# EDGAR Filing Document

**Accession Number:** 0002020407
**File Stem:** 0001410368-26-020377
**Filing Date:** 2026-2
**Character Count:** 41001
**Document Hash:** f5922374dbd94c8ce8fe4321a4d17804
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-020377.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001410368-26-020377

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23958
- **FILM NUMBER:** 26695071

**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

## Nport-Ex

**HarbourVest Private Investments Fund** 

Consolidated Schedule of Investments

December 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments<sup>1</sup>** | **Sector** | **Units<sup>2</sup>** | **Acquisition**<br>**Date** | **Cost** | **Fair**<br>**Value** |
|  **Direct Investments — 85.9%<sup>3,4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asia — 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Tigereye Co-Invest, L.P.\* | Industrials |  | 4/1/2025 | $7638000 | $8688019 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asia** |  |  |  | 7638000 | 8688019 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Europe — 22.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Spectre Co-Investor, L.P.<sup>\*,5</sup> | Health Care |  | 4/1/2025 | 10396590 | 8455969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Aurelia Co-Invest (CYM), L.P.<sup>6</sup> | Communication Services |  | 4/1/2025 | 6280302 | 8850638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cuppa Co-Investment, L.P.<sup>\*,5,7</sup> | Consumer Staples |  | 4/1/2025 | 6968976 | 6884013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT TI Co Investment (B) SCSp<sup>\*,6,7,8</sup> | Utilities |  | 8/25/2025 | 10695276 | 10787847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTV FA, L.P.<sup>6,8</sup> | Information Technology |  | 7/28/2025 | 16666171 | 16388062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hg Vibranium Co-Invest, L.P.\* | Information Technology |  | 4/1/2025 | 11048569 | 13586807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keensight Isto Co-Investment SLP<sup>\*,6,7,8</sup> | Health Care |  | 9/12/2025 | 10110154 | 10231793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Azur Co-Invest, L.P.<sup>\*,7</sup> | Health Care |  | 4/1/2025 | 9260250 | 10050493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Horizon Co-Invest, L.P.<sup>\*,6,7</sup> | Information Technology |  | 4/1/2025 | 9357567 | 10322491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Sansibar Co-Invest, L.P.<sup>7</sup> | Industrials |  | 4/1/2025 | 15337155 | 18875282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Co-Investor Holdings, L.P.\* | Industrials |  | 4/1/2025 | 9941797 | 8618549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SKCP V Sirona Co-Invest, L.P.\* | Health Care |  | 4/1/2025 | 6023000 | 4542431 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Europe** |  |  |  | 122085807 | 127594375 |
| &nbsp;&nbsp;&nbsp;&nbsp; **North America — 62.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMP-23 Drums Limited Partnership<sup>\*,8</sup> | Materials |  | 9/5/2025 | 6582866 | 6480119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Excelsior Coinvestment, L.P.\* | Industrials |  | 4/1/2025 | 7152675 | 7587730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIMI Holdings, L.P.\* | Health Care |  | 4/1/2025 | 23683579 | 25965496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIPS Holdings II, L.P.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology |  | 4/1/2025 | 11676777 | 10786925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Syndication, L.P.\* | Information Technology |  | 4/1/2025 | 3104000 | 3596559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dodge Construction Network Holdings, L.P.<sup>5</sup> | Information Technology | 4548024 | 4/1/2025 | 2766999 | 2447796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FG Moraga Holdings, L.P.<sup>\*,5,8</sup> | Information Technology |  | 8/14/2025 | 5014889 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FH Sunrise Co-Investment I, L.P.\* | Health Care |  | 4/1/2025 | 6585000 | 6753172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GC X Alpha Co-Invest, L.P.<sup>\*,6</sup> | Financials |  | 4/1/2025 | 3264638 | 4019104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GC XI Alpha Co-Invest, L.P.<sup>\*,6</sup> | Financials |  | 4/1/2025 | 3474223 | 3764296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gloves Holdings, L.P.<sup>\*,5</sup> | Industrials | 66835 | 4/1/2025 | 11237000 | 11051652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service Holdings, L.P.<sup>\*,5</sup> | Consumer Discretionary | 33305 | 4/1/2025 | 5532000 | 6513950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP TLE Co Invest, L.P.<sup>\*5,8</sup> | Consumer Discretionary |  | 7/1/2025 | 12750000 | 12385000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Coinvestor II, L.P.<sup>\*,6</sup> | Consumer Discretionary |  | 4/1/2025 | 1601000 | 1965142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Coinvestor, L.P.<sup>\*,6</sup> | Consumer Discretionary |  | 4/1/2025 | 13342398 | 16372087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso X PIE Co-Investment, L.P.<sup>\*,6</sup> | Industrials |  | 4/1/2025 | 8401000 | 8362099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso X RSC Co-Investment, L.P.<sup>6</sup> | Financials |  | 4/1/2025 | 17790706 | 3656939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knockout Co-Invest, L.P.<sup>\*,6</sup> | Information Technology |  | 4/1/2025 | 17254855 | 17458391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnesium Co-Invest SCSp<sup>\*,5</sup> | Information Technology |  | 4/1/2025 | 17569000 | 18422156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MDCP Co-Investors (Chicago-C), L.P.<sup>\*,8</sup> | Financials |  | 10/28/2025 | 15000000 | 15088696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerva Partners, L.P.<sup>\*,5,6</sup> | Health Care |  | 4/1/2025 | 15760000 | 17121687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novacap International TMT VI Co-Investment (Igloo), L.P. <sup>\*,6,8</sup> | Communication Services |  | 12/11/2025 | 12588000 | 12588000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnia Coinvest, L.P.<sup>6</sup> | Industrials |  | 4/1/2025 | 7745586 | 6811173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pyke Co-Investment Partners, L.P.<sup>\*,5,6</sup> | Industrials |  | 4/1/2025 | 13681389 | 18780758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Lake Strategic Investors VI, L.P.\* | Information Technology |  | 4/1/2025 | 9006401 | 9107359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STG AV, L.P.\* | Information Technology |  | 4/1/2025 | 5115777 | 6075605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunshine Co-Investment Partners, L.P.<sup>\*,5,6</sup> | Information Technology |  | 4/1/2025 | 14559000 | 17037000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TA NIPA Parent, L.P.<sup>5</sup> | Industrials | 2074441 | 4/1/2025 | 5493001 | 5459051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Coinvestor, L.P.<sup>\*,6</sup> | Consumer Discretionary |  | 4/1/2025 | 4081709 | 4793539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPG IX Newark CI, L.P.<sup>\*,6</sup> | Information Technology |  | 4/1/2025 | 5641000 | 5782262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VCF Compass Co-Investor Holdings II, L.P.\* | Health Care |  | 4/1/2025 | 857411 | 1047557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VCF Compass Co-Investor Holdings, L.P.\* | Health Care |  | 4/1/2025 | 7060114 | 8732413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritas Star Co-Investor Holdings, L.P.\* | Health Care |  | 4/1/2025 | 4420040 | 4997460 |

