Ex US Private Equity & Venture Capital Index and Selected Benchmark Statistics
Disclaimer Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge Associates research organization continually monitors the constantly evolving private investments space and its fund managers. When we discern material changes in the structure of an asset class and/or a fund s investment strategy, it is in the interest of all users of our benchmark statistics that we implement the appropriate classification realignments. In addition, Cambridge Associates is always working to grow our private investments performance database and ensure that our benchmarks are as representative as possible of investors institutional-quality opportunity set. As a result we continually add funds to the database (both newly-raised funds and backfill funds) and occasionally we must remove funds that cease reporting. Our private investments performance database is dynamic and will reflect both classification adjustments and changes to the underlying pool of contributing funds. As a result, you may notice quarter to quarter changes in the results of some historical benchmark return analyses. 2
Overview Cambridge Associates Private Investments Database is one of the most robust collections of institutional quality private fund performance. It contains the historical performance records of over 2,000 fund managers and their over 7,100 funds. In addition, we capture the performance information (gross) of over 78,000 investments underlying our venture capital, growth equity, buyout, subordinated capital and private equity energy funds. This is one of the largest collections of portfolio-level performance information in the world and represents the investments of approximately 77% of these funds on a count basis and 84% on a total commitment basis. This fund and investment-level performance information is drawn from the quarterly and audited annual financial statements of the fund managers and each manager s reported performance numbers are independently recreated from the financial statements and verified by Cambridge Associates. Institutional Quality Data Cambridge Associates strives to include only institutional quality funds in our benchmarks. Institutional quality funds, in our definition, tend to meet the following criteria: closed-end funds, commingled funds that invest 3rd party capital (we exclude firms that invest off of their balance sheet, such as a bank s principal investing group or a corporate s venture capital arm), and fund vehicles. This institutional quality screen seeks to provide investors with performance data consistent with their investible opportunity set. Sources of Benchmark Data Our benchmark database utilizes the quarterly unaudited and annual audited fund financial statements produced by the fund managers (GPs) for their Limited Partners (LPs). These documents are provided to Cambridge Associates by the fund managers themselves. Unlike other data providers, Cambridge Associates does not use Freedom of Information Act (FOIA) requests, regulatory filings, manager surveys, or press scrapings to obtain information. Our goal is to have a complete historical record of the quarterly cash flows and net asset values for all funds in the benchmarks. We use a number of paths to encourage fund managers to submit their performance data to our database: our clients for whom we provide private investment performance reporting, our research organization s regular meetings with thousands of managers, our special projects designed to enhance existing benchmarks or launch new ones, our exclusive relationships with over ten globally-diverse fund manager associations, and finally, our exclusive relationships with Thomson Reuters and the Institutional Limited Partners Association (ILPA). By leveraging these varied sources and proprietary relationships, Cambridge Associates has constructed a rich and diversified benchmark data set. Vintage Year Definition Vintage year is defined as the legal inception date as noted in a fund's financial statement. This date can usually be found in the first note to the audited financial statements and is prior to the first close or capital call. 3
Timing of Final Benchmarks and Data Evolution The Cambridge Associates benchmarks are reported on a one-quarter lag from the end of the performance quarter due to the reporting time frame of private investments fund managers. Published Data: When the vast majority of a benchmark group s (organized by asset class, e.g. Venture Capital or Real Estate) performance information is updated for a performance quarter, that benchmark is considered final and the data is published via the quarterly benchmark reports. Changes to Data: After a benchmark group is published, any updates to historical data for these funds, which can include adding a fund and its performance history to the database ( backfills ) and/or updating past information for an existing fund due to late-arriving, updated, or refined information, would be reflected when that group is published for the next performance quarter. In addition, Cambridge Associates may change the classification of certain funds; this often driven by the evolution of private investments and the resulting need to introduce new benchmarks or refine our classification scheme. For example, as growth equity emerged as an asset class we reclassified certain venture capital and buyout funds accordingly. Survivorship Bias: In order to track the performance of a fund in our benchmarks, we require the complete set of financial statements from the fund s inception to the most current reporting date. When an active fund stops providing financial statements, we reach out to the manager and make