Dow Jones Guide to Secondary Market Intermediaries

Dow Jones Guide To Secondary Market Intermediaries In the United States, investment banking services are provided by Houlihan Lokey Capital, Inc., a SEC-registered broker-dealer and a member of FINRA (www.finra.org) and SIPC (www.sipc.org); investment advisory services are provided by Houlihan Lokey Financial Advisors, Inc., a SEC-registered investment advisor. Houlihan Lokey (Europe) Limited, a company incorporated in England which is authorized and regulated by the U.K. Financial Services Authority, and Houlihan Lokey (China) Limited, a company incorporated in Hong Kong SAR which is licensed in Hong Kong by the Securities and Futures Commission, provide investment banking services and may direct this communication within the European Economic Area and Hong Kong, respectively, to intended recipients including professional investors, high-net-worth companies or other institutional investors. 0512 212.497.4152 •[email protected] Managing Director, Co-HeadoftheSecondaryAdvisoryGroup Jeffrey Hammer international investmentbanks. Celebrating its40thAnniversary, HoulihanLokeyisoneofthemosttrustedandestablished Liquidity managementforprivateinvestments innov experience, uniqueskillsandinnovativesolutions. variety ofotherilliquidsecurities.HoulihanLokeyisaleaderinthesecondarymarket—providing help createliquidityforportfoliosofcredits,directinvestments,investmentpartnershipsanda clients onsellingorrefinancingilliquidsecurities.Whetheritisprivatedebtequity, we Hl FinAnciAl Advisory services restructuring FinAnciAl MArkets cApitAl Mergers &Acquisitions .com A tive solutions F OurdedicatedSecondaryAdvisoryGroupadvisesavarietyof tHeor 212.497.4141 •[email protected] Managing Director, Co-HeadoftheSecondaryAdvisoryGroup Paul Sanabria secondA ry MArket Dow Jones Guide To Secondary Market Intermediaries

2012 Edition

Dow Jones Guide To Secondary Market Intermediaries Editorial Laura Kreutzer, David Smagalla, Russ Garland Research Victoria Camporeale Bradley, Gina Chan, Maryam Haque Advertising Joseph Koskuba, James Lindquist Production and Design Tara S. Cooper, Heather Graham, Renee Kohut, Tim White Editorial Director Nicholas Elliott

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ISBN# 1-934391-16-6/978-1-934391-16-7 | Dow Jones Guide To Secondary Market Intermediaries published May 2012 by Dow Jones & Company, Inc., located at 1211 Avenue of the Americas, New York, New York 10036. Dow Jones & Co. is a News Corporation company. Cover Price: $195. Contact [email protected]. Copyright © 2012 by Dow Jones & Company, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means – graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems – without the express written permission of Dow Jones & Company, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Dow Jones & Company, Inc., its officers, employees, or agents may hold positions in any of the securities mentioned herein. Photo credits - cover: ©iStockphoto.com/Cristian Lazzari; p8: ©iStockphoto. com/mbbirdy; p9: ©iStockphoto.com/Trevor Smith

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Table Of Contents

I. Introduction Preface 3 Pricing Spreads Begin To Widen But Creative Structures Could Bridge The Gap 4 By Laura Kreutzer Secondary Market Sees Much Life After Facebook 8 By Russ Garland Beneath The Shadow Of Large Deals, Advisers Find Fertile Ground At The Margins 9 By Laura Kreutzer Secondary Funds Return Cash As New Fundraising Cycle Heats Up 10 By Laura Kreutzer

II. Firm Listings Intermediary Firm Listings 12

III. Indexes Company Name 23 Contact Name 24 Location 26 Types Of Clients Represented 27 Average Size Of Secondary Deals Represented 28 Dow Jones Guide To Secondary Market Intermediaries | 3

Preface

enjoyed a banner year in 2011 Secondary intermediaries as the bid-ask spread between secondary buyers and sellers narrowed, driving deal volume to a record $25 billion by year end. However, as 2012 unfolds, that pricing gap has begun to widen once again, albeit modestly, presenting intermediaries with fresh challenges as they look to get the best deal for their clients.

Whether buyers and sellers can bridge the gap will dictate whether the secondary market can match the record deal levels it has produced over the past two years.

