# EDGAR Filing Document

**Accession Number:** 0002020407
**File Stem:** 0001193125-25-141502
**Filing Date:** 2025-6
**Character Count:** 103786
**Document Hash:** aae002e75b2011e49d35d9414a713418
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-141502.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0001193125-25-141502

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**EFFECTIVENESS DATE**: 20250616

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-280403
- **FILM NUMBER:** 251051124

**BUSINESS ADDRESS:**
- **STREET 1:** C/O HARBOURVEST PARTNERS, LLC
- **STREET 2:** ONE FINANCIAL CENTER, 44TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** 617-348-3707

**MAIL ADDRESS:**
- **STREET 1:** C/O HARBOURVEST PARTNERS, LLC
- **STREET 2:** ONE FINANCIAL CENTER, 44TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

?xml version='1.0' encoding='ASCII'? POS EX

#### As filed with the Securities and Exchange Commission on June 16, 2025

#### Securities Act File No. 333-280403

#### Investment Company Act File No. 811-23958

### U.S. SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-2

### REGISTRATION STATEMENT

#### UNDER

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| |
|:---|
| **THE SECURITIES ACT OF 1933**☒ |
| **Pre-Effective Amendment No.** |
| **Post-Effective Amendment No. 1** |

---

### REGISTRATION STATEMENT

#### UNDER

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| |
|:---|
| **THE INVESTMENT COMPANY ACT OF 1940**☒ |
| **Amendment No. 6** |

---

## HARBOURVEST PRIVATE INVESTMENTS FUND

#### (Exact name of Registrant as specified in Charter)

#### One Lincoln Street

#### Suite 1700

#### Boston, MA 02111

#### (Address of principal executive offices)

#### 617-348-3707

#### (Registrant's telephone number)

#### Monique Austin

#### Daniel Chisholm

#### One Lincoln Street

#### Suite 1700

#### Boston, MA 02111

#### (Name and address of agent for service)

#### Copy to:

#### Rajib Chanda

#### Ryan P. Brizek

#### Simpson Thacher & Bartlett LLP

#### 900 G Street, N.W.

#### Washington, DC 20001
**Approximate Date of Proposed Public Offering**: As soon as practicable after the effective date of this Registration Statement.

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. 

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. 

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. 

It is proposed that this filing will become effective (check appropriate box)

☒ immediately upon filing pursuant to Rule 462(d) under the Securities Act.

If appropriate, check the following box:

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

☒ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: 333-280403    .

Check each box that appropriately characterizes the Registrant:

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("1940 Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the 1940 Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the 1940 Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). 

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934).

☐ New Registrant (registered or regulated under the 1940 Act for less than 12 calendar months preceding this filing).

------

#### EXPLANATORY NOTE
This Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File Nos. 333-280403 and 811-23958) of HarbourVest Private Investments Fund (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 1 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 1 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

------

#### PART C

#### OTHER INFORMATION

#### Item 25. Financial Statements and Exhibits
(1) Financial Statements:

Part A: None.

Part B: Report of Independent Registered Public Accounting Firm, Statement of Assets and Liabilities, Notes to Financial Statements.<sup>(2)</sup>

(2) Exhibits:

(a) [(1)](http://www.sec.gov/Archives/edgar/data/2020407/000119312524165746/d609033dex99a1.htm) [Certificate of Trust<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312524165746/d609033dex99a1.htm)

[(2)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525045966/d609033dex99a2.htm) [Second Amended and Restated Declaration of Trust<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525045966/d609033dex99a2.htm) 

[(b)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99b.htm) [Bylaws<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99b.htm)

(c) Not applicable.

[(d)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99d.htm) [Form of Multiple Class Plan<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99d.htm)

[(e)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99e.htm) [Form of Dividend Reinvestment Plan<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99e.htm)

(f) Not applicable.

(g) [(1)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99g1.htm) [Form of Investment Management Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99g1.htm)

[(2)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99g2.htm) [Form of Subsidiary Investment Management Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99g2.htm) 

(h) [(1)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99h1.htm) [Form of Distribution Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99h1.htm)

[(2)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99h2.htm) [Form of Financial Intermediary Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99h2.htm)

[(3)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99h3.htm) [Distribution and Servicing Plan<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99h3.htm)

(i) Not applicable.

[(j)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99j.htm) [Form of Custody Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99j.htm)

(k) [(1)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99k1.htm) [Form of Administration Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99k1.htm)

[(2)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99k2.htm) [Form of Transfer Agency and Service Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99k2.htm) 

[(3)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99k3.htm) [Form of Expense Limitation Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99k3.htm)

[(4)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99k4.htm) [Form of Management Fee Waiver Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99k4.htm)

[(l)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99l.htm) [Opinion and Consent of Delaware Counsel<sup>(</sup><sup>4)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99l.htm) 

(m) Not applicable.

(n) [(1)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525048528/d609033dex99n.htm) [Consent of Independent Registered Public Accounting Firm for the Registrant<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525048528/d609033dex99n.htm) 

[(2)](d70673dex99n2.htm) [Consent of Independent Registered Public Accounting Firm for HarbourVest Blue Spruce Fund L.P.<sup>(5)</sup>](d70673dex99n2.htm)

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[(o)](d70673dex99o.htm) [Audited Consolidated Financial Statements of HarbourVest Blue Spruce Fund L.P. for the period ended March 31, 2025<sup>(5)</sup>](d70673dex99o.htm)

(p) [(1)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99p1.htm) [Form of Initial Subscription Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99p1.htm)

[(2)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99p2.htm) [Form of Investor Subscription Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99p2.htm)

(q) Not applicable.

(r) [(1)](d70673dex99r1.htm) [Code of Ethics of Registrant<sup>(5)</sup>](d70673dex99r1.htm)

[(2)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99r2.htm) [Code of Ethics of Adviser<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99r2.htm)

[(3)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99r3.htm) [Code of Ethics of Distributor<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99r3.htm)

[(s)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dexfilingfees.htm) [Filing Fee Table<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dexfilingfees.htm)

[(t)](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99t.htm) [Power of Attorney<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2020407/000119312525028703/d609033dex99t.htm)

---

| | |
|:---|:---|
| EX-101 | Inline Interactive Data File—the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| EX-101.INS | XBRL Taxonomy Instance Document |
| EX-101.SCH | XBRL Taxonomy Schema Document |
| EX-101.DEF | XBRL Taxonomy Definition Linkbase Document |
| EX-101.LAB | XBRL Taxonomy Label Linkbase Document |
| EX-101.PRE | XBRL Taxonomy Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101). |

---

(1) Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-280403), filed on June 21, 2024.

(2) Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-280403), filed on February 18, 2025.

(3) Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-280403), filed on March 5, 2025.

(4) Previously Filed.

(5) Filed herewith.

