HarbourVest Global Private Equity (HVPE) investor relations material

Executive summary

• NAV per share rose 2.4% to $60.82, driven by 4.3% underlying portfolio valuation growth; the FTSE All World Total Return Index gained 8.3%.

• Portfolio investments generated an $85m net gain; organic cash flow was a $27m net inflow and total portfolio cash flow reached $234m, including secondary-sale proceeds.

• Share price returned +6.4% in GBP during H1, reaching £33.35; ten-year NAV growth was 250% in USD versus 236% for the index.

Financial highlights

• Net assets were $4.230bn at 31 July 2026, down from $4.268bn at 31 January; NAV per share rose from $59.40 to $60.82.

• Net increase in net assets from operations was $59.1m versus $219.8m in H1 2025; net investment loss narrowed to $26.3m from $27.8m.

• Portfolio investments were valued at $4.401bn versus $4.713bn at 31 January; the period-end share-price discount to NAV was 25%.

• Weighted portfolio-company revenue rose 15.9% and EBITDA 17.6% in the 12 months to 30 June 2026; 68% grew EBITDA, and 74% of those grew it by more than 10%.

Outlook and guidance

• Annual shareholder returns target 5%–10% of NAV through tenders and buybacks until the next Continuation Vote, due no later than July 2029.

• A tender offer of up to $400m is expected to be priced at ~10% discount to 30 September NAV; shareholder approval is sought at the 16 November 2026 EGM.

• No new commitments are planned for the remainder of 2026; the existing $250m SMA tranche is expected to be fully committed or deployed during the year.

• Q3 global private-equity exit value rebounded to $482bn, the second-highest quarter on record, potentially supporting liquidity and listed private-equity valuations.