11. Presentation by- Pension Consulting Alliance, LLC Third Quarter Private Equity Performance

Transcription

1 11. Presentation by- Pension Consulting Alliance, LLC Third Quarter Private Equity Performance 11

2 WPERP Private Equity Performance Report 3Q 215 3Q 215 WATER & POWER EMPLOYEES RETIREMENT PLAN (WPERP) PRIVATE EQUITY PERFORMANCE REPORT

3 WPERP Private Equity Performance Report 3Q 215 page 2 Overview Private equity is a long-term asset class with performance results influenced by various factors. This report concentrates on several key exposures that contribute to performance results, including sector, geography, structure and vintage year. In addition, the broad industry trends highlighted herein may affect future performance results. As of September 3, 215, the Program had million in commitments across 21 partnerships. The net since inception was 9.6% at the end of the third quarter of 215, down from 9.8% the prior quarter and from 1.1% one year prior. Material contributions funded over the past year (38% of current market value) with underlying investments commonly held at cost contributed to the slight decline in performance. The Program s reported value represented 2.9% of total Plan assets as of Q WPERP s current target allocation to private equity is 5% (an increase to 8% over the long-term was approved in September by the Board). Including unfunded commitments of million as of Q3 215 results in an approximate allocation of 6.% on a total exposure basis (market value plus unfunded commitments). Subsequent to quarter end, an additional 9 million of commitments were approved bringing the approximate allocation to 6.9% on a total exposure basis. Continued commitment activity is required to achieve the target allocation on a market value basis. WPERP Private Equity Program one-year change as of September 3, 215 ( Millions) Committed Contributed Distributed Market Value % of Assets Target PE Allocation Multiple Since Inception * Beginning of Period % 5.% 1.3x 1.1% End of Period % 5.% 1.3x 9.6% Change %.% --- (.5%) * initial capital call was on June 22, 26 The WPERP private equity portfolio outperformed the policy benchmark (Russell 3 Index plus 3 basis points) over the latest year, but underperformed over the latest three-year, five-year, and since inception time periods. The strong rebound of the public equity markets after the financial crisis contributed to the underperformance as public equity had generated returns well above long-term expectations and private markets appreciation did not keep pace. However, the variance has narrowed over recent periods. Declines in the energy sector has also dampened results, particularly over the latest one-year period with falling oil prices. WPERP Private Equity Performance vs. Policy Benchmark as of September 3, 215 One-Year Three-Year Five-Year Since Inception WPERP Private Equity 7.3% 12.4% 12.3% 9.6% Russell bps 1.1% 13.2% 14.2% 11.2% Variance 6.2% (.8%) (1.9%) (1.6%)

4 WPERP Private Equity Performance Report 3Q 215 page 3 Investment Structure Diversification: market value WPERP Portfolio Diversification, as of September 3, 215 Investment Structure Diversification: total exposure* Direct Partnerships 62% Primary fund of funds 12% Direct Partnerships 74% Primary fund of funds 7% Secondary fund of funds 26% Sector Diversification: market value Secondary fund of funds 19% Geographic Diversification: market value Credit Related 2% 59% Venture 14% North America 79% Europe 17% Asia 3% ROW 1% Growth 7% The WPERP Private Equity Program is diversified across structure, sector, and geography. The Plan s initial commitments to secondary fund of funds have provided core exposures as they are highly diversified. Portfolio construction has evolved towards direct partnership commitments to build upon these core positions with 14 additional direct partnership commitments. * includes unfunded commitments

5 WPERP Private Equity Performance Report 3Q 215 page 4 Industry and Vintage Year Diversification Based on reported value, the Plan s portfolio is diversified across industries. The Russell 3 Index has the five largest sectors being consumer staples/discretionary (23%), financial services (2%), information technology (17%), healthcare (14%) and producer durables (11%). Industry Diversification: market value Energy 15% Consumer 14% Industrials 11% Healthcare 1% Information Technology 34% Financials 8% Other 3% Materials Telecom 3% 2% As the Program matures and evolves there are expected to be variations in vintage year exposure, but the primary goal is to gain exposure across multiple years. With the exception of 21, the Program has successfully achieved this diversification to date. Millions Vintage Year Diversification 1.. Pre Reported Value

6 WPERP Private Equity Performance Report 3Q 215 page 5 Program Cash Flows Program's Annual Cash Flows and Since Inception The Program is in the funding/portfolio construction stage as contributions (blue bars) represent the largest proportion of cash flows. Distribution activity has remained strong with an industry wide improvement in realizations due to favorable selling conditions over recent periods. The material contribution activity initially dampens performance results as underlying investments are commonly held at cost for a period of time. Millions YTD 15 25% 2% 15% 1% 5% % -5% -1% -15% -2% -25% Contributions Net Cash Flow The value of the portfolio increased by 21.9 million over the latest quarter. The largest sources of contribution activity during the quarter came from Vista Equity Partners V (9.2 million), Blackstone Tactical Opportunities Fund II (4.8 million), Landmark Equity Partners XV (3.4 million), Silver Lake Partners IV (2.1 million), and Ares Special Situations Fund IV (2. million). Millions Quarterly Reprted Value Activity Silver Lake Partners IV (1.5 million), Lexington Capital Partners VII (1.4 million), and Landmark Equity Partners XIV (1.1 million) were the largest providers of distributions /3/215 Contributions Valuation Change 9/3/215

7 WPERP Private Equity Performance Report 3Q 215 page 6 Performance Metrics To compare performance across shorter time periods relative to policy benchmarks, PCA calculates customized cash flow adjusted benchmark returns. The actual cash flows (contributions and distributions) of WPERP s private equity portfolio are assumed to be invested in the policy benchmark to arrive at a comparative performance measurement. The Program outperformed the policy benchmark over the latest year, but underperformed over the three-year, five-year and since inception periods as public equity markets had materially exceeded long-term return expectations from the depths of the financial crisis and private equity markets did not kept pace. However, the underperformance over longer periods has narrowed materially over recent periods. Horizon 16% 14% 12% 1% 8% 6% 4% 2% % 7.3% 1.1% 13.2% 12.4% 12.3% 14.2% 9.6% 11.2% One-Year Three-Year Five-Year Since Inception* WPERP Portfolio Russell 3 Index + 3 bps *initial capital call made in June of 26 Cash Flow Adjusted Benchmark Comparison: periods ending September 3, 215 Another way to view a program s progress is to examine the contributions, distributions, and reported value of a portfolio. Given the nature of private market investing, it is not uncommon for contributions to exceed distributions and reported value as investments are initially held at cost and management fees are assessed early in the partnership. The Program s investment multiple of 1.26x, as of September 3, 215, was down slightly from 1.29x at year-end 214 as contribution activity increased and investments were initially held at cost. The chart portrays the historical trend of these since-inception components. Millions Program Investment Multiple 1.26x 1.29x 1.28x 1.2x 1.16x 1.13x.99x.85x 1.14x 1.2x YTD 15 Contributions Program Reported Value