#### Item 26. Marketing Arrangements
See the Distribution Agreement and Financial Intermediary Agreement, forms of which are filed as Exhibit (h)(1) and (h)(2), respectively, to this Registration Statement.

#### Item 27. Other Expenses of Issuance and Distribution
Not applicable.

#### Item 28. Persons Controlled by or Under Common Control with the Registrant
To be provided by amendment.

------

#### Item 29. Number of Holders of Securities
As of March 31, 2025:

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| | | |
|:---|:---|:---|
| **Title of Class** | **Number of<br>Record Holders** | **Number of<br>Record Holders** |
|  Shares of Beneficial Ownership for Class A |  | 1 |
|  Shares of Beneficial Ownership for Class D |  | 1 |
|  Shares of Beneficial Ownership for Class I |  | 1 |

---

#### Item 30. Indemnification
Reference is made to Article V, Section 5.3 of the Registrant's Amended and Restated Declaration of Trust. The Registrant, its Trustees and officers are insured against certain expenses in connection with the defense of claims, demands, actions, suits, or proceedings, and certain liabilities that might be imposed as a result of such actions, suits or proceedings.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "1933 Act"), may be permitted to directors, trustees, officers and controlling persons of the Registrant and the principal underwriter pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, trustee, officer, or controlling person of the Registrant and the principal underwriter in connection with the successful defense of any action, suite or proceeding) is asserted against the Registrant by such director, trustee, officer or controlling person or principal underwriter in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

#### Item 31. Business and Other Connections of Investment Adviser
See "Management of the Fund" in Part B. The business or other connections of each director and officer of HarbourVest Registered Advisers L.P. is currently listed in the investment adviser registration on Form ADV for HarbourVest Registered Advisers L.P. (File No. 801-131309) and is incorporated herein by reference.

------

#### Item 32. Location of Accounts and Records
All accounts, books, records and documents required pursuant to Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder will be maintained at the offices of:

HarbourVest Registered Advisers L.P., the Registrant's investment adviser, at One Financial Center, 43rd Floor, Boston, MA 02111 (records relating to its functions as investment adviser).

Paralel Distributors LLC, the Registrant's distributor, at 1700 Broadway, Suite 1850, Denver, CO 80290 (records relating to its functions as distributor).

State Street Bank and Trust Company, the Registrant's custodian, at 1 Congress Street, Boston, MA 02114 (records relating to its functions as custodian).

State Street Bank and Trust Company, the Registrant's administrator, at 1 Congress Street, Boston, MA 02114 (relating to its functions as administrator).

State Street Bank and Trust Company, the Registrant's transfer agent, at 1 Congress Street, Boston, MA 02114 (relating to its functions as transfer agent).

#### Item 33. Management Services
Not applicable.

#### Item 34. Undertakings
1. Not applicable.

2. Not applicable.

3. The Registrant undertakes:

(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

(1) to include any prospectus required by Section 10(a)(3) of the Securities Act;

(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

(3) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

Provided, however, that paragraphs a(1), a(2), and a(3) of this section do not apply if the registration statement is filed pursuant to General Instruction A.2 of this Form and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement

(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

------

(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

(1) if the Registrant is relying on Rule 430B:

(A) each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(B) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

(2) if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

------

(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. The Registrant undertakes:

(a) for the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and

(b) for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

5. Not applicable.

6. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston, and Commonwealth of Massachusetts, on the 16th day of June, 2025.

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| | |
|:---|:---|
| **HARBOURVEST PRIVATE INVESTMENTS FUND** | **HARBOURVEST PRIVATE INVESTMENTS FUND** |
| By: | /s/ Monique Austin\* |
|  Name: | Monique Austin |
|  Title: | Trustee, Principal Executive Officer & President |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on the 16th day of June, 2025.

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| | |
|:---|:---|
| By: | /s/ Monique Austin\* |
| Name: | Monique Austin |
| Title: | Trustee, Principal Executive Officer & President |

---

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| | |
|:---|:---|
| By: | /s/ Peter Mahoney\* |
| Name: | Peter Mahoney |
| Title: | Principal Financial Officer |

---

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| | |
|:---|:---|
| By: | /s/ Jeffrey S. Christian\* |
| Name: | Jeffrey S. Christian |
| Title: | Trustee |

---

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| | |
|:---|:---|
| By: | /s/ Ruth Goodstein\* |
| Name: | Ruth Goodstein |
| Title: | Trustee |

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| | |
|:---|:---|
| By: | /s/ Thomas J. Higgins\* |
| Name: | Thomas J. Higgins |
| Title: | Trustee |

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| | |
|:---|:---|
| \*By: | /s/ Daniel Chisholm |
| Name: | Daniel Chisholm |
| Title: | Attorney-in-Fact |

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June 16, 2025

The original powers of attorney authorizing Monique Austin, Peter Mahoney, Daniel Chisholm and Cyndi Strzyz to execute the Registration Statement, and any amendments thereto, for the trustees and officers of the Registrant on whose behalf this registration statement is filed, have been executed and are incorporated by reference herein to Item 25, Exhibit (t).

## Ex-99.(N)(2)

**Exhibit (n)(2)** 

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the use in this Registration Statement on Form N-2 of HarbourVest Private Investments Fund of our report dated June 9, 2025, relating to the consolidated financial statements of HarbourVest Blue Spruce Fund L.P., which appears in such Registration Statement.

![LOGO](g70673price.jpg)

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 16, 2025

## Ex-99.(O)

**Exhibit (o)** 

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| |
|:---|
| AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HarbourVest Blue Spruce Fund L.P.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Period January 1, 2025 (Commencement of Operations) through March 31, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With Report of Independent Auditors |

---

------

![LOGO](g70673g24l30.jpg)

**Report of Independent Auditors** 

To the General Partner of HarbourVest Blue Spruce Fund L.P.

***Opinion***

We have audited the accompanying consolidated financial statements of HarbourVest Blue Spruce Fund L.P. and its subsidiaries (the "Partnership"), which comprise the consolidated balance sheet, including the consolidated schedule of investments, as of March 31, 2025, and the related consolidated statements of operations, of changes in partners' equity and of cash flows, including the related notes for the period January 1, 2025 (commencement of operations) through March 31, 2025 (collectively referred to as the "consolidated financial statements").

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of March 31, 2025, and the results of its operations, changes in its partners' capital and its cash flows for the period January 1, 2025 (commencement of operations) through March 31, 2025 in accordance with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Partnership and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

***Responsibilities of Management for the Consolidated Financial Statements***

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Partnership's ability to continue as a going concern for one year after the date the consolidated financial statements are available to be issued.

***Auditors' Responsibilities for the Audit of the Consolidated Financial Statements***

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Boston, Massachusetts 02210

T: (617) 530 5000, www.pwc.com/us

------

![LOGO](g70673g24l30.jpg)

In performing an audit in accordance with US GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Partnership's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

![LOGO](g70673g0613225148478.jpg)

Boston, Massachusetts

June 9, 2025

------

HarbourVest Blue Spruce Fund L.P.