several attempts to encourage them to continue to submit their data. We may, during this communication period, roll forward the fund s last reported quarter s net asset value (NAV) for several quarters. When we are convinced that the manager will not resume reporting to us, the fund s entire performance history is removed from the database. When fund managers stop reporting before their fund s return history is complete, an element of survivorship bias may be introduced to a performance database, which could skew the reported returns upwards if the funds dropping out had poorer returns than those funds that remained. Survivorship bias can affect all investment manager databases, including those for public stock managers and hedge funds. Compared to public stocks and hedge funds, however, the illiquid nature of private investments can actually help limit this survivorship effect. Whereas an underperforming stock manager may simply close up shop or drop out of databases as clients liquidate their positions and fire the manager, private investment partnerships owning illiquid assets continue to exist and require reporting to the limited partners, even if the original manager ceases to exist. Over the last nine years the number of fund managers that stopped reporting to Cambridge Associates before liquidation represented an average of 0.7% (per year) of the total number of funds in the database during the respective year, and an average of 0.6% (per year) as a percentage of total NAV in the database during that respective year. During that same period the overall number of funds in our database increased by an average of 8% (per year). The performance of the small number of funds that have stopped reporting has been spread amongst all quartiles and has not been concentrated consistently in the poorer performing quartiles. 4
Note on Currency The Ex US benchmarks are calculated in US Dollars. All funds denominated in other currencies are converted to US Dollars by using the average quarterly exchange rate for cash flows and ending quarterly exchange rate for net asset value as provided by WM/Reuters and Global Financial Data. Approximately 50% of the number of funds and 41% of commitments in our sample are denominated in US Dollars, 27% of the number of funds and 50% of commitments are denominated in Euros, 9% of the number of funds and 5% of commitments are denominated in UK Sterling, and 5% of funds and 2% of commitments are denominated in Australian Dollars. However, in our Developed Europe sample, approximately 64% of the number of funds and 84% of commitments are denominated in Euros. Since currency exchange rates have an impact on returns, we have calculated the Developed Europe benchmarks in US Dollars as well as Euros. Approximately 82% of the number of funds and 92% of commitments of the Australia benchmarks are denominated in Australian Dollars. All Australia benchmarks have been calculated in Australian Dollars. 5
Table of Contents Ex US Developed Markets Private Equity & Venture Capital Fund Index Analysis 7 mpme Returns Index Returns Fund Since Inception Analysis 12 mpme Returns Since Inception Returns Emerging Markets Private Equity & Venture Capital Fund Index Analysis 20 mpme Returns Index Returns Fund Since Inception Analysis 25 mpme Returns Since Inception Returns Methodology 32 6
Ex US Developed Markets Private Equity & Venture Capital: Fund Index Analysis 7
Ex US Developed Markets Private Equity & Venture Capital: Fund Index Summary: Horizon Pooled Return Index 1-Quarter YTD 1-Year 3-Year 5-Year 10-Year 15-Year 20-Year 25-Year Ex US Developed Markets Private Equity & Venture Capital Index 1 5.44 21.03 21.80 12.00 12.50 6.67 14.20 13.58 13.39 Europe Developed Private Equity & Venture Capital Index (US$) 1 6.68 24.68 25.19 13.74 13.57 6.52 15.36 14.81 14.48 Europe Developed Private Equity & Venture Capital Index ( ) 1 2.89 11.32 19.80 17.95 15.94 8.81 14.30 14.18 14.30 Asia/Pacific Developed Private Equity & Venture Capital Index 1 5.19 19.16 14.57 10.96 9.35 8.66 11.66 11.52 11.31 Bloomberg Barclays Capital Government/Credit Bond Index 0.81 3.49-0.01 2.83 2.10 4.34 4.28 5.18 5.53 Dow Jones Industrial Average Index 5.58 15.45 25.45 12.35 13.57 7.72 10.23 7.79 10.58 Dow Jones US Small Cap Index 4.50 10.52 17.36 9.76 13.03 8.15 11.88 8.59 11.11 Dow Jones US TopCap Index 4.43 14.42 18.69 10.75 14.25 7.59 10.34 7.12 9.61 MSCI Emerging Markets Index (gross) 8.04 28.14 22.91 5.28 4.36 1.65 12.86 6.67 7.98 MSCI Europe Index (US$) (net) 6.45 22.79 22.30 4.36 8.36 1.08 8.63 5.26 7.70 MSCI Europe Index ( ) (net) 2.70 9.56 16.26 6.69 10.21 2.96 7.34 4.93 8.57 MSCI Pacific Index (net) 3.87 15.41 14.22 6.62 8.57 2.07 7.54 3.47 3.89 MSCI World Ex US Index (net) 5.62 19.17 18.73 4.57 7.81 1.28 8.37 4.73 6.24 MSCI World Index (net) 4.84 16.01 18.17 7.69 10.99 4.22 9.01 5.60 7.57 Nasdaq Composite Index* 5.79 20.67 22.29 13.07 15.83 9.17 12.09 6.98 10.12 Russell 1000 Index 4.48 14.17 18.54 10.63 14.27 7.55 10.29 7.21 9.78 Russell 2000 Index 5.67 10.94 20.74 12.18 13.79 7.85 11.37 7.53 10.01 S&P 500 Index 4.48 14.24 18.61 10.81 14.22 7.44 10.04 7.00 9.62 The index is a horizon calculation based on data compiled from 890 Ex US developed markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Asia/Pacific Developed, Europe Developed, Middle East Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2017. The Europe Developed Index consists of 558 funds and the Asia/Pacific Developed Index consists of 124 funds. 1 Private indexes are pooled horizon internal rate of return (IRR) calculations, net of fees, expenses, and carried interest. The timing and magnitude of fund cash flows are integral to the IRR performance calculation. Public indexes are average annual compounded return (AACR) calculations which are time weighted measures over the specified time horizon, and are shown for reference and directional purposes only. Due to the fundamental differences between the two calculations, direct comparison of IRRs to AACRs is not recommended. For a more accurate means of comparing private investment performance relative to public alternatives, see the analyses in this document using CA Modified Public Market Equivalent (mpme). See Methodology section for more detail. Sources: Bloomberg Barclays, Dow Jones Indexes, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream. *Capital change only. Notes: Total returns for MSCI Emerging Markets indexes are gross of dividend taxes. Total returns for MSCI Developed Markets indexes are net of dividend taxes. 8
