2Q2016 WATER & POWER EMPLOYEES RETIREMENT

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2 2Q216 WATER & POWER EMPLOYEES RETIREMENT PLAN (WPERP) Private Equity Performance Report WPERP Private Equity Performance Report 2Q216 Page 1

3 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 June 3, 216, the Program had million in commitments across 22 partnerships. The net since inception Internal Rate of Return () was 8.5% at the end of the second quarter of 216, same as the prior quarter and down from 9.8% one year prior. Declines in distressed debt and energy holdings combined with material contributions funded over the past year (31% of current market value) contributed to lower recent returns. The Program s reported value represented 3.1% 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 of 2 by the Board). Including unfunded commitments of million as of Q2 216 results in an approximate allocation of 6.% on a total exposure basis (market value plus unfunded commitments). Subsequent to the reporting period, an additional 275 million of commitments were approved, but had yet to begin deploying capital, bringing the approximate allocation to 8.7% 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 June 3, 216 ( Millions) Committed Contributed Distributed Market Value % of Assets Target PE Allocation Multiple Since Inception * Beginning of Period % 5.% 1.3x 9.8% End of Period % 5.% 1.2x 8.5% Change %.% (.1x) (1.3%) * initial capital call was on June 22, 26 WPERP Private Equity Performance Report 2Q216 Page 2

4 Horizon Performance, as of June 3, 216 The WPERP private equity portfolio underperformed the policy benchmark (Russell 3 Index plus 3 basis points) over all time periods evaluated. The strong rebound of the public equity markets after the financial crisis contributed to the underperformance over the longer periods as public equity had generated returns well above long-term expectations and private markets appreciation did not keep pace. Over the latest year, declines in the energy sector and volatility in the distressed debt markets combined with material capital contributions (with investments initially held at cost) dampened aggregate portfolio results. Two out of WPERP s three EnCap partnerships posted negative results over the latest year due to declines in oil prices. All three of WPERP s distressed debt partnerships experienced negative one-year returns as spreads widened in the latter half of 2. Ares Special Situations Fund IV, which began investing in February of 2, experienced initial negative results beyond that expected by a traditional j-curve due significantly to distressed debt positions in the energy industry. WPERP Private Equity Performance vs. Policy Benchmark as of June 3, 216 One-Year Three-Year Five-Year Ten-Year Since Inception WPERP Private Equity 2.8% 9.2% 9.% 8.5% 8.5% Russell bps* 5.8% 12.5% 13.3% 11.7% 11.7% Variance (3.%) (3.3%) (4.3%) (3.2%) (3.2%) *utilizing the Index Comparison Methodology, which is a public market equivalent calculation exhibiting how an investment would have performed in the public index WPERP Private Equity Performance Report 2Q216 Page 3

5 PORTFOLIO DIVERSIFICATION Structure, Sector, and Geographic Diversification, as of June 3, 216 Investment Structure Diversification: market value Direct Partnerships 72% Investment Structure Diversification: total exposure* Direct Partnerships 79% Primary fund of funds 9% Secondary fund of funds 19% Sector Diversification: market value Secondary fund of funds % Primary fund of funds 6% Geographic Diversification: market value Credit Related 2% 6% Growth 9% Venture 11% North America 82% Europe 14% Asia 3% ROW 1% The WPERP Private Equity Program is diversified across structure, sector, and geography. Portfolio construction has evolved towards direct partnership commitments which now represents 79% of total exposure. s, at 6% of market value, is below the broad market as buyouts represent approximately 74% of domestic commitments raised over the past five years (primarily offset by WPERP s 2% credit related exposure). The Program remains domestically oriented, with an 82% exposure to North America. * includes unfunded commitments WPERP Private Equity Performance Report 2Q216 Page 4

6 Industry and Vintage Year Diversification Industry Diversification: market value Based on reported value, the Plan s portfolio is diversified across industries. The five largest sectors of the Russell 3 Index are consumer staples/discretionary (22%), information technology (19%), healthcare (14%), financials (13%), and industrials (1%). The Program s relatively high exposure to information technology is due primarily to commitments to Fisher Lynch Capital, Silver Lake Partners, and Vista Equity Partners which are diversified across stage of company. Energy % Consumer 12% Industrials 9% Financials 9% Healthcare 8% Information Technology 37% Other 5% Telecom Materials 3% 2% Vintage Year Diversification 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. Exposure to the 216 vintage year will increase as recent commitments begin to deploy capital. As the Program strives to achieve the recently adopted 8% target allocation, more recent vintages are expected to represent a larger proportion of market value as annual commitment pacing increases. Millions Pre Reported Value WPERP Private Equity Performance Report 2Q216 Page 5