---

------

**HarbourVest Private Investments Fund** 

Consolidated Schedule of Investments (Continued)

December 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments<sup>1</sup>** | **Sector** | **Units<sup>2</sup>** | **Acquisition**<br>**Date** | **Cost** | **Fair**<br>**Value** |
|  **Direct Investments (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **North America (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Well Coinvest, L.P.<sup>\*,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology |  | 4/1/2025 | $7697238 | $8614281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Digital Co-Invest, L.P.\* | Information Technology |  | 4/1/2025 | 10898000 | 12412203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Intrepid Co-Invest Holdings I, L.P. | Information Technology |  | 4/1/2025 | 17894861 | 21228792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zephyr Partners I, L.P.\* | Information Technology |  | 4/1/2025 | 7131000 | 6737874 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total North America** |  |  |  | 343414132 | 355004323 |
|  **Total Direct Investments (Cost $473,137,939)** |  |  |  | $473137939 | $491286717 |
|  **Private Credit Investments — 1.4%<sup>3,4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **North America — 1.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group Astra Sub Topco, LLC PIK Term Loan ($8,775,749 principal amount, 12.75%, 11/26/33) <sup>5,8</sup> | Industrials |  | 11/26/2025 | 8578129 | 8175584 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total North America** |  |  |  | 8578129 | 8175584 |
|  **Total Private Credit Investments (Cost $8,578,129)** |  |  |  | $8578129 | $8175584 |
|  **Secondary Investments — 9.0%<sup>3,4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Europe — 3.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECI 12 Special Purpose, L.P.<sup>6,7,8</sup> | Communication Services |  | 10/17/2025 | 13578850 | 13693550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norvestor SPV III SCSp<sup>\*,6,7,8</sup> | Industrials |  | 12/17/2025 | 7672456 | 8689423 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Europe** |  |  |  | 21251306 | 22382973 |
| &nbsp;&nbsp;&nbsp;&nbsp; **North America — 5.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Acquisition Fund, L.P. <sup>\*,6,8</sup> | Health Care |  | 10/30/2025 | 12664052 | 12664052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QHP Sapphire SPV, L.P. <sup>\*,6,8</sup> | Health Care |  | 10/20/2025 | 13929812 | 16045422 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total North America** |  |  |  | 26593864 | 28709474 |
|  **Total Secondary Investments (Cost $47,845,170)** |  |  |  | $47845170 | $51092447 |