Ex US Developed Markets Private Equity & Venture Capital: Fund Index Summary: Horizon Pooled Return Compared to CA Modified Public Market Equivalent (mpme) CA Index 1-Year 3-Year 5-Year 10-Year 15-Year 20-Year 25-Year Ex US Developed Markets Private Equity & Venture Capital Index 1 21.80 12.00 12.50 6.67 14.20 13.58 13.39 mpme Analysis 2 MSCI EAFE Index (net) 18.86 4.23 8.51 2.66 6.20 4.96 5.08 Value-Add (bps) 294 777 399 401 800 862 831 MSCI Europe Index (net) 22.02 3.43 8.52 2.46 6.39 5.11 5.43 Value-Add (bps) -21 857 398 420 781 847 796 S&P 500 Index 18.64 10.20 14.62 8.89 9.99 8.48 8.92 Value-Add (bps) 317 180-212 -222 421 509 448 Constructed Index: Global Financial Data Emerging Markets/MSCI Emerging Markets (gross) 3 22.47 4.12 3.59 2.17 10.60 8.31 8.48 Value-Add (bps) -67 789 891 450 360 527 492 Constructed Index: MSCI World/MSCI All Country World Index (gross) 4 19.12 7.17 10.85 5.63 8.35 6.90 7.13 Value-Add (bps) 268 484 165 104 585 668 627 The index is a horizon calculation based on data compiled from 890 Ex US developed markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Asia/Pacific Developed, Europe Developed, Middle East Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2017. 1 Pooled horizon return, net of fees, expenses, and carried interest. 2 CA Modified Public Market Equivalent (mpme) replicates private investment performance under public market conditions. The public index s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mpme NAV is a function of mpme cash flows and public index returns. Value-Add shows (in basis points) the difference between the actual private investment return and the mpme calculated return. Refer to Methodology page for details. 3 Constructed MSCI EM Index: Data from 1/1/1986 to 12/31/1987 represented by GFD Emerging Markets price return. Data from 1/1/1988 to present represented by MSCI Emerging Markets total return gross. 4 Constructed MSCI All Country World Index: Data from 1/1/1986 to 12/31/1987 represented by MSCI World index gross total return. Data from 1/1/1988 to present represented by MSCI ACWI gross total return. Sources: Cambridge Associates LLC, Global Financial Data, Inc., MSCI Inc., Standard and Poor s and Thomson Reuters Datastream. MSCI data provided "as is" without any express or implied warranties. Notes: Total returns for MSCI Emerging Markets indexes are gross of dividend taxes. Total returns for MSCI Developed Markets indexes are net of dividend taxes. 9
Ex US Developed Markets Private Equity & Venture Capital: Fund Index Details: One Quarter Horizon Pooled Return Quarter Horizon Ending Return Quarter Ending Horizon Return Quarter Ending Horizon Return Quarter Ending Horizon Return Quarter Ending 1986 Q1 1992 Q3 3.56 1999 Q1 0.02 2005 Q3 6.76 2012 Q1 7.49 1986 Q2 1992 Q4-15.52 1999 Q2 7.02 2005 Q4 11.30 2012 Q2-1.64 1986 Q3 1993 Q1 1.12 1999 Q3 7.50 2006 Q1 8.19 2012 Q3 3.56 1986 Q4 3.64 1993 Q2 7.42 1999 Q4 13.34 2006 Q2 15.99 2012 Q4 4.70 1987 Q1 8.26 1993 Q3 6.64 2000 Q1 6.49 2006 Q3 3.82 2013 Q1 0.16 1987 Q2 0.89 1993 Q4-1.13 2000 Q2 3.77 2006 Q4 21.50 2013 Q2 2.23 1987 Q3 0.61 1994 Q1 11.14 2000 Q3-1.82 2007 Q1 5.01 2013 Q3 6.97 1987 Q4 7.32 1994 Q2-1.14 2000 Q4 5.60 2007 Q2 14.26 2013 Q4 7.50 1988 Q1-8.53 1994 Q3 3.10 2001 Q1-7.79 2007 Q3 5.96 2014 Q1 3.46 1988 Q2-5.36 1994 Q4 5.21 2001 Q2-1.72 2007 Q4 4.81 2014 Q2 5.04 1988 Q3-10.59 1995 Q1 7.23 2001 Q3 1.53 2008 Q1 4.63 2014 Q3-4.67 1988 Q4 13.60 1995 Q2 3.70 2001 Q4-2.70 2008 Q2-3.88 2014 Q4 0.21 1989 Q1-3.86 1995 Q3 3.96 2002 Q1-1.44 2008 Q3-16.09 2015 Q1-3.03 1989 Q2-9.10 1995 Q4-5.34 2002 Q2 8.31 2008 Q4-22.44 2015 Q2 7.66 1989 Q3-1.79 1996 Q1-0.44 2002 Q3-2.12 2009 Q1-8.37 2015 Q3-0.07 1989 Q4 80.63 1996 Q2 4.57 2002 Q4 6.81 2009 Q2 8.58 2015 Q4 2.24 1990 Q1 0.57 1996 Q3 0.07 2003 Q1 1.07 2009 Q3 8.77 2016 Q1 4.42 1990 Q2 5.76 1996 Q4 20.55 2003 Q2 8.08 2009 Q4 7.45 2016 Q2 1.13 1990 Q3 3.17 1997 Q1-1.69 2003 Q3 1.49 2010 Q1-1.75 2016 Q3 4.77 1990 Q4-9.48 1997 Q2-0.52 2003 Q4 14.14 2010 Q2-3.53 2016 Q4 0.89 1991 Q1-9.44 1997 Q3 4.52 2004 Q1 0.81 2010 Q3 12.41 2017 Q1 4.24 1991 Q2-3.65 1997 Q4 14.60 2004 Q2 4.85 2010 Q4 8.89 2017 Q2 10.15 1991 Q3 9.31 1998 Q1 1.53 2004 Q3 5.22 2011 Q1 6.26 2017 Q3 5.44 1991 Q4 12.06 1998 Q2 12.23 2004 Q4 17.58 2011 Q2 6.53 1992 Q1 4.38 1998 Q3 3.93 2005 Q1 0.58 2011 Q3-9.18 1992 Q2 11.22 1998 Q4 3.96 2005 Q2 4.52 2011 Q4 0.25 Horizon Return The index is a horizon calculation based on data compiled from 890 Ex US developed markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Asia/Pacific Developed, Europe Developed, Middle East Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2017. All returns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample. 10