7 Firm Diversification Exposure Vista Equity Partners Ares Management Landmark Partners EnCap Investments Blackstone Group Crestview Partners Apollo Global Management Lexington Partners Fisher Lynch Capital Clayton, Dubilier & Rice Silver Lake Partners Capital Dynamics Audax Group Oaktree Capital Management Reported Value () Remaining Unfunded () Millions The Program is currently constructed with 22 partnerships committed across 14 investment firms. On a total exposure basis (market value plus unfunded commitments), Vista Equity Partners is the largest exposure at approximately 14 million. This represents 23% of the Program s total exposure as of June 3, 216. Ares Management (12%), Landmark Partners (11%), EnCap Investment (1%), and Blackstone Group (8%) round out the top five relationships by total exposure. Vista s relative exposure within the Program is expected to decline as potential re-up commitments to several of the other largest exposures are considered (a 6 million commitment to Ares Corporate Opportunities Fund V has been finalized, but has yet to deploy capital and therefore is not represented above). WPERP Private Equity Performance Report 2Q216 Page 6

8 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. The 2 calendar year represented the largest capital deployment to date at 12 million. Contribution activity through the first half of 216 is on pace to lag the 2 full calendar year activity. However, the Program has material unfunded commitments and contribution activity is expected to increase going forward. Distribution activity through the first six months of 216 is also well behind last year s levels. Millions YTD 16 25% 2% % 1% 5% % -5% -1% -% -2% -25% Contributions Net Cash Flow The value of the portfolio increased by 14.7 million over the latest quarter driven by contributions and appreciation. The largest sources of contribution activity during the quarter came from Vista Equity Partners VI (7.2 million), Apollo Investment Fund VIII (4.2 million), EnCap Energy Capital Fund X (3.9 million), Clayton, Dubilier & Rice (3.6 million), and Blackstone Tactical Opportunities II (3. million). Millions Quarterly Reprted Value Activity Vista Equity Partners V (8.7 million), Lexington Capital Partners VII (1.3 million), and Landmark Equity Partners XV (1.1 million) were the largest providers of distributions /31/216 Contributions Valuation Change 6/3/216 WPERP Private Equity Performance Report 2Q216 Page 7

9 PERFORMANCE METRICS To compare performance across time periods relative to the policy benchmark, PCA calculates customized cash flow adjusted benchmark returns utilizing the Index Comparison Methodology. The Program underperformed the policy benchmark across all periods evaluated. The chart to the right differentiates Program performance by the maturity of the underlying partnership. As to be expected, the less mature vintages (214 to 216) underperformed and generated negative results to date. The older vintages (26 to 213) have performed more inline with the policy benchmark, particularly over the shorter timer periods. As mentioned previously, public equity markets materially exceeded long-term return expectations over the latest three-year and five-year periods contributing to relative underperformance. Horizon % 1% 5% % -5% -1% 2.8% 5.3% -4.4% 5.8% 11.6% 12.5% 9.2% 9.% 1.5% 13.3% 11.7% 9.4% 9.4% 8.5% 8.5% -5.8% 11.7% One-Year Three-Year Five-Year Ten-Year Since Inception* *initial capital call made in June of 26 Cash Flow Adjusted Benchmark Comparison: periods ending June 3, 216 WPERP Portfolio Older Vintages (26-213) Newer Vintages ( ) Russell 3 Index + 3 bps 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 1.23x, as of June 3, 216, was down slightly from 1.25x at year-end 2 and 1.29x as of year-end 214 as increased contribution activity has dampened results (i.e. j-curve ) combined with some sector-specific underperformance. The chart portrays the historical trend of these since-inception components. Millions Program Investment Multiple 1.23x 1.25x 1.29x 1.28x 1.2x 1.16x 1.13x.99x.85x 1.14x 1.2x YTD 16 Contributions Program Reported Value WPERP Private Equity Performance Report 2Q216 Page 8

10 PORTFOLIO DETAIL As of June 3, 216, approximately 6% 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, 12 of the partnerships placed at or above median while three placed in the top-quartile among their respective peer universes, according to Cambridge Associates data as of June 3, 216. ( NM represents not meaningful as the performance history is too short.) Program Partnerships, as of June 3, 216 Partnership Type Since Peer Top Vintage Management Committed Inv ested Distributed Reported MOIC Inception Median Quartile Year Fee* Capital ( M) Capital ( M) Capital ( M) Value ( M) Net Lexington Capital Partners VI Secondary Fund of 26 1.% x 6.7% 7.4% 11.4% Landmark Equity Partners XIII Secondary Fund of 26.89%* * x 5.7% 7.4% 11.4% HRJ Special Opportunities Fund II Primary Fund of Funds 27.9% x 7.6% 7.6% 13.5% Fisher Lynch Venture Fund II Primary Fund of Funds 28 1.% x 11.1% 9.% 21.1% Landmark Equity Partners XIV Secondary Fund of 28 1.% x 11.5% 1.2%.8% Oaktree Principal Fund V Distressed Debt %** x 3.2% 14.4% 18.6% Lexington Capital Partners VII Secondary Fund of 29.95%** x.3% 13.8% 19.5% Audax Mezzanine Fund III Mezzanine % x 9.2% 8.4% 13.4% EnCap Energy Capital Fund VIII Growth: oil and gas % x -6.6% 1.5% 18.1% Vista Equity Partners Fund IV % x 21.9% 1.5% 18.1% Ares Corporate Opportunities IV Special Situations % x 9.2% 12.4% 16.1% EnCap Energy Capital Fund IX Growth: oil and gas % x 13.9% 8.1% 18.3% Silv er Lake Partners IV % x 3.% 8.1% 18.3% Apollo Inv estment Fund VIII %** x 8.4% 8.1% 18.3% Landmark Equity Partners XV Secondary Fund of % x 11.8% 8.1% 16.% Clayton, Dubilier & Rice Fund IX % x 2.1% 8.1% 18.3% Vista Equity Partners V % x 8.7% 5.3% 13.8% Crestv iew Partners III % x -.% 5.3% 13.8% Ares Special Situations Fund IV Distressed Debt % x -42.2% NM NM EnCap Energy Capital Fund X Growth: oil and gas 2 1.5% x -22.% NM NM Blackstone Tactical Opportunities II Debt Related 2 1.5% x 5.7% NM NM Vista Equity Partners VI % x 1.% NM NM Program x 8.5% * 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 June 3, 216 WPERP Private Equity Performance Report 2Q216 Page 9

