HarbourVest Global Private Equity Ltd.

and welcome to the HarbourVest Global Private Equity Investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and could be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Stephanie Hocking, CEO, Head of Investor Relations.

Thank you very much. Good afternoon, everyone, and welcome to our semi-annual results update call. My name is Stephanie Hocking, Head of Investor Relations for HVP. I'm joined today by Ed Warner, Chair of HVP, and Richard Hickman, Managing Director for HVP. Ed's going to open the call by saying a few words and then pass on to Richard, who will talk us through the results highlights, as well as provide a bit of an update on the distribution pool buybacks and our cash flow position. We will have dedicated time for questions at the end, so please do fire away and pop those questions in the chat.

Thank you, Stephanie. And good afternoon, everybody. Thank you for joining us. Many of you doing this for, well, certainly not the first time because these semiannual presentations are becoming something of a habit for us. And I hope you recognize that they are a very effective way for us to reach out to a broad range of our shareholders and to give you access very much to the manager of HVPE or the management team. Clearly, we're meeting at a time in which the shares have been much more buoyant in recent months than they had been through much of last year. No idea whether that's down to the three initiatives that we announced at the end of January or simply an improving environment for private markets. Probably the answer is something of both. We are seeing many more green shoots of recovery across the private market arena around the world. Rich is going to take you through that. But certainly we think things are set very fair as we end 2025 and move into 2026. As you know, we announced our trio of initiatives at the beginning of the year. Each of those, I think, is having a positive effect on sentiment. And certainly we view them as not only very shareholder friendly, but also certainly very investment friendly, as in our investment process now is much more streamlined and effective and nimble because of our separately managed account than has been the case in the past. So all of these things make, to my mind, for a very positive backdrop for the company as we go through the end of the year and into next and a continuation vote at next year's AGM, which I hope will lead to a very resounding positive roster of support for the company, which has got an amazing track record and certainly is surfing the wave of improving private market conditions as we go into next year.