HarbourVest Global Private Equity (HVPE) Investor Day 2025 Presentation summary

Strategic initiatives and business developments

• Transition to a new SMA structure agreed in May 2025, providing HVPE with a dedicated fund-of-one, increased control, and first-in-line allocations alongside HarbourVest commingled funds.

• SMA structure expected to reduce look-through gearing and HVPE's exposure to HarbourVest fund-level borrowing over the next five years.

• New commitments will be made via the SMA from February 2025, with scenarios projecting SMA assets to comprise 17%–68% of the portfolio by 2029.

• Distribution pool allocation doubled to 30% of portfolio distributions from February 2025, supporting continued share buybacks.

• Continuation vote introduced for July 2026 AGM, reflecting enhanced governance.

Financial performance and portfolio metrics

• NAV per share increased by 7.3% and share price rose 19.2% in the year to 31 January 2025.

• Net gain on investments of $256 million, with largest gains in Mezzanine & InfRA, Direct co-investment, and North America.

• Weighted average revenue and EBITDA growth of 13.4% and 18.6% respectively across portfolio companies; 71% increased EBITDA, 73% grew EBITDA by more than 10%.

• Realised uplifts returned to pre-2020 range, with an average uplift of 52% since 2012.

• Total share repurchases reached $164 million since September 2022, with $106 million in the latest year.

Portfolio composition and risk management

• Portfolio diversified by stage, strategy, and geography: 61% buyout, 31% venture & growth, 62% North America, 21% Europe, 15% Asia Pacific.

• Largest 25 underlying companies span sectors including technology, financials, and industrials.

• Consistent investment pacing across vintages, supporting balanced risk-adjusted returns.

• Limited exposure to direct adverse impact from April 2025 US tariffs, with 86% of portfolio NAV expected to experience no or low impact.

• New commitments managed at lower levels than prior year to preserve balance sheet strength and liquidity.