Consolidated Schedule of Investments

March 31, 2025

*In U.S. Dollars* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments<sup>1</sup>** | **Sector** | **Acquisition<br>Date** | **Units<sup>3</sup>** | **Fair Value** |
|  **Direct Investments – 88.2%<sup>4,6</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asia - 1.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Tigereye Co-Invest L.P.<sup>\*</sup> | Industrials | 1/1/2025 |  | 8477698 |
|  **Total Asia** |  |  |  | 8477698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Europe – 20.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Spectre Co-Investor, L.P.<sup>\*</sup><sup>,</sup><sup>5</sup> | Health Care | 1/1/2025 |  | 10396590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Aurelia Co-Invest (CYM) L.P.<sup>8</sup> | Communication Services | 1/1/2025 |  | 8482218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cuppa Co-Investment L.P.<sup>\*</sup><sup>5,9</sup> | Consumer Staples | 1/1/2025 |  | 6968976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hg Vibranium Co-Invest LP\* | Information Technology | 1/1/2025 |  | 13493573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Azur Co-Invest L.P.<sup>\*</sup><sup>9</sup> | Health Care | 1/1/2025 |  | 9348367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Horizon Co-Invest L.P.<sup>\*8,9</sup> | Information Technology | 1/1/2025 |  | 9959489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Sansibar Co-Invest L.P.<sup>\*9</sup> | Industrials | 1/1/2025 |  | 16673879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Co-Investor Holdings L.P.<sup>\*,5</sup> | Industrials | 1/1/2025 |  | 9938000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SKCP V Sirona Co-Invest, L.P.<sup>\*</sup> | Health Care | 1/1/2025 |  | 6670799 |
|  **Total Europe** |  |  |  | 91931891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **North America – 66.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Excelsior Coinvestment, L.P.<sup>\*</sup> | Industrials | 1/1/2025 |  | 7811046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIMI Holdings L.P.<sup>\*5,7</sup> | Health Care | 1/1/2025 |  | 23677000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIPS Holdings II L.P.<sup>\*,5</sup> | Information Technology | 1/1/2025 |  | 11673000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Syndication L.P.<sup>\*</sup> | Information Technology | 1/1/2025 |  | 3527887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dodge Construction Network Holdings, L.P. <sup>\*,5</sup> | Information Technology | 1/1/2025 | 4548024 | 2766999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FH Sunrise Co-Investment I, LP<sup>\*</sup> | Health Care | 1/1/2025 |  | 6756376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GC X Alpha Co-Invest, L.P.<sup>\*8</sup> | Financials | 1/1/2025 |  | 3610325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GC XI Alpha Co-Invest, L.P.<sup>\*8</sup> | Financials | 1/1/2025 |  | 3386771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gloves Holdings, LP<sup>\*,5</sup> | Industrials | 1/1/2025 | 66835 | 11237000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service Holdings, LP<sup>\*,5</sup> | Consumer Discretionary | 1/1/2025 | 33305 | 5532000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Coinvestor L.P.<sup>\*8</sup> | Consumer Discretionary | 1/1/2025 |  | 13720064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Coinvestor II L.P.<sup>\*8</sup> | Consumer Discretionary | 1/1/2025 |  | 1648380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso X PIE Co-Investment, L.P.<sup>\*8</sup> | Industrials | 1/1/2025 |  | 8531607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso X RSC Co-Investment, L.P.<sup>\*8</sup> | Financials | 1/1/2025 |  | 22308146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knockout Co-Invest, L.P.<sup>\*8</sup> | Information Technology | 1/1/2025 |  | 17917301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnesium Co-Invest SCSp<sup>\*,5</sup> | Information Technology | 1/1/2025 |  | 17569000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerva Partners, L.P.<sup>\*8</sup> | Health Care | 1/1/2025 |  | 15494348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnia Coinvest LP<sup>\*8</sup> | Industrials | 1/1/2025 |  | 7665526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pyke Co-Investment Partners, L.P.<sup>\*5,8</sup> | Industrials | 1/1/2025 |  | 13668000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Lake Strategic Investors VI, L.P. <sup>\*,5</sup> | Information Technology | 1/1/2025 |  | 9005000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STG AV, L.P.<sup>\*</sup> | Information Technology | 1/1/2025 |  | 5200419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunshine Co-Investment Partners, L.P.<sup>\*5,8</sup> | Information Technology | 1/1/2025 |  | 14559000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TA NIPA Parent, LP<sup>\*,5</sup> | Industrials | 1/1/2025 | 2074441 | 4812140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Coinvestor L.P.<sup>\*8</sup> | Consumer Discretionary | 1/1/2025 |  | 4536288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPG IX Newark CI, L.P.<sup>\*5,8</sup> | Information Technology | 1/1/2025 |  | 5641000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VCF Compass Co-Investor Holdings L.P. <sup>\*,5</sup> | Health Care | 1/1/2025 |  | 7059589 |

---

*The accompanying notes form an integral part of the consolidated financial statements.* 

------

HarbourVest Blue Spruce Fund L.P.

Consolidated Schedule of Investments

March 31, 2025

*In U.S. Dollars* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments<sup>1</sup>** | **Sector** | **Acquisition<br>Date** | **Units<sup>3</sup>** | **Fair Value** |
|  **Direct Investments (Continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **North America (Continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VCF Compass Co-Investor Holdings II, L.P.<sup>\*</sup> | Health Care | 3/19/2025 |  | 933806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritas Star Co-Investor Holdings L.P. <sup>\*,5</sup> | Health Care | 1/1/2025 |  | 4416000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Well Coinvest LP<sup>\*8</sup> | Information Technology | 1/1/2025 |  | 8065369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Digital Co-Invest, L.P.<sup>\*</sup> | Information Technology | 1/1/2025 |  | 11852689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Intrepid Co-Invest Holdings I, L.P.<sup>\*7</sup> | Information Technology | 1/1/2025 |  | 24166352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zephyr Partners I, L.P.<sup>\*</sup> | Information Technology | 1/1/2025 |  | 7494016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total North America** |  |  |  | 306242444 |
|  **Total Direct Investments (Cost $399,484,086)** |  |  |  | 406652033 |
|  **Short-Term Investments – 11.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **North America – 11.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund - Premier Class, 4.29%<sup>2,10</sup> |  |  | 54573946 | 54573946 |
|  **Total Short-Term Investments (Cost $54,573,946)** |  |  |  | 54573946 |
|  **Total Investments - 100.0% (Cost $454,058,032)** |  |  |  | **461225979** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets in excess of liabilities |  |  |  | 26883 |
|  **Net Assets - 100.0%** |  |  |  | **461252862** |

---

\* Investment is non-income producing.

