# EDGAR Filing Document

**Accession Number:** 0002020407
**File Stem:** 0001193125-26-261191
**Filing Date:** 2026-6
**Character Count:** 168017
**Document Hash:** 23d4962c523a15055b5110a7dba78cba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-261191.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001193125-26-261191

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HarbourVest Private Investments Fund
- **CENTRAL INDEX KEY:** 0002020407

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23958
- **FILM NUMBER:** 261072008

**BUSINESS ADDRESS:**
- **STREET 1:** C/O HARBOURVEST PARTNERS, LLC
- **STREET 2:** ONE LINCOLN STREET, SUITE 1700
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** 617-348-3707

**MAIL ADDRESS:**
- **STREET 1:** C/O HARBOURVEST PARTNERS, LLC
- **STREET 2:** ONE LINCOLN STREET, SUITE 1700
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23958

**HARBOURVEST PRIVATE INVESTMENTS FUND** 

(Exact name of registrant as specified in charter)

c/o HarbourVest Partners, LLC

One Lincoln Street, Suite 1700

Boston, MA 02111

(Address of principal executive offices) (zip code)

Daniel Chisholm

- - - - - - - - - - - - - - - - - - - - -

c/o HarbourVest Partners, LLC

One Lincoln Street, Suite 1700

Boston, MA 02111

(Name and address of agent for service)

Copy to:

Ryan P. Brizek

Matthew C. Micklavzina

- - - - - - - - - - - - - - - - - - - - -

Simpson Thacher & Bartlett LLP

900 G Street, N.W.

Washington, DC 20001

Registrant's telephone number, including area code: (617) 348-3707

Date of fiscal year end: March 31

Date of reporting period: March 31, 2026

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**Item 1. Report to Shareholders.** 

(a) The annual report (the "Report") of HarbourVest Private Investments Fund (the "Fund")
for the period ended March 31, 2026, is attached herewith.

------

## HarbourVest Private Investments Fund
**Consolidated Financial Statements** 

For the Year Ended March 31, 2026

**Annual Report** 

------

**HarbourVest Private Investments Fund** 

**Table of Contents**

For the Year Ended March 31, 2026

---

| | |
|:---|:---|
|  [Manager's Discussion and Analysis of Fund Performance (Unaudited)](#tx22034_1) | 3 – 6 |

---

 [Report of Independent Registered Public Accounting Firm](#tx22034_2)<sub>7</sub>

---

| | |
|:---|:---|
|  [Consolidated Schedule of Investments](#tx22034_3) | 8 – 10 |

---

 [Consolidated Statement of Assets and Liabilities](#tx22034_4)<sub>11</sub>

 [Consolidated Statement of Operations](#tx22034_5)<sub>12</sub>

 [Consolidated Statement of Changes in Net Assets](#tx22034_6)<sub>13</sub>

 [Consolidated Statement of Cash Flows](#tx22034_7)<sub>14</sub>

---

| | |
|:---|:---|
|  [Consolidated Financial Highlights](#tx22034_8) | 15 – 17 |

---

---

| | |
|:---|:---|
|  [Notes to Consolidated Financial Statements](#tx22034_9) | 18 – 29 |

---

---

| | |
|:---|:---|
|  [Other Information (Unaudited)](#tx22034_10) | 30 – 32 |

---

------

**HarbourVest Private Investments Fund** 

Manager's Discussion and Analysis of Fund Performance (Unaudited)

For the Year Ended March 31, 2026

![LOGO](g22034g01a03.jpg)

HarbourVest Private Investments Fund

**Overview** 

The Fund is a non-diversified registered closed-end management investment company designed to provide long-term capital growth through a portfolio of private investments.

As of March 31, 2026, the Fund had a net asset value of $675.4 million and was primarily invested<sup>1</sup> in direct co-investments (approximately 87%), complemented by secondary investments (12%). The portfolio is primarily allocated<sup>2</sup> to North America (71%), with additional exposure to Europe (24%) and Asia Pacific (5%).

The Fund is focused on investing in high-quality private companies, primarily through buyout transactions, with selective exposure to growth-oriented opportunities. These businesses are generally characterized by scalable, cash flow-generative models, with an emphasis on essentiality, pricing power and operational value creation.

**Management's Discussion and Analysis of Financial Condition and Performance** 

The Fund commenced investment operations in April 2025. HPIF's Class I shares generated a one-year net return of +3.54% for the fiscal year ended March 31, 2026. Performance during the period reflects both the early stage of portfolio development and the underlying performance of portfolio companies.

Underlying portfolio fundamentals remained constructive during the year. The vast majority of the Fund's investments performed at or above performance anticipated by the Fund's adviser with weighted-average revenue growth of approximately 7%, earnings growth of 14%, and average Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margins of 29%. Underlying portfolio performance was varied, reflecting a more selective environment where outcomes were increasingly driven by asset-level execution and positioning, with overall results supported by the strength of the broader portfolio.

The Fund operated in a market environment characterized by slower transaction and realization activity, as well as constrained valuation expansion across private markets. These conditions contributed to valuation pressure in certain sectors and resulted in markdowns within a portion of the Fund's initial seed portfolio, including certain company-specific situations and investments with elevated leverage. In addition, a number of newer co-investments deployed during the fiscal year that remained close to cost are expected to become more meaningful contributors to performance as these investments season and value creation initiatives take hold.

Overall, performance reflects a combination of constructive underlying company performance and the impact of broader market conditions during the period.

**Investment Strategy and Portfolio Construction** 

Disciplined portfolio construction has remained a core focus for HPIF. The Fund's initial portfolio was established through a seed portfolio of investments with vintages between 2020 and 2024, each of which underwent the Adviser's rigorous due diligence process. This portfolio provided exposure to a broad set of industry-leading sponsors, sectors and vintage years.

---

| | |
|:---|:---|
| 1 | % of HPIF Portfolio excluding short term investments such as cash, cash equivalents, and money market funds.  |

---

---

| | |
|:---|:---|
| 2 | % of HPIF Portfolio excluding short term investments such as cash, cash equivalents, and money market funds.  |

---

*3* 

------

**HarbourVest Private Investments Fund** 

Manager's Discussion and Analysis of Fund Performance (Unaudited) (Continued)

For the Year Ended March 31, 2026

During the fiscal year ended March 31, 2026, the Fund deployed capital into 19 new investments, including 13 direct co-investments, 5 secondary investments, and 1 credit investment. Deployment activity was concentrated in the small- and mid-market alongside specialist General Partners (GPs), where sourcing advantages and market inefficiencies can support more attractive entry valuations and potentially clearer value creation pathways.

As a result of this activity, the portfolio has expanded to include 57 companies<sup>3</sup> across seven vintage years, with 35% of invested capital in 2025-2026. A number of these newer investments are entering their active value-creation phase, while more seasoned assets within the portfolio have demonstrated performance supported by operating momentum and sponsor execution.

This combination of established investments and recently deployed capital reflects a portfolio transitioning from its initial construction phase toward a more mature, performance-driven profile.

**Liquidity and Capital Resources** 

As an evergreen vehicle, HPIF is designed to provide investors with periodic liquidity while maintaining long-term exposure to private markets.

During the fiscal year ended March 31, 2026, the Fund experienced ongoing subscription activity and managed liquidity through a combination of cash flows, investment pacing and portfolio construction. The Fund seeks to balance meeting investor liquidity needs with maintaining a high level of invested capital to support long-term performance.

**Outlook** 

We believe the private equity market is entering a phase in which outcomes will be determined by asset level selection, underwriting discipline, and sponsor execution rather than broad market tailwinds. Dispersion across sectors and companies has widened meaningfully, particularly in software, where the AI driven repricing of public Software as a Service (SaaS) equities has reset valuation expectations and sharpened the distinction between mission critical platforms and less defensible businesses. In this environment, alignment with specialist GPs who possess deep domain expertise and a demonstrated ability to navigate structural change, whether through go to market optimization, AI enabled product development, or platform consolidation, has never been more important. We believe investors with scale, sourcing advantages, and strong sponsor relationships are best able to capitalize on today's opportunity set, particularly in complex or time sensitive transactions where certainty of execution is paramount.

HPIF enters this next phase with a portfolio across 57 companies and 44 specialist<sup>4</sup> GPs, strong underlying operating performance, and an increasing proportion of investments expected to enter their active value creation period. While inception to date performance was impacted by concentrated markdowns and sector specific valuation pressure, periods of heightened dispersion and selectivity have historically created attractive entry points for high quality assets. We believe the Fund is well positioned to benefit from continued operating momentum, normalization in valuation levels, and the maturation of recently deployed capital.

3 Based on latest available information and relative to the look through company exposure in HPIF. Assessed General Partners based on the high-level portfolio (i.e. partnerships, projects, etc.), rather than on a look through basis. This methodology impacts the count displayed.

4 Based on latest available information and relative to the look through company exposure in HPIF. Assessed General Partners based on the high-level portfolio (i.e. partnerships, projects, etc.), rather than on a look through basis. This methodology impacts the count displayed.

*4* 

------

**HarbourVest Private Investments Fund** 

Manager's Discussion and Analysis of Fund Performance (Unaudited) (Continued)

For the Year Ended March 31, 2026

**Performance of a $1,000,000 Investment**![LOGO](g22034g01a05.jpg)

The graph compares a hypothetical $1,000,000 investment in the Fund's Class I Shares since inception with a similar investment in the MSCI World Index, a broad-based market index. Results include the reinvestment of all dividends and capital gains. The index does not reflect expenses, fees, or sales charges, which would lower performance.

---

| | | |
|:---|:---|:---|
| **Total Returns as of March 31, 2026** | **1 Year** | **Since Inception** |
|  Class I Shares (Inception Date 04/01/2025) | 3.54% | 3.54% |
|  Class A Shares (Inception Date 04/01/2025) | 3.35% | 3.35% |
|  Class D Shares (Inception Date 04/01/2025) | 3.54% | 3.54% |
|  MSCI World Index | 18.90% | 18.90% |

---

Past performance is not a reliable indicator of future results. Performance returns are shown net of all fees and expenses. The investment return and principal value of an investment will fluctuate and an investor's Shares, when repurchased, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. See HPIF's Prospectus for a comprehensive explanation of HPIF's fees and expenses.

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America. Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower.

**<u>IMPORTANT INFORMATION</u>** 

An investment in the Fund involves significant risks, including loss of the entire investment. The Shares are subject to substantial limitations on transferability, and liquidity will be provided only through limited repurchase offers. Although the Fund may offer to repurchase Shares from time to time, the Shares will not be redeemable at an investor's option, nor will they be exchangeable for Shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his or her Shares. Liquidity in any given quarter is not guaranteed.

**<u>Definitions:</u>** 

Bloomberg is the source of the index data contained or reflected in this material. MSCI is the owner of the index data contained or reflected in this material and all trademarks and copyrights related thereto. This is HarbourVest's presentation of the data. Bloomberg and MSCI are not responsible for the calculations conducted by HarbourVest, the formatting or configuration of this material, or for any inaccuracy in presentation thereof.

*5* 

------

**HarbourVest Private Investments Fund** 

Manager's Discussion and Analysis of Fund Performance (Unaudited) (Continued)

For the Year Ended March 31, 2026

<u>The MSCI World Index</u> captures large and mid-cap representation across 23 Developed Markets (DM) countries\*. With 1,430 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

<u>Vintage Years</u> - HarbourVest vintage classification is based on the year in which capital was first funded to each underlying fund (for primary fund investments) or the year of HarbourVest's purchase (for secondary investments).

*6* 

------

**HarbourVest Private Investments Fund** 

Report of Independent Registered Public Accounting Firm

For the Year Ended March 31, 2026

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees and Shareholders of HarbourVest Private Investments Fund.

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of HarbourVest Private Investments Fund (the "Fund") as of March 31, 2026, and the related consolidated statements of operations, changes in net assets, and cash flows, including the related notes, and the consolidated financial highlights for the year ended March 31, 2026 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, and the results of its operations, changes in its net assets, its cash flows and the financial highlights for the year ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, transfer agent, underlying investment fund managers, portfolio companies, and broker; when replies were not received from underlying investment fund managers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

**/s/PricewaterhouseCoopers LLP** 

**Boston, Massachusetts** 

**May 29, 2026** 

We have served as the auditor of one or more investment companies in HarbourVest Partners LLC Investment Company Complex since 2025.

