# EDGAR Filing Document

**Accession Number:** 0002020407
**File Stem:** 0001410368-25-001210
**Filing Date:** 2025-8
**Character Count:** 33998
**Document Hash:** 7c1a89dd34301a0b2a00f39ca7dc4507
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-001210.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001410368-25-001210

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251258682

**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

June 30, 2025 (unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments<sup>1</sup>**  | **Sector** | **Units<sup>2</sup>** | **Acquisition<br>Date** | **Cost** | **Cost** | **Fair**<br> **Value** | **Fair**<br> **Value** |
|  **Direct Investments - 84.3%<sup>3,4</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asia - 1.7%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Tigereye Co-Invest L.P.<sup>\*</sup>  | Industrials |  | 4/1/2025 | $— | 7638000 | $— | 8777527 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asia** |  |  |  |  | 7638000 |  | 8777527 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Europe - 19.1%** |  |  |  |  |  |  |  |
| &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 |  | 11052311 |
| &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 |  | 7515141 |
| &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 |  | 6891328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hg Vibranium Co-Invest LP<sup>\*</sup>  | Information Technology |  | 4/1/2025 |  | 11048569 |  | 13232787 |
| &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 |  | 11242176 |
| &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 |  | 11228300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Sansibar Co-Invest L.P.<sup>7</sup>  | Industrials |  | 4/1/2025 |  | 15337155 |  | 18255273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Co-Investor Holdings L.P.<sup>\*</sup>  | Industrials |  | 4/1/2025 |  | 9938000 |  | 10293675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SKCP V Sirona Co-Invest, L.P.<sup>\*</sup>  | Health Care |  | 4/1/2025 |  | 6023000 |  | 6702760 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Europe** |  |  |  |  | 84610409 |  | 96413751 |
| &nbsp;&nbsp;&nbsp;&nbsp; **North America - 63.5%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Excelsior Coinvestment, L.P.<sup>\*</sup>  | Industrials |  | 4/1/2025 |  | 7152675 |  | 8176116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIMI Holdings L.P.<sup>\*</sup>  | Health Care |  | 4/1/2025 |  | 23677000 |  | 24124999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIPS Holdings II L.P.<sup>\*</sup>  | Information Technology |  | 4/1/2025 |  | 11673000 |  | 12138000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Syndication L.P.<sup>\*</sup>  | Information Technology |  | 4/1/2025 |  | 3104000 |  | 3654687 |
| &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 |  | 2632810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FH Sunrise Co-Investment I, LP<sup>\*</sup>  | Health Care |  | 4/1/2025 |  | 6585000 |  | 6655260 |
| &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 |  | 3774946 |
| &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 |  | 3547071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gloves Holdings, LP<sup>\*5</sup>  | Industrials | 66835 | 4/1/2025 |  | 11237000 |  | 10570211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service Holdings, LP<sup>\*5</sup>  | Consumer Discretionary | 33305 | 4/1/2025 |  | 5532000 |  | 5926436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Coinvestor L.P.<sup>\*6</sup>  | Consumer Discretionary |  | 4/1/2025 |  | 13336000 |  | 14305243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Coinvestor II L.P.<sup>\*6</sup>  | Consumer Discretionary |  | 4/1/2025 |  | 1601000 |  | 1718686 |
| &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 |  | 8493234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso X RSC Co-Investment, L.P.<sup>\*6</sup>  | Financials |  | 4/1/2025 |  | 26203000 |  | 21689055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knockout Co-Invest, L.P.<sup>\*6</sup>  | Information Technology |  | 4/1/2025 |  | 17245000 |  | 18887640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnesium Co-Invest SCSp<sup>\*5</sup>  | Information Technology |  | 4/1/2025 |  | 17569000 |  | 18879336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerva Partners, L.P.<sup>\*5,6</sup>  | Health Care |  | 4/1/2025 |  | 15760000 |  | 16370823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnia Coinvest LP<sup>\*6</sup>  | Industrials |  | 4/1/2025 |  | 7744000 |  | 7860435 |
| &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 |  | 16018854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Lake Strategic Investors VI, L.P.<sup>\*</sup>  | Information Technology |  | 4/1/2025 |  | 9006401 |  | 9398080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STG AV, L.P.<sup>\*</sup>  | Information Technology |  | 4/1/2025 |  | 5107000 |  | 5310866 |
| &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 |  | 19053567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TA NIPA Parent, LP<sup>\*5</sup>  | Industrials | 2074441 | 4/1/2025 |  | 5493001 |  | 5764738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Coinvestor L.P.<sup>\*6</sup>  | Consumer Discretionary |  | 4/1/2025 |  | 4081709 |  | 4704833 |
| &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 |  | 5885731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VCF Compass Co-Investor Holdings L.P.<sup>\*</sup>  | Health Care |  | 4/1/2025 |  | 7059589 |  | 8074000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VCF Compass Co-Investor Holdings II, L.P.<sup>\*</sup>  | Health Care |  | 4/1/2025 |  | 857411 |  | 969000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritas Star Co-Investor Holdings L.P.<sup>\*</sup>  | Health Care |  | 4/1/2025 |  | 4416000 |  | 4620706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Well Coinvest LP<sup>\*6</sup>  | Information Technology |  | 4/1/2025 |  | 7693000 |  | 8105205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Digital Co-Invest, L.P.<sup>\*</sup>  | Information Technology |  | 4/1/2025 |  | 10898000 |  | 12240821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Intrepid Co-Invest Holdings I, L.P. | Information Technology |  | 4/1/2025 |  | 20944651 |  | 23867190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zephyr Partners I, L.P.<sup>\*</sup>  | Information Technology |  | 4/1/2025 |  | 7131000 |  | 7593203 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total North America** |  |  |  |  | 302894686 |  | 321011782 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Direct Investments (Cost $395,143,095)** |  |  |  | $— | 395143095 | $— | 426203060 |

