À mesure que les marchés privés continuent d’évoluer, les investisseurs accordent de plus en plus d’importance à la manière d’accéder à un éventail d’opportunités en pleine expansion. Ils recherchent une couverture plus large, des sources de rendement différenciées et des moyens plus efficaces de se constituer une exposition dynamique. Accéder aux marchés privés ne consiste plus simplement à se constituer une exposition, mais à le faire de manière efficace, réfléchie et à grande échelle.
Un fonds multi-stratégies peut offrir une approche plus coordonnée de l’investissement sur les marchés privés en combinant plusieurs stratégies complémentaires au sein d’un même portefeuille. Plutôt que de se positionner par le biais de multiples engagements distincts, les investisseurs peuvent accéder à une allocation diversifiée via une structure intégrée unique. Ce qui contribue à simplifier la mise en œuvre et la gestion tout en favorisant une exposition plus large et plus équilibrée, avec un potentiel de performance à long terme accru.
Pourquoi une approche multi-stratégies, et pourquoi maintenant?
Les marchés privés sont devenus un terrain de plus en plus important pour l’innovation, la croissance et la création de valeur. Alors que les entreprises restent privées plus longtemps et qu’une part croissante de la valeur est créée avant l’IPO, l’éventail des opportunités s’est élargi et diversifié. Les sources de rendement émergent désormais à travers différentes stratégies, étapes et cycles de vie des entreprises plutôt qu’à un seul point d’entrée. Dans ce contexte, un fonds multi-stratégies permet une participation plus large tout en coordonnant différents profils de rythme, de liquidité et de rendement.
Une structure multi-stratégies intègre des expositions présentant des horizons de déploiement, des profils de duration et des caractéristiques de rendement variés au sein d’une architecture cohérente. Cette approche favorise une plus grande flexibilité, un déploiement plus efficace des capitaux et un cadre plus unifié pour la gestion de l’exposition à mesure que les programmes des investisseurs évoluent.
Le rôle des stratégies complémentaires
Au sein d’un portefeuille multi-stratégies, chaque composante peut jouer un rôle distinct et complémentaire:
Les investissements primaires peuvent offrir une exposition à long terme, une large diversification et constituer un socle de stabilité pour le portefeuille. Ils permettent d’assurer une participation stable tout au long des cycles économiques, tout en donnant accès à un large éventail de gestionnaires, de secteurs et de régions. Ce qui constitue ainsi le moteur principal de la croissance composée d’une allocation. C’est précisément au niveau des investissements primaires que l’accès peut devenir un avantage durable.
Les investissements secondaires peuvent améliorer l’efficacité du capital en permettant un déploiement plus rapide vers des actifs plus matures. Ces investissements peuvent générer des flux de trésorerie plus tôt, raccourcir la durée effective et réduire – voire éliminer – la courbe en J. Les investissements secondaires offrent aussi une diversification rétrospective inhérente entre les années de lancement, ce qui atténue le risque de concentration et favorise un déploiement du capital et un profil de rendement plus stables tout au long du cycle de vie du fonds.
Les co-investissements directs peuvent apporter une exposition plus ciblée, en offrant une participation sélective au niveau des entreprises, un potentiel de plus-value différencié et la possibilité d’améliorer la rentabilité. Au sein d’un portefeuille plus large, ils peuvent constituer une source tactique d’amélioration des rendements tout en complétant les positions de base diversifiées.
Comme le montre le graphique, ces stratégies permettent de constituer un portefeuille plus équilibré que n’importe quelle approche prise isolément, en combinant étendue, profondeur et souplesse structurelle au sein d’une même allocation.
Pourquoi la coordination des investissements est-elle importante?
Le potentiel de valeur d’un fonds multi-stratégies n’est pas simplement théorique: il repose sur la manière dont des stratégies complémentaires peuvent fonctionner ensemble. Comme l’illustre le graphique, un portefeuille hypothétique combinant des investissements primaires, secondaires et des co-investissements peut offrir une gamme de résultats plus large que celle d’une exposition à une seule stratégie. Ce qui augmente le potentiel de hausse et améliore la résilience face aux baisses.
Son principal atout: la capacité à diversifier davantage l’exposition. Non seulement en répartissant les investissements sur un plus grand nombre de placements, mais aussi en combinant des formes d’exposition plus complémentaires. Ce qui allie pérennité, flexibilité et opportunités ciblées au sein d’un cadre unique.
