Breaking Down HarbourVest Global Private Equity Ltd. Financial Health: Key Insights for Investors

Discover HarbourVest Global Private Equity Ltd., the London-listed investment trust founded in December 2007 and managed by HarbourVest Partners with over 43 years of private markets expertise, which as of June 30, 2025 oversees assets in excess of $146 billion; a FTSE 250 constituent leveraging offices in Boston, London, Hong Kong and Tokyo to execute a diversified strategy spanning primary funds, secondaries, direct co‑investments, real assets, infrastructure and private credit, guided by a mission to deliver long‑term capital appreciation and broaden access to high‑quality private companies, underpinned by core values of integrity, collaboration, excellence, innovation, diversity and a commitment to sustainability through adherence to the Principles for Responsible Investment since 2013.

HarbourVest Global Private Equity Ltd. (HVPD.L) - Intro

• Primary focus: diversified private equity exposure across primary funds, secondaries, direct co-investments and complementary private assets.
• Geographic reach: global allocations spanning North America, Europe, Asia-Pacific and emerging markets through a mix of fund vintages and strategies.
• Market position: long track record as a publicly traded access vehicle to institutional private markets capability.

• Capturing alpha from private equity and related private-market strategies across vintages and geographies.
• Providing scalable, liquid public-market access to an institutional-quality private markets platform.
• Maintaining governance, transparency and alignment of interests consistent with a listed investment trust.

• Deepening diversification across strategy types (primaries, secondaries, co-investments) to reduce concentration risk.
• Enhancing long-term net returns through selective sourcing and fee-aware structuring.
• Serving a broad investor base - retail, institutional and intermediaries - with a listed vehicle that combines private markets return drivers with public liquidity.

• Discipline - rigorous due diligence, vintage diversification and disciplined capital deployment across cycles.
• Alignment - structuring investments and incentives to align HarbourVest Partners, GPs and public shareholders.
• Partnership - deep, long-term relationships with general partners, co-investors and limited partners to access proprietary deal flow.
• Transparency - clear reporting and governance consistent with public listing requirements and investor expectations.
• Stewardship - active portfolio monitoring, risk management and responsible investment considerations across private-market holdings.

HarbourVest Global Private Equity Ltd. (HVPD.L) - Overview

• HarbourVest Global Private Equity Ltd. (HVPD.L) seeks to provide investors with efficient access to a diversified global portfolio of high‑quality private companies by investing primarily in HarbourVest‑managed funds.
• The company's investment objective is to generate superior shareholder returns through long‑term capital appreciation via a diversified portfolio of private markets investments.
• HVPD.L aims to unlock the power of private markets worldwide, making them accessible to a broader range of investors through a closed‑end listed investment company structure.
• Its approach supports innovation and growth in a responsible manner, creating value for shareholders, portfolio companies, managers and wider stakeholders.
• The firm emphasizes a progressive, collaborative and inclusive partnership model, leveraging over 40 years of HarbourVest experience to combine global reach with local wisdom.
• HVPD.L has been a signatory to the UN Principles for Responsible Investment (PRI) since 2013, formally integrating environmental, social and governance (ESG) and business conduct considerations into investment decision‑making and monitoring.

• To be a leading public access vehicle to top‑tier private equity exposure globally, delivering durable capital growth and sustainable outcomes through disciplined selection of primary, secondary and co‑investment opportunities managed by HarbourVest.
• To balance pursuit of attractive financial returns with responsible ownership practices that mitigate risk and foster long‑term value creation.

• Partnership - long‑standing relationships with leading private markets managers and portfolio companies.
• Discipline - diversified, vintage‑aware investment construction and rigorous underwriting.
• Integrity - transparent reporting, alignment of interests and adherence to PRI and industry best practice.
• Stewardship - active engagement on ESG issues and support for sustainable business practices across the portfolio.
• Expertise - leveraging HarbourVest's multi‑decade experience and global sourcing capabilities.