---

*1* 

------

**HarbourVest Private Investments Fund** 

Consolidated Schedule of Investments (Continued)

June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments<sup>1</sup>**  | **Sector** | **Units<sup>2</sup>** | **Fair**<br> **Value** | **Fair**<br> **Value** |
|  **Short-Term Investments - 13.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Fund - Premier Class, 4.3%<sup>8,9</sup>  |  | 70376441 | $— | 70376441 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments (Cost $70,376,441)** |  |  | $— | 70376441 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments - 98.2% (Cost $465,519,536)** |  |  | $— | 496579501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets in excess of liabilities - 1.8% |  |  |  | 8908248 |
|  **Net Assets - 100.0%** |  |  | $— | 505487749 |

---

\* 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 advisor and the final distribution date is not known, except where noted.

---

| | |
|:---|:---|
| 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 June 30, 2025 (unaudited) was $426,203,060, or 84.3% 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.

*2* 

------

**HarbourVest Private Investments Fund** 

Notes to the Consolidated Schedule of Investments

June 30, 2025 (unaudited)

**1. Organization** 

HarbourVest Private Investments Fund (the "Fund") was organized as a Delaware statutory trust on April 5, 2024 registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund commenced operations on April 1, 2025.

The Board of Trustees of the Fund (the "Board") provides broad oversight over the Fund's investment program, management and operations. 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 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 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 June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Investments**<br> **Value at NAV** | **Total** |
|  Direct Investments | $- | $- | $113160414 | $313042646 | $426203060 |
|  Short-Term Investments | 70376441 |  |  |  | 70376441 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70376441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113160414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313042646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496579501 |