Un outil pratique de mise en œuvre
Pour les investisseurs qui mettent en place ou développent des programmes d’investissement sur les marchés privés, un fonds multi-stratégies peut remplir plusieurs rôles: une allocation de base, un moteur de diversification, un pilier de stabilité ou une passerelle de mise en œuvre pour les investisseurs cherchant à développer leurs volets stratégiques individuels de manière efficace et exhaustive.
L’intérêt d’un fonds multi-stratégies ne réside pas simplement dans une exposition plus large: il s’agit d’une manière plus ciblée de structurer facilement une exposition diversifiée.
Conclusion
Les marchés privés offrent un accès à un large éventail d’opportunités de croissance à long terme, mais leur mise en œuvre reste un enjeu crucial. Un fonds multi-stratégies peut contribuer à transformer cet ensemble d’opportunités en une solution cohérente, alliant simplicité, diversification et exposition coordonnée au sein d’un cadre d’allocation unique.
Important Information
This material is solely for informational purposes and should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here. This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons.
Market analysis is not representative of any HarbourVest product. This presentation contains quantitative analysis of the global private equity industry derived from HarbourVest’s proprietary Quant Database. The proprietary Quant Database is a compilation of private equity partnership and transactional data drawn from internal and external sources. The proprietary Quant Database has been developed internally based on information obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. This proprietary database is intended to be representative of the broader private equity market and does not reflect the investment performance of any HarbourVest investment or the experience of any investor in any HarbourVest fund.
Market simulations are not representative of any investor’s experience. Simulated results based on the database will be impacted by an uneven representation of funds with different vintage years, sizes, managers, geographic investment focus, and strategies, and a limited pool of investment cash flow data. Capital call and distribution data are based on historic partnership investment cash flows, but do not represent the actual experience of any investor. The actual pace and timing of cash flows is likely to be different and will be highly dependent on the underlying partnerships’ commitment pace, the types of investments made by the fund(s), market conditions, and terms of any relevant management agreements. Market conditions have a significant impact on investments and could materially change the results. All simulations, projections, and pro forma results are based entirely on the output from numerous mathematical simulations. These simulations are unconstrained by the fund size, market opportunity, and minimum commitment amount, and do not take into account the practical aspects of raising and managing a fund. The simulated hypothetical results should be used solely as a reference to understand certain characteristics of private equity markets and should not be relied upon to manage investments or make investment decisions. Simulated market performance is not indicative of the future returns of any HarbourVest or third party fund or account, and there can be no assurance that future funds or accounts will achieve comparable results. Investments in private funds involve significant risks, including loss of the entire investment.
Simulation parameters are subject to change. This presentation contains model portfolios that represent HarbourVest’s current views on portfolio allocation intended to achieve the stated investment objectives. Such model portfolios are designed by HarbourVest personnel who are independent of HarbourVest’s investment teams; however, in constructing model portfolios, HarbourVest professionals may consider input from a variety of sources, including from internal investment professionals, who may have conflicts of interest related to the portfolio construction allocations. These portfolio construction assumptions inform certain market simulations shown herein. Portfolio construction assumptions should not be considered as investment advice or a recommendation of any particular strategy or investment product. Model portfolios presented herein are not tailored to address the investment objectives of any specific client. There is no guarantee that the model portfolio construction assumptions will work under all market conditions or will result in portfolios suitable for all investors. HarbourVest may change its view on portfolio allocations without notice and makes no representation that market simulations will be updated. No representation is being made that any model portfolio will or is likely to achieve profits, losses or results similar to those shown.
Additional Important Information
Diversification does not ensure a profit or protect against a loss.
HarbourVest Partners, LLC is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes and should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy, or completeness of such information. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here. This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest.
Nothing herein should be construed as a solicitation, offer, recommendation, representation of suitability, legal advice, tax advice, or endorsement of any security or investment and should not be relied upon by you in evaluating the merits of investing in HarbourVest funds or any other investment decision.
An investment in the private markets involves high degree of risk, and therefore, should be undertaken only by prospective investors capable of evaluating the risks of the Fund and bearing the risks such an investment represents. The following is a summary of only some of the risks of investing in private markets.