8 WPERP Private Equity Performance Report 3Q 215 page 7 Portfolio Detail As of September 3, 215, approximately 55% of the Plan s committed capital had been invested and the Program had developed a diversified portfolio of underlying private equity investments. Of the 18 partnerships with sufficient performance history, 1 of the partnerships placed at or above median while five placed in the top-quartile among their respective peer universes, according to Cambridge Associates data as of September 31, 215. ( NM represents not meaningful as the performance history is too short.) Program Partnerships, as of September 3, 215 Partnership Type Committed Inv ested Distributed Reported Since Peer Top Vintage Management Capital Capital Capital Value MOIC Inception Median Quartile Year Fee* (M) (M) (M) (M) Net Lexington Capital Partners VI (LCP Secondary Fund of 26 1.% x 7.2% 7.4% 12.1% Landmark Equity Partners XIII (LEP Secondary Fund of 26.89%** x 6.3% 7.4% 12.1% HRJ Special Opportunities Fund II Primary Fund of Funds 27.9% x 8.1% 7.6% 12.5% Fisher Lynch Venture Fund II (FL II) Primary Fund of Funds 28 1.% x 13.4% 1.5% 23.1% Landmark Equity Partners XIV (LEP Secondary Fund of 28 1.% x 14.8% 1.7% 16.9% Oaktree Principal Fund V (OPF V) Distressed Debt %* * x 6.2% 14.9% 21.2% Lexington Capital Partners VII (LCP Secondary Fund of 29.95%* * x 17.2% 14.9% 21.1% Audax Mezzanine Fund III (AMF III) Mezzanine % x 8.4% 8.7% 11.7% EnCap Energy Capital Fund VIII (ECF Growth: oil and gas % x -1.5% 11.2% 19.2% Vista Equity Partners Fund IV (VEP IV) % x 21.5% 11.2% 19.2% Ares Corporate Opportunities IV Special Situations % x 9.9% 8.9% 14.8% EnCap Energy Capital Fund IX (ECF Growth: oil and gas % x -7.5% 2.8% 16.7% Silv er Lake Partners IV (SLP IV) % x 36.% 2.8% 16.7% Apollo Inv estment Fund VIII (AIF VIII) %** x -5.1% 2.8% 16.7% Landmark Equity Partners XV (LEP Secondary Fund of % x 22.2% 7.4% 19.% Clayton, Dubilier & Rice Fund IX % x 3.1% 2.8% 16.7% Vista Equity Partners V (Vista V) % x 1.3% -6.5% 7.4% Crestv iew Partners III (Crestv iew III) % x -8.6% -6.5% 7.4% Ares Special Situations Fund IV (ASSF Distressed Debt % x NM NM NM EnCap Energy Capital Fund X (ECF Growth: oil and gas % x NM NM NM Blackstone Tactical Opportunities II Debt Related % x NM NM NM Program x 9.6% * management fee assessed during the investment period, ** blended rate [1] Source: Cambridge Associates Benchmark Calculator on Thomson One, by vintage year and sector as of September 3, 215

9 WPERP Private Equity Performance Report 3Q 215 page 8 Vintage Year Performance, as of September 3, 215 ( Millions) Vintage Year Committed Capital (M) Invested Capital (M) Distributed Capital (M) Reported Value (M) MOIC Since Inception Peer Median Top Quartile x 6.7% 6.5% 11.1% x 8.1% 8.4% 13.4% x 14.% 9.7% 15.6% x 12.5% 13.8% 2.8% x 14.% 12.1% 2.9% x 9.9% 11.4% 19.8% x 16.% 7.6% 18.2% x 6.6% (.7%) 12.1% x (36.5%) x 9.6% On a vintage year basis, WPERP s private equity program has outperformed the peer median in five of eight years where there are measureable results. However, no vintage years placed in the top quartile. 215 Commitments To Date Fund Type Commitment Board Approval Initial Funding Ares Special Situations Fund IV Credit Related: distressed debt 5. M 11/12/214 2/19/215 EnCap Energy Partners X Growth: oil and gas 37. M 1/28/215 3/26/215 Blackstone Tactical Opportunities II Opportunistic 5. M 4/8/215 5/18/215 Ares Corporate Opportunities Fund V /Special Situations 6. M 1/28/215 NA Harvest Partners VII : middle-market 3. M 1/28/215 NA M [1] Source: Cambridge Associates Benchmark Calculator on Thomson One, by vintage year as of September 3, 215.

10 WPERP Private Equity Performance Report 3Q 215 page 9 Industry Trends Fundraising activity slowed in 215. After 266 billion of commitments were raised domestically in the 214 calendar year, 257 billion was raised in the 215 calendar year. It continues to be an environment of the haves and the have nots as the most sought after managers are quickly achieving established hard caps. s continue to represent the largest proportion of commitments at approximately 75% during the year. Announced U.S. buyout deal volume increased in 215. announced U.S. buyout deal volume was 33.7 billion in 215, up from 26.8 billion in 214. Consistent with a longer-term upward trend, Q4 215 announced U.S. buyout deal volume was 77.2 billion resulting in aggregate calendar year activity at the highest annual level over the past eight years. Risk metrics in the leveraged buyout market remain high as both purchase price multiples and debt multiples are above their ten-year averages. The average purchase price multiple in 215, at 1.3x, increased from 9.7x in 214 and was well above the ten-year average of 9.x. Debt multiples in 215 were at 5.6x, below the 5.7x level for the 214 calendar year but still above the ten-year average of 5.1x. Venture capital investment activity declined in Q Approximately 11.3 billion was invested across 962 companies in Q4 215, down from 16.6 billion across 1,149 in Q However 215 calendar year activity, at 58.8 billion, exceeded 214 calendar year activity which was 5.7 billion. Exit activity for venture capital investments slowed in 215. The value of merger and acquisition (M&A) transactions decreased in 215 after the 214 calendar year activity more than doubled 213 levels. The initial public offering (IPO) market also exhibited a slight decrease in 215 and lagged 214 levels. The outlook for distressed debt investment strategies may be improving. Debt pricing has declined(according to the Leveraged Loan Index produced by the Loan Syndications and Trading Association), potentially increasing the near-term opportunity set for trading strategies. The high yield and leveraged loan markets are large, but default rates have remained low dampening the opportunity set for distressed-for-control opportunities. The S.E.C. has continued its heightened scrutiny on private equity, particularly with respect to general partners fee and expense allocation practices and conflicts of interest. This issue has garnered significant media attention though it is unclear yet whether it will result in greater transparency.

