GCM Grosvenor Pacific, L.P. Private Equity and Infrastructure September 30, 2016 Quarterly Report

Transcription

1 Private Equity and Infrastructure THE NOTES AND DISCLOSURES FOLLOWING THIS REPORT ARE AN INTEGRAL PART OF THIS REPORT AND MUST BE READ IN CONNECTION WITH YOUR REVIEW OF THIS REPORT. THIS REPORT HAS BEEN PREPARED BY THE GCM CUSTOMIZED FUND INVESTMENT GROUP, L.P. (REFERRED TO HEREIN AS GCM GROSVENOR PRIVATE MARKETS ) AND GRV SECURITIES LLC. 0 GCM CUSTOMIZED FUND INVESTMENT GROUP, L.P. ALL RIGHTS RESERVED

2 Table of Contents Page GCM Grosvenor Pacific, L.P. Update Letter... Summary Tables... Underlying Fund Investment Reports... Co-Investment Reports... Notes & Disclosures... Appendix Q 0 Overview...

3 Update Letter Dear Partner: We are pleased to provide you with the third quarter 0 report for GCM Grosvenor Pacific, L.P. (the Fund or the Partnership ). Fund Overview Since the formation of the Fund in September 00, GCM Grosvenor Private s has pursued a disciplined, but opportunistic approach of implementing the stated strategy of identifying top quartile managers, and constructing a portfolio of investments in leveraged buyout funds and special situation investments such as mezzanine, distressed debt and secondary investments. The Fund also opportunistically invests in co-investments and potentially other non-traditional investments that may offer enhanced net returns, as well as accelerate capital deployment to meet SDCERS private equity allocation targets. GCM Grosvenor Private s has also actively targeted strategies that lessened the J-curve effect of private equity investing. In 0, GCM Grosvenor Private s also began to implement the strategy of investing in infrastructure fund investments (primary and secondary) and infrastructure co-investments. GCM Grosvenor Private s pursues a global total return strategy while also seeking current cash and J-curve mitigation, with an emphasis on North American infrastructure and other U.S. dollar-based investments. A summary of the Fund as of September 0, 0 is as follows: Since inception, the Partnership has committed $. million to total underlying funds and total coinvestments. The Partnership had contributed a total of $0. million to investments, representing.% of commitments to investments. Cumulative distributions from investments totaled $. million, representing approximately.% of capital contributed to investments. The Partnership s investments continued to progress well during the third quarter of 0. Top drivers of performance include : Private Equity Funds Avista Capital Partners II, L.P. was held at.x cost, with of its investments marked at or above cost, generating a net IRR of.%. Castlelake Aviation II, L.P. (fka Airline Credit Opportunities II, L.P.) was held at.x cost, with 0 of its investments market at or above cost, generating a net IRR of.%. Cerberus Institutional Partners V, L.P. was held at.x cost, with of its investments marked at or above cost, generating a net IRR of.%. Cerberus Institutional Partners, L.P. (Series Four) was held at.0x cost, with of its investments marked at or above cost, generating a net IRR of.0%. Clearlake Capital Partners III, L.P. was held at.0x cost, with of its investments marked at or above cost, generating a net IRR of.%. Crestview Capital Partners, L.P. was held at.x cost, with of its 0 investments marked at or above cost, generating a net IRR of.%. Crestview Partners II (TE), L.P. was held at.x cost, with two of its six investments marked at or above cost, generating a net IRR of.%.

4 Darby Asia Mezzanine Fund II, L.P. generated an infinite net IRR. Darby Converging Europe Mezzanine Fund, L.P. was held at.x cost, generating an infinite net IRR., Excellere Capital Fund II, L.P. was held at.x cost, with six of its eight investments marked at or above cost, generating a net IRR of.%. GCM Grosvenor Secondary Opportunities, L.P. was held at.x cost, generating a net IRR of.%. KRG Capital Fund III, L.P. was held at.x cost, generating an infinite net IRR., KRG Capital Fund IV, LP was held at.x cost, with of its investments marked at or above cost, generating a net IRR of.%. Revelstoke Capital Partners Fund I, L.P. was held at.x cost, with its seven investments marked at or above cost, generating a net IRR of.%. Siris Partners II, L.P. was held at.x cost, with five of seven its investments marked at or above cost, generating a net IRR of.%. TPG Opportunities Partners II (A), L.P. was held at.x cost, with of its investments marked at or above cost, generating a net IRR of.%. TSG, L.P. was held at.0x cost, with of its investments marked at or above cost, generating a net IRR of 0.0%. The Veritas Capital Fund IV, L.P. was held at.x cost, with of its investments marked at or above cost, generating a net IRR of.%. VIP I A L.P. was held at.x cost, with of its investments marked at or above cost, generating a net IRR of.%. Private Equity Co-Investments The Private Equity Co-Investment Portfolio was held at.x cost, with of the co-investments marked at or above cost, generating a net IRR of.%. Infrastructure Funds Alinda Infrastructure Fund I, L.P. (secondary) was held at.x cost, generating a net IRR of.%. Alinda Infrastructure Fund II, L.P. (secondary) was held at.0x cost, generating a net IRR of.%. EIV Capital Fund II, L.P. was held at.x cost, generating a net IRR of.%. HighStar Capital II, L.P. (secondary) was held at.x cost, generating a net IRR of.%. IDFC Private Equity (Mauritius) Fund II (secondary) was held at.x cost, generating a net IRR of.%. Infracapital Partners LP (secondary) was held at.x cost, generating a net IRR of.%. KoFC Macquarie Korea Growth Champ 00- Private Equity Fund (secondary), was held at.x cost, generating a net IRR of.%. Macquarie European Infrastructure Fund I, L.P. (secondary) was held at.x cost, generating a net IRR of.%. Macquarie European Infrastructure Fund, L.P. (secondary) was held at.0x cost, generating a net IRR of.0%. Macquarie Infrastructure Partners I, L.P. (secondary) was held at.x cost, generating a net IRR of.%. Macquarie Infrastructure Partners I, L.P. (Project Key) (secondary) was held at.x cost, generating a net IRR of.%. Rockland Power Partners II, LP was held at.x cost, generating a net IRR of.%. Infrastructure Co-Investments The Infrastructure Co-Investment Portfolio was held at.x cost, with all three co-investments marked at or above cost, generating a net IRR of.0%. Returns do not take into account application of management fees, allocable expenses and carried interest, if applicable, at the GCM Grosvenor Private s level. Returns would be lower if net-of-fee performance was presented. Past performance is not necessarily indicative of future results. Little or no capital has been funded in respect of this investment, which together with the current market value and distributions, produces an infinite IRR.

