New Mexico Educational Retirement Board Private Equity Performance Review Third Quarter 2014 June 2015

New Mexico Educational Retirement Board Private Equity Performance Review Third Quarter 2014 June 2015 1

EXECUTIVE SUMMARY The following report presents an analysis of the New Mexico ERB private equity portfolio and private equity portfolio performance as of the third quarter of 2014. All data is as of September 30, 2014. The New Mexico ERB Private Equity Portfolio experienced a positive third quarter return of 2.25% and a one year return of 19.49%. The private equity portfolio has achieved since inception return of 12.47% and a multiple on invested capital of 1.33. As of quarter end, the Plan had $1.84 B in net commitments to 49 private equity funds managed by 37 different fund managers. The table below summarizes the status of portfolio in the quarter. Target Actual Q3 Return 1 Year Return Allocation Allocation 2.25% 19.49% 11% 8.2% Cumulative Commitments Paid in Capital Cumulative Distributions Reported Value Total Value (Distributions + Reported Value) $1,842,301,669 $1,162,873,680 $629,794,416 $917,236,760 $1,547,031,176 Call Ratio Distributions/ Paid In Net IRR Total Value/ Paid In 0.63 0.54 12.65% 1.33 This investment report information was prepared by the New Mexico Educational Retirement Board or its advisors or consultants solely for informational purposes and should not be relied on for any other purpose. Neither the investment s sponsor nor any of its affiliates (i) has reviewed, audited, verified, approved or sanctioned such information, or (ii) makes any representation or warranty regarding the completeness or accuracy of such information or the absence of miscalculations or errors from such information. 2

The following chart shows the commitment history of the private markets program through Q3 2014. Note: Despite a steady commitment pace, 2013 saw some commitments made in 2012 that did not begin investing until 2013 and a large commitment to continue to fund the co-investment program. The following chart shows an analysis of the invested capital by vintage year. The amount above the green line is the value added for each vintage year. 3

The following slide shows the value added by strategy in dollars since inception of the private equity program. The following slide shows distributions to date by strategy. 4

The following graph shows the growth of the NMERB private equity portfolio since inception. The area above the green line and below the orange line is the cumulative value added which stands at $307.9 million to date The following charts shows the strategy allocation of invested capital, unfunded commitments and the resulting total exposure. Investment Strategy Policy Range Reported Value Unfunded Commitment Total Exposure Private Equity Buyouts 0%-80% 24.8% 15.7% 20.5% Co-Investment 0%-50% 14.5% 21.9% 18.0% Distressed 0%-40% 14.9% 14.7% 14.8% Growth Equity 0%-40% 23.3% 18.3% 20.9% Mezzanine 0%-40% 8.8% 13.6% 11.1% Secondaries 0%-40% 10.8% 13.1% 11.9% Venture Capital 0%-40% 2.9% 2.6% 2.8% Total 100.0% 100.0% 100.0% 5

Reported Value by Strategy 2.9% 8.8% 10.8% 24.8% Buyouts Co-Investment Distressed Growth Equity 23.3% 14.5% Mezzanine Secondaries 14.9% Venture Capital Unfunded Capital by Strategy 2.6% Total Exposure by Strategy 2.8% 13.1% 15.7% 11.9% 20.5% 13.6% 18.3% 14.7% 21.9% 11.1% 20.9% 14.8% 18.0% The following exhibit shows the reported, unfunded and total exposure by strategy. The exhibit can be used to recognize the current strategy mix and the direction of adjustments to the mix. The exhibit shows that the distressed allocation is expected to remain close to 15% as the current allocation and total strategy exposure are similar, while the co-investment allocation is expected to grow as the total exposrue of 18% is larger than the current invested exposure of 14.5%. 6