1 Investments are held through a consolidated subsidiary, HarbourVest HPIF Holdings LLC, unless otherwise noted (See Note 2)

2 All or a portion of the investment is held through a consolidated subsidiary, Harbourvest HPIF Investment LLC (See Note 2)

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

4 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.

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

---

| | |
|:---|:---|
| 6 | Restricted Security. Investments generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates 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, 2025, was $406,652,033, or 88.2% of net assets. As of March 31, 2025, the aggregate cost of each investment restricted to resale was $8,142,046, $10,701,491, $5,881,409, $8,088,673, $10,571,594, $8,953,156, $8,816,763, $14,350,835, $9,224,831, $7,767,572, $7,501,375, $23,729,324, $13,676,162, $3,191,196, $6,756,376, $3,456,205, $3,241,170, $10,284,788, $5,555,553, $12,546,488, $1,507,986, $,8,539,636, $24,432,321, $17,919,902, $16,875,863, $14,630,924, $6,937,899, $24,179,831, $8,396,687, $2,402,045, $5,201,397, $13,415,855, $5,206,846, $4,309,967, $5,562,665, $6,508,849, $857,411, $4,255,915, $7,295,091, $9,585,202, $21,806,922, $7,217,864, respectively, totaling $399,484,086.  |

---

---

| | |
|:---|:---|
| 7 | The proportional share of underlying portfolio companies representing greater than 5% of the Partnership's total partners' equity are Gainwell, and Infoblox Inc., respectively. The proportional share of fair value of the underlying portfolio companies is $23,677,000, and 24,166,352, respectively. The categorizations of the portfolio companies are generally consistent with those disclosed in the Consolidated Schedule of Investments.  |

---

8 Investment has been committed to but has not been fully funded by the Partnership (See Note 6).

9 Foreign security denominated in U.S. Dollars.

10 The rate is the annualized 7-day yield as of March 31, 2025

*The accompanying notes form an integral part of the consolidated financial statements.* 

------

HarbourVest Blue Spruce Fund L.P.

Consolidated Balance Sheet

March 31, 2025

*In U.S. Dollars* 

---

| | |
|:---|:---|
|  **ASSETS** |  |
|  Investments at fair value (Cost $399,484,086) | 406652033 |
|  Cash and cash equivalents (Cost $54,573,946) | 54573946 |
|  Dividends Receivable | 76883 |
|  **Total assets** | **461302862** |
|  **LIABILITIES AND PARTNERS' EQUITY** |  |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 50000 |
|  Partners' equity: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital and allocated profits and losses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Partner |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sponsor Limited Partner | 5629328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Limited Partner | 455623534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total partners' equity | 461252862 |
|  **Total liabilities and partners' equity** | **461302862** |

---

*The accompanying notes form an integral part of the consolidated financial statements.* 

------

HarbourVest Blue Spruce Fund L.P.

Consolidated Statement of Operations

For the Period January 1, 2025 (Commencement of Operations) through March 31, 2025

*In U.S. Dollars* 

---

| | |
|:---|:---|
|  Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | 259374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 259374 |
|  Investment expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organization expenses | 1932883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 187500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expense | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment expenses | 2135383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement | (2120383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15000 |
|  Net investment income/(loss) | 244374 |
|  Net change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, net of deferred taxes | 7132947 |
|  Net gains/(losses) on investments | 7132947 |
|  **Net income/(loss)** | **7377321** |

---

*The accompanying notes form an integral part of the consolidated financial statements.* 

------

HarbourVest Blue Spruce Fund L.P.

Consolidated Statement of Changes in Partners' Equity

For the Period January 1, 2025 (Commencement of Operations) through March 31, 2025

*In U.S. Dollars* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **General<br>Partner** | **Sponsor<br>Limited<br>Partner** | **Investor<br>Limited<br>Partner** | **Total** |
|  Partners' equity at January 1, 2025 |  |  |  |  |
|  (commencement of operations) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from partners |  | 5555555 | 50000000 | 55555555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment contributions in-kind |  |  | 398319986 | 398319986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of net income (loss) |  | 73773 | 7303548 | 7377321 |
|  Partners' equity at March 31, 2025 |  | **5629328** | **455623534** | **461252862** |

---

*The accompanying notes form an integral part of the consolidated financial statements.* 

------

HarbourVest Blue Spruce Fund L.P.

Consolidated Statement of Cash Flows

For the Period January 1, 2025 (Commencement of Operations) through March 31, 2025

*In U.S. Dollars* 

---

| | |
|:---|:---|
|  **Operating activities** |  |
|  Net income/(loss) | 7377321 |
|  Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions and subscriptions to investments | (1164100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation)/depreciation on investments, net of deferred taxes | (7132947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in dividends receivable | (76883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in accounts payable and accrued expenses | 15000 |
|  Net cash provided by/(used in) operating activities | (981609) |
|  **Financing activities** |  |
|  Contributions | 55555555 |
|  Net cash provided by/(used in) financing activities | 55555555 |
|  Net increase/(decrease) in cash and cash equivalents | 54573946 |
|  Cash and cash equivalents at the beginning of period |  |
|  **Cash and cash equivalents at the end of period** | **54573946** |
|  **Supplemental disclosure:** |  |
|  Investment contributions in-kind | 398319986 |

---

*The accompanying notes form an integral part of the consolidated financial statements.*

------

HarbourVest Blue Spruce Fund L.P.

Notes to the Consolidated Financial Statements

March 31, 2025

*In U.S. Dollars* 

**1.** **Organization** 

HarbourVest Blue Spruce Fund, L.P. (the "Partnership"), a Delaware limited partnership, was formed on October 16, 2024, and commenced operations on January 1, 2025, pursuant to the Limited Partnership Agreement (the "Partnership Agreement"), which was amended and restated on December 20, 2024. HarbourVest GP LLC is the general partner (the "General Partner") of the Partnership. The Partnership is managed by HarbourVest Partners L.P. (the "Investment Manager" or the "Sponsor Limited Partner"). The Investment Manager is a registered investment adviser under the Investment Advisers Act of 1940, as amended.

The Partnership was formed for the purpose of acquiring the seed portfolio and thereafter investing, directly or indirectly, in a broad portfolio of private investments, primarily through direct co-investments and continuation solutions ("Direct Investments"), complemented to a lesser extent by primary partnership investments ("Primary Partnership Investments") and secondary transactions ("Secondary Investments"). The intent is to contribute those investments to a registered investment company in exchange for shares of the registered investment company.

