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HarbourVest Global Private Equity Limited Announces its Intention to List on Euronext Amsterdam.

LONDON, November 5 /PRNewswire/ -- HarbourVest Global Private Equity Limited ("HVPE"), a newly established, closed-ended investment company, incorporated in Guernsey, today announces its intention to conduct a global offering and a directed offering of Class A ordinary shares (the "Offerings") and to seek a listing of its shares on Euronext Amsterdam by NYSE Euronext. The new company will be managed by HarbourVest Advisers L.P., an affiliate of HarbourVest Partners, LLC, a leading private equity fund-of-funds manager ("HarbourVest").

HVPE will seek to raise up to U.S.$400 million in cash proceeds from the Offerings. In addition to the new funds to be raised, a number of existing HarbourVest limited partners are contributing their interests in existing HarbourVest funds to the company in exchange for shares that will be subject to a lock-up. It is expected that on admission, the company's initial market capitalisation will be approximately U.S.$830 million.

HVPE is designed to offer shareholders long-term capital appreciation by investing in a private equity portfolio diversified by geography, by stage of investment, by vintage year and by industry. Following the completion of the Offerings, it is expected that HVPE will have more than 90% of its equity capital invested in a carefully selected portfolio of HarbourVest managed funds. This will present a strong platform for NAV growth and a unique opportunity to invest in a high-quality, diversified portfolio.

HVPE will be the only means to access HarbourVest's investment strategy through a publicly-traded vehicle. It will invest in HarbourVest funds which focus on primary partnership commitments, secondary investments or direct investments in operating companies.

HarbourVest is one of the largest and longest-established private equity fund-of-funds managers in the world. Over the past 25 years, HarbourVest's investors have committed more than U.S.$29 billion in private equity. It has demonstrated an ability to build top-quartile investment portfolios by actively selecting top-tier managers and allocating assets across private equity strategies.

Brooks Zug, Director of HVPE and Senior Managing Director of HarbourVest, said:

"We are very pleased to announce the launch of HVPE. HarbourVest is celebrating its 25th anniversary this year, and HVPE represents the latest phase in our growth. HarbourVest has one of the longest track records in the industry and one of the most experienced management teams, and has achieved top quartile performance across all our private equity activities. HVPE is the only opportunity public equity investors have to access our highly successful funds through a listed vehicle."

Highlights of the vehicle:

- Advised by top quality private equity fund-of-funds manager

- Largest private equity fund-of-funds manager, with access to leading private equity sponsors

- 25-year track record of selecting top quartile investment managers

- An experienced and stable team - 17 Managing Directors who have an average tenure with HarbourVest of 18 years

- Seeded with a high quality, diversified portfolio at listing

- More than 90% invested at listing in HarbourVest's funds - a strong platform for NAV growth

- On average, the net asset value of the initial investment portfolio has increased by 17.7% per year since inception, with average increases of 37.5% over the calendar year to 30 June 2007 and 27.8% per year over the three year period to 30 June 2007

- As at 31 December 2006, the initial investments of HVPE provide exposure to 524 private equity funds and 5,570 underlying company investments

- A shareholder friendly structure with strong corporate governance

- No duplication of fees - public shareholders will be charged on the same basis as limited partners in HarbourVest funds

- 100% of the Offering expenses will be borne by HarbourVest - no dilution of NAV

- The Board of Directors of HVPE will initially be comprised of seven members, including the Chairman, Sir Michael Bunbury. The majority of the Board is independent

George Anson, Director of HVPE and Managing Director of HarbourVest, said:

"HarbourVest's exceptional performance speaks for itself. HarbourVest Global Private Equity represents a fantastic opportunity for public market shareholders to access private-equity style returns, whilst benefiting from the liquidity of a listed vehicle. This is a compelling offering for shareholders, which we believe provides a strong platform for NAV growth."

HarbourVest has appointed Lehman Brothers International (Europe) as Global Coordinator and Lehman Brothers, Deutsche Bank AG, London Branch and Goldman Sachs International as Joint Bookrunners.

The Offerings are scheduled to close in early December 2007. Upon admission, HarbourVest Global Private Equity Limited's symbol on Euronext Amsterdam by NYSE Euronext will be "HVPE".

Notes to Editors:

About HarbourVest Global Private Equity Limited:

HarbourVest Global Private Equity Limited is a newly established, Guernsey-incorporated closed-ended investment company.

About HarbourVest Partners, LLC:

HarbourVest is an independent global private equity investment firm and an SEC-registered investment advisor, providing vehicles for institutional investors to invest in the venture capital and buyout markets in the U.S., Europe, and elsewhere through primary partnerships, secondary purchases, and direct investments. HarbourVest and its subsidiaries have 170 employees, including 65 investment professionals deployed in Boston, London, and Hong Kong. In 25 years of investing in private equity, the team has committed more than U.S.$17.6 billion to newly formed funds, representing relationships with 200 private equity managers. The team has also completed over U.S.$3.9 billion in secondary purchases of partnership interests and invested U.S.$3.1 billion directly in operating companies. The firm's clients consist of 240 institutional investors, including pension funds, endowments, foundations, and financial institutions throughout the U.S., Canada, Europe, Australia, and Japan.

Biographies of the Board of HVPE

Sir Michael Bunbury is an experienced director of listed and private investment, property and financial services companies and trustee for high net worth families. He is currently the Chairman of JP Morgan Claverhouse Investment Trust plc, Director of Foreign & Colonial Investment Trust plc, Trustee and Director of Calthorpe Edgbaston Estate and a Consultant to Smith & Williamson.