Ex US Developed Markets Private Equity & Venture Capital: Fund Index Details: Horizon Pooled Return Multi-Year Returns One Year Rolling Returns Years Horizon Return (%) Years Horizon Return (%) One Year Ended Horizon Return (%) One Year Ended Horizon Return (%) 1 Year 21.80 16 Years 13.58 2 Years 16.96 17 Years 12.85 3 Years 12.00 18 Years 13.11 4 Years 11.88 19 Years 13.26 5 Years 12.50 20 Years 13.58 6 Years 11.88 21 Years 13.70 7 Years 11.85 22 Years 13.49 8 Years 12.25 23 Years 13.59 9 Years 8.84 24 Years 13.55 10 Years 6.67 25 Years 13.39 11 Years 9.66 12 Years 11.79 13 Years 13.12 14 Years 13.98 15 Years 14.20 9/30/2017 21.80 9/30/2002 1.52 9/30/2016 12.89 9/30/2001-2.86 9/30/2015 4.38 9/30/2000 20.61 9/30/2014 11.60 9/30/1999 20.05 9/30/2013 14.42 9/30/1998 34.66 9/30/2012 9.47 9/30/1997 22.86 9/30/2011 11.71 9/30/1996-1.36 9/30/2010 14.68 9/30/1995 22.14 9/30/2009-14.23 9/30/1994 10.21 9/30/2008-13.47 9/30/1993-1.23 9/30/2007 54.50 9/30/2006 45.12 9/30/2005 32.94 9/30/2004 26.97 9/30/2003 17.93 The index is a horizon calculation based on data compiled from 890 Ex US developed markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Asia/Pacific Developed, Europe Developed, Middle East Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2017. All returns are net of fees, expenses, and carried interest. 11
Ex US Developed Markets Private Equity & Venture Capital: Fund Since Inception Analysis 12
Ex US Developed Markets Private Equity & Venture Capital: Since Inception IRR & Multiples by Fund Vintage Year Vintage Year Pooled Return (%) Arithmetic Mean (%) Median (%) Equal-Weighted Pooled Return (%) Upper Quartile (%) Lower Quartile (%) Standard Deviation (%) DPI RVPI TVPI 1986 1 1987 7.79 8.86 9.62 1.45 0.00 1.45 4 1988 15.45 12.64 12.15 11.94 1.76 0.00 1.76 7 1989 15.98 11.52 11.22 1.83 0.00 1.83 4 1990 15.86 15.03 14.12 15.47 24.35 6.83 10.32 1.91 0.00 1.91 11 1991 2 1992 13.10 10.75 12.75 11.03 1.63 0.00 1.63 7 1993 19.18 15.74 15.38 18.71 24.66 9.88 13.58 2.13 0.00 2.13 8 1994 38.53 28.47 23.86 27.27 46.86 14.01 17.12 3.00 0.00 3.00 13 1995 32.43 23.41 21.30 21.98 25.37 11.84 24.11 2.25 0.00 2.26 12 1996 22.60 16.85 11.77 14.54 20.01 6.46 24.16 1.89 0.01 1.90 14 1997 15.51 19.48 16.30 20.17 25.40 10.14 19.60 1.98 0.00 1.98 33 1998 13.22 37.24 11.93 15.89 20.64-1.86 154.48 1.86 0.01 1.87 30 1999 15.65 12.15 7.29 10.62 20.02-0.32 17.73 1.87 0.01 1.88 42 2000 20.94 10.25 5.39 12.46 24.15-2.16 25.62 2.13 0.05 2.17 62 2001 25.68 12.71 5.69 12.36 28.01-2.26 19.75 1.95 0.04 1.99 37 2002 21.10 15.35 15.14 17.48 26.20 6.93 31.15 2.00 0.02 2.01 30 2003 19.59 21.61 23.07 20.95 34.07 9.79 20.43 1.63 0.04 1.67 19 2004 13.79 18.36 9.19 19.81 24.90 2.71 24.93 1.67 0.12 1.80 30 2005 4.31 3.60 4.43 4.50 11.00-4.15 13.10 1.14 0.12 1.26 65 2006 5.77 5.52 8.10 6.62 11.17 0.55 11.42 1.10 0.26 1.36 68 2007 10.20 7.36 6.37 8.38 12.42 3.87 13.68 1.17 0.41 1.58 68 2008 11.81 7.18 9.50 10.67 16.46 2.57 23.45 1.07 0.50 1.58 43 2009 9.22 12.18 11.21 12.16 16.52 6.22 15.30 0.61 0.81 1.42 23 2010 11.58 9.08 12.10 12.99 15.02 0.14 16.17 0.58 0.83 1.41 23 2011 12.57 7.97 8.58 10.77 16.67-2.35 22.02 0.45 1.01 1.46 46 2012 15.74 11.90 10.57 13.51 19.10 4.68 13.32 0.38 1.10 1.49 47 2013 13.35 15.94 12.17 15.34 23.18 2.71 21.42 0.11 1.17 1.28 39 2014 19.25 10.77 13.17 14.83 21.90 1.72 23.67 0.08 1.15 1.22 46 2015 13.19 6.72 5.72 9.96 22.17-4.60 31.59 0.05 1.08 1.13 31 Number of Funds Notes: Based on data compiled from 865 Ex US developed markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (Asia/Pacific Developed, Europe Developed, Middle East-Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2015. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with " " have an insufficient number of funds in the vintage year sample to produce a meaningful return. 13
Ex US Developed Markets Private Equity & Venture Capital: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mpme) Pooled IRR (%) and IRR-Based Value-Add (bps) Total Value to Paid In (TVPI) Distributions to Paid In (DPI) Vintage Year Number of Funds CA Benchmark MSCI EAFE Index (net) MSCI Europe Index (net) IRR mpme IRR Value-Add mpme IRR Value-Add 1986 1 1987 4 7.79 4.97 282 10.72-293 1988 7 15.45 7.79 766 14.85 60 1989 4 15.98 7.35 863 11.45 454 1990 11 15.86 8.86 700 14.21 165 1991 2 1992 7 13.10 8.44 467 14.43-132 1993 8 19.18 7.58 1,161 17.38 180 1994 13 38.53 6.21 3,233 15.05 2,348 1995 12 32.43 6.33 2,609 12.45 1,998 1996 14 22.60 5.93 1,667 8.53 1,406 1997 33 15.51 2.48 1,303 2.68 1,283 1998 30 13.22 3.61 961 3.85 937 1999 42 15.65 6.29 936 6.86 879 2000 62 20.94 10.12 1,082 10.59 1,035 2001 37 25.68 13.52 1,215 13.96 1,172 2002 30 21.10 8.33 1,277 8.75 1,235 2003 19 19.59 6.20 1,339 6.77 1,282 2004 30 13.79 3.34 1,045 3.55 1,024 2005 65 4.31 1.64 267 1.55 276 2006 68 5.77 2.68 309 2.55 321 2007 68 10.20 4.89 531 4.90 531 2008 43 11.81 6.15 565 6.21 560 2009 23 9.22 6.54 267 6.61 260 2010 23 11.58 6.91 467 6.92 466 2011 46 12.57 6.42 615 6.26 631 2012 47 15.74 5.96 978 5.66 1,008 2013 39 13.35 7.92 543 7.82 552 2014 46 19.25 13.44 581 14.35 491 2015 31 13.19 15.71-251 17.08-389 CA Benchmark MSCI EAFE Index (net) MSCI Europe Index (net) TVPI mpme TVPI mpme TVPI 1.45 1.27 1.70 1.76 1.31 1.72 1.83 1.30 1.53 1.91 1.35 1.66 1.63 1.34 1.66 2.13 1.33 1.84 3.00 1.16 1.40 2.26 1.17 1.33 1.90 1.21 1.30 1.98 1.11 1.12 1.87 1.18 1.19 1.88 1.28 1.31 2.17 1.41 1.43 1.99 1.42 1.44 2.01 1.31 1.33 1.67 1.22 1.24 1.80 1.16 1.17 1.26 1.09 1.09 1.36 1.15 1.15 1.58 1.23 1.23 1.58 1.27 1.27 1.42 1.28 1.28 1.41 1.23 1.23 1.46 1.21 1.21 1.49 1.16 1.16 1.28 1.16 1.16 1.22 1.15 1.16 1.13 1.16 1.17 CA Benchmark MSCI EAFE Index (net) MSCI Europe Index (net) DPI mpme DPI mpme DPI 1.45 1.27 1.70 1.76 1.31 1.72 1.83 1.30 1.53 1.91 1.35 1.66 1.63 1.34 1.66 2.13 1.33 1.84 3.00 1.16 1.40 2.25 1.17 1.32 1.89 1.20 1.29 1.98 1.11 1.12 1.86 1.17 1.19 1.87 1.27 1.30 2.13 1.38 1.40 1.95 1.40 1.41 2.00 1.30 1.32 1.63 1.18 1.20 1.67 1.09 1.10 1.14 0.98 0.98 1.10 0.95 0.94 1.17 0.97 0.97 1.07 0.88 0.88 0.61 0.57 0.57 0.58 0.52 0.52 0.45 0.40 0.40 0.38 0.32 0.31 0.11 0.11 0.10 0.08 0.07 0.07 0.05 0.05 0.05 Notes: Based on data compiled from 865 Ex US developed markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Asia/Pacific Developed, Europe Developed, Middle East Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2015. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with " " have an insufficient number of funds in the vintage year sample to produce a meaningful return. mpme Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mpme). Sources: Cambridge Associates LLC, MSCI Inc. and Thomson Reuters Datastream. Notes: Total returns for MSCI Emerging Markets indexes are gross of dividend taxes. Total returns for MSCI Developed Markets indexes are net of dividend taxes. 14
