currencies,             exchange risk experienced by the Company and will 
Risks      primarily euros. Foreign Currency movement affects            consider implementing hedging arrangements if deemed 
           the Company's investments, borrowings on the multi-currency   appropriate. 
           credit facility, and unfunded commitments. 
Public    Public markets in many developed countries are trading        Both the Board and the Investment Manager actively 
Market     close to all-time highs. While economic fundamentals          monitor the Company's NAV, and exposure to individual 
Risks      have improved, structural imbalances remain. The Company      public markets is partially mitigated by the geographical 
           makes venture capital and buyout investments in companies     diversification of the portfolio. The Board notes 
           where operating performance is affected by the broader        that it has limited ability to mitigate public market 
           economic environment within the countries in which            risk. 
           those companies operate.                                      Stress testing takes place as part of the portfolio 
           While these companies are generally privately owned,          composition process to model the effect of different 
           their valuations are, in most cases, influenced by            macro economic scenarios to provide comfort to the 
           public market comparables. In addition, approximately         Board that the balance of risk and reward is appropriate 
           13% of the Company's portfolio is made up of publicly         in the event of a downturn in public markets. 
           traded securities whose values increase or decrease 
           alongside public markets. Should global public markets 
           decline or the economic situation deteriorate, it 
           is likely that the Company's NAV could be negatively 
           affected. 
Balance   The Company's balance sheet strategy and a willingness        The Board has put in place a monitoring programme 
Sheet      to utilise leverage to finance new investments is             with a defined total commitment ratio cap, determined 
Risks      described on page 65 of this report. The Company also         with reference to portfolio models, in order to mitigate 
           continues to maintain an over-commitment strategy             against the requirement to sell assets at a discount 
           and may draw on its credit facility to bridge periods         during periods of NAV decline. Both the Board and 
           of negative cash flow when cash calls on investments          the Investment Manager actively monitor these metrics 
           are greater than realisations. The level of potential         and will take appropriate action as required to attempt 
           borrowing available under the credit facility could           to mitigate these risks. 
           be negatively affected by declining NAVs. Therefore, 
           in a period of declining NAVs, reduced realisations, 
           and rapid substantial cash calls, the Company's net 
           leverage ratio could increase beyond an appropriate 
           level, resulting in a need to sell assets. 
 
 
 
 
Risk           Description                                                  Mitigating Factor 
  Borrowing    While it is currently undrawn, the Company depends           The Board monitors developments in credit markets 
  risk          on the availability of its credit facility in order          and intends to renew the credit facility regularly 
                to operate an overcommitment strategy. The Company's         with the aim that there should always be a minimum 
                lenders may be unable or unwilling to renew or extend        of 36 months of unexpired facility available. The 
                the Company's credit facility.                               Board is also actively considering options for other 
                                                                             sources of financing. 
  Reliance on  The Company is dependent on its Investment Manager           This risk is mitigated by the Board monitoring the 
  HarbourVest   and HarbourVest's investment professionals. With the         performance of the Investment Manager on an ongoing 
                exception of the 2011 Absolute investment and 2012           basis, including through regular reports and visits 
                Conversus investment, nearly all of the Company's            to the Investment Manager's London and Boston offices, 
                assets, save for cash balances and short-term liquid         which took place twice in the year under review. In 
                investments, are invested in HarbourVest funds.              addition, the Audit Committee reviewed a recent ISAE 
                Additionally, HarbourVest employees play key roles           3402 report from the Investment Manager to assess 
                in the operation and control of the Company. The departure   the controls environment of the Investment Manager. 
                or reassignment of some or all of                            Succession planning at the Manager is monitored by 
                HarbourVest's professionals could prevent the Company        the Board of the Company. 
                from achieving its investment objectives. 
  Trading      Any ongoing or substantial discount to NAV has the           The Company's shares are admitted to trading on the 
  Liquidity     potential to damage the Company's reputation and to          Main Market of the London Stock Exchange to appeal 
  and Price     cause shareholder dissatisfaction.                           to a wide variety of shareholders and 
                The five largest shareholders represent approximately        to increase the liquidity of the Company's shares. 
                45% of the Company's shares in issue. This may contribute    In addition, the Board continues to monitor the discount 
                to a lack of liquidity and widening discount. Also,          to NAV and will consider appropriate solutions to 
                in the event that a substantial shareholder chose            address any ongoing or substantial discount to NAV. 
                to exit the share register, this may have an effect          The Board has overseen the allocation of additional 
                on the discount to NAV.                                      investor relations resource in the year under review. 
                                                                             The Company has attracted new shareholders and the 
                                                                             concentration of shares held by the five largest shareholders 
                                                                             has decreased from 50% to 45% in the course of the 
                                                                             year under review. 
  Popularity   Investor sentiment may change towards the Listed Private     The Board has set the Manager the objective of ensuring 
  of Listed     Equity Sector, resulting in a widening of the Company's      that the widest possible variety of investors are 
  Private       share price discount to NAV.                                 informed about the Company's performance and proposition 
  Equity                                                                     in order to mitigate against this. In addition, the 
  Sector                                                                     Manager actively participates in the marketing of 
                                                                             the sector. The size of the Company means that its 
                                                                             own success will contribute to the popularity of the 
                                                                             sector as a whole. 
 
 
   Board of Directors 
 
   Sir Michael Bunbury 
 
   Chairman, Independent Non-Executive Director, appointed October 2007 
 
   Sir Michael Bunbury (age 70) is an experienced director of listed and 
private investment, property and financial services companies. He is 
currently the Chairman of BH Global Limited, a former Director of 
Foreign & Colonial Investment Trust plc (which has been an investor in 
numerous HarbourVest funds, including funds in which the Company is 
invested), and Director of Invesco Perpetual Select Trust plc. Sir 
Michael began his career in 1968 at Buckmaster & Moore, a member of The 
Stock Exchange, before joining Smith & Williamson, Investment Managers 
and Chartered Accountants, in 1974 as a Partner. He later served as 
Director and Chairman and retired as a consultant to the firm in May 
2017. 
 
   Keith B. Corbin 
 
   Senior Independent Non-Executive Director and Chairman of the Audit 
Committee, appointed October 2007 
 
   Keith Corbin (age 64) is an Associate of the Chartered Institute of 
Bankers (A.C.I.B.) (1976) and Member of the Society of Trust and Estate 
Practitioners (T.E.P.) (1990). He has been involved in the management of 
international financial services businesses in various international 
centres during the last 34 years. Keith is currently the Group Executive 
Chairman of Nerine International Holdings Limited, Guernsey, which also 
has operations in the British Virgin Islands, Hong Kong, India, and 
Switzerland. He serves as a non-executive Director on the board of 3W 
Power S.A. and various regulated financial services businesses, 
investment funds, and other companies. 
 
   Alan C. Hodson 
 
   Independent Non-Executive Director, appointed April 2013 
 
   Alan Hodson (age 55) is a Director of JP Morgan Elect and Woodford 
Patient Capital Trust. Alan joined Rowe and Pitman (subsequently SG 
Warburg, SBC and UBS) in 1984 and worked in a range of roles, all 
related to listed equity markets. He became Global Head of Equities in 
April 2001 and was a member of the Executive Committee of UBS Investment 
Bank and of the UBS AG Group Managing Board. He retired from UBS in June 
2005 and has since held positions on a variety of commercial and charity 
Boards. 
 
   Andrew W. Moore 
 
   Independent Non-Executive Director, appointed October 2007 
 
   Andrew Moore (age 62) is Group Chairman of Cherry Godfrey Holdings 
Limited, Chairman of Sumo Limited and a director of Sumo Acquisitions 
Limited. Andrew joined Williams & Glyns Bank, which subsequently became 
The Royal Bank of Scotland, after obtaining a diploma in business 
studies. He moved to Guernsey to establish and act as Managing Director 
of a trust company for The Royal Bank of Scotland in 1985. During his 
career, Andrew held a range of senior management positions, including 
acting as head of corporate trust and fund administration businesses for 
The Royal Bank of Scotland in Guernsey, Jersey, and Isle of Man, which 
provided services to many offshore investment structures holding a wide 
variety of asset classes. Andrew 
 
   has over 30 years of experience as both an executive and non-executive 
Director of companies including investment funds and banks. 
 
   Jean-Bernard Schmidt 
 
   Independent Non-Executive Director, appointed October 2007 
 
   Jean-Bernard Schmidt (age 71) is a former Managing Partner of Sofinnova 
Partners, a leading European venture capital firm based in Paris. 
Jean-Bernard joined Sofinnova in 1973 as an investment manager. In 1981 
he became President of Sofinnova Inc. in San Francisco, managing 
Sofinnova's US venture capital funds until 1987, when he returned to 
Paris to head the Sofinnova group. He then began focusing on Sofinnova's 
investments in Europe and on technology and early stage projects in 
information technologies and life sciences. In 1989, he launched the 
first Sofinnova Capital fund. Jean-Bernard retired from Sofinnova group 
in September 2010. He is a past and current board member of many 
technology companies in the US and France. Between 1998 and 2001, he was 
a board member of AFIC, the French Venture Capital Association. From 
June 2003 to June 2004, he was Chairman of EVCA (the European Private 
Equity and Venture Capital Association, now Invest Europe). Jean-Bernard 
is a graduate of Essec Business School in Paris and holds an MBA from 
Columbia University in New York. 
 
   Peter G. Wilson 
 
   Non-Executive Director, appointed May 2013 
 
   Peter Wilson (age 54) joined HarbourVest's London-based subsidiary in 
1996. He is a member of HarbourVest's Executive Management Committee and 
co-leads HarbourVest's secondary investment activity in Europe. He 
serves on the advisory committees for partnerships managed by Baring 
Vostok Capital Partners, CVC Capital Partners, Holtzbrinck Ventures, 
Index Venture Management, Nordic Capital, and Paragon Partners. Prior to 
joining HarbourVest, Peter spent three years working for the European 
Bank for Reconstruction and Development, where he originated and managed 
two regional venture capital funds in Russia. He served as founding 
Chairman of the Board of Trustees of City Year London. Peter also spent 
two years at The Monitor Company, a strategy consulting firm based in 
Cambridge, Massachusetts. He received a BA (with honours) from McGill 
University in 1985 and an MBA from Harvard Business School in 1990. 
 
   D. Brooks Zug 
   Non-Executive Director, appointed October 2007 
 
   Brooks Zug (age 71) is a senior managing director of HarbourVest 
Partners, LLC and a founder of HarbourVest. As Senior Managing Director, 
Brooks' continuing responsibilities include advising the current 
generation of managing directors and interacting with HarbourVest's most 
important global clients, including HVPE. He joined the corporate 
finance department of John Hancock Mutual Life Insurance Company in 
1977, and, in 1982, co-founded Hancock Venture Partners, which later 
became HarbourVest Partners. Brooks is a past Trustee of Lehigh 
University and a current Trustee of the Boston Symphony Orchestra. He 
received a BS from Lehigh University in 1967 and an MBA from Harvard 
Business School in 1970. Brooks received his CFA designation in 1977. 
 
   Directors' Report 
 
   The directors present their report and financial statements for the year 
ended 31 January 2017. 
 
   A description of important events which have occurred during the 
financial year, their impact on the performance of the Company as shown 
in the Audited Consolidated Financial Statements (beginning on Page 84 
to 99) and a description of the principal risks and uncertainties facing 
the Company, together with an indication of important events that have 
occurred since the end of the financial year and the Company's likely 
future development is given in this Report, the Chairman's Statement and 
the Notes to the Audited Consolidated Financial Statements and are 
incorporated here by reference. 
 
   Principal Activity 
 
   The Company is a closed-ended investment company incorporated in 
Guernsey on 18 October 2007 with an unlimited life. The Company has one 
class of shares (the "Ordinary Shares") and its shares are admitted to 
trading on the Main Market of the London Stock Exchange. 
 
   Until 9 September 2015, the Company had two classes of shares in issue 
being Class A shares of no par value ("Class A shares") and Class B 
shares of no par value ("Class B shares"). On 6 December 2007 the Class 
A shares were admitted to listing and trading on Euronext Amsterdam by 
NYSE Euronext. On 12 May 2010, the Class A shares were admitted to 
trading on the Specialist Fund Market of the London Stock Exchange 
 
   On 27 August 2015 the Company's Articles of Incorporation ("Articles") 
were amended to permit the repurchase and cancellation of all Class B 
shares in issue and on 9 September 2015 all Class B Shares were 
repurchased for a value of $1 per Class B Share and immediately 
cancelled. 
 
   The transition from the Specialist Fund Market of the London Stock 
Exchange to the Main Market of the London Stock Exchange took effect on 
9 September 2015 and the Company joined the FTSE 250 index on 21 
December 2015. 
 
   Effective 25 October 2016, in order to reduce administrative and legal 
costs and complexity, the Company consolidated its listing on the Main 
Market of the London Stock Exchange and its shares were delisted from 
Euronext Amsterdam. Subsequent to the delisting from Euronext, 
shareholders who obtained their shares through Euronext Amsterdam will 
continue to be able to trade these shares on the London Stock Exchange. 
 
   Please refer to Note 1 in the Audited Consolidated Financial Statements 
for information regarding voting rights. 
 
   Investment Objective and Investment Policy 
 
   The Company's investment objective is to generate superior shareholder 
returns through long-term capital appreciation by investing primarily in 
a diversified portfolio of private equity investments. The Company may 
also make investments in private market assets other than private equity 
where it identifies attractive opportunities. 
 
   The Company seeks to achieve its investment objective primarily by 
investing in investment funds managed by HarbourVest, which invest in or 
alongside third party-managed investment funds ("HarbourVest Funds"). 
HarbourVest Funds are broadly of three types: (i) "Primary HarbourVest 
Funds", which make limited partner commitments to underlying private 
market funds prior to final closing; (ii) "Secondary HarbourVest Funds", 
which make purchases of private market assets by acquiring positions in 
existing private market funds or by acquiring portfolios of investments 
made by such private market funds; and (iii) "Direct HarbourVest Funds", 
which invest into operating companies, projects or assets alongside 
other investors. 
 
   In addition, the Company may, on an opportunistic basis, make 
investments (generally at the same time and on substantially the same 
terms) alongside HarbourVest Funds ("Co-investments") and in 
closed-ended listed private equity funds not managed by HarbourVest 
("Third Party Funds"). Co-investments made by the Company may, inter 
alia, include investments in transactions structured by other 
HarbourVest vehicles including, but not limited to, commitments to 
private market funds or operating companies in which other HarbourVest 
funds have invested. 
 
   Cash, at any time not held in such longer term investments is, pending 
such investment, held in cash, cash equivalents, and money market 
instruments. 
 
   The Company uses an over-commitment strategy in order to remain as fully 
invested as possible, consistent with the investment guidelines. To 
achieve this objective, the Company has undrawn capital commitments to 
HarbourVest Funds and Co-investments which exceed its liquid funding 
resources, but uses its best endeavours to maintain capital resources 
which, together with anticipated cash flows, will be sufficient to 
enable the Company to satisfy such commitments as they are called. 
 
   Diversification and Investment Guidelines 
 
   The Company will, by investing in a range of HarbourVest Funds, 
Co-investments and Third Party Funds, seek to achieve portfolio 
diversification in terms of: 
 
   // geography: providing exposure to assets in the United States, Europe, 
Asia and other markets; 
 
   // stage of investment: providing exposure to investments at different 
stages of development such as early stage, balanced and late stage 
venture capital, small and middle market businesses or projects, large 
capitalisation investments, mezzanine investments and special situations 
such as restructuring of funds or distressed debt; 
 
   // strategy: providing exposure to primary, secondary and direct 
investment strategies; 
 
   // vintage year: providing exposure to investments made across many 
years; and 
 
   // industry: with investments exposed, directly or indirectly, to a 
large number of different companies across a broad array of industries. 
 
   In addition, the Company will observe the following investment 
restrictions: 
 
   // with the exception, at any time, of not more than one HarbourVest 
Fund or Co-investment to which up to 40%. of the Company's Gross Assets 
may be committed or in which up to 40%. of the Company's Gross Assets 
may be invested, no more than 20%. of the Company's Gross Assets will be 
invested in or committed at any time to a single HarbourVest Fund or 
Co-investment; 
 
   // no more than 10%. of the Company's Gross Assets will be invested (in 
aggregate) in Third Party Funds; 
 
   // the Investment Manager will use its reasonable endeavours to ensure 
that no more than 20% of the Company's Gross Assets, at the time of 
making the commitment, will be committed to or invested in, directly or 
indirectly, whether by way of a Co-investment or through a HarbourVest 
Fund, to (a) any single ultimate underlying investment, or (b) one or 
more collective investment undertakings which may each invest more than 
20%. of the Company's Gross Assets in other 
 
   collective investment undertakings (ignoring, for these purposes, 
appreciations and depreciations in the value of assets, fluctuations in 
exchange rates and other circumstances affecting every holder of the 
relevant asset); 
 
   // any commitment to a single Co-investment which exceeds 5%. of the 
Company's NAV (calculated at the time of making such commitment) shall 
require prior Board approval, provided however that no commitment shall 
be made to any single Co-investment which, at the time of making such 
commitment, represents more than 10%. (or, in the case of a 
Co-investment that is an investment into an entity which is not itself a 
collective investment undertaking (a "Direct Investment"), 5%.) of the 
aggregate of: (a) the Company's NAV at the time of the commitment; and 
(b) undrawn amounts available to the Company under any credit 
facilities; 
 
   // the Company will not, without the prior approval of the Board, 
acquire any interest in any HarbourVest Fund from a third party in a 
secondary transaction for a purchase price that: 
 
   (i)      exceeds 5% of the Company's NAV; or 
 
   (ii)     is greater than 105% of the most recently reported net asset 
value of such interest (adjusted for contributions made to and 
distributions made by such HarbourVest Fund since such date). 
 