*7* 

------

**HarbourVest Private Investments Fund** 

Consolidated Schedule of Investments

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments<sup>1</sup>**  | **Sector** | **Units<sup>2</sup>** | **Acquisition<br>Date** | **Cost** | **Fair**<br> **Value** |
|  **Direct Investments - 77.7%<sup>3</sup>** |  |  |  |  |  |
|  **Asia - 2.7%<sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Tigereye Co-Invest, L.P.\* | Industrials |  | 4/1/2025 | $7638000 | $9021229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navgen Holdings Pte. Ltd.<sup>5,6</sup> | Health Care | 500000 | 3/31/2026 | 9271698 | 9239101 |
|  **Total Asia** |  |  |  | 16909698 | 18260330 |
|  **Australia - 1.7%<sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegleon Holdco Pty Ltd.<sup>5,6,7</sup> | Health Care | 16640000 | 1/29/2026 | 11766745 | 11480771 |
|  **Total Australia** |  |  |  | 11766745 | 11480771 |
|  **Europe - 18.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9Fin Limited (Series C Preferred Shares)<sup>5,8</sup> | Financials | 101389 | 3/20/2026 | 7291852 | 7266215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Spectre Co-Investor, L.P.\*,<sup>4,8</sup> | Health Care |  | 4/1/2025 | 10396590 | 7290380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Aurelia Co-Invest (CYM), L.P.<sup>4,6</sup> | Consumer Discretionary |  | 4/1/2025 | 5923171 | 7655792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cuppa Co-Investment, L.P.\*,<sup>4,7,8</sup> | Consumer Staples |  | 4/1/2025 | 6968976 | 3632513 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT TI Co Investment (B) SCSp\*,<sup>4,5,6,7</sup> | Utilities |  | 8/25/2025 | 8524735 | 8436642 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTV FA, L.P.<sup>4,5,6</sup> | Information Technology |  | 7/28/2025 | 16725212 | 16610428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hg Vibranium Co-Invest, L.P.\*,<sup>4</sup> | Information Technology |  | 4/1/2025 | 11048569 | 13630588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keensight Isto Co-Investment SLP\*,<sup>4,5,6,7</sup> | Health Care |  | 9/12/2025 | 10146159 | 10120521 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Azur Co-Invest, L.P.\*,<sup>4,7</sup> | Health Care |  | 4/1/2025 | 9260250 | 8450331 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Horizon Co-Invest, L.P.\*,<sup>4,6,7</sup> | Information Technology |  | 4/1/2025 | 9357567 | 9115792 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Sansibar Co-Invest, L.P.<sup>4,7</sup> | Industrials |  | 4/1/2025 | 15337155 | 19878759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Co-Investor Holdings, L.P.\*,<sup>4</sup> | Industrials |  | 4/1/2025 | 9941797 | 9110383 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKCP V Sirona Co-Invest, L.P.\*,<sup>4</sup> | Health Care |  | 4/1/2025 | 6023000 | 1242072 |
|  **Total Europe** |  |  |  | 126945033 | 122440416 |
|  **North America - 55.2%<sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMP-23 Drums Limited Partnership\*,<sup>5</sup> | Materials |  | 9/5/2025 | 6606091 | 6482965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Excelsior Coinvestment, L.P.\* | Information Technology |  | 4/1/2025 | 7152675 | 7160100 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIMI Holdings, L.P.\* | Health Care |  | 4/1/2025 | 23683580 | 26400282 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIPS Holdings II, L.P.\* | Information Technology |  | 4/1/2025 | 11676777 | 10564586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Syndication, L.P.\* | Information Technology |  | 4/1/2025 | 3104000 | 3500490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dodge Construction Network Holdings, L.P.<sup>8</sup> | Information Technology | 4548024 | 4/1/2025 | 2766999 | 1147744 |
| &nbsp;&nbsp;&nbsp;&nbsp; FG Moraga Holdings, L.P.\*,<sup>5,8</sup> | Information Technology |  | 8/14/2025 | 5032582 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FH Sunrise Co-Investment I, L.P.\* | Health Care |  | 4/1/2025 | 6585000 | 6681564 |
| &nbsp;&nbsp;&nbsp;&nbsp; GC X Alpha Co-Invest, L.P.\*,<sup>6</sup> | Financials |  | 4/1/2025 | 3264638 | 4168748 |
| &nbsp;&nbsp;&nbsp;&nbsp; GC XI Alpha Co-Invest, L.P.\*,<sup>6</sup> | Financials |  | 4/1/2025 | 3474223 | 3904725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gloves Holdings, L.P.\*,<sup>8</sup> | Industrials | 66835 | 4/1/2025 | 11237000 | 15065718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Service Holdings, L.P.\*,<sup>8</sup> | Consumer Discretionary | 33305 | 4/1/2025 | 5532000 | 8260379 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP TLE Co Invest, L.P.\*,<sup>5,8</sup> | Consumer Discretionary |  | 7/1/2025 | 12780321 | 14075715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jupiter Coinvestor II, L.P.\*,<sup>6</sup> | Consumer Discretionary |  | 4/1/2025 | 1601000 | 2252283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jupiter Coinvestor, L.P.\*,<sup>6</sup> | Consumer Discretionary |  | 4/1/2025 | 13342398 | 18768949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kelso X PIE Co-Investment, L.P.\*,<sup>6</sup> | Industrials |  | 4/1/2025 | 8401000 | 6800043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kelso X RSC Co-Investment, L.P.<sup>6</sup> | Financials |  | 4/1/2025 | 17790707 | 3644801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knockout Co-Invest, L.P.\*,<sup>6</sup> | Information Technology |  | 4/1/2025 | 17254855 | 13918432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnesium Co-Invest SCSp\*,<sup>8</sup> | Information Technology |  | 4/1/2025 | 17569000 | 15616493 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDCP Co-Investors (Chicago-C), L.P.\*,<sup>5</sup> | Financials |  | 10/28/2025 | 15052923 | 17550337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minerva Partners, L.P.\*,<sup>6,8</sup> | Health Care |  | 4/1/2025 | 15760000 | 15969763 |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

*8* 

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**HarbourVest Private Investments Fund** 

Consolidated Schedule of Investments (Continued)

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments<sup>1</sup>**  | **Sector** | **Units<sup>2</sup>** | **Acquisition<br>Date** | **Cost** | **Fair**<br> **Value** |
|  **Direct Investments (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novacap International TMT VI Co-Investment (Igloo), L.P.\*,<sup>5,6</sup> | Communication Services |  | 12/11/2025 | $12468065 | $12415026 |
| &nbsp;&nbsp;&nbsp;&nbsp; NP Kaba Holdings, L.P.<sup>5</sup> | Health Care | 13392615 | 1/30/2026 | 13439867 | 13392615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnia Coinvest, L.P.<sup>6</sup> | Industrials |  | 4/1/2025 | 7745586 | 6977722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pyke Co-Investment Partners, L.P.\*,<sup>6,8</sup> | Industrials |  | 4/1/2025 | 13681389 | 17435154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver Lake Strategic Investors VI, L.P.\* | Information Technology |  | 4/1/2025 | 9006401 | 8362337 |
| &nbsp;&nbsp;&nbsp;&nbsp; STG AV, L.P.\* | Information Technology |  | 4/1/2025 | 5115777 | 6248275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunshine Co-Investment Partners, L.P.\*,<sup>6,8</sup> | Information Technology |  | 4/1/2025 | 14559000 | 19917299 |
| &nbsp;&nbsp;&nbsp;&nbsp; TA NIPA Parent, L.P.<sup>8</sup> | Industrials | 2074441 | 4/1/2025 | 5493001 | 5155740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan Coinvestor, L.P.\*,<sup>6</sup> | Consumer Discretionary |  | 4/1/2025 | 4088737 | 5156496 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG IX Newark CI, L.P.\*,<sup>6</sup> | Information Technology |  | 4/1/2025 | 5641000 | 4958502 |
| &nbsp;&nbsp;&nbsp;&nbsp; VCF Compass Co-Investor Holdings II, L.P.\* | Health Care |  | 4/1/2025 | 857411 | 1141659 |
| &nbsp;&nbsp;&nbsp;&nbsp; VCF Compass Co-Investor Holdings, L.P.\* | Health Care |  | 4/1/2025 | 7060114 | 9516564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritas Star Co-Investor Holdings, L.P.\* | Health Care |  | 4/1/2025 | 4420040 | 5191757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Well Coinvest, L.P.\*,<sup>6</sup> | Information Technology |  | 4/1/2025 | 7697238 | 8191813 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Digital Co-Invest, L.P.\* | Information Technology |  | 4/1/2025 | 9492664 | 11897584 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Intrepid Co-Invest Holdings I, L.P. | Information Technology |  | 4/1/2025 | 17894862 | 23242526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zephyr Partners I, L.P.\* | Information Technology |  | 4/1/2025 | 7131000 | 6542942 |
|  **Total North America** |  |  |  | 355459921 | 372678128 |
|  **Total Direct Investments (Cost $511,081,397)** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511081397 | $524859645 |
|  **Private Credit Investments - 1.3%<sup>3</sup>** |  |  |  |  |  |
|  **North America - 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Group Astra Sub Topco, LLC PIK Term Loan ($9,162,309 principal amount, 12.75%, 11/28/33)<sup>5,8</sup> | Industrials |  | 11/26/2025 | 8881285 | 8858121 |
|  **Total North America** |  |  |  | 8881285 | 8858121 |
|  **Total Private Credit Investments (Cost $8,881,285)** |  |  |  | $8881285 | $8858121 |
|  **Secondary Investments - 10.7%<sup>3,4</sup>** |  |  |  |  |  |
|  **Europe - 3.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ECI 12 Special Purpose, L.P.<sup>5,6,7</sup> | Communication Services |  | 10/17/2025 | 13602052 | 14145965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norvestor SPV III SCSp\*,<sup>5,6,7</sup> | Industrials |  | 12/17/2025 | 7685566 | 9929493  |
|  **Total Europe** |  |  |  | 21287618 | 24075458 |
|  **North America - 7.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Acquisition Fund-C, L.P.\*,<sup>5,6</sup> | Health Care |  | 10/30/2025 | 12999785 | 20441454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parthenon Kairos, L.P.<sup>5,6</sup> | Financials |  | 3/2/2026 | 10626746 | 10549194 |
| &nbsp;&nbsp;&nbsp;&nbsp; QHP Sapphire SPV, L.P.\*,<sup>5,6</sup> | Health Care |  | 10/20/2025 | 13953614 | 17360000 |
|  **Total North America** |  |  |  | 37580145 | 48350648 |
|  **Total Secondary Investments (Cost $58,867,763)** |  |  |  | $58867763 | $72426106 |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

*9* 

------

**HarbourVest Private Investments Fund** 

Consolidated Schedule of Investments (Continued)

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Investments<sup>1</sup>** | **Units<sup>2</sup>** | **Cost** | **Fair**<br> **Value** |
|  **Short-Term Investments - 10.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund Institutional Class, 3.6%<sup>5,9</sup> | 25 | $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Institutional Liquidity Funds Government Institutional Class, 3.6%<sup>5,10</sup> | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund-Premier Class, 3.6%<sup>5,9</sup> | 67336366 | 67336366 | 67336366 |
|  **Total Short-Term Investments (Cost $67,336,466)** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67336466 | $67336466 |
|  **Total Investments - 99.7% (Cost $646,166,911)** |  |  | $673480338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets in excess of liabilities - 0.3% |  |  | 1951396 |
|  **Net Assets - 100.0%** |  |  | $675431734 |

---

\* Investment is non-income producing.

1 Investments are held through a consolidated subsidiary, HarbourVest HPIF Holdings LLC, unless otherwise noted.

2 Investments do not issue shares or units, except where noted.

---

| | |
|:---|:---|
| 3 | Restricted Security. Investments generally issued in private placement transactions and as such are generally restricted as to resale. There are no circumstances that could cause a lapse in the restriction to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under acquisition date as shown in the Consolidated Schedule of Investments. Total fair value of restricted investments as of March 31, 2026 was $606,143,872, or 89.7% of net assets.  |

---

4 Investments do not allow redemptions or withdrawals except at discretion of their general partner, manager or adviser.

5 All or a portion of the investment is held through a consolidated subsidiary, HarbourVest HPIF Investment LLC.

6 Investment has been committed to but has not been fully funded.

7 Foreign security denominated in U.S. Dollars.

8 The fair value of the investment was determined using significant unobservable inputs. See (Note 3).

9 The rate reported is the 7-day effective yield at the year end.

10 The rate reported is the 7-day current yield at the year end.

---

| | |
|:---|:---|
|  **Summary of Investments by industry (as a percentage of total investments excluding Short-Term Investments)** |  |
|  Information Technology | 30.6% |
|  Health Care | 27.0% |
|  Industrials | 17.8% |
|  Consumer Discretionary | 9.3% |
|  Financials | 7.8% |
|  Communication Services | 4.4% |
|  Utilities | 1.4% |
|  Materials | 1.1% |
|  Consumer Staples | 0.6% |
|  **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

*10* 

------

**HarbourVest Private Investments Fund** 

Consolidated Statement of Assets and Liabilities

March 31, 2026

---

| | |
|:---|:---|
|  **Assets** |  |
|  Unaffiliated Investments, at fair value (cost $646,166,911) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673480338 |
|  Foreign Currency, at fair value (cost $2,597,799) | 2556717 |
|  Deferred debt issuance costs | 702366 |
|  Expense reimbursement receivable from the Adviser | 521549 |
|  Dividend and interest receivable | 247515 |
|  Prepaid expenses and other assets | 298402 |
|  **Total Assets** | $677806887 |
|  **Liabilities** |  |
|  Legal fees payable | $719563 |
|  Professional fees payable | 452875 |
|  Due to affiliates | 236496 |
|  Accounting and administration fees payable | 107144 |
|  Deferred tax liability | 39580 |
|  Transfer agent fees payable | 38135 |
|  Trustees' fees payable | 33201 |
|  Custodian fees payable | 21902 |
|  Distribution and servicing fees payable | 1339 |
|  Other accrued expenses | 724918 |
|  **Total Liabilities** | $2375153 |
|  Commitments and contingencies (see Note 8) |  |
|  **Net Assets** | $675431734 |
|  **Composition of Net Assets:** |  |
|  Paid-in capital | $515899578 |
|  Total distributable earnings | 159532156 |
|  **Net Assets** | $675431734 |
|  **Class I:** |  |
|  Net Assets | $674245259 |
|  Outstanding Shares (unlimited number of shares authorized) | 64115651 |
|  **Net Asset Value Per Share** | $10.52 |
|  **Class A:** |  |
|  Net Assets | $1175765 |
|  Outstanding Shares (unlimited number of shares authorized) | 112012 |
|  **Net Asset Value Per Share** | $10.50 |
|  **Class D:** |  |
|  Net Assets | $10710 |
|  Outstanding Shares (unlimited number of shares authorized) | 1019 |
|  **Net Asset Value Per Share\*** | $10.52 |

---

\* Due to rounding of total outstanding shares, the number of shares outstanding and Net Asset Value per share may not reconcile to the total net assets presented. 