Trailing Period Performance Summary Partnership Name Vintage Commitment QTR IRR YTD IRR 1 year IRR 2 year IRR 3 year IRR 5 year IRR Inception IRR Apollo Investment Fund VIII, L.P. 2013 50,000,000 8.3 na na na na na 17.9 Apollo VII 2008 40,000,000 0.9 30.1 30.7 37.8 43.1 30.1 26.8 Ares Corporate Opportunities Fund IV, L.P. 2012 40,000,000 10.3 9.9 16.8 na na na 9.9 Ares Distressed Securities Fund, LP 2008 30,000,000 11.7 19.8 62.8 36.1 27.0 19.8 14.0 Ares Special Situations Fund III, L.P 2011 30,000,000 6.8 11.9 17.9 18.2 17.9 na 11.9 Audax Private Equity Fund IV L.P. 2013 40,000,000 13.5 27.7 32.8 na na na 26.7 Bain Capital Partners XI, L.P. 2014 40,000,000 0.1 na na na na na 1.1 BDCM Opportunity Fund III 2011 40,000,000 1.5 9.6 8.6 11.3 9.3 na 9.6 BR Co Investment (Transfer) 2009 5,139,173 1.1 7.6 7.4 1.8 4.1 7.6 5.5 BR/ERB Co Investment Fund I (BlackRock) 2009 100,000,000 4.0 22.5 28.8 26.8 27.5 22.5 22.0 BR/ERB Co Investment Fund II L.P. (BlackRo 2013 100,000,000 9.4 14.3 na na na na 14.3 BR/ERB Tactical Opportunities, L.P. 2014 100,000,000 3.8 na na na na na 6.5 Bridgepoint Europe IV D 2007 25,264,998 8.0 11.8 11.2 15.4 14.3 11.8 10.3 Clayton, Dubilier & Rice VIII, LP. 2007 40,000,000 1.1 27.9 36.3 42.9 34.3 27.9 26.9 ComVest Investment Partners III, LP 2007 25,000,000 5.5 1.7 16.3 13.7 13.8 1.7 1.1 DRI LSRC II 2010 40,000,000 1.9 11.3 15.2 13.5 15.0 na 11.3 Drug Royalty III, L.P. 2013 30,000,000 7.9 50.6 44.7 na na na 50.6 Edison Venture Fund VII, LP 2010 30,000,000 9.1 23.4 27.6 21.1 na na 23.4 EIG Energy Fund XVI, L.P. 2013 60,000,000 11.9 28.1 na na na na 28.1 Energy Funds XV, LP 2010 40,000,000 3.1 9.8 6.5 10.3 13.5 na 14.1 Fletcher Spaght Ventures II 2007 20,000,000 3.2 3.7 4.8 2.3 8.2 3.7 1.9 GF Capital Private Equity Fund, LP 2007 15,000,000 0.5 20.9 11.2 18.9 25.2 20.9 15.4 Goode Partners 2007 20,000,000 8.0 19.0 3.4 2.4 6.4 19.0 7.5 Hicks, Muse, Tate & Furst Incorporated 2006 20,000,000 N/A 7.5 3.2 18.5 18.9 7.5 2.4 7

Trailing Period Performance Summary (continued) Partnership Name Vintage Commitment QTR IRR YTD IRR 1 year IRR 2 year IRR 3 year IRR 5 year IRR Inception IRR Industrial Opportunity Partners 2006 15,000,000 4.9 44.2 65.3 48.9 51.3 44.2 29.0 Industry Ventures Fund VI, L.P. 2011 45,000,000 3.4 16.1 0.7 3.8 16.9 na 16.1 Industry Ventures Partnership Holdings III, 2013 30,000,000 5.9 25.9 na na na na 25.9 Industry Ventures Partnership Holdings III 2014 20,000,000 5.2 na na na na na 40.3 Industry Ventures Secondary VII, L.P. 2013 45,000,000 0.6 37.6 na na na na 37.6 Leeds Equity Partners V, LP 2007 20,000,000 11.3 15.9 21.6 19.5 15.8 15.9 14.4 Levine Leichtman IV 2008 50,000,000 1.6 24.5 16.0 16.0 22.8 24.5 22.7 Lex. Cap. Partners VII, LP 2010 45,000,000 3.0 18.0 20.9 16.6 16.6 na 18.4 Lexington Partners VI B 2006 20,000,000 0.5 13.7 14.8 14.2 12.1 13.7 7.3 Lightyear Fund III, L.P. 2011 40,000,000 11.4 20.5 27.3 21.6 na na 20.5 Lion Capital 2007 37,897,497 9.5 4.4 5.4 7.3 9.4 4.4 6.5 LLCP Deep Value GP, LLC 2006 20,000,000 4.1 9.7 4.5 15.6 7.7 9.7 0.3 Marlin Equity Partners IV, L.P. 2013 30,000,000 2.6 12.1 na na na na 12.1 Newstone Partners 2006 20,000,000 2.0 8.7 8.0 10.5 11.0 8.7 8.0 Perseus Partners VII, LP 2007 15,000,000 30.6 27.7 35.3 38.5 42.4 27.7 24.2 Pine Brook Capital Partners II, L.P. 2014 50,000,000 0.7 na na na na na 2.0 Platinum Equity Partners II, LP 2007 30,000,000 0.9 25.6 16.3 23.3 23.3 25.6 16.4 Psilos Group Partners III LP 2006 10,000,000 8.5 10.7 3.2 2.4 15.4 10.7 6.8 Tenex Capital Partners SG, L.P. 2011 30,000,000 0.4 8.2 19.2 20.8 11.4 na 8.2 TPG Growth II, L.P. 2012 75,000,000 3.7 30.8 64.0 37.4 na na 30.8 Vicente Capital fka/k H Growth Equity Fun 2007 10,000,000 7.8 17.1 14.5 29.6 24.9 17.1 11.0 VSS Structured Capital Partners II 2008 40,000,000 5.7 22.6 41.9 31.1 25.5 22.6 20.2 W Capital Partners III, L.P. 2012 40,000,000 0.1 3.0 2.6 6.9 na na 3.0 Warburg Pincus Private Equity XI, L.P. 2012 75,000,000 9.9 22.4 24.8 na na na 22.4 Z Capital Special Situations Fund II, L.P. 2013 49,000,000 6.4 16.1 15.5 na na na 16.1 Total 1,842,301,669 2.3 16.4 19.5 17.4 17.8 16.4 12.5 8