As of March 31, 2025, the Sponsor Limited Partner and a limited partner (the "Investor Limited Partner") have committed $555,555,555 in capital, of which 81.7%, or $453,875,541, had been called. The Investor Limited Partner agreed to contribute to the Partnership the seed portfolio of investments as an in-kind capital contribution to satisfy a portion of the capital commitment. The Investor Limited Partner completed the in-kind capital contribution of $398,319,986 as of January 1, 2025. The remaining unfunded capital commitments of $101,680,014 are due upon not less than 10 days prior written notice from the General Partner.

Net profits and losses (defined as "net profits" or "net losses" in the Partnership Agreement) are allocated to the partners in proportion to their sharing percentages. The General Partner has no economic interest in the Partnership.

**2.** **Significant Accounting Policies** 

**Method of Accounting** 

The consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles. The Partnership is an investment company following the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services – Investment Companies".

**Basis of Presentation** 

The consolidated financial statements include the accounts of HarbourVest Blue Spruce Fund L.P. and its wholly-owned subsidiaries, HarbourVest HPIF Parent LLC, HarbourVest HPIF Intermediate LLC, HarbourVest HPIF Investment LLC, HarbourVest HPIF Delaware Blocker A LLC, HarbourVest HPIF Holdings LLC, each formed as a Delaware Limited Liability Company. All intercompany accounts and transactions have been eliminated in consolidation.

**Estimates** 

The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires the General Partner to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

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HarbourVest Blue Spruce Fund L.P.

Notes to the Consolidated Financial Statements

March 31, 2025

*In U.S. Dollars* 

**Cash and Cash Equivalents** 

Cash and cash equivalents may consist of deposits held at a bank or an investment in a money market fund to which the Partnership is exposed to credit concentration risk. The Partnership considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amount included in the Balance Sheet for cash and cash equivalents approximates their fair value. The amounts on deposit may exceed the federal deposit insurance limits.

As of March 31, 2025, the Partnership held $54,573,946 in cash equivalents.

**Foreign Currency Transactions** 

Foreign currency transactions, if any, are translated into U.S. dollars at the exchange rate in effect at the transaction dates. Foreign currency balances are translated at the rates in effect at March 31, 2025. The Partnership does not isolate that portion of net income or loss resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair value of investments. Such fluctuations are included in the Consolidated Statement of Operations in net realized gains/(losses) and unrealized appreciation/(depreciation) on investments. Foreign currency gains and losses on cash and other receivables and payables, if any, are included in net realized gains/(losses) and unrealized appreciation/(depreciation) on foreign currency transactions on the Consolidated Statement of Operations.

**Revenue Recognition** 

Dividend and interest income, if any, is recorded on the accrual basis of accounting. Dividend income, if any, is recorded on the ex-dividend date. Interest and dividend income are presented net of withholding tax, if any.

**Expenses** 

Expenses are recorded on an accrual basis as incurred. The Partnership allocates expenses to limited partners in accordance with their respective sharing percentages. Expenses paid directly by the Partnership may include tax expense, professional fees, and other out-of-pocket expenses and are included in the Consolidated Statement of Operations.

**Income Taxes** 

The Partnership has elected to be treated as a partnership for U.S. tax purposes.

The Partnership accounts for income taxes under the provisions of ASC 740, "Income Taxes." This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax-return positions in the financial statements as "more-likely-than-not" to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely- than-not criterion, based on the largest benefit that is more than fifty percent likely to be realized. The Partnership may be subject to potential examination by certain taxing authorities in various jurisdictions. Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax years under potential examination vary by jurisdiction.

While the Partnership itself is not subject to U.S. federal income taxes, one of the Partnership's indirectly held wholly-owned subsidiaries, HV HPIF Delaware Blocker, LLC ("DE Blocker"), is. DE Blocker is organized as a Delaware limited liability company treated as a corporation for U.S. tax purposes and follows the asset and liability method of accounting. The asset and liability method of accounting for income taxes requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and the respective tax basis, and the applicable subsidiaries' operating loss and tax credit carry forwards. Significant temporary differences are primarily related to changes in fair value of the underlying investments in comparison to the tax basis of the interest or shares in those companies held. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. As of March 31, 2025, a deferred tax liability of $35,000 has been calculated for DE Blocker and is reflected in the Partnership's consolidated financial statements.

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HarbourVest Blue Spruce Fund L.P.

Notes to the Consolidated Financial Statements

March 31, 2025

*In U.S. Dollars* 

The Partnership may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Partnership invests. To the extent taxes are attributable to certain partners, the amounts are withheld from those partners' distributions and the withholdings are accounted for as deemed non-cash distributions to such partners. To the extent taxes are borne by the Partnership, the amounts are accrued and applied to net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned, and the Partnership records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date. As of March 31, 2025, there were no deferred tax liabilities at the Partnership level itself.

**Market and Other Risk Factors** 

The Partnership's investments are subject to various risk factors including market, liquidity, valuation, credit, interest rate and currency risk. Investments may be concentrated in certain regions, or industries, as detailed in the Consolidated Schedule of Investments. The Partnership's investments are inherently more sensitive to declines in revenues and to increases in expenses that may occur due to general downward swings in the world economy or other risk factors including increasingly intense competition, rapid changes in technology, changes in federal, state and foreign regulations, and limited capital investments. Since the Partnership's investments generally will involve a high degree of risk, poor performance by a few of the investments could adversely affect the total return to limited partners.

**Organization Expenses** 

Costs incurred in relation to the organization and establishment of the Partnership are expensed in the period in which they are incurred.

**3.** **Investments** 

In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States, the Partnership discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 1 | Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Partnership has the ability to access at the measurement date; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 2 | Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 3 | Inputs that are unobservable. |

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An investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Because of the inherent uncertainty of these valuations, the estimated fair value may differ significantly from the value that would have been used had a ready market for this security existed, and the difference could be material.

**Investment Valuations** 

For investments in partnerships and other pooled investment vehicles, the General Partner encourages all managers to apply fair value principles in their financial reports that are consistent with U.S. generally accepted accounting principles and completes a good faith determination of such. Where possible, the Partnership values its investments at fair value using the net asset value ("NAV") as a practical expedient. Investments for which fair value is measured using per share as a practical expedient have not been categorized within the fair value hierarchy.

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HarbourVest Blue Spruce Fund L.P.

Notes to the Consolidated Financial Statements

March 31, 2025

*In U.S. Dollars* 

In reviewing the underlying financial statements and capital account balances, the Investment Manager considers compliance with authoritative guidance on fair value measurements, the currency in which the investment is denominated, and other information deemed appropriate. If the Investment Manager shall in good faith determine that a manager is not reporting fair value consistent with U.S. generally accepted accounting principles, the Investment Manager shall use best efforts to undertake its own valuation analysis using fair market value principles and adjust such value so it is in accordance with the authoritative guidance.