   Save for cash awaiting investment which may be invested in temporary 
investments, the Company will invest only in HarbourVest Funds (either 
by subscribing for an interest during the initial offering period of the 
relevant fund or by acquiring such an interest in a secondary 
transaction), in co-investments or in third party funds. 
 
   Company's Right to Invest in HarbourVest Funds 
 
   Pursuant to contractual arrangements with HarbourVest, the Company has 
the right to invest in each new HarbourVest Fund, subject to the 
following conditions: 
 
   // unless the Board agrees otherwise, no capital commitment to any 
HarbourVest Fund may, at the time of making the commitment, represent 
more than 35%. or less than 5%. of the aggregate total capital 
commitments to such HarbourVest Fund from all its investors; 
 
   // unless HarbourVest agrees otherwise, the Company shall not have a 
right to make an investment in or a commitment to any HarbourVest Fund 
to which 10 or fewer investors (investors who are associates being 
treated as one investor for these purposes) make commitments. 
 
   Leverage 
 
   The Company does not intend to have aggregate leverage outstanding at 
Company level for investment purposes at any time in excess of 20%. 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. 
 
   Results 
 
   The results for the financial year ended 31 January 2017 are set out in 
the Consolidated Statements of Operations within the Audited 
Consolidated Financial Statements that begin on page 84. In accordance 
with the investment objective of the Company, the directors did not 
declare any dividends during the year under review and the directors do 
not recommend the payment of dividends as at the date of this report. 
 
   Directors 
 
   The directors as shown beginning on page 62 all held office throughout 
the reporting period and at the date of signature of these financial 
statements. Brooks Zug is Senior Managing Director of HarbourVest 
Partners, LLC, an affiliate of the Investment Manager. Peter Wilson is 
Managing Director of HarbourVest Partners (U.K.) Limited, a subsidiary 
of HarbourVest Partners, LLC. Jean-Bernard Schmidt is a former Managing 
Partner of Sofinnova Partners, which manages partnerships into which 
HarbourVest fund-of-funds invest. 
 
   During the year under review, Andrew Moore was a director of HarbourVest 
Structured Solutions II GP Ltd., which acts as the general partner of a 
limited partnership managed by the Investment Manager. In the course of 
holding this position, Mr. Moore was in a minority on the Board of the 
general partner. Mr. Moore tendered his resignation as director of 
HarbourVest Structured Solutions II GP Ltd effective 25 February 2016. 
Mr. Moore received $10,000 per annum in respect of his position on the 
board of HarbourVest Structured Solutions II GP Ltd. The Board 
unanimously considers that there was no conflict of interest between Mr. 
Moore's directorship and the limited partnership due to the alignment 
between the interests of the limited partnership and the interests of 
the Company. 
 
   Save as disclosed in these financial statements, the Company is not 
aware of any other potential conflicts of interest between any duty of 
any of the directors owed to it and their respective private interests. 
All directors, other than Mr. Zug and Mr. Wilson, are considered to be 
independent. Mr. Corbin is the Senior Independent Director. 
 
   Directors' Interests in Shares 
 
 
 
 
                        2017    2016 
Sir Michael Bunbury    22,863  22,863 
Keith Corbin           25,000  25,000 
Alan Hodson            30,000  30,000 
Andrew Moore           14,400  14,400 
Jean-Bernard Schmidt   28,500  25,000 
Peter Wilson           25,000  Nil 
 
 
   There has been no change in Directors' interests between 31 January 2017 
and the date of signing of this report. 
 
   Shareholder Information 
 
   The Company announces the estimated net asset value of an Ordinary Share 
on a monthly basis together with commentary on the investment 
performance provided by the Investment Manager. These monthly statements 
are available on the Company's website. 
 
   The last traded price of Ordinary Shares is available on Reuters, 
Bloomberg, and the London Stock Exchange. A copy of the original 
Prospectus of the Company is available from the Company's registered 
office and on the Company's website. 
 
   All Ordinary shares may be dealt in directly through a stockbroker or 
professional adviser acting on an investor's behalf. The buying and 
selling of Ordinary shares may be settled through CREST. 
 
   Relations with Shareholders 
 
   The Board recognises that it is important to maintain appropriate 
contact with major shareholders to understand their issues and concerns. 
Members of the Board have had the opportunity to attend meetings with 
major shareholders, and the Board accesses major shareholders' views of 
the Company via, among other methods, direct face-to-face contact and 
analyst and broker briefings. The Chairman and other independent 
directors regularly meet with shareholders. 
 
   In addition, the Investment Manager maintains dialogue with 
institutional shareholders, the feedback from which is reported to the 
Board. The Company has also appointed J.P. Morgan Cazenove and Jefferies 
Hoare Govett as its joint corporate brokers to enhance communications 
with shareholders. Scott Harris and Edison have both been engaged to 
report on and to liaise with shareholders. In addition, Scott Harris 
also arrange shareholder meetings for the Investment Manager. 
 
   The Board monitors the Company's trading activity on a regular basis. 
 
   The Company reports formally to shareholders twice a year. In addition, 
current information is provided to shareholders on an ongoing basis 
through the Company's website and monthly newsletters. Shareholders may 
contact the directors, including the Chairman and the Senior Independent 
Director through the Company Secretary. 
 
   Substantial Shareholders 
 
   As of 10 May 2017, insofar as is known to the Company, the following 
shareholders were interested, directly or indirectly, in 5% or more of 
the total issued Ordinary Shares: 
 
 
 
 
                                          % of Total Shares  % of Total Shares 
                                                 May                May 
                                                2017               2016 
State Teachers Retirement System of Ohio              13.57              13.57 
Prudential Portfolio Management Group                 10.30               6.08 
 
Old Mutual Global Investors (UK) Ltd.                  9.08               5.24 
 
Lazard Asset Management LLC                            6.41               4.77 
Lothian Pension Fund                                   5.72               5.72 
 
Washington State Investment Board                      5.59              11.11 
Total                                                50.67%             46.49% 
 
 
   Corporate Responsibility 
 
   The Board of the Company considers the ongoing interests of investors on 
the basis of open and regular dialogue with the Investment Manager. The 
Board receives regular updates outlining regulatory and statutory 
developments and responds as appropriate. 
 
   Bribery 
 
   The Directors have undertaken to operate the business in an honest and 
ethical manner and accordingly take a zero-tolerance approach to bribery 
and corruption. The key components of this approach are implemented as 
follows: 
 
   // the Board is committed to acting professionally, fairly and with 
integrity in all its business dealings and relationships; 
 
   // the Company implements and enforces effective procedures to counter 
bribery; and 
 
   // the Company requires all its service providers and advisors to adopt 
equivalent or similar principles. 
 
   Disclosures Required Under LR 9.8.4R 
 
   Listing Rule 9.8.4R. requires that the Company include certain 
information in a single identifiable section of the Annual Report or a 
cross reference table indicating where the information is set out. The 
directors confirm that there are no disclosures to be made in this 
regard. 
 
   Investment Manager 
 
   A description of how the Company has invested its assets, including a 
quantitative analysis, may be found on pages 1 to 58 of this report, 
with further information disclosed in the Financial Statements and the 
Notes to the Financial Statements on pages 92 to 99. The Board have 
considered the appointment of the Investment Manager and, in the opinion 
of the directors of the Company, the continuing appointment of the 
Investment Manager on the terms agreed is in the interests of its 
shareholders as a whole. 
 
   In considering this appointment, the Board have reviewed the past 
performance of the Investment Manager, the engagement of the Investment 
Manager with Shareholders and the Board, and the strategic plan 
presented to the Board by the Investment Manager. 
 
   The Investment Manager is HarbourVest Advisors L.P. and the principal 
contents of the Investment Management Agreement are as follows: 
 
   // to manage the assets of the Company (subject always to supervision by 
the Board and subject to both the investment policy of the Company and 
any restrictions contained in any prospectuses published by the 
Company); 
 
   // to assist the Company with shareholder liaison; 
 
   // to monitor compliance with the Investment Policy on a regular basis; 
 
   // to nominate up to two Board representatives for election by 
shareholders at the Company's Annual General Meeting. 
 
   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, which was amended and 
restated on 27 August 2015 (the "Investment Management Agreement"), 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, the Company would be required to pay a 
contribution, which would have been $7.1 million at 31 January 2017 and 
$6.9 million as at 27 April 2017, as reimbursment 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. 
 
   Delegation of Responsibilities 
 
   Under the Investment Management Agreement, the Board has delegated to 
the Investment Manager substantial authority for carrying out the 
day-to-day management and operations of the Company, including making 
specific investment decisions, subject at all times to the control of, 
and review by, the Board. In particular, the Investment Management 
Agreement provides that the Board and the Investment Manager shall agree 
a strategy mandate which sets out a five-year plan for the Company. 
 
   Board Responsibilities 
 
   The Board meets at least five times a year, and between these scheduled 
meetings there is regular contact between directors, the Investment 
Manager and the Company Secretary, including a formal strategy meeting 
and scheduled Board update calls. As a result of the changes in the UK 
Finance Act, on 12 August 2014, the Company amended its Articles to 
permit the Board to meet in the UK. However, the Board continues to hold 
the majority of its meetings outside the UK. 
 
   The directors are kept fully informed of investment and financial 
controls and other matters that are relevant to the business of the 
Company. Such information is brought to the attention of the Board by 
the Investment Manager and by the administrator in their quarterly 
reports to the Board. The directors also have access where necessary, in 
the furtherance of their duties, to professional advice at the expense 
of the Company. 
 
   In the financial year ended 31 January 2017, the Board held five 
scheduled Board meetings, two of which were meetings devoted solely to 
strategic issues, the remaining three of which were focused on the 
review of investment performance and associated matters such as gearing, 
asset allocation, marketing/investor relations, peer group information 
and industry issues. An additional four meetings were held at short 
notice to consider limited objectives; these meetings were attended by 
those directors available in the jurisdiction to constitute a meeting at 
the relevant time on limited notification. All directors received notice 
of the meetings, the agenda, and supporting documents and were able to 
comment on the matters to be raised at the proposed meeting. In addition 
to the formal quarterly, strategy, and ad-hoc meetings, the Board also 
receives detailed updates from the Investment Manager via update calls. 
 
   Below is a summary of the director attendance at the quarterly and 
strategic Board meetings held in the financial year: 
 
 
 
 
                               Attendance at Quarterly and Strategic Board 
                                                Meetings 
Sir Michael Bunbury                                                        5/5 
Mr. Brooks Zug                                                             5/5 
Mr. Peter Wilson                                                           5/5 
Mr. Keith Corbin                                                           5/5 
Mr. Alan Hodson                                                            5/5 
Mr. Andrew Moore                                                           5/5 
Mr. Jean-Bernard Schmidt                                                   4/5 
 
 
 
 
   Committees of the Board 
 
   On 24 November 2015, the Board announced that it had resolved to 
establish a Service Provider Review Committee and a Nomination Committee, 
in addition to the existing Audit Committee. Prior to the establishment 
of these committees the work undertaken by the new committees was 
performed by the Board as a whole. 
 
   The Audit Committee is chaired by Mr. Corbin and details of its 
activities and membership can be found on page 74 of this report. 
 
   The Service Provider Review Committee (equivalent to a management 
engagement committee) is chaired by the Chairman of the Company and its 
members are Mr. Schmidt, Mr. Hodson and Mr. Moore. The other directors 
of the Company may attend by invitation of the committee. The Service 
Provider Review Committee held two meetings in the year under review and 
all members of the committee attended those meetings. The Terms of 
Reference for this committee may be found on the Company's website. 
 
   In the course of the year under review, the committee reviewed the 
Company's contracts of engagement with the Investment Manager, Secretary, 
and other service providers and concluded that they were operating 
satisfactorily so as to ensure the safe and accurate management and 
administration of the Company's affairs and business and were 
competitive and reasonable for the shareholders. 
 
   The Nomination Committee is chaired by the Chairman of the Company and 
its members are Mr. Corbin, Mr. Hodson, Mr. Moore and Mr. Schmidt. The 
mandate of the Nomination Committee is to consider issues related to 
Board composition and the appointment of directors. The Nomination 
Committee held its first meeting on 11 February 2016 and all members of 
the committee attended this meeting. The Terms of Reference for this 
committee may be found on the Company's website. 
 
   Board Evaluation 
 
   The Board undertakes a formal annual evaluation of its performance and 
the performance of the Investment Manager and the Secretary. Each 
director's performance is reviewed annually by the Chairman, and the 
performance of the Chairman is assessed by the remaining directors by 
way of a performance evaluation questionnaire and a subsequent scheduled 
interview. As part of the review, succession planning, the scope of the 
director's role including any committee memberships, any training and 
development requirements, and the ability of the director to devote 
sufficient time to the Company are considered. 
 
   In addition to this annual evaluation, in recognition of the Company's 
move to the Main Market of the London Stock Exchange, the Board 
commissioned an external appraisal by Board Alpha Limited to review its 
operation and effectiveness during 2016. The conclusions of this report 
have been presented to the Board and were generally positive, and cited 
in particular the independence of the Board, the quality of debate, and 
the degree of engagement with shareholders. Recommendations included a 
review of the Board's composition including a skills audit, which has 
since been carried out. 
 
   Board Composition 
 
   The Board has a balance of skills, experience and length of service 
relevant to the Company, and the directors believe that any changes to 
the Board's composition can be managed without undue disruption. With 
any new director appointment to the Board, the new director will 
participate in an appropriate, structured induction process. 
 
   Further to reviewing the conclusions of the Board evaluation, the Board 
carefully considered its composition, with specific reference to the 
fact that Sir Michael Bunbury, Mr. Corbin, Mr. Moore, Mr. Schmidt and 
Mr. Zug had served on the Board for nine years in October 2016. The 
Board is of the view that these directors can continue beyond a tenure 
of nine years, noting that they will be subject to continuing scrutiny 
as to their effectiveness and independence, and to annual 
 
   re-election. The Board confirms that Sir Michael Bunbury, Mr. Corbin, 
Mr. Moore and Mr. Schmidt remain independent of the Manager, 
notwithstanding their nine years service. 
 
   In order to retain corporate knowledge and achieve an orderly succession 
the Board identified that an additional director should be appointed. 
Clear criteria were drawn up by the Board and Cornforth Consulting was 
appointed as external search consultants. Cornforth Consulting does not 
have any other relationship with the Company. Following this process, 
Francesca Barnes was appointed as a director of the Company on 3 April 
2017. 
 
   Director's Indemnity 
 
   Under the Company's Articles, the Directors, Secretary and officers are 
indemnified out of the Company's assets and profits 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 
respective offices or trusts except as incurred by their own negligence, 
breach of duty or breach of trust. 
 
   Risk Review 
 
   The Board has an ongoing process in place for identifying, evaluating, 
and managing the significant risks faced by the Company. A description 
of the principal risks and uncertainties facing the Company is given 
beginning on page 59. As part of the process for evaluating risks, the 
Board undertakes a review of its risk matrix. The risks reviewed are 
grouped into four categories: Financial Risks, Operating Risks, 
Strategic and Investor Relations Risk and Governance and Regulatory 
Risk. Risks are assessed and classed according to their probability of 
occurring and the likely impact upon the Company. Risks are then 
categorised based on priority, being grouped into Primary and Secondary 
risks which are reviewed accordingly. 
 
   During the financial year, the Board focused on consolidation of the 
governance changes implemented pursuant to the Main Market listing in 
the previous financial year. In addition the Board considered currency 
risk and how it might impact future returns; potential future liquidity 
requirements based on scenario analysis by the Investment Manager; and 
how to maintain the Company's NAV and share price growth. In general, 
the Board noted that those risks where the probability and impact 
remained high post-mitigation were outside of the Company's control and 
would affect global markets as a whole. 
 
   International Tax Reporting 
 
   The Company is subject to Guernsey regulations and guidance based on 
reciprocal information sharing inter-governmental agreements which 
Guernsey has entered into with a number of jurisdictions. The Board has 
taken the necessary actions to ensure that the Company is compliant with 
Guernsey regulations and guidance in this regard. 
 
   Going Concern 
 
   After making enquiries and mindful of the closed-ended nature of the 
Company with no fixed life and the nature of its investments, the 
directors are satisfied that it is appropriate to continue to adopt the 
going concern basis in preparing the Audited Consolidated Financial 
Statements, and, after due consideration, the directors consider that 
the Company is able to continue for a period of at least the next 12 
months. In addition, the Board monitors and manages the ongoing 
commitments via the criteria set out on page 64. When considering the 
criteria, the Board reviews detailed reports from the Investment Manager 
detailing ongoing commitments and the Investment Pipeline. Furthermore, 
the Board, as part of its regular review of the Consolidated Statement 
of Assets and Liabilities and debt position, considers model scenario 
outputs that are based on a look-through to the anticipated underlying 
fund and portfolio cashflows. 
 