Ex US Developed Markets Private Equity & Venture Capital: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mpme) Pooled IRR (%) and IRR-Based Value-Add (bps) Total Value to Paid In (TVPI) Distributions to Paid In (DPI) Vintage Year Number of Funds CA Benchmark S&P 500 Index Constructed Index MSCI Emerging 1 (gross) CA Benchmark S&P 500 Index Constructed Index MSCI Emerging 1 (gross) CA Benchmark S&P 500 Index Constructed Index MSCI Emerging 1 (gross) IRR mpme IRR Value-Add mpme IRR Value-Add 1986 1 1987 4 7.79 13.79-600 23.25-1,546 1988 7 15.45 18.74-329 13.30 215 1989 4 15.98 14.09 190 20.20-421 1990 11 15.86 17.71-186 13.23 262 1991 2 1992 7 13.10 17.48-438 4.65 845 1993 8 19.18 22.22-303 0.47 1,872 1994 13 38.53 20.09 1,844-2.71 4,124 1995 12 32.43 16.17 1,626 0.86 3,157 1996 14 22.60 10.55 1,205 5.81 1,679 1997 33 15.51 1.73 1,378 9.20 631 1998 30 13.22 0.85 1,237 12.40 83 1999 42 15.65 3.06 1,259 15.21 44 2000 62 20.94 5.60 1,534 20.71 23 2001 37 25.68 8.11 1,756 25.49 18 2002 30 21.10 6.90 1,420 18.21 289 2003 19 19.59 6.89 1,270 14.76 483 2004 30 13.79 6.26 753 9.02 477 2005 65 4.31 6.88-257 4.14 17 2006 68 5.77 8.99-323 2.92 285 2007 68 10.20 12.19-198 2.58 763 2008 43 11.81 13.44-163 4.26 755 2009 23 9.22 13.97-475 3.29 593 2010 23 11.58 13.94-236 4.24 733 2011 46 12.57 13.16-59 4.86 771 2012 47 15.74 12.46 328 5.74 1,000 2013 39 13.35 12.62 73 11.12 222 2014 46 19.25 14.83 442 18.37 88 2015 31 13.19 16.07-288 21.90-870 TVPI mpme TVPI mpme TVPI 1.45 2.03 2.62 1.76 2.00 1.46 1.83 1.69 1.88 1.91 1.89 1.48 1.63 1.86 1.16 2.13 2.12 1.02 3.00 1.55 0.93 2.26 1.41 1.03 1.90 1.34 1.27 1.98 1.08 1.51 1.87 1.04 1.79 1.88 1.13 1.86 2.17 1.23 2.02 1.99 1.28 1.92 2.01 1.31 1.73 1.67 1.30 1.51 1.80 1.35 1.43 1.26 1.47 1.23 1.36 1.63 1.16 1.58 1.70 1.12 1.58 1.68 1.17 1.42 1.69 1.13 1.41 1.50 1.14 1.46 1.48 1.16 1.49 1.37 1.16 1.28 1.26 1.23 1.22 1.17 1.21 1.13 1.16 1.22 DPI mpme DPI mpme DPI 1.45 2.03 2.62 1.76 2.00 1.46 1.83 1.69 1.88 1.91 1.89 1.48 1.63 1.86 1.16 2.13 2.12 1.02 3.00 1.55 0.93 2.25 1.40 1.02 1.89 1.33 1.25 1.98 1.08 1.51 1.86 1.03 1.78 1.87 1.12 1.85 2.13 1.20 1.98 1.95 1.24 1.88 2.00 1.29 1.72 1.63 1.24 1.47 1.67 1.24 1.35 1.14 1.29 1.12 1.10 1.29 0.96 1.17 1.30 0.87 1.07 1.13 0.82 0.61 0.73 0.49 0.58 0.63 0.46 0.45 0.48 0.37 0.38 0.38 0.30 0.11 0.12 0.11 0.08 0.08 0.08 0.05 0.06 0.06 Notes: Based on data compiled from 865 Ex US developed markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Asia/Pacific Developed, Europe Developed, Middle East Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2015. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. 1 Constructed MSCI EM Index: Data from 1/1/1986 to 12/31/1987 represented by GFD Emerging Markets price return. Data from 1/1/1988 to present represented by MSCI Emerging Markets total return gross. mpme Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mpme). Sources: Cambridge Associates LLC, Global Financial Data, Inc., MSCI Inc., MSCI Inc. and Thomson Reuters Datastream. MSCI data provided "as is" without any express or implied warranties. Notes: Total returns for MSCI Emerging Markets indexes are gross of dividend taxes. Total returns for MSCI Developed Markets indexes are net of dividend taxes. 15
Ex US Developed Markets Private Equity & Venture Capital: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mpme) Pooled IRR (%) and IRR-Based Value-Add (bps) Total Value to Paid In (TVPI) Distributions to Paid In (DPI) Vintage Year Number of Funds CA Benchmark Constructed Index MSCI All Country 1 (gross) CA Benchmark Constructed Index MSCI All Country 1 (gross) CA Benchmark Constructed Index MSCI All Country 1 (gross) IRR mpme IRR Value-Add 1986 1 1987 4 7.79 8.50-71 1988 7 15.45 12.28 317 1989 4 15.98 10.25 573 1990 11 15.86 12.62 323 1991 2 1992 7 13.10 12.15 95 1993 8 19.18 13.24 595 1994 13 38.53 11.56 2,698 1995 12 32.43 10.06 2,237 1996 14 22.60 7.82 1,477 1997 33 15.51 2.36 1,315 1998 30 13.22 2.69 1,053 1999 42 15.65 5.23 1,042 2000 62 20.94 8.58 1,236 2001 37 25.68 11.66 1,402 2002 30 21.10 8.38 1,272 2003 19 19.59 7.29 1,230 2004 30 13.79 5.41 838 2005 65 4.31 4.53-22 2006 68 5.77 5.78-2 2007 68 10.20 8.11 209 2008 43 11.81 9.42 239 2009 23 9.22 9.71-50 2010 23 11.58 9.94 164 2011 46 12.57 9.56 301 2012 47 15.74 9.17 657 2013 39 13.35 10.71 264 2014 46 19.25 14.79 446 2015 31 13.19 16.71-351 TVPI mpme TVPI 1.45 1.52 1.76 1.55 1.83 1.46 1.91 1.55 1.63 1.53 2.13 1.62 3.00 1.30 2.26 1.27 1.90 1.27 1.98 1.11 1.87 1.13 1.88 1.24 2.17 1.35 1.99 1.39 2.01 1.35 1.67 1.28 1.80 1.28 1.26 1.28 1.36 1.36 1.58 1.42 1.58 1.44 1.42 1.44 1.41 1.34 1.46 1.33 1.49 1.26 1.28 1.22 1.22 1.17 1.13 1.17 DPI mpme DPI 1.45 1.52 1.76 1.55 1.83 1.46 1.91 1.55 1.63 1.53 2.13 1.62 3.00 1.30 2.25 1.26 1.89 1.26 1.98 1.11 1.86 1.13 1.87 1.22 2.13 1.32 1.95 1.35 2.00 1.33 1.63 1.24 1.67 1.19 1.14 1.14 1.10 1.10 1.17 1.10 1.07 0.98 0.61 0.63 0.58 0.56 0.45 0.43 0.38 0.34 0.11 0.11 0.08 0.08 0.05 0.06 Notes: Based on data compiled from 865 Ex US developed markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Asia/Pacific Developed, Europe Developed, Middle East Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2015. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. 1 Constructed MSCI All Country World Index: Data from 1/1/1986 to 12/31/1987 represented by MSCI World index gross total return. Data from 1/1/1988 to present represented by MSCI ACWI gross total return. mpme Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mpme). Sources: Cambridge Associates LLC, Global Financial Data, Inc., MSCI Inc., MSCI Inc. and Thomson Reuters Datastream. MSCI data provided "as is" without any express or implied warranties. Notes: Total returns for MSCI Emerging Markets indexes are gross of dividend taxes. Total returns for MSCI Developed Markets indexes are net of dividend taxes. 16
Ex US Developed Markets Private Equity & Venture Capital: Total Value to Paid In Capital Multiple (TVPI) Vintage Year Pooled Return Arithmetic Mean Median Upper Quartile Lower Quartile Number of Funds 1986 1 1987 1.45 1.56 4 1988 1.76 1.72 1.80 7 1989 1.83 1.87 4 1990 1.91 1.94 1.89 2.54 1.32 11 1991 2 1992 1.63 1.55 1.46 7 1993 2.13 2.25 1.80 2.88 1.62 8 1994 3.00 2.49 2.50 3.10 1.70 13 1995 2.26 2.01 1.79 2.00 1.59 12 1996 1.90 1.72 1.59 2.00 1.40 14 1997 1.98 1.94 1.89 2.14 1.58 33 1998 1.87 1.83 1.61 2.17 0.93 30 1999 1.88 1.67 1.37 2.17 0.97 42 2000 2.17 1.67 1.41 2.06 0.87 62 2001 1.99 1.63 1.52 2.36 0.90 37 2002 2.01 1.82 1.73 2.20 1.40 30 2003 1.67 1.86 1.78 2.40 1.38 19 2004 1.80 1.93 1.51 2.28 1.23 30 2005 1.26 1.28 1.23 1.64 0.85 65 2006 1.36 1.40 1.46 1.72 1.02 68 2007 1.58 1.42 1.41 1.72 1.17 68 2008 1.58 1.51 1.40 1.83 1.10 43 2009 1.42 1.52 1.54 1.70 1.27 23 2010 1.41 1.43 1.38 1.53 1.03 23 2011 1.46 1.33 1.27 1.66 0.94 46 2012 1.49 1.38 1.29 1.69 1.13 47 2013 1.28 1.34 1.24 1.52 1.04 39 2014 1.22 1.17 1.18 1.31 1.01 46 2015 1.13 1.06 1.09 1.22 0.95 31 Notes: Based on data compiled from 865 Ex US developed markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Asia/Pacific Developed, Europe Developed, Middle East Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2015. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with " " have an insufficient number of funds in the vintage year sample to produce a meaningful return. 17
Ex US Developed Markets Private Equity & Venture Capital: Distribution to Paid In Capital Multiple (DPI) Vintage Year Pooled Return Arithmetic Mean Median Upper Quartile Lower Quartile Number of Funds 1986 1 1987 1.45 1.56 4 1988 1.76 1.72 1.80 7 1989 1.83 1.87 4 1990 1.91 1.94 1.89 2.54 1.32 11 1991 2 1992 1.63 1.55 1.46 7 1993 2.13 2.25 1.80 2.88 1.62 8 1994 3.00 2.49 2.50 3.10 1.70 13 1995 2.25 2.00 1.78 2.00 1.59 12 1996 1.89 1.71 1.59 2.00 1.39 14 1997 1.98 1.94 1.89 2.14 1.58 33 1998 1.86 1.81 1.61 2.17 0.90 30 1999 1.87 1.65 1.37 2.17 0.97 42 2000 2.13 1.62 1.32 2.06 0.78 62 2001 1.95 1.51 1.21 2.30 0.70 37 2002 2.00 1.79 1.73 2.15 1.39 30 2003 1.63 1.79 1.66 2.40 1.29 19 2004 1.67 1.77 1.47 2.23 1.01 30 2005 1.14 1.10 1.12 1.58 0.64 65 2006 1.10 1.06 1.02 1.45 0.61 68 2007 1.17 0.99 1.00 1.28 0.56 68 2008 1.07 0.97 0.90 1.33 0.45 43 2009 0.61 0.70 0.49 0.98 0.27 23 2010 0.58 0.71 0.56 1.12 0.21 23 2011 0.45 0.41 0.32 0.56 0.05 46 2012 0.38 0.28 0.25 0.42 0.09 47 2013 0.11 0.16 0.04 0.24 0.00 39 2014 0.08 0.08 0.00 0.06 0.00 46 2015 0.05 0.08 0.00 0.00 0.00 31 Notes: Based on data compiled from 865 Ex US developed markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Asia/Pacific Developed, Europe Developed, Middle East Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2015. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with " " have an insufficient number of funds in the vintage year sample to produce a meaningful return. 18
Ex US Developed Markets Private Equity & Venture Capital: Residual Value to Paid In Capital Multiple (RVPI) Vintage Year Pooled Return Arithmetic Mean Median Upper Quartile Lower Quartile Number of Funds 1986 1 1987 0.00 0.00 4 1988 0.00 0.00 0.00 7 1989 0.00 0.00 4 1990 0.00 0.00 0.00 0.00 0.00 11 1991 2 1992 0.00 0.00 0.00 7 1993 0.00 0.00 0.00 0.00 0.00 8 1994 0.00 0.00 0.00 0.00 0.00 13 1995 0.00 0.01 0.00 0.00 0.00 12 1996 0.01 0.00 0.00 0.00 0.00 14 1997 0.00 0.00 0.00 0.00 0.00 33 1998 0.01 0.02 0.00 0.00 0.00 30 1999 0.01 0.02 0.00 0.01 0.00 42 2000 0.05 0.05 0.00 0.04 0.00 62 2001 0.04 0.12 0.01 0.24 0.00 37 2002 0.02 0.02 0.00 0.02 0.00 30 2003 0.04 0.06 0.00 0.10 0.00 19 2004 0.12 0.16 0.04 0.15 0.00 30 2005 0.12 0.17 0.08 0.22 0.01 65 2006 0.26 0.33 0.23 0.43 0.09 68 2007 0.41 0.43 0.43 0.65 0.19 68 2008 0.50 0.54 0.50 0.80 0.19 43 2009 0.81 0.82 0.95 1.16 0.46 23 2010 0.83 0.72 0.73 0.87 0.56 23 2011 1.01 0.92 0.86 1.19 0.70 46 2012 1.10 1.10 1.05 1.26 0.89 47 2013 1.17 1.19 1.15 1.30 0.94 39 2014 1.15 1.09 1.10 1.28 0.95 46 2015 1.08 0.99 1.01 1.20 0.92 31 Notes: Based on data compiled from 865 Ex US developed markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Asia/Pacific Developed, Europe Developed, Middle East Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2015. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with " " have an insufficient number of funds in the vintage year sample to produce a meaningful return. 19
Emerging Markets Private Equity & Venture Capital: Fund Index Analysis 20