Private Equity Vintage Year Performance Summary Vintage Year Comittment Paid In Capital Capital to be Funded Additional Fees Cumulative Distributions Valuation Total Value Net Benefit Call Ratio DPI Ratio TVPI Ratio Net IRR % 2006 105,000,000 103,788,243 3,466,475 9,069,209 106,009,579 46,614,512 152,624,091 39,766,639 0.99 0.94 1.35 8.1 2007 258,162,496 242,223,339 32,464,010 27,145,891 148,347,437 187,956,289 336,303,726 66,934,496 0.94 0.55 1.25 6.8 2008 160,000,000 154,673,465 30,449,974 11,632,615 190,128,749 87,871,504 278,000,253 111,694,173 0.97 1.14 1.67 20.2 2009 105,139,173 84,968,984 13,538,165 4,717,859 46,278,439 99,964,754 146,243,193 56,556,350 0.81 0.52 1.63 20.2 2010 155,000,000 123,986,799 41,047,483 10,806,519 71,797,975 104,835,150 176,633,125 41,839,807 0.80 0.53 1.31 16.8 2011 185,000,000 144,390,958 56,295,145 12,126,905 48,184,649 144,334,099 192,518,748 36,000,885 0.78 0.31 1.23 13.5 2012 230,000,000 104,609,010 117,963,460 11,251,662 6,867,483 133,693,974 140,561,457 24,700,785 0.45 0.06 1.21 22.4 2013 434,000,000 86,809,538 348,801,567 7,408,260 12,180,106 88,772,118 100,952,224 6,734,426 0.20 0.13 1.07 12.7 2014 210,000,000 21,386,107 186,735,575 1,878,318 23,194,360 23,194,360 (70,065) 0.10 0.00 1.00 0.5 Total 1,842,301,669 1,066,836,443 830,761,854 96,037,238 629,794,417 917,236,760 1,547,031,177 384,157,496 0.58 0.54 1.33 12.65 9