In the latest edition of our annual secondary market reviews, Dow Jones Guide To Secondary Market Intermediaries and Dow Jones Guide To Secondary Market Buyers, we look at the opportunities and risks facing secondary intermediaries as the industry enters another big fundraising cycle.

In this volume, we explore the divergent forces impacting secondary pricing, along with some of creative structures buyers and sellers employ to help get a deal to the finish line. We also look at the pressures on secondary market exchanges as one of their biggest sources of business, Facebook Inc., goes public and the heightened role that advisers play as investors look to selectively offload stakes.

As always, we also include detailed profiles of the world’s most active intermediaries. For information on secondary buyers and sellers and statistics related to fundraising, we refer to you to the companion Guide To Secondary Market Buyers.

We hope you find the 2012 guides to be a valuable reference. We welcome your feedback and suggestions for how we can improve future editions.

Laura Kreutzer Assistant Managing Editor, Private Equity Dow Jones & Co. [email protected] 4 | Dow Jones Guide To Secondary Market Intermediaries

Pricing Spreads Begin To Widen But Creative Structures Could Bridge The Gap By Laura Kreutzer

published this When we last report in early Do You See Competition From 2011, the secondary market had begun to hit its stride New Sources For Deals? after two years of lower-than-expected deal volume. Increased confidence in the underlying performance of private equity portfolios as well as in the capital markets help buoy pricing and contributed to a record Yes $25 billion in transaction volume for the year. 54% 46% No However, as 2012 progresses, a light fog has set in on the industry as distributions have slowed down and buyers and sellers await year-end performance numbers from underlying general partners. Adding to the uncertainty are Source: Dow Jones Guide To Secondary Market Intermediaries, 2012 Edition Europe’s macroeconomic ills and the distraction of an election year in the U.S. Toward the end of 2011, average top-line bids for private equity assets declined, albeit sovereign wealth funds, with about 46% of firms in our modestly, which makes pricing deals a bit trickier. survey indicating they see this type of competition.

“Sellers are saying ‘financial markets are up dramatically Overall, however, not many firms seem to think and buyers are only offering me 80 cents on the dollar’,” competition has driven up pricing too much. Around said Todd Miller, managing director at Cogent Partners. 64% of firms surveyed believe that pricing for deals is “We’re already seeing the bid-ask spread widen.” about right with another 4% saying that pricing is even too low. That contrasts sharply with sentiment among The large volume of transactions that have come into survey respondents a year earlier and is more in line the market or are expected to come into the market this with our 2010 survey results. year has given buyers renewed confidence that the pendulum of supply and demand is beginning to tilt a bit When buyers are willing to pay up, it’s more likely to be for more in their favor. buyout funds than for their venture capital counterparts, despite the spate of splashy initial public offerings by In a survey of 38 secondary buyers, 68% of respondents VC-backed companies, including Internet gaming characterized the current environment as a buyer’s company Zynga Inc. However, the percentage of survey market, a fairly dramatic reversal from last year’s survey, respondents willing to pay more than they did last year when 56% of firms said that the market favored sellers, declined significantly from our 2011 results for both buyout although survey samples differed across the two years. and venture capital assets.

Secondary buyers remain split over whether they “There’s capital out there, but the buyers know that continue to see competition from new buyers, such as their capital is becoming precious,” said Cogent Partners’ Miller. How Would You Classify Among firms in our survey, only 40% said they paid more on average for buyout funds in 2012 than in 2011, a The Secondary Market? contrast to the 85% indicating they did so a year earlier.

During the second half of 2011, high first-round bids for 32% 30% buyout funds marketed by Cogent Partners averaged 56% 44% 85.9% of net asset value, compared to 87.0% of NAV 68% 70% during the first half of 2011, according to a report issued by the firm.

2012 2011 2010 Although Cogent and other intermediaries say that they see a more diverse range of funds on the market, A buyer's market A seller's market buyout funds, including mega-buyout funds, still Source: Dow Jones Guide To Secondary Market Intermediaries, 2012 Edition account for the largest share of the assets being sold, Dow Jones Guide To Secondary Market Intermediaries | 5

aggressiveness of the NAV,” said Mathieu Dréan, managing Secondary Market Transactions Are Priced: partner at global intermediary Triago. “Some venture funds are transacting now at double-digit premiums.”

