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HarbourVest Completes SAS 70 Review and Receives Type II Report

Boston — 19 February 2010 — In December 2009, HarbourVest Partners, LLC ("HarbourVest" or the "Firm") a leading global private equity firm, successfully completed a SAS 70 Review and issued a Type II SAS 70 Report on internal control environment and operating effectiveness.

The Firm's independent auditor conducted the SAS 70 review, which covered the period from April 1, 2009 to September 30, 2009.  The report, Private Equity Fund Administration Report on Controls Placed in Operation and Tests of Operating Effectiveness, documents controls across the Firm's operations including investment policy, reporting to clients, capital calls, distributions, cash management, and financial records.  HarbourVest is one of the first independent private equity managers to issue a SAS 70 report.

HarbourVest places a high level of importance on creating and maintaining a strong internal control environment. 

"Our clients recognize and value HarbourVest's focus on controls and our initiative to complete this voluntary SAS 70 review," said Martha Vorlicek, Managing Director and Chief Operating Officer of HarbourVest.  "While HarbourVest has always focused on a strong internal control environment, the Firm's investors and their consultants and auditors have increased their focus on controls, especially following the events of the past 18 months."

"Completing the Type II SAS 70 Report represents an added component of our commitment to provide excellent service to our clients," said Karin Lagerlund, Chief Financial Officer at HarbourVest.  "We have one of the largest and most experienced operations teams in the industry and are pleased to be one of the first independently-owned private equity managers to issue a Type II SAS 70 Report."

SAS 70 (Statement of Auditing Standards No. 70) is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA).  A SAS 70 report enables an independent auditor to review a service provider's controls.

There are two types of SAS 70 reports.  A Type I SAS 70 Report includes an opinion by independent auditors that the controls exist as of a certain date and are properly designed to meet the control objectives outlined in the report.  A Type II SAS 70 Report covers a time period rather than a point in time and includes an opinion that the controls exist, are properly designed, and are functioning as prescribed for the entire time period identified.  HarbourVest previously issued a Type 1 SAS 70 Report as of April 30, 2009 (Report on Controls Placed in Operations).

About HarbourVest
HarbourVest Partners, LLC is an independent global alternative investment firm and an SEC-registered investment advisor.  HarbourVest provides investment programs for institutional investors to invest in venture capital, buyout, mezzanine debt, and distressed debt.  HarbourVest invests in these sectors globally through primary partnerships, secondary purchases, and direct investments.  HarbourVest and its subsidiaries have 235 employees, including 82 investment professionals deployed in Boston, London, and Hong Kong.  In over 28 years of investing in private equity, the team has committed more than $20 billion to newly-formed funds, representing relationships with 200 private equity managers.  The team has also completed $6.2 billion in secondary purchases and invested $3.9 billion directly in operating companies.  The firm's clients consist of 300 institutional investors, including pension funds, endowments, foundations, and financial institutions throughout the U.S., Canada, Europe, Australia, and Japan.