11 WPERP Private Equity Performance Report 3Q 215 page 1 Private Market Overview This section examines the private equity market environment including fundraising, purchase price multiples, debt multiples, dividend recaps, distressed debt, U.S. venture capital trends, and private equity market performance Commitments to U.S. Private Equity Partnerships Commitments to Non-U.S. Private Equity Billions Billions Year s Venture Mezzanine Secondary and Other Fund of funds Source: Private Equity Analyst through December Year Asia Private Equity Fundraising European Fund Private Equity Fundraising Source: Thomson Reuters, through December 215 Fundraising activities in 215 trailed last year s level. 6% Equity Contribution % Equity Contribution 5% 4% 3% 2% 1% % Year Source: S&P Capital IQ transaction activity continues increases with equity contributions rising.

12 WPERP Private Equity Performance Report 3Q 215 page 11 Average U.S. Purchase Price Multiples Average European Purchase Price Multiples TEV/EBITDA x 8.4x 9.7x 9.1x 7.7x 8.5x 8.8x 8.7x 8.8x 9.7x 1.3x 1.1x TEV/EBITDA x 9.3x 1.3x 1.4x 8.9x 9.7x 9.2x 9.5x 8.7x 1.2x 1.2x Q4 15 Year Source: S&P Capital IQ *Transaction size of 5M or more Source: S&P Capital IQ Year LBO transactions continue to be expensive, near or above pre-crisis levels Average U.S. Debt Multiples Average European Debt Multiples Debt/EBITDA x 5.1x 6.x 4.8x 3.7x 4.6x 4.9x 5.1x 5.3x 5.7x 5.6x 5.2x Debt/EBITDA x 5.5x 6.1x 5.2x 4.x 4.4x 4.5x 4.6x 4.7x 5.1x 5.x Q4 15 Year Source: S&P Capital IQ Source: S&P Capital IQ Year while use of leverage also continues to be high, but down slightly.

13 WPERP Private Equity Performance Report 3Q 215 page 12 Avg. Bid Level Leveraged Loan Index Jan-8 Apr-8 Jul-8 Oct-8 Jan-9 Apr-9 Jul-9 Oct-9 Jan-1 Apr-1 Jul-1 Oct-1 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Source: Loan Syndications and Trading Association (LSTA) Billions () U.S. High-Yield and Leveraged Loan Market Size 1,8 1,6 1,4 1,2 1, Year High Yield Leveraged Loan Source: Thomson Reuters, Credit Suisse Leveraged Finance Market Update Opportunity for distressed investing may be increasing as the market continues to grow and pricing is off recent highs. Venture capital investment activity slowed in Q4 215.

14 WPERP Private Equity Performance Report 3Q 215 page 13 Exit environment for venture capital, in aggregate, slowed in in 215. Cambridge Associates Horizon Summary Report as of September 3, 215 Fund Type 1 Yr 3 Yr 5 Yr 1 Yr 15 Yr 2 Yr Venture Capital 25.1% 21.4% 18.% 11.1% 3.5% 25.5% Growth Equity 6.5% 13.5% 12.8% 11.7% 9.2% 14.3% 8.4% 13.9% 13.7% 11.8% 11.4% 13.% Mezzanine 6.8% 1.5% 11.4% 1.3% 7.8% 9.8% Distressed 2.% 1.8% 1.8% 9.8% 1.7% 1.9% Private Equity Energy -21.5% -.7% 4.1% 7.5% 1.5% 1.6% Upstream Energy & Royalties -33.6% -11.6% 1.5% 5.4% 14.7% 13.6% Timber 2.3% 5.% 4.6% 4.4% 4.4% 4.7% Real Estate 13.2% 13.6% 12.4% 5.3% 6.7% 7.2% Infrastructure 6.5% 7.5% 7.6% 6.4% 6.% 5.5% Fund of Funds 12.1% 13.7% 12.5% 9.4% 7.2% 9.2% Secondary Funds 11.3% 13.% 13.2% 11.7% 11.9% 13.2% 8.1% 13.1% 12.8% 1.1% 8.6% 12.4% Venture capital was the strongest performing sector over latest year. Public Market Performance Comparision, as of September 3, 215 Fund Type 1 Yr 3 Yr 5 Yr 1 Yr 2 Yr All Private Equity 8.1% 13.1% 12.8% 1.1% 12.4% Russell 3 -.5% 12.5% 13.3% 6.9% 8.2% Russell 2 1.2% 11.% 11.7% 6.5% 8.% MSCI EAFE -8.3% 6.1% 4.4% 3.4% 4.8% BC Aggregate 2.9% 1.7% 3.1% 4.6% 5.6% Private equity outperforming over most time periods

15 WPERP Private Equity Performance Report 3Q 215 page 14 This document is provided for informational purposes only. It does not constitute an offer of securities of any of the issuers that may be described herein. Information contained herein may have been provided by third parties, including investment firms providing information on returns and assets under management, and may not have been independently verified. The past performance information contained in this report is not necessarily indicative of future results and there is no assurance that the investment in question will achieve comparable results or that the Firm will be able to implement its investment strategy or achieve its investment objectives. The actual realized value of currently unrealized investments (if any) will depend on a variety of factors, including future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which any current unrealized valuations are based. Neither PCA nor PCA s officers, employees or agents, make any representation or warranty, express or implied, in relation to the accuracy or completeness of the information contained in this document or any oral information provided in connection herewith, or any data subsequently generated herefrom, and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. PCA and PCA s officers, employees and agents expressly disclaim any and all liability that may be based on this document and any errors therein or omissions therefrom. Neither PCAnor any of PCA s officers, employees or agents, make any representation of warranty, express or implied, that any transaction has been or may be effected on the terms or in the manner stated in this document, or as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views or terms contained herein are preliminary only, and are based on financial, economic, market and other conditions prevailing as of the date of this document and are therefore subject to change. The information contained in this report may include forward-looking statements. Forward-looking statements include a number of risks, uncertainties and other factors beyond the control of the Firm, which may result in material differences in actual results, performance or other expectations. The opinions, estimates and analyses reflect PCA s current judgment, which may change in the future. Any tables, graphs or charts relating to past performance included in this report are intended only to illustrate investment performance for the historical periods shown. Such tables, graphs and charts are not intended to predict future performance and should not be used as the basis for an investment decision. All trademarks or product names mentioned herein are the property of their respective owners. Indices are unmanaged and one cannot invest directly in an index. The index data provided is on an as is basis. In no event shall the index providers or its affiliates have any liability of any kind in connection with the index data or the portfolio described herein. Copying or redistributing the index data is strictly prohibited. The Russell indices are either registered trademarks or tradenames of Frank Russell Company in the U.S. and/or other countries. This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior written approval from Pension Consulting Alliance, Inc. Nothing herein is intended to serve as investment advice, a recommendation of any particular investment or type of investment, a suggestion of the merits of purchasing or selling securities, or an invitation or inducement to engage in investment activity.