5 Limited Partner Summary As of September 0, 0, the estimated market value of San Diego CERS Combined Partnership interest plus cumulative distributions totaled $. million, representing a net multiple of.x, Cumulative distributions totaled $. million, representing approximately.0% of capital called. The net IRR on San Diego CERS investment was.%., As of September 0, 0 the estimated market value of San Diego CERS Private Equity Series Partnership interest plus cumulative distributions totaled $. million, representing a net multiple of.x, Cumulative distributions totaled $. million, representing approximately.% of capital called. The net IRR on San Diego CERS investment was.%., As of September 0, 0 the estimated market value of San Diego CERS Infrastructure Series Partnership interest plus cumulative distributions totaled $0. million, representing a net multiple of.x, Cumulative distributions totaled $. million, representing approximately.% of capital called. The net IRR on San Diego CERS investment was.%., Overview Global fundraising in Q 0 decreased by % compared to the amount raised in Q 0. Global IPO issuance increased from $.0 billion in Q 0 to $.0 billion in Q 0. The global IPO market continued to make a recovery despite uncertainties surrounding Brexit at the end of Q 0. IPO proceeds in Asia and Europe in Q 0, accounting for % and % of total proceeds raised in Q 0, respectively. Global mergers & acquisitions ( M&A ) increased by % in Q 0 from the prior quarter. M&A activity from Q-Q 0 decreased 0% from the same period in 0. Political uncertainty, increased regulation and decreased confidence on boards has hampered M&A activity in 0. Europe experienced a decline in M&A activity in Q 0, while the U.S. and Asia experienced pickups in activity during the quarter, as compared to Q 0. The largest M&A deal in Q 0 was Bayer AG s $.0 billion acquisition of Monsanto Company. In terms of global M&A volume during Q-Q 0, the industrials and chemicals sector ranked first at $.0 billion (% share) followed by $.0 billion (% share) from the energy, mining and utilities sector. New s During the quarter, the Fund made commitments to one seasoned primary fund investment and one co-investment, along with one follow-on commitment to a co-investment totaling $0. million, bringing total commitments to $. million. Private Equity Investments GCM Grosvenor Co-Investment Opportunities Fund, L.P. Seasoned Primary Fund : $.0 million GCM Grosvenor Co-Investment Opportunities Fund, L.P. was formed on October 0, 0 to make private equity coinvestments alongside premier middle market buyout managers. GCM Grosvenor Private s seeks to create a portfolio that is diversified across private equity sponsors, industries and vintage years. The net multiple and IRR of SDCERS Partnership interest is net of management fees, allocable expenses and carried interest at the Partnership level. Estimated net IRRs and multiples for SDCERS Partnership interests are reflective of investments made in respect of private equity and infrastructure investments across the Partnership s 00- Investment Series, 0- Investment Series, 0- PE Investment Series and 0- Investment Series. Please note that for purposes of the respective net IRR and multiple calculations, Partnership-level management fees were calculated for each specific investment. Partnership-level expenses were allocated across private equity and infrastructure investments based on original commitment amounts related to investments. The calculations also reflect carried interest that has been allocated across private equity and infrastructure investments based on the net gains achieved on the respective strategies. Additional information on the calculation methodology described above is available upon request. Source: Thomson ONE, November 0. Source: Renaissance Capital IPO Intelligence, Global IPO Q 0 Quarterly Review. Source: Mergermarket, Global and Regional M&A: Q-Q 0.

6 Project Denali Co-Investment Follow-On Investment: $. million Project Denali (the Company ) provides integrated technology solutions in the information technology (IT) industry worldwide. The Company designs, develops, manufactures, markets, sells, and supports mobility and desktop products, including notebooks, workstations, tablets, smartphones, and desktop PCs, as well as servers and networking products and storage products to enterprises, public, small and medium businesses, and consumers. Project Denali offers high performance rack, blade, and tower servers for enterprise customers, value tower servers for small organizations, networks, and remote offices, and storage area networks, network-attached storage, direct-attached storage and backup systems. Project Therapy Co-Investment : $0.0 million Project Therapy (or Company ) is a leading provider of comprehensive outpatient rehabilitation services for the treatment of acute and chronic orthopedic injuries. The Company combines best practices from the disciplines of physical therapy, exercise physiology and athletic training. Project Therapy s full suite of comprehensive services include: physical therapy; work conditioning; hand therapy; aquatic therapy; functional capacity assessments; sports medicine; women s health; employer services; and fitness programs. The Company operates nearly 00 clinics throughout Illinois, Wisconsin, Indiana, Ohio, Delaware, Maryland and Pennsylvania. Partnership Highlights The following summarizes the combined activity during the quarter: The Partnership made three capital calls to San Diego CERS totaling $. million. The Partnership made one non-recallable distribution to San Diego CERS totaling $. million. * * * * * As always, we welcome the opportunity to speak with you. Please feel free to contact Bernard Yancovich at () - or byancovich@gcmlp.com should you wish to discuss your investment. Sincerely, GCM Grosvenor Private s