11 Vintage Year Performance, as of June 3, 216 ( Millions) Vintage Year Committed Capital ( M) Invested Capital ( M) Distributed Capital ( M) Reported Value ( M) MOIC Since Inception Peer Median Top Quartile x 6.2% 6.% 1.9% x 7.6% 8.2% 12.9% x 11.3% 9.4% 14.9% x 1.2% 12.6% 19.1% x 14.% 11.7% 18.2% x 9.2% 11.6% 17.7% x 16.2% 9.5% 16.7% x 4.3% 5.7% 13.8% x (22.4%) * x 1.% * x 8.5% * Only includes commitments that have deployed capital in 216 at the time of preparing this report. Additional commitments may be categorized as a 216 vintage as investment activities are initiated. On a vintage year basis, WPERP s private equity program has outperformed the peer median in four of eight years where there are measureable results. [1] Source: Cambridge Associates Benchmark Calculator on Thomson One, by vintage year as of June 3, 216. WPERP Private Equity Performance Report 2Q216 Page 1

12 2/YTD 216 Retirement Plan Commitments Fund Type Commitment Board Approval Initial Funding Ares Special Situations Fund IV Credit Related: distressed debt 5. M 11/12/214 2/19/2 EnCap Energy Partners X Growth: oil and gas 37. M 1/28/2 3/26/2 Blackstone Tactical Opportunities II Opportunistic 5. M 4/8/2 5/18/2 Harvest Partners VII : middle-market 3. M 1/28/2 9/28/216 Ares Corporate Opportunities Fund V /Special Situations 6. M 1/28/2 NA M Vista Equity Partners VI : software industry 6. M 1/27/216 6/28/216 Industry Ventures Secondary VIII Secondaries: venture capital 6. M* 5/11/216 NA Adams Street Global SMB WPERP Fund Fund of Funds: small buyout 125. M** 9/14/216 NA 216 YTD M * Includes commitment to Industry Ventures Special Opportunities Fund III-A (the Overage Fund ) ** To be committed to underlying partnerships over a three-year period As private equity is a self-liquidating asset class, ongoing commitment activity is necessary to meet and maintain the target asset allocation level. The 2 Investment Plan recommended an annual pacing of million (up to 2 million) per year for the Retirement Plan. In September of 2, WPERP adopted a long-term target of 8% for the private equity asset class, up from 5% previously. Given the recent increase in target allocation, the 216 Investment Plan suggested an annual commitment target of 24 million (up to 32 million) per year. Commitment activity year-to-date in 216 is on pace to achieve the targeted activity levels with 162 million committed so far for the Retirement Plan (assuming 1/3 of Adams Street Global SMB WPERP Fund is allocated to the 216 vintage year). Annual commitment targets for the Health Fund are currently at 48 million (up to 64 million) and 32 million has been committed so far in 216. WPERP Private Equity Performance Report 2Q216 Page 11

13 INDUSTRY TRENDS Fundraising activity is on pace to slightly exceed 2 levels. After slight declines in annual fundraising activities in 2 from a near-term highs in 214, 216 is on pace to outpace 2 while trailing 214 levels. s continue to represent the largest proportion of commitments at approximately 73% year-to-date. 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. Announced U.S. buyout deal volume slowed slightly YTD in 216. announced U.S. buyout deal volume was 312. billion in 2 (the highest annual level over the past eight years), up from 26.8 billion in 214. Deviating from a longer-term upward trend, YTD 216 announced U.S. buyout deal volume was billion and is on pace to trail last year s levels. Risk metrics in the buyout market remain high as both purchase price multiples and debt multiples are above their ten-year averages. The average purchase price multiple in YTD 216, at 1.5x, increased from 1.3x in 2 and is well above the tenyear average of 9.x. Debt multiples YTD in 216 were at 5.5x, below the 5.7x level for the 2 calendar year but still above the ten-year average of 5.3x. Venture capital investment activity is on pace to trail 2 levels. Approximately 38.8 billion was invested across 2,911 companies YTD in 216, trailing the 47.8 billion across 3,514 in the first nine months of 2. Calendar year activity in 2, at 6.1 billion, exceeded 214 activity which was 51.1 billion. Exit activity for venture capital investments was mixed YTD in 216. The value of merger and acquisition (M&A) transactions increased in the first nine months of 216 and is on track to exceed 2 yet still trailing 214 levels. The initial public offering (IPO) market remained sluggish YTD in 216 and is on track to exhibit continued declines from recent highs in 214. 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 situations 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. WPERP Private Equity Performance Report 2Q216 Page 12