The Investment Manager'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 Investment Manager 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. The inputs also include the original transaction price, recent transactions for similar instruments, completed or pending third-party transactions, subsequent rounds of financing, recapitalizations or other transactions, or changes in financial ratios or cash flows. As it relates to operating companies, the Investment Manager considers the financial condition and operating results of each issuer, the nature of each investment, the prices at which securities purchased in subsequent financing, if any, were issued and such other factors as the Investment Manager deems appropriate.

Inputs are used in applying the valuation techniques and broadly refer to the assumptions that the Investment Manager uses to make valuation decisions, including assumptions about risk. In valuing private investments, the Investment Manager 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 Investment Manager's subjective judgment. If appropriate, the Investment Manager may use discounts or premiums to adjust for lack of marketability, lack of control and/or illiquidity.

The following table summarizes the levels used in valuing the Partnership's investments as of March 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *All amounts in U.S. Dollar* | **Level 1** | **Level 2** | **Level 3** | **Measured<br>using NAV as<br>a practical**<br>**expedient** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct Investments |  | – | 158919294 | 247732739 | 406652033 |
|  Short-Term Investments | 54573946 | – |  |  | 54573946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 54573946 | – | 158919294 | 247732739 | 461225979 |

---

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HarbourVest Blue Spruce Fund L.P.

Notes to the Consolidated Financial Statements

March 31, 2025

*In U.S. Dollars* 

Investments include partnership interests in private equity partnerships, many of which carry restrictions on redemption. The Partnership recognizes transfers at the fair value at March 31, 2025. There were no transfers during the period ended March 31, 2025. For the period ended March 31, 2025, purchases of Level 3 investments were $168,065,378.

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value at**<br> **March 31, 2025** | **Valuation**<br> **Methodologies** | **Unobservable**<br> **Input(s)** | **Range** |
|  Direct Investments | 69940705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public market<br> comparables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multiple of<br> EBITDA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.5x – 19.75x |
|  Direct Investments | 17569000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public market<br> comparables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multiple of<br> revenue | 8.25x |
|  Direct Investments | 71409589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted reported<br> net asset value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value<br> adjustment | (5.31)% - (0.13)% |

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**Investment Transactions** 

Contributions to and distributions from investments (held through a partnership or other co-investment vehicle) are accounted for on a trade date basis. Distributions received from these investments are recorded as income, realized gain or return of capital on the trade date based on the character determined by the general partners of these investments. Distributions from these investments when identified as realized gain, dividend income, interest income, net of applicable withholding taxes, are recorded as such by the Partnership in the Consolidated Statement of Operations. Returns of capital reduce these investments' cost.

Realized gains and losses on investments (not held through a partnership or other co-investment vehicle) are measured by the difference between the proceeds from the sale and the cost basis of the investment using the specific identification method.

**4.** **Financial Highlights** 

Financial highlights for the period from January 1, 2025 (commencement of operations) through March 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | Percent<br>**(%)<sup>(1)</sup>** |
|  ***Internal rate of return to limited partners since inception:*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | 7.6 |
|  ***Ratio to limited partners' average partners' equity:*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses (excluding expense reimbursement) | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 0.0 |

---

<sup>1</sup> Amounts shown as zero round to less than 0.05%. 

For the period ended March 31, 2025, the ratios were annualized, except for Organization Expenses, which are non-recurring expenses, and other annual costs.

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HarbourVest Blue Spruce Fund L.P.

Notes to the Consolidated Financial Statements

March 31, 2025

*In U.S. Dollars* 

**5.** **Related-Party Transactions** 

Certain partners of the Investment Manager may serve as members of the advisory committees of certain investee entities and may be partners of the General Partner.

The Sponsor Limited Partner is an affiliate of the General Partner. The General Partner has no economic interest in the Partnership.

The Investment Manager has agreed to reimburse the Partnership for organizational expenses and any costs associated with the transfer of Partnership investments to a registered investment company. As of March 31, 2025, the Investment Manager has reimbursed the Partnership for $2,120,383 through the payment of expenses on the Fund's behalf.

**6.** **Investment Commitments** 

As an investment company, the Partnership is required to disclose financial support provided or contractually required to be provided to its portfolio companies. The Partnership may provide financial support to portfolio companies in accordance with its investment objectives. This financial support may be provided pursuant to contractual agreements or at the discretion of the General Partner. As of March 31, 2025, the Partnership has Direct Investment unfunded commitments of $13,059,617 which are payable upon notice by the companies to which the commitments have been made. The Partnership is not subject to additional contractual agreements under which they would be required to provide further financial support to Direct Investments in the form of capital commitments or guarantees.

**7.** **General Indemnifications** 

General Indemnifications

In the normal course of business, the Partnership may enter into contracts that contain a variety of representations and warranties and which provide for general indemnifications. The Partnership's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership have not yet occurred. Based on the prior experience of the General Partner, the Partnership expects the risk of loss under these indemnifications to be remote.

General Partner Indemnifications

Consistent with standard business practices in the normal course of business, the Partnership has provided general indemnifications to the General Partner, any affiliate of the General Partner and any person acting on behalf of the General Partner or such affiliate when they act in good faith, in the best interest of the Partnership. The Partnership is unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim but expects the risk of having to make any payments under these general business indemnifications to be remote.

**8.** **Subsequent Events** 

In the preparation of the financial statements, the General Partner has evaluated the effects, if any, of events occurring after March 31, 2025, through the date of the report of the independent auditors, which is the date financial statements were available to be issued.

On April 1, 2025, the Partnership completed a transfer of substantially all its assets and liabilities to HarbourVest Private Investments Fund ("HPIF") in exchange for 45,119,437 Class I shares of HPIF. Class I Shares of HPIF were issued at $10 per share.

## Ex-99.(R)(1)

**Exhibit (r)(1)** 

**<u>Appendix A</u>** 

**HARBOURVEST PRIVATE INVESTMENTS FUND** 

**CODE OF ETHICS ADOPTED PURSUANT TO RULE 17j-1** 

**1.** **Purposes** 

This Code of Ethics (the "Fund Code") has been adopted by the Board of Trustees (the "Board") of HarbourVest Private Investments Fund (the "Fund"), in accordance with Rule 17j-1(c) under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund and the Adviser (as defined below) are both affiliated with HarbourVest Partners L.P., an SEC registered investment adviser ("HarbourVest"). As set forth below, this Code incorporates portions of the HarbourVest Global Code of Ethics (the "HarbourVest Code"), as it may be amended from time to time, [the current version of which is attached as Exhibit A]. In the event of a conflict between a provision of the Fund Code and a provision of the HarbourVest Code, Access Persons (as defined below) must adhere to the stricter requirement. In implementing the Fund Code, personnel of the Fund and the Adviser shall act in accordance with the following general principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **The duty at all times to place the interests of Fund shareholders first.** 

Fund personnel should scrupulously avoid serving their own personal interests ahead of shareholders' interests in any decision relating to their personal investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **The requirement that all personal securities transactions be conducted consistent with the Fund Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility.** 

Fund personnel must not only seek to achieve technical compliance with the Fund Code but should strive to abide by its spirit and the principles articulated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **The fundamental standard that Fund personnel should not take inappropriate advantage of their positions.** 

Fund personnel must avoid any situation that might compromise, or call into question, their exercise of fully independent judgment in the interest of shareholders.