7 Summary Tables Partnership Summary The Partnership Summary presents the total commitments and cash flows for the Partnership from inception to date. In the first section, the table details the dollar value of the total Partnership commitments, capital calls and distributions from inception through September 0, 0. The second section pertains to San Diego City Employees Retirement Systems only. GCM Grosvenor Pacific, L.P. As of September 0, 0 Private Equity Infrastructure Capital Committed $,, $,0, $,, Capital Contributed to Investments 0,0,,, 0,, Capital Contributed to Investments as a % of Capital Committed.%.%.% Number of Active Investments Distributions from Investments,,,,00,, Distributions from Investments as a % of Capital Contributed to Investments.%.%.% Estimated Value of Investments 0,,,,0,, Estimated Value of Investments as a % of Capital Contributed to Investments.%.%.0% Estimated Value of Investments as a % of Value.0%.0% 00.0% Value of Investments,0,,, 00,, San Diego City Employees' Retirement System (SDCERS) As of September 0, 0 Private Equity Infrastructure Capital Contributed by SDCERS $,, $,0, $,, Unfunded - - 0,, Distributions to SDCERS,,,,,,0 SDCERS' Distributions as a % of Capital Contributed.%.%.0% Estimated Value,0,,,,, Estimated Value as a % of Capital Contributed.% 0.%.% Estimated Value of Investments as a % of Value.%.% 00.0% SDCERS' Value,,0 0,0,,, Net Value Multiple (TVM).x.x.x Net Internal Rate of Return (IRR).%.%.% Numbers may appear as zero due to rounding. Includes amounts called for underlying fund investments and co-investments, reduced by recallable returns of capital. Represents non-recallable proceeds received from investments. Amounts may be inclusive of escrow proceeds receivable. Includes amounts contributed for underlying fund investments, co-investments, Partnership expenses and management fees, reduced by recallable returns of capital, a portion of which amount may not reduce remaining commitments. Represents non-recallable proceeds returned to partners. Estimated net IRRs and multiples for SDCERS Partnership interests are reflective of investments made in respect of private equity and infrastructure investments across the Partnership s 00- Investment Series, 0- Investment Series, 0- PE Investment Series and 0- Investment Series. Please note that for purposes of the respective net IRR and multiple calculations, Partnership-level management fees were calculated for each specific investment. Partnership-level expenses were allocated across private equity and infrastructure investments based on original commitment amounts related to investments. The calculations also reflect carried interest that has been allocated across private equity and infrastructure investments based on the net gains achieved on the respective strategies. Additional information on the calculation methodology described above is available upon request. SDCERS balances, multiples and IRRs relating to the individual 00- Investment Series, 0- Investment Series, 0- PE Investment Series and 0- Investment Series are reflected in the quarterly capital account statement and/or are available upon request.

8 Amount (in US$ millions) Amount (in US$ millions) Amount (in US$ millions) GCM Grosvenor Pacific, L.P. The graphs below details the sources of value generated from the Fund s underlying portfolio investments: GCM Grosvenor Pacific, L.P. to Current Value (Since Inception) $00.0 $00.0 $. $00. $00.0 $00.0 $0. $. $00.0 $00.0 $. $00.0 $00.0 Since Inception Gain/(Loss) Value Private Equity Investments to Current Value (Since Inception) $0.0 $. $. Infrastructure Investments to Current Value (Since Inception) $.0 $0. $. $0.0 $0. $. $00.0 $. $. $0.0 $.0 $0.0 $0. $0.0 $. $0.0 $0.0 Since Inception Gain/(Loss) Value Value $.0 Distributions Since Inception Gain/(Loss) Value Represents investments made to the underlying funds plus capitalized expenses paid. Represents market value of investments plus non-recallable proceeds received from investments. Amounts may be inclusive of escrow proceeds receivable.

9 Summary Tables (cont d) Summary of Investment Performance As of September 0, 0 Investment Type # of Investments Committed Distributed Value Value TVM IRR Private Equity Secondaries $ 00,,0 $,, $,, $,,0 $,0,.x 0.% Private Equity Seasoned Primaries,000,000,,,0,,,0,0,.0.% Private Equity Primaries,,,,,0, 0,0,,,0..% Private Equity Co-Investments,00,0,, 0,, 0,,0,,..% Active,,,,,, 0,,0,,..0% Fully Realized,0,,0,,,0 0,,0..% Private Equity Investments $,, $ 0,0, $,, $ 0,, $,0,.x 0.% Infrastructure Secondaries $,, $,, $ 0,, $,, $,,0.x.% Infrastructure Seasoned Primaries,000,000,0,,0,,0,,,..% Infrastructure Primaries,00,000,,,0,,,,0,..% Infrastructure Co-Investments,0,0,,,,,0,0,,..0% Infrastructure Investments $,0, $,, $,,00 $,,0 $,,.x.% GCM Grosvenor Pacific L.P. Gross Returns $,, $ 0,, $,, $,, $ 00,,.x.% Other Fund Net Assets/(Liabilities),, Partnership Value $ 0,,0 $ 0,, SDCERS Net Returns, $,, $,,0 $,, $,,.x.% Note: Unless otherwise specifically indicated, returns do not take into account application of management fees, allocable expenses and carried interest, if applicable, at the GCM Grosvenor Private s level. Returns would be lower if net-of-fee performance was presented. Past performance is not necessarily indicative of any future results. Please see Notes & Disclosures. The Macquarie European Infrastructure Fund I, L.P. and Alchemy Special Opportunities Fund II, L.P. commitments have been converted to U.S. dollars as of the investments final close and the GCM Grosvenor Pacific, L.P. Private Equity s commitments to the respective investments. may not reduce the Partnership s remaining commitment to the underlying funds or co-investments. Represents the Value plus Distributions. Represents the Value divided by the funded amount. TVMs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. The IRR is as of September 0, 0. IRRs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. Performance information for underlying investments with less than days of cash flows has been calculated using a periodic IRR while information for underlying investments and underlying investment with more than days of cash flows has been calculated using an annualized IRR. Represents all other assets and/or liabilities other than investments, consisting of cash balance, accrued management fees, accrued Partnership expenses, and/or any other receivable and payables, where applicable. The SDCERS total funded amount includes capital called for underlying fund investments, co-investments, Partnership expenses and management fees, less recallable returns of capital. The SDCERS total distributions reflects the total proceeds returned to SDCERS (excludes recallable returns of capital). However, the SDCERS TVM and IRR reflect recallable and non-recallable returns of capital. TVMs and IRRs are net of underlying funds fees and expenses and net of GCM Grosvenor fees and expenses. Estimated net IRRs and multiples for SDCERS Partnership interests are reflective of investments made in respect of private equity and infrastructure investments across the Partnership s 00- Investment Series, 0- Investment Series, 0- PE Investment Series and 0- Investment Series. Please note that for purposes of the respective net IRR and multiple calculations, Partnership-level management fees were calculated for each specific investment. Partnershiplevel expenses were allocated across private equity and infrastructure investments based on original commitment amounts related to investments. The calculations also reflect carried interest that has been allocated across private equity and infrastructure investments based on the net gains achieved on the respective strategies. Additional information on the calculation methodology described above is available upon request. SDCERS balances, multiples and IRRs relating to the individual 00- Investment Series, 0- Investment Series, 0- PE Investment Series and 0- Investment Series are reflected in the quarterly capital account statement and/or are available upon request.