14 PRIVATE MARKET OVERVIEW This section examines the private equity market environment including fundraising, purchase price multiples, debt multiples, distressed debt, U.S. venture capital trends, and private equity market performance. 35 Commitments to U.S. Private Equity Partnerships 35 Commitments to Non-U.S. Private Equity Billions 2 Billions YTD 16 Year s Venture Mezzanine Secondary and Other Fund of funds Source: Private Equity Analyst through September YTD 16 Year Asia Private Equity Fundraising European Fund Private Equity Fundraising Source: Thomson Reuters, through September 216 Fundraising activities in 2 trailed 214 levels with YTD 216 on pace to be in-line with last year. 12 Announced and Disclosed U.S. Quarterly LBO Deal Value* 6% Equity Contribution Billions % Equity Contribution 5% 4% 3% 2% 1% Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 * deal size (both equity and debt). Source: Thomson Reuters s Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 Q2 Q3 Q4 Q1 16 Q2 16 Q3 16 transaction activity slowed in Q2 and Q3 and is on pace to trail last year. WPERP Private Equity Performance Report 2Q216 Page 13 % YTD 16 Source: S&P Capital IQ Year

15 Average U.S. Purchase Price Multiples Average European Purchase Price Multiples TEV/EBITDA x 9.7x 9.1x 7.7x 8.5x 8.8x 8.7x 8.8x 9.7x 1.3x 1.5x TEV/EBITDA x 1.3x 1.4x 8.9x 9.7x 9.2x 9.5x 8.7x 1.2x 1.2x 1.6x YTD 16 Year Source: S&P Capital IQ YTD 16 *Transaction size of 5M or more Source: S&P Capital IQ Year LBO transactions continue to be expensive, above pre-crisis levels Debt/EBITDA x Average U.S. Large LBO Debt Multiples 6.2x 5.2x 5.3x 5.4x 4.9x 4.7x 4.x 5.8x 5.7x 5.5x Debt/EBITDA x 6.1x Average European Debt Multiples 5.2x 4.4x 4.5x 4.6x 4.7x 4.x 5.1x 5.x 4.9x YTD 16 *Large defined as issues with EBITDA >5M, Source: S&P Capital IQ Year YTD 16 Source: S&P Capital IQ Year while use of leverage also continues to be high, but down slightly. WPERP Private Equity Performance Report 2Q216 Page 14

16 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- Apr- Jul- Oct- Jan-16 Apr-16 Jul-16 Oct-16 Source: Loan Syndications and Trading Association (LSTA) New Issuance Proceeds (B) New Issuance: High Yield Bonds and Leveraged Loans 1, Year Leveraged Loans High Yield Bonds Source: UBS Capital Markets, Credit Suisse Leveraged Finane Strategy, GLC Opportunity for distressed investing may be increasing as the market continues to grow and pricing is down. Quarterly U.S. Venture Capital Deal Volume* 2, 18, 16, 14, 1, , ,188 1,18 1,55 1,234 1,25 1,189 1,62 1,88 1,143 1,91 1,47 1, ,3 1,1 9 Billions () 12, 1, 8, 6, 4, 2, Number of Companies Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 Q2 Q3 Q4 Q1 16 Q2 16 Q * Only includes equity portion of deal value. Source: Thomson Reuters Venture capital investment activity slowed in YTD 216 and is currently on pace to trail 2 levels. WPERP Private Equity Performance Report 2Q216 Page

17 Billions () Quarterly U.S. Venture Capital M&A Activity Number of Companies Billions () Quarterly U.S. Venture Capital IPO Activity Number of Companies Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 Q2 Q3 Q4 Q1 16 Q2 16 Q3 16 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 Q2 Q3 Q4 Q1 16 Q2 16 Q3 16 Source: Thomson Reuters Source: Thomson Reuters Exit environment for venture capital has been mixed YTD in 216. Cambridge Associates Horizon Summary Report as of June 3, 216 Public Market Performance Comparision, as of June 3, 216 Fund Type 1 Yr 3 Yr 5 Yr 1 Yr Yr 2 Yr Fund Type 1 Yr 3 Yr 5 Yr 1 Yr 2 Yr Venture Capital -.1% 19.2% 13.6% 1.4% 5.7% 2.7% All Private Equity 3.6% 11.6% 1.% 9.1% 11.8% Growth Equity 1.8% 12.9% 1.1% 11.3% 1.2% 13.7% Russell 3 2.1% 11.1% 11.6% 7.4% 8.% 6.3% 12.9% 1.8% 1.4% 12.3% 12.6% Russell 2-6.7% 7.1% 8.4% 6.2% 7.6% Mezzanine 7.1% 8.8% 9.7% 9.3% 8.1% 9.2% MSCI EAFE -9.7% 2.5% 2.2% 2.1% 4.4% Distressed 1.4% 7.3% 8.7% 9.3% 1.5% 1.5% Private Equity Energy -11.8% -4.% -.2% 5.2% 8.8% 9.2% BC Aggregate 6.% 4.1% 3.8% 5.1% 5.7% Upstream Energy & Royalties -16.9% -.2% -3.7% 2.% 11.7% 11.8% Private equity outperforming over most time periods Timber.5% 3.6% 4.3% 4.1% 4.3% 4.4% Real Estate 8.% 12.6% 1.7% 4.9% 6.6% 7.2% Infrastructure 12.6% 1.1% 7.6% 7.% 6.9% 6.2% Fund of Funds 2.6% 12.7% 9.3% 8.8% 8.% 8.9% Secondary Funds 1.5% 1.7% 9.4% 1.1% 11.6% 12.2% 3.6% 11.6% 1.% 9.1% 9.6% 11.8% Private equity energy/upstream energy & royalties have exhibited material declines. WPERP Private Equity Performance Report 2Q216 Page 16