Emerging Markets Private Equity & Venture Capital: Fund Index Summary: Horizon Pooled Return Index 1-Quarter YTD 1-Year 3-Year 5-Year 10-Year 15-Year 20-Year 25-Year Emerging Markets Private Equity & Venture Capital Index 1 4.40 12.22 13.16 10.45 11.76 9.57 11.53 9.66 9.56 Asia/Pacific Emerging Markets Private Equity & Venture Capital Index 1 4.90 12.97 14.14 13.93 15.29 11.99 13.49 11.68 11.43 Europe Emerging Private Equity & Venture Capital Index (US$) 1,2 4.12 18.12 21.43 1.77 4.12 2.97 10.19 8.11 Europe Emerging Private Equity & Venture Capital Index ( ) 1,2 0.42 5.64 16.92 4.83 6.13 5.15 10.68 8.46 Latin America & Caribbean Private Equity & Venture Capital Index 1 3.92 10.10 7.31-1.82-0.04 4.03 5.86 2.91 3.04 Africa Private Equity & Venture Capital Index 1 0.91 4.29 6.58 0.11 2.90 4.40 7.28 6.84 Middle East Emerging Markets Private Equity & Venture Capital Index 1 0.22 5.00 6.32 2.57 5.82 5.14 3.32 2.68 MSCI Emerging Markets Index (gross) 8.04 28.14 22.91 5.28 4.36 1.65 12.86 6.67 7.98 MSCI Emerging Markets Asia Index (gross) 7.17 32.15 24.23 8.34 7.77 3.10 12.62 6.27 6.75 MSCI Emerging Markets Eastern Europe Index (gross) 14.99 12.38 28.54 3.16-0.15-3.89 9.59 5.02 MSCI Emerging Markets Latin America Index (gross) 15.12 27.00 26.03 0.02-1.63-0.51 15.28 7.38 10.22 MSCI Europe Index (US$) (net) 6.45 22.79 22.30 4.36 8.36 1.08 8.63 5.26 7.70 MSCI Europe Index ( ) (net) 2.70 9.56 16.26 6.69 10.21 2.96 7.34 4.93 8.57 MSCI Pacific Index (net) 3.87 15.41 14.22 6.62 8.57 2.07 7.54 3.47 3.89 MSCI World Ex US Index (net) 5.62 19.17 18.73 4.57 7.81 1.28 8.37 4.73 6.24 MSCI World Index (net) 4.84 16.01 18.17 7.69 10.99 4.22 9.01 5.60 7.57 The index is a horizon calculation based on data compiled from 652 emerging markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Africa, Asia/Pacific Emerging, Europe Emerging, Latin America & Caribbean and Middle East Emerging) including fully liquidated partnerships, formed between 1986 and 2017. The Asia Emerging Markets Index consists of 389 funds, the Europe Emerging Markets Index consists of 63 funds, the Latin America & Caribbean Index consists of 66 funds, the Africa Index consists of 51 funds, and the Middle East Index consists of 51 funds. Please note that the Emerging Markets Index contains 32 funds that do not fall into these specific regions stated above. 1 Private indexes are pooled horizon internal rate of return (IRR) calculations, net of fees, expenses, and carried interest. The timing and magnitude of fund cash flows are integral to the IRR performance calculation. Public indexes are average annual compounded return (AACR) calculations which are time weighted measures over the specified time horizon, and are shown for reference and directional purposes only. Due to the fundamental differences between the two calculations, direct comparison of IRRs to AACRs is not recommended. For a more accurate means of comparing private investment performance relative to public alternatives, see the analyses in this document using CA Modified Public Market Equivalent (mpme). See Methodology section for more detail. 2 Includes Russia Sources: Cambridge Associates LLC, MSCI Inc. and Thomson Reuters Datastream. Notes: Total returns for MSCI Emerging Markets indexes are gross of dividend taxes. Total returns for MSCI Developed Markets indexes are net of dividend taxes. 21
Emerging Markets Private Equity & Venture Capital Index Summary: Horizon Pooled Return Compared to CA Modified Public Market Equivalent (mpme) CA Index 1-Year 3-Year 5-Year 10-Year 15-Year 20-Year 25-Year Emerging Markets Private Equity & Venture Capital Index 1 13.16 10.45 11.76 9.57 11.53 9.66 9.56 mpme Analysis 2 MSCI EAFE Index (net) 19.28 5.45 8.36 3.88 6.15 4.91 5.00 Value-Add (bps) -612 499 340 569 538 475 456 MSCI Europe Index (net) 22.51 4.86 8.38 3.74 6.35 5.06 5.37 Value-Add (bps) -935 559 338 583 518 460 419 Constructed Index: Global Financial Data Emerging Markets/MSCI Emerging Markets (gross) 3 23.23 6.10 4.92 3.18 8.73 6.85 6.90 Value-Add (bps) -1,007 435 684 639 280 281 266 Constructed Index: MSCI World/MSCI All Country World Index (gross) 4 19.34 8.19 10.81 6.75 8.60 7.02 7.24 Value-Add (bps) -618 225 95 282 293 263 232 The index is a horizon calculation based on data compiled from 652 emerging markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Africa, Asia/Pacific Emerging, Europe Emerging, Latin America & Caribbean and Middle East Emerging, including fully liquidated partnerships, formed between 1986 and 2017. 1 Pooled horizon return, net of fees, expenses, and carried interest. 2 CA Modified Public Market Equivalent (mpme) replicates private investment performance under public market conditions. The public index s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mpme NAV is a function of mpme cash flows and public index returns. Value-Add shows (in basis points) the difference between the actual private investment return and the mpme calculated return. Refer to Methodology page for details. 3 Constructed MSCI EM Index: Data from 1/1/1986 to 12/31/1987 represented by GFD Emerging Markets price return. Data from 1/1/1988 to present represented by MSCI Emerging Markets total return gross. 4 Constructed MSCI All Country World Index: Data from 1/1/1986 to 12/31/1987 represented by MSCI World index gross total return. Data from 1/1/1988 to present represented by MSCI ACWI gross total return. Sources: Cambridge Associates LLC, Global Financial Data, Inc., MSCI Inc., MSCI Inc. and Thomson Reuters Datastream. MSCI data provided "as is" without any express or implied warranties. Notes: Total returns for MSCI Emerging Markets indexes are gross of dividend taxes. Total returns for MSCI Developed Markets indexes are net of dividend taxes. 22