Rule 17j-1 under the 1940 Act generally proscribes fraudulent or manipulative practices with respect to a purchase or sale of a security held or to be acquired (as such term is defined in Section 2 of the Fund Code) by an investment company, if effected by an affiliated person of such company.

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The purpose of the Fund Code is to establish procedures consistent with the 1940 Act and Rule 17j-1 to give effect to the following general prohibitions as set forth in Rule 17j-1(b) as follows:

It shall be unlawful for any affiliated person of or principal underwriter for the Fund, or any affiliated person of an investment adviser of or principal underwriter for the Fund, in connection with the purchase or sale, directly or indirectly, by the person of a security held or to be acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to the Fund.

**2.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Access Person" means (i) any Advisory Person of the Fund or the Adviser. If the Adviser's primary business is advising funds or other advisory clients, all of the Adviser's directors, officers, and natural person general partners are presumed to be Access Persons of any funds advised by the Adviser. All of the Fund's trustees, officers, and general partners are presumed to be Access Persons of the Fund; and (ii) any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities<sup>1</sup> by the Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale of Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Adviser" means the investment adviser of the Fund, HarbourVest Registered Advisers L.P. and any subadviser of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Advisory Person" means (i) any director, officer, general partner or employee of the Fund or the Adviser (or of any company in a control relationship to the Fund or the Adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains current or pending information regarding, the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to the Fund or the Adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

<sup>1</sup> For purposes of the Fund Code, a purchase or sale of a Covered Security includes the writing of an option to purchase or sell a Covered Security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Beneficial Ownership" will be interpreted in the same manner as it would be under Securities Exchange Act of 1934 (the "Exchange Act") Rule 16a-1(a)(2) in determining which security holdings of a person are subject to the reporting and short- swing profit provisions of Section 16 of the Exchange Act and the rules and regulations thereunder, except that an Access Person will be deemed to have Beneficial Ownership of all securities in which he or she has an "Beneficial Interest" as that term is defined in the HarbourVest Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Board" means the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Chief Compliance Officer" or "CCO," means the person or persons (including his or her designees) designated by the Adviser, or principal underwriter, respectively, as having responsibility for compliance with the requirements of the Fund Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Control" will have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Covered Security" means a security as defined in Section 2(a)(36) of the 1940 Act except that it does not include: (i) direct obligations of the government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (iii) shares issued by registered open-end investment companies (except, for purposes of clarity, the term Covered Security includes ETF shares and shares of the Fund). For purposes of the Fund Code, an "equivalent Covered Security" is one that has a substantial economic relationship to another Covered Security. This would include, among other things, (i) a Covered Security that is exchangeable for or convertible into another Covered Security; (ii) with respect to an equity Covered Security, a Covered Security having the same issuer (including a private issue by the same issuer) and any derivative, option or warrant relating to that Covered Security; and (iii) with respect to a fixed-income Covered Security, a Covered Security having the same issuer, maturity, coupon and rating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Independent Trustee" means a Trustee of the Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933 (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Investment Personnel" means: (i) Portfolio Managers; (ii) any natural person in a control relationship to the Fund or the Adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of securities by the Fund; and (iii) certain other individuals as designated by the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Non-Management Interested Trustee" means an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act who serves as a Trustee of the Fund but is not an officer of the Fund, or a director, officer or employee of the Adviser or any affiliate of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Portfolio Manager" means any employee of the Fund or the Adviser (or of any company in a control relationship to the Fund or the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Private Placement" means a limited offering that is exempt from registration under the Securities Act pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rule 504 or Rule 506 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "Security held or to be acquired" means any Covered Security which, within the most recent 15 days: (i)(A) is or has been held by the Fund; or (B) is being considered or has been considered by the Fund or the Adviser for purchase by the Fund; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in (i) of this definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Trustee" means a trustee of the Fund.

**3.** **Applicability** 

The Fund Code applies to all Access Persons, except that Access Persons covered by more than one Code of Ethics meeting the requirements of Rule 17j-1 may be governed by the provisions of such other Code of Ethics and report all transactions pursuant to the terms of such other Code of Ethics provided that such Code was reviewed and approved by the Board. Portions of this Code incorporate the procedures of the HarbourVest Code. The CCO shall ensure that each Access Person subject to this Code has access to the Fund Code. The CCO will maintain a list of all Access Persons who are currently, and within the past five years, subject to the Fund Code.

**4.** **Prohibited Purchases and Sales** 

The requirements of this Section 4 only apply to a transaction in a security in which the designated Access Person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership.

The requirements of this Section 4 shall not apply to Independent Trustees or Non-Management Interested Trustees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial Public Offerings** 

Investment Personnel may not acquire any securities in an Initial Public Offering without obtaining prior approval from the CCO, pursuant to the HarbourVest Code. For purposes of this restriction, "Initial Public Offerings" shall not include offerings of government and municipal securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Private Placements** 

No Access Person or Investment Personnel may directly or indirectly acquire beneficial ownership in any securities in a Private Placement without prior approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prior approval must be obtained in accordance with the HarbourVest Code. The Adviser shall maintain a record of such prior approval, and reason for the same, for at least 5 years after the end of the fiscal year in which the approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If an Access Person is subsequently involved in a decision by the Fund to buy or sell a Private Placement for which the Access Person was previously approved, then the decision by the Fund to purchase or sell the Private Placement must be independently authorized by appropriate personnel with no personal interest in the Private Placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Prohibited Transactions** 

Absent preapproval from the CCO, no Access Person may purchase or sell a security if the Access Person knows that the Adviser has a pending order to purchase or sell such security for the Fund or that such order is imminent subject to any exemptions set forth in the HarbourVest Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Options** 

Access Persons are subject to the restrictions on Options Trading set forth in the HarbourVest Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Investment Clubs** 

No Access Persons or Investment Personnel may participate in an investment club, except as permitted by the HarbourVest Code.

**5.** **Preclearance** 

<u>Securities other than Fund Shares</u> 

Access Persons (other than Independent Trustees and Non-Management Interested Trustees) must preclear all personal securities transactions which require preclearance under, and following the procedures in, the HarbourVest Code.

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<u>Fund Shares</u> 

Access Persons (including Independent Trustees of the Fund) must preclear all personal securities transactions in shares of the Fund following the procedures in the HarbourVest Code.