10 Summary Tables (cont d) Partnership Investment Report The Partnership Investment Report presents underlying fund portfolio level information as well as the size, commitment and cash flow information regarding the Partnership s investments in the underlying private equity funds and co-investments. The Partnership adopts the underlying fund managers fair market value for the underlying portfolio companies. The General Partner, in its reasonable and good faith direction, determines the fair value of each co-investment. As of September 0, 0 Investment Name Vintage Year Strategy Distributions Value Value TVM IRR Private Equity Fund Investments Private Equity Secondary Investments Cerberus Institutional Partners, L.P. (Series Four) 00 Distressed $,0, $,, $, $,0, $,,.0x.0% Cressey & Company Fund IV LP 00 Buyout,,,0,,,,,0,.0.% Crestview Capital Partners, L.P. 00 Buyout,0, 0,00,0,00,0..% Crestview Partners II (TE), L.P. 00 Buyout,,,0, 0,,,0,,..% Darby Asia Mezzanine Fund II, L.P. 00 Mezzanine 0,0 0,,,,,0 N/M Darby Converging Europe Mezzanine Fund, L.P. 00 Mezzanine,,,,,,00. GCM Grosvenor Secondary Opportunities Fund, L.P. 0 Pooled,,0,,0,,,00,,,..% KRG Capital Fund III, L.P. 00 Buyout,00, 0,,,,,,. 0 KRG Capital Fund IV, L.P. 00 Buyout,,,,,,,0, 0,0,0..% Mountaingate Capital Fund I, L.P. (fka KRG Capital Fund V, L.P.) 0 Buyout,,0,, 0,,0,,0 0. (.%) VIP I A L.P. 00 Buyout,,0,,,,,,,,..% Private Equity Secondary Investments $ 00,,0 $,, $,, $,,0 $,0,.x 0.% Private Equity Seasoned Primary Investments Avista Capital Partners II, L.P. 00 Buyout $,000,000 $,, $,, $,, $,,.x.% Avista Capital Partners III, L.P. 0 Buyout,000,000,,,,,,,0..% Capital Partners Private Equity Income Fund II, L.P. 0 Buyout,000,000,,,0,,0, 0,,0. 0.% Cerberus Institutional Partners V, L.P. 0 Distressed,000,000,,0,, 0,0,0,0,..% GCM Grosvenor Co-Investment Opportunities Fund, L.P. 0 Buyout,000, Glendon Opportunities Fund, L.P. 0 Distressed,000,000,, 0,00,,00,.0.% Revelstoke Capital Partners Fund I, L.P. 0 Buyout 0,000,000,0,0,0,,,,..% Private Equity Seasoned Primary Investment $,000,000 $,, $,0, $,,0 $,0,.0x.% Note: Unless otherwise specifically indicated, returns do not take into account application of management fees, allocable expenses and carried interest, if applicable, at the GCM Grosvenor Private s level. Returns would be lower if net-of-fee performance was presented. Past performance is not necessarily indicative of any future results. Please see Notes & Disclosures. The Macquarie European Infrastructure Fund I, L.P. and Alchemy Special Opportunities Fund II, L.P. commitments have been converted to U.S. dollars as of the investments final close and the GCM Grosvenor Pacific, L.P. Private Equity s commitments to the respective investments. may not reduce the Partnership s remaining commitment to the underlying funds or co-investments. Represents the Value plus Distributions. Represents the Value divided by the funded amount. TVMs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. The IRR is as of September 0, 0. IRRs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. Performance information for underlying investments with less than days of cash flows has been calculated using a periodic IRR while information for underlying investments and underlying investments with more than days of cash flows has been calculated using an annualized IRR. Figures may appear as N/M for certain recent investments for which meaningful IRRs were not calculable as of the report date. Little or no capital has been funded in respect of this investment, which together with the current market value and distributions, produces an infinite IRR. Investment type is Stapled Secondary Primary Partnership. 0 Given the short holding period, the current contributions, market value and distributions result in an infinite IRR.