16 A lti N Gtib itt Iitl li DE t il d t (Y ti () t V U Bf Mt Clft l ) t S() dt t P i t E it 9/3/215 T ki S h d l All P tf li I t t Private Equity Tracking Schedule As of: 9/3/215 Investment Sector Date of Initial Investment Capital Committed () Actual Contribution to Date* () Remaining Unfunded () Distribution to Date () Reported Value () Exposure () Investments Lexington Capital Partners VI Holdings, L.P. Secondaries Jun-6 3,, 31,839,795 49,41 32,121,52 11,12,961 11,611, x 7.2% Landmark Equity Partners XIII, L.P. Secondaries Nov-6 3,, 28,698,265 1,31,735 25,475,75 12,9,344 13,392,79 1.3x 6.3% HRJ Special Opportunities II, L.P. Fund of Funds Mar-8 2,, 17,95, 4,75, 17,6, 1,469,142 15,219, x 8.1% Fisher Lynch Venture Partnership II, LP Fund of Funds May-8 2,, 17,63, 2,37, 6,876,755 22,765,41 25,135,41 1.7x 13.4% Landmark Equity Partners XIV, L.P. Secondaries Sep-8 3,, 27,294,72 2,75,298 2,643,939 17,319,524 2,24, x 14.8% Oaktree Principal Fund V, L.P. Debt Related Feb-9 16,, 15,38,733 1,761,267 6,362,832 11,971,481 13,732, x 6.2% Lexington Capital Partners VII, L.P. Secondaries Dec-9 3,, 24,55,977 5,573,1 19,192,969 17,738,97 23,311,98 1.5x 17.2% Audax Mezzanine Fund III, L.P. Debt Related Feb-11 17,, 13,517,943 3,482,57 6,595,41 9,51,71 12,533, x 8.4% EnCap Energy Capital Fund VIII, L.P. Growth Feb-11 12,5, 11,112,947 2,749,538 4,182,693 6,68,849 9,358,387 1.x -1.5% Vista Equity Partners IV, L.P. Nov-11 25,, 22,494,941 4,632,674 9,172,775 27,43,597 32,63, x 21.5% Ares Corporate Opportunities Fund IV, L.P. Nov-12 25,, 19,68,487 8,421,17 2,992,91 18,249,261 26,67, x 9.9% EnCap Energy Capital Fund IX, L.P. Growth Jan-13 17,, 9,929,52 7,311,66 569,237 8,594,361 15,95,427.9x -7.5% Silver Lake Partners IV, L.P. Oct-13 18,, 6,775,444 11,458,47 1,772,157 7,151,66 18,61,76 1.3x 36.% Apollo Investment Fund VIII Feb-14 34,, 8,28,266 26,46,76 614,359 7,299,15 33,75,181 1.x -5.1% Landmark Equity Partners XV, L.P. Secondaries Mar-14 4,, 12,663,78 27,336,292 2,871,842 12,189,331 39,525, x 22.2% Clayton, Dubilier & Rice Fund IX, L.P. Mar-14 25,, 1,928,134 14,146,68 585,586 14,178,332 28,325,12 1.3x 3.1% Vista Equity Partners V, L.P. May-14 5,, 31,919,265 18,8,735 33,885,594 51,966, x 1.3% Crestview Partners III, L.P. Jan-15 5,, 6,842,182 43,295, ,641 6,216,866 49,512,325.9x -8.6% Ares Special Situations Fund IV, L.P. Debt Related Feb-15 5,, 16,418,578 35,148,515 1,57,192 1,412,58 45,561,95.7x -41.6% EnCap Energy Capital Fund X, L.P. Growth Mar-15 37,, 1,61,39 35,398,61 1,284,485 36,683,95.8x -22.6% Blackstone Tactical Opportunities Fund II, L.P. Debt Related May-15 5,, 8,496,655 41,53,345 7,89,626 49,312,971.9x -15.2% Multiple Net Portfolio 626,5, 342,934, ,322, ,336,91 273,838,63 572,16,38 1.3x 9.6% All All All * May exceed committed capital due to recycling of recallable distributions. A-1

17 Apollo Investment Fund VIII Apollo will implement three strategies with a value-orientation and contrarian footing: distressed, corporate carve-outs, and opportunistic buyouts. The investment strategy allows for nimble investing across market cycles. Apollo will work with management, rationalize non-core and underperforming assets, maximize liquidity, and engage in M&A and JV when appropriate. Apollo is, largely, an industry generalist and has the ability to create and complete complex transactions and structuring. Reported Value 7,299,15 Remaining to be invested 614,359 8,211,599 34,, 26,46,76 Age of fund (in years) 1.6 Value Multiple -5.1% 1.x Number of Portfolio Companies 7% 12 Feb-14 Dec-23 Fund Manager Apollo Global Management, LLC Vintage Year 213 Fund Size 18,4,, % Drawn 22.3% Client % ownership.2% Capital Contributed () () Valuation () Top 1 Portfolio Investments Protection 1 Jul-15 Business Services Jupiter Resources Jun-14 Presidio Feb-15 Business Services CEC Entertainment, Inc. Jan-14 Entertainment and Leisure Ventia (formerly Leighton Services) Sep-15 Industrials Amissima (formerly Carige Insurance) Jun-15 Insurance American Gaming Systems Dec-13 Gaming Caelus Mar-14 Oil and Gas CH2M Hill Companies Jun-15 Engineering & Construction Express Energy Services Nov-14 Portfolio Cash Flows - Valuations - Performance 7,, 6,, 5,, 4,, 3,, 2,, 1,, (1,,) (2,,) (3,,) 9/3/215 6/3/215 3/31/215 12/31/214 9/3/214 6/3/214 3/31/214 Contributions Dis tributions NAV (6.% ) (8.% ) (1.% ) (12.% ) (14.% ) (16.% ) (18.% ) (2.% ) (22.% ) (24.% ) (26.% ) (28.% ) 25-Jan :59:12 A-2