Private Equity Portfolio Vintage Year Performance Detail Vintage Year Comittment Paid In Capital Capital to be Funded Additional Fees Cumulative Distributions Valuation Total Value Net Benefit Call Ratio DPI Ratio TVPI Ratio Net IRR % 2006 Hicks, Muse, Tate & Furst Incorporated $20,000,000 $19,787,311 $1,141,396 $1,245,545 $19,258,466 $0 $19,258,466 $1,774,390 0.99 0.92 0.92 2.4 2006 Industrial Opportunity Partners $15,000,000 $12,060,473 $803,334 $402,767 $17,640,170 $19,359,174 $36,999,344 $24,536,104 0.80 1.42 2.97 29.0 2006 Lexington Partners VI B $20,000,000 $20,105,165 $326,939 $1,131,445 $17,254,050 $11,124,661 $28,378,711 $7,142,101 1.01 0.81 1.34 7.3 2006 LLCP Deep Value GP, LLC $20,000,000 $21,986,216 $0 $2,938,252 $21,294,894 $3,850,411 $25,145,305 $220,837 1.10 0.85 1.01 0.3 2006 Newstone Partners $20,000,000 $21,651,855 $1,194,776 $1,339,044 $25,534,114 $3,752,652 $29,286,766 $6,295,867 1.08 1.11 1.27 8.0 2006 Psilos Group Partners III LP $10,000,000 $8,197,225 $30 $2,012,155 $5,027,885 $8,527,614 $13,555,499 $3,346,119 0.82 0.49 1.33 6.8 2006 $105,000,000 $103,788,243 $3,466,475 $9,069,209 $106,009,579 $46,614,512 $152,624,091 $39,766,639 0.99 0.94 1.35 8.1 2007 Bridgepoint Europe IV D $25,264,998 $21,882,774 $3,021,733 $2,493,144 $11,848,777 $20,343,451 $32,192,228 $7,816,310 0.87 0.49 1.32 10.3 2007 Clayton, Dubilier & Rice VIII, LP. $40,000,000 $38,193,869 $7,704,187 $2,140,544 $33,838,350 $42,694,315 $76,532,665 $36,198,252 0.95 0.84 1.90 26.9 2007 ComVest Investment Partners III, LP $25,000,000 $25,741,703 $2,204,223 $3,197,070 $16,583,231 $11,507,478 $28,090,709 $848,064 1.03 0.57 0.97 1.1 2007 Fletcher Spaght Ventures II $20,000,000 $13,305,213 $2,800,000 $3,997,866 $1,720,202 $16,624,202 $18,344,404 $1,041,325 0.67 0.10 1.06 1.9 2007 GF Capital Private Equity Fund, LP $15,000,000 $13,171,807 $3,967 $1,501,442 $10,594,527 $13,762,096 $24,356,623 $9,683,374 0.88 0.72 1.66 15.4 2007 Goode Partners $20,000,000 $18,842,508 $681,957 $2,813,579 $19,322,065 $9,960,086 $29,282,151 $7,626,064 0.94 0.89 1.35 7.5 2007 Leeds Equity Partners V, LP $20,000,000 $15,015,908 $6,500,741 $1,679,862 $3,812,949 $19,141,361 $22,954,310 $6,258,540 0.75 0.23 1.37 14.4 2007 Lion Capital $37,897,497 $40,550,125 $3,286,337 $3,578,746 $10,398,567 $21,407,617 $31,806,184 $12,322,687 1.07 0.24 0.72 6.5 2007 Perseus Partners VII, LP $15,000,000 $15,010,232 $486,239 $1,999,230 $4,322,989 $2,383,613 $6,706,602 $10,302,860 1.00 0.25 0.39 24.2 2007 Platinum Equity Partners II, LP $30,000,000 $31,967,820 $5,306,747 $2,707,410 $35,286,655 $17,587,576 $52,874,231 $18,199,001 1.07 1.02 1.52 16.4 2007 Vicente Capital fka/k H Growth Equity Fund $10,000,000 $8,541,381 $467,878 $1,036,998 $619,124 $12,544,494 $13,163,618 $3,585,239 0.85 0.06 1.37 11.0 2007 $258,162,496 $242,223,339 $32,464,010 $27,145,891 $148,347,437 $187,956,289 $336,303,726 $66,934,496 0.94 0.55 1.25 6.8 2008 Apollo VII $40,000,000 $43,019,495 $8,792,983 $2,629,586 $57,274,461 $24,315,368 $81,589,829 $35,940,748 1.08 1.25 1.79 26.8 2008 Ares Distressed Securities Fund, LP $30,000,000 $29,137,640 $0 $1,328,596 $47,817,375 $6,021,352 $53,838,727 $23,372,491 0.97 1.57 1.77 14.0 2008 Levine Leichtman IV $50,000,000 $46,745,372 $12,066,251 $3,868,483 $55,610,820 $28,438,887 $84,049,707 $33,435,852 0.93 1.10 1.66 22.7 2008 VSS Structured Capital Partners II $40,000,000 $35,770,959 $9,590,740 $3,805,949 $29,426,093 $29,095,897 $58,521,990 $18,945,082 0.89 0.74 1.48 20.2 2008 $160,000,000 $154,673,465 $30,449,974 $11,632,615 $190,128,749 $87,871,504 $201,761,364 $35,455,284 0.97 1.14 1.21 20.2 2009 BR Co Investment (Transfer) $5,139,173 $4,975,125 $0 $164,048 $3,265,047 $3,115,056 $6,380,103 $1,240,930 0.97 0.64 1.24 5.5 2009 BR/ERB Co Investment Fund I (BlackRock) $100,000,000 $79,993,859 $13,538,165 $4,553,811 $43,013,392 $96,849,698 $139,863,090 $55,315,420 0.80 0.51 1.65 22.0 2009 $105,139,173 $84,968,984 $13,538,165 $4,717,859 $46,278,439 $99,964,754 $146,243,193 $56,556,350 0.81 0.52 1.63 20.2 2010 DRI LSRC II $40,000,000 $30,586,301 $4,622,422 $4,939,173 $29,350,947 $11,617,822 $40,968,769 $5,443,295 0.76 0.83 1.15 11.3 2010 Edison Venture Fund VII, LP $30,000,000 $22,370,733 $6,000,000 $2,083,582 $1,684,734 $34,138,918 $35,823,652 $11,369,337 0.75 0.07 1.46 23.4 2010 Energy Funds XV, LP $40,000,000 $28,349,506 $18,481,961 $1,994,635 $11,712,234 $28,175,171 $39,887,405 $9,543,264 0.71 0.39 1.31 14.1 2010 Lex. Cap. Partners VII, LP $45,000,000 $42,680,259 $11,943,100 $1,789,129 $29,050,060 $30,903,239 $59,953,299 $15,483,911 0.95 0.65 1.35 18.4 2010 $155,000,000 $123,986,799 $41,047,483 $10,806,519 $71,797,975 $104,835,150 $176,633,125 $41,839,807 0.80 0.53 1.31 16.8 10