---

*3*

## 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:** 2025-06-30

**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:** $515189705.74

**Total Liabilities:** $9701956.42

**Net Assets:** $505487749.32

**Cash Not Reported:** $33333.34

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.03%                | 2.83%                | 1.95%                |
| Class ID N/A | 1.03%                | 2.83%                | 1.95%                |
| Class ID N/A | 1.03%                | 2.83%                | 1.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $5379628.54                                |
| Month 2  | $0.00                    | $15583826.54                               |
| Month 3  | $338285.42               | $10096509.42                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| KKR Azur Co-Invest L.P.                                    | KKR Azur Co-Invest L.P.                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | FR        |  | OU      | $11242175.93  | 2.22%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Omnia Coinvest LP                                          | Omnia Coinvest LP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $7860434.95   | 1.56%             |  |  |  | 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      | $3547070.60   | 0.70%             |  |  |  | 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      | $4620705.84   | 0.91%             |  |  |  | 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      | $6891328.43   | 1.36%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Hg Vibranium Co-Invest LP                                  | Hg Vibranium Co-Invest LP                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | SE        |  | OU      | $13232787.43  | 2.62%             |  |  |  | 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      | $23867190.05  | 4.72%             |  |  |  | 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      | $8493234.31   | 1.68%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HOME SERVICE HOLDINGS, LP                                  | HOME SERVICE HOLDINGS, LP                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        | 33305     | OU      | $5926435.96   | 1.17%             |  |  |  | Yes           | 3                  | 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      | $8074000.00   | 1.60%             |  |  |  | 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      | $5885730.99   | 1.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GLOVES HOLDINGS, LP                                        | GLOVES HOLDINGS, LP                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        | 66835     | OU      | $10570211.43  | 2.09%             |  |  |  | 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      | $18255272.58  | 3.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TA NIPA PARENT, LP                                         | TA NIPA PARENT, LP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        | 2074441   | OU      | $5764738.25   | 1.14%             |  |  |  | Yes           | 3                  | On Loan: No      |
| STG AV, L.P.                                               | STG AV, L.P.                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $5310865.91   | 1.05%             |  |  |  | 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      | $2632809.95   | 0.52%             |  |  |  | Yes           | 3                  | On Loan: No      |
| CIPS HOLDINGS II L.P.                                      | CIPS HOLDINGS II L.P.                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $12138000.00  | 2.40%             |  |  |  | Yes           | N/A                | 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      | $7515140.80   | 1.49%             |  |  |  | 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      | $11228299.68  | 2.22%             |  |  |  | Yes           | N/A                | On Loan: No      |
| COMPASS SYNDICATION L.P.                                   | COMPASS SYNDICATION L.P.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $3654686.72   | 0.72%             |  |  |  | Yes           | N/A                | 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      | $969000.00    | 0.19%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Well Coinvest LP                                           | Well Coinvest LP                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $8105204.71   | 1.60%             |  |  |  | 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      | $6655260.08   | 1.32%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Magnesium Co-Invest SCSp                                   | Magnesium Co-Invest SCSp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $18879336.29  | 3.73%             |  |  |  | Yes           | 3                  | On Loan: No      |
| TITAN COINVESTOR L.P.                                      | TITAN COINVESTOR L.P.                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $4704833.10   | 0.93%             |  |  |  | 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      | $12240820.79  | 2.42%             |  |  |  | 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      | $8777526.54   | 1.74%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MINERVA PARTNERS, L.P.                                     | MINERVA PARTNERS, L.P.                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $16370822.86  | 3.24%             |  |  |  | Yes           | 3                  | 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      | $6702760.33   | 1.33%             |  |  |  | Yes           | N/A                | 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      | $10293675.00  | 2.04%             |  |  |  | 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      | $21689054.86  | 4.29%             |  |  |  | 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      | $19053567.39  | 3.77%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Knockout Co-Invest, L.P.                                   | Knockout Co-Invest, L.P.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $18887639.59  | 3.74%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CIMI Holdings L.P.                                         | CIMI Holdings L.P.                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $24125000.00  | 4.77%             |  |  |  | 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      | $11052311.40  | 2.19%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Carlyle Excelsior Coinvestment, L.P.                       | Carlyle Excelsior Coinvestment, L.P.                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $8176115.83   | 1.62%             |  |  |  | Yes           | N/A                | 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      | $9398079.71   | 1.86%             |  |  |  | Yes           | N/A                | 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      | $3774945.92   | 0.75%             |  |  |  | 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      | $7593203.34   | 1.50%             |  |  |  | Yes           | N/A                | On Loan: No      |
| JUPITER COINVESTOR II L.P.                                 | JUPITER COINVESTOR II L.P.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  | OU      | $1718685.63   | 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      | $14305243.26  | 2.83%             |  |  |  | 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      | $16018853.82  | 3.17%             |  |  |  | Yes           | 3                  | On Loan: No      |
| 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        | 70376441  | NS      | $70376440.72  | 13.92%            |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-08-01

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

**Signature:** Adam Freedman

**Name of Signer:** Adam Freedman

**Title:** Chief Compliance Officer