   Viability Statement 
 
   Pursuant to provision C.2.2 of the UK Corporate Governance Code 2014 and 
Principle 21 of the AIC Code, the Board has assessed the viability of 
the Company over a three-year period from 31 January 2017. Whilst the 
Board has no reason to believe that the Company will not be viable over 
a longer period, it has chosen this period as this falls within the 
Board's strategic horizon and within the Company's expected investment 
lifecycle. 
 
   The Company's investment objective is to generate superior shareholder 
returns through long-term capital appreciation by investing primarily in 
a diversified portfolio of private equity investments. The majority of 
the Company's investments are in HarbourVest-managed private equity 
fund-of-funds, which have fund lives of 10-14 years as discussed on page 
15. 
 
   While the Company's investment lifecycle spans a time period of ten 
years or more, the Board focuses on a five-year time horizon when 
considering the strategic planning of the Company, as discussed on page 
30. The strategic planning focuses on building a portfolio of long-term 
assets through capital allocation into a set of rolling five-year 
portfolio construction targets defined by investment state, geography, 
and strategy. While reviewed and updated annually, this rolling 
five-year process allows the Board a medium-term view of potential 
growth, projected cash flow and potential future commitments under 
various economic scenarios. 
 
   As part of its strategic planning, the Board considered a model scenario 
that replicated the impact of the global financial crisis on the 
Company's portfolio, which caused large NAV declines and a material 
reduction in realisations from underlying company investments. This 
severe downside scenario included projected returns and cash flows based 
on certain assumptions at least as significant as HVPE's experience 
during 2008 and 2009. The Board concluded that new commitments would 
need to be materially reduced under this scenario, but that the 
Company's cash balance and available credit facility would be sufficient 
to cover any capital requirements (as it was during the global financial 
crisis). The results of these model scenarios showed that the Company 
would be able to withstand the impact of these scenarios occurring over 
the three year period. 
 
   The Board considers that a three-year period to 31 January 2020 is a 
more appropriate period of time to assess the Company's viability as 
this reflects greater predictability of the Company's cash flow and new 
commitments over that time period, and also reflects the term of the 
Company's revolving credit facility, which is a significant component in 
supporting the Company's over commitment strategy. This three year 
period of time is further supported by the Rolling Coverage Ratio metric 
that the Investment Manager uses, as explained further on page 54. 
 
   The Board, in assessing the viability of the Company, has also paid 
particular attention to the principal risks faced by the Company as 
disclosed on page 59. In addition, the Board has established a risk 
management framework, reviewed on a 
 
   quarterly basis, which is intended to identify, measure, monitor, report 
and, where appropriate, mitigate the risks to the Company's investment 
objective, including any liquidity or solvency issues. The Board does 
not consider any other risks to be principal risks as defined in the UK 
Corporate Governance Code. 
 
   Based on its review, the Board has a reasonable expectation that the 
Company will be able to continue in operation and meet its liabilities 
as they fall due over a three year period to 31 January 2020. 
 
   Financial Risk Management 
 
   The Company is wholly funded from equity balances, comprising issued 
ordinary share capital as detailed in Note 1 to the financial statements 
and retained earnings. The Company has access to borrowings pursuant to 
the Credit Facility of up to $500 million. 
 
   The Board does not intend to have aggregate leverage outstanding at the 
Company level at any time in excess of 20% of Company NAV (other than in 
respect of borrowings for cash management purposes, which may be held 
for extended periods of time). 
 
   The Company's financial risk management objectives and policies are 
outlined in the Audit Committee report beginning on page 74 and the Risk 
Review section of this report beginning on page 69. The Company's policy 
on hedging is considered under NAV risks in the Principal Risks section 
of this report beginning on page 59. 
 
   The Investment Manager and the Directors ensure that all investment 
activity is performed in accordance with the investment guidelines. The 
Company's investment activities expose it to various types of risks that 
are associated with the financial instruments and markets in which it 
invests. Risk is inherent in the Company's activities and it is managed 
through a process of ongoing identification, measurement and monitoring. 
The financial risks to which the Company is exposed include price risk, 
liquidity risk and cash flow risk and these risks are explained in 
greater detail in the Principal Risks section of this report beginning 
on page 59. 
 
   Statement of Directors' Responsibilities in Respect of the Financial 
Statements 
 
   The directors are required to prepare financial statements for each 
financial year which give a true and fair view of the assets, 
liabilities, financial position and profit or loss of the Company in 
accordance with US GAAP at the end of the financial year and of the gain 
or loss for that period. In preparing those financial statements, the 
directors are required to: 
 
   // select suitable accounting policies and apply them consistently; 
 
   // make judgements and estimates that are reasonable and prudent; 
 
   // state whether applicable accounting standards have been followed 
subject to any material departures disclosed and explained in the 
financial statements; and 
 
   // prepare the financial statements on the going concern basis unless it 
is inappropriate to presume that the Company will continue in business. 
 
   The Directors are responsible for keeping proper accounting records 
which disclose with reasonable accuracy at any time the financial 
position of the Company and to enable them to ensure that the financial 
statements have been properly prepared in accordance with The Companies 
(Guernsey) Law, 2008 (as amended). They are also responsible for 
safeguarding the assets of the Company and hence for taking reasonable 
steps for the prevention and detection of fraud and other 
irregularities. 
 
   The Directors are responsible for ensuring that the Annual Report and 
Audited Financial Statements include the information required by the 
Listing Rules and the Disclosure Guidance and Transparency Rules of the 
Financial Conduct Authority (together "the Rules"). They are also 
responsible for ensuring that the Company complies with the provisions 
of the Rules which, with regard to corporate governance, require the 
Company to disclose how it has applied the principles, and complied with 
the provisions, of the corporate governance code applicable to the 
Company. 
 
   Disclosure of Information to the Auditor 
 
   So far as each of the directors is aware, there is no relevant audit 
information of which the Company's auditor is unaware, and each has 
taken all the steps he ought to have taken as a director to make himself 
aware of any relevant audit information and to establish that the 
Company's auditor is aware of that information. 
 
   Responsibility Statement 
 
   The Board of Directors, as identified at pages 62 and 63, jointly and 
severally confirm that, to the best of their knowledge: 
 
   // this report includes a fair review of the development and performance 
of the business and the position of the Company and the undertakings 
included in the consolidation taken as a whole, together with a 
description of the principal risks and uncertainties that they face; 
 
   // the Financial Statements, prepared in accordance with US GAAP, give a 
true and fair view of the assets, liabilities, financial position and 
profits of the Company and its undertakings; 
 
   // the Annual Report and Audited Financial Statements taken as a whole 
are fair, balanced and understandable and provide the information 
necessary for Shareholders to assess the Company and its undertaking's 
performance, business model and strategy; and 
 
   // the Annual Report and Audited Financial Statements includes 
information required by the UK Listing Authority for the purpose of 
ensuring that the Company and its undertakings comply with the 
provisions of the Listing Rules and the Dis- closure Guidance and 
Transparency Rules of the UK Listing Authority. 
 
   By order of the Board 
 
   Sir Michael Bunbury 
 
   Chairman 
 
   Keith Corbin 
 
   Chairman of the Audit Committee 
 
   11 May 2017 
 
   Corporate Governance 
 
   Statement of Compliance with the AIC Code 
 
   The directors place a high degree of importance on ensuring that high 
standards of corporate governance are maintained and have therefore 
chosen to comply with the provisions of the AIC Code of Corporate 
Governance for Investment Companies published in February 2015 (AIC 
Code). 
 
   The Board of the Company has considered the principles and 
recommendations of the AIC Code by reference to the AIC Corporate 
Governance Guide for Investment Companies (AIC Guide). The AIC Code, as 
explained by the AIC Guide, addresses all the principles set out in the 
UK Corporate Governance Code, as well as setting out additional 
principles and recommendations on issues that are of specific relevance 
to the Company. 
 
   The Board considers that reporting against the principles and 
recommendations of the AIC Code, and by reference to the AIC Guide 
(which incorporates the UK Corporate Governance Code), will provide 
better information to shareholders. Copies of the AIC Code and the AIC 
Guide can be found at www.theaic.co.uk. 
 
   The Company has complied with the recommendations of the AIC Code except 
as set out below. The UK Corporate Governance Code includes provisions 
relating to: 
 
   // the role of the chief executive; 
 
   // executive directors' remuneration; and 
 
   // the need for an internal audit function. 
 
   For the reasons set out in the AIC Guide, and as explained in the UK 
Corporate Governance Code, the Board considers these provisions not 
relevant to the position of the Company, being an externally-managed 
investment company. In particular, all of the Company's day-to-day 
management and administrative functions are outsourced to third parties. 
As a result, the Company has no full time executive directors, no direct 
employees or internal operations. The Company has therefore not reported 
further in respect of these provisions. Other areas of non-compliance 
with the AIC Code by the Company, and the reasons therefore, are as 
follows: 
 
   // there is no separate remuneration committee, which is not in 
accordance with the AIC Code. Given that the Board is comprised of six 
independent directors and two directors affiliated with the Investment 
Manager, it is felt that it is appropriate for the whole Board to 
consider these matters; 
 
   // the Board has not formalised a policy on diversity. The Board has 
renewed its commitment to appointing the best appli- cant for any Board 
positions becoming open and may use external search consultants if 
required to ensure that there is a strong and varied pool of applicants. 
The Board's priority is to ensure that it is composed of directors with 
a broad balance of skills, experience and opinions. 
 
   // the Board has not formalised a policy on tenure, which is not in 
accordance with the AIC code. This is because the Board would like to 
retain the flexibility to consider the balance of skills and experience 
of the Board as a whole in order to manage changes to the Board's 
composition in accordance with the circumstances of the Company. The 
Board has agreed to keep the matter under review. 
 
   Directors' Remuneration Report 
 
   An ordinary resolution for the approval of this Directors' Remuneration 
Report will be put to shareholders at the forthcoming Annual General 
Meeting to be held in 2017. 
 
   There are no long term incentive schemes provided by the Company and no 
performance fees are paid to directors. 
 
   No director has a service contract with the Company however each 
director is appointed by a letter of appointment which sets out the 
terms of the appointment. 
 
   Directors are remunerated in the form of fees, payable quarterly in 
arrears, to the director personally. The table below details the fees 
paid to each director of the Company for the year ended 31 January 2017. 
 
 
 
 
Director       Role                                Fees 
               Chairman, 
Sir Michael    Independent   $198,000 plus $12,000 expenses and $50,000 ad-hoc 
Bunbury        Director                             fee. 
               Audit 
                Committee 
                Chairman, 
                Senior 
Keith B.        Independent 
 Corbin         Director                                               $66,000 
Alan C.        Independent 
 Hodson         Director                                               $60,500 
Andrew W.      Independent 
 Moore          Director                                               $60,500 
Jean-Bernard   Independent 
 Schmidt        Director                                               $60,500 
D. Brooks Zug  Director                                                    Nil 
Peter G. 
Wilson         Director                                                    Nil 
Total                                                                 $507,500 
 
 
   The Company's Articles limit the fees payable to directors to $750,000 
per annum. Francesca Barnes was appointed on 3 April 2017 and is 
entitled to remuneration of $60,500 per annum. 
 
   Signed on behalf of the Board by: 
 
   Sir Michael Bunbury 
 
   Chairman 
 
   Keith Corbin 
 
   Chairman of the Audit Committee 
 
   11 May 2017 
   Audit Committee Report 
 
   The Audit Committee consists of Mr. Keith Corbin (Chairman), Mr. Andrew 
Moore and Mr. Alan Hodson. In the year under review, the Audit Committee 
examined the effectiveness of the Company's internal control systems, 
the annual and interim reports and financial statements, the auditor's 
remuneration and engagement, as well as the auditor's independence and 
any non-audit services provided. 
 
   Additionally, the Audit Committee is responsible for making appropriate 
recommendations to the Board and ensuring that the Company complies to 
the best of its ability with applicable laws and regulations and adheres 
to the tenet of generally-accepted codes of conduct. 
 
   The Audit Committee receives information from the Secretary's compliance 
department and the external auditor. 
 
   In the financial year ended 31 January 2017, the Audit Committee met 
five times. Below is a summary of director attendance at the committee 
meetings held in the financial year, compared with those for which they 
were eligible: 
 
   Audit Committee Meetings 
 
 
 
 
Audit Committee Member   Attendance 
Mr. Keith Corbin                5/5 
Mr. Andrew Moore                4/5 
Mr. Alan Hodson                 4/5 
 
 
   The terms of reference of the Audit Committee are available on the 
Company's website and from the Company Secretary on request. 
 
   Internal Controls 
 
   The Board is responsible for the Company's systems of risk management 
and internal control. The Audit Committee reviews the effectiveness of 
such systems, on at least an annual basis, and reports its findings to 
the Board. The Audit Committee reviewed the Board's processes for 
evaluating risk to ensure that the systems covered all the potential 
risks facing the Company and confirmed to the Board that the risk review 
was both thorough and rigorous and the Company's risk management and 
internal control systems were effective. The Audit Committee confirms 
that there is an ongoing process for identifying, evaluating, monitoring 
and managing the significant risks faced by the Company. This process 
has 
 
   been in place for the year under review and up to the date of approval 
of this Annual Report and Audited Consolidated Financial Statements, and 
is reviewed by the Board. 
 
   The internal control systems are designed to meet the Company's 
particular needs and the risks to which it is exposed. Accordingly, the 
internal control systems are designed to manage rather than eliminate 
the risk of failure to achieve business objectives and by their nature 
can only provide reasonable and not absolute assurance against 
misstatement and loss. The Company places reliance on the control 
environment of its service providers, including its independent 
administrator and the Investment Manager. In order to satisfy itself 
that the controls in place at the Investment Manager are adequate, the 
Audit Committee has reviewed a Type II SOC I Report - Private Equity 
Fund Administration Report on Controls Placed in Operation and Tests of 
Operating Effectiveness for the period from 1 October 2015 to 13 January 
2017, detailing the control environment in place at the Investment 
Manager. There were no significant findings disclosed in this report 
which warranted further investigation by the committee. In addition, the 
Service Provider Committee conducted a detailed review of the 
performance of the Company's service providers, including the Company's 
administrator, and the Audit Committee reviewed their findings to ensure 
that the Company's control environment was operating satisfactorily. 
 
   The Company does not have an internal audit department. All of the 
Company's management and administration functions are delegated to 
independent third parties or the Investment Manager and it is therefore 
felt there is no need for the Company to have an internal audit 
facility. However, this matter will be reviewed annually. 
 
   Auditors 
 
   The Audit Committee reviewed the effectiveness of the external audit 
process during the year, considering performance, objectivity, 
independence and relevant experience, and concluded that Ernst & Young 
LLP's appointment as the Company's auditor should be continued. The 
Company's auditors, Ernst & Young LLP, have been appointed to the 
Company since 2007. The Company's auditors performed an audit of the 
Company's financial statements in accordance with applicable law, US 
Generally Accepted Auditing Standards ("GAAS"), and International 
Standards on Auditing (UK and Ireland). The audit approach remained 
unchanged relative to the prior year and the Audit Committee was 
informed that a majority of the audit field work would be performed by 
Ernst & Young in Boston, United States, under the direction and 
supervision of Ernst & Young LLP. 
 
   Auditor Independence 
 
   The Audit Committee understands the importance of auditor independence 
and, during the year, the Audit Committee reviewed the independence and 
objectivity of the Company's auditor, Ernst & Young LLP. The Audit 
Committee received a report from the external auditor describing its 
independence, controls and current practices to safeguard and maintain 
auditor independence. Non-audit fees paid to the Auditor by the Company 
were nil. The Auditor was paid non-audit fees of 
 
   $107,450 by the Investment Manager, in relation to tax services provided 
by the independent auditors for the year ended 31 January 2017, which 
were reimbursed by the Company. The Audit Committee considers all 
non-audit services to be provided to the Company by the Auditor prior to 
their appointment to ensure that the Auditor is the most appropriate 
party to deliver these services and to put in place safeguards, where 
appropriate, to manage any threats to auditor independence. It is the 
intention of the Committee that the value of non-audit services provided 
to the Company will not exceed the audit fee. 
 
   Auditor Tender 
 
   The Audit Committee advised in last year's report that it would be 
formulating a policy in the next financial year with a view to being 
able to follow FRC guidance, which provides for an audit tender to be 
carried out every ten years. As a result of this guidance, the Audit 
Committee commenced an audit tender process during 2017 in respect of 
the audit of the Company's financial statements for the year ending 31 
January 2018. Four audit firms were approached to participate in the 
tender process, and two firms met with the audit committee in May 2017. 
The decision will be announced in due course. 
 
   Terms of Engagement 
 
   The Audit Committee reviewed the audit scope and fee proposal set out by 
the auditors in their audit planning report dated 29 November 2016 and 
discussed the same with the auditors at an Audit Committee meeting on 2 
December 2016. The Audit Committee considered the proposed fee of 
$135,400 for audit services related to the 31 January 2017 annual 
accounts. Having been satisfied by the scope of the engagement letter 
and fee proposal, the Committee recommended to the Board to approve the 
fee proposal and letter of engagement. 
 