Private Equity Portfolio Vintage Year Performance Detail (continued) Vintage Year Comittment Paid In Capital Capital to be Funded Additional Fees Cumulative Distributions Valuation Total Value Net Benefit Call Ratio DPI Ratio TVPI Ratio Net IRR % 2011 Ares Special Situations Fund III, L.P $30,000,000 $26,927,283 $8,900,041 $2,020,450 $7,835,776 $29,467,792 $37,303,568 $8,355,835 0.90 0.27 1.29 11.9 2011 BDCM Opportunity Fund III $40,000,000 $36,490,119 $13,200,466 $2,433,999 $14,870,829 $28,927,382 $43,798,211 $4,874,093 0.91 0.38 1.13 9.6 2011 Industry Ventures Fund VI, L.P. $45,000,000 $36,442,331 $6,750,000 $1,807,669 $16,087,746 $32,406,291 $48,494,037 $10,244,037 0.81 0.42 1.27 16.1 2011 Lightyear Fund III, L.P. $40,000,000 $24,425,444 $18,110,534 $3,021,654 $6,911,870 $30,130,283 $37,042,153 $9,595,055 0.61 0.25 1.35 20.5 2011 Tenex Capital Partners SG, L.P. $30,000,000 $20,105,781 $9,334,104 $2,843,133 $2,478,428 $23,402,351 $25,880,779 $2,931,865 0.67 0.11 1.13 8.2 2011 $185,000,000 $144,390,958 $56,295,145 $12,126,905 $48,184,649 $144,334,099 $192,518,748 $36,000,885 0.78 0.31 1.23 13.5 2012 Ares Corporate Opportunities Fund IV, L.P. $40,000,000 $14,385,808 $24,235,838 $1,378,354 $0 $16,922,962 $16,922,962 $1,158,800 0.36 0.00 1.07 9.9 2012 TPG Growth II, L.P. $75,000,000 $43,734,908 $27,854,631 $5,093,274 $1,852,995 $62,539,702 $64,392,697 $15,564,515 0.58 0.04 1.32 30.8 2012 W Capital Partners III, L.P. $40,000,000 $10,729,230 $29,460,491 $1,389,098 $2,757,213 $9,789,693 $12,546,906 $428,578 0.27 0.23 1.04 3.0 2012 Warburg Pincus Private Equity XI, L.P. $75,000,000 $35,759,064 $36,412,500 $3,390,936 $2,257,275 $44,441,617 $46,698,892 $7,548,892 0.48 0.06 1.19 22.4 2012 $230,000,000 $104,609,010 $117,963,460 $11,251,662 $6,867,483 $133,693,974 $140,561,457 $24,700,785 0.45 0.06 1.21 22.4 2013 Apollo Investment Fund VIII, L.P. $50,000,000 $3,744,757 $45,340,627 $985,020 $70,404 $4,257,461 $4,327,865 $401,912 0.07 0.01 0.92 17.9 2013 Audax Private Equity Fund IV L.P. $40,000,000 $13,436,847 $25,724,408 $838,745 $1,238,361 $17,053,297 $18,291,658 $4,016,066 0.34 0.09 1.28 26.7 2013 BR/ERB Co Investment Fund II L.P. (BlackRock) $100,000,000 $25,292,134 $73,688,456 $1,019,410 $0 $28,420,364 $28,420,364 $2,108,820 0.25 0.00 1.08 16.6 2013 Drug Royalty III, L.P. $30,000,000 $2,565,955 $26,866,273 $567,772 $0 $2,507,978 $2,507,978 $625,749 0.09 0.00 0.80 50.6 2013 EIG Energy Fund XVI, L.P. $60,000,000 $6,587,283 $52,408,411 $1,062,717 $58,411 $5,704,417 $5,762,828 $1,887,172 0.11 0.01 0.75 28.1 2013 Industry Ventures Partnership Holdings III, L.P. $30,000,000 $4,985,928 $24,900,000 $114,072 $0 $5,602,588 $5,602,588 $502,588 0.17 0.00 1.10 25.9 2013 Industry Ventures Secondary VII, L.P. $45,000,000 $9,218,200 $35,550,000 $231,800 $1,934,702 $8,997,184 $10,931,886 $1,481,886 0.20 0.20 1.16 37.6 2013 Marlin Equity Partners IV, L.P. $30,000,000 $5,021,418 $24,426,984 $552,584 $986 $5,125,543 $5,126,529 $447,473 0.17 0.00 0.92 12.1 2013 Z Capital Special Situations Fund II, L.P. $49,000,000 $15,957,017 $39,896,407 $2,036,139 $8,877,241 $11,103,286 $19,980,527 $1,987,371 0.33 0.49 1.11 16.1 2013 $434,000,000 $86,809,538 $348,801,567 $7,408,260 $12,180,106 $88,772,118 $100,952,224 $6,734,426 0.20 0.13 1.07 12.7 2014 Bain Capital Partners XI, L.P. $40,000,000 $4,250,636 $35,700,000 $49,364 $0 $4,250,718 $4,250,718 $49,282 0.11 0.00 0.99 1.1 2014 BR/ERB Tactical Opportunities, L.P. $100,000,000 $5,041,353 $94,815,184 $143,463 $0 $4,956,702 $4,956,702 $228,114 0.05 0.00 0.96 6.5 2014 Industry Ventures Partnership Holdings III B, L $20,000,000 $1,000,000 $19,000,000 $0 $0 $1,402,709 $1,402,709 $402,709 0.05 0.00 1.40 40.3 2014 Pine Brook Capital Partners II, L.P. $50,000,000 $11,094,118 $37,220,391 $1,685,491 $0 $12,584,231 $12,584,231 $195,378 0.22 0.00 0.98 2.0 2014 $210,000,000 $21,386,107 $186,735,575 $1,878,318 $0 $23,194,360 $23,194,360 $70,065 0.10 0.00 1.00 0.5 Total $ 1,842,301,669 $ 1,066,836,443 $ 830,761,854 $ 96,037,238 $ 629,794,417 $ 917,236,760 $ 1,470,792,288 $307,918,607 0.58 0.54 1.26 12.65 11

