Portfolio Structure

The chart below illustrates HVPE's three-tiered fund-of-funds structure. HVPE makes commitments to HarbourVest funds, which in turn commit capital to primary funds, secondary, and co-investments over the following three to four years.

At 31 January 2017, $322 million of HVPE’s total unfunded commitments of $1,201 million represent commitments to HarbourVest funds that have not yet been committed to underlying partnerships.

All of HVPE's commitments to HarbourVest direct and secondary funds are classified as “allocated” commitments because their drawdown profiles are more similar to that of third party partnerships.

The investment manager's analysis of commitments considers various factors, including HVPE's distinct three-tiered fund-of-funds structure, the anticipated pace of investments and realisations, and the flexibility provided by HVPE's long-term credit facility.