11 Summary Tables (cont d) Partnership Investment Report As of September 0, 0 Investment Name Vintage Year Strategy Distributions Value Value TVM IRR Private Equity Primary Investments Alchemy Special Opportunities Fund II, L.P. 00 Distressed $,000,000 $,, $,0, $,, $,,.x.% Audax Mezzanine Fund III, L.P. 0 Mezzanine 0,000,000,,,,,, 0,0,..% Castlelake Aviation II, L.P. ( fka Airline Credit Opportunities II, L.P.) 00 Distressed,000,000,0,,0,,0,0,,..% Centerbridge Special Credit Partners II, L.P. 0 Distressed,000,000,00,000,,,,0,,.0 0.% Cerberus Institutional Partners VI, L.P. 0 Distressed,00,000,00,,,,,,0.0.% Clearlake Capital Partners III, L.P. 0 Distressed,00,000,,,0,0,0,,,.0.% Excellere Capital Fund II, L.P. 0 Buyout,,,,,0,,,,0,0..% Maranon Mezzanine Fund II, L.P. 0 Mezzanine 0,000,00,0,00,,0,,,0.0.% Siris Partners II, L.P. 0 Buyout,000,000,,,, 0,,,0,..% Siris Partners III, L.P. 0 Buyout 0,000,000,, 0,0,,0, 0. (.%) Sycamore Partners II, L.P. 0 Buyout,000,000,00,,,,,00,, 0. (.%) TPG Opportunities Partners II (A), L.P. 0 Distressed,000,000 0,,,0,0,,,,..% TSG L.P. 0 Buyout,,00,,,0, 0,,,,.0 0.0% TSG A L.P. 0 Buyout 0,000,000,0, 0,,,, 0. (.0%) TSG B L.P. 0 Buyout 0,000,000,, 0,,,, 0. (.%) The Veritas Capital Fund IV, L.P. 00 Buyout 0,000,000,,00,0,0,,,,..% Wynnchurch Capital Partners IV, L.P. 0 Buyout,,000, 0 0, 0, 0. (.%) Private Equity Primary Investments $,, $,, $,0, $ 0,0, $,,0.x.% Private Equity Fund Investments $,, $,,0 $ 00,0,0 $,0, $,,.x.% Note: Unless otherwise specifically indicated, returns do not take into account application of management fees, allocable expenses and carried interest, if applicable, at the GCM Grosvenor Private s level. Returns would be lower if net-of-fee performance was presented. Past performance is not necessarily indicative of any future results. Please see Notes & Disclosures. The Macquarie European Infrastructure Fund I, L.P. and Alchemy Special Opportunities Fund II, L.P. commitments have been converted to U.S. dollars as of the investments final close and the GCM Grosvenor Pacific, L.P. Private Equity s commitments to the respective investments. may not reduce the Partnership s remaining commitment to the underlying funds or co-investments. Represents the Value plus Distributions. Represents the Value divided by the funded amount. TVMs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. The IRR is as of September 0, 0. IRRs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. Performance information for underlying investments with less than days of cash flows has been calculated using a periodic IRR while information for underlying investments and underlying investments with more than days of cash flows has been calculated using an annualized IRR. Figures may appear as N/M for certain recent investments for which meaningful IRRs were not calculable as of the report date. Amounts reflect the aggregate investment held in both Maranon Mezzanine Fund II, L.P. and Maranon Mezzanine GP II, L.P.

12 Summary Tables (cont d) Partnership Investment Report (cont d) As of September 0, 0 Investment Name Vintage Year Distributions Value Value TVM IRR Private Equity Co-Investments Active Co-Investments Project Animal 0 $ 0,000,000 $ 0,000,000 $ 0 $,00,000 $,00,000..0% Project Bruins 0,,,, 0,,,, % Project Bulldog 0,,,, 0,,,,..% Project California 0,,,,,,0,0,,,..% Project Danube 0 0,000,000 0,000,000 0,00,000,00,000..% Project Denali 0,,,, 0,,,,..% Project Encore 0,,,, 0,0,,0,.0.% Project Fresh 0,,,,,,,,,,..% Project Heat 0,,,, 0,,,,..% Project IPM 00,0,,,0,,,,,,0..% Project Life 0,,,, 0,,,,.0.% Project Mobile Comm 0,,,, 0,0,,0,.0.% Project Pangea 0,,,, 0,,,, % Project Pulse 0,0,0,0,0 0,,,, 0. (.%) Project Spruce 0 0,000,000 0,000, ,000,000 0,000, % Project Statue 0 0,000,000,, 0,,0,,0.0.% Project Storm 0,,,, 0,,,,..% Project Suzy 0,,,,0,,0,,,,..% Project Sync 0,000,000,000,000,,,,0,.0.% Project Therapy 0,,,, 0 0,, 0,,.0.% Project Torrid 0,,0,,,0,0,0,,0..% Project Trident 0,000,000,000,000,,,,0,,.0.% Active Co-Investments $,, $,, $,, $ 0,,0 $,,.x.0% Note: Unless otherwise specifically indicated, returns do not take into account application of management fees, allocable expenses and carried interest, if applicable, at the GCM Grosvenor Private s level. Returns would be lower if net-of-fee performance was presented. Past performance is not necessarily indicative of any future results. Please see Notes & Disclosures. may not reduce the Partnership s remaining commitment to the underlying funds or co-investments. Represents the Value plus Distributions. Represents the Value divided by the funded amount. TVMs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. The IRR is as of September 0, 0. IRRs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. Performance information for underlying investments with less than days of cash flows has been calculated using a periodic IRR while information for underlying investments and underlying investments with more than days of cash flows has been calculated using an annualized IRR. Figures may appear as N/M for certain recent investments for which meaningful IRRs were not calculable as of the report date. The unfunded portion of this Co-Investment is reserved for follow-on investments. 0