• HVPD.L invests predominantly in HarbourVest‑managed funds: primary commitments to fund managers, secondary purchases of existing LP interests and selective co‑investments alongside managers to enhance returns and control fees.
• Risk is managed via vintage diversification, geographic spread, sector balance and a mix of liquid listed structure plus long‑dated private exposure to smooth NAV volatility over long horizons.
• ESG and stewardship are integrated in sourcing, due diligence and post‑investment monitoring; portfolio companies and managers are assessed on sustainability metrics and governance practices.

HarbourVest Global Private Equity Ltd. (HVPD.L) - Mission Statement

• Deliver attractive long-term total returns through diversified private equity exposure across buyouts, growth equity, venture capital, and private credit.
• Provide shareholders with access to high-quality private companies and experienced fund managers that might otherwise be inaccessible to individual investors.
• Integrate environmental, social and governance (ESG) considerations into investment decision-making in line with the PRI (signatory since 2013).
• Maintain conservative balance sheet and liquidity management to support capital deployment and distributions across cycles.

• Be a leading provider of private equity investment opportunities for listed investors by expanding global reach and deepening manager relationships.
• Support innovation and sustainable growth in portfolio companies while generating superior risk-adjusted returns for shareholders.
• Embed responsible investing and stewardship across the investment lifecycle to create long-term value for stakeholders.

• PRI signatory since 2013 - commitment to ESG integration and reporting.
• Use of external due diligence combined with HarbourVest's in-house research to assess manager ESG practices and portfolio company stewardship.
• Board oversight emphasizing capital preservation, alignment of incentives, and transparent shareholder communication.

• Global manager selection - prioritising established and emerging managers across regions to build a resilient, diversified portfolio.
• Secondaries and direct co-investments - used to enhance net returns and lower blended fees where appropriate.
• Sustainability integration - monitoring portfolio companies' ESG metrics, engaging with managers on decarbonisation and social risks, and incorporating these assessments into valuation and exit timing.

HarbourVest Global Private Equity Ltd. (HVPD.L) - Vision Statement

• Integrity: honesty and ethical conduct underpin all client relationships, governance and reporting, reinforcing trust across investors, GPs and counterparties.
• Collaboration: strategic partnerships with leading GPs, limited partners and internal teams to source proprietary deals and improve value creation.
• Excellence: a focus on delivering superior performance vs. public-market substitutes and private equity benchmarks through rigorous selection and active portfolio management.
• Innovation: continual adaptation of sourcing, execution and portfolio-monitoring techniques - including co-investment platforms and secondary strategies - to capture evolving alpha sources.
• Diversity & Inclusion: fostering diverse teams and viewpoints to enhance decision-making and investment outcomes across regions and sectors.
• Sustainability: integrating ESG and impact considerations into underwriting, monitoring and exit processes; signatory to the UN Principles for Responsible Investment (PRI) since 2013.

• Portfolio breadth: maintain exposure across primary commitments, secondaries and co-investments to balance pacing, liquidity and fee-efficiency.
• Benchmarking: target outperformance of global private equity indices and long-term absolute return thresholds (multi-year NAV growth and distributable cash generation).
• Liquidity management: manage listed-vehicle discount dynamics through buybacks, dividend policy and active capital allocation.
• ESG integration: require GP-level ESG reporting and track portfolio carbon/intensity metrics and diversity KPIs across commitments.

• Board oversight: independent directors with private equity and governance experience set risk limits, discount-management tools and capital allocation policy.
• PRI adherence: PRI signatory since 2013, embedding ESG due diligence, voting and stewardship across primary and secondary GP selections.
• Reporting: regular NAV reporting, portfolio company ESG KPIs, and periodic climate- and diversity-related disclosures aligned with investor expectations.

• Deep GP relationships - prioritizing established managers with durable track records and co-invest capacity.
• Active use of secondaries to manage pacing, crystallize value and improve liquidity profile.
• Co-invest programs to lower fee drag and enhance net returns to shareholders.
• Shareholder-aligned capital actions (buybacks/dividends) to reduce persistent discount and enhance total shareholder return.