Emerging Markets Private Equity & Venture Capital: Fund Index Details: One Quarter Horizon Pooled Return Quarter Ending Horizon Return Quarter Ending Horizon Return Quarter Ending Horizon Return Quarter Ending Horizon Return Quarter Ending Horizon Return 1986 Q1 1992 Q3-0.34 1999 Q1-1.28 2005 Q3 5.46 2012 Q1 5.92 1986 Q2 1992 Q4-4.84 1999 Q2 3.89 2005 Q4 7.82 2012 Q2-2.49 1986 Q3 1993 Q1 1.36 1999 Q3 1.00 2006 Q1 5.88 2012 Q3 2.27 1986 Q4-1.32 1993 Q2 1.16 1999 Q4 9.09 2006 Q2 4.06 2012 Q4 3.65 1987 Q1 2.40 1993 Q3 2.31 2000 Q1 5.03 2006 Q3 1.62 2013 Q1 2.55 1987 Q2 0.00 1993 Q4 8.04 2000 Q2 3.86 2006 Q4 13.28 2013 Q2 0.02 1987 Q3 5.64 1994 Q1-0.54 2000 Q3-1.51 2007 Q1 4.30 2013 Q3 3.96 1987 Q4-6.19 1994 Q2-0.86 2000 Q4-5.28 2007 Q2 14.04 2013 Q4 7.37 1988 Q1 2.77 1994 Q3 2.26 2001 Q1-0.48 2007 Q3 7.34 2014 Q1 2.63 1988 Q2 0.00 1994 Q4-1.94 2001 Q2-0.89 2007 Q4 12.77 2014 Q2 4.50 1988 Q3-0.55 1995 Q1-0.01 2001 Q3-3.67 2008 Q1-4.46 2014 Q3 1.71 1988 Q4 0.53 1995 Q2 0.23 2001 Q4-12.26 2008 Q2 0.47 2014 Q4 4.72 1989 Q1 7.89 1995 Q3 0.88 2002 Q1-0.71 2008 Q3-11.71 2015 Q1 3.25 1989 Q2-4.48 1995 Q4-4.66 2002 Q2-2.34 2008 Q4-17.30 2015 Q2 5.40 1989 Q3 1.02 1996 Q1 2.18 2002 Q3-7.37 2009 Q1-1.61 2015 Q3-4.80 1989 Q4 0.32 1996 Q2 1.04 2002 Q4-7.63 2009 Q2 11.39 2015 Q4 4.95 1990 Q1 1.34 1996 Q3 2.17 2003 Q1-1.90 2009 Q3 9.15 2016 Q1 0.17 1990 Q2 1.49 1996 Q4 10.88 2003 Q2 1.59 2009 Q4 9.88 2016 Q2 0.79 1990 Q3-0.83 1997 Q1 3.37 2003 Q3 4.67 2010 Q1 3.91 2016 Q3 2.76 1990 Q4 1.84 1997 Q2 0.74 2003 Q4 6.18 2010 Q2-0.11 2016 Q4 0.80 1991 Q1 0.64 1997 Q3-1.40 2004 Q1 5.03 2010 Q3 8.76 2017 Q1 4.01 1991 Q2 0.72 1997 Q4-2.96 2004 Q2 1.61 2010 Q4 11.87 2017 Q2 3.28 1991 Q3-1.77 1998 Q1 2.49 2004 Q3 3.30 2011 Q1 2.83 2017 Q3 4.40 1991 Q4 2.85 1998 Q2-5.02 2004 Q4 11.32 2011 Q2 3.06 1992 Q1 4.59 1998 Q3-2.91 2005 Q1 7.88 2011 Q3-8.37 1992 Q2-0.15 1998 Q4 3.98 2005 Q2 2.60 2011 Q4 1.13 The index is a horizon calculation based on data compiled from 652 emerging markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Africa, Asia/Pacific Emerging, Europe Emerging, Latin America & Caribbean and Middle East Emerging), including fully liquidated partnerships, formed between 1986 and 2017. All returns are net of fees, expenses, and carried interest. 23
Emerging Markets Private Equity & Venture Capital: Fund Index Details: Horizon Pooled Return Multi-Year Returns One Year Rolling Returns Years Horizon Return (%) Years Horizon Return (%) One Year Ended Horizon Return (%) One Year Ended Horizon Return (%) 1 Year 13.16 16 Years 10.44 2 Years 11.19 17 Years 9.79 3 Years 10.45 18 Years 9.93 4 Years 12.04 19 Years 9.89 5 Years 11.76 20 Years 9.66 6 Years 11.01 21 Years 9.68 7 Years 10.64 22 Years 9.63 8 Years 11.99 23 Years 9.59 9 Years 10.90 24 Years 9.58 10 Years 9.57 25 Years 9.56 11 Years 11.03 12 Years 11.31 13 Years 11.84 14 Years 11.99 15 Years 11.53 9/30/2017 13.16 9/30/2002-21.11 9/30/2016 9.25 9/30/2001-9.93 9/30/2015 9.00 9/30/2000 15.68 9/30/2014 16.81 9/30/1999 7.57 9/30/2013 10.67 9/30/1998-8.72 9/30/2012 7.10 9/30/1997 12.23 9/30/2011 8.15 9/30/1996 1.62 9/30/2010 23.87 9/30/1995-0.37 9/30/2009 0.30 9/30/1994 8.20 9/30/2008-6.65 9/30/1993 0.30 9/30/2007 44.13 9/30/2006 20.23 9/30/2005 30.44 9/30/2004 17.11 9/30/2003-3.08 The index is a horizon calculation based on data compiled from 652 emerging markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Africa, Asia/Pacific Emerging, Europe Emerging, Latin America & Caribbean and Middle East Emerging), including fully liquidated partnerships, formed between 1986 and 2017. All returns are net of fees, expenses, and carried interest. 24
Emerging Markets Private Equity & Venture Capital: Fund Since Inception Analysis 25
Emerging Markets Private Equity & Venture Capital: Since Inception IRR & Multiples by Fund Vintage Year Vintage Year Pooled Return (%) Arithmetic Mean (%) Median (%) Equal-Weighted Pooled Return (%) Upper Quartile (%) Lower Quartile (%) Standard Deviation (%) DPI RVPI TVPI 1986 1 1987 1 1988 1 1989 10.39 9.73 11.07 1.67 0.00 1.67 4 1990 2 1991 2 1992 13.45 11.50 16.30 13.51 1.97 0.00 1.97 7 1993 3.97 4.68 0.83 7.41 1.19 0.00 1.19 7 1994 3.83 4.28 4.44 5.26 8.61-0.28 4.80 1.25 0.00 1.25 14 1995 2.05 0.77-0.70 1.69 8.64-4.05 8.09 1.12 0.00 1.12 14 1996 7.26 5.22 6.20 8.07 12.92-3.28 14.39 1.52 0.01 1.53 14 1997 3.36 4.18 6.70 8.23 12.32-3.07 22.41 1.21 0.01 1.22 24 1998 14.58 11.73 15.61 16.62 20.11-1.01 15.44 2.08 0.01 2.09 17 1999 1.63 1.48-1.88 2.32 3.97-6.15 14.72 1.07 0.02 1.09 21 2000 10.26 7.72 7.15 7.70 14.70 0.78 12.44 1.63 0.11 1.74 25 2001 12.61 11.56 12.13 14.46 17.21 0.06 16.83 1.67 0.14 1.82 12 2002 22.52 18.45 10.69 16.97 19.63 6.13 28.28 1.89 0.20 2.09 10 2003 14.80 13.58 14.50 19.78 22.64 12.59 19.63 1.66 0.00 1.66 11 2004 7.64 21.52 8.58 11.63 13.63 1.19 49.13 1.26 0.18 1.44 27 2005 10.84 9.50 7.30 11.47 16.10 2.07 13.75 1.50 0.24 1.74 42 2006 8.46 7.32 6.50 10.14 14.41 1.73 12.60 1.17 0.39 1.57 52 2007 8.46 5.82 7.04 8.64 10.83-0.48 9.53 0.98 0.56 1.53 62 2008 11.46 7.99 5.97 15.45 9.56 2.87 12.50 0.70 1.03 1.73 50 2009 9.73 7.19 9.13 10.59 11.33 0.70 9.11 0.45 1.03 1.48 17 2010 11.40 7.87 5.74 10.48 16.18-0.58 10.86 0.44 1.03 1.47 33 2011 17.78 14.71 14.28 19.05 22.74 5.18 14.90 0.28 1.36 1.64 43 2012 12.70 11.21 8.30 12.38 18.09 1.78 19.19 0.24 1.09 1.33 35 2013 19.57 12.58 11.95 15.47 17.78 5.84 11.91 0.12 1.31 1.42 24 2014 16.41 15.98 12.18 20.90 24.44 6.56 17.42 0.05 1.23 1.28 32 2015 17.99 14.01 4.92 15.21 20.71-2.23 29.30 0.01 1.16 1.17 35 Number of Funds Notes: Based on data compiled from 639 emerging markets private equity (buyout, growth equity, private equity energy and subordinated capital funds), and venture capital funds (includes funds investing primarily in Africa, Asia/Pacific Emerging, Europe Emerging, Latin America & Caribbean and Middle East Emerging), including fully liquidated partnerships, formed between 1986 and 2015. Internal rates of return are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with " " have an insufficient number of funds in the vintage year sample to produce a meaningful return. 26