13 Summary Tables (cont d) Partnership Investment Report (cont d) As of September 0, 0 Investment Name Vintage Year Distributions Value Value TVM IRR Fully Realized Co-Investments Project Alt 00 $,000,000 $,000,000 $ 0 $ 0 $ x N/M Project LD 00,0,000,0,000,, 0,,..% Project Health 0,000,000,000, 0,, 0 0,,..% Project Melrose 0,0,0,0,0,,00 0,,00..% Project Polished 0,000,000,000,000,0,0 0,0,0..0% Project Solution 00,000,000,,,,00 0,,00..% Project Spine 0,,,,0,, 0,,..% Fully Realized Co-Investments $,0, $,0, $,,0 $ 0 $,,0.x.% Private Equity Co-Investments $,00,0 $,, $ 0,, $ 0,,0 $,,.x.% Private Equity Investments $,, $ 0,0, $,, $ 0,, $,0,.x 0.% SDCERS - Private Equity Investments, $,, $,, $,0, $,,0.x.% Note: Unless otherwise specifically indicated, returns do not take into account application of management fees, allocable expenses and carried interest, if applicable, at the GCM Grosvenor Private s level. Returns would be lower if net-of-fee performance was presented. Past performance is not necessarily indicative of any future results. Please see Notes & Disclosures. may not reduce the Partnership s remaining commitment to the underlying funds or co-investments. Represents the Value plus Distributions. Represents the Value divided by the funded amount. TVMs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. The IRR is as of September 0, 0. IRRs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. Performance information for underlying investments with less than days of cash flows has been calculated using a periodic IRR while information for underlying investments and underlying investments with more than days of cash flows has been calculated using an annualized IRR. Figures may appear as N/M for certain recent investments for which meaningful IRRs were not calculable as of the report date. While IRR is not calculable given the total write off of investment, the IRR for a de minimis value received on an investment would be approximately (00%). The SDCERS total funded amount includes capital called for underlying fund investments, co-investments, Partnership expenses and management fees, less recallable returns of capital. The SDCERS total distributions reflects the total proceeds returned to SDCERS (excludes recallable returns of capital). However, the SDCERS TVM and IRR reflect recallable and non-recallable returns of capital. TVMs and IRRs are net of underlying funds fees and expenses and net of GCM Grosvenor fees and expenses. Estimated net IRRs and multiples for SDCERS Partnership interests are reflective of investments made in respect of private equity and infrastructure investments across the Partnership s 00- Investment Series, 0- Investment Series, 0- PE Investment Series and 0- Investment Series. Please note that for purposes of the respective net IRR and multiple calculations, Partnership-level management fees were calculated for each specific investment. Partnership-level expenses were allocated across private equity and infrastructure investments based on original commitment amounts related to investments. The calculations also reflect carried interest that has been allocated across private equity and infrastructure investments based on the net gains achieved on the respective strategies. Additional information on the calculation methodology described above is available upon request. SDCERS balances, multiples and IRRs relating to the individual 00- Investment Series, 0- Investment Series, 0- PE Investment Series and 0- Investment Series are reflected in the quarterly capital account statement and/or are available upon request.

14 Summary Tables (cont d) Partnership Investment Report (cont d) As of September 0, 0 Investment Name Vintage Year Strategy Distributions Value Value TVM IRR Infrastructure Fund Investments Infrastructure Secondary Investments Alinda Infrastructure Fund I, L.P. 00 Infrastructure $,00, $,,0 $,, $,, $,,.x.% Alinda Infrastructure Fund II, L.P. 00 Infrastructure,,0,00,,,,,,.0.% HighStar Capital II, L.P. 00 Infrastructure,,,,,..% HighStar Capital III, L.P. 00 Infrastructure,,,,,,,,..% IDFC Private Equity (Mauritius) Fund II 00 Infrastructure,,0,,,,,,,,..% Infracapital Partners LP 00 Infrastructure,,,,,,,,0,,00..% KoFC Macquarie Korea Growth Champ 00- Private Equity Fund 00 Infrastructure,,,0,,, 0,,,,..% Macquarie European Infrastructure Fund LP 0 Infrastructure,,,,,,,,,0.0.0% Macquarie European Infrastructure Fund I, L.P. 00 Infrastructure,,000,,,00,,0,,0,0..% Macquarie Infrastructure Partners I, L.P. 00 Infrastructure,,,,,,0,0,0,,..% Macquarie Infrastructure Partners I, L.P. (Project Key) 00 Infrastructure,,,,,,,,,000..% Tenaska Power Fund, L.P. 00 Power,0,0,0,0,,,0 0. (.%) TPF Genco Co-Investment Fund, L.P. 00 Power,,,,0,,,0 0. (0.%) TPF II, L.P. 00 Power,,,,0,0,,0,,0.0.% Infrastructure Secondary Investments $,, $,, $ 0,, $,, $,,0.x.% Infrastructure Seasoned Primary Investments EIV Capital Fund II, LP 0 Energy $,000,000 $,, $,, $,, $,,0.x.% Star America Infrastructure Fund, LP 0 Infrastructure 0,000,000,,,,,,, 0. (.%) Infrastructure Seasoned Primary Investments $,000,000 $,0, $,0, $,0, $,,.x.% Note: Unless otherwise specifically indicated, returns do not take into account application of management fees, allocable expenses and carried interest, if applicable, at the GCM Grosvenor Private s level. Returns would be lower if net-of-fee performance was presented. Past performance is not necessarily indicative of any future results. Please see Notes & Disclosures. may not reduce the Partnership s remaining commitment to the underlying funds or co-investments. Represents the Value plus Distributions. Represents the Value divided by the funded amount. TVMs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. The IRR is as of September 0, 0. IRRs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. Performance information for underlying investments with less than days of cash flows has been calculated using a periodic IRR while information for underlying investments and underlying investments with more than days of cash flows has been calculated using an annualized IRR. Figures may appear as N/M for certain recent investments for which meaningful IRRs were not calculable as of the report date. The Partnership invests in Alinda I through a Special Purpose Vehicle, GCM Grosvenor Infrastructure Partners, L.P.