*The accompanying notes are an integral part of these consolidated financial statements* 

*11* 

------

**HarbourVest Private Investments Fund** 

Consolidated Statement of Operations

For the Year Ended March 31, 2026

---

| | |
|:---|:---|
|  **Investment Income** |  |
|  Dividend income | $5300514 |
|  Interest income | 405143 |
|  **Total Investment Income** | $5705657 |
|  **Expenses** |  |
|  Management fees | $6810410 |
|  Incentive fees | 4180309 |
|  Legal fees | 3363309 |
|  Organizational costs | 3301970 |
|  Offering costs | 1104800 |
|  Professional fees | 965934 |
|  Revolving credit facility fees | 887980 |
|  Accounting and administration fees | 468509 |
|  Transfer agent fees | 226972 |
|  Trustees' fees | 193027 |
|  Custodian fees | 21902 |
|  Distribution and shareholder servicing fees (Class A) | 1817 |
|  Interest expense | 580 |
|  Other expenses | 1288427 |
|  **Total Expenses** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22815946 |
|  Less: Management fees waiver | (6810410) |
|  Less: Expense reimbursement (see Note 4) | (6777885) |
|  **Net Expenses** | $9227651 |
|  **Net Investment Income (Loss)** | $(3521994) |
|  **Net Realized and Unrealized Gain (Loss)** |  |
|  Net realized gain (loss) on unaffiliated investments | $11651595 |
|  Net change in unrealized appreciation (depreciation) on unaffiliated investments | 27313427 |
|  Net change in unrealized appreciation (depreciation) on foreign currency translation | (41082) |
|  Net change in deferred income tax liability | (4580) |
|  **Net Realized and Unrealized Gain (Loss)** | $38919360 |
|  **Net Increase (Decrease) in Net Assets from Operations** | $35397366 |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

*12* 

------

**HarbourVest Private Investments Fund** 

Consolidated Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | **For the Year Ended<br>March 31, 2026** |
|  **Change in Net Assets Resulting from Operations:** |  |
|  Net investment income (loss) | $(3521994) |
|  Net realized gain (loss) on unaffiliated investments | 11651595 |
|  Net change in unrealized appreciation (depreciation) on unaffiliated investments | 27313427 |
|  Net change in unrealized appreciation (depreciation) on foreign currency translation | (41082) |
|  Net change in deferred income tax liability | (4580) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 35397366 |
|  **Distributions to Shareholders** |  |
|  Class I | (10583442) |
|  Class A | (193) |
|  Class D | (193) |
|  **Total Distributions to Shareholders** | (10583828) |
|  **Change in Net Assets Resulting from Capital Share Transactions:** |  |
|  **Class I** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 638784368 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested distributions | 10583442 |
|  **Total Class I Transactions** | 649367810 |
|  **Class A** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 1150000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested distributions | 193 |
|  **Total Class A Transactions** | 1150193 |
|  **Class D** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested distributions | 193 |
|  **Total Class D Transactions** | 193 |
|  **Change in Net Assets Resulting from Capital Share Transactions** | 650518196 |
|  **Total Increase (Decrease) in Net Assets** | 675331734 |
|  **Net Assets** |  |
|  Beginning of year | 100000 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675431734 |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

*13* 

------

**HarbourVest Private Investments Fund** 

Consolidated Statement of Cash Flows

For the Year Ended March 31, 2026

---

| | |
|:---|:---|
|  **Cash Flows from Operating Activities** |  |
|  Net increase (decrease) in net assets from operations | $35397366 |
|  *Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:* |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of unaffiliated investments | (200819865) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of short-term investments, net | (12662520) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions received from unaffiliated investments  | 30621115 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income paid in-kind | (386561) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on unaffiliated investments | (11651595) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on unaffiliated investments | (27313427) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency translation | 41082 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in deferred income tax liability | 4580 |
|  *(Increase)/Decrease in Assets* |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement receivable from the Adviser | (521549) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest receivable | (170632) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (298402) |
|  *Increase/(Decrease) in Liabilities* |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees payable | 719563 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable | 452875 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 236496 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting and administration fees payable | 92144 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees payable | 38135 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees payable | 33201 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees payable | 21902 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and servicing fees payable | 1339 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 724918 |
|  **Net Cash Used in Operating Activities** | (185439835) |
|  **Cash Flows from Financing Activities** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from issuance of shares | 188740000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (1069514) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 367148 |
|  **Net Cash Provided by Financing Activities** | 188037634 |
|  Net increase (decrease) in cash and cash equivalents | 2597799 |
|  Cash and cash equivalents at beginning of year |  |
|  Effects of foreign currency exchange rate changes on cash and cash equivalents | (41082) |
|  Cash and cash equivalents at end of year | $2556717 |
|  **Supplemental Disclosure of Cash-Flow Information:** |  |
|  Cash paid during the year for interest expense and commitment fees | $521412 |
|  **Supplemental Non-Cash Information:** |  |
|  In-kind subscriptions, investments (at fair value) (see Note 1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451194368 |
|  Interest income paid in-kind | $386561 |
|  Reinvested Distributions | $10583828 |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

*14* 

------

**HarbourVest Private Investments Fund** 

Consolidated Financial Highlights

Class I

*Per share operating performance for a capital share outstanding throughout the year* 

---

| | |
|:---|:---|
|  | **For the Year Ended** <br>**March 31, 2026\*** |
|  **Per Share Operating Performance:** |  |
|  **Net Asset Value per share, beginning of year** | $10.00 |
|  Activity from investment operations: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.07) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>1</sup> | 0.78 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.71 |
|  Less distributions: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From realized gains | (0.19) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19) |
|  **Net Asset Value per share, end of year**<sup>2</sup> | $10.52 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return<sup>2,3,4</sup> | 7.11% |
|  **Net Assets, end of year (in thousands)** | $674245 |
|  **Ratios to average net assets** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 4.16% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adviser expense recoupment (reimbursement) | (2.48)% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1.68% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.64)% |
|  Portfolio turnover rate<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23% |

---

\* The Class commenced operations on April 1, 2025.

1 Per share data has been calculated using the average shares method.

---

| | |
|:---|:---|
| 2 | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at year end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| 3 | Total return based on net asset value per share reflects the change in the net asset value based on the effects of the performance of the Fund during the year and assumes distributions, if any, were reinvested in accordance with the Fund's dividend reinvestment plan.  |

---

---

| | |
|:---|:---|
| 4 | Total return would have been lower had certain expenses not been waived and assumed by the Adviser during periods of reimbursement.  |

---

5 Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the year divided by the average monthly fair value of the Fund's investments during the year. Result is not annualized.

*The accompanying notes are an integral part of these consolidated financial statements.* 

*15* 

------

**HarbourVest Private Investments Fund** 

Consolidated Financial Highlights (Continued)

Class A

*Per share operating performance for a capital share outstanding throughout the year* 

---

| | |
|:---|:---|
|  | **For the Year Ended** <br>**March 31, 2026\*** |
|  **Per Share Operating Performance:** |  |
|  **Net Asset Value per share, beginning of year** | $10.00 |
|  Activity from investment operations: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.10) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>1</sup> | 0.79 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.69 |
|  Less distributions: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From realized gains | (0.19) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19) |
|  **Net Asset Value per share, end of year<sup>2</sup>** | $10.50 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return<sup>2,3,4</sup> | 6.91% |
|  **Net Assets, end of year (in thousands)** | $1176 |
|  **Ratios to average net assets** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 3.45% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adviser expense recoupment (reimbursement) | (1.68)% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1.77% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1.03)% |
|  Portfolio turnover rate<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23% |

---

\* The Class commenced operations on April 1, 2025.

1 Per share data has been calculated using the average shares method.

---

| | |
|:---|:---|
| 2 | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at year end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| 3 | Total return based on net asset value per share reflects the change in the net asset value based on the effects of the performance of the Fund during the year and assumes distributions, if any, were reinvested in accordance with the Fund's dividend reinvestment plan.  |

---

---

| | |
|:---|:---|
| 4 | Total return would have been lower had certain expenses not been waived and assumed by the Adviser during periods of reimbursement.  |

---

5 Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the year divided by the average monthly fair value of the Fund's investments during the year. Result is not annualized.

*The accompanying notes are an integral part of these consolidated financial statements.* 

*16* 

------

**HarbourVest Private Investments Fund** 

Consolidated Financial Highlights (Continued)

Class D

*Per share operating performance for a capital share outstanding throughout the year* 

---

| | |
|:---|:---|
|  | **For the Year Ended** <br>**March 31, 2026\*** |
|  **Per Share Operating Performance:** |  |
|  **Net Asset Value per share, beginning of year** | $10.00 |
|  Activity from investment operations: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.07) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>1</sup> | 0.78 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.71 |
|  Less distributions: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From realized gains | (0.19) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19) |
|  **Net Asset Value per share, end of year<sup>2</sup>** | $10.52 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return<sup>2,3,4</sup> | 7.11% |
|  **Net Assets, end of year (in thousands)** | $11 |
|  **Ratios to average net assets** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 4.33% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adviser expense recoupment (reimbursement) | (2.57)% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1.76% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.71)% |
|  Portfolio turnover rate<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23% |

---

\* The Class commenced operations on April 1, 2025.

1 Per share data has been calculated using the average shares method.

---

| | |
|:---|:---|
| 2 | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at year end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| 3 | Total return based on net asset value per share reflects the change in the net asset value based on the effects of the performance of the Fund during the year and assumes distributions, if any, were reinvested in accordance with the Fund's dividend reinvestment plan.  |

---

---

| | |
|:---|:---|
| 4 | Total return would have been lower had certain expenses not been waived and assumed by the Adviser during periods of reimbursement.  |

---

5 Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the year divided by the average monthly fair value of the Fund's investments during the year. Result is not annualized.

*The accompanying notes are an integral part of these consolidated financial statements.* 

*17* 

------

**HarbourVest Private Investments Fund** 

Notes to Consolidated Financial Statements

March 31, 2026

**1.** **Organization** 

HarbourVest Private Investments Fund (collectively with its subsidiaries, the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company which commenced operations on April 1, 2025 ("Commencement of Operations"). Simultaneous with the Commencement of Operations, HarbourVest Blue Spruce Fund, L.P. (the "Predecessor Fund") reorganized and transferred substantially all its assets and liabilities at a net asset value of $451,194,368 into the Fund in exchange for 45,119,437 Class I shares of the Fund.

The Board of Trustees (the "Board") is responsible for overseeing the overall management of the Fund, including supervision of the duties performed by HarbourVest Registered Advisers L.P. (the "Adviser"). The Adviser, a subsidiary of HarbourVest Partners L.P. ("HarbourVest"), serves as the Fund's investment adviser and is responsible for making investment decisions for the Fund's portfolio.

The Fund offers Class A Shares, Class D Shares and Class I Shares (together, "Shares") to eligible investors. Shares are offered for purchase as of the first business day of each month, with a purchase price based on the net asset value ("NAV") per Share as of the last business day of the immediately preceding month. No person who is admitted as a shareholder (a "Shareholder") of the Fund will have the right to require the Fund to redeem its Shares.

The Fund's investment objective is to seek to generate capital growth over the long-term. In pursuing its investment objective, the Fund primarily invests directly or indirectly in a broad portfolio of private investments across geographies, sectors, and stages. The Fund gains access to private investments primarily through exposure to direct co-investments and continuation solutions ("Direct Investments"), complemented to a lesser extent by primary partnership investments ("Primary Partnership Investments"), secondary transactions ("Secondary Investments")<sup>1</sup> and private credit investments ("Private Credit Investments").

**2.** **Summary of Significant Accounting Policies** 

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is an investment company and therefore applies the accounting and reporting guidance issued by the Financial Accounting Standards Board ("FASB") in Accounting Standards Codification ("ASC") 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the consolidated financial statements.

*Consolidation of Subsidiaries* 

The consolidated financial statements of the Fund include HarbourVest Private Investments Fund and its wholly-owned subsidiaries (each, a "Subsidiary" and collectively, the "Subsidiaries") including: HarbourVest HPIF Parent LLC, HarbourVest HPIF Intermediate LLC, HarbourVest HPIF Investment LLC, HarbourVest HPIF Delaware Blocker A LLC and HarbourVest HPIF Holdings LLC, each formed as a Delaware limited liability company. Intercompany accounts and transactions have been eliminated in consolidation.

*Use of Estimates* 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting year. Actual results may differ from those estimates.

*Valuation of Investments* 

The Fund's investments are valued monthly at fair value consistent with the principles of Codification Topic ASC 820 of the FASB ("ASC 820"). The Board has approved procedures pursuant to which the Fund will value its investments. The Board has designated the Adviser to perform these fair value determinations relating to the value of such investments, in accordance with such procedures and Rule 2a-5 under the 1940 Act. The Board oversees the Adviser's implementation of the Fund's valuation policy.