Brooks Zug is a senior managing director of HarbourVest and a founder of HarbourVest. He is responsible for overseeing HarbourVest's U.S. and non-U.S. partnership and direct investments. He joined the corporate finance department of John Hancock in 1977 and in 1982 co-founded Hancock Venture Partners, which later became HarbourVest Partners. He serves as an advisory committee member for a number of U.S. and foreign private equity partnerships including funds managed by Accel Partners, Advent International, Doughty Hanson, Permira, Silver Lake Partners and TA Associates.

George Anson is a managing director of HarbourVest who concentrates on partnership and direct investments in Europe and other non-U.S. markets. He joined HarbourVest's London subsidiary in 1990 and serves on the advisory boards of a number of European private equity partnerships including funds managed by Atlas Venture, BC Partners, BS Private Equity, Cinven, Doughty Hanson, Ethos Private Equity, Global Finance and Industri Kapital.

Jean-Bernard Schmidt is Managing Partner of Sofinnova Partners, a leading European Venture Capital firm based in Paris. He is a past and current board member of many technology companies in the United States and France. From June 2003 to June 2004, he was Chairman of EVCA (the European Private Equity and Venture Capital Association).

Andrew Moore is the Group Chairman of Acell Holdings Limited and Cherry Godfrey Holdings and Director of Adam & Company International Limited, Adam & Company International Trustees Limited, Channel Islands Development Corporation Limited, Sumo Limited and Direct Communications International (Guernsey) Limited. Andrew has also acted as both a non-executive director and executive director of a number of Guernsey banks.

Keith Corbin is an Associate of the Chartered Institute of Bankers (A.C.I.B.) (1976) and a Member of the Society of Trust and Estate Practitioners (T.E.P.) (1990). Currently the Group Executive Chairman of Nerine International Holdings Limited, which has operations in Guernsey, British Virgin Islands and Switzerland, he also serves as a non-executive director on the board of various regulated financial services businesses, including investment funds, insurance companies and other companies, some of which are listed on recognised stock exchanges or subsidiaries of listed companies.

Paul Christopher is an English solicitor, a Guernsey advocate and a Partner of Ozannes. He specialises in investment, finance and corporate work. He is the Bar Council representative on the Guernsey International Business Association's council and is a member of the Guernsey Joint Money Laundering Steering Group.

This document is an advertisement and not a prospectus. Investors should not subscribe for any securities of the Company except on the basis of information in the Prospectus dated 2 November 2007 that is published by the Company in connection with the proposed admission of its shares to trading on Euronext Amsterdam by NYSE Euronext ("Euronext Amsterdam"), the regulated market of Euronext Amsterdam N.V. Copies of the Prospectus dated 2 November 2007 can be obtained in hard copy free of charge from the Company at its offices at Anson Place, Mill Court, La Charroterie, St Peter Port, Guernsey GY1 3GF. Hard copies can also be obtained from the Listing and Paying Agent in the Netherlands, Rabo Securities (CoA[paragraph]operatieve CentraleRaiffeisen - Boerenleenbank B.A.), at Rembrandt Tower, 17th floor, Amstelplein 1, 1096 HA Amsterdam, the Netherlands.

This document is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. It is not intended that the Company will conduct a public offering of the securities in the United States.

This press release and the information contained in it are not being issued in the United States, Australia, Austria, Canada, Italy, Japan, Kuwait, Malaysia or the United Arab Emirates and may not be distributed in the United States, Australia, Austria, Canada, Italy, Japan, Kuwait, Malaysia or the United Arab Emirates.

This document is only addressed to and is only directed at persons in member states of the European Economic Area (the "EEA") who are "qualified investors" within the meaning of Article 2.1(e) of the Prospectus Directive (Directive 2003/71/EC).

In the United Kingdom, this document is only addressed to and is only directed at Qualified Investors who (i) also have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) fall within Article 49(2)(a) to (d) of the Order, or (iii) are persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). On the basis that the shares in the Company are admitted to trading on Euronext Amsterdam, the Company may request that the Netherlands Authority for the Financial Markets file a certificate of approval and copy of the prospectus with the United Kingdom Financial Services Authority, being the competent authority in the United Kingdom, pursuant to the passporting provisions of the Prospectus Directive as implemented in The Netherlands. In the United Kingdom, prior to any such filing, the shares of the Company will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such shares will be engaged in only with, relevant persons.

In the Netherlands, the shares of the Company will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such shares will be engaged in only with qualified investors within the meaning of Section 1:1 of the Financial Markets Supervision Act (FMSA), until the Company has published a prospectus that has been approved by the Netherlands Authority for the Financial Markets ("AFM") in accordance with Section 5:9 of the FMSA and until the Company has been registered with the AFM pursuant to Sections 1:107, 2:66 and 2:73 of the FMSA.

In any member state of the EEA (other than the United Kingdom and the Netherlands), the shares of the Company will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such shares will be engaged in only with, qualified investors. Persons other than relevant persons and other qualified investors should not act or rely on this document or any of its contents.

The Joint Bookrunners are acting for the Company and no-one else in connection with the Offerings and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in relation to the Offerings or any other matter referred to herein.

This announcement 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, forward-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. 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. Potential investors should not place undue reliance on these forward-looking statements. Any forward-looking statements are only made as at the date of this announcement and the Company neither intends nor assumes any obligation to update forward-looking statements set forth in this document, except as required by law or other applicable regulation. Except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Enquiries: HarbourVest, Laura Thaxter, Tel: +1-617-348-3695, Kendra Ahern, Tel: +1-617-348-3502; Maitland, Philip Gawith, Lydia Pretzlik, Anthony Silverman, Tel: +44(0)20-7379-5151
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Publication:PR Newswire Europe
Date:Nov 5, 2007
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