Risks Related to the Structure and Terms of a Private Markets Fund. Investments in a fund of funds structure may subject investors to additional risks which would not be incurred if such investor were investing directly in private equity funds. Such risks may include but are not limited to (i) multiple levels of expense; and (ii) reliance on third-party management. In addition, a fund may issue capital calls, and failure to meet the capital calls can result in consequences including, but not limited to, a total loss of investment.
Illiquidity of Interests; Limitations on Transfer; No Market for Interests. An investor in a HarbourVest-managed closed-end fund or account will generally not be permitted to transfer its interest without the consent of the general partner of such fund. Furthermore, the transferability of an interest will be subject to certain restrictions contained in the governing documents of a closed-end fund and will be affected by restrictions imposed under applicable securities laws. A HarbourVest-managed open-end fund or account will generally provide limited liquidity events for investors, subject to certain restrictions contained in the governing documents of an open-end fund and will be affected by restrictions imposed under applicable securities laws. There is currently no market for the interests in HarbourVest-managed funds or accounts, and it is not contemplated that one will develop. The interests should only be acquired by investors able to commit their funds for an indefinite period of time, as the term of the closed-end fund could continue for over 14 years. In addition, there are very few situations in which an investor may withdraw from a private equity closed-end fund. The possibility of total loss of an investment in a fund exists and prospective investors should not invest unless they can readily bear such a loss.
Risk of Loss. There can be no assurance that the operations of a strategy will be profitable or that the strategy will be able to avoid losses or that cash from operations will be available for distribution to the limited partners. The possibility of partial or total loss of capital of the strategy exists, and prospective investors should not subscribe unless they can readily bear the consequences of a complete loss of their investment.
Leverage. The strategy may use leverage in its investment strategy. Leverage may take the form of loans for borrowed money or derivative securities and instruments that are inherently leveraged, including options, futures, forward contracts, swaps and repurchase agreements. The strategy may use leverage to acquire, directly or indirectly, new investments. The use of leverage by the strategy can substantially increase the market exposure (and market risk) to which the strategies’ investment portfolio may be subject.
Availability of Suitable Investments. The business of identifying and structuring investments of the types contemplated by the strategy is competitive and involves a high degree of uncertainty. Furthermore, the availability of investment opportunities generally will be subject to market conditions and competition from other groups as well as, in some cases, the prevailing regulatory or political climate. Interest rates, general levels of economic activity, the price of securities and participation by other investors in the financial markets may affect the value and number of investments made by the strategy or considered for prospective investment.
Sustainable Investing. HarbourVest considers certain sustainable investing standards or metrics when evaluating investments as part of the larger goal of maximizing financial returns on investments. It should not be assumed that any sustainable investing initiatives, standards, or metrics utilized by HarbourVest will apply to each asset in which HarbourVest invests or that any sustainable investing initiatives, standards, or metrics were applicable to each of HarbourVest’s prior investments. Sustainable investing is only one of many considerations that HarbourVest takes into account when making investment decisions, and other considerations can be expected in certain circumstances to outweigh sustainable investing considerations. Any sustainable investing initiatives, standards or metrics will be implemented with respect to a portfolio investment solely to the extent HarbourVest determines such an initiative is consistent with its broader investment goals. Accordingly, certain investments may exhibit characteristics that are inconsistent with HarbourVest’s stated sustainability initiatives, standards, or metrics. Applying sustainable investing standards or metrics to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by HarbourVest or any judgment exercised by HarbourVest in making an investment decision will reflect the sustainable investing-related beliefs or values of any particular investor or group of investors.
Reliance on the General Partner and Investment Manager. The success of the strategy will be highly dependent on the financial and managerial expertise of the Fund’s general partner and investment manager and their expertise in the relevant markets. The quality of results of the general partner and investment manager will depend on the quality of their personnel. There are risks that death, illness, disability, change in career or new employment of such personnel could adversely affect results of the strategy. The limited partners will not make decisions with respect to the acquisition, management, disposition or other realization of any investment, or other decisions regarding the strategies’ businesses and portfolio.
Market Risk. Private equity, as a form of equity capital, shares similar economic exposures as public equities. As such, investments in each can be expected to earn the equity risk premium, or compensation for assuming the non-diversifiable portion of equity risk. However, unlike public equity, private equity’s sensitivity to public markets is likely greatest during the late stages of the fund’s life because the level of equity markets around the time of portfolio company exits can negatively affect private equity realizations. Though private equity managers have the flexibility to potentially time portfolio company exits to complete transactions in more favorable market environments, there’s still the risk of capital loss from adverse financial conditions.