All requests for preclearance must be submitted following the procedures in the HarbourVest Code, except for requests from Independent Trustees, which must be submitted to the CCO for approval.

**6.** **Independent Trustee Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Independent Trustees who are required to make reports pursuant to Rule 17j-1 of the 1940 Act solely by reason of being a Trustee, shall report to the Secretary of the Fund the information described in Section 6(b) hereof with respect to transactions in any Covered Security in which such Independent Trustee has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security only if such Independent Trustee, at the time of that transaction knew or, in the ordinary course of fulfilling his or her official duties as a Trustee of the Fund, should have known that, during the 15-day period immediately preceding or subsequent to the date of the transaction in a Covered Security by such Trustee, such Covered Security is or was purchased or sold by the Fund or was being considered for purchase or sale by the Fund or the Adviser; provided, however, that an Independent Trustee is not required to make a report with respect to transactions effected in any account over which such Trustee does not have any direct or indirect influence or control or in any account of the Independent Trustee which is managed on a discretionary basis by a person other than such Trustee and with respect to which such Trustee does not in fact influence or control such transactions.<sup>2</sup> The CCO of the Fund shall maintain such reports and such other records to the extent required by Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every report required by Section 6(a) hereof shall be made not later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date of the transaction, the title and as applicable the exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The name of the broker, dealer or bank with or through which the transaction was effected; and

<sup>2</sup> If discretion has been given to a third party, the account holder must not influence or control the account, such as by suggesting purchases or sales of investments, directing transactions, or consulting with the manager regarding allocation of investments in any way that could affect the selection of specific securities. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect Beneficial Ownership in the Security to which the report relates.

**7.** **Quarterly Transaction Reports and Post Trade Review** 

Access Persons (other than certain Independent Trustees) are required within 30 days after the end of a calendar quarter to disclose all personal Covered Securities holdings in ComplySci, following the procedures set forth in the HarbourVest Code, with respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect Beneficial Ownership. All such reports shall include the following: title and type of security and as applicable the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership; name of broker, dealer or bank with whom the Access Person maintains an account in which any securities were held for the direct or indirect benefit of the Access Person; and the date of submission by the Access Person as recorded in ComplySci. The Fund shall maintain such reports and such other records to the extent required by Rule 17j-1 under the 1940 Act.

Access Persons are not required to make such reports if their brokers provide an electronic feed of all activity directly to ComplySci. Otherwise, documents sufficient to reflect confirmations of all personal Covered Securities transactions and periodic statements for all securities accounts in which such Access Persons have a Beneficial Ownership interest must be submitted to the CCO or uploaded to ComplySci (where available). Such confirmations and statements must be provided upon becoming an Access Person and promptly as new accounts are established, but no later than 30 days after the end of a calendar quarter, with respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person. In order to satisfy the reporting requirements imposed on Access Persons under Rule 17j-1(d)(ii)(B), the submission must include the broker, dealer or bank with which the account was established and the date the account was established.

The CCO will periodically review the personal investment activity of all Access Persons (including Independent Trustees with respect to Securities transactions reported pursuant to Section 6 above) and holdings reports of all Access Persons.

**8.** **Initial and Annual Holdings Reports** 

Within ten days after an individual first becomes an Access Person and thereafter on an annual basis, each Access Person (other than certain Independent Trustees) must disclose all personal Covered Securities holdings in ComplySci with the exception of accounts identified in Section 6(a) above, following the procedures set forth in the HarbourVest Code with respect to reporting requirements relating to personal securities transactions and holdings. Such disclosures must be current as of a date no more than 45 days prior to the date the individual first became an Access Person with respect to the initial report and include information that is current within the previous 45 days, with respect to the annual report. All such reports shall include the following: title and type of security and as applicable the exchange ticker symbol or CUSIP number, number of shares

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and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership; name of broker, dealer or bank with whom the Access Person maintains an account in which any securities were held for the direct or indirect benefit of the Access Person; and the date of submission by the Access Person as recorded in ComplySci. The Fund shall maintain such reports and such other records to the extent required by Rule 17j-1 under the 1940 Act.

**9.** **Certification of Compliance with the Fund Code** 

Access Persons are required to certify annually as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that they have read and understood the Fund Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that they recognize that they are subject to the Fund Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that they have complied with the requirements of the Fund Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that they have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Fund Code.

**10.** **Code Violations and Sanctions** 

All violations of the Fund Code should be promptly reported to the CCO who will determine any sanctions or other disciplinary actions that may be deemed appropriate. All material violations and corresponding sanctions and/or disciplinary action will be reported to the Board of the Fund on a quarterly basis. The Board may take action as it deems appropriate, in addition to any action previously taken by the CCO.

**11.** **Review by the Board** 

The Board will be provided with a report from the Fund, the Adviser and principal underwriter,<sup>3</sup> no less frequently than annually, which at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) describes any issues arising under the Fund Code since the last report to the Board, including, but not limited to, information about material violations of the Fund Code or procedures and sanctions imposed in response to the material violation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certifies to the Board that the Fund, the Adviser, and principal underwriter have adopted procedures reasonably necessary to prevent Access Persons from violating its Code.

The Board will review such report and determine if any further action is required.

<sup>3</sup> The requirements of Section 14 do not apply to a principal underwriter unless such principal underwriter is an affiliated person of the Fund or of the Fund's Adviser, or if an officer, trustee or general partner of the principal underwriter serves as an officer, trustee or general partner of the Fund or of the Adviser. 

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**12.** **Compliance with Other HarbourVest Policies** 

The Fund and the Adviser are both affiliated with HarbourVest. Access Persons subject to this Code who are also Access Persons of HarbourVest will be deemed to be in compliance with this Code to the extent they satisfy substantially equivalent requirements of the HarbourVest Code.

**13.** **Recordkeeping** 

The Fund shall maintain and cause to be maintained the following records, which shall be available to the SEC or any representative of the SEC at any time and from time to time for reasonable, periodic, special or other examination. Unless otherwise stated, the following records should be maintained for a period of five (5) years after the end of the fiscal year in which such record was last modified, the first two (2) of which must be in an easily accessible place at the principal place of business of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A copy of all codes of ethics adopted by the Fund, as the case may be, pursuant to Rule 17j-1 that have been in effect at any time during the past five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A record of each violation of such codes of ethics and of any action taken as a result of such violation ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A copy of each report made by an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A copy of each report made by the Fund to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A list of all persons who are, or within the past five (5) years have been, required to make reports pursuant to Rule 17j-1 and the Fund Code, or who are or were responsible for reviewing such reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) A copy of each report required by Section 12 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) A record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of securities in an Initial Public Offering or Private Placement for at least five (5) years after the end of the fiscal year in which the approval is granted.