   Financial Statements and Significant Reporting Matters 
 
   As part of the 31 January 2017 year end audit, the Audit Committee 
reviewed and discussed the most relevant issues for the Company and 
received a report from the auditors. 
 
   The following sections discuss the assessments made by the Audit 
Committee during the year. 
 
   Investment Valuations 
 
   The Audit Committee reviews the monthly NAV statements issued by the 
Company prior to release. In the year under review, the Audit Committee 
met with operations staff of the Manager in Boston and conducted a 
detailed review of the Company's valuations process. The Audit Committee 
intends to conduct a similar review at least once every year. The Audit 
Committee has satisfied itself that the valuation techniques are 
accurate and appropriate for the Company's investments and consistent 
with the requirements of US GAAP. 
 
   Fees and Expenses 
 
   The Audit Committee reviewed the calculation of fees and expenses paid 
by the Company to the Investment Manager and primary service providers 
as well as the auditors' processes for checking those calculations. 
Discussing the calculation and disclosure of fees paid to the Investment 
Manager, the Audit Committee noted the enhanced disclosures and 
presentation in the Annual Report and concluded that the information was 
in a clear and understandable format. The Audit Committee noted the 
discussions between the Board and the Investment Manager to ensure that 
fees charged to the Company were comparable with those charged to other 
significant investors in HarbourVest funds. The overall percentage rate 
of fees and expenses paid to the Investment Manager continues to be 
reduced from the levels of previous financial years, and the Audit 
Committee also reviewed the information regarding those fees contained 
in this Annual Report to ensure that it was presented in a clear and 
consistent manner. 
 
   Risk Management 
 
   The Audit Committee reviewed the Board's policies and procedures 
regarding the identification, management, and monitoring of risks that 
could affect the Company, which were in place for the year under review 
and up to the date of approval of the annual financial report. No 
significant failings or weaknesses were identified in the review. The 
Audit Committee considers that the Board is engaged on an ongoing basis 
in the process of identifying, evaluating and managing (where possible) 
the principal risks facing the Company as shown on page 59 and 60. This 
is in accordance with relevant best practice detailed in the Financial 
Reporting Council's guidance on Risk Management, Internal Control and 
Related Financial and Business Reporting. In addition, the Audit 
Committee members participated in the consideration by the Board of the 
viability of the Company until 31 January 2020, details of which are 
shown on page 70. 
 
   Corporate Governance 
 
   The Audit Committee continues to monitor the review by the Board of the 
Company's compliance with corporate governance standards following the 
admission to trading of the Company's Ordinary Shares on the Main Market 
of the London Stock Exchange which took place on 9 September 2015. 
 
   Other Matters 
 
   The Board as a whole undertakes annual visits to the Investment 
Manager's offices usually alternating between Boston and London. In May 
2016, the Board visited the Investment Manager's Boston office and the 
London office in November 2016. The Board receives presentations from 
various operational teams of the Investment Manager regarding investment 
strategy and other matters relating to the Company's affairs and also 
discusses these matters with the Investment Manager's managing 
directors. 
 
   In presenting this report, I have set out for the Company's shareholders 
the key areas that the Audit Committee focuses on. However if any 
shareholders would like any further information about how the Audit 
Committee operates and its review process, I, or any of the other 
members of the Audit Committee would be pleased to meet with members to 
discuss this. 
 
   Keith Corbin 
 
   Chairman of the Audit Committee 
 
   11 May 2017 
 
   Consolidated Statements of Assets and Liabilities 
 
   At 31 January 2017 and 2016 
 
 
 
 
In US Dollars                                                       2017              2016 
ASSETS 
Investments (Note 4)                                             1,295,753,465     1,129,487,543 
Cash and equivalents                                               175,195,209       204,425,379 
Other assets                                                         5,275,923         4,875,555 
Total assets                                                     1,476,224,597     1,338,788,477 
 
  LIABILITIES 
Accounts payable and accrued expenses                                1,119,843         1,128,793 
Accounts payable to HarbourVest Advisers L.P. (Note 
 9)                                                                    246,933           353,913 
Total liabilities                                                    1,366,776         1,482,706 
 
  Commitments (Note 5) 
 
  NET ASSETS                                                    $1,474,857,821    $1,337,305,771 
 
  NET ASSETS CONSIST OF 
 
   Ordinary shares, Unlimited shares authorised, 79,862,486 
   shares issued and outstanding at 31 January 2017 and 
   2016, no par value                                            1,474,857,821     1,337,305,771 
 
   NET ASSETS                                                   $1,474,857,821    $1,337,305,771 
 Net asset value per share for Ordinary Shares                          $18.47            $16.75 
 
 
   The accompanying notes are an integral part of the consolidated 
financial statements. 
 
   The Audited Consolidated Financial Statements on pages 84 to 99 were 
approved by the Board on 11 May 2017 and were signed on its behalf by: 
 
   Michael Bunbury                       Keith Corbin 
 
   Chairman                                  Chairman of the Audit 
Committee 
 
   Consolidated Statements of Operations 
 
   For the Years Ended 31 January 2017 and 2016 
 
 
 
 
In US Dollars                                                 2017            2016 
REALISED AND UNREALISED GAINS (LOSSES) ON INVESTMENTS 
Net realised gain (loss) on investments                      88,816,643     160,006,292 
Net change in unrealised appreciation (depreciation) 
 on investments                                              58,688,595    (77,921,988) 
 
  NET GAIN ON INVESTMENTS                                   147,505,238      82,084,304 
 
  INVESTMENT INCOME 
Interest from cash and equivalents                              982,036         178,494 
 
  EXPENSES 
Non-utilisation fees (Note 6)                                 4,713,889       3,412,500 
Management fees (Note 3)                                      1,735,159       1,770,170 
Financing expenses                                            1,237,357         981,999 
Investment services (Note 3)                                  1,112,274         930,180 
Professional fees                                               629,155         447,244 
Directors' fees and expenses (Note 9)                           572,744         653,924 
Tax expenses                                                    250,546         736,277 
Non-recurring listing expenses (Note 1)                          12,710       1,738,311 
Other expenses                                                  671,390         574,669 
Total expenses                                               10,935,224      11,245,274 
 
  NET INVESTMENT LOSS                                      (9,953,188)     (11,066,780) 
 
  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS     $137,552,050    $71,017,524 
 
 
   The accompanying notes are an integral part of the consolidated 
financial statements. 
 
   Consolidated Statements of Changes in Net Assets 
 
   For the Years Ended 31 January 2017 and 2016 
 
 
 
 
In US Dollars                                   2017              2016 
INCREASE IN NET ASSETS FROM OPERATIONS 
Net realised gain (loss) on investments         88,816,643       160,006,292 
Net change in unrealised appreciation 
 (depreciation)                                 58,688,595      (77,921,988) 
Net investment loss                            (9,953,188)      (11,066,780) 
Net increase in net assets resulting 
 from operations                               137,552,050        71,017,524 
Redemption of Class B shares                             -             (101) 
NET ASSETS AT BEGINNING OF YEAR              1,337,305,771     1,266,288,348 
 
  NET ASSETS AT OF YEAR                 $1,474,857,821    $1,337,305,771 
 
 
   The accompanying notes are an integral part of the consolidated 
financial statements. 
 
   Consolidated Statements of Cashflows 
 
   For the Years Ended 31 January 2017 and 2016 
 
 
 
 
In US Dollars                                                    2017           2016 
CASH FLOWS FROM OPERATING ACTIVITIES 
Net increase in net assets resulting from operations           137,552,050     71,017,524 
Adjustments to reconcile net increase in net assets 
 resulting from operations to net cash (used in) provided 
 by operating activities: 
Net realised (gain) loss on investments                       (88,816,643)  (160,006,292) 
Net change in unrealised (appreciation) depreciation          (58,688,595)     77,921,988 
Contributions to private equity investments                  (269,770,234)  (210,944,628) 
Distributions from private equity investments                  251,009,550    362,480,519 
Other                                                            (516,298)    (3,328,521) 
Net cash (used in) provided by operating activities           (29,230,170)    137,140,590 
 
  FINANCING ACTIVITIES 
Redemption of Class B shares                                             -          (101) 
Net cash used in financing activities                                    -          (101) 
 
  NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS             (29,230,170)    137,140,489 
CASH AND EQUIVALENTS AT BEGINNING OF YEAR                      204,425,379     67,284,890 
 
CASH AND EQUIVALENTS AT OF YEAR                           $175,195,209   $204,425,379 
 
 
   The accompanying notes are an integral part of the consolidated 
financial statements. 
 
   Consolidated Schedule of Investments 
 
   At 31 January 2017 
 
 
 
 
In US Dollars 
                                                                                                                                                      Fair 
                                                                                                                                                      Value 
                                                                                                                                                      as a % 
                                                                                                                                                      of Net 
  US Funds                                                    Unfunded Commitment    Amount Invested(1)    Distributions Received        Fair Value   Assets 
 
HarbourVest Partners V-Partnership Fund L.P.                  2,220,000              46,709,079            45,688,697                     1,617,558     0.1 
HarbourVest Partners VI-Direct Fund L.P.                                1,312,500            46,722,408                    38,404,878      6,541,186     0.4 
 
HarbourVest Partners VI-Partnership Fund L.P.                           5,175,000           204,623,049                   215,470,151     24,361,699     1.7 
 
HarbourVest Partners VI-Buyout Partnership Fund L.P.                      450,000             8,633,048                     8,760,808        686,998     0.1 
HarbourVest Partners VII-Venture Partnership Fund 
 L.P.2                                                                  2,318,750           135,290,448                   147,179,691     56,254,486     3.8 
 
HarbourVest Partners VII-Buyout Partnership Fund L.P.2                  3,850,000            74,417,291                    84,512,312     17,823,287     1.2 
In US Dollars 
HarbourVest Partners VIII-Cayman Mezzanine and Distressed 
 Debt Fund L.P.                                                         2,000,000            48,201,553                    46,609,133     18,212,867     1.2 
 
HarbourVest Partners VIII-Cayman Buyout Fund L.P.                      15,000,000           237,758,801                   232,097,301    137,212,744     9.3 
 
HarbourVest Partners VIII-Cayman Venture Fund L.P.                      1,000,000            49,191,736                    43,534,496     37,732,362     2.6 
 
HarbourVest Partners 2007 Cayman Direct Fund L.P.                       2,250,000            97,876,849                   106,746,408     53,571,256     3.6 
 
HarbourVest Partners IX-Cayman Buyout Fund L.P.                        28,222,500            43,058,226                    11,870,827     46,387,135     3.1 
HarbourVest Partners IX-Cayman Credit Opportunities 
 Fund L.P.                                                              4,812,500             7,736,193                     2,653,130      7,107,749     0.5 
 
HarbourVest Partners IX-Cayman Venture Fund L.P.                       12,250,000            58,075,714                    14,317,235     64,720,636     4.4 
 
HarbourVest Partners 2013 Cayman Direct Fund L.P.                       5,478,996            94,881,486                     9,832,883    125,855,850     8.5 
HarbourVest Partners 
 Cayman Cleantech Fund II L.P.                                         12,750,000             7,305,952                       126,588      7,435,728     0.5 
 
HarbourVest Partners X Buyout Feeder Fund L.P.                        230,580,000            21,447,552                             -     25,047,983     1.7 
 
HarbourVest Partners X Venture Feeder Fund L.P                        133,940,000            14,113,838                             -     16,009,714     1.1 
 
HarbourVest Partners Mezzanine Income Fund L.P.                        43,655,000             6,566,579                       646,022      6,891,243     0.5 
Total US Funds                                                        507,265,246         1,202,609,802                 1,008,450,560    653,470,481    44.3 
                                                                                                                                                        Fair 
                                                                                                                                                       Value 
                                                                                                                                                      as a % 
                                                              Unfunded Commitment    Amount Invested(1)        Distributions Received                 of Net 
  International/Global Funds                                                                                                              Fair Value  Assets 
HarbourVest International Private Equity Partners 
 III-Partnership Fund L.P.                                              3,450,000           147,728,557                   146,925,855      2,024,086     0.1 
HarbourVest International Private Equity Partners 
 IV- Direct Fund L.P.                                                           -            61,452,400                    52,518,672      2,136,113     0.1 
HarbourVest International Private Equity Partners 
 IV-Partnership Fund L.P.                                               3,125,000           126,647,051                   139,809,839     11,404,813     0.8 
HIPEP V - 2007 Cayman European Buyout Companion Fund 
 L.P.4                                                                  1,537,095            63,880,348                    50,056,237     31,273,616     2.1 
Dover Street VII Cayman L.P.3                                           4,250,000            95,750,000                   108,286,143     29,091,472     2.0 
HIPEP VI-Cayman Partnership Fund L.P.(5)                               15,657,100           106,947,200                    36,623,365    103,919,679     7.0 
HIPEP VI-Cayman Asia Pacific Fund L.P.                                  6,500,000            43,687,431                    13,909,704     45,764,584     3.1 
 
HIPEP VI-Cayman Emerging Markets Fund L.P.                              6,225,000            23,834,490                     4,818,697     20,679,116     1.4 
HVPE Avalon Co-Investment L.P.                                          1,643,962            85,135,136                   117,309,747      7,883,332     0.5 
Dover Street VIII Cayman L.P.                                          29,700,000           150,424,390                    78,069,738    130,150,150     8.8 
HVPE Charlotte Co-Investment L.P.                                               -            93,894,011                   109,170,334     43,265,096     2.9 
 
HarbourVest Global Annual Private Equity Fund L.P.                     43,300,000            56,701,202                     5,586,910     62,735,835     4.3 
HIPEP VII Partnership Feeder Fund L.P.                                 91,562,500            33,437,500                     1,035,117     35,274,466     2.4 
HIPEP VII Asia Pacific Feeder Fund L.P.                                20,700,000             9,300,000                       220,628     10,028,009     0.7 
 
HIPEP VII Emerging Markets Feeder Fund L.P.                            15,800,000             4,200,000                       152,570      4,126,230     0.3 
HIPEP VII Europe Feeder Fund L.P.6                                     47,108,975            21,646,444                     1,566,975     21,397,109     1.5 
In US Dollars 
HarbourVest Canada Parallel Growth Fund 
 L.P.7                                                                 23,702,325               857,901               -                      877,777     0.1 
HarbourVest 2015 Global Fund L.P.                                      61,500,000            38,517,309       2,061,041                   41,592,379     2.8 
HarbourVest 2016 Global AIF L.P.                                       90,000,000            10,026,107               -                   13,677,257     0.9 
HarbourVest Partners 
 Co-Investment IV AIF L.P.                                             81,500,000            18,500,000               -                   18,485,772     1.3 
Dover Street IX Cayman L.P.                                            96,000,000             4,000,000       1,402,554                    4,920,061     0.3 
HarbourVest Real Assets III Feeder L.P.                                50,000,000                     -               -                    1,576,032     0.1 
Total International/Global Funds                                      693,261,957         1,196,567,477     869,524,126                  642,282,984    43.5 
TOTAL INVESTMENTS                                                  $1,200,527,203        $2,399,177,279  $1,877,974,686               $1,295,753,465    87.8 
 
   (1) Includes purchase of limited partner interests for shares and cash 
at the time of HVPE's IPO. 
 
   (2) Includes ownership interests in HarbourVest Partners VII-Cayman 
Partnership entities. 
 
   (3) Includes ownership interest in Dover Street VII (AIV 1) Cayman L.P. 
 
   (4) Fund denominated in euros. Commitment amount is EUR47,450,000. 
 
   (5) Fund denominated in euros. Commitment amount is EUR100,000,000. 
 
   (6) Fund denominated in euros. Commitment amount is EUR63,000,000. 
 
   (7) Fund denominated in Canadian dollars. Commitment amount is 
C$32,000,000. 
 
   The accompanying notes are an integral part of the consolidated 
financial statements. 
 