18 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, LLC. 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 PCA nor 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. WPERP Private Equity Performance Report 2Q216 Page 17

19 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 6/3/216 T ki S h d l All P tf li I t t Private Equity Tracking Schedule As of: 6/3/216 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 34,1,338 8,497,512 8,987, x 6.7% Landmark Equity Partners XIII, L.P. Secondaries Nov-6 3,, 28,698,265 1,31,735 26,811,67 1,138,498 11,44, x 5.7% HRJ Special Opportunities II, L.P. Fund of Funds Mar-8 2,, 17,95, 4,75, 17,95, 9,733,679 14,483, x 7.6% Fisher Lynch Venture Partnership II, LP Fund of Funds May-8 2,, 17,63, 2,37, 8,87,632 19,787,44 22,7,44 1.6x 11.1% Landmark Equity Partners XIV, L.P. Secondaries Sep-8 3,, 27,938,452 2,61,548 23,83,543 13,679,432,74,98 1.3x 11.5% Oaktree Principal Fund V, L.P. Debt Related Feb-9 16,,,38,733 1,761,267 7,851,587 9,14,43 1,775,31 1.1x 3.2% Lexington Capital Partners VII, L.P. Secondaries Dec-9 3,, 25,598,45 4,48,528 22,98,413 14,9,77 19,38,65 1.5x.3% Audax Mezzanine Fund III, L.P. Debt Related Feb-11 17,, 14,8,9 2,199,85 8,232,679 9,537,359 11,736, x 9.2% EnCap Energy Capital Fund VIII, L.P. Growth Feb-11 12,5, 11,865,39 1,997,95 4,364,986 5,892,46 7,889,555.9x -6.6% Vista Equity Partners IV, L.P. Nov-11 25,, 24,99,411 3,28,24 11,34,62 31,724,651 34,752, x 21.9% Ares Corporate Opportunities Fund IV, L.P. Nov-12 25,, 2,844,722 6,644,782 2,992,91 21,19,975 27,835, x 9.2% EnCap Energy Capital Fund IX, L.P. Growth Jan-13 17,, 13,554,214 4,714,426 2,731,293 13,442,198 18,6, x 13.9% Silver Lake Partners IV, L.P. Oct-13 18,, 1,339,253 8,417,13 2,874,286 1,943,29 19,36, x 3.% Apollo Investment Fund VIII Feb-14 34,,,655,957 19,473,7 1,13,149,729,35 35,22, x 8.4% Landmark Equity Partners XV, L.P. Secondaries Mar-14 4,, 13,853,22 26,146,78 5,361,483 1,646,625 36,793,45 1.2x 11.8% Clayton, Dubilier & Rice Fund IX, L.P. Mar-14 25,, 14,636,77 1,438,737 6,713,944 11,7,125 22,3, x 2.1% Vista Equity Partners V, L.P. May-14 5,, 43,839,216 6,16,784 8,748,484 39,17,646 45,331,43 1.1x 8.7% Crestview Partners III, L.P. Jan- 5,, 11,614,147 38,523, ,41 9,85,118 48,328,612.9x -.% Ares Special Situations Fund IV, L.P. Debt Related Feb- 5,, 18,893,825 32,673,267 1,57,192 9,547,366 42,22,633.6x -42.2% EnCap Energy Capital Fund X, L.P. Growth Mar- 37,, 7,883,244 29,116,756 7,9,79 36,276,546.9x -22.% Blackstone Tactical Opportunities Fund II, L.P. Debt Related May- 5,, 18,569,38 31,613, ,234 18,581,93 5,194,681 1.x 5.7% Vista Equity Partners VI, L.P. Apr-16 6,, 7,198,72 52,81,28 7,268,621 6,69,91 1.x 1.% Multiple Net Portfolio 686,5, 412,341,44 291,164,57 198,634,42 38,,32 599,269,62 1.2x 8.5% All All All * May exceed committed capital due to recycling of recallable distributions. A-1