---

---

| | | |
|:---|:---|:---|
| **Investments<sup>1</sup>** | **Units<sup>2</sup>** | **Fair**<br>**Value** |
|  **Short-Term Investments — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.7%<sup>8,9</sup> | 31850816 | $31850816 |
|  **Total Short-Term Investments (Cost $31,850,816)** |  | $31850816 |
|  **Total Investments — 101.8% (Cost $561,412,054)** |  | $582405564 |
|  Other liabilities in excess of assets — (1.8)% |  | (10520189) |
|  **Net Assets — 100.0%** |  | $571885375 |

---

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

---

| | |
|:---|:---|
| 4 | 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 December 31, 2025 (unaudited) was $550,554,748, or 96.3% of net assets.  |

---

5 The fair value of the investment was determined using significant unobservable inputs. See (Note 2).

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

7 Foreign security denominated in U.S. Dollars.

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

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

------

HarbourVest Private Investments Fund

Notes to the Consolidated Schedule of Investments

December 31, 2025 (unaudited)

**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 the overall management of the Fund, including supervision of the duties performed by the Adviser. HarbourVest Registered Advisers L.P. (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.

**2.** **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 follow:

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 net asset value ("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 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 December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Investments<br>Valued at NAV or<br>Adjusted NAV** | **Total** |
|  Direct Investments | $— | $— | $129559032 | $361727685 | $491286717 |
|  Private Credit Investments |  |  | 8175584 |  | 8175584 |
|  Secondary Investments |  |  |  | 51092447 | 51092447 |
|  Short-Term Investments | 31850816 |  |  |  | 31850816 |
|  Total Investments | $31850816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $137734616 | $412820132 | $582405564 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** HarbourVest Private Investments Fund

- **b. Investment Company Act file number:** 811-23958

- **c. CIK number of Registrant:** 0002020407

- **d. LEI of Registrant:** 9845007910UB6CB4Z226

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Lincoln Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02111

  - **Telephone number:** 617-348-3707

**Item A.2. Information about the Series.**

- **a. Name of Series:** HarbourVest Private Investments Fund

- **c. LEI of Series:** 9845007910UB6CB4Z226

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $585051434.38

**Total Liabilities:** $13166059.49

**Net Assets:** $571885374.89

**Cash Not Reported:** $363335.55

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.98%               | 0.92%                | -0.17%               |
| Class ID N/A | -0.98%               | 0.92%                | -0.17%               |
| Class ID N/A | -0.98%               | 0.92%                | -0.17%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $31.10                   | $-5885767.67                               |
| Month 2  | $-18534.78               | $4785121.92                                |
| Month 3  | $-3153.94                | $-699952.93                                |