   Consolidated Schedule of Investments 
 
   At 31 January 2016 
 
 
 
 
In US Dollars 
                                                                                                                                                    Fair 
                                                                                                                                                   Value 
                                                                                                                                                   as a % 
                                                                                                                                                   of Net 
  US Funds                                                    Unfunded Commitment    Amount Invested(1)    Distributions Received     Fair Value   Assets 
HarbourVest Partners V-Partnership Fund L.P.                            2,220,000            46,709,079                45,325,192       1,836,583     0.1 
HarbourVest Partners VI-Direct Fund L.P.                                1,312,500            46,722,408                38,404,878       7,259,196     0.5 
HarbourVest Partners VI-Partnership Fund L.P.                           5,175,000           204,623,049               202,334,021      34,667,214     2.6 
 
HarbourVest Partners VI-Buyout Partnership Fund L.P.                      450,000             8,633,048                 8,309,668       1,058,697     0.1 
HarbourVest Partners VII-Venture Partnership Fund 
 L.P.2                                                                  2,981,250           134,627,948               128,003,279      74,885,693     5.6 
 
HarbourVest Partners VII-Buyout Partnership Fund L.P.2                  3,850,000            74,417,291                75,836,650      24,876,672     1.9 
HarbourVest Partners VIII-Cayman Mezzanine and Distressed 
 Debt Fund L.P.                                                         2,750,000            47,451,553                41,001,538      21,993,876     1.6 
 
HarbourVest Partners VIII-Cayman Buyout Fund L.P.                      22,500,000           230,258,801               194,847,709     146,872,363    11.0 
 
HarbourVest Partners VIII-Cayman Venture Fund L.P.                      1,500,000            48,691,736                35,896,322      42,894,922     3.2 
 
HarbourVest Partners 2007 Cayman Direct Fund L.P.                       3,000,000            97,126,849                87,786,095      59,071,046     4.4 
 
HarbourVest Partners 2013 Cayman Direct Fund L.P.                      42,478,996            57,881,486                 7,884,927      62,292,783     4.7 
 
HarbourVest Partners IX-Cayman Buyout Fund L.P.                        36,032,500            35,248,226                 7,768,544      35,178,743     2.6 
HarbourVest Partners IX-Cayman Credit Opportunities 
 Fund L.P.                                                              6,375,000             6,173,693                 1,966,340       5,435,913     0.4 
 
HarbourVest Partners IX-Cayman Venture Fund L.P.                       20,300,000            50,025,714                 9,895,365      58,272,528     4.4 
 
HarbourVest Partners X Buyout Feeder Fund L.P.                        226,200,000             5,800,000                         -       6,226,652     0.5 
In US Dollars 
 
HarbourVest Partners X Venture Feeder Fund L.P                        113,870,000             4,130,000                         -       3,818,372     0.3 
 
HarbourVest Partners Cayman Cleantech Fund II L.P.                     14,200,000             5,855,952                   126,588       5,184,310     0.4 
 
HarbourVest Partners Mezzanine Income Fund L.P.                        23,687,500             1,312,500                         -       1,335,194     0.1 
Total US Funds                                                        528,882,746         1,105,689,333               885,387,116     593,160,757    44.4 
                                                                                                                                                     Fair 
                                                                                                                                                    Value 
                                                                                                                                                   as a % 
                                                              Unfunded Commitment      Amount Invested*    Distributions Received                  of Net 
  International/Global Funds                                                                                                           Fair Value  Assets 
HarbourVest International Private Equity III-Partnership 
 Fund L.P.                                                              3,450,000           147,728,557               144,041,198       4,720,917     0.4 
HarbourVest International Private Equity Partners 
 IV- Direct Fund L.P.                                                           -            61,452,400                50,905,303       3,430,295     0.3 
HarbourVest International Private Equity Partners 
 IV-Partnership Fund L.P.                                               3,125,000           126,647,051               132,925,239      16,521,560     1.2 
Dover Street VII Cayman L.P.3                                           4,250,000            95,750,000               100,981,509      39,887,164     3.0 
Dover Street VIII Cayman L.P.                                          57,600,000           122,524,389                51,126,697     116,858,921     8.7 
HIPEP V - 2007 Cayman European Buyout Companion Fund 
 L.P.4                                                                  2,055,725            63,350,142                41,413,016      33,404,950     2.5 
HIPEP VI-Cayman Partnership Fund L.P.5                                 31,409,900            91,046,075                21,337,220      91,436,383     6.8 
HIPEP VI-Cayman Asia Pacific Fund L.P.                                 11,625,000            38,562,431                 8,181,828      42,295,966     3.2 
 
HIPEP VI-Cayman Emerging Markets Fund L.P.                              8,550,000            21,509,489                 3,596,937      18,023,745     1.4 
HIPEP VII Partnership Feeder Fund L.P.                                110,625,000            14,375,000                         -      15,084,439     1.1 
HIPEP VII Asia Pacific Feeder Fund L.P.                                25,200,000             4,800,000                         -       5,274,642     0.4 
 
HIPEP VII Emerging Markets Feeder Fund L.P.                            18,000,000             2,000,000                         -       1,758,216     0.1 
HIPEP VII Europe Feeder Fund L.P.6                                     59,364,711             9,225,144                         -       9,319,583     0.7 
 
HarbourVest Global Annual Private Equity Fund L.P.                     60,800,000            39,201,202                 3,432,854      40,459,410     3.0 
HarbourVest 2015 Global Fund L.P.                                      94,000,000             6,017,309                         -       6,112,832     0.5 
 
HarbourVest Canada Parallel Growth Fund L.P.(7)                        22,448,480               499,376                         -         461,252     0.0 
HVPE Avalon Co-Investment L.P.                                          1,643,962            85,135,136                95,101,189      34,930,997     2.6 
HVPE Charlotte Co-Investment L.P.                                               -            93,894,011                88,565,597      56,345,514     4.2 
Total International/Global Funds                                      514,147,778         1,023,717,712               741,608,587     536,326,786    40.1 
TOTAL INVESTMENTS                                                  $1,043,030,524        $2,129,407,045            $1,626,995,703  $1,129,487,543    84.5 
 
   (1) Includes purchase of limited partner interests for shares and cash 
at the time of HVPE's IPO. 
 
   (2) Includes ownership interests in HarbourVest Partners VII-Cayman 
Partnership entities. 
 
   (3) Includes ownership interest in Dover Street VII (AIV 1) Cayman L.P. 
 
   (4) Fund denominated in euros. Commitment amount is EUR47,450,000. 
 
   (5) Fund denominated in euros. Commitment amount is EUR100,000,000. 
 
   (6) Fund denominated in euros. Commitment amount is EUR63,000,000. 
 
   (7) Fund denominated in Canadian dollars. Commitment amount is 
C$32,000,000. 
 
   The accompanying notes are an integral part of the consolidated 
financial statements. 
 
   Notes to Consolidated Financial Statements 
 
   NOTE 1 COMPANY ORGANISATION AND INVESTMENT OBJECTIVE 
 
   HarbourVest Global Private Equity Limited (the "Company" or "HVPE") is a 
closed-end investment company registered with the Registrar of Companies 
in Guernsey under The Companies (Guernsey) Law, 2008 (as amended). The 
Company's registered office is Ground Floor, Dorey Court, Admiral Park, 
St Peter Port, Guernsey GY1 2HT. 
 
   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 is 
intended 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 
 
   On 9 September 2015, HVPE's ordinary shares were admitted to the Main 
Market of the London Stock Exchange. The Company's market quote on the 
London Stock Exchange has been redenominated into sterling. There has 
been no change to the legal form or nature of the shares as a result of 
the redenomination of the market quote. The 101 Class B shares were 
repurchased and cancelled during the year ended 31 January 2016. The 
Company incurred non-recurring expenses of $12,710 related to the 
listing which are included in the Consolidated Statements of Operations 
for the year ended 31 January 2017. 
 
   At 31 January 2017, the Company's ordinary shares were listed on the 
London Stock Exchange under the symbol "HVPE". The Company delisted from 
Euronext Amsterdam by NYSE Euronext in October 2016. At 31 January 2017, 
there were 79,862,486 ordinary shares issued and outstanding. The 
ordinary 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 (as 
amended). 
 
   Dividends will be paid to shareholders pro rata to their shareholdings. 
 
   The ordinary shareholders must approve any amendment to the Memorandum 
and Articles of Incorporation. The approval of 75% of the ordinary 
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 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 Fund 
Administrator, under advice to the directors, pursuant to service 
agreements with those parties. 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 position. 
 
   Basis of Presentation 
 
   The consolidated financial statements include the accounts of 
HarbourVest Global Private Equity Limited and its five wholly owned 
subsidiaries: HVGPE - Domestic A L.P., HVGPE - Domestic B L.P., HVGPE - 
Domestic C L.P., HVGPE - International A L.P., and HVGPE - International 
B 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. Certain comparative amounts have been 
reclassified to conform to the current year presentation. 
 
   Method of Accounting 
 
   The consolidated financial statements are prepared in conformity with US 
generally accepted accounting principles ("US GAAP"), The Companies 
(Guernsey) Law, 2008 (as amended), and the Principal Documents. Under 
applicable rules of English law implementing the EU Transparency 
Directive, the Company is allowed to prepare its financial statements in 
accordance with US GAAP instead of 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 consolidated 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 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 820, the currency in 
which the investment is denominated, and other information deemed 
appropriate. The fair value of the Company's investments 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. This 
valuation does not necessarily reflect amounts that might ultimately be 
realised from the investment and the difference can be material. 
 
   Securities for which a public market does exist are valued by the 
Company at quoted market prices at the balance sheet date. Generally, 
the partnership investments have a defined term and cannot be 
transferred without the consent of the General Partner 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 balance sheet 
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 balance sheet 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 and 
dividends. Dividends are recorded when they are declared and interest is 
recorded when earned. 
 
   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 (as amended) and the Company 
will be charged an annual exemption fee of GBP1,200 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 at the highest US rate 
(generally 35%). 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 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 2017, 
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 
accounted for any such tax consequences in these consolidated financial 
statements. 
 
   Market and Other Risk Factors 
 
   The Company's investments are subject to various risk factors including 
market, credit, interest rate, and currency risk. Investments are based 
primarily in the US and Europe 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. 
 
   NOTE 3 MATERIAL AGREEMENTS AND RELATED FEES 
 
   Administrative Agreement 
 
   The Company has retained JTC Group ("JTC") as Company Secretary and 
Administrator. Fees for these services are paid as invoiced by JTC and 
include an administration fee of GBP14,202 per annum, a secretarial fee 
of GBP30,268 per annum, an additional value fee equal to 1/12 of 0.005% 
of the net asset value of the Company above $200 million as at the last 
business day of each month, and reimbursable expenses. 
 
   During the year ended 31 January 2017, fees of $119,607 were incurred to 
JTC and are included as other expenses in the Consolidated Statements of 
Operations. 
 
   Registrar 
 
   The Company has retained Capita as share registrar. Fees for this 
service include a base fee of GBP8,600, corporate portal fee of GBP1,550 
per annum, register update requests of GBP2,900, proxy evaluation of 
GBP1,465, plus other miscellaneous expenses. During the year ended 31 
January 2017, registrar fees of $64,442 were incurred and are included 
as other expenses in the Consolidated Statements of Operations. 
 
   Independent Auditor's Fees 
 
   For the year ended 31 January 2017, $135,400 has been accrued for 
auditor's fees and is included in professional fees in the Consolidated 
Statements of Operations. Non-audit fees paid to the Auditor by the 
Company were nil. The Auditor was paid non-audit fees of $107,450 by the 
Investment Manager, in relation to tax services provided by the 
independent auditors for the year ended 31 January 2017, which were 
reimbursed by the Company. 
 
   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. 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 year ended 31 January 2017, reimbursements for 
services provided by the Investment Manager were $1,112,274. 
 
   During the year ended 31 January 2017, HVPE had two parallel 
investments: HarbourVest Acquisition S.à.r.l. (via HVPE Avalon 
Co-Investment L.P.) and HarbourVest Structured Solutions II, L.P. (via 
HVPE Charlotte Co-Investment L.P.). 
 
   Management fees paid for the parallel investments made by the Company 
were consistent with the fees charged by the funds alongside which the 
parallel investments were made during the years ended 31 January 2017 
and 2016. Management fees included in the Consolidated Statements of 
Operations are shown in the table below: 
 
 
 
 
                                       2017        2016 
 
  HVPE Avalon Co-Investment L.P.      938,238     936,464 
HVPE Charlotte Co-Investment L.P.      796,921     833,706 
Total Management Fees               $1,735,159  $1,770,170 
 
 
   For the year ended 31 January 2017, management fees on the HVPE Avalon 
Co-Investment L.P. investment were calculated based on a weighted 
average effective annual rate of 1.08% on committed capital to the 
parallel investment. For the year ended 31 January 2017, management fees 
on the HVPE Charlotte Co-Investment L.P. investment were calculated 
based on a weighted average effective annual rate of 0.95% on capital 
originally committed (0.90% on committed capital 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 
United States, 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 
un- adjusted 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; 
 
   Level 3 - Inputs that are unobservable. Generally, the majority of the 
Company's investments are valued utilizing unobservable inputs, and are 
therefore classified within Level 3. 
 
   Level 3 partnership investments include limited partnership interests in 
other investment partnerships. For investments in limited partnerships 
and other pooled investment vehicles, the Company encourages all 
managers to apply fair value 
 
   principles in their financial reports that are consistent with US 
generally accepted accounting principles. 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 authoritative 
guidance on fair value measurements, the currency in which the 
investment is denominated, and other information deemed appropriate. If 
the Company shall in good faith determine that a manager is not 
reporting fair value consistent with US generally accepted accounting 
principles, the Company shall use best efforts to undertake its own 
valuation analysis using fair market value principles and adjust such 
value so it is in accordance with the authoritative guidance. Income 
derived from investments in partnerships is recorded using the equity 
pick-up method. 
 
   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. 
 
   The following table summaries the Company's investments that were 
accounted for at fair value by level within the fair value hierarchy: 
 
 
 
 
                                                                 Level 
                                                       Level 1     2        Level 3            Total 
 
  Balance at 31 January 2015                               $-      $-     $1,198,939,130    $1,198,939,130 
Contributions to investments                                  -      -       210,944,628       210,944,628 
Net realised gain (loss) on investments                       -      -       160,006,292       160,006,292 
Net change in unrealised appreciation (depreciation) 
 on investments                                               -      -      (77,921,988)      (77,921,988) 
Distributions received from investments                       -      -     (362,480,519)     (362,480,519) 
Balance at 31 January 2016                                   $-     $-    $1,129,487,543    $1,129,487,543 
Contributions to investments                                                 269,770,234       269,770,234 
Net realised gain (loss) on investments                  29,438               88,787,205        88,816,643 
Net change in unrealised appreciation (depreciation) 
 on investments                                                               58,688,595        58,688,595 
Distributions received from investments                (29,438)            (250,980,112)     (251,009,550) 
Balance at 31 January 2017                                   $-     $-    $1,295,753,465    $1,295,753,465 
Net change in unrealised gain (loss) on investments 
 still held at 31 January 2017                                            $58,688,595 
 
 
   The Company recognises transfers at the current value at the transfer 
date. There were no transfers during the year ended 31 January 2017. 
Investments include limited partnership interests in private equity 
partnerships, all of which carry restrictions on redemption. The 
investments are non-redeemable and the Investment Manager estimates an 
average remaining life of nine years with a range of one to 16 years 
remaining. 
 
   As of 31 January 2017, the Company had invested $2,455,902,333, or 67.2% 
of the Company's committed capital in investments and had received 
$1,930,523,511 in cumulative distributions (including dividends from the 
formerly held investment HarbourVest Senior Loans Europe). 
 
   There were no investment transactions during the year ended 31 January 
2017 in which an investment was acquired and disposed of during the 
period. 
 
   NOTE 5 COMMITMENTS 
 
   As of 31 January 2017, the Company has unfunded investment commitments 
to other limited partnerships of $1,200,527,203 which are payable upon 
notice by the partnerships to which the commitments have been made. 
Unfunded investment commitments of $1,112,521,708 are denominated in US 
dollars, $64,303,170 are denominated in euros, and $23,702,325 are 
denominated in Canadian dollars. 
 
   NOTE 6 DEBT FACILITY 
 
   On 4 December 2007, the Company entered into an agreement with Lloyds 
Bank plc regarding a multi-currency revolving credit facility 
("Facility") for an aggregate amount up to $500 million. In April 2013, 
HVPE refinanced the facility which would remain at $500 million until 
December 2014 and would reduce to $300 million thereafter. During 
October 2014, the Company voluntarily cancelled $200 million of the 
facility with an effective date of 31 October 2014. The current facility 
was set to expire in April 2018. As of 28 September 2015, the debt 
facility was amended to include Credit Suisse as an additional lender to 
the Company's Facility Agreement with Lloyds Bank Plc. The total debt 
facility has been increased from $300 million to $500 million, with the 
Credit Suisse Commitment being $200 million. On 22 December 2016, the 
debt facility was amended to extend the facility to December 2020. 
 
   Amounts borrowed against the Facility accrue interest at an aggregate 
rate of the LIBOR/EURIBOR, a margin, and, under certain circumstances, a 
mandatory minimum cost. The Facility was secured by the private equity 
investments and cash and equivalents of the Company, as defined in the 
agreement. Availability of funds under the Facility and interim 
repayments of amounts borrowed are subject to certain covenants and 
diversity tests applied to the Investment Portfolio of the Company. At 
31 January 2017 and 2016, there was no debt outstanding against the 
Facility. Included in other assets at 31 January 2017 are deferred 
financing costs of $4,532,395 related to refinancing the facility. The 
deferred financing costs are amortised on the terms of the facility. The 
Company is required to pay a non-utilisation fee calculated as 90 basis 
points per annum from 1 February 2016 to 22 December 2016 and 115 basis 
points per annum from 23 December 2016 to 31 January 2017. For the year 
ended 31 January 2017, $4,713,889 in non-utilisation fees have been 
incurred. 
 