18 Ares Corporate Opportunities Fund IV, L.P. ACOF IV pursues opportunistic investments in middle-market companies targeting investment sizes generally in the 1 to 4 million range. ACOF IV seeks opportunities primarily in under-capitalized middle market companies with strong franchises that have not fully exploited their growth opportunities. A company s failure to exploit its growth opportunities typically stems from: (i) a lack of available capital, either because the company is over-leveraged or in distress, (ii) the existing owner s unwillingness or inability to inject additional capital into the business to fund growth or (iii) a management team s lack of depth or inability to focus on growth. Reported Value 18,249,261 2,992,91 19,68,487 25,, Remaining to be invested 8,421,17 Age of fund (in years) 2.9 Value Multiple 9.9% 1.1x 16% Number of Portfolio Companies 11 Nov-12 Nov-22 Fund Manager Ares Management, LLC Vintage Year 212 Fund Size 4,7,, % Drawn 66.3% Client % ownership.5% Capital Contributed () () Valuation () Top 1 Portfolio Investments Neiman Marcus Group Oct-13 Clothing and Shoe Stores National Veterinary Associates Aug-14 Medical/Health Related American Tire Distributors Feb-15 Industrials BlackBrush Oil & Gas Jul-14 Oil and Gas Smart & Final Stores LLC Nov-12 General Food Products/Grocery/Convenience Stores Other Debt Securities Mar-14 Debt AOT Building Products (CPG Internationa) Sep-13 Manufacture of Building Products Farrow & Ball Nov-14 manufacturer/retailer of premium branded paint Valet Waste Holdings, Inc. Sep-15 waste and recycling collection London Square Developments Jul-14 Real Estate Portfolio Cash Flows - Valuations - Performance 18,, 1.% 16,, 5.% 14,, 12,,.% 1,, (5.% ) 8,, (1.% ) 6,, 4,, (15.% ) 2,, (2.% ) (2,,) (25.% ) (4,,) (3.% ) 9/3/215 6/3/215 3/31/215 12/31/214 9/3/214 6/3/214 3/31/214 12/31/213 9/3/213 6/3/213 3/31/213 12/31/212 Contributions Dis tributions NAV 25-Jan :59:12 A-3

19 Ares Special Situations Fund IV, L.P. Ares SSF IV seeks to capitalize on stressed and distressed opportunities, dislocated and out-of-favor assets and other special situations by deploying flexible capital across multiple geographies, industries and asset types. The Fund will target 3-4 total investments in global opportunities with a focus on North America (excluding Mexico), Western Europe and Australia. With respect to core distressed debt, rescue capital, and post-reorganization equity positions, the Fund will generally target portfolio companies with total debt capitalizations of no less than 5 million. Reported Value 1,412,58 1,57,192 16,47,61 5,, Remaining to be invested 35,148,515 Age of fund (in years).7 Value Multiple -41.6%.7x 1% Number of Portfolio Companies 32 Top 1 Portfolio Investments Corporate Debt Bank Loans Collateralized Loan Obligations Common Stock Jun-15 Debt Jun-15 Debt Jun-15 Debt Jun-15 Equity Feb-15 Aug-22 Debt Related Fund Manager Ares Management, LLC Vintage Year 215 Fund Size 1,5,, % Drawn 29.7% Client % ownership 3.3% Capital Contributed () () Valuation () 12,, 1,, 8,, 6,, 4,, 2,, (2,,) (4,,) (6,,) (8,,) 3/31/215 Portfolio Cash Flows - Valuations - Performance 9/3/215 6/3/215 Contributions Dis tributions NAV (1.% ) (12.% ) (14.% ) (16.% ) (18.% ) (2.% ) (22.% ) (24.% ) (26.% ) (28.% ) (3.% ) (32.% ) (34.% ) (36.% ) (38.% ) (4.% ) (42.% ) 25-Jan :59:12 A-4

20 Audax Mezzanine Fund III, L.P. Audax Mezzanine implements an investment strategy, targeting middle market companies in change of control transactions sponsored by leading private equity firms. The Fund is expected to continue to construct a portfolio with debt and equity components that may include senior debt, subordinated debt, convertible debt, preferred stock, common stock and/or common stock warrants. Target companies will have 1 million to 6 million of EBITDA and be diversified across size and industry. Reported Value 9,51,71 6,595,41 13,517,943 17,, Remaining to be invested 3,482,57 Age of fund (in years) 4.6 Value Multiple 8.4% 1.2x 49% Number of Portfolio Companies 22 Feb-11 Jan-21 Debt Related Fund Manager Audax Group Vintage Year 211 Fund Size 1,2,25, % Drawn 79.5% Client % ownership 1.7% Capital Contributed () () Valuation () Top 1 Portfolio Investments PlayCore Holdings, Inc. Whitehall Specialties, Inc. Cross MediaWorks, LLC Area Wide Protective, Inc. Engineered Controls International, LLC Integrated Power Services, LLC IntraPac International Corporation Rio Brands QualaWash Holdings, LLC The Cleaning Authority 9,, 8,, 7,, 6,, 5,, 4,, 3,, 2,, 1,, (1,,) (2,,) 3/31/211 6/3/211 9/3/211 12/31/211 3/31/212 6/3/212 9/3/212 May-14 Manufacturing Nov-12 Other Food and Beverages Jul-13 Media Related Services Jun-15 Transportation Dec-13 Manufacturing Jul-13 Industrial Services Dec-11 Packaging Products & Systems Mar-15 Consumer Jun-12 Water, Sewage, Chem & Solid Waste Treatment Plants Aug-14 Consumer Services Portfolio Cash Flows - Valuations - Performance 12/31/212 3/31/213 6/3/213 Contributions Dis tributions NAV 9/3/213 12/31/213 3/31/214 6/3/214 9/3/214 12/31/214 3/31/215 6/3/215 9/3/215 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% (1.% ) (2.% ) (3.% ) (4.% ) (5.% ) (6.% ) (7.% ) (8.% ) 25-Jan :59:13 A-5

21 Blackstone Tactical Opportunities Fund II, L.P. BTOF II seeks to implement an opportunistic investment strategy to capitalize on a perceived high volume of attractive non-traditional investment opportunities that are available to Blackstone. These opportunities may include (1) equity, credit and real asset investments, (2) investments across the capital structure, from lower volatility/yield to common equity, and (3) investments in North America, Europe, Asia, Latin America and the Middle East. The Fund s strategy is based upon Blackstone s belief that markets change rapidly and attractive opportunities are often ephemeral. Reported Value 7,89,626 8,528,565 5,, Remaining to be invested 41,53,345 Age of fund (in years) % Value Multiple.9x % Number of Portfolio Companies 5 May-15 Debt Related Fund Manager Blackstone Group, The Vintage Year 215 Fund Size 2,647,787,742 % Drawn 17.% Client % ownership 1.9% Capital Contributed () () Valuation () Top 1 Portfolio Investments Kensington Jan-15 Specialty Finance T4U / Phoenix Towers do Brasil Jun-15 Telecom Pretium Sep-15 Mining Finance of America II Apr-15 Specialty Finance U.S. Revolving Consumer Credit Portfolio May-15 Specialty Finance Spanish NPLs Apr-15 RE - Whole Loans Stornoway Apr-15 Mining 23 Park Mar-15 Real Estate Vine Oil & Gas TLB Mar-15 Energy PMI Group INC Sep-15 Specialty Finance Portfolio Cash Flows - Valuations - Performance 8,, 7,, 6,, 5,, 4,, 3,, 2,, 1,, (1,,) (2,,) (3,,) (4,,) (5,,) 9/3/215 6/3/215 Contributions Dis tributions NAV (15.2% ) (15.4% ) (15.6% ) (15.8% ) (16.% ) (16.2% ) (16.4% ) (16.6% ) (16.8% ) (17.% ) (17.2% ) (17.4% ) (17.6% ) (17.8% ) (18.% ) (18.2% ) (18.4% ) 25-Jan :59:13 A-6