Private Equity Performance by Strategy Strategy Comittment Paid In Capital Capital to be Funded Additional Fees Cumulative Distributions Valuation Total Value Net Benefit Call Ratio DPI Ratio TVPI Ratio Net IRR % Venture $50,000,000 22,502,437 21,800,030 6,010,021 6,748,086 26,554,525 33,302,611 4,790,153 0.45 0.24 1.17 4.6 Growth Equity $320,000,000 159,362,495 151,790,343 17,150,680 14,564,360 213,432,542 227,996,902 51,483,727 0.50 0.08 1.29 21.7 Buyout $418,162,496 324,243,086 130,836,499 28,094,724 279,279,201 227,901,723 507,180,924 154,843,114 0.78 0.79 1.44 12.1 Mezzanine $230,000,000 125,511,858 113,164,583 13,709,291 96,081,799 80,853,937 176,935,736 37,714,587 0.55 0.69 1.27 12.6 Secondaries $225,000,000 124,161,113 108,930,530 6,463,213 67,083,771 98,823,656 165,907,427 35,283,101 0.55 0.51 1.27 12.8 Distressed $294,000,000 195,752,983 122,198,064 18,728,576 119,758,760 136,328,557 256,087,317 41,605,758 0.67 0.56 1.19 7.9 Co Investment $305,139,173 115,302,471 182,041,805 5,880,732 46,278,439 133,341,820 179,620,259 58,437,056 0.38 0.38 1.48 20.1 Total $ 1,842,301,669 1,066,836,443 830,761,854 96,037,237 629,794,416 917,236,760 1,547,031,176 384,157,496 0.58 0.54 1.33 12.65 12

Private Equity Performance by Strategy Vintage Capital to be Cumulative TVPI Year Partnership Commitment Paid In Capital Funded Additional Fees Distributions Valuation Total Value Net Benefit Call Ratio DPI Ratio Ratio net IRR 2006 Psilos Group Partners III LP 10,000,000 8,197,225 30 2,012,155 5,027,885 8,527,614 13,555,499 3,346,119 0.82 0.49 1.33 6.76 2007 Fletcher Spaght Ventures II 20,000,000 13,305,213 2,800,000 3,997,866 1,720,202 16,624,202 18,344,404 1,041,325 0.67 0.10 1.06 1.9 2014 Industry Ventures Partnership Holdings III 20,000,000 1,000,000 19,000,000 0 0 1,402,709 1,402,709 402,709 0.05 0.00 1.4 40.27 Venture Capital Total 50,000,000 22,502,437 21,800,030 6,010,021 6,748,086 26,554,525 33,302,611 4,790,153 0.45 0.24 1.17 4.58 2007 Vicente Capital fka/k H Growth Equity Fun 10,000,000 8,541,381 467,878 1,036,998 619,124 12,544,494 13,163,618 3,585,239 0.85 0.06 1.37 10.99 2010 Edison Venture Fund VII, LP 30,000,000 22,370,733 6,000,000 2,083,582 1,684,734 34,138,918 35,823,652 11,369,337 0.75 0.07 1.46 23.43 2011 Lightyear Fund III, L.P. 40,000,000 24,425,444 18,110,534 3,021,654 6,911,870 30,130,283 37,042,153 9,595,055 0.61 0.25 1.35 20.48 2012 TPG Growth II, L.P. 75,000,000 43,734,908 27,854,631 5,093,274 1,852,995 62,539,702 64,392,697 15,564,515 0.58 0.04 1.32 30.83 2012 Warburg Pincus Private Equity XI, L.P. 75,000,000 35,759,064 36,412,500 3,390,936 2,257,275 44,441,617 46,698,892 7,548,892 0.48 0.06 1.19 22.42 2013 Audax Private Equity Fund IV L.P. 40,000,000 13,436,847 25,724,408 838,745 1,238,361 17,053,297 18,291,658 4,016,066 0.34 0.09 1.28 26.72 2014 Pine Brook Capital Partners II, L.P. 50,000,000 11,094,118 37,220,391 1,685,491 0 12,584,231 12,584,231 195,378 0.22 0.00 0.98 1.96 Growth Total 320,000,000 159,362,495 151,790,343 17,150,680 14,564,360 213,432,542 227,996,902 51,483,727 0.50 0.08 1.29 21.67 2006 Hicks, Muse, Tate & Furst Incorporated 20,000,000 19,787,311 1,141,396 1,245,545 19,258,466 0 19,258,466 1,774,390 0.99 0.92 0.92 2.37 2006 Industrial Opportunity Partners 15,000,000 12,060,473 803,334 402,767 17,640,170 19,359,174 36,999,344 24,536,104 0.80 1.42 2.97 29 2007 Bridgepoint Europe IV D 25,264,998 21,882,774 3,021,733 2,493,144 11,848,777 20,343,451 32,192,228 7,816,310 0.87 0.49 1.32 10.28 2007 Clayton, Dubilier & Rice VIII, LP. 40,000,000 38,193,869 7,704,187 2,140,544 33,838,350 42,694,315 76,532,665 36,198,252 0.95 0.84 1.9 26.88 2007 GF Capital Private Equity Fund, LP 15,000,000 13,171,807 3,967 1,501,442 10,594,527 13,762,096 24,356,623 9,683,374 0.88 0.72 1.66 15.41 2007 Goode Partners 20,000,000 18,842,508 681,957 2,813,579 19,322,065 9,960,086 29,282,151 7,626,064 0.94 0.89 1.35 7.47 2007 Lion Capital 37,897,497 40,550,125 3,286,337 3,578,746 10,398,567 21,407,617 31,806,184 12,322,687 1.07 0.24 0.72 6.52 2007 Perseus Partners VII, LP 15,000,000 15,010,232 486,239 1,999,230 4,322,989 2,383,613 6,706,602 10,302,860 1.00 0.25 0.39 24.16 2007 Platinum Equity Partners II, LP 30,000,000 31,967,820 5,306,747 2,707,410 35,286,655 17,587,576 52,874,231 18,199,001 1.07 1.02 1.52 16.36 2008 Apollo VII 40,000,000 43,019,495 8,792,983 2,629,586 57,274,461 24,315,368 81,589,829 35,940,748 1.08 1.25 1.79 26.83 2008 Leeds Equity Partners V, LP 20,000,000 15,015,908 6,500,741 1,679,862 3,812,949 19,141,361 22,954,310 6,258,540 0.75 0.23 1.37 14.38 2008 Levine Leichtman IV 50,000,000 46,745,372 12,066,251 3,868,483 55,610,820 28,438,887 84,049,707 33,435,852 0.93 1.10 1.66 22.7 2013 Apollo Investment Fund VIII, L.P. 50,000,000 3,744,757 45,340,627 985,020 70,404 4,257,461 4,327,865 401,912 0.07 0.01 0.92 17.88 2014 Bain Capital Partners XI, L.P. 40,000,000 4,250,636 35,700,000 49,364 0 4,250,718 4,250,718 49,282 0.11 0.00 0.99 1.13 All Buyout Total 418,162,496 324,243,086 130,836,499 28,094,724 279,279,201 227,901,723 507,180,924 154,843,114 0.78 0.79 1.44 12.05 2006 Newstone Partners 20,000,000 21,651,855 1,194,776 1,339,044 25,534,114 3,752,652 29,286,766 6,295,867 1.08 1.11 1.27 8 2008 VSS Structured Capital Partners II 40,000,000 35,770,959 9,590,740 3,805,949 29,426,093 29,095,897 58,521,990 18,945,082 0.89 0.74 1.48 20.21 2010 DRI LSRC II 40,000,000 30,586,301 4,622,422 4,939,173 29,350,947 11,617,822 40,968,769 5,443,295 0.76 0.83 1.15 11.31 2010 Energy Funds XV, LP 40,000,000 28,349,506 18,481,961 1,994,635 11,712,234 28,175,171 39,887,405 9,543,264 0.71 0.39 1.31 14.11 2013 Drug Royalty III, L.P. 30,000,000 2,565,955 26,866,273 567,772 0 2,507,978 2,507,978 625,749 0.09 0.00 0.8 50.59 2013 EIG Energy Fund XVI, L.P. 60,000,000 6,587,283 52,408,411 1,062,717 58,411 5,704,417 5,762,828 1,887,172 0.11 0.01 0.75 28.1 All Mezzanine Total 230,000,000 125,511,858 113,164,583 13,709,291 96,081,799 80,853,937 176,935,736 37,714,587 0.55 0.69 1.27 12.61 13