32% 32% That said, bids can only dip so low before sellers will 41% walk away entirely, which in many cases has helped 56% 64% 68% keep discounts within a relatively narrow band, 4% according to market participants. Among firms in our 3% survey, at least 84% said that a seller has walked away 2012 2011 2010 from a deal at least once over price.

Too high Too low On average, about right “For sellers, psychologically, there’s often some sort of Source: Dow Jones Guide To Secondary Market Intermediaries, 2012 Edition line in the sand at 90 cents [on the dollar] to trigger deals,” said Dréan. hardly surprising given the vast sums raised by buyout firms over the past decade. Getting To “Yes” Through Leverage, In 2010 and 2011, large limited partners, including the Deferred Payments California Public Employees’ Retirement System and the As the pricing gap widens, some buyers and sellers may New Jersey Division of Investment, sought to unload use leverage or seller financing to keep each other at the stakes or portions of their stakes in mega-buyout funds negotiating table. backed during the recent boom. However, it’s unclear how much additional appetite buyers have for stakes in Among firms in our survey, 11% said that they have used these funds, given the large volume that changed hands debt to finance their deals, compared to only around 7% in 2010 and 2011 and the fact that secondary funds often of firms that indicated they did so in last year’s survey. have restrictions on the amount of capital they can invest in a single manager or fund. Although rare, the use of third-party leverage in secondary transactions increased in popularity in the Some buyers contend that, with a new fundraising cycle middle part of the last decade when inexpensive debt kicking into high gear, some firms could have fresh was abundant. By 2009, however, leverage for these capital to deploy into mega-buyout stakes. At the same deals had all but dried up. Even today, buyers say that time, they add that the outlook for some of these the use of third-party leverage is uncommon, partly portfolios is stronger than even a year or so ago. because some of the largest providers of that leverage, such as the Royal Bank of Scotland Group PLC, have “The buy side is looking at these funds through a lens scaled back their activity in that area. that’s seeing returns delivered on balance sheets, costs that have been cut during the recession and fairly healthy public markets,” said Michael McCabe, partner In The Past Ye ar, On Average, Did You Pay at StepStone Group. “The larger strategic acquirers are also prepared financially to play a meaningful role in the More For Secondary Deals? M&A market. That combination lends itself to some Buyouts optimism for these ‘bubble’ funds.” 3% Buyers are less enthusiastic about pricing for venture deals. 15% Among firms in our survey, only about 6% paid more for 40% venture capital deals than they did in 2011, a steep decline 60% 85% 97% from the 57% of firms that did so in 2011. According to the Cogent report, although venture capital funds accounted for 20% of the funds that the intermediary marketed during 2012 2011 2010 the second half of 2011, high first-round bids for these assets only averaged about 70.6% of NAV. Venture Capital

Pricing for secondary interest in venture funds often 6% 7% mirrors investor appetite for primary commitments to venture funds, many of which have failed to generate 44% 57% much in the way of returns over the past decade. As a 94% 93% result, the range of bids for venture assets tends to be wider than their buyout peers, with high-quality venture groups commanding premium pricing. 2012 2011* 2010 Yes No “It all depends not just on the quality of the fund and the *Numbers do not add to 100% due to rounding. portfolio, but also on the degree of conservatism or Source: Dow Jones Guide To Secondary Market Intermediaries, 2012 Edition 6 | Dow Jones Guide To Secondary Market Intermediaries

Do You Use Debt To Finance Has A Seller Walked Away Your Secondary Deals? From A Deal Over Price?