22 Clayton, Dubilier & Rice Fund IX, L.P. CD&R is a buyout specialist, focusing on acquiring North American and Western European businesses with market leading positions and implementing operational improvements, primarily in the consumer, healthcare, services and industrial sectors. The Firm s six key investment tenets are (1) a singular organizational focus on leveraged buyouts, (2) tight integration between CD&R s financial and operating partners, (3) consistent and clearly-defined transaction parameters, (4) active approach to post-acquisition ownership, (5) careful crafting of capital structures, and (6) maximization of exit optionality. Reported Value 14,178,332 Remaining to be invested 585,586 11,15,49 25,, 14,146,68 Age of fund (in years) 1.5 Value Multiple 3.1% 1.3x Number of Portfolio Companies 5% 8 Top 1 Portfolio Investments PharMEDium Brand Energy & Infrastructure Services Solenis Healogics, Inc. Mauser Group Motor Fuel Group CHC Group Ltd Vets First Choice Jan-14 Medical/Health Related Dec-13 Industrial Services Aug-14 Specialty Chemicals Jul-14 Medical/Health Related Aug-14 Industrial Services Jul-15 Industrial Services Oct-14 Oil & Gas Services Jul-15 Medical/Health Related Mar-14 May-24 Fund Manager Clayton, Dubilier & Rice, Inc. Vintage Year 213 Fund Size 6,,, % Drawn 43.4% Client % ownership.4% 14,, 12,, 1,, 8,, 6,, 4,, Portfolio Cash Flows - Valuations - Performance 3.% 25.% 2.% 15.% 1.% Capital Contributed () () Valuation () 2,, (2,,) (4,,) 3/31/214 6/3/214 6/3/215 3/31/215 12/31/214 9/3/214 Contributions Dis tributions NAV 9/3/215 5.%.% (5.% ) 25-Jan :59:13 A-7

23 Crestview Partners III, L.P. Crestview III implements a value-oriented investment strategy targeting investments that arise from market dislocations or through proprietary relationships. Crestview targets industries where it has internal expertise, which include media, financial services, energy and healthcare, but opportunistically transacts outside of these industries where it has a unique edge or a senior investment advisor ( Senior Advisor ) has a particular expertise. Target transactions are expected to require 1 to 4 million equity investments in companies with enterprise values of up to 2 billion. Reported Value 6,216, ,641 6,842,182 5,, Remaining to be invested 43,295,459 Age of fund (in years).7-8.6% Value Multiple.9x 2% Number of Portfolio Companies 5 Top 1 Portfolio Investments NYDJ Corporation Fidelis Insurance JR Automation CP Energy Interoute Jan-14 Consumer Jun-15 Insurance Mar-15 Industrials Nov-13 Oilfield Services Apr-15 Media Jan-15 Jan-25 Fund Manager Crestview Partners Vintage Year 214 Fund Size 3,114,845, % Drawn 13.4% Client % ownership 1.6% Capital Contributed () () Valuation () 6,, 5,, 4,, 3,, 2,, 1,, (1,,) (2,,) (3,,) (4,,) 3/31/215 Portfolio Cash Flows - Valuations - Performance 9/3/215 6/3/215 Contributions Dis tributions NAV (8.5% ) (9.% ) (9.5% ) (1.% ) (1.5% ) (11.% ) (11.5% ) (12.% ) (12.5% ) (13.% ) (13.5% ) 25-Jan :59:13 A-8

24 EnCap Energy Capital Fund VIII, L.P. EnCap VIII s investment strategy focuses on providing growth capital, typically making investments of 5 million to 2 million per transaction, on a paced and incremental basis. The EnCap investment team looks to provide growth capital to proven management teams who focus on creating value through opportunities in the United States and Canada by: acquiring and exploiting oil and gas reserves; developing low risk drilling opportunities in areas that are known to be producing and using advanced drilling and completion technologies to both conventional and non-conventional reservoirs; and implementing operational enhancement to portfolio companies. Reported Value 6,68,849 Remaining to be invested 4,182,693 11,115,968 12,5, 2,749,538 Age of fund (in years) 4.6 Value Multiple -1.5% 1.x Number of Portfolio Companies 38% 22 Feb-11 Oct-2 Growth Fund Manager EnCap Investments Vintage Year 211 Fund Size 3,953,2, % Drawn 78.% Client % ownership.3% Capital Contributed () () Valuation () Top 1 Portfolio Investments Brigadier Oil & Gas, LLC PennEnergy Resources, LLC Plantation Petroleum Holdings V, LLC FireWheel Energy, LLC Broad Oak Energy II, LLC Eclipse Resources, LP Forge Energy, LLC Venado Oil & Gas, LLC Payrock Energy, LLC Phillips Energy Partners III, LLC 12,, 11,, 1,, 9,, 8,, 7,, 6,, 5,, 4,, 3,, 2,, 1,, (1,,) 12/31/211 9/3/211 6/3/211 3/31/211 Mar-12 Sep-11 Sep-11 Aug-11 Jul-12 Feb-11 Jul-11 Feb-11 Nov-12 Aug-12 Portfolio Cash Flows - Valuations - Performance 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% 9/3/215 6/3/215 3/31/215 12/31/214 9/3/214 6/3/214 3/31/214 12/31/213 9/3/213 6/3/213 3/31/213 12/31/212 9/3/212 6/3/212 3/31/212 Contributions Dis tributions NAV 25-Jan :59:13 A-9

25 EnCap Energy Capital Fund IX, L.P. EnCap IX s investment strategy focuses on providing growth capital, typically making investments of 2 million to 3 million per transaction, on a paced and incremental basis. The EnCap investment team looks to invest growth capital with proven management teams which focus on creating value through opportunities, primarily in the United States, including the following: acquiring and exploiting oil and gas reserves, developing low risk drilling opportunities in areas that are known to be producing and using advanced drilling and completion technologies to both conventional and non-conventional reservoirs, and implementing operational enhancements to underlying portfolio companies. Reported Value 8,594,361 Remaining to be invested 569,237 9,929,52 17,, 7,311,66 Age of fund (in years) 2.7 Value Multiple -7.5%.9x Number of Portfolio Companies 6% 22 Jan-13 Dec-22 Growth Fund Manager EnCap Investments Vintage Year 213 Fund Size 5,154,6, % Drawn 57.% Client % ownership.3% Capital Contributed () () Valuation () Top 1 Portfolio Investments Felix Energy, LLC OGX Holding III, LLC Bold Energy III, LLC EnCap International IX Silverback Exploration, LLC Cinco Oil & Gas LLC Travis Peak Resources, LLC Protege Energy III, LLC Southland Royalty Company, LLC Payrock Energy, LLC 8,, 7,, 6,, 5,, 4,, 3,, 2,, 1,, (1,,) (2,,) 6/3/213 3/31/213 Apr-13 Jan-15 Apr-13 Mar-13 Nov-13 Jan-14 Nov-13 Sep-13 Feb-15 Jan-13 Portfolio Cash Flows - Valuations - Performance 6.% 5.% 4.% 3.% 2.% 1.%.% (1.% ) (2.% ) (3.% ) (4.% ) (5.% ) (6.% ) (7.% ) 9/3/215 6/3/215 3/31/215 12/31/214 9/3/214 6/3/214 3/31/214 12/31/213 9/3/213 Contributions Dis tributions NAV 25-Jan :59:13 A-1