   NOTE 7 FINANCIAL HIGHLIGHTS 
 
   For the Years Ended 31 January 2017 and 2016 
 
 
 
 
                                                             2017       2016 
Ordinary Shares 
PER SHARE OPERATING PERFORMANCE: 
Net asset value, beginning of year                            $16.75    $15.86 
 
  Net realised and unrealised gains                             1.85      1.03 
Net investment loss                                           (0.13)    (0.14) 
Net decrease from redemption of Ordinary and B shares(3)           -    (0.00) 
Total from investment operations                                1.72      0.89 
 
  Net asset value, end of year                                $18.47    $16.75 
Market value, end of year                                  $15.03(4)    $12.41 
Total return at net asset value                                10.3%      5.6% 
Total return at market value                                   21.1%    (2.5)% 
 
  RATIOS TO AVERAGE NET ASSETS 
Expenses1                                                      0.78%     0.86% 
Expenses-excluding non-recurring listing expenses              0.78%     0.73% 
Net investment loss                                          (0.71)%   (0.85)% 
PORTFOLIO TURNOVER2                                             0.0%      0.0% 
 
   (1) Does not include operating expenses of underlying investments. 
 
   (2) The turnover ratio has been calculated as the number of transactions 
divided by the average net assets. 
 
   (3) Represents less than $.01. 
 
   (4) Represents share price of GBP11.95 converted. 
 
   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 Ordinary shares as calculated, 
monthly in arrears, at each month-end, generally within 15 days. 
 
   NOTE 9 RELATED PARTY TRANSACTIONS 
 
   Other amounts payable to HarbourVest Advisers L.P. of $246,933 represent 
expenses of the Company incurred in the ordinary course of business, 
which have been paid by and are reimbursable to HarbourVest Advisers 
L.P. at 31 January 2017. 
 
   HarbourVest fund-of-funds invest in partnerships managed by Sofinnova 
Partners, of which director Jean-Bernard Schmidt is a former Managing 
Partner. 
 
   Board-related expenses, primarily compensation, of $572,744 were 
incurred during the year ended 31 January 2017. 
 
   Director Andrew Moore was also a director of HarbourVest Structured 
Solutions II GP Ltd. ("HVSS"), the general partner of HarbourVest 
Structured Solutions II L.P. Andrew Moore resigned as a director of HVSS 
on 25 February 2016. 
 
   NOTE 10 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 11 SUBSEQUENT EVENTS 
 
   In the preparation of the financial statements, the Company has 
evaluated the effects, if any, of events occurring after 31 January 2017 
to 11 May 2017, the date that the financial statements were issued. 
 
   On 31 March 2017, the Company committed $30 million to the HarbourVest 
2017 Global Fund, a global multi-strategy fund-of-funds. 
 
   On 31 March 2017, the Company committed $25 million to HIPEP VIII 
Partnership Fund, a HarbourVest international fund-of-funds programme. 
 
   On 28 April 2017, the Company committed an additional $10 million to the 
HarbourVest 2017 Global Fund and an additional $32 million to HIPEP VIII 
Partnership Fund. 
 
   There were no other events or material transactions subsequent to 31 
January 2017 that required recognition or disclosure in the financial 
statements. 
 
   Supplementary Data 
 
 
 
   HVPE's HarbourVest Fund Investments 
 
   HVPE's HarbourVest Fund investments and secondary co-investments are 
profiled below. Financial information for each fund is provided in the 
Audited Consolidated Financial Statements. 
 
   V = Venture, B = Buyout, O = Other 
 
   P = Pimary, S = Secondary, D = Direct Co-Investment 
 
 
 
 
                                Vintage Year 
  HarbourVest Fund    Phase                     Stage    Geography    Strategy 
Investment Phase 
HarbourVest         Investment  2016          V, B     Global       D 
Partners 
Co-Investment IV 
Dover Street IX     Investment  2016          V, B     Global       S 
HarbourVest Real    Investment  2016          O        Global       S 
Assets III 
HarbourVest 2016    Investment  2016          V, B, O  Global       P, S, D 
Global Fund 
HarbourVest 2015    Investment  2015          V, B, O  Global       P, S, D 
Global Fund 
HarbourVest Canada  Investment  2015          V        US, CAN      P, D 
Growth Fund 
 
 
 
 
                                            Vintage 
  HarbourVest Fund              Phase       Year       Stage    Geography    Strategy 
HarbourVest Mezzanine Income  Investment    2015     O        US           D 
Fund 
HarbourVest X Buyout          Investment    2015     B        US           P, S, D 
HarbourVest X Venture         Investment    2015     V        US           P, S, D 
HarbourVest Global Annual     Investment    2014     V, B, O  Global       P, S, D 
Private Equity Fund 
HIPEP VII Asia Pacific Fund   Investment    2014     V, B     AP           P, S, D 
HIPEP VII Emerging Markets    Investment    2014     V, B     RoW          P, S, D 
Fund 
HIPEP VII Europe Fund         Investment    2014     V, B     EUR          P, S, D 
                                                              EUR, AP, 
  HIPEP VII Partnership Fund    Investment    2014     V, B    RoW           P, S, D 
HarbourVest 2013 Direct Fund  Investment    2013     V, B     Global       D 
Growth Phase 
Dover Street VIII             Growth        2012     V, B     Global       S 
HarbourVest Cleantech Fund    Growth        2012     V        Global       P, S, D 
II 
HarbourVest Partners IX       Growth        2011     B        US           P, S, D 
Buyout Fund 
HarbourVest Partners IX       Growth        2011     O        US           P, S, D 
Credit Opportunities Fund 
HarbourVest Partners IX       Growth        2011     V        US           P, S, D 
Venture Fund 
HIPEP VI Asia Pacific Fund    Growth        2008     V, B     AP           P 
HIPEP VI Emerging Markets     Growth        2008     V, B     RoW          P 
Fund 
                                                              EUR, AP, 
  HIPEP VI Partnership Fund     Growth        2008     V, B    RoW           P 
Mature Phase 
Conversus Capital             Mature        2012*    V, B, O  Global       S 
Absolute Private Equity       Mature        2011*    V, B, O  Global       S 
Dover Street VII              Mature        2007     V, B     Global       S 
HarbourVest Partners 2007     Mature        2007     B        Global       D 
Direct Fund 
HIPEP V 2007 European Buyout  Mature        2007     B        EUR          P 
Fund 
HarbourVest VIII Buyout Fund  Mature        2006     B        US           P, S, D 
HarbourVest VIII Mezzanine    Mature        2006     O        US           P, S, D 
and Distressed Debt Fund 
HarbourVest VIII Venture      Mature        2006     V        US           P, S, D 
Fund 
HarbourVest VII Buyout Fund   Mature        2003     B        US           P, S 
HarbourVest VII Venture Fund  Mature        2003     V        US           P, S 
                                                              EUR, AP, 
  HIPEP IV Direct Fund          Mature        2001     V, B    RoW           D 
                                                              EUR, AP, 
  HIPEP IV Partnership Fund     Mature        2001     V, B    RoW           P, S 
HarbourVest VI Buyout Fund    Mature        1999     B        US           P, S 
HarbourVest VI Direct Fund    Mature        1999     V,B      US           D 
HarbourVest VI Partnership    Mature        1999     V,B      US           P, S 
Fund 
                                                              EUR, AP, 
  HIPEP III Partnership Fund    Mature        1998     V,B     RoW           P, S 
HarbourVest V Partnership     Mature        1996     V,B      US           P, S 
Fund 
 
 
   *Year of secondary purchase 
 
   Vintage year is year of initial capital call. HarbourVest Fund-of-Funds 
typically call capital over a multi-year period. 
 
   // No single portfolio company represented more than 2.2% of the 
Investment Portfolio 
 
   // The five largest companies represented 7.2% of the Investment 
Portfolio 
 
   // The 25 largest companies represented 20.7% of the Investment 
Portfolio. 
 
   // In total, the top 100 companies represented $517 million or 40.0% of 
the Investment Portfolio 
 
   The 100 largest portfolio company investments based on Investment 
Portfolio value are listed by percentage of investment value. Some 
companies below are held at least in part in HarbourVest direct funds 
(shown in bold). In most cases, HarbourVest has access to more detailed 
financial and operating information on these companies, and in some 
cases, HarbourVest representatives sit on the companies' Board of 
Directors. 
 
 
 
 
                            % of Investment Value at 31 January  Amount of Investment Value at 31 January 
  Company        Strategy                   2017                                 2017 ($m)                   Location     Status      Description 
Lightower 
 Fiber                                                                                                                                   Fibre optic 
 Networks      Buyout                                     2.14%                                     $27.8           US   Private  telecommunications 
                                                                                                                                             Patient 
Press Ganey                                                                                                                             satisfaction 
 Associates    Buyout                                     1.34%                                     $17.3           US   Private             surveys 
Preston 
 Hollow                                                                                                                           Speciality finance 
 Capital       Buyout                                     1.33%                                     $17.2           US   Private            platform 
                                                                                                                                       Drug delivery 
Capsugel       Buyout                                     1.31%                                     $16.9           US   Private             systems 
                                                                                                                                     Vehicle leasing 
LeasePlan                                                                                                                                  and fleet 
 Corporation   Buyout                                     1.12%                                     $14.5  Netherlands   Private          management 
                                                                                                                                        Property and 
                                                                                                                                  casualty insurance 
Acrisure       Buyout                                     1.05%                                     $13.6           US   Private              broker 
Infinitas                                                                                                                           Online education 
 Learning      Buyout                                     0.97%                                     $12.5  Netherlands   Private            provider 
H-Line                                                                                                                                   Marine bulk 
 Shipping      Buyout                                     0.93%                                     $12.0  South Korea   Private            shipping 
                                                                                                                                   Online home goods 
Wayfair        Venture                                    0.86%                                     $11.2           US    Public            retailer 
                                                                                                                                   Software provider 
Ministry                                                                                                                             for faith-based 
Brands         Venture                                    0.77%                                      $9.9           US   Private       organisations 
Device 
 Technologies                                                                                                                      Medical equipment 
 Australia     Buyout                                     0.70%                                      $9.1    Australia   Private         distributor 
Ssangyong                                                                                                                          Integrated cement 
Cement                                                                                                                              manufacturer and 
Industrial     Buyout                                     0.70%                                      $9.0  South Korea    Public         distributor 
                                                                                                                                       IT management 
SolarWinds     Buyout                                     0.69%                                      $8.9           US   Private            software 
Securus                                                                                                                                       Inmate 
 Technologies  Buyout                                     0.68%                                      $8.8           US   Private  telecommunications 
                                                                                                                                    Home health care 
Censeo Health  Venture                                    0.68%                                      $8.8           US   Private            services 
Catalina 
 Marketing                                                                                                                        Marketing services 
 Corporation   Buyout                                     0.67%                                      $8.7           US   Private            platform 
Riverbed                                                                                                                          Network management 
 Technology    Buyout                                     0.65%                                      $8.4           US   Private           solutions 
                                                                                                                                           Localised 
Earth                                                                                                                                     convergent 
 Networks      Venture                                    0.65%                                      $8.4           US   Private             content 
                                                                                                                                         Home health 
                                                                                                                                  benefit management 
CareCentrix    Venture                                    0.57%                                      $7.3           US   Private            services 
San Miguel                                                                                                                           PET bottles and 
 Industrias    Buyout                                     0.55%                                      $7.1         Peru   Private            preforms 
Carlile                                                                                                                               Community bank 
 Bancshares    Buyout                                     0.52%                                      $6.7           US   Private            platform 
 
 
 
 
                             % of Investment Value at 31 January  Amount of Investment Value at 31 January 
  Company         Strategy                   2017                                 2017 ($m)                   Location     Status      Description 
                                                                                                                                        Online social 
Snapchat        Venture                                    0.48%                                      $6.2           US   Private               media 
Uber                                                                                                                               On-demand personal 
 Technologies   Venture                                    0.47%                                      $6.1           US   Private      transportation 
                                                                                                                                           Outsourced 
TMF Group       Buyout                                     0.46%                                      $6.0  Netherlands   Private   business services 
Tsebo 
 Outsourcing                                                                                                      South                    Facilities 
 Group          Buyout                                     0.45%                                      $5.8       Africa   Private          management 
Appriss                                                                                                                            Data and analytics 
 Holdings       Venture                                    0.44%                                      $5.8           US   Private           solutions 
                                                                                                                                          Leasing and 
Engenium                                                                                                                            structured credit 
 Capital        Buyout                                     0.43%                                      $5.5       Mexico   Private            provider 
                                                                                                                                      Travel and tour 
Kuoni Group     Buyout                                     0.42%                                      $5.4  Switzerland   Private    service provider 
                                                                                                                                     Fresh and frozen 
US Foods        Buyout                                     0.39%                                      $5.1           US    Public      packaged foods 
Harbor 
 Community                                                                                                                             Community bank 
 Bank           Buyout                                     0.38%                                      $4.9           US   Private            platform 
                                                                                                                                     Opthalmic device 
Rodenstock      Buyout                                     0.37%                                      $4.8      Germany   Private        manufacturer 
                                                                                                                                         Clean energy 
                                                                                                                                     manufacturer and 
LM Windpower    Buyout                                     0.36%                                      $4.7      Denmark   Private            supplier 
Zayo Group 
 Holdings       Buyout                                     0.36%                                      $4.7           US    Public  Telecommunications 
KAP Industrial                                                                                                    South                    Industrial 
 Holdings       Buyout                                     0.35%                                      $4.5       Africa    Public        conglomerate 
Hub                                                                                                                                        Commercial 
 International                                                                                                                              insurance 
 Limited        Buyout                                     0.34%                                      $4.4           US   Private           brokerage 
Five Star Food                                                                                                                      Food and beverage 
 Service        Other                                      0.33%                                      $4.3           US   Private   vending solutions 
TriTech 
 Software                                                                                                                               Public safety 
 Systems        Buyout                                     0.33%                                      $4.2           US   Private            software 
                                                                                                                                     Employee benefit 
                                                                                                                                          and payroll 
BenefitMall     Venture                                    0.32%                                      $4.2           US   Private           solutions 
                                                                                                                                             Business 
                                                                                                                                           management 
Intelex                                                                                                                                      software 
 Technologies   Venture                                    0.32%                                      $4.1       Canada   Private           solutions 
Heritage Food 
 Service                                                                                                                           Commercial kitchen 
 Group          Buyout                                     0.32%                                      $4.1           US   Private            supplies 
                                                                                                                                         Hip and knee 
Marle                                                                                                                                         implant 
 International  Buyout                                     0.32%                                      $4.1       France   Private        manufacturer 
Quintiles                                                                                                                            Provider of drug 
 Transnational                                                                                                                            development 
 Corporation    Buyout                                     0.31%                                      $4.0           US    Public            services 
                                                                                                                                     Specific polymer 
                                                                                                                                             chemical 
Polynt          Buyout                                     0.31%                                      $4.0        Italy   Private       intermediates 
Prolacta                                                                                                                               Infant formula 
 Bioscience     Venture                                    0.31%                                      $4.0           US   Private        manufacturer 
NEW Asurion     Venture      0.30%                                $3.9                                      US           Private   Provider of 
 Corporation                                                                                                                       consumer product 
                                                                                                                                   protection 
                                                                                                                                   programmes 
 
 
 
 
                                  % of Investment Value at 31 January  Amount of Investment Value at 31 January 
  Company              Strategy                   2017                                 2017 ($m)                   Location    Status    Description 
                                                                                                                                          Aneasthesia 
US Anesthesia                                                                                                                              management 
 Partners            Buyout                                     0.29%                                      $3.8          US   Private        services 
                                                                                                                                             Regional 
                                                                                                                                          dental sup- 
                                                                                                                                                 port 
D4C Dental Brands    Buyout                                     0.29%                                      $3.8          US   Private    organisation 
                                                                                                                                            Alarm and 
                                                                                                                                             security 
Securitas Direct     Buyout                                     0.29%                                      $3.8      Sweden   Private       solutions 
                                                                                                                                          Provider of 
                                                                                                                                           healthcare 
                                                                                                                                                 cost 
                                                                                                                                           management 
MultiPlan            Buyout                                     0.29%                                      $3.8          US   Private       solutions 
                                                                                                                                        Telecom tower 
Eaton Towers         Buyout                                     0.29%                                      $3.7          UK   Private        operator 
                                                                                                                                           Enterprise 
                                                                                                                                            messaging 
Solace Systems       Venture                                    0.28%                                      $3.7      Canada   Private       solutions 
                                                                                                                                         Call routing 
Genesys                                                                                                                                  and handling 
Telecommunications                                                                                                                           software 
Laboratories         Buyout                                     0.28%                                      $3.6          US   Private        provider 
Sivantos             Buyout                                     0.28%                                      $3.6     Germany   Private    Hearing aids 
                                                                                                                                            Air cargo 
Envirotainer                                                                                                                                container 
 International       Buyout                                     0.28%                                      $3.6      Sweden   Private    manufacturer 
                                                                                                                                                Price 
Vestcom                                                                                                                                 communication 
 International       Buyout                                     0.27%                                      $3.6          US   Private   and marketing 
                                                                                                                                        Group of life 
                                                                                                                                        insurance and 
                                                                                                                                            financial 
National Financial                                                                                                                           services 
Partners             Buyout                                     0.27%                                      $3.5          US   Private           firms 
                                                                                                                                        Remote access 
                                                                                                                                          and desktop 
                                                                                                                                            sup- port 
TeamViewer           Buyout                                     0.27%                                      $3.5     Germany   Private        software 
                                                                                                                                         Security and 
                                                                                                                                           compliance 
Alert Logic          Buyout                                     0.26%                                      $3.4          US   Private        software 
                                                                                                                                           Electronic 
First Data                                                                                                                                    payment 
 Corporation         Buyout                                     0.26%                                      $3.4          US    Public        services 
                                                                                                                                           US Spanish 
Univision                                                                                                                                    language 
 Communications      Buyout                                     0.26%                                      $3.3          US   Private           media 
                                                                                                                                           Speciality 
Alliant Insurance                                                                                                                           insurance 
 Services            Buyout                                     0.26%                                      $3.3          US   Private          broker 
                                                                                                                                           Integrated 
                                                                                                                                              poultry 
Ingham Group         Buyout                                     0.25%                                      $3.3   Australia    Public        producer 
                                                                                                                                             Business 
                                                                                                                                              process 
                                                                                                                                          outsourcing 
Multiasistencia      Buyout                                     0.24%                                      $3.2       Spain   Private        services 
                                                                                                                                          Convenience 
Zabka Polska         Buyout                                     0.24%                                      $3.2      Poland   Private     store chain 
                                                                                                                                               Travel 
                                                                                                                                         distribution 
Sabre Corporation    Buyout                                     0.24%                                      $3.1          US    Public        services 
Pharmaceutical                                                                                                                         Pharmaceutical 
 Product                                                                                                                                     contract 
 Development         Buyout                                     0.23%                                      $3.0          US   Private        research 
                                                                                                                                             Business 
                                                                                                                                         intelligence 
Adaptive Insights    Venture                                    0.22%                                      $2.9          US   Private        software 
                                                                                                                                               Marine 
Sea Swift            Buyout                                     0.22%                                      $2.8   Australia   Private       transport 
                                                                                                                                              Packing 
                                                                                                                                             solution 
TricorBraun          Buyout                                     0.22%                                      $2.8          US   Private     distributor 
 
