Investment Manager

There are many factors that the Company believes distinguish HarbourVest and position the investment manager as the best manager for the Company's investments. These include:

Independence

HarbourVest is owned and controlled by certain of its investment professionals. HarbourVest believes that its independent ownership allows its investment professionals to maintain their focus on selecting private equity investments with the strongest potential for returns.

Stable and experienced investment team

One of the important attributes of HarbourVest is its experienced and cohesive team. This dedicated team is focussed exclusively on the private equity asset class on a global basis. As at 31 July 2009, HarbourVest had 81 investment professionals and 232 employees.

HarbourVest has an active presence in the markets in which its managed funds invest, with headquarters in Boston and subsidiaries with offices in London and Hong Kong. The 27 managing directors and principals of HarbourVest have almost 500 years of collective industry experience. The average tenure with HarbourVest of its 19 managing directors is 18 years. Over the past 10 years, only two HarbourVest senior investment professionals have left HarbourVest, one of whom left upon retirement.

Long-term relationships

Over the past 26 years, HarbourVest has built deep relationships with leading private equity sponsors, many of whose funds can be difficult to access for new investors. In many cases, HarcbourVest investment professionals are members of the advisory committees of the funds. Relationships and the ability to access certain investment opportunities play a critical role in the private equity investment process.

The longevity and continuity of HarbourVest's team has enabled it to cultivate relationships with many of the top-tier and exclusive fund managers, positioning the HarbourVest funds as both preferred prospective investors and preferred investment partners.

Proven investment strategy

HarbourVest's investment strategy has focussed on the private equity asset class. The Company expects to benefit from this strategy, which has been developed by HarbourVest's professionals over the multiple investment, capital market, credit, macroeconomic, and geopolitical cycles of the past two decades.

The HarbourVest team has created and managed fund-of-funds and related direct investment programmes for the global private equity market since the early 1980s. Over the past two decades, the professionals of HarbourVest have executed a coordinated investment strategy in the U.S. and non-U.S. markets. Several strategic elements have been consistently developed over consecutive investment programs, including:

• An integrated approach to private equity through primary partnership, secondary and direct investments;
• Flexible capital allocation targets for investments by geography, strategy, and investment type, based on HarbourVest's investment experience and prevailing market conditions;
• Rigorous due diligence on investment opportunities, based on evaluation techniques applied in a disciplined, consistent manner; and
• Close monitoring of fund investments to identify existing and prospective managers with the most potential.

HarbourVest believes that these elements have been critical in achieving its strong investment performance track record.

HarbourVest's professionals have been at the forefront of the formation and management of investment vehicles for private equity funds and direct investments. The history of the HarbourVest team dates back over two decades, when Edward W. Kane and Brooks Zug, the founders of HarbourVest, began making venture capital fund investments in the late 1970s.

They expanded their investment focus in 1981 to include both venture capital and buyout funds. In 1982, HarbourVest formed its first fund, with US$148 million in committed capital, to provide institutional investors with a vehicle to invest in private equity funds and operating companies. This fund was one of the first U.S. private equity fund-of-funds. During the 1980s, HarbourVest began making non-U.S. investments and secondary investments. In 1990, the team began offering non-U.S. focussed investment programs to its clients and, in 1991, offered its first fund focussed exclusively on secondary investments. HarbourVest has its headquarters in Boston, Massachusetts, and subsidiaries with offices in London and Hong Kong, which were established in 1990 and 1996, respectively.