11% 16%

Yes Yes No No 89% 84%

Source: Dow Jones Guide To Secondary Market Intermediaries, 2012 Edition Source: Dow Jones Guide To Secondary Market Intermediaries, 2012 Edition

Many buyers say that they also remain wary of the risks deferred payment structures, however, the timing of those associated with adding leverage to a deal, particularly adjustments can have a real economic impact.” during uncertain economic times. However, Benoit Verbrugghe, senior managing director at Axa Private Stapled secondaries, in which buyers typically agree to Equity, counters that a modest use of leverage enhances provide fresh capital for new deals or a new fund as part returns, and that a buyer can mitigate the risk if it has a their purchase agreement, also appear to have gained deep enough understanding of the portfolio. in popularity with around 15% of firms indicating they participated in one or more stapled transactions, “You can use this type of financing only when acquiring compared to just 5% of firms in last year’s survey. mature assets,” said Verbrugghe, adding that firms need to ensure the expected timing and proceeds from exits are The increase comes as more financial institutions and sufficient enough to maximize the leverage’s impact. corporations seek to spin out captive private equity divisions. General partners involved in these transactions Firms that can’t or won’t borrow from traditional lenders to often want buyers to provide capital for new deals to support a higher price may turn to seller financing, or ensure the firm will have some degree of longevity deferred payment structures, particularly in cases where following the spin out. the seller may be sensitive to pricing. A deferred payment structure allows a buyer to pay only a portion of the purchase price up front and pay the remainder after a pre- Picking Their Bets negotiated period of time, generally one or two years. They may be working harder to get deals to the finish line, but secondary buyers are also being more selective in “We have seen some sellers that are not only open to determining which deals they will chase in the first place. this structure, but actively inquiring about it,” said Jonathan Gutstein, a partner at Coller Capital. Although many secondary buyers started 2011 with an abundance of dry powder in their funds, a record year In 2011, New Jersey State Investment Council of transactions has pushed a number of them back into negotiated a payment structure for at least three of four what is now a challenging fundraising market. At the fund stakes it sold, which deferred half of the purchase same time, the sheer volume of deals and the resources price over a two-year period, according to investment required to effectively evaluate those deals is forcing council meeting materials. The structure enabled the firms to be more selective. division to secure an aggregate purchase price of 97.9% of the four funds’ underlying NAV, increasing the “You have to focus on those deals that you think could purchase price by 10%, the materials stated. really fit, “said Coller’s Gutstein.

Such structures tend to be fairly complex and sellers must be confident in the credit worthiness of the buyer, Number Of Stapled Secondary Deals: according to Kari Harris, a partner in the private equity practice at Nixon Peabody LLP, which has negotiated 5% 5% many of these deals. At the same time, buyers and sellers 10% 0 must carefully hammer out details around the treatment of capital during the deferment period. 1 2 86% 95% “[Secondary] deals take time to negotiate and consummate and in the meantime there are ongoing cash flows from the underlying funds, including distributions to the limited 2011* 2010 partners and capital calls,” Harris said. “Adjustments *Numbers do not add to 100% due to rounding. happen in all of these transactions. In cases involving Source: Dow Jones Guide To Secondary Market Intermediaries, 2012 Edition mtvp12SecMktPg4cFinal1 4/2/12 4:57 PM Page 1

Millennium Solves the Puzzle of Alternative Liquidity for the World’s Leading Private Technology Companies

Millennium provides alternative liquidity solutions to many of the world’s fastest growing private technology companies. In 2012, Millennium celebrates a decade of leadership and innovation in the secondary market for venture capital assets. In addition to its role in shareholder liquidity programs, Millennium is an active investor in primary and growth equity investments as well as venture debt transactions. In its first decade, Millennium made more than 300 alternative liquidity investments involving world class technology companies such as Facebook, Twitter, Chegg, Tumblr, Good Technology, LegalZoom, Ning, Green Dot, Zappos, eHarmony, ArcSight, Envivio, ID Analytics, BeachMint, Epocrates, Tellme Networks, NetSpend, PlaySpan,Wayport, Reply!, Airvana, ETF Securities, IronPlanet, RigNet, Acronis, LiveOps, Datapipe, iPass, ReardenCommerce, HauteLook, Tremor Video, and many others. Millennium serves as a long-term partner to its portfolio companies, providing capital to meet their needs in whatever capacity and format is best. No matter how puzzling the liquidity challenge, Millennium can find a creative solution.

Tel 646.521.7800 Fax 646.521.7878 www.mtvlp.com 8 | Dow Jones Guide To Secondary Market Intermediaries

Secondary Market Sees Much Life After Facebook By Russ Garland

market for exceeding the 500 shareholder limit that would force The secondary private-company them to publicly disclose financial information. “The key stock has been on a roll