20 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,729,35 Remaining to be invested 1,13,149,659,291 34,, 19,473,7 Age of fund (in years) 2.4 Value Multiple 8.4% 1.1x Number of Portfolio Companies 7% Feb-14 Dec-23 Fund Manager Apollo Global Management, LLC Vintage Year 213 Fund Size 18,4,, % Drawn 42.7% Client % ownership.2% Capital Contributed () () Valuation () Top 1 Portfolio Investments ADT Jupiter Resources Presidio Verallia The Fresh Market RegionalCare Ventia (formerly Leighton Services) CH2M Hill Companies CEC Entertainment, Inc. Amissima (formerly Carige Insurance) 16,, 14,, 12,, 1,, 8,, 6,, 4,, 2,, (2,,) (4,,) 6/3/214 3/31/214 Jul- Business Services Jun-14 Feb- Business Services Oct- Packaging Apr-16 Consumer & Retail Dec- Healthcare Sep- Industrials Jun- Engineering & Construction Jan-14 Entertainment and Leisure Jun- Insurance Portfolio Cash Flows - Valuations - Performance 5.%.% (5.% ) (1.% ) (.% ) (2.% ) (25.% ) 6/3/216 3/31/216 12/31/2 9/3/2 6/3/2 3/31/2 12/31/214 9/3/214 Contributions Dis tributions NAV (3.% ) 18-Oct :13:26 A-2

21 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 21,19,975 2,992,91 2,844,722 25,, Remaining to be invested 6,644,782 Age of fund (in years) 3.7 Value Multiple 9.2% 1.2x 14% Number of Portfolio Companies 13 Nov-12 Nov-22 Fund Manager Ares Management, LLC Vintage Year 212 Fund Size 4,7,, % Drawn 73.4% Client % ownership.5% Capital Contributed () () Valuation () Top 1 Portfolio Investments National Veterinary Associates Aug-14 Medical/Health Related BlackBrush Oil & Gas Jul-14 Oil and Gas American Tire Distributors Feb- Industrials AOT Building Products (CPG Internationa) Sep-13 Manufacture of Building Products Clayton Williams Energy Mar-16 Oil and Gas Smart & Final Stores LLC Nov-12 General Food Products/Grocery/Convenience Stores Neiman Marcus Group Oct-13 Clothing and Shoe Stores Other Debt Securities Mar-14 Debt Valet Waste Holdings, Inc. Sep- Industrials Farrow & Ball Nov-14 manufacturer/retailer of premium branded paint Portfolio Cash Flows - Valuations - Performance 2,, 1.% 18,, 5.% 16,, 14,,.% 12,, (5.% ) 1,, 8,, (1.% ) 6,, (.% ) 4,, 2,, (2.% ) (25.% ) (2,,) (4,,) (3.% ) 6/3/216 3/31/216 12/31/2 9/3/2 6/3/2 3/31/2 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 18-Oct :13:26 A-3

22 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 9,547,366 Remaining to be invested 1,57,192 18,882,39 5,, 32,673,267 Age of fund (in years) 1.4 Value Multiple -42.2%.6x Number of Portfolio Companies 8% 29 Top 1 Portfolio Investments Bank Loans Corporate Debt Collateralized Loan Obligations Common Stock Jun- Debt Jun- Debt Jun- Debt Jun- Equity Feb- Aug-22 Debt Related Fund Manager Ares Management, LLC Vintage Year 2 Fund Size 1,5,, % Drawn 34.7% Client % ownership 3.3% Capital Contributed () () Valuation () 12,, 1,, 8,, 6,, 4,, 2,, (2,,) (4,,) (6,,) (8,,) 3/31/2 Portfolio Cash Flows - Valuations - Performance 3/31/216 12/31/2 9/3/2 6/3/2 Contributions Dis tributions NAV 6/3/216 (1.% ) (.% ) (2.% ) (25.% ) (3.% ) (35.% ) (4.% ) (45.% ) (5.% ) (55.% ) (6.% ) 18-Oct :13:26 A-4

23 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 9,537,359 8,232,679 14,8,9 17,, Remaining to be invested 2,199,85 Age of fund (in years) 5.4 Value Multiple 9.2% 1.2x 56% Number of Portfolio Companies 22 Feb-11 Jan-21 Debt Related Fund Manager Audax Group Vintage Year 211 Fund Size 1,2,25, % Drawn 87.1% Client % ownership 1.7% Capital Contributed () () Valuation () Top 1 Portfolio Investments PlayCore Holdings, Inc. May-14 Manufacturing IntraPac International Corporation Dec-11 Packaging Products & Systems Cross MediaWorks, LLC Jul-13 Media Related Services Area Wide Protective, Inc. Jun- Transportation Engineered Controls International, LLC Dec-13 Manufacturing Integrated Power Services, LLC Jul-13 Industrial Services Chesapeake IRB Dec- Business Services Rio Brands Mar- Consumer QualaWash Holdings, LLC Jun-12 Water, Sewage, Chem & Solid Waste Treatment Plants Worldwide Express, LLC Aug-13 Mail and Package Shipment Portfolio Cash Flows - Valuations - Performance 9,, 8.% 8,, 6.% 7,, 6,, 4.% 5,, 2.% 4,,.% 3,, 2,, (2.% ) 1,, (4.% ) (1,,) (6.% ) (2,,) (8.% ) 6/3/216 3/31/216 12/31/2 9/3/2 6/3/2 3/31/2 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 12/31/211 9/3/211 6/3/211 3/31/211 Contributions Dis tributions NAV 18-Oct :13:26 A-5