15 Summary Tables (cont d) Partnership Investment Report (cont d) As of September 0, 0 Investment Name Vintage Year Strategy Distributions Value Value TVM IRR Infrastructure Primary Investments Energy Capital Partners Mezzanine Opportunities Fund A, L.P. 0 Energy $ 0,000,000 $,, $,,0 $,0, $,,.0x.% HitecVision VII, L.P. 0 Energy 0,000,000,,0 0,,,,.0.% Rockland Power Partners II, LP 0 Power,00,000,,,,,,,..% Infrastructure Primary Investments $,00,000 $,, $,0, $,, $,0,.x.% Infrastructure Fund Investments $ 0,0, $,, $,0,0 $,, $ 0,,0.x.% Infrastructure Co-Investments Project Atlanta 0 Power $,, $,,0 $,0 $,,0 $,,.x.% Project Holdco 0 Energy,0,,0,,,,,,..% Project Summit 0 Energy,0,,0,,,0,00,,0,.0.% Infrastructure Co-Investments $,0,0 $,, $,, $,0,0 $,,.x.0% Infrastructure Investments $,0, $,, $,,00 $,,0 $,,.x.% SDCERS - Infrastructure Investments, $,0, $,, $,, $ 0,0,.x.% Partnership Investments (Private Equity & Infrastructure) $,, $ 0,, $,, $,, $ 00,,.x.% Other Partnership Net Assets/(Liabilities),, Partnership Value $ 0,,0 SDCERS - Partnership Value, $,, $,,0 $,, $,,.x.% Note: Unless otherwise specifically indicated, returns do not take into account application of management fees, allocable expenses and carried interest, if applicable, at the GCM Grosvenor Private s level. Returns would be lower if net-of-fee performance was presented. Past performance is not necessarily indicative of any future results. Please see Notes & Disclosures. may not reduce the Partnership s remaining commitment to the underlying funds or co-investments. Represents the Value plus Distributions ( Value of Investments plus the Other Partnership Net Assets/(Liabilities) is $0,, at September 0, 0). Represents the Value divided by the funded amount. TVMs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. The IRR is as of September 0, 0. IRRs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. Performance information for underlying investments with less than days of cash flows has been calculated using a periodic IRR while information for underlying investments and underlying investments with more than days of cash flows has been calculated using an annualized IRR. Figures may appear as N/M for certain recent investments for which meaningful IRRs were not calculable as of the report date. Represents all other assets and/or liabilities other than investments, consisting of cash balance, accrued management fees, accrued Partnership expenses, and/or any other receivable and payables, where applicable. The SDCERS total funded amount includes capital called for underlying fund investments, co-investments, Partnership expenses and management fees, less recallable returns of capital. The SDCERS total distributions reflects the total proceeds returned to SDCERS (excludes recallable returns of capital). However, the SDCERS TVM and IRR reflect recallable and non-recallable returns of capital. TVMs and IRRs are net of underlying funds fees and expenses and net of GCM Grosvenor fees and expenses. Estimated net IRRs and multiples for SDCERS Partnership interests are reflective of investments made in respect of private equity and infrastructure investments across the Partnership s 00- Investment Series, 0- Investment Series, 0- PE Investment Series and 0- Investment Series. Please note that for purposes of the respective net IRR and multiple calculations, Partnership-level management fees were calculated for each specific investment. Partnershiplevel expenses were allocated across private equity and infrastructure investments based on original commitment amounts related to investments. The calculations also reflect carried interest that has been allocated across private equity and infrastructure investments based on the net gains achieved on the respective strategies. Additional information on the calculation methodology described above is available upon request. SDCERS balances, multiples and IRRs relating to the individual 00- Investment Series, 0- Investment Series, 0- PE Investment Series and 0- Investment Series are reflected in the quarterly capital account statement and/or are available upon request.

16 Underlying Fund Investment Reports The Underlying Fund Investment Report presents the size, commitment and cash flow information regarding the Partnership s investments in the underlying funds. The Partnership adopts the underlying fund managers fair market value for the underlying portfolio companies. Up or down arrows indicate a change in ranking from the previous quarter-end. As of September 0, 0 Fund Name: Alchemy Special Opportunities Fund II, L.P. Performing Vintage: 00 : as % of Alchemy II:.% Private Equity Primary Fund $. million $.0 million Alchemy Special Opportunities Fund II LP ( Alchemy II or the Fund ) is being established in order to achieve superior risk-adjusted returns by investing in loans, debt and equity securities and other obligations of European companies that are in financial distress, and other special situations. The Fund categorizes its investments into restructuring, non-restructuring and special situations investments. Asset Class Geography Distressed Europe $.0 $..0% $.0 $. $. $..x.% Fund Name: Alinda Infrastructure Fund I, L.P. Outperforming Vintage: 00 : Infrastructure Secondary Fund $,0.0 million $.0 million as % of Alinda I: 0.% The Partnership invests in Alinda Infrastructure Fund I, L.P. ( Alinda I or the Fund ) through CS Infrastructure Partners, L.P. Alinda I seeks to capitalize on attractive infrastructure investment opportunities in North America and Europe. Alinda I invests across the spectrum of infrastructure sectors including roads, bridges and tunnels, airports, ports and rail, water supply and wastewater treatment, gas transportation, storage and distribution, power generation and electric transmission and utility services for residential, commercial and industrial customers. Asset Class Geography Infrastructure United States/Europe $.0 $..% $0. $. $. $..x.% For Primary Fund Investments: Too Early to Tell: Limited or no capital has been deployed. Performing: Capital has been deployed and returns are approximately second quartile Outperforming: Investment is valued above cost and / or distributed investment proceeds. Underperforming: Capital has been deployed and investment is valued below If applicable, fund sizes are as of September 0, 0, and reflect the aggregate fund sizes which may include additional investment vehicles to which GCM Grosvenor Pacific, Represents the Value plus distributions. Represents the Value divided by the funded amount. TVMs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. The IRR is as of September 0, 0. IRRs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. Performance information for underlying investments with less than days of cash flows has been calculated using a periodic IRR while information for underlying investments and underlying investment with more than days of cash flows has been calculated using an annualized IRR.