Incorporating artificial intelligence into the investment decision process. Recent technological advances in artificial intelligence and machine learning technology (collectively, “Machine Learning Technology”) and the reliance on Machine Learning Technology for investment and allocation decision making could pose risks to HarbourVest, the Fund and its portfolio companies or their respective affiliates. Machine Learning Technology is generally highly reliant on the collection and analysis of large amounts of data, and it may not be possible or practicable to incorporate all relevant data into any given model that Machine Learning Technology utilizes to operate. Additionally, certain data in such models will inevitably contain a degree of inaccuracy and error—potentially materially so—and could otherwise be inadequate or flawed, which would likely degrade the effectiveness of Machine Learning Technology. To the extent that HarbourVest, the Fund, or the portfolio companies utilize Machine Learning Technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments.
Potential Conflicts of Interest. The activities of the strategies may conflict with the activities of other HarbourVest-managed funds or accounts.
Tax Risks. An investment in the strategy involves tax risks, which may be material, including the risk of tax payments and tax filing obligations in multiple jurisdictions, which may apply both to the investor and the strategy. The taxation of the strategy and investors in the strategy is complex and subject to uncertainty. Prospective investors should consult with their tax, legal, and accounting advisers prior to making an investment in the strategy in light of their specific circumstances.
Secondary Investing Risk. Secondary market transactions may impose higher costs than other investments and may require a fund to assume contingent liabilities associated with events occurring prior to the Fund’s investment. The overall performance of an Underlying Portfolio Fund acquired through a secondary transaction will depend in large part on the purchase price paid. In addition, a fund will generally not have any ability to negotiate terms with respect to interests in Underlying Portfolio Funds invested in through secondary market transactions.
Direct Co-Invest Strategy Risks. Direct co-investments result in HarbourVest holding a minority equity interest in portfolio companies where HarbourVest does not expect to be able to protect its portfolio investments or to control or influence effectively the business or affairs of such entities. In such investments, HarbourVest will rely on the existing management and board of directors of such companies, which could include representatives of other financial investors with whom HarbourVest is not affiliated and whose interests could at times conflict with HarbourVest’s interests. Such investments involve additional risks not present in investments where HarbourVest has control, including the possibility that such other investors have financial difficulties resulting in a negative impact on such investments or take actions contrary to the investment objectives of HarbourVest. A portion of HarbourVest’s assets are expected to be invested outside of the United States. Non-US securities involve certain factors not typically associated with investing in US securities, including risks related to greater price volatility in and less liquidity of some non-US securities markets. This risk could be greater for investments made in developing or emerging markets.
Primary Investing Risk. An investment in leveraged buyouts of companies; such leveraged investments are inherently sensitive to declines in portfolio company revenues and increases in portfolio company expenses and to increases in interest rates. Investments in growth equity and venture capital investments; such investments involve a high degree of business and financial risk that can result in substantial losses. Investments in small-cap opportunities are subject to higher volatility and lower financial resources than large-cap investments. The markets for these securities are also less liquid than those for larger companies. Investments in portfolio companies involved in the technology industry which is challenged by various factors including rapidly changing market conditions, new competing products, changing consumer preferences, and short product life cycles. Secondary market transactions may impose higher costs than other investments and may require the assumption of contingent liabilities associated with events occurring prior to the investment. In addition, investments in secondary market transactions may be based on information that may be incomplete or inaccurate.
PERFORMANCE INFORMATION
The source of certain performance information is HarbourVest. In considering the performance information contained herein, prospective investors should bear in mind that past performance is not a reliable indicator of future results, and there can be no assurance that an investment sponsored (or an account managed) by HarbourVest will achieve comparable results or be able to implement its investment strategy or meet its performance objectives. The funds that made these investments may have had different terms and investment objectives than those proposed or modeled herein.
Certain information included herein has been obtained from sources that HarbourVest believes to be reliable (including, without limitation, the data needed for the calculation of performance returns in respect of any investment shown herein), but the accuracy of such information cannot be guaranteed. Additionally, amounts contained in these materials are generally unaudited and may be flash or preliminary amounts reported. HarbourVest will also present certain information based on prior period reporting, adjusted for current period activity. Figures reported to HarbourVest may be adjusted for the purposes of determining the estimated fair value of such investment in accordance with HarbourVest’s valuation policy. Underlying investment data presented by HarbourVest herein is as of the date stated and may rely on best available data known by HarbourVest as of such date. For additional information please contact your HarbourVest representative.