24 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 18,581,93 722,234 18,6,948 5,, Remaining to be invested 31,613,588 Age of fund (in years) 1.2 Value Multiple 5.7% 1.x 4% Number of Portfolio Companies 25 Top 1 Portfolio Investments NCR Corporation Targa Resources Czech Resi (RPG Byty) Northview Group T4U / Phoenix Towers do Brasil Viva Capital Limited II Pretium Finance of America II Stornoway Diamond Direct Dec- Mar-16 Energy Nov- Real Estate Jan- Specialty Finance Jun- Telecom Oct- Insurance Sep- Mining Apr- Specialty Finance Apr- Mining Nov- Retail and Consumer May- Debt Related Fund Manager Blackstone Group, The Vintage Year 2 Fund Size 2,647,787,742 % Drawn 36.8% Client % ownership 1.9% 18,, 16,, 14,, 12,, 1,, 8,, 6,, 4,, 2,, Portfolio Cash Flows - Valuations - Performance 6.% 4.% 2.%.% (2.% ) (4.% ) (6.% ) (8.% ) (1.% ) Capital Contributed () () Valuation () (2,,) (4,,) (6,,) 6/3/2 3/31/216 12/31/2 9/3/2 Contributions Dis tributions NAV 6/3/216 (12.% ) (14.% ) (16.% ) (18.% ) 18-Oct :13:26 A-6

25 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 11,7,125 6,713,944 14,723,352 25,, Remaining to be invested 1,438,737 Age of fund (in years) 2.3 Value Multiple 2.1% 1.3x 46% Number of Portfolio Companies 1 Top 1 Portfolio Investments Brand Energy & Infrastructure Services Solenis Healogics, Inc. TruGreen Holding Corporation Mauser Group Motor Fuel Group Kalle High Ridge Brands Co. Vets First Choice PharMEDium Dec-13 Industrial Services Aug-14 Specialty Chemicals Jul-14 Medical/Health Related Apr-16 Consumer Related Aug-14 Industrial Services Jul- Industrial Services Jun-16 Other Products Jun-16 Consumer Related Jul- Medical/Health Related Jan-14 Medical/Health Related Mar-14 May-24 Fund Manager Clayton, Dubilier & Rice, Inc. Vintage Year 213 Fund Size 6,,, % Drawn 58.2% Client % ownership.4% 14,, 12,, 1,, 8,, 6,, 4,, Portfolio Cash Flows - Valuations - Performance 3.% 25.% 2.%.% 1.% Capital Contributed () () Valuation () 2,, (2,,) (4,,) 3/31/214 6/3/214 12/31/2 9/3/2 6/3/2 3/31/2 12/31/214 9/3/214 Contributions Dis tributions NAV 3/31/216 6/3/216 5.%.% (5.% ) 18-Oct :13:26 A-7

26 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 9,85,118 Remaining to be invested 189,41 11,614,147 5,, 38,523,494 Age of fund (in years) 1.4 Value Multiple -.%.9x Number of Portfolio Companies 2% 11 Top 1 Portfolio Investments WOW! Fidelis Insurance JR Automation NYDJ Corporation Interoute CP Energy Arxis W Energy Partners Dec- Consumer Discretionary Jun- Financials Mar- Industrials Jan-14 Consumer Discretionary Apr- Consumer Discretionary Nov-13 Energy Nov- Financials Apr-16 Jan- Jan-25 Fund Manager Crestview Partners Vintage Year 214 Fund Size 3,114,845, % Drawn 23.% Client % ownership 1.6% Capital Contributed () () Valuation () 11,, 1,, 9,, 8,, 7,, 6,, 5,, 4,, 3,, 2,, 1,, (1,,) (2,,) (3,,) (4,,) (5,,) 3/31/2 Portfolio Cash Flows - Valuations - Performance 3/31/216 12/31/2 9/3/2 6/3/2 Contributions Dis tributions NAV 6/3/216 (6.% ) (7.% ) (8.% ) (9.% ) (1.% ) (11.% ) (12.% ) (13.% ) (14.% ) (.% ) 18-Oct :13:26 A-8