---

| | |
|:---|:---|
| 1 | For administrative convenience, single-asset and highly focused continuation solutions are reported as Secondary Investments in this Annual Report. The Fund and the Adviser generally intend to treat these single-asset and highly focused continuation solutions as Direct Investments for purposes of portfolio construction and investment allocation.  |

---

*18* 

------

**HarbourVest Private Investments Fund** 

Notes to Consolidated Financial Statements (Continued)

March 31, 2026

**2.** **Summary of Significant Accounting Policies (continued)** 

Where available, the Fund uses NAV reported by the sponsors and managers of the Fund's investments. In reviewing the underlying financial statements and NAVs, the Adviser considers compliance with authoritative guidance on fair value measurements, the currency in which the investment is denominated, and other information deemed appropriate. The Adviser shall determine whether it is appropriate to value the investments based on the capital account balance provided by the managers or to adjust such value. The amounts shown in the accompanying consolidated financial statements include adjustments in accordance with U.S. GAAP and as such, the NAVs for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns used for shareholder transactions.

The Adviser's valuation analysis uses one or more valuation techniques (e.g. the market approach or the income approach) for which sufficient and reliable data is available. The use of the market approach generally consists of using either the guideline company method or similar transaction method, while the income approach generally consists of the net present value of estimated future cash flows, discounted as appropriate for liquidity, credit, market and/or other risk factors. The inputs used by the Adviser in estimating the value primarily include specific company metrics (i.e. multiples of revenue, EBITDA, EBIT) for similar companies based on size, growth, comparability, etc.

Inputs are used in applying the valuation techniques and broadly refer to the assumptions that the Adviser uses to make valuation decisions, including assumptions about risk. In valuing private investments, the Adviser shall apply the value that is most likely to be an exit price in an orderly arm's length transaction between market participants as of the valuation date, using one of the acceptable valuation methods in accordance with generally accepted accounting principles. The valuation analysis shall consider applicable value drivers, facts and circumstances, and the Adviser's subjective judgment. If appropriate, the Adviser may use discounts or premiums to adjust for lack of marketability, lack of control and/or illiquidity.

*Foreign Currency Translation* 

The books and records of the Fund are maintained in U.S. dollars. The value of investments, assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon current foreign exchange rates on the valuation date. Purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based on currency exchange rates prevailing on the date of the relevant transaction. The Fund does not isolate the effects of changes in exchange rates on the fair value of investments. Such fluctuations in exchange rates are included within the net realized and unrealized gain (loss) from investments.

*Investment Income* 

Distributions received from Direct Investments, Primary Partnership Investments and Secondary Investments occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received in cash or in-kind, including return of capital, realized gains, interest income and dividend income, is based on information received from the investment manager or general partner of the Secondary Investments, Primary Partnership Investments or Direct Investments. Excluding short-term investments, dividend income and interest income, including interest paid in-kind, are recorded on a trade date and accrual basis. For short-term investments, dividend income from money market investments is accrued on a daily basis.

*Fund Expenses* 

The Fund bears all expenses incurred in the course of its operations on an accrual basis, including, but not limited to, the following: management fees, incentive fees and expenses associated with a credit facility, legal fees, professional fees, accounting and administration fees, custodial fees, transfer agency fees, registration expenses, expenses of the Board and other administrative expenses.

*Organizational and Offering Costs* 

Organizational and offering costs are costs incidental to the organization, issuing and marketing of Shares and are non-recurring in nature. These costs will be reimbursed by the Adviser, subject to recoupment in accordance with the Fund's expense limitation agreement as further discussed in Note 4. The Fund's total organizational costs of $3,301,970 have been paid by the Adviser. The Fund expenses organizational costs as incurred.

*19* 

------

**HarbourVest Private Investments Fund** 

Notes to Consolidated Financial Statements (Continued)

March 31, 2026

**2.** **Summary of Significant Accounting Policies (continued)** 

The Fund's offering costs of $1,104,800 have been paid by the Adviser, subject to reimbursement by the Fund. The Fund amortizes such costs over the first 12 months of the Fund's operations which began on April 1, 2025, the commencement of operations date, using the straight-line method. As of March 31, 2026, $1,104,800 have been expensed.

*Federal Income Taxes* 

For U.S. federal income tax purposes, the Fund intends to elect to be treated, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code by distributing substantially all of its taxable net investment income and net realized capital gains to Shareholders each year and by meeting certain diversification and income requirements with respect to investments. If the Fund were to fail to meet the requirements to qualify as a RIC, and if the Fund were unable to cure such failure, the Fund would be subject to tax on its taxable income at corporate rates, whether or not distributed to Shareholders, and all distributions of earnings and profits would be taxable to Shareholders as ordinary income.

In accounting for income taxes, the Fund follows the guidance in ASC 740, Accounting for Uncertainty in Income Taxes ("ASC 740"). ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the consolidated financial statements. Management has concluded there were no uncertain tax positions as of March 31, 2026 for federal income tax purposes or in the Fund's state and local tax jurisdictions. The Fund will recognize interest and penalties, if any, related to unrecognized tax benefits as tax expense in the Consolidated Statement of Operations. The tax year ended September 30, 2025 for the Fund is open and subject to examination by the IRS.

Additionally, the Fund is subject to a 4% federal excise tax on any undistributed income, including net capital gains, if it does not distribute at least 98% of its taxable income and 98.2% of its capital gains. Any excise tax liability, if incurred, will be reflected in the consolidated financial statements.

The Fund utilizes a tax-year end of September 30. The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by federal, state, local and foreign jurisdictions, where applicable.

Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes under U.S. GAAP. Differences may be permanent or temporary. Permanent differences, including book/tax differences relating to Shareholder distributions, are reclassified among capital accounts in the consolidated financial statements to reflect the applicable tax characterization. Temporary differences arise when certain items of income, expense, gain or loss are recognized in different periods for financial statement and tax purposes; these differences are expected to reverse in the future. The tax basis components of distributable earnings differ from the amounts reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations due to temporary book/tax differences. These amounts will be finalized before filing the Fund's federal tax return.

HarbourVest HPIF Delaware Blocker A LLC, a wholly-owned subsidiary of the Fund, is a domestic limited liability company that has elected to be treated as a C-corporation for federal and state income tax purposes and is required to account for its estimate of income taxes through the establishment of a deferred tax asset or liability. The Fund recognizes deferred income taxes for temporary differences in the basis of assets and liabilities for financial and income tax purposes. Deferred tax assets are recognized for deductible temporary differences, tax credit carryforwards or net operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. To the extent HarbourVest HPIF Delaware Blocker A LLC has a deferred tax asset, consideration is given to whether a valuation allowance is required.

HarbourVest HPIF Parent LLC, HarbourVest HPIF Intermediate LLC, HarbourVest HPIF Holdings LLC and HarbourVest HPIF Investment LLC, are wholly-owned subsidiaries of the Fund and are disregarded for U.S. federal and state income taxes.

*Cash and Cash Equivalents* 

Cash and cash equivalents consist primarily of cash and short-term investments which are readily convertible into cash. State Street Bank and Trust Company serves as the Fund's custodian. Cash and cash equivalents are subject to credit risk to the extent those balances exceed the Federal Deposit Insurance Corporation ("FDIC") limitations.

*20* 

------

**HarbourVest Private Investments Fund** 

Notes to Consolidated Financial Statements (Continued)

March 31, 2026

**2.** **Summary of Significant Accounting Policies (continued)** 

Total Cash and cash equivalents and Foreign currency on the Consolidated Statement of Assets and Liabilities as of March 31, 2026 is $2,556,717. Short-term investments presented on the Schedule of Investments include deposits in money market accounts, which are classified as Level 1 assets. As of March 31, 2026, the Fund held consolidated short-term investments of $67,336,466.

*Segment Reporting* 

An operating segment is defined in ASC 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Principal Executive Officer acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus. The financial information in the form of the Fund's investments as well as the information contained with the Fund's Consolidated Financial Highlights which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's consolidated financial statements. The Consolidated Statement of Assets and Liabilities and the Consolidated Statement of Operations are reflective of the Fund's segment assets and expenses, respectively.

**3.** **Fair Value Measurements** 

ASC 820 defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the asset or liability and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability.

Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1: Unadjusted quoted prices in active markets for identical investments as of the reporting date. The types of investments which would generally be included in Level 1 include listed equities, registered money market funds and short-term investment vehicles.

Level 2: Pricing inputs other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. The types of investments which would generally be included in Level 2 include corporate bonds and loans and less liquid and restricted equity securities.

Level 3: Pricing inputs that are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment and/or estimation. Those unobservable inputs, that are not corroborated by market data, generally reflect the reporting entity's own assumptions about the assumptions market participants would use in determining the fair value of the investment. The types of investments which would generally be included in Level 3 are equity and/or debt securities issued by private entities.

In accordance with ASC 820, an asset that does not have a readily determinable fair value may be measured utilizing the reported NAV per share, or its equivalent, as a practical expedient for its fair value. If the reported NAV is not as of the same date as the valuation date, the Fund is permitted under ASC 820 to estimate the NAV by adjusting the most recently reported NAV. Investments measured using NAV as a practical expedient are excluded from the fair value hierarchy.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. Due to the uncertainty of estimates, fair value determinations based on estimates may materially differ from the

*21* 

------

**HarbourVest Private Investments Fund** 

Notes to Consolidated Financial Statements (Continued)

March 31, 2026

**3.** **Fair Value Measurements (continued)** 

values that would have been used had a ready market for the securities existed. The following is a summary of the Fund's investments classified by fair value hierarchy as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Investments<br>Valued at NAV or<br>Adjusted NAV** | **Total** |
|  Direct Investments | $- | $- | $135833113 | $389026532 | $524859645 |
|  Private Credit Investments |  |  | 8858121 |  | 8858121 |
|  Secondary Investments |  |  |  | 72426106 | 72426106  |
|  Short-Term Investments | 67336466 |  |  |  | 67336466 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67336466 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144691234 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461452638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673480338 |

---

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | **Direct Investments** | **Private Credit Investments** | **Total Investments** |
|  Balance as of April 1, 2025 | $- | $- | $- |
|  Transfers into Level 3 |  |  |  |
|  Purchases | 136432631 | $8866814 | 145299445 |
|  Distributions from Investments |  |  |  |
|  Net Change in Unrealized Appreciation (Depreciation) | (599518) | (8693) | (608211) |
|  Transfers out of Level 3 |  |  |  |
|  Balance as of March 31, 2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135833113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8858121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144691234 |
|  Net Change in Unrealized Appreciation (Depreciation) on Investments Held at the End of the Reporting Year | $(599518) | $(8693) | $(608211) |

---

Changes in inputs or methodologies used for valuing investments may result in transfers in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be indicative of the risk associated with investing in those investments. Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting year in which they occur.

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value as of<br>March 31,<br>2026** | **Valuation<br>Methodologies** | **Unobservable<br>Input(s)** | **Range<br>High** | **Range<br>Low** | **Weighted<br>Average<sup>(1)</sup>** | **Impact to<br>Valuation from<br>Increase in<br>Input<sup>(2)</sup>** |
| &nbsp;&nbsp; Direct<br>Investments | $99690026 | Public Market<br>Comparables | Multiple of<br>EBITDA | 22.25x | 9.50x | 15.62x | Increase |
| &nbsp;&nbsp; Direct<br>Investments | $20616493 | Public Market<br>Comparables | Multiple of<br>Revenue | 8.75x | 7.25x | 7.61x | Increase |
| &nbsp;&nbsp; Direct<br>Investments | $15526594 | Recent<br>Transaction | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp; Private Credit<br>Investments | $8858121 | Income<br>Approach | Market Yield | 14.0% | 14.0% | 14.0% | Decrease |

---

(1) Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each
investment in the category. (2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input.

(2) This column represents the directional change in the fair value of the Level 3 investments that would result from an
increase to the corresponding unobservable input.

*22* 

------

**HarbourVest Private Investments Fund** 

Notes to Consolidated Financial Statements (Continued)

March 31, 2026

**4.** **Investment Adviser and Transactions with Affiliates** 

*Advisory Fee* 

In consideration of the advisory services provided by the Adviser, the Fund pays the Adviser a quarterly management fee at an annual rate of 1.25% based on the Fund's NAV calculated and accrued monthly as of the last day of each month (the "Management Fee"). For purposes of determining the Management Fee payable to the Adviser, the Fund's NAV will be calculated prior to the reduction for any fees and expenses of the Fund for that month, including, without limitation, the Management Fee and Incentive Fee (as defined below), and/or any distributions by the Fund. The Management Fee will be payable in arrears within 5 business days after the completion of the NAV computation for the quarter. On February 4, 2025, the Board of the Fund approved a form of management fee waiver in which the Adviser contractually agreed to waive its Management Fee through December 31, 2026. For the year ended March 31, 2026, the Adviser earned $6,810,410 in Management Fees, all of which were waived as included in the Consolidated Statement of Operations.

*Incentive Fee* 

At the end of each calendar quarter of the Fund, the Adviser will be entitled to receive an Incentive Fee equal to 12.5% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below) (the "Incentive Fee"). For the purposes of the Incentive Fee and Loss Recovery Account, the term "net profits" shall mean the amount by which (i) the sum of (A) the NAV of the Fund as of the end of such quarter, (B) the aggregate NAV of all Shares repurchased by the Fund during such quarter and (C) the amount of dividends and other distributions accrued and/or paid in respect of the Fund during such quarter exceeds (ii) the sum of (X) the NAV of the Fund as of the beginning of such quarter and (Y) the aggregate NAV of Shares issued by the Fund during such quarter.