### Schedule of Portfolio Investments

| Name                                                       | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   | Balance   | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| State Street Institutional US Government Money Market Fund | State Street Institutional US Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | EC               | RF                | US        | 31850816  | NS      | $31850815.97  | 5.57%             |  |  |  | No            | 1                  | On Loan: No      |
| VCF Compass Co-Investor Holdings L.P.                      | VCF Compass Co-Investor Holdings L.P.                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $8732412.94   | 1.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TPG IX NEWARK CI, L.P.                                     | TPG IX NEWARK CI, L.P.                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $5782261.69   | 1.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GC XI Alpha Co-Invest, L.P.                                | GC XI Alpha Co-Invest, L.P.                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $3764295.72   | 0.66%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Well Coinvest LP                                           | Well Coinvest LP                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $8614280.76   | 1.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MINERVA PARTNERS, L.P.                                     | MINERVA PARTNERS, L.P.                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $17121686.77  | 2.99%             |  |  |  | Yes           | 3                  | On Loan: No      |
| KKR Sansibar Co-Invest L.P.                                | KKR Sansibar Co-Invest L.P.                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | DE        |  | OU      | $18875282.18  | 3.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Knockout Co-Invest, L.P.                                   | Knockout Co-Invest, L.P.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $17458390.87  | 3.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| WP Intrepid Co-Invest Holdings I, L.P.                     | WP Intrepid Co-Invest Holdings I, L.P.                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $21228792.24  | 3.71%             |  |  |  | Yes           | N/A                | On Loan: No      |
| FH Sunrise Co-Investment I, LP                             | FH Sunrise Co-Investment I, LP                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $6753171.96   | 1.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Hg Vibranium Co-Invest LP                                  | Hg Vibranium Co-Invest LP                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | SE        |  | OU      | $13586806.87  | 2.38%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CIPS HOLDINGS II L.P.                                      | CIPS HOLDINGS II L.P.                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $10786924.63  | 1.89%             |  |  |  | Yes           | N/A                | On Loan: No      |
| COMPASS SYNDICATION L.P.                                   | COMPASS SYNDICATION L.P.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $3596558.61   | 0.63%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cuppa Co-Investment L.P.                                   | Cuppa Co-Investment L.P.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | GB        |  | OU      | $6884013.10   | 1.20%             |  |  |  | Yes           | 3                  | On Loan: No      |
| GC X Alpha Co-Invest, L.P.                                 | GC X Alpha Co-Invest, L.P.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $4019104.30   | 0.70%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GLOVES HOLDINGS, LP                                        | GLOVES HOLDINGS, LP                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        | 66835     | OU      | $11051651.86  | 1.93%             |  |  |  | Yes           | 3                  | On Loan: No      |
| HOME SERVICE HOLDINGS, LP                                  | HOME SERVICE HOLDINGS, LP                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        | 33305     | OU      | $6513950.14   | 1.14%             |  |  |  | Yes           | 3                  | On Loan: No      |
| JUPITER COINVESTOR II L.P.                                 | JUPITER COINVESTOR II L.P.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $1965141.78   | 0.34%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Jupiter Coinvestor L.P.                                    | Jupiter Coinvestor L.P.                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $16372086.88  | 2.86%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Azur Co-Invest L.P.                                    | KKR Azur Co-Invest L.P.                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | FR        |  | OU      | $10050493.33  | 1.76%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Horizon Co-Invest L.P.                                 | KKR Horizon Co-Invest L.P.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | DE        |  | OU      | $10322491.06  | 1.80%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Tigereye Co-Invest L.P.                                | KKR Tigereye Co-Invest L.P.                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | JP        |  | OU      | $8688019.22   | 1.52%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Berkshire Spectre Co-Investor, L.P.                        | Berkshire Spectre Co-Investor, L.P.                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | GB        |  | OU      | $8455968.60   | 1.48%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Blackstone Aurelia Co-Invest (CYM) L.P.                    | Blackstone Aurelia Co-Invest (CYM) L.P.                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | NO        |  | OU      | $8850637.51   | 1.55%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Carlyle Excelsior Coinvestment, L.P.                       | Carlyle Excelsior Coinvestment, L.P.                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $7587730.37   | 1.33%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Kelso X PIE Co-Investment, L.P.                            | Kelso X PIE Co-Investment, L.P.                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $8362099.46   | 1.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Kelso X RSC Co-Investment, L.P.                            | Kelso X RSC Co-Investment, L.P.                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $3656939.00   | 0.64%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Magnesium Co-Invest SCSp                                   | Magnesium Co-Invest SCSp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $18422156.26  | 3.22%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Planet Co-Investor Holdings L.P.                           | Planet Co-Investor Holdings L.P.                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $8618548.77   | 1.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Pyke Co-Investment Partners, L.P.                          | Pyke Co-Investment Partners, L.P.                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $18780758.00  | 3.28%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Silver Lake Strategic Investors VI, L.P.                   | Silver Lake Strategic Investors VI, L.P.                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $9107359.25   | 1.59%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SKCP V Sirona Co-Invest, L.P.                              | SKCP V Sirona Co-Invest, L.P.                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | FR        |  | OU      | $4542431.21   | 0.79%             |  |  |  | Yes           | N/A                | On Loan: No      |