27 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 13,442,198 Remaining to be invested 2,731,293 13,554,214 17,, 4,714,426 Age of fund (in years) 3.5 Value Multiple 13.9% 1.2x Number of Portfolio Companies 2% 22 Jan-13 Dec-22 Growth Fund Manager EnCap Investments Vintage Year 213 Fund Size 5,4,6, % Drawn 72.3% Client % ownership.3% Capital Contributed () () Valuation () Top 1 Portfolio Investments Felix Energy, LLC QStar LLC Payrock Energy, LLC Southland Royalty Company, LLC Silverback Exploration, LLC Bold Energy III, LLC EnCap International IX Cinco Oil & Gas LLC Eclipse Resources Corporation Protege Energy III, LLC 13,, 12,, 11,, 1,, 9,, 8,, 7,, 6,, 5,, 4,, 3,, 2,, 1,, (1,,) (2,,) 3/31/213 6/3/213 9/3/213 Apr-13 Jun-13 Jan-13 Feb- Nov-13 Apr-13 Mar-13 Jan-14 Feb- Sep-13 Portfolio Cash Flows - Valuations - Performance 6.% 5.% 4.% 3.% 2.% 1.%.% (1.% ) (2.% ) (3.% ) (4.% ) (5.% ) (6.% ) (7.% ) 6/3/216 3/31/216 12/31/2 9/3/2 6/3/2 3/31/2 12/31/214 9/3/214 6/3/214 3/31/214 12/31/213 Contributions Dis tributions NAV 18-Oct :13:27 A-9

28 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 5,892,46 Remaining to be invested 4,364,986 11,868,411 12,5, 1,997,95 Age of fund (in years) 5.4 Value Multiple -6.6%.9x Number of Portfolio Companies 37% 22 Feb-11 Oct-2 Growth Fund Manager EnCap Investments Vintage Year 211 Fund Size 3,953,2, % Drawn 84.% Client % ownership.3% Capital Contributed () () Valuation () Top 1 Portfolio Investments Payrock Energy, LLC Nov-12 PennEnergy Resources, LLC Sep-11 Eclipse Resources, LP Feb-11 Broad Oak Energy II, LLC Jul-12 FireWheel Energy, LLC Aug-11 Plantation Petroleum Holdings V, LLC Sep-11 Phillips Energy Partners III, LLC Aug-12 Forge Energy, LLC Jul-11 Brigadier Oil & Gas, LLC Mar-12 Tracker Resources Development III, LLC Apr-11 Portfolio Cash Flows - Valuations - Performance 12,, 9.% 11,, 8.% 1,, 9,, 7.% 8,, 6.% 7,, 5.% 6,, 5,, 4.% 4,, 3.% 3,, 2.% 2,, 1.% 1,,.% (1,,) (1.% ) 6/3/216 3/31/216 12/31/2 9/3/2 6/3/2 3/31/2 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 12/31/211 9/3/211 6/3/211 3/31/211 Contributions Dis tributions NAV 18-Oct :13:27 A-1

29 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 7,9,79 Remaining to be invested 7,883,244 37,, 29,116,756 Age of fund (in years) 1.3 Value Multiple -22.%.9x Number of Portfolio Companies % 9 Mar- Mar-25 Growth Fund Manager EnCap Investments Vintage Year 2 Fund Size 6,5,, % Drawn 21.3% Client % ownership.6% 1 5 Capital Contributed () () Valuation () Top 1 Portfolio Investments Southland Royalty Company, LLC Mar- Plains All American Jan-16 Oil & Gas Master Limited Partnership Felix Energy Holdings II, LLC Nov- American Resource Development LLC May- Staghorn Petroleum, LLC Oct- Council Oak Resources, LLC Jul- Raisa Energy II, LLC Apr-16 Grenadier Energy Partners II, LLC May- Fortis Minerals, LLC Jun-16 Mineral Acquisitions Advance Energy Partners, LLC May-16 Portfolio Cash Flows - Valuations - Performance 7,, 6,, (5.% ) 5,, 4,, 3,, 2,, 1,, (1,,) (2,,) (3,,) (4,,) 6/3/216 3/31/216 12/31/2 9/3/2 6/3/2 3/31/2 Contributions Dis tributions NAV (1.% ) (.% ) (2.% ) (25.% ) (3.% ) (35.% ) (4.% ) (45.% ) 18-Oct :13:27 A-11

30 Fisher Lynch Venture Partnership II, LP Fisher Lynch Capital invests in venture capital partnerships (1 to 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 19,787,44 8,87,632 17,63, 2,, Remaining to be invested 2,37, Age of fund (in years) 8.2 Value Multiple 11.1% 1.6x 5% Number of Portfolio Companies 17 Top 1 Portfolio Investments Lightspeed Venture Partners VIII, L.P. Versant Venture Capital IV, L.P. New Enterprise Associates 13, L.P. U.S. Venture Partners X, L.P. Charles River Partnership XIV, L.P. Austin Ventures X, 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-8 Venture Capital Jun-8 Venture Capital Jun-9 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 12/31/29 3/31/21 Portfolio Cash Flows - Valuations - Performance 6/3/21 9/3/21 12/31/21 3/31/211 6/3/211 12/31/211 9/3/211 3/31/212 6/3/212 9/3/212 Contributions Dis tributions NAV 12/31/212 3/31/213 6/3/213 12/31/213 9/3/213 3/31/214 6/3/214 9/3/214 12/31/214 3/31/2 6/3/2 9/3/2 12/31/2 3/31/216 6/3/216 2.%.% 1.% 5.%.% (5.% ) (1.% ) (.% ) (2.% ) (25.% ) (3.% ) (35.% ) (4.% ) (45.% ) (5.% ) (55.% ) (6.% ) 18-Oct :13:27 A-12