Private Equity Performance by Strategy (continued) Vintage Capital to be Cumulative TVPI Year Partnership Commitment Paid In Capital Funded Additional Fees Distributions Valuation Total Value Net Benefit Call Ratio DPI Ratio Ratio net IRR 2006 Lexington Partners VI B 20,000,000 20,105,165 326,939 1,131,445 17,254,050 11,124,661 28,378,711 7,142,101 1.01 0.81 1.34 7.34 2010 Lex. Cap. Partners VII, LP 45,000,000 42,680,259 11,943,100 1,789,129 29,050,060 30,903,239 59,953,299 15,483,911 0.95 0.65 1.35 18.39 2011 Industry Ventures Fund VI, L.P. 45,000,000 36,442,331 6,750,000 1,807,669 16,087,746 32,406,291 48,494,037 10,244,037 0.81 0.42 1.27 16.13 2012 W Capital Partners III, L.P. 40,000,000 10,729,230 29,460,491 1,389,098 2,757,213 9,789,693 12,546,906 428,578 0.27 0.23 1.04 3.04 2013 Industry Ventures Partnership Holdings III, 30,000,000 4,985,928 24,900,000 114,072 0 5,602,588 5,602,588 502,588 0.17 0.00 1.1 25.9 2013 Industry Ventures Secondary VII, L.P. 45,000,000 9,218,200 35,550,000 231,800 1,934,702 8,997,184 10,931,886 1,481,886 0.20 0.20 1.16 37.59 Secondary Total 225,000,000 124,161,113 108,930,530 6,463,213 67,083,771 98,823,656 165,907,427 35,283,101 0.55 0.51 1.27 12.75 2007 ComVest Investment Partners III, LP 25,000,000 25,741,703 2,204,223 3,197,070 16,583,231 11,507,478 28,090,709 848,064 1.03 0.57 0.97 1.08 2008 Ares Distressed Securities Fund, LP 30,000,000 29,137,640 0 1,328,596 47,817,375 6,021,352 53,838,727 23,372,491 0.97 1.57 1.77 13.97 2008 LLCP Deep Value GP, LLC 20,000,000 21,986,216 0 2,938,252 21,294,894 3,850,411 25,145,305 220,837 1.10 0.85 1.01 0.25 2011 Ares Special Situations Fund III, L.P 30,000,000 26,927,283 8,900,041 2,020,450 7,835,776 29,467,792 37,303,568 8,355,835 0.90 0.27 1.29 11.94 2011 BDCM Opportunity Fund III 40,000,000 36,490,119 13,200,466 2,433,999 14,870,829 28,927,382 43,798,211 4,874,093 0.91 0.38 1.13 9.58 2011 Tenex Capital Partners SG, L.P. 30,000,000 20,105,781 9,334,104 2,843,133 2,478,428 23,402,351 25,880,779 2,931,865 0.67 0.11 1.13 8.19 2012 Ares Corporate Opportunities Fund IV, L.P. 40,000,000 14,385,808 24,235,838 1,378,354 0 16,922,962 16,922,962 1,158,800 0.36 0.00 1.07 9.91 2013 Marlin Equity Partners IV, L.P. 30,000,000 5,021,418 24,426,984 552,584 986 5,125,543 5,126,529 447,473 0.17 0.00 0.92 12.12 2013 Z Capital Special Situations Fund II, L.P. 49,000,000 15,957,017 39,896,407 2,036,139 8,877,241 11,103,286 19,980,527 1,987,371 0.33 0.49 1.11 16.08 Distressed Total 294,000,000 195,752,983 122,198,064 18,728,576 119,758,760 136,328,557 256,087,317 41,605,758 0.67 0.56 1.19 7.87 2009 BR Co Investment (Transfer) 5,139,173 4,975,125 0 164,048 3,265,047 3,115,056 6,380,103 1,240,930 0.97 0.64 1.24 5.46 2009 BR/ERB Co Investment Fund I (BlackRock) 100,000,000 79,993,859 13,538,165 4,553,811 43,013,392 96,849,698 139,863,090 55,315,420 0.80 0.51 1.65 21.99 2013 BR/ERB Co Investment Fund II L.P. (BlackR 100,000,000 25,292,134 73,688,456 1,019,410 0 28,420,364 28,420,364 2,108,820 0.25 0.00 1.08 16.58 2014 BR/ERB Tactical Opportunities, L.P. 100,000,000 5,041,353 94,815,184 143,463 0 4,956,702 4,956,702 228,114 0.05 0.00 0.96 6.5 Co Investment Total 305,139,173 115,302,471 182,041,805 5,880,732 46,278,439 133,341,820 179,620,259 58,437,056 0.38 0.38 1.48 20.06 14