 
 
 
                             % of Investment Value at 31 January  Amount of Investment Value at 31 January 
Company           Strategy                   2017                                 2017 ($m)                   Location    Status    Description 
                                                                                                                                  Utility data 
                                                                                                                                   collection 
                                                                                                                                  and metering 
Sensus          Buyout                      0.22%                                   $2.8                        US      Private     solutions 
                                                                                                                                           Risk 
                                                                                                                                     management 
SambaSafety     Other                                      0.21%                                      $2.7          US   Private      solutions 
                                                                                                                                    Digital and 
                                                                                                                                           high 
                                                                                                                                     definition 
RCN Cable       Buyout                                     0.21%                                      $2.7          US   Private          cable 
                                                                                                                                       Concrete 
Xella                                                                                                                                     block 
 International  Buyout                                     0.21%                                      $2.7     Germany   Private   manufacturer 
United 
 Surgical                                                                                                                            Acute care 
 Partners                                                                                                                               surgery 
 International  Buyout                                     0.21%                                      $2.7          US   Private        centres 
Freedom                                                                                                                              Prosthetic 
 Innovations    Buyout                                     0.21%                                      $2.7          US   Private        devices 
                                                                                                                                         Online 
                                                                                                                                     healthcare 
                                                                                                                                     evaluation 
HealthGrades    Venture                                    0.21%                                      $2.7          US   Private       provider 
                                                                                                                                        Private 
                                                                                                                                     healthcare 
Quironsalud     Buyout                                     0.20%                                      $2.6       Spain   Private       operator 
                                                                                                                                         Online 
                                                                                                                                  consumer loan 
Finanzcheck     Venture                                    0.20%                                      $2.6     Germany   Private    marketplace 
                                                                                                                                   Refrigerated 
Angulas                                                                                                                              and frozen 
 Aguinaga       Buyout                                     0.20%                                      $2.5       Spain   Private        seafood 
                                                                                                                                    Behavioural 
                                                                                                                                         health 
Springstone     Buyout                                     0.20%                                      $2.5          US   Private      treatment 
                                                                                                                                         Energy 
                                                                                                                                    trading and 
                                                                                                                                           risk 
Allegro                                                                                                                              management 
Development     Buyout                                     0.19%                                      $2.5      Poland   Private       software 
Nuevo Agora                                                                                                                             Private 
 Centro de                                                                                                                            education 
 Estudios       Buyout                                     0.19%                                      $2.5       Spain   Private       provider 
                                                                                                                                  Wine producer 
                                                                                                                                            and 
Accolade Wines  Buyout                                     0.19%                                      $2.5   Australia   Private    distributor 
                                                                                                                                     Enterprise 
                                                                                                                                        content 
                                                                                                                                     management 
Hyland                                                                                                                                 software 
Software        Buyout                                     0.19%                                      $2.4          US   Private      developer 
                                                                                                                                     Speciality 
Perstorp        Buyout                                     0.19%                                      $2.4      Sweden   Private      chemicals 
                                                                                                                                     Online car 
Uxin            Venture                                    0.19%                                      $2.4       China   Private       auctions 
                                                                                                                                         Online 
                                                                                                                                       document 
                                                                                                                                        sharing 
Box             Venture                                    0.18%                                      $2.4          US    Public       platform 
                                                                                                                                       Business 
                                                                                                                                        process 
                                                                                                                                     management 
Genpact         Buyout                                     0.18%                                      $2.4     Bermuda    Public       services 
                                                                                                                                  Online cruise 
Cruise.co.uk    Buyout                                     0.18%                                      $2.4        U.K.   Private       platform 
                                                                                                                                    Cloud-based 
                                                                                                                                   software and 
Go Daddy Group  Buyout                                     0.18%                                      $2.4          US    Public       services 
                                                                                                                                       Clinical 
Cerba European                                                                                                                       laboratory 
 Lab            Buyout                                     0.18%                                      $2.3      France   Private        network 
                                                                                                                                        Utility 
Ista                                                                                                                                   metering 
 International  Buyout                                     0.18%                                      $2.3     Germany   Private       services 
                                                                                                                                     Anti-fraud 
                                                                                                                                       software 
Verafin         Venture                                    0.18%                                      $2.3      Canada   Private       provider 
                                                                                                                                  Sales and tax 
                                                                                                                                     management 
Avalara         Venture                                    0.18%                                      $2.3          US   Private       software 
 
 
 
 
                             % of Investment Value at 31 January  Amount of Investment Value at 31 January 
  Company         Strategy                   2017                                 2017 ($m)                   Location    Status    Description 
                                                                                                                                  Air freshener 
                                                                                                                                       and 
                                                                                                                                   insecticide 
Zobele Group    Buyout                      0.18%                                   $2.3                      Italy     Private   manufacturer 
Mediterranea                                                                                                                           Catering 
 de Catering    Buyout                                     0.18%                                      $2.3       Spain   Private       services 
                                                                                                                                     Outsourced 
                                                                                                                                    parking and 
                                                                                                                                    hospitality 
Towne Holdings  Buyout                                     0.17%                                      $2.2          US   Private       staffing 
                                                                                                                                        Passive 
Exxelia                                                                                                                              electronic 
 International  Buyout                                     0.17%                                      $2.2      France   Private     components 
                                                                                                                                     Healthcare 
Global                                                                                                                             supply chain 
Healthcare                                                                                                                           management 
Exchange        Buyout                                     0.17%                                      $2.2          US   Private      solutions 
                                                                                                                                    Network and 
                                                                                                                                          cloud 
Nutanix         Venture                                    0.17%                                      $2.2          US    Public        storage 
Grand Total                                               39.90%                                    $517.0 
 
 
   By Geography Based on the Investment Portfolio 
 
   // No external manager represented more than 1.8% of the Investment 
Portfolio 
 
   // As the investment manager of the HarbourVest direct funds, 
HarbourVest Partners, LLC is the largest manager held in HVPE, although 
not listed here. In many cases, HarbourVest representatives participate 
in managers' advisory committees 
 
   US 
 
   // The five largest managers represented 7.1% of the Investment 
Portfolio 
 
   // The 25 largest managers represented 22.1% of the Investment Portfolio 
 
   // In total, the largest managers (0.20% of investment value or larger) 
represented 40.7% of the Investment Portfolio 
 
 
 
 
                            Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  US Manager     Strategy                   2017 ($m)                                 2017 
Thoma Bravo    Primary                                         $23.1                                1.79% 
Welsh, 
 Carson, 
 Anderson & 
 Stowe         Secondary                                       $19.6                                1.51% 
TPG Capital    Secondary                                       $17.5                                1.35% 
The 
 Blackstone 
 Group         Primary                                         $16.2                                1.25% 
Health 
 Evolution 
 Investments   Secondary                                       $15.7                                1.21% 
Lightspeed 
 Venture 
 Partners      Primary                                         $15.1                                1.16% 
Insight 
 Venture 
 Management    Primary                                         $14.7                                1.13% 
Hellman & 
 Friedman      Primary                                         $14.0                                1.08% 
GTCR           Primary                                         $11.9                                0.92% 
Kohlberg 
 Kravis 
 Roberts & 
 Co.           Secondary                                       $11.6                                0.90% 
Thomas H. Lee 
 Company       Secondary                                       $10.6                                0.82% 
Madison 
 Dearborn 
 Partners      Primary                                         $10.2                                0.79% 
Redpoint 
 Ventures      Primary                                         $10.0                                0.78% 
Pamlico 
 Capital       Secondary                                        $9.0                                0.69% 
Providence 
 Equity 
 Partners      Secondary                                        $8.6                                0.67% 
Silver Lake 
 Management    Primary                                          $8.5                                0.66% 
Battery 
 Ventures      Primary                                          $8.2                                0.63% 
 
 
 
 
                               Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  US Manager        Strategy                   2017 ($m)                                 2017 
Summit Partners   Primary                                          $8.1                                0.62% 
Berkshire 
 Partners         Primary                                          $8.0                                0.62% 
Oak Investment 
 Partners         Primary                                          $7.7                                0.60% 
New Enterprise 
 Associates       Primary                                          $7.7                                0.60% 
Leonard Green & 
 Partners         Primary                                          $7.7                                0.59% 
ABRY Partners     Primary                                          $7.7                                0.59% 
Accel Partners    Primary                                          $7.2                                0.56% 
TA Associates     Primary                                          $7.1                                0.55% 
Menlo Ventures    Primary                                          $7.1                                0.55% 
Information 
 Venture 
 Partners         Secondary                                        $6.7                                0.52% 
Spark Capital     Primary                                          $6.6                                0.51% 
Bain Capital      Primary                                          $6.5                                0.50% 
Lee Equity 
 Partners         Secondary                                        $6.4                                0.49% 
Lone Star Funds   Secondary                                        $6.2                                0.48% 
Sageview Capital 
 Partners         Secondary                                        $6.1                                0.47% 
Bain Capital 
 Ventures         Primary                                          $5.9                                0.46% 
The Jordan 
 Company          Primary                                          $5.9                                0.46% 
1901 Partners 
 Management       Secondary                                        $5.6                                0.43% 
Kelso & Company   Primary                                          $5.4                                0.42% 
Carlyle US 
 Buyout           Secondary                                        $5.4                                0.41% 
Crestline 
 Management       Secondary                                        $5.3                                0.41% 
Clayton, 
 Dubilier & 
 Rice             Secondary                                        $4.9                                0.38% 
Levine Leichtman 
 Capital 
 Partners         Secondary                                        $4.9                                0.38% 
Polaris Partners  Primary                                          $4.9                                0.37% 
Andreessen 
 Horowitz         Primary                                          $4.8                                0.37% 
Sun Capital 
 Partners         Primary                                          $4.8                                0.37% 
Oaktree Capital 
 Management       Secondary                                        $4.7                                0.37% 
Warburg Pincus    Secondary                                        $4.7                                0.36% 
Centerbridge 
 Partners         Primary                                          $4.5                                0.34% 
Vista Equity 
 Partners         Primary                                          $4.4                                0.34% 
Apollo 
 Management       Secondary                                        $4.4                                0.34% 
Kleiner Perkins 
 Caufield & 
 Byers            Primary                                          $4.3                                0.33% 
Olympus Partners  Primary                                          $4.2                                0.32% 
Draper Fisher 
 Jurvetson        Primary                                          $4.1                                0.32% 
Eos Management,   Primary                                          $4.0                                0.31% 
Stone Point 
 Capital          Primary                                          $3.9                                0.30% 
Vestar Capital 
 Partners         Primary                                          $3.9                                0.30% 
MatlinPatterson 
 Global 
 Partners         Secondary                                        $3.9                                0.30% 
Founders Equity   Secondary                                        $3.8                                0.29% 
Sanderling 
 Venture 
 Partners         Primary                                          $3.6                                0.28% 
Canaan Partners   Primary                                          $3.6                                0.28% 
HealthCare 
 Ventures         Primary                                          $3.5                                0.27% 
 
 
 
 
                                     Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  US Manager              Strategy                   2017 ($m)                                 2017 
Technology Crossover 
 Ventures               Secondary                                        $3.5                                0.27% 
Pfingsten Partners      Primary                                          $3.4                                0.26% 
DCM                     Primary                                          $3.4                                0.26% 
Vector Capital          Primary                                          $3.4                                0.26% 
Third Rock Ventures     Primary                                          $3.3                                0.25% 
New Mountain Capital    Secondary                                        $3.3                                0.25% 
CDIB Capital Asia 
 Partners Limited       Secondary                                        $3.1                                0.24% 
Foundation Capital      Primary                                          $3.1                                0.24% 
Arroyo Energy Group     Secondary                                        $3.1                                0.24% 
Pharos Capital 
 Partners               Secondary                                        $3.0                                0.23% 
InterWest Partners      Primary                                          $3.0                                0.23% 
Kainos Capital (HM 
 Capital Partners)      Secondary                                        $3.0                                0.23% 
Highland Capital 
 Partners               Primary                                          $3.0                                0.23% 
The Wicks Group of 
 Companies              Primary                                          $3.0                                0.23% 
Sterling Investment 
 Partners Management    Primary                                          $3.0                                0.23% 
Versant Ventures        Primary                                          $2.9                                0.23% 
Lime Rock Management    Secondary                                        $2.9                                0.23% 
Tenaya Capital          Secondary                                        $2.8                                0.22% 
Marlin Equity Partners  Primary                                          $2.8                                0.22% 
US Venture Partners     Primary                                          $2.7                                0.21% 
Bruckmann, Rosser, 
 Sherrill & Co.         Secondary                                        $2.7                                0.21% 
Bessemer Venture 
 Partners               Primary                                          $2.7                                0.21% 
AE Industrial Partners  Primary                                          $2.7                                0.21% 
Wellspring Capital 
 Management             Primary                                          $2.6                                0.20% 
Grand Total                                                            $527.1                               40.68% 
 
 
   By Geography Based on the Investment Portfolio 
 
   // No external manager represented more than 1.5% of the Investment 
Portfolio 
 
   // As the investment manager of the HarbourVest direct funds, 
HarbourVest Partners, LLC is the largest manager held in HVPE, although 
not listed here. In many cases, HarbourVest representatives participate 
in managers' advisory committees 
 
   Europe 
 
   // The five largest managers represented 5.4% of the Investment 
Portfolio 
 
   // The 25 largest managers represented 13.6% of the Investment Portfolio 
 
   // In total, the largest managers (0.20% of investment value or larger) 
represented 14.0% of the Investment Portfolio 
 
 
 
 
                                  Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  European Manager     Strategy                   2017 ($m)                                 2017 
Compass Partners 
 International       Secondary                                       $18.3                                1.42% 
Index Ventures       Primary                                         $15.7                                1.21% 
CVC Capital 
 Partners            Primary                                         $12.6                                0.97% 
Doughty Hanson & 
 Co.                 Secondary                                       $12.2                                0.94% 
PAI Partners         Secondary                                       $10.8                                0.83% 
Portobello Capital   Secondary                                        $9.1                                0.70% 
 
 
 
 
                                  Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  European Manager     Strategy                   2017 ($m)                                 2017 
Apax Partners        Secondary                                        $8.6                                0.66% 
EQT Managers         Primary                                          $7.9                                0.61% 
Permira Advisers 
 Limited             Secondary                                        $7.3                                0.57% 
AAC Capital 
 Partners            Secondary                                        $7.1                                0.55% 
Nordic Capital       Primary                                          $6.2                                0.48% 
Magnum Capital 
 Industrial 
 Partners            Secondary                                        $6.1                                0.47% 
TDR Capital          Secondary                                        $5.6                                0.43% 
Holtzbrinck 
 Ventures            Primary                                          $5.0                                0.39% 
Advent 
 International 
 Corporation         Primary                                          $5.0                                0.39% 
Bridgepoint 
 Development 
 Capital             Secondary                                        $4.5                                0.35% 
Inflexion Managers 
 Limited             Primary                                          $4.3                                0.33% 
Waterland Private 
 Equity 
 Investments         Primary                                          $4.1                                0.32% 
IK Investment 
 Partners            Primary                                          $4.0                                0.31% 
Investindustrial     Primary                                          $3.8                                0.30% 
Quadriga Capital     Primary                                          $3.6                                0.28% 
HitecVision          Primary                                          $3.6                                0.28% 
Aberdeen Asset 
 Managers Limited    Secondary                                        $3.5                                0.27% 
ECI Partners         Primary                                          $3.3                                0.26% 
Capvis Equity 
 Partners            Primary                                          $3.1                                0.24% 
Mandarin Capital 
 Partners            Secondary                                        $3.1                                0.24% 
TowerBrook Capital 
 Partners            Primary                                          $2.7                                0.21% 
Grand Total                                                         $181.4                               14.00% 
 