The Fund maintains a memorandum account (the "Loss Recovery Account"), which has an initial balance of zero and is (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter and (ii) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. For purposes of the Loss Recovery Account, the term "net losses" shall mean the amount by which (i) the sum of (X) the NAV of the Fund as of the beginning of such quarter and (Y) the aggregate NAV of Shares issued by the Fund during such quarter exceeds (ii) the sum of (A) the NAV of the Fund as of the end of such quarter, (B) the aggregate NAV of all Shares repurchased by the Fund during such quarter and (C) the amount of dividends and other distributions accrued and/or paid in respect of the Fund during such quarter.

Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares. For the year ended March 31, 2026, the Adviser earned $4,180,309 in Incentive Fees as included in the Consolidated Statement of Operations.

*Expense Limitation Agreement ("ELA")* 

The Adviser has entered into an ELA with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to reimburse expenses of the Fund (a "Waiver"), if required to ensure certain annual operating expenses (excluding the Management Fee, Incentive Fee, any distribution and servicing Fee, interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, borrowing costs, merger or reorganization expenses, Shareholder meetings expenses, litigation expenses, expenses associated with the acquisition and disposition of investments (including interest and structuring costs for borrowings and line(s) of credit) and extraordinary expenses, if any; collectively, the "Excluded Expenses") do not exceed 0.75% per annum (the "Expense Cap") of the Fund's NAV calculated as of the last day of each month for each class of Shares.

For a period not to exceed three years from the date on which a Waiver is made or reimbursed, the Adviser may recoup amounts waived provided the repayments do not cause the Fund's annual operating expenses for that class of Shares to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Adviser, whichever is lower.

The ELA has a term ending December 31, 2026. The Adviser may not terminate the Expense Limitation Agreement during its term.

*23* 

------

**HarbourVest Private Investments Fund** 

Notes to Consolidated Financial Statements (Continued)

March 31, 2026

**4.** **Investment Adviser and Transactions with Affiliates (continued)** 

For the year ended March 31, 2026, the Adviser has reimbursed expenses amounting to $6,777,885 as included in the Consolidated Statement of Operations, subject to recoupment by the Adviser.

---

| | |
|:---|:---|
| **Waiver Expiration Period** | |
|  April 1, 2028 - March 31, 2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6777885 |
|  Total | $6777885 |

---

**5.** **Administrator, Custodian and Transfer Agent** 

State Street Bank and Trust Company (in such capacity, the "Administrator") serves as the Fund's administrator to provide it with certain administrative, accounting and other services. The Fund compensates the Administrator for these services and reimburses the Administrator for certain out-of-pocket expenses.

State Street Bank and Trust Company (in such capacity, the "Custodian") serves as the custodian to the Fund. Under a Custody Agreement with the Fund, the Custodian is responsible for the holding and safekeeping of the Fund's assets.

State Street Bank Transfer Agency (the "Transfer Agent") serves as the transfer agent to the Fund. Under the Services Agreement with the Fund, the Transfer Agent is responsible for maintaining all shareholder records of the Fund.

The Administration, Transfer Agent and Custodian fees are paid to the respective service providers out of assets of the Fund and therefore decrease the net income or increase the net loss of the Fund.

**6.** **Distribution and Shareholder Servicing Plan** 

Paralel Distributors LLC serves as the Fund's distributor ("Distributor") pursuant to a distribution agreement. The Distributor distributes the Shares of the Fund, in compliance with Rule 12b-1 under the 1940 Act. Although the Fund is not an open-end investment company, it will comply with the terms of Rule 12b-1 as a condition of the SEC exemptive relief, which would permit the Fund to have, among other things, a multi-class structure and distribution and servicing fees. Accordingly, the Fund has adopted a distribution and servicing plan for its Class A Shares and Class D Shares (the "Distribution and Servicing Plan") and pays the distribution and servicing fee with respect to its Class A and Class D Shares. The Distribution and Servicing Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act. Under the distribution agreement, the Fund will pay as compensation up to 0.75% and 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Class A and Class D Shares, respectively. Class I Shares are not subject to the Distribution and Servicing Plan. For the year ended March 31, 2026, Class A incurred distribution and shareholder servicing fees of $1,817 as included in the Consolidated Statement of Operations and Class D did not incur distribution and shareholder servicing fees.

**7.** **Revolving Credit Facility** 

On June 4, 2025, the Fund, through HarbourVest HPIF Parent LLC (the "Borrower"), entered into a revolving credit agreement (the "Revolving Credit Facility") with JPMorgan Chase Bank, N.A. The amount of the Revolving Credit Facility is $50 million. The Revolving Credit Facility has an interest rate at the secured overnight financing rate of 3.25% per annum and a facility fee of 1.25% per annum on the unused amount of the facility. The Fund has established the Revolving Credit Facility to borrow money for a range of purposes, including for the purpose of funding investments, to satisfy tender requests, to support the hedging program of the Fund, to manage timing issues in connection with the inflows of additional capital and to otherwise satisfy Fund liabilities or obligations, or for investment purposes. Borrowings on the Revolving Credit Facility are secured by a pledge of certain accounts of the Borrower and the Fund and proceeds from those accounts.

*24* 

------

**HarbourVest Private Investments Fund** 

Notes to Consolidated Financial Statements (Continued)

March 31, 2026

**8.** **Commitments and Contingencies** 

The Fund had the following unfunded commitments as of March 31, 2026. The Fund maintains sufficient cash on hand, available borrowings and liquid assets to fund any unfunded commitments should the need arise.

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Investment Strategy** | **Fair Value** | **Unfunded<br>Commitments** |
| &nbsp;&nbsp; Direct<br>Investments | Investments in the equity or debt of operating companies, including those held directly or indirectly through special purpose vehicles, co-investment partnerships or other deal structuring vehicles controlled by the relevant unaffiliated sponsor, including direct co-investments | $524859645 | $26289528 |
| &nbsp;&nbsp; Secondary<br>Investments | Investments through various structures, including, but not limited to, existing Portfolio Funds, newly created partnerships to acquire, restructure, recapitalize, spin-out or otherwise reorganize private investments, or other deal structuring vehicles | 72426106 | 37696594 |
| &nbsp;&nbsp; Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597285751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63986122 |

---

In the normal course of business, the Fund enters into contracts that contain a variety of indemnification arrangements. The Fund's exposure under these arrangements, if any, cannot be quantified. However, the Fund has not had claims or losses pursuant to these indemnification arrangements and expects the potential for a material loss to be remote.

**9.** **Capital Share Transactions** 

The Fund offers three separate classes of shares designated as Class A, Class D and Class I. Each class of Shares is subject to different fees and expenses. Shares will generally be offered for purchase as of the first business day of each calendar month at the NAV per share on that day. Fractions of Shares will be issued up to one one-thousandth of a share.

No Shareholder will have the right to require the Fund to redeem Shares. With very limited exceptions, Shares are not transferable, and liquidity for investments in Shares may be provided only through periodic offers from the Fund to repurchase Shares from Shareholders.

To provide a limited degree of liquidity to Shareholders, at the sole discretion of the Board, the Fund may from time to time offer to repurchase Shares pursuant to written tenders by Shareholders.

The Adviser intends to recommend to the Board that, under normal market circumstances, the Fund conducts repurchase offers of no more than 5% of the Fund's NAV on a quarterly basis.

A 2.00% early repurchase fee (the "Early Repurchase Fee") may be charged by the Fund with respect to any repurchase of Shares from a Shareholder at any time prior to the day immediately preceding the one-year anniversary of the Shareholder's purchase of the Shares. Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. An Early Repurchase Fee payable by a Shareholder may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund.

*25* 

------

**HarbourVest Private Investments Fund** 

Notes to Consolidated Financial Statements (Continued)

March 31, 2026

**9.** **Capital Share Transactions (continued)** 

The following table summarizes the Capital Share transactions for the year ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended**<br>**March 31, 2026** | **For the Year Ended**<br>**March 31, 2026** | **For the Year Ended**<br>**March 31, 2026** |
|  | **Shares** | **Dollar Amounts** | **Dollar Amounts** |
|  **Class I** |  |  |  |
|  Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63090247 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638784368 |
|  Reinvested distributions | 1017404 |  | 10583442 |
|  Repurchase of shares |  |  |  |
|  Net increase (decrease) | 64107651 | $— | 649367810 |
|  **Class A** |  |  |  |
|  Proceeds from shares issued | 110993 | $— | 1150000 |
|  Reinvested distributions | 19 |  | 193 |
|  Repurchase of shares |  |  |  |
|  Net increase (decrease) | 111012 | $— | 1150193 |
|  **Class D** |  |  |  |
|  Proceeds from shares issued |  | $— |  |
|  Reinvested distributions | 19 |  | 193 |
|  Repurchase of shares |  |  |  |
|  Net increase (decrease) | 19 | $— | 193 |

---

Subject to the considerations described above, the aggregate value of Shares to be repurchased at any time will be determined by the Board in its sole discretion, and such amount may be stated as a percentage of the value of the Fund's outstanding Shares. Therefore, the Fund may determine not to conduct a repurchase offer at a time that the Fund normally conducts a repurchase offer. The Fund may also elect to repurchase less than the full amount that a Shareholder requests to be repurchased. If a repurchase offer is oversubscribed by Shareholders who tender Shares, the Fund may extend the repurchase offer, repurchase a pro rata portion of the Shares tendered, or take any other action permitted by applicable law. All unsatisfied tenders must be resubmitted in the next tender offer. The Fund may cause the repurchase of a Shareholder's Shares if, among other reasons, the Fund determines that such repurchase would be in the interest of the Fund.

**10.** **Dividend Reinvestment Plan** 

Pursuant to the dividend reinvestment plan ("DRIP") established by the Fund, each Shareholder whose Shares are registered in its own name will automatically be a participant under the DRIP and all income and/or capital gain dividend distributions will automatically be reinvested in additional Shares unless such Shareholder specifically elects to receive all income and/or capital gain dividends in cash. A Shareholder is free to change this election at any time. If, however, a Shareholder requests to change its election within 60 days prior to a distribution, the request will be effective only with respect to distributions after the 60-day period.

**11.** **Investment Transactions** 

For the year ended March 31, 2026, purchases of investments, including payment-in-kinds, excluding short term investments, were $597,440,287. For the year ended March 31, 2026, total proceeds received from distributions, sales, redemptions, or other disposition of investments were $30,621,115.

*26* 

------

**HarbourVest Private Investments Fund** 

Notes to Consolidated Financial Statements (Continued)

March 31, 2026

**12.** **Tax Information** 

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. Permanent differences between book and tax basis are primarily attributable to the contribution of assets and write-off of net operating losses.

For the tax year ended September 30, 2025, the following amounts were reclassified:

---

| | |
|:---|:---|
|  Paid-in capital | $(134718618) |
|  Distributable earnings/(losses) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134718618 |

---

For the tax year ended September 30, 2025, the Fund's tax components of distributable earnings on a tax basis are as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $- |
|  Accumulated capital and other losses |  |
|  Undistributed long-term capital gains |  |
|  Other temporary differences | (836190) |
|  Net tax appreciation (depreciation) | 165954047 |
|  Total distributable earnings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165117857 |

---

The tax character of distributions paid for the year ended March 31, 2026 was $10,583,828 of long-term capital gains.

As of March 31, 2026, the federal tax cost of investments and unrealized appreciation (depreciation) are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $183887290 |
|  Gross unrealized depreciation | (14392901) |
|  Net unrealized appreciation (depreciation) on investments | $169494389 |
|  Tax cost of investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503981369 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to the contribution of assets and timing differences in recognizing certain gains and losses on partnership investments.

HarbourVest HPIF Delaware Blocker A LLC recorded a provision for current income tax expense for the year ended March 31, 2026 of $1,043. As of March 31, 2026, HarbourVest HPIF Delaware Blocker A LLC has a deferred tax liability of $38,537. The deferred income tax is computed by applying the federal statutory income tax rate of 21% and estimated applicable state tax statutory rate of 8% to net investment income realized and unrealized gains (losses) on investments before taxes.

For the year ended March 31, 2026, the Fund did not incur any interest or penalties. The Fund did not have any unrecognized tax benefits as of March 31, 2026.

**13.** **Market and Other Risk Factors** 

**Risks of Private Investments Strategies.** The Fund's investment portfolio includes Direct Investments, Secondary Investments and Primary Partnership Investments ("Portfolio Funds"). The Portfolio Funds and special purpose vehicles that the Fund invests in hold securities issued primarily by private companies. Operating results for private companies in a specified period may be difficult to determine. Such investments involve a high degree of business and financial risk that can result in substantial losses.

**Less information may be available with respect to private company investments and such investments offer limited liquidity.** Private companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, there is risk that the Fund may invest on the basis of incomplete or inaccurate information, which may adversely affect the Fund's investment performance. Private companies in which the Fund may invest also may have limited

*27* 

------

**HarbourVest Private Investments Fund** 

Notes to Consolidated Financial Statements (Continued)

March 31, 2026

**13.** **Market and Other Risk Factors (continued)** 

financial resources, shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors' actions and market conditions, as well as general economic downturns. These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, investments in private companies generally are in restricted securities that are not traded in public markets and subject to substantial holding periods. There can be no assurance that the Fund will be able to realize the value of such investments in a timely manner.