Vintage Year Performance Benchmarking Capital To Be Commitment Paid In Capital Funded Call Ratio DPI Ratio TVPI Ratio IRR 2006 Vintage Total 105,000,000 103,788,243 3,466,475 99% 0.94 1.35 8.06% 2006 ILPA Private Markets All PE 1st Quartile 0.90 1.67 13.32% Median 0.64 1.46 8.77% Pooled Average 0.70 1.44 8.00% 4th Quartile 0.33 1.23 4.27% 2007 Vintage Total 258,162,496 242,223,339 32,464,010 94% 0.55 1.25 6.80% 2007 ILPA Private Markets All PE 1st Quartile 0.81 1.71 16.57% Median 0.47 1.43 10.72% Pooled Average 0.63 1.48 11.85% 4th Quartile 0.27 1.24 5.71% 2008 Vintage Total 160,000,000 154,673,465 30,449,974 97% 1.14 1.67 20.22% 2008 ILPA Private Markets All PE 1st Quartile 0.62 1.64 18.45% Median 0.32 1.4 12.65% Pooled Average 0.52 1.46 13.53% 4th Quartile 0.11 1.18 7.17% 2009 Vintage Total 105,139,173 84,968,984 13,538,165 81% 0.52 1.63 20.17% 2009 ILPA Private Markets All PE 1st Quartile 0.41 1.56 18.84% Median 0.16 1.34 12.39% Pooled Average 0.34 1.39 14.36% 4th Quartile 0.04 1.17 7.79% 15

2010 Vintage Total 155,000,000 123,986,799 41,047,483 80% 0.53 1.31 16.76% 2010 ILPA Private Markets All PE 1st Quartile 0.28 1.56 22.24% Median 0.14 1.34 13.96% Pooled Average 0.19 1.39 15.71% 4th Quartile 0.00 1.17 6.83% 2011 Vintage Total 185,000,000 144,390,958 56,295,145 78% 0.31 1.23 13.45% 2011 ILPA Private Markets All PE 1st Quartile 0.07 1.27 19.93% Median 0.00 1.15 10.31% Pooled Average 0.06 1.22 16.83% 4th Quartile 0.00 1.02 1.08% 2012 Vintage Total 230,000,000 104,609,010 117,963,460 45% 0.06 1.21 22.38% 2012 ILPA Private Markets All PE 1st Quartile 0.04 1.18 18.29% Median 0.00 1.07 7.08% Pooled Average 0.04 1.13 14.82% 4th Quartile 0.00 0.95 7.39% 2013 Vintage Total 434,000,000 86,809,538 348,801,567 20% 0.13 1.07 12.73% 2013 ILPA Private Markets All PE 1st Quartile n.m n.m n.m Median n.m n.m n.m Pooled Average n.m n.m n.m 4th Quartile n.m n.m n.m 2014 Vintage Total 210,000,000 21,386,107 186,735,575 10% 0.00 1.00 0.50% 2014 ILPA Private Markets All PE 1st Quartile n.m n.m n.m Median n.m n.m n.m Pooled Average n.m n.m n.m 4th Quartile n.m n.m n.m 16