| STG AV, L.P.                                               | STG AV, L.P.                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $6075605.01   | 1.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sunshine Co-Investment Partners, L.P.                      | Sunshine Co-Investment Partners, L.P.                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $17037000.01  | 2.98%             |  |  |  | Yes           | 3                  | On Loan: No      |
| TA NIPA PARENT, LP                                         | TA NIPA PARENT, LP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        | 2074441   | OU      | $5459050.72   | 0.95%             |  |  |  | Yes           | 3                  | On Loan: No      |
| TITAN COINVESTOR L.P.                                      | TITAN COINVESTOR L.P.                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $4793538.51   | 0.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Veritas Star Co-Investor Holdings L.P.                     | Veritas Star Co-Investor Holdings L.P.                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $4997460.06   | 0.87%             |  |  |  | Yes           | N/A                | On Loan: No      |
| WP Digital Co-Invest, L.P.                                 | WP Digital Co-Invest, L.P.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $12412203.08  | 2.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ZEPHYR PARTNERS I, L.P.                                    | ZEPHYR PARTNERS I, L.P.                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $6737873.85   | 1.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Dodge Construction Network Holdings, L.P.                  | Dodge Construction Network Holdings, L.P.                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        | 4548024   | OU      | $2447796.35   | 0.43%             |  |  |  | Yes           | 3                  | On Loan: No      |
| VCF Compass Co-Investor Holdings II L.P.                   | VCF Compass Co-Investor Holdings II L.P.                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $1047557.07   | 0.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EQT TI CO INVESTMENT (B) SCSP                              | EQT TI CO INVESTMENT (B) SCSP                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | LU        |  | OU      | $10787847.28  | 1.89%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NOVACAP INTERNATIONAL TMT VI CO-INVESTMENT (IGLOO), L.P.   | NOVACAP INTERNATIONAL TMT VI CO-INVESTMENT (IGLOO), L.P.   | CUSIP: 000000000<br>LEI: 549300J4EWTSMLNEUH94 | Long             |  | PF                | US        |  | OU      | $12588000.00  | 2.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ORION GROUP ASTRA SUB TOPCO, LLC                           | ORION GROUP ASTRA SUB TOPCO, LLC                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  | PA      | $8175583.97   | 1.43%             | 2033-11-26      | Variable      | 12.75%                | Yes           | 3                  | On Loan: No      |
| GOLDEN ACQUISITION FUND LP                                 | GOLDEN ACQUISITION FUND LP                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $12664052.00  | 2.21%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AMP-23 Drums Limited Partnership                           | AMP-23 Drums Limited Partnership                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $6480119.24   | 1.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Keensight Isto Co-Investment SLP                           | Keensight Isto Co-Investment SLP                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | FR        |  | OU      | $10231792.84  | 1.79%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Omnia Coinvest LP                                          | Omnia Coinvest LP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $6811173.16   | 1.19%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CIMI Holdings L.P.                                         | CIMI Holdings L.P.                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $25965495.86  | 4.54%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HP TLE CO INVEST, LP                                       | HP TLE CO INVEST, LP                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $12385000.00  | 2.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| FTV FA, L.P.                                               | FTV FA, L.P.                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $16388061.60  | 2.87%             |  |  |  | Yes           | N/A                | On Loan: No      |
| FG MORAGA HOLDINGS, LP                                     | FG MORAGA HOLDINGS, LP                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $5000000.00   | 0.87%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NORVESTOR SPV III SCSP                                     | NORVESTOR SPV III SCSP                                     | CUSIP: 000000000<br>LEI: 529900863ZNWQQMAIW23 | Long             |  | PF                | LU        |  | OU      | $8689422.71   | 1.52%             |  |  |  | Yes           | N/A                | On Loan: No      |
| QHP Sapphire SPV, L.P.                                     | QHP Sapphire SPV, L.P.                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $16045422.36  | 2.81%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ECI 12 SPECIAL PURPOSE LP                                  | ECI 12 SPECIAL PURPOSE LP                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | GB        |  | OU      | $13693550.19  | 2.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MDCP Co-Investors (Chicago-C), L.P.                        | MDCP Co-Investors (Chicago-C), L.P.                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $15088696.41  | 2.64%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

**Name of Applicant:** HarbourVest Private Investments Fund

**Signature:** Adam Freedman

**Name of Signer:** Adam Freedman

**Title:** Chief Compliance Officer