**Private investments are subject to general market risks.** Investments made in connection with acquisition transactions are subject to a variety of special risks, including the risk that the acquiring company has paid too much for the acquired business, the risk of unforeseen liabilities, the risks associated with new or unproven management or new business strategies and the risk that the acquired business will not be successfully integrated with existing businesses or produce the expected outcomes.

**The Fund is subject to the risks of its Portfolio Funds.** The Fund's investments in Portfolio Funds are subject to a number of risks. Portfolio Fund interests are expected to be illiquid, their marketability may be restricted and the realization of investments from them may take considerable time and/or be costly. Although the Adviser seeks to receive detailed information from each Portfolio Fund regarding its business strategy and any performance history, in most cases the Adviser will have little or no means of independently verifying this information. In addition, Portfolio Funds may have little or no near-term cash flow available to distribute to investors, including the Fund.

Portfolio Fund interests are ordinarily valued based upon valuations provided by the manager or general partner of a Portfolio Fund (a "Portfolio Fund Manager"), which may be received on a delayed basis. Certain securities in which the Portfolio Funds invest may not have a readily ascertainable market price and are fair valued by the Portfolio Fund Managers. The Adviser reviews and performs due diligence on the valuation procedures used by each Portfolio Fund Manager and monitors the performance information provided by the Portfolio Funds. However, neither the Adviser nor the Board is able to confirm the accuracy of valuations provided by Portfolio Fund Managers.

The Fund pays asset-based fees, and, in most cases, is subject to performance-based fees in respect of its interests in Portfolio Funds. Such fees and performance-based compensation are in addition to the Management Fee and Incentive Fee. In addition, performance-based fees charged by Portfolio Fund Managers may create incentives for the Portfolio Fund Managers to make risky investments, and may be payable by the Fund to a Portfolio Fund Manager based on a Portfolio Fund's positive returns even if the Fund's overall returns are negative. Moreover, a Shareholder in the Fund will indirectly bear a proportionate share of the fees and expenses of the Portfolio Funds, in addition to its proportionate share of the expenses of the Fund.

**The Fund and the Portfolio Funds are subject to risks associated with market and economic downturns and movements.** Investments made by the Fund may be materially affected by market, economic and political conditions in the United States and in the non-US jurisdictions in which its investments operate, including factors affecting interest rates, the availability of credit, currency exchange rates and trade barriers. These factors are outside the control of the Adviser and could adversely affect the liquidity and value of the Fund's investments and reduce the ability of the Fund to make new investments.

**Investments in the Fund will be primarily illiquid.** An investment in the Fund, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. The Shares are appropriate only for investors who are comfortable with investment in less liquid or illiquid portfolio investments within an illiquid fund. Unlike open-end funds (commonly known as mutual funds), which generally permit redemptions on a daily basis, the Shares will not be redeemable at a Shareholder's option. Unlike stocks of listed closed-end funds, the Shares are not listed, and are not expected to be listed, for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future.

**Interest Rate Risk.** The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Fund may be subject to a greater risk of rising interest rates as currently interest rates are low based on historical levels. There is a risk that interest rates will rise, which will likely drive down prices of bonds and other

*28* 

------

**HarbourVest Private Investments Fund** 

Notes to Consolidated Financial Statements (Continued)

March 31, 2026

**13.** **Market and Other Risk Factors (continued)** 

fixed-income securities. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund's investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund's NAV. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by the Adviser. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of the Fund to the extent that it invests in floating rate debt securities. The Fund may invest in variable and floating rate debt instruments, which generally are less sensitive to interest rate changes than longer duration fixed rate instruments, but may decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general. Conversely, variable and floating rate instruments generally will not increase in value if interest rates decline. To the extent the Fund holds variable or floating rate instruments, a decrease in market interest rates will adversely affect the income received from such securities, which may adversely affect the NAV of the Fund's Shares.

**14.** **Subsequent Events** 

The Fund has evaluated all events subsequent to March 31, 2026, through the date these consolidated financial statements were issued.

There were no events or transactions that occurred during this year that materially impacted the amounts or disclosures in the Fund's consolidated financial statements.

*29* 

------

**HarbourVest Private Investments Fund** 

Other Information (Unaudited)

March 31, 2026

**Further Information Regarding Management of the Fund** 

Information regarding the Trustees and Officers of the Fund, including brief biographical information, is set forth below.

**Board of Trustees** 

The Fund's Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling the Fund toll-free at 617-662-7100.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position(s)**<br> **Held with Registrant**<br> **and Year of Birth\*** | **Length of**<br> **Time Served** | **Principal**<br> **Occupation**<br> **During Past**<br> **5 Years** | **Number**<br> **of Funds**<br> **in Fund**<br> **Complex**<br> **Overseen by**<br> **Trustee\*\*** | **Other**<br> **Directorships**<br> **Held by**<br> **Trustee During**<br> **Past 5 Years** |
| *Independent Trustees* | *Independent Trustees* | *Independent Trustees* |  |  |
| Jeffrey Christian<br> 1961 | Since inception | Partner, Barrington Partners (2019-Present) | 1 |  |
| Thomas Higgins<br> 1957 | Since inception | Principal & Fund Chief Financial Officer, The Vanguard Group, Inc. (1989-2020) | 1 |  |
| *Interested Trustee\*\*\** | *Interested Trustee\*\*\** | *Interested Trustee\*\*\** |  |  |
| Monique Austin<br> 1978 | Since inception | Managing Director, Head of Evergreen Solutions, HarbourVest Partners (January 2025-Present); Managing Director, Counsel, HarbourVest Partners (2020-2025) | 1 |  |

---

\* Each of the Independent Trustees serves on the Board's Audit and Nominating and Governance Committees.

\*\* "Fund Complex" comprises registered investment companies for which the Adviser or an affiliate of the Adviser serves as investment adviser.

\*\*\* "Interested person," as defined in the 1940 Act, of the Fund.

*30* 

------

**HarbourVest Private Investments Fund** 

Other Information (Unaudited) (Continued)

March 31, 2026

**Officers** 

Certain biographical and other information relating to the officers of the Fund who are not Trustees, is set forth below, including their ages, addresses, positions held, lengths of time served and their principal business occupations during the past five years.

---

| | | |
|:---|:---|:---|
| **Name, Position(s) held with**<br> **Registrant,**<br> **Year of Birth and Address\*** | **Length of**<br>**Time Served** | **Principal Occupation**<br> **During Past 5 Years** |
| Monique Austin<br> Chief Executive Officer, Principal Executive Officer and President<br> 1978 | Since inception | Managing Director, Head of Evergreen Solutions, HarbourVest Partners (January 2025-Present); Managing Director, Counsel, HarbourVest Partners (2020-2025). |
| Peter Mahoney<br> Chief Financial Officer and Principal Financial Officer<br> 1974 | Since inception | Managing Director, HarbourVest (2023-Present); Principal, Fund Officer, Vanguard (1997-2023). |
| Daniel Chisholm<br> Chief Legal Officer and Secretary<br> 1975 | Since inception | Senior Vice President, Registered Funds Counsel, HarbourVest (2024-Present); Vice President, Associate General Counsel, Fidelity Investments (2006-2024). |
| Nicholas Misciagna<br> Treasurer<br> 1981 | Since November<br>2025 | Vice President, Fund Controller – Evergreen Funds, HarbourVest Partners (March 2025-Present); Fund Controller, HarbourVest Partners (2023-2025); Assistant Controller, HarbourVest Partners (2022- 2023); Senior Manager, PricewaterhouseCoopers (2015-2021). |
| Eric Hutson<br> Assistant Treasurer<br> 1989 | Since inception | Director, Fund Oversight, HarbourVest (2024- Present); Audit Senior Manager, PricewaterhouseCoopers LLP (2020-2024). |
| Jeffrey R. Coleman<br> Vice President<br> 1969 | Since November<br>2025 | Senior Vice President, HarbourVest Partners (March 2025-Present); Head of Investment Operations, CFO and Treasurer, Mercer (2023-2025); Head of Investment Operations, Partner, Mercer (2019-2025). |

---

\* The address of each officer is care of the Secretary of the Fund at One Lincoln Street, Suite 1700, Boston, MA 02111.

**Proxy Voting Policies and Procedures** 

A description of the Fund's proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at 617-662-7100 or on the SEC website at sec.gov.

**Proxy Voting Record** 

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Fund at 617-662-7100 or by accessing the Fund's Form N-PX on the SEC's website at sec.gov.

*31* 

------

**HarbourVest Private Investments Fund** 

Other Information (Unaudited) (Continued)

March 31, 2026

**Availability of Quarterly Portfolio Schedules** 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT is available on the SEC website at sec.gov or without charge and upon request by calling the Fund at 617-662-7100.

**Tax Information** 

Of the distributions paid to shareholders during the year ended March 31, 2026, $10,583,828 represent long-term capital gains.

*32* 

------

**Investment Adviser** 

HarbourVest Registered Advisers L.P.

One Lincoln Street, Suite 1700

Boston, MA 02111

**Administrator and Custodian** 

State Street Bank and Trust Company

One Congress Street

Boston, MA 02114

**Transfer Agent** 

State Street Bank Transfer Agency

1776 Heritage Drive

North Quincy, MA 02171

**Distributor** 

Paralel Distributors LLC

1700 Broadway, Suite 1850

Denver, CO 80290

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

101 Seaport Boulevard

Boston, MA 02210

*33* 

------

(b) Not applicable.

**Item 2. Code of Ethics.** 

(a) HarbourVest Private Investments Fund (the "Fund" or the "Registrant"), as of the end of the period covered by this report, has adopted a code of ethics (the "Code of Ethics") that applies to the Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Fund or a third party.

(b) Not applicable

(c) There have been no amendments to the Code of Ethics during the period covered by this Form N-CSR.

(d) There have been no waivers, including implicit waivers, granted by the Fund to individuals covered by the Code of Ethics during the reporting period for this Form N-CSR.

(e) Not applicable.

(f) A copy of the Code is attached herewith as Exhibit 19(a)(1).

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Board of Trustees of the Registrant (the "Board") has determined that the Registrant has at least one member serving on the Registrant's audit committee (the "Audit Committee"), that possesses the attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert."

(a)(2) The name of the audit committee financial expert is Thomas Higgins. The Board has determined that Thomas Higgins is "independent" in that, (i) other than in his capacity as a member of the Audit Committee and the Board, he has not accepted, directly or indirectly, any consulting, advisory or other compensatory fee from the Registrant, and (ii) he is not an "interested person" of the Registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act").

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) <u>Audit Fees</u>. The aggregate fees billed for professional services rendered by the independent registered public accounting firm for the audit of the Registrant's annual financial statements or services that normally are provided in connection with statutory and regulatory filings or engagements for the fiscal year ended March 31, 2026 was $180,000.

------

(b) <u>Audit-Related Fees</u>. For the fiscal year ended March 31, 2026, the independent registered public accounting firm did not bill the Registrant any fees for audit-related services which are not reported under paragraph (a) of this Item 4.

During the fiscal year ended March 31, 2026, no fees for assurance and related services that relate directly to the operations and financial reporting of the Registrant were billed by the independent registered public accounting firm to the Registrant's investment adviser (the "Adviser") or any other entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant.

(c) <u>Tax Fees</u>. The aggregate fees billed for professional services rendered by the independent registered public accounting firm to the Registrant for tax compliance, tax advice, tax planning and tax return preparation for the fiscal year ended March 31, 2026 was $45,000. The fees for 2026 relate primarily to the preparation of federal and state income and excise tax returns and the review of excise tax distributions.

During the fiscal year ended March 31, 2026, no fees for tax compliance, tax advice or tax planning services that relate directly to the operations and financial reporting of the Registrant were billed by the independent registered public accounting firm to the Adviser or any other entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant.

(d) <u>All Other Fees</u>. The aggregate fees billed for products and services provided by the independent registered public accounting firm to the Registrant, other than the services reported in paragraphs (a) – (c) of this Item 4, for the fiscal year ended March 31, 2026 was $2,125.

During the fiscal year ended March 31, 2026, no fees for other services that relate directly to the operations and financial reporting of the Registrant were billed by the independent registered public accounting firm to the Adviser or any other entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant.

(e) (1) <u>Pre-Approval Policies and Procedures</u>. The Audit Committee has adopted, and the Board has approved, a policy on pre-approval of audit and non-audit services (the "Policy"), which is intended to comply with Rule 2-01 of Regulation S-X and sets forth guidelines and procedures to be followed by the Fund when retaining an auditor to perform audit, audit-related, tax and other services for the Fund. The Policy permits such services to be pre-approved by the Audit Committee pursuant to either a general pre-approval or specific pre-approval. Unless a type of service provided by the auditor has received general pre-approval, it requires specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels require specific pre-approval by the Audit Committee.

------

(2) All services provided to the Registrant described in paragraphs (b)-(d) of Item 4 were pre-approved by the Audit Committee. None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable

(g) <u>Non-Audit Fees</u>. For the fiscal year ended March 31, 2026, the aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Registrant was $47,125.

(h) The Audit Committee has considered the non-audit services rendered to the Registrant's Adviser and any entity controlling, controlled by, or under common control with the Adviser that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, and believes such services are compatible with the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) Not applicable. The Fund is not a listed issuer as defined in Rule 10A-3 under the Exchange Act.