The foregoing performance information includes realized and unrealized investments. Unrealized investments are valued by HarbourVest in accordance with the valuation guidelines contained in the applicable partnership agreement. Actual realized returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in prior performance data contained herein are based. Accordingly, the actual realized returns on these unrealized investments may differ materially from returns indicated herein.
Certain performance in this presentation is calculated based on the experience of investors taking into account the effect of subscription credit facilities and similar financing. The use of subscription credit facilities and other financing allows the fund to acquire investments before or after the dates on which capital is contributed by and distributed to investors and may also be used to facilitate transactions involving the recapitalization of portfolio investments. This can shorten the period of time used to calculate the internal rate of return (IRR) actually received by investors, which results in a higher IRR for investments than the IRR that would result if the dates of investments by the fund had been used. This leveraging effect is generally more pronounced in funds with shorter operating histories. The firm’s funds routinely use fund-level subscription facilities in their investment strategies. Fund-level subscription facilities are defined as, “any subscription facilities, subscription line financing, capital call facilities, capital commitment facilities, bridge lines, or other indebtedness incurred by the private fund that is secured by the unfunded capital commitments of the private fund’s investors.” As applicable, NAV loan facilities held at the fund level are secured by NAV. For example, an investment into a fund that doubles in value over a 6 year holding period produces an illustrative IRR of 12.25% without the effect of leverage, but if a fund delays calling investor capital for 12 months through the use of a subscription credit facility, investors in the fund would experience an illustrative IRR of 14.87% from the same investment, before accounting for expenses of the credit facility.
To the extent that expenses of the credit facility do not fully offset this leveraging effect, IRRs experienced by investors and presented herein will be higher than IRRs experienced by the fund. Please contact HarbourVest if you have any questions regarding our investment performance or calculation methodologies.
Performance is expressed in US dollars, unless otherwise noted. Returns do not include the effect of any withholding taxes. Cash flows are converted to US dollars at historic daily exchange rates, unless otherwise indicated. The return to investors whose local currency is not the US dollar may increase or decrease as a result of currency fluctuations.
Forward Looking Monte Carlo Simulations: The information presented herein is intended for illustrative purposes only. Performance and cash flow information are forecasted utilizing a Monte Carlo Simulation which incorporates forward looking market parameters calibrated using an industry level historical dataset. The performance information does not represent the actual experience of any investor or Fund. The results of the simulation are impacted by the composition of the historical dataset, which may include an uneven representation of funds with different vintage years, sizes, managers, and strategies, and a limited pool of investment cash flow data. The actual pace and timing of cash flows is likely to be different and will be highly dependent on the underlying partnerships’ commitment pace, the types of investments made by the Fund(s), market conditions, and terms of any relevant management agreements. The results presented are hypothetical and based entirely on the output from numerous mathematical simulations. The simulations are unconstrained by the fund size, market opportunity, and minimum commitment amount, and do not take into account the practical aspects of raising and managing a fund. The simulated hypothetical portfolio results should be used solely as a guide and should not be relied upon to manage your investments or make investment decisions. Simulation parameters are subject to change. There is no guarantee any simulation or its parameters will be updated.
Simulated Management Fee and Carry: The simulated performance presented herein is hypothetical and does not reflect any actual fees or expenses experienced by a client or investor. Instead, the simulated performance utilizes model management fees and carry that are assumed for modeling purposes only and applied as described below. No actual client or investor attained the performance presented here. Management fees are calculated either based on committed or invested capital and applied to portfolio’s gross capital calls according to a specified fee rate and a fee term. Carry is accrued based on a specified carry rate and applied to a portfolio’s total value after the applicable carry hurdle rate is met. Accrued carry is applied to gross NAV. Carry starts being distributed (paid out of distributions) once committed capital has been returned to investors.
Country Disclosures
European Economic Area
This information shall not constitute an offer or solicitation in relation to any HarbourVest fund (“Fund”) or any investment services provided by HarbourVest or its affiliates in any jurisdiction, or to any person, to whom it is unlawful to make offer or solicitation. In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/no longer available), this document may only be distributed to the extent that: (1) the Fund is notified for marketing or pre-marketing to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). If the AIFM decides to terminate its arrangement for marketing the Fund in any EEA country where it is registered for sale, the AIFM will do so in accordance with the relevant AIFMD rules.