 
   By Geography Based on the Investment Portfolio 
 
   // No external manager represented more than 1.0% of the Investment 
Portfolio 
 
   // As the investment manager of the HarbourVest direct funds, 
HarbourVest Partners, LLC is the largest manager held in HVPE, although 
not listed here. In many cases, HarbourVest representatives participate 
in managers' advisory committees 
 
   Asia Pacific and Rest of World 
 
   // The five largest managers represented 4.0% of the Investment 
Portfolio 
 
   // In total, the largest managers (0.20% of investment value or larger) 
represented 11.2% of the Investment Portfolio 
 
 
 
 
                                                    Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  Asia Pacific/Rest of World Manager     Strategy                   2017 ($m)                                 2017 
Mid Europa Partners                    Secondary                                       $12.7                                0.98% 
RMB Capital Partners                   Secondary                                       $10.5                                0.81% 
TPG Asia                               Secondary                                       $10.5                                0.81% 
DCM                                    Primary                                          $9.6                                0.74% 
Trustbridge Partners                   Primary                                          $9.1                                0.70% 
KKR Associates Asia                    Primary                                          $7.9                                0.61% 
Advent International (Argentina)       Primary                                          $7.3                                0.56% 
Legend Capital                         Primary                                          $7.0                                0.54% 
Bain Capital Partners Asia             Primary                                          $6.9                                0.53% 
IDG Capital Partners (IDG-Accel China 
 Capital Associates)                   Primary                                          $6.0                                0.46% 
 
 
 
 
                                                    Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  Asia Pacific/Rest of World Manager     Strategy                   2017 ($m)                                 2017 
Hahn & Company                         Primary                                          $5.7                                0.44% 
The Abraaj Group                       Secondary                                        $5.6                                0.44% 
CHAMP Private Equity (Buyout)          Primary                                          $5.6                                0.43% 
Helios Investment Partners             Primary                                          $5.6                                0.43% 
CITIC Capital Partners                 Primary                                          $4.3                                0.33% 
ChrysCapital                           Primary                                          $4.1                                0.32% 
NewQuest Capital Advisors (HK) 
 Limited                               Secondary                                        $3.7                                0.29% 
CHAMP Ventures                         Primary                                          $3.7                                0.28% 
Archer Capital Pty Limited             Primary                                          $3.6                                0.28% 
FIMI Opportunity Funds                 Primary                                          $3.3                                0.26% 
Baring Vostok Capital Partners         Primary                                          $3.2                                0.25% 
Clearvue Partners                      Primary                                          $3.1                                0.24% 
Everstone Capital Management           Primary                                          $3.1                                0.24% 
Boyu Capital                           Primary                                          $3.1                                0.24% 
Grand Total                                                                           $145.3                               11.21% 
 
 
   By Stage Based on the Investment Portfolio 
 
   // No external manager represented more than 1.8% of the Investment 
Portfolio 
 
   // As the investment manager of the HarbourVest direct funds, 
HarbourVest Partners, LLC is the largest manager held in HVPE, although 
not listed here. In many cases, HarbourVest representatives participate 
in managers' advisory committees 
 
   Buyout 
 
   // The five largest managers represented 7.3% of the Investment 
Portfolio 
 
   // The 25 largest managers represented 23.0% of the Investment Portfolio 
 
   // In total, the largest managers (0.20% of investment value or larger) 
represented 40.9% of the Investment Portfolio 
 
 
 
 
                                Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  Buyout Manager     Strategy                   2017 ($m)                                 2017 
Thoma Bravo        Primary                                         $23.0                                1.78% 
Welsh, Carson, 
 Anderson & 
 Stowe             Secondary                                       $19.3                                1.49% 
Compass Partners 
 International     Secondary                                       $18.3                                1.42% 
TPG Capital        Secondary                                       $17.5                                1.35% 
The Blackstone 
 Group             Primary                                         $16.2                                1.25% 
Hellman & 
 Friedman          Primary                                         $14.0                                1.08% 
Mid Europa 
 Partners          Secondary                                       $13.7                                1.06% 
CVC Capital 
 Partners 
 Limited           Primary                                         $12.6                                0.97% 
Doughty Hanson & 
 Co.               Secondary                                       $12.2                                0.94% 
GTCR               Primary                                         $11.9                                0.92% 
Kohlberg Kravis 
 Roberts & Co.     Secondary                                       $11.6                                0.90% 
PAI Partners       Secondary                                       $10.8                                0.83% 
Thomas H. Lee 
 Company           Secondary                                       $10.6                                0.82% 
RMB Capital 
 Partners          Secondary                                       $10.5                                0.81% 
 
 
 
 
                                Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  Buyout Manager     Strategy                   2017 ($m)                                 2017 
TPG Asia           Secondary                                       $10.5                                0.81% 
Madison Dearborn 
 Partners          Primary                                         $10.2                                0.79% 
Portobello 
 Capital           Secondary                                        $9.1                                0.70% 
Pamlico Capital    Secondary                                        $9.0                                0.69% 
Providence Equity 
 Partners          Secondary                                        $8.6                                0.67% 
Apax Partners      Secondary                                        $8.6                                0.66% 
Silver Lake 
 Management        Primary                                          $8.5                                0.66% 
Berkshire 
 Partners          Primary                                          $8.0                                0.62% 
EQT Managers       Primary                                          $7.9                                0.61% 
Leonard Green & 
 Partners          Primary                                          $7.7                                0.59% 
Advent 
 International 
 (Argentina)       Primary                                          $7.3                                0.56% 
Permira Advisers 
 Limited           Secondary                                        $7.2                                0.56% 
AAC Capital 
 Partners          Secondary                                        $7.1                                0.55% 
Bain Capital 
 Partners Asia     Primary                                          $6.9                                0.53% 
Bain Capital,      Primary                                          $6.5                                0.50% 
Lee Equity 
 Partners          Secondary                                        $6.4                                0.49% 
Nordic Capital     Primary                                          $6.2                                0.48% 
Magnum Capital 
 Industrial 
 Partners          Secondary                                        $6.1                                0.47% 
The Jordan 
 Company           Primary                                          $5.9                                0.46% 
Hahn & Company     Primary                                          $5.7                                0.44% 
The Abraaj Group   Secondary                                        $5.6                                0.44% 
TDR Capital        Secondary                                        $5.6                                0.43% 
CHAMP Private 
 Equity (Buyout)   Primary                                          $5.6                                0.43% 
Helios Investment 
 Partners          Primary                                          $5.6                                0.43% 
Kelso & Company    Primary                                          $5.4                                0.42% 
Carlyle US Buyout  Secondary                                        $5.4                                0.41% 
KKR Associates 
 Asia              Primary                                          $5.2                                0.40% 
Advent 
 International     Primary                                          $5.0                                0.39% 
Clayton, Dubilier 
 & Rice            Secondary                                        $4.9                                0.38% 
ABRY Partners      Primary                                          $4.5                                0.35% 
Bridgepoint 
 Development 
 Capital           Secondary                                        $4.5                                0.35% 
Levine Leichtman 
 Capital 
 Partners          Secondary                                        $4.5                                0.35% 
Vista Equity 
 Partners          Primary                                          $4.4                                0.34% 
Apollo Management  Secondary                                        $4.4                                0.34% 
CITIC Capital 
 Partners          Primary                                          $4.3                                0.33% 
Inflexion 
 Managers 
 Limited           Primary                                          $4.3                                0.33% 
Olympus Partners   Primary                                          $4.2                                0.32% 
Waterland Private 
 Equity 
 Investments       Primary                                          $4.1                                0.32% 
Eos Management,    Primary                                          $4.0                                0.31% 
IK Investment 
 Partners          Primary                                          $4.0                                0.31% 
Vestar Capital 
 Partners          Primary                                          $3.9                                0.30% 
Investindustrial   Primary                                          $3.8                                0.30% 
 
 
 
 
                                     Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  Buyout Manager          Strategy                   2017 ($m)                                 2017 
Founders Equity         Secondary                                        $3.8                                0.29% 
CHAMP Ventures          Primary                                          $3.7                                0.28% 
Archer Capital Pty 
 Limited                Primary                                          $3.6                                0.28% 
Quadriga Capital        Primary                                          $3.6                                0.28% 
HitecVision             Primary                                          $3.6                                0.28% 
Nova Capital 
 Management             Secondary                                        $3.5                                0.27% 
Pfingsten Partners      Primary                                          $3.4                                0.26% 
Vector Capital          Primary                                          $3.4                                0.26% 
FIMI Opportunity Funds  Primary                                          $3.3                                0.26% 
ECI Partners            Primary                                          $3.3                                0.26% 
New Mountain Capital    Secondary                                        $3.3                                0.25% 
Baring Vostok Capital 
 Partners               Primary                                          $3.2                                0.25% 
Capvis Equity Partners  Primary                                          $3.1                                0.24% 
CDIB Capital Asia 
 Partners               Secondary                                        $3.1                                0.24% 
Mandarin Capital 
 Partners               Secondary                                        $3.1                                0.24% 
Kainos Capital (HM 
 Capital Partners)      Secondary                                        $3.0                                0.23% 
Sterling Investment 
 Partners Management    Primary                                          $3.0                                0.23% 
Marlin Equity Partners  Primary                                          $2.8                                0.22% 
TowerBrook Capital 
 Partners               Primary                                          $2.7                                0.21% 
Bruckmann, Rosser, 
 Sherrill & Co.         Secondary                                        $2.7                                0.21% 
AE Industrial Partners  Primary                                          $2.7                                0.21% 
Wellspring Capital 
 Management             Primary                                          $2.6                                0.20% 
Grand Total                                                            $529.7                               40.88% 
 
 
   By Stage Based on the Investment Portfolio 
 
   // No external manager represented more than 1.3% of the Investment 
Portfolio 
 
   // As the investment manager of the HarbourVest direct funds, 
HarbourVest Partners, LLC is he largest manager held in HVPE, although 
not listed here. In many cases, HarbourVest representatives participate 
in managers' advisory committees 
 
   Venture Capital/Growth Equity 
 
   // The five largest managers represented 5.8% of the Investment 
Portfolio 
 
   // The 25 largest managers represented 15.9% of the Investment Portfolio 
 
   // In total, the largest managers (0.20% of investment value or larger) 
represented 21.2% of the Investment Portfolio 
 
 
 
 
                                                       Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  Venture Capital/Growth Equity Manager     Strategy                   2017 ($m)                                 2017 
Index Ventures                            Primary                                         $16.1                                1.24% 
Health Evolution Investments              Secondary                                       $15.7                                1.21% 
Lightspeed Venture Partners               Primary                                         $15.2                                1.17% 
Insight Venture Management                Primary                                         $14.6                                1.13% 
DCM                                       Primary                                         $13.0                                1.00% 
Redpoint Ventures                         Primary                                         $10.0                                0.78% 
Accel Partners                            Primary                                          $9.2                                0.71% 
 
 
 
 
                                                       Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  Venture Capital/Growth Equity Manager     Strategy                   2017 ($m)                                 2017 
Trustbridge Partners                      Primary                                          $9.1                                0.70% 
Battery Ventures                          Primary                                          $8.2                                0.63% 
Oak Investment Partners                   Primary                                          $7.7                                0.60% 
New Enterprise Associates                 Primary                                          $7.7                                0.60% 
Menlo Ventures                            Primary                                          $7.1                                0.55% 
Legend Capital                            Primary                                          $7.0                                0.54% 
Information Venture Partners              Secondary                                        $6.9                                0.53% 
Summit Partners                           Primary                                          $6.7                                0.52% 
Spark Capital                             Primary                                          $6.6                                0.51% 
Sageview Capital Partners                 Secondary                                        $6.1                                0.47% 
IDG Capital Partners (IDG-Accel China 
 Capital Associates)                      Primary                                          $6.0                                0.46% 
Bain Capital Ventures                     Primary                                          $5.9                                0.46% 
Holtzbrinck Ventures                      Primary                                          $5.0                                0.39% 
Polaris Partners                          Primary                                          $4.9                                0.37% 
Andreessen Horowitz                       Primary                                          $4.8                                0.37% 
TA Associates                             Primary                                          $4.4                                0.34% 
Kleiner Perkins Caufield & Byers          Primary                                          $4.3                                0.33% 
ChrysCapital                              Primary                                          $4.1                                0.32% 
Draper Fisher Jurvetson                   Primary                                          $4.1                                0.32% 
Stone Point Capital                       Primary                                          $3.9                                0.30% 
Warburg Pincus                            Secondary                                        $3.9                                0.30% 
NewQuest Capital Advisors (HK) Limited    Secondary                                        $3.7                                0.29% 
Sanderling Venture Partners               Primary                                          $3.6                                0.28% 
Canaan Partners                           Primary                                          $3.6                                0.28% 
HealthCare Ventures                       Primary                                          $3.5                                0.27% 
Technology Crossover Ventures             Secondary                                        $3.5                                0.27% 
Third Rock Ventures,                      Primary                                          $3.3                                0.25% 
Clearvue Partners                         Primary                                          $3.1                                0.24% 
Foundation Capital                        Primary                                          $3.1                                0.24% 
Boyu Capital                              Primary                                          $3.1                                0.24% 
Pharos Capital Partners                   Secondary                                        $3.0                                0.23% 
InterWest Partners                        Primary                                          $3.0                                0.23% 
Highland Capital Partners                 Primary                                          $3.0                                0.23% 
Versant Ventures                          Primary                                          $2.9                                0.23% 
Tenaya Capital                            Secondary                                        $2.8                                0.22% 
Everstone Capital Management              Primary                                          $2.8                                0.21% 
US Venture Partners                       Primary                                          $2.7                                0.21% 
Bessemer Venture Partners                 Primary                                          $2.7                                0.21% 
KKR Associates Asia                       Primary                                          $2.6                                0.20% 
Grand Total                                                                              $274.5                               21.19% 
 
 
   By Stage and Geography Based on the Investment Portfolio 
 
   // No external manager represented more than 0.4% of the Investment 
Portfolio 
 
   // As the investment manager of the HarbourVest direct funds, 
HarbourVest Partners, LLC is the largest manager held in HVPE, although 
not listed here. In many cases, HarbourVest representatives participate 
in managers' advisory committees. 
 
   Mezzanine/Other 
 
   // In total, the largest managers (0.20% of investment value or larger) 
represented 1.7% of the Investment Portfolio 
 
 
 
 
                                         Amount of Investment Value at 31 January  % of Investment Value at 31 January 
  Mezzanine/Other Manager     Strategy                   2017 ($m)                                 2017 
Oaktree Capital 
 Management, L.P.           Secondary                                        $5.2                                0.40% 
MatlinPatterson Global 
 Partners LLC               Secondary                                        $3.9                                0.30% 
Aberdeen Asset Managers 
 Limited                    Secondary                                        $3.9                                0.30% 
Sun Capital Partners, Inc.  Primary                                          $3.6                                0.28% 
ABRY Partners, LLC          Primary                                          $3.1                                0.24% 
Centerbridge Partners, 
 L.P.                       Primary                                          $2.8                                0.22% 
Grand Total                                                                 $22.5                                1.74% 
 
 
   Disclosures 
 
   Investments 
 
   The companies represented within this report are provided for 
illustrative purposes only, as example portfolio holdings. There are 
over 7,000 individual companies in the HVPE portfolio, with no one 
company comprising more than 2.2% 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, for-ward-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 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 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 neither intends nor assumes 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 qualifies any and all of its 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 Calcuation 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 of each class is calculated by 
dividing the net asset value of the relevant class account by the number 
of shares of the relevant class in issue on that day. The Company 
intends to publish the estimated NAV per share and the NAV per share for 
the Ordinary shares as calculated, monthly in arrears, as at each 
month-end, generally within 15 days. 
 
   Regulatory Information 
 
   HVPE is required to comply with the Listing, Disclosure Guidance and 
Transparency Rules of the Financial Conduct Authority in the United 
Kingdom (the "LPDGT Rules"). It is also authorised by the Guernsey 
Financial Services Commission as an authorised closed-ended investment 
scheme under the Protection of Investors (Bailiwick of Guernsey) Law, 
1987, as amended (the "POI Law"). HVPE is subject to certain ongoing 
requirements under the LPDGT 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. 
 
   In the course of the year under review, HVPE was subject to the Dutch 
Financial Markets Supervision Act (Wet op het financieel toezicht, 
"FMSA") and was registered with the Netherlands Authority for the 
Financial Markets (the "AFM") as a closed-end investment company 
pursuant to section 1:107 of the FMSA. Coincident with ceasing to be 
listed on Euronext Amsterdam, HVPE ceased to be registered with the AFM 
pursuant to section 1:107 of the FMSA 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: HarbourVest Global Private Equity Limited via Globenewswire 
 
 
  http://www.hvgpe.com/ 
 

(END) Dow Jones Newswires

May 12, 2017 02:01 ET (06:01 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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