17 Underlying Fund Investment Reports (cont d) As of September 0, 0 Fund Name: Alinda Infrastructure Fund II, L.P. Outperforming Vintage: 00 : Infrastructure Secondary Fund $,0. million $. million as % of Alinda II: 0.0% Alinda Infrastructure Fund II, L.P. ( Alinda II or the Fund ) seeks to capitalize on attractive investment opportunities in infrastructure in North America and Europe. The Fund targets investments that provide essential services to communities, governments and businesses. Specifically, the fund invests in roads, bridges, tunnels, airports, ports and rail transportation, utilities, gas storage, transportation and distribution, electric generation and utility services for residential, commercial and industrial customers. Asset Class Geography Infrastructure United States/Europe $. $.0.% $0. $. $0. $..0x.% Fund Name: Audax Mezzanine Fund III, L.P. Performing Vintage: 0 : as % of Audax III:.0% Private Equity Primary Fund $,00. million $0.0 million Audax Mezzanine Fund III, L.P. ( Audax III or the Fund ) invests primarily in a diversified portfolio of mezzanine securities, with a specific focus on middle market companies with $0.0 million to $0.0 million of EBITDA. The Fund has both debt and equity components, and may include senior debt, subordinated debt, convertible debt, preferred stock, common stock and/or common stock warrants. Asset Class Geography Mezzanine United States $0.0 $..% $. $. $. $0..x.% For Primary Fund Investments: Too Early to Tell: Limited or no capital has been deployed. Performing: Capital has been deployed and returns are approximately second quartile Outperforming: Investment is valued above cost and / or distributed investment proceeds. Underperforming: Capital has been deployed and investment is valued below If applicable, fund sizes are as of September 0, 0, and reflect the aggregate fund sizes which may include additional investment vehicles to which GCM Grosvenor Pacific, Represents the Value plus distributions. Represents the Value divided by the funded amount. TVMs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. The IRR is as of September 0, 0. IRRs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. Performance information for underlying investments with less than days of cash flows has been calculated using a periodic IRR while information for underlying investments and underlying investment with more than days of cash flows has been calculated using an annualized IRR.

18 Underlying Fund Investment Reports (cont d) As of September 0, 0 Fund Name: Avista Capital Partners II, L.P. Outperforming Vintage: 00 : as % of Avista II: 0.% Private Equity Seasoned Primary Fund $,0.0 million $.0 million Avista Capital Partners II, L.P. ( Avista II or the Fund ) was launched in 00 and expects to make controlling or influential minority investments of approximately $0.0 million to $00.0 million, primarily in U.S. companies, in connection with various transaction structures including leveraged buyouts, build-ups and growth financings. The Fund anticipates that it will have between and 0 portfolio companies in the Fund. Leveraging its Global Partnership Strategy, the Fund intends to focus its efforts on three sectors: energy, healthcare and media sectors. Asset Class Geography Buyout United States $.0 $. 0.0% $. $. $. $..x.% Fund Name: Avista Capital Partners III, L.P. Underperforming Vintage: 0 Fund Size 0 : : as % of Avista III:.% Private Equity Seasoned Primary Fund $,. million $.0 million Avista Capital Partners III, L.P. ( Avista III or the Fund ) makes private equity and equity-related investments in growth-oriented companies operating in the following sectors: energy, healthcare, media, consumer and industrial. The Fund expects to make to 0 controlling or influential minority investments of $0.0 million to $00.0 million in U.S.-based middle-market companies in connection with various transaction structures including leveraged buyouts, build-ups, structured investments and growth financings. Asset Class Geography Buyout United States $.0 $..% $. $. $0. $..x.% For Primary Fund Investments: Too Early to Tell: Limited or no capital has been deployed. Performing: Capital has been deployed and returns are approximately second quartile Outperforming: Investment is valued above cost and / or distributed investment proceeds. Underperforming: Capital has been deployed and investment is valued below If applicable, fund sizes are as of September 0, 0, and reflect the aggregate fund sizes which may include additional investment vehicles to which GCM Grosvenor Pacific, Represents the Value plus distributions. Represents the Value divided by the funded amount. TVMs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. The IRR is as of September 0, 0. IRRs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. Performance information for underlying investments with less than days of cash flows has been calculated using a periodic IRR while information for underlying investments and underlying investment with more than days of cash flows has been calculated using an annualized IRR. 0 Fund size was updated to include amounts raised through offshore vehicles.

19 Underlying Fund Investment Reports (cont d) As of September 0, 0 Fund Name: Capital Partners Private Equity Income Fund II, L.P. Underperforming Vintage: 0 Fund Size,0 : : as % of Capital Partners PE Fund II:.% Private Equity Seasoned Primary Fund $0.0 million $.0 million Capital Partners Private Equity Income Fund II, L.P. ( Capital Partners PE Fund II or the Fund ) seeks to make equity and equity-related investments in North American companies that provide an attractive current yield and long-term appreciation. The Fund aims to invest in established, wellpositioned private service, distribution and manufacturing businesses that possess relatively stable cash flows and require modest capital expenditure requirements. Capital Partners PE Fund II will make control or substantial minority equity investments in companies with revenue ranging from $0.0 million to $0.0 million and having stable operating profits from $.0 million to $.0 million. Asset Class Geography Buyout United States $.0 $..% $. $. $. $0..x 0.% Fund Name: Castlelake Aviation II, L.P. Outperforming Vintage: 00 : as % of Castlelake II:.% Private Equity Primary Fund $.0 million $.0 million Castlelake Aviation II, L.P. ( Castlelake II or the Fund ), managed by TPG Credit Management, L.P., aims to achieve attractive long-term capital appreciation combined with reduced risk through the purchase of airline assets (primarily aircraft and engines) and credit obligations (primarily distressed senior secured instruments). The Fund seeks to make to investments, ranging from $ million to $ million. Asset Class Geography Distressed United States $.0 $. 0.% $. $. $.0 $..x.% For Primary Fund Investments: Too Early to Tell: Limited or no capital has been deployed. Performing: Capital has been deployed and returns are approximately second quartile Outperforming: Investment is valued above cost and / or distributed investment proceeds. Underperforming: Capital has been deployed and investment is valued below If applicable, fund sizes are as of September 0, 0, and reflect the aggregate fund sizes which may include additional investment vehicles to which GCM Grosvenor Pacific, Represents the Value plus distributions. Represents the Value divided by the funded amount. TVMs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. The Net is as of September 0, 0. IRRs are net of underlying funds fees and expenses but do not include GCM Grosvenor fees and expenses. Performance information for underlying investments with less than days of cash flows has been calculated using a periodic IRR while information for underlying investments and underlying investment with more than days of cash flows has been calculated using an annualized IRR. 0 Fund size reflects additional amount raised in final close to reach hard cap.