(b) Not applicable. The Fund is not a listed issuer as defined in Rule 10A-3 under the Exchange Act.

**<u>Item 6. Investments.</u>**

(a) The Fund's Consolidated Schedule of Investments as of March 31, 2026 is included as part of the Report to Shareholders filed under Item 1(a) of this Form N-CSR.

(b) Not applicable.

**<u>Item</u><u> </u><u>7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>** 

(a) Not applicable.

(b) Not applicable.

------

**<u>Item</u><u> </u><u>8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>** 

Not applicable.

**<u>Item</u><u> </u><u>9. Proxy Disclosures for Open-End Management Investment Companies.</u>** 

Not applicable.

**<u>Item</u><u> </u><u>10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies .</u>** 

Not applicable.

**<u>Item</u><u> </u><u>11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>** 

Not applicable.

**<u>Item</u><u> </u><u>12. Disclosure of Proxy Voting Policies and Procedures for</u> <u>Closed-End</u> <u>Management Investment Companies.</u>** 

The Fund's investments in newly formed private funds ("Portfolio Funds") do not typically convey traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment is substantially less than that encountered in connection with registered equity securities. On occasion, however, the Fund may receive notices or proposals from the Portfolio Funds seeking the consent of or voting by holders, and may also vote on matters relating to the other investments held by the Fund, including registered equity securities that have been distributed in kind to the Fund by a Portfolio Fund. The Board has delegated to the Adviser proxy voting authority with respect to the Fund's portfolio securities. The proxy voting policies and procedures of the Adviser are described below.

The Adviser's policies and procedures are reasonably designed to ensure that the Adviser votes proxies in the best interest of the Fund and addresses how it will resolve any conflict of interest that may arise when voting proxies. The Adviser will review on a case-by-case basis each proposal submitted for a shareholder vote to determine its impact on the portfolio securities held by its clients. Although the Adviser will generally vote against proposals that may have a negative impact on its clients' portfolio securities, it may vote for such a proposal if there exists compelling long-term reasons to do so.

Decisions on whether and how to vote a proxy generally are made by the Adviser. The Adviser seeks to vote in a prudent and timely fashion and only after careful evaluation of any proposal presented on a proxy ballot. The Adviser intends to consider all factors it considers relevant, including, but not limited to, the implications of changes in corporate governance structures, adoption of, or amendments to, compensation plans and matters involving social issues or corporate responsibility. The Adviser seeks to avoid direct or indirect conflicts of interest raised by exercising its voting discretion and considers only those factors that relate to its client's

------

investment and its investment objectives, and may determine that abstaining on a proposal may be in the best interests of the Adviser's client.

Information regarding how the Adviser voted proxies related to the Fund's portfolio holdings during the 12-month period ending June 30 will be available, without charge, upon request by calling 617-662-7100, e-mailing complianceprogramgovernance@harbourvest.com, and on the SEC's website at www.sec.gov.

**<u>Item</u><u> </u><u>13. Portfolio Managers of</u> <u>Closed-End</u> <u>Management Investment Companies.</u>** 

(a)(1) The following provides biographical information about the Fund's Portfolio Managers, who were primarily responsible for the day-to-day portfolio management of the Fund as of March 31, 2026. Each of the Portfolio Managers has been a portfolio manager since the Fund's inception, with the exception of Michael Pugatch, who began serving as Portfolio Manager on February 6, 2026.

**Drew Snow, CFA**, *Principal, US Evergreen Portfolio Manager, HarbourVest Partners, LLC (Boston).* Drew Snow currently serves as an evergreen portfolio manager and a voting member of the firm's Evergreen Portfolio Management Committee (EPMC). Prior to his current role, Mr. Snow served as a QIS Client Strategist, engaging with clients to understand their critical investment objectives leveraging proprietary QIS research and tools to address those needs. Mr. Snow joined HarbourVest in 2020 after 16 years at Wellington Management Company where he held various leadership, investment, and product roles. His previous experience includes roles at Cambridge Associates, The Parthenon Group, and Fidelity Investments. Mr. Snow received a BA in Government (Honors) from Colby College and an MBA from Tuck School of Business at Dartmouth. He holds the Chartered Financial Analyst designation.

**Gregory Stento**, *Managing Director, Head of Investments, HarbourVest Partners, LLC (Boston).* Gregory Stento joined HarbourVest in 1998 and serves as Head of Investments for the firm. He is a member of the Strategy Investment Committees, the Portfolio Construction Committee, and also serves on the advisory boards of several private equity partnerships. Mr. Stento joined HarbourVest from Comdisco Ventures, where he was a managing director and provided equity and debt capital to startup and emerging growth technology and life sciences companies. Prior to Comdisco, he was a general partner at Horsley Bridge Partners, where he was responsible for making and managing investments in a variety of private equity partnerships and companies. Mr. Stento also spent six years in marketing and sales at NCR Corporation, where he focused on information technology solutions for financial institutions. He received a BS (with distinction) from Cornell University in 1982 and an MBA from Harvard Business School in 1989.

**Michael Pugatch**, *Managing Director, HarbourVest Partners, LLC (Boston).* Michael Pugatch joined HarbourVest in 2003 and focuses on the firm's secondary investment activities. Mr. Pugatch leads the origination and execution of secondary transactions, including traditional limited partnership interests and GP led continuation vehicles. He serves on both the Secondary and Real Assets Investment Committees and is a member of the firm's Portfolio Construction Committee.

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He also serves on the advisory boards of several private equity funds. His prior experience includes roles at UBS Warburg and PaineWebber, where he worked in the media and technology investment banking groups focused on mergers and acquisitions, corporate financings, and restructurings. Mr. Pugatch graduated from Babson College with a BS summa cum laude in Business Administration.

**Todd DeAngelo, CFA,** *Principal, Enterprise Investment Office, HarbourVest Partners, LLC (Boston).* Todd DeAngelo joined HarbourVest in 2010 and leads the Firm's Enterprise Investment Office (EIO) team, focused on optimizing investment execution and operations capabilities in order to enhance the client experience through consistent, streamlined, and repeatable operational activities across the Firm. Mr. DeAngelo began his career at HarbourVest in Portfolio Analytics and subsequently spent eight years on the Direct Co-investment team focused on investment allocation, fund management, portfolio construction, client service and fundraising. He received a BS (magna cum laude) in Economics and Finance from Bentley University in 2010 and an MBA from the Bentley University McCallum Graduate School of Business in 2012. In 2016, he received the Chartered Financial Analyst designation.

(a)(2) The following table lists the number and types of accounts, other than the Fund, managed by the Fund's primary portfolio managers and assets under management in those accounts, as of March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type of Account** | **Number<br>of<br>Accounts<br>Managed** | **Total Assets<br>Managed**<br> ($mm) | **Number of<br>Accounts<br>Managed for<br>which<br>Management<br>Fee is<br>Performance-<br>Based** | **Assets<br>Managed for<br>which<br>Management<br>Fee is<br>Performance-<br>Based** ($mm) |
| &nbsp;&nbsp;&nbsp; Drew Snow, CFA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 1 | $2533 | 1 | $2533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Gregory Stento |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 62 | $85067 | 57 | $82760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 212 | $53295 | 159 | $41820 |
| &nbsp;&nbsp;&nbsp; Michael Pugatch<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 62 | $85067 | 57 | $82760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 212 | $53295 | 159 | $41820 |

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------

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type of Account** | **Number<br>of<br>Accounts<br>Managed** | **Total Assets<br>Managed**<br> ($mm) | **Number of<br>Accounts<br>Managed for<br>which<br>Management<br>Fee is<br>Performance-<br>Based** | **Assets<br>Managed for<br>which<br>Management<br>Fee is<br>Performance-<br>Based** ($mm) |
| &nbsp;&nbsp;&nbsp; Todd DeAngelo, CFA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 1 | $2533 | 1 | $2533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 0 | $0 | 0 | $0 |

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<sup>1</sup> Mr. Pugatch began serving as portfolio manager of the Fund on February 6, 2026.

The table above reflects committed capital from limited partners or net subscriptions from investors and includes any general partner commitment, for all active funds/accounts managed by the Fund's primary portfolio managers. Number of Accounts and Assets Managed exclude leverage, any funds / accounts that are in extension, liquidation, or fully liquidated.

*Conflicts of Interest* 

Shareholders should be aware that various actual and potential conflicts will arise from the overall investment activities of the Fund, the Adviser, HarbourVest Partners L.P. ("HarbourVest"), other HarbourVest-managed funds or accounts, and their respective affiliates. HarbourVest currently manages, and expects to form, additional funds, and separate accounts that make investments in specific regions and/or sectors of the markets, and in the overall markets, targeted by the Fund or that otherwise have substantially the same investment objective, strategies and investments as the Fund. Such other funds and accounts often will have economic terms that are different than those of the Fund, and can incorporate terms that individually or in the aggregate are more favorable for their investors than the equivalent terms of the Fund. There is no restriction on HarbourVest establishing or managing additional funds or accounts that invest in specific regions and/or sectors of, or in the overall markets targeted by the Fund.

*Conflicts of interest will arise in respect of Portfolio Funds and other issuers invested in by the Fund and other HarbourVest-managed funds and accounts* 

It is expected that other HarbourVest-managed funds or accounts will, from time to time, acquire investments in the same portfolio company or Portfolio Fund opportunity as the Fund as part of a single transaction or otherwise. In connection with any such investment by such other HarbourVest-managed funds or accounts, the Fund, on the one hand, and such other HarbourVest-managed funds or accounts, on the other hand, could have conflicting interests if they invest in the same portfolio company or Portfolio Fund. Where the Fund and such other HarbourVest-managed funds or accounts invest in the same securities, HarbourVest could give advice to or otherwise take actions on their behalf in respect of such investments that could differ from advice given to or actions taken on behalf of the Fund. For example, other HarbourVest-managed funds or accounts and the Fund could have an investment in the same securities of a portfolio company or a Portfolio

------

Fund, but could buy or sell such investments at a different time, at a different price or otherwise on different terms or conditions or could exercise voting and other rights relating to such securities in a different manner, including but not limited to as a result of their differing liquidity needs, regulatory limitations or obligations or other relevant considerations that cause their respective interests or requirements to be unaligned. Such advice or actions on behalf of other HarbourVest-managed funds or accounts could adversely impact the Fund or could otherwise result in such other HarbourVest-managed funds or accounts achieving returns on such investments that are better than the returns achieved by the Fund.

Such conflicts of interest could be more material where the Fund and such other HarbourVest-managed funds and accounts invest in different securities issued by the same portfolio companies or Portfolio Funds. For example, if the Fund invests in the equity securities of a portfolio company and another HarbourVest-managed fund or account invests in the debt securities of the same company, the various economic and other terms of the debt and equity securities, including the interest rates to be paid on the debt securities, any security granted in respect thereof, the characterization of the debt securities as preferred equity or subordinated debt and the nature of the covenants running in favor of the other HarbourVest-managed fund or account as a debt holder, could raise conflicts of interest between the Fund, on the one hand, and such other HarbourVest-managed fund or account, on the other hand. Questions could arise as to whether payment obligations and covenants of the debt securities should be enforced, modified or waived by the holders of the debt securities or whether the debt securities should be refinanced by the portfolio company, which decisions could be influenced by the other HarbourVest-managed fund or account holding the debt securities. Such conflicts of interests will be particularly heightened where the portfolio company is in financial difficulty as, in such situations, the interests of debt and equity holders typically will not be aligned. Decisions about what action should be taken by the Fund as an equity holder or by the other HarbourVest-managed fund or account as a debt holder in a troubled situation, including whether to enforce creditor claims, whether to advocate or initiate a portfolio company restructuring or liquidation inside or outside of bankruptcy proceedings, and the terms of any work-out or restructuring of a portfolio company or its debt, will raise material conflicts of interest. In such circumstances, the other HarbourVest-managed fund or account might be best served by a liquidation of the portfolio company that would result in its debt being paid but leave nothing with respect to the Fund's interest in the company's equity. It is possible in distressed situations that actions taken by the other HarbourVest-managed fund or account as a debt holder could materially adversely impact, if not in effect eliminate, any remaining value attaching to equity securities held by the Fund. The reverse would be the case where the Fund holds debt securities of a portfolio company and another HarbourVest-managed fund or account acquires equity securities of the same company. Furthermore, it is possible that in connection with an insolvency, bankruptcy, reorganization or similar proceeding, the Fund and other HarbourVest-managed funds or accounts will be limited (by applicable law, including the 1940 Act, courts or otherwise) in the positions or actions they will be permitted to take due to the other interests held or actions taken by HarbourVest and other HarbourVest-managed funds and accounts.

In circumstances where the Fund and other HarbourVest-managed funds or accounts hold investments in different classes of a portfolio company's debt and/or equity (or, where applicable, different classes of securities issued by a Portfolio Fund), HarbourVest intends, to the fullest extent permitted by applicable law, including the 1940 Act, to take steps in respect of such investments to reduce the potential for adversity between the Fund and the other HarbourVest-managed funds

------

or accounts, including by causing the Fund to take certain actions that, in the absence of such conflict, it would not take, such as, for example but without limitation (*i*) remaining passive in a portfolio company restructuring or similar situation (including by electing not to vote or voting *pro rata* with other unaffiliated security holders), (*ii*) divesting investments, (*iii*) appointing an independent decision-maker, or (*iv*) otherwise taking an action designed to reduce such adversity. Any such step could have the effect of benefiting other HarbourVest-managed funds or accounts and therefore could not be in the best interests of, and could be adverse to, the Fund. HarbourVest manages a number of funds and accounts that are deemed to be investing plan assets subject to ERISA and that target, in whole or in part, similar investments to those targeted by the Fund. Similar considerations could apply if the Fund and other HarbourVest-managed funds and accounts were to invest in different parts of the debt capital structure of the same portfolio company (for example if the Fund holds debt securities that are junior to debt securities held by other HarbourVest-managed funds and accounts).