26 EnCap Energy Capital Fund X, L.P. EnCap X s investment strategy focuses on providing growth capital, typically making investments of 25 million to 4 million per transaction, on a paced and incremental basis. The EnCap investment team looks to invest growth capital with proven management teams which focus on creating value through opportunities, primarily in the United States, including the following: acquiring and exploiting oil and gas reserves, developing low risk drilling opportunities in areas that are known to be producing and using advanced drilling and completion technologies to both conventional and non-conventional reservoirs, and implementing operational enhancements to underlying portfolio companies. Reported Value 1,284,485 Remaining to be invested 1,61,39 37,, 35,398,61 Age of fund (in years).6 Value Multiple -22.6%.8x Number of Portfolio Companies % 7 Top 1 Portfolio Investments Grenadier Energy Partners II, LLC American Resource Development LLC Scala Energy, LLC Talon Oil & Gas III MODA Midstream May-15 May-15 Jul-15 May-15 Jun-15 Oil & Gas Mar-15 Mar-25 Growth Fund Manager EnCap Investments Vintage Year 215 Fund Size 3,83,247,423 % Drawn 4.3% Client % ownership 1.% 1,5, 1,, 5, (5,) Portfolio Cash Flows - Valuations - Performance (2.% ) (4.% ) (6.% ) (8.% ) (1.% ) (12.% ) (14.% ) (16.% ) 1 (1,,) (18.% ) 5 Capital Contributed () () Valuation () (1,5,) 3/31/215 6/3/215 Contributions Dis tributions NAV 9/3/215 (2.% ) (22.% ) 25-Jan :59:13 A-11

27 Fisher Lynch Venture Partnership II, LP Fisher Lynch Capital invests in venture capital partnerships (1 to 15 firms) focusing on making venture capital investments primarily in information technology and life sciences companies. The targeted venture funds are based, chiefly, in the U.S. The Fund targets outstanding returns by adhering to the following objectives: investing with the leading private equity venture capital firms that have demonstrated historically successful investment performances, judicious diversification of the Fund s portfolio, and by continuing the use of a rigorous investment process. Reported Value 22,765,41 6,876,755 17,63, 2,, Remaining to be invested 2,37, Age of fund (in years) 7.4 Value Multiple 13.4% 1.7x 39% Number of Portfolio Companies 17 Top 1 Portfolio Investments Lightspeed Venture Partners VIII, L.P. Versant Venture Capital IV, L.P. Charles River Partnership XIV, L.P. U.S. Venture Partners X, L.P. Austin Ventures X, L.P. New Enterprise Associates 13, L.P. Redpoint Ventures IV, L.P. Draper Fisher Jurvetson Fund X, L.P. Accel Growth Fund, L.P. Khosla Ventures III, L.P. Jun-8 Venture Capital Jun-8 Venture Capital Jun-9 Venture Capital Jun-8 Venture Capital Jun-8 Venture Capital Jun-8 Venture Capital Jun-1 Venture Capital Jun-9 Venture Capital Jun-8 Venture Capital Jun-9 Venture Capital May-8 Dec-19 Fund of Funds Fund Manager Fisher Lynch Capital Vintage Year 28 Fund Size 81,799,182 % Drawn 88.1% Client % ownership 24.5% Capital Contributed () () Valuation () 22,, 2,, 18,, 16,, 14,, 12,, 1,, 8,, 6,, 4,, 2,, (2,,) 6/3/28 9/3/28 12/31/28 3/31/29 6/3/29 9/3/29 Portfolio Cash Flows - Valuations - Performance 9/3/214 6/3/214 3/31/214 12/31/213 9/3/213 6/3/213 3/31/213 12/31/212 9/3/212 6/3/212 3/31/212 12/31/211 9/3/211 6/3/211 3/31/211 12/31/21 9/3/21 6/3/21 3/31/21 12/31/29 Contributions Dis tributions NAV 12/31/214 3/31/215 6/3/215 9/3/215 2.% 15.% 1.% 5.%.% (5.% ) (1.% ) (15.% ) (2.% ) (25.% ) (3.% ) (35.% ) (4.% ) (45.% ) (5.% ) (55.% ) (6.% ) 25-Jan :59:13 A-12

28 HRJ Special Opportunities II, L.P. SOF II constructed a portfolio of special opportunities fund managers who have the expertise to pursue unique transactions during periods of instability and distress, as well as having the expertise to pursue more traditional buyout related private equity transactions during more stable periods of growth. These transactions commonly include turnaround-oriented transactions and distressed investments. Reported Value 1,469,142 Remaining to be invested 17,6, 17,967,579 2,, 4,75, Age of fund (in years) 7.6 Value Multiple 8.1% 1.6x Number of Portfolio Companies 98% 9 Top 1 Portfolio Investments Fortress Investment Fund V, L.P. Sun Capital Partners V, L.P. H.I.G. Bayside Debt & LBO Fund II, L.P. Wayzata Opportunities Fund II, L.P. Wexford Partners 11, L.P. Fortress Investment Fund V Co-Investment, L.P. OCM Opportunities Fund VIIb, L.P. OCM Opportunities Fund VII, L.P. Avenue Special Situations Fund V, L.P. May-7 Distressed/Special Situations Mar-7 May-8 Distressed/Special Situations May-8 Distressed/Special Situations Aug-7 Distressed/Special Situations May-7 Distressed/Special Situations May-7 Distressed/Special Situations May-7 Distressed/Special Situations May-7 Distressed/Special Situations Mar-8 Dec-19 Fund of Funds Fund Manager Capital Dynamics Vintage Year 27 Fund Size 153,976,916 % Drawn 76.3% Client % ownership 13.% Capital Contributed () () Valuation () 2,, 18,, 16,, 14,, 12,, 1,, 8,, 6,, 4,, 2,, (2,,) (4,,) (6,,) (8,,) (1,,) 3/31/28 6/3/28 9/3/28 12/31/28 3/31/29 6/3/29 Portfolio Cash Flows - Valuations - Performance 9/3/214 6/3/214 3/31/214 12/31/213 9/3/213 6/3/213 3/31/213 12/31/212 9/3/212 6/3/212 3/31/212 12/31/211 9/3/211 6/3/211 3/31/211 12/31/21 9/3/21 6/3/21 3/31/21 12/31/29 9/3/29 Contributions Dis tributions NAV 12/31/214 3/31/215 6/3/215 9/3/215 1.% 5.%.% (5.% ) (1.% ) (15.% ) (2.% ) (25.% ) (3.% ) (35.% ) (4.% ) (45.% ) 25-Jan :59:14 A-13