United Kingdom
This information shall not constitute an offer or solicitation in relation to any HarbourVest fund (“Fund”) or any investment services provided by HarbourVest or its affiliates in any jurisdiction, or to any person, to whom it is unlawful to make an offer or solicitation. This communication may only be distributed and the Fund may only be offered or placed in the United Kingdom to the extent that: (1) the Fund is permitted to be marketed to “professional investors” in the United Kingdom in accordance with the Alternative Investment Fund Managers Directive (Directive 2011/61/EU), as implemented into the local law/regulation of the United Kingdom; or (2) this communication may otherwise be lawfully distributed and the Fund may otherwise be lawfully offered or placed in the United Kingdom (including at the initiative of the investor).
This communication is issued in the United Kingdom by HarbourVest Partners (U.K.) Limited, 2nd Floor, 20 Air Street, London, W1B 5AN(registered in England and Wales (number 2512083), and authorised and regulated by the Financial Conduct Authority in the United Kingdom (FCA Reference Number: 147086) to, and/or is directed only at, persons who are professional clients or eligible counterparties for the purposes of the FCA’s Conduct of Business Sourcebook. The opportunity to invest in the Fund is only available to such persons in the United Kingdom and this communication must not be relied or acted upon by any other persons in the United Kingdom. This communication does not contain investment advice and the information included in it should not be considered as a recommendation to purchase, hold or sell any particular security, financial instrument or specified investment.
Switzerland
HarbourVest funds (the “Fund”) will exclusively be distributed to qualified investors (the “Qualified Investors”), as defined in Article 10(3) and (3ter) of the Swiss Collective Investment Schemes Act (“CISA”) and its implementing ordinance. The Fund is not registered with Swiss Financial Market Supervisory Authority (“FINMA”). In respects to offering or marketing the Fund in Switzerland to Qualified Investors with an opting-out pursuant to Art. 5(1) of the Swiss Federal Act on Financial Services(“FinSA”) and without any portfolio management or advisory relationship with a financial intermediary pursuant to Article 10(3ter) CISA, the Fund has appointed a Swiss Representative and Paying Agent. The Representative of the Fund in Switzerland is ACOLIN Fund Services AG, Maintower, Thurgauerstrasse 36/38, 8050 Zürich. The Paying Agent of the Fund is Banque Cantonale de Genève, 17 Quai de l’Ile, CH-1211 Geneva 2, Switzerland. The place of performance for interests of the Fund offered or distributed in or from Switzerland is the registered office of the Representative. Copies of the Private Placement Memorandum, Limited Partnership Agreement, and annual and semi-annual reports of the Fund can be obtained free of charge from the Representative.
For further information for Prospective and Existing Investors in Switzerland, please refer tohttps://www.harbourvest.com/wp-content/uploads/2024/07/HarbourVest-Information-for-Prospective-and-Existing-Investors-in-Switzerland-HVUK-HVSW-and-HVPI.pdf
Abu Dhabi Global Market (“ADGM”)
This material is distributed in the ADGM to prospective investors by HarbourVest Partners (GCC) Limited which is duly licensed and regulated by the ADGM Financial Services Regulatory Authority (the «FSRA»). This material and related financial products or services are intended only for «Professional Clients» as defined under the FSRA rules, or any other such local equivalent where applicable and must not, therefore, be delivered to, or relied on by any other type of person.
This material and associated materials are provided to prospective investors for their exclusive use. This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution would be unlawful under the applicable laws of such jurisdiction. Any distribution, by whatever means, of this document and related material to persons other than those referred to above is strictly prohibited.
The FSRA accepts no responsibility for reviewing or verifying any Private Placement Memorandum, Prospectus or other documents, including this material in connection with this Fund. The FSRA has not approved this material or any other associated documents nor taken any steps to verify the information set out in this document and has no responsibility for it .The interests or shares are illiquid and subject to significant restrictions on their resale. Prospective investors should conduct their own due diligence on the interests or shares. If prospective investors do not understand the contents of this material, prospective investors should consult an authorized financial advisor.
This material is not intended for Retail Clients.
For additional legal and regulatory information related to other HarbourVest offices and countries please refer to:
https://www.harbourvest.com/important-office-and-country-disclosures/