In addition to investing at the same time in the same portfolio company or Portfolio Fund, including in different classes of securities issued thereby, subject to applicable law, including the 1940 Act, the Fund could pursue a transaction with an entity in which another HarbourVest-managed fund or account has a pre-existing investment, or another HarbourVest-managed account could pursue a transaction with an entity in which the Fund has a pre-existing investment. For example, the Fund could lead a recapitalization of a portfolio company in which another HarbourVest-managed fund or account has a pre-existing investment, or invest in a later-stage equity issuance by a portfolio company in which another HarbourVest-managed fund or account has a pre-existing investment in an earlier-stage equity issuance. Similarly, the Fund could invest in a preferred equity issuance by a Portfolio Fund in which another HarbourVest-managed fund or account has a pre-existing equity investment. As discussed above, such investments could give rise to conflicts of interest to the extent that HarbourVest takes into account the interests of such other HarbourVest-managed funds and accounts in its consideration of certain actions by the Fund in respect of such investments, and in certain circumstances, the pre-existing interests of the other HarbourVest-managed funds or accounts in the relevant entity could preclude the Fund from taking actions it would otherwise have taken or could otherwise be detrimental to the Fund, or alternatively, such other HarbourVest-managed funds or accounts could benefit from actions taken on behalf of the Fund. For example, if the valuation at which an investment by the Fund is made into an existing portfolio company of another HarbourVest-managed fund or account is below or in excess of the valuation implied by the original investment, such investment by the Fund could be dilutive or accretive to the existing investment held by such other HarbourVest-managed funds or accounts. If any such other HarbourVest fund or account is no longer making investments or does not have sufficient capital to participate (in full or in part) in such new investment in the portfolio company, such HarbourVest fund or account will be unable to protect itself against any such dilution resulting from a later issuance at a lower valuation. Conversely, if the Fund makes an investment in an existing portfolio company of another HarbourVest fund or account at a valuation higher than that implied by the original investment, the investment by the Fund will indirectly benefit such other HarbourVest fund or account. In addition, if another HarbourVest-managed fund or account makes a preferred equity investment in a Portfolio Fund in which the Fund has a preexisting equity interest, the interest of the Fund is likely to be very significantly diluted and could in effect be eliminated if the portfolio of the Portfolio Fund is distressed. Alternatively, if the Fund makes such an investment in a Portfolio Fund in which another

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HarbourVest-managed fund or account has a pre-existing investment, such other HarbourVest-managed fund or account could materially benefit from the investment of the Fund which could enable the Portfolio Fund to make defensive follow-on investments in its portfolio that would not otherwise have been possible, thereby protecting the remaining value of portfolio. It is possible that the Fund could be precluded from making certain investments or taking certain actions by reason of an existing relationship of another HarbourVest-managed fund or account in a potential or actual portfolio investment. For example, as discussed further below, if another HarbourVest-managed fund or account holds an investment in a public company with respect to which it has received material non-public information, the Fund could be prohibited or otherwise limited in its ability to make an investment in the same company under applicable law, including the 1940 Act. Likewise, regulatory "cross-attribution" rules could be implicated to the extent the Fund were to invest directly or indirectly in a company in which another HarbourVest-managed fund or account holds an investment, which could result in the Fund being unable to make such investment, being required to invest less than it would otherwise invest, or being subject to legal or regulatory requirements to which it would not otherwise be subject.

(a)(3) *Compensation.* Portfolio Manager compensation consists primarily of base pay, an annual cash bonus and long-term incentive payments.

**Compensation of the Portfolio Managers** 

Compensation packages at HarbourVest are structured such that HarbourVest employees have a vested interest in the growth and continued success of the firm. A Portfolio Manager's compensation is comprised of a competitive base salary, and a discretionary performance driven bonus based on firm, team and individual performance, paid annually. In addition, some employees may be eligible for other long-term reward programs. As part of HarbourVest's efforts to attract and retain top tier talent in the market, HarbourVest participates in annual compensation surveys with other alternative asset management firms to ensure HarbourVest's compensation remains competitive within the industry.

(a)(4) The following table sets forth the dollar range of equity securities beneficially owned by the Portfolio Managers of the Fund as of March 31, 2026:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Portfolio Manager** | **Dollar Range of Equity Securities of the Fund Beneficially Owned** |
| &nbsp;&nbsp; Drew Snow, CFA | None |
| &nbsp;&nbsp; Gregory Stento | None |
| &nbsp;&nbsp; Michael Pugatch | None |
| &nbsp;&nbsp; Todd DeAngelo, CFA | None |

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**<u>Item</u><u> </u><u>14. Purchases of Equity Securities by</u> <u>Closed-End</u> <u>Management Investment Company and Affiliated Purchasers.</u>** 

No such purchases were made by or on behalf of the Fund during the period covered by this Form N-CSR filing.

------

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to any procedures by which shareholders may recommend nominees to the Registrant's Board during the period covered by this Form N-CSR filing.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Fund's principal executive and principal financial officers have concluded, based on their evaluation of the Fund's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Fund's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c)) are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Fund's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

**<u>Item</u><u> </u><u>17. Disclosure of Securities Lending Activities for</u> <u>Closed-End</u> <u>Management Investment Companies.</u>** 

(a) Not applicable.

(b) Not applicable.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not applicable.

(b) Not applicable.

**<u>Item 19. Exhibits.</u>**

(a)(1) [A copy of the Code of Ethics is filed herewith.](d22034dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.](d22034dex99cert.htm)

(a)(4) Not applicable.

------

(a)(5) Not applicable.

(b)(1) [The certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d22034dex99906cert.htm)

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**HARBOURVEST PRIVATE INVESTMENTS FUND** 

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| | |
|:---|:---|
| By: | <u>/s/ Monique Austin</u> |
|  | Monique Austin |
|  | Chief Executive Officer, Principal Executive Officer & President |
| Date: | June 8, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Monique Austin</u> |
|  | Monique Austin |
|  | Chief Executive Officer, Principal Executive Officer & President |
| Date: | June 8, 2026 |
| By: | <u>/s/ Peter Mahoney</u> |
|  | Peter Mahoney |
|  | Chief Financial Officer & Principal Financial Officer |
| Date: | June 8, 2026 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**HARBOURVEST PRIVATE INVESTMENTS FUND** 

**Code of Ethics for Principal Executive and Senior Financial Officers Adopted Pursuant to the Rules Promulgated Under Section 406 of the Sarbanes-Oxley Act** 

**1.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (the "SOX Code") has been adopted by the Board of Trustees (the "Board") of HarbourVest Private Investments Fund (the "Fund"), pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") and the rules adopted thereunder by the U.S. Securities and Exchange Commission ("SEC"). The SOX Code applies to the Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the SOX Code to an appropriate person or persons identified in
the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the SOX Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**2.** **Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Fund.

------

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. The SOX Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of the SOX Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between the Fund and the Fund's investment adviser, principal underwriter, administrator, or other service providers to the Fund (together "Service Providers"), of which the Covered Officers may also be principals or employees. As a result, the SOX Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the SOX Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the SOX Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Fund or its affiliated persons for
reports of potential violations that are made in good faith.

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There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Fund's Chief Legal Officer or delegate ("CLO"), Chief Compliance Officer or delegate ("CCO"), or other senior legal officer, if material. Covered Officers who are also employees or principals of the Fund's investment adviser will be deemed to be in compliance with this Code to the extent that they follow the requirements of the adviser's Code of Ethics. Examples of potentially material conflicts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company outside of the employee's duties to
the adviser or the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of entertainment from any company with which the Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting
or employment relationship with, any of the Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**3.** **Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself or herself with the disclosure requirements generally applicable to the Fund and
the Fund's investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether
within or outside the Fund, including to the Board and its auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his or her area of responsibility, consult with other officers and
employees of the Fund and Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the
Fund; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**4.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the SOX Code (or thereafter as applicable, upon becoming a Covered Officer), acknowledge and
certify (via ComplySci) to the Board that he or she has received, read, and understands the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he or she has complied with the requirements of the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Fund's CCO and/or Chief Legal Officer CLO promptly if he or she knows of any violation of
this Code. Failure to do so is itself a violation of the SOX Code.

The Fund's CCO and CLO are responsible for applying the SOX Code to specific situations in which questions are presented under it and have the authority to interpret the SOX Code in any particular situation. In such situations, the CCO and CLO are authorized to consult, as appropriate, with counsel to the Fund, counsel to the Trustees of the Fund who are not "interested persons" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act (the "Independent Trustees"), a Board Committee comprised of Independent Trustees, or the full Board.

The Fund will follow the following procedures in investigating and enforcing the SOX Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's CCO and/or CLO will take all appropriate action to investigate any potential violations
reported to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the CCO and/or CLO believe that no violation has occurred, they are not required
to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the CCO and/or CLO believe is a violation of this Code, or that they believe should be
reviewed by the Board or Board Committee comprised of Independent Trustees will be reported to the Board or Board Committee comprised of Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based upon its review of any matter referred to it, the Board or Board Committee comprised of Independent
Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Board or Board Committee comprised of Independent Trustees may
take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate

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personnel of the Fund's investment adviser, principal underwriter or administrator, or their boards; notification to other funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of the SOX Code will, to the extent required, be disclosed as provided by SEC rules.

**5.** **Other Policies and Procedures** 

The SOX Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund or Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by the SOX Code to the extent that they overlap or conflict with the provisions of the SOX Code. The Fund's and its investment adviser's and principal underwriter's codes of ethics adopted pursuant to Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of the SOX Code.

**6.** **Amendments** 

Any amendments to the SOX Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

**7.** **Confidentiality** 

All reports and records prepared or maintained pursuant to the SOX Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the SOX Code, such matters shall not be disclosed to anyone other than the Board, counsel to the Fund, and counsel to the Independent Trustees.

**8.** **Internal Use** 

The SOX Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**9.** **Recordkeeping** 

The Fund shall keep the information disclosed about waivers and amendments under the SOX Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

------

**<u>Exhibit A</u>**

**Persons Covered by the Code of Ethics for Principal Executive and Senior Financial Officers Adopted Pursuant to the Rules Promulgated Under Section 406 of the Sarbanes-Oxley Act** 

---

| | |
|:---|:---|
| **Name** | **Title** |
| Monique Austin | Chief Executive Officer, Principal Executive Officer & President |
| Peter Mahoney | Chief Financial Officer & Principal Financial Officer |
| Nicholas Misciagna | Treasurer |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Monique Austin, Chief Executive Officer, Principal Executive Officer and President of HarbourVest Private Investments Fund, certify that:

1. I have reviewed this report on Form N-CSR of HarbourVest Private
Investments Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Fund as of, and for, the periods
presented in this report;

4. The Fund's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Fund and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Fund's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Fund's internal control over financial reporting that
occurred during the period covered by this report that has materially

------

affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting; and

5. The Fund's other certifying officer(s) and I have disclosed to the Fund's auditors and the audit
committee of the Fund's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Fund's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Fund's internal control over financial reporting.

Date: June 8, 2026

By: <u>/s/ Monique Austin</u>

Monique Austin

Chief Executive Officer, Principal Executive Officer & President

------

I, Peter Mahoney, Chief Financial Officer and Principal Financial Officer of HarbourVest Private Investments Fund, certify that:

1. I have reviewed this report on Form N-CSR of HarbourVest Private
Investments Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Fund as of, and for, the periods
presented in this report;

4. The Fund's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Fund and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Fund's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Fund's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting; and

------

5. The Fund's other certifying officer(s) and I have disclosed to the Fund's auditors and the audit
committee of the Fund's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Fund's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Fund's internal control over financial reporting.

Date: June 8, 2026

By: <u>/s/ Peter Mahoney</u>

Peter Mahoney

Chief Financial Officer & Principal Financial Officer

## Exhibit 99.906

**Exhibit 19(b)(1)** 

**SECTION 906 CERTIFICATION** 

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. §1350, and accompanies the report on Form N-CSR for the year ended March 31, 2026 (the "Report"), of the HarbourVest Private Investments Fund.

Monique Austin, Chief Executive Officer, Principal Executive Officer and President of HarbourVest Private Investments Fund, certifies that:

1. The Report for the Fund fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Fund.

By: <u>/s/ Monique Austin</u>

Monique Austin

Chief Executive Officer, Principal Executive Officer & President

Date: June 8, 2026

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed to be "filed" for purpose of Section 18 of the Securities Exchange Act of 1934; or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

------

**SECTION 906 CERTIFICATION** 

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. §1350, and accompanies the report on Form N-CSR for the year ended March 31, 2026 (the "Report"), of the HarbourVest Private Investments Fund.

Peter Mahoney, Chief Financial Officer and Principal Financial Officer of HarbourVest Private Investments Fund, certifies that:

1. The Report for the Fund fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Fund.

By: <u>/s/ Peter Mahoney</u>

Peter Mahoney

Chief Financial Officer & Principal Financial Officer

Date: June 8, 2026

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed to be "filed" for purpose of Section 18 of the Securities Exchange Act of 1934; or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.