29 Landmark Equity Partners XIII, L.P. Landmark XIII was formed to acquire interests in established private equity investments through secondary market transactions. The Partnership constructed a diversified portfolio of private equity interests with the objectives of achieving superior returns at lower risk for this asset class and generating cash distributions to its partners beginning in the Partnership s first year. Reported Value 12,9,344 25,475,75 28,698,265 3,, Remaining to be invested 1,31,735 Age of fund (in years) 8.8 Value Multiple 6.3% 1.3x 89% Number of Portfolio Companies 14 Nov-6 Nov-19 Secondaries Fund Manager Landmark Partners, Inc. Vintage Year 26 Fund Size 1,194,454,545 % Drawn 95.7% Client % ownership 2.5% Capital Contributed () () Valuation () Top 1 Portfolio Investments Royalty Pharma US Partners I, L.P. Jun-97 Expansion Vision Capital Partners VI, L.P. Jun-6 Thomas H. Lee Equity Fund VI, L.P. Jun-6 Landmark Aquisition Fund II, LLC Jun-7 Psilos Group Partners II SBIC, L.P. Jun-2 Hunt Ventures Fund I, L.P. Jun-4 Venture Capital American Capital Equity II, L.P. Jun-7 Apple Tree Partners II Jun- MP II Preferred Partners, L.P. Jun-8 Distressed/Special Situations Landmark Portfolio Advisors Fund I, LLC Jun-6 Portfolio Cash Flows - Valuations - Performance 18,, 16,, 14,, 12,, 1,, 8,, 6,, 4,, 2,, (2,,) (4,,) (6,,) (8,,) 12/31/26 3/31/27 6/3/27 9/3/27 12/31/27 3/31/28 6/3/28 9/3/28 12/31/28 3/31/29 6/3/29 9/3/29 12/31/29 3/31/21 6/3/21 9/3/21 12/31/21 3/31/211 6/3/211 9/3/211 Contributions Dis tributions NAV 12/31/211 3/31/212 6/3/212 9/3/212 12/31/212 3/31/213 6/3/213 9/3/213 12/31/213 3/31/214 6/3/214 9/3/214 12/31/214 3/31/215 6/3/215 9/3/ % 24.% 22.% 2.% 18.% 16.% 14.% 12.% 1.% 8.% 6.% 4.% 2.%.% (2.% ) (4.% ) 25-Jan :59:14 A-14

30 Landmark Equity Partners XIV, L.P. Landmark XIV was formed to acquire interests in established private equity investments through secondary market transactions. The Partnership constructed a diversified portfolio of private equity interests with the objectives of achieving superior returns at lower risk for this asset class and generating cash distributions to its partners beginning in the Partnership s first year. Reported Value 17,319,524 2,643,939 27,25,87 3,, Remaining to be invested 2,75,298 Age of fund (in years) 7. Value Multiple 14.8% 1.4x 76% Number of Portfolio Companies 25 Top 1 Portfolio Investments LAF IV Colony, L.P. Landmark Acquisition Fund VI, L.P. WS Gatsby Partners, L.P. TCL Aventura, L.P. TW/LM Acquisition LP TDR Capital II A, L.P. HL Investments, L.P. Landmark Aquisition Fund III, L.P. Ridgemont Equity Partners I, LP Vision Capital Partners VII, L.P. (C) Jun-1 Jun-13 Jun-12 Jun-11 Jun-13 Jun-6 Jun-11 Jun-9 Jun-12 Jan-9 Fund Manager Sep-8 Feb-24 Secondaries Landmark Partners, Inc. Vintage Year 28 Fund Size 1,997,242,424 % Drawn 91.% Client % ownership 1.5% Capital Contributed () () Valuation () 2,, 18,, 16,, 14,, 12,, 1,, 8,, 6,, 4,, 2,, (2,,) (4,,) 9/3/28 12/31/28 3/31/29 6/3/29 9/3/29 12/31/29 Portfolio Cash Flows - Valuations - Performance 9/3/214 6/3/214 3/31/214 12/31/213 9/3/213 6/3/213 3/31/213 12/31/212 9/3/212 6/3/212 3/31/212 12/31/211 9/3/211 6/3/211 3/31/211 12/31/21 9/3/21 6/3/21 3/31/21 Contributions Dis tributions NAV 12/31/214 3/31/215 6/3/215 9/3/ % 2.% 15.% 1.% 5.%.% (5.% ) (1.%) 25-Jan :59:14 A-15

31 Landmark Equity Partners XV, L.P. Landmark XV was formed to acquire interests in established private equity investments through secondary market transactions. The Partnership constructed a diversified portfolio of private equity interests with the objectives of achieving superior returns at lower risk for this asset class and generating cash distributions to its partners beginning in the Partnership s first year. Reported Value 12,189,331 2,871,842 12,67,26 4,, Remaining to be invested 27,336,292 Age of fund (in years) 1.5 Value Multiple 22.2% 1.2x 23% Number of Portfolio Companies 112 Mar-14 Apr-28 Secondaries Fund Manager Landmark Partners, Inc. Vintage Year 213 Fund Size 3,25,, % Drawn 31.7% Client % ownership 1.2% Capital Contributed () () Valuation () Top 1 Portfolio Investments LEP XV Holdings, L.P. Mar-15 Landmark Acquisition Fund VI, L.P. Jun-13 Landmark Acquisition Fund VII, L.P. Jun-14 Landmark Acquisition Fund VIII Jun-14 TDR Capital II C, L.P. May-15 Ares Corporate Opportunities Fund IV Jun-14 TDR Capital II A, L.P. Jun-14 Avista Capital Partners Jun-6 EnerVest Energy Institutional Fund XI-A Jun-7 Baring Asia Private Equity Fund III Jun-5 Portfolio Cash Flows - Valuations - Performance 12,, 11,, 1,, 9,, 8,, 7,, 6,, 5,, 4,, 3,, 2,, 1,, (1,,) (2,,) (3,,) (4,,) 3/31/214 6/3/214 9/3/214 12/31/214 Contributions Dis tributions NAV 3/31/215 6/3/215 9/3/215 4.% 38.% 36.% 34.% 32.% 3.% 28.% 26.% 24.% 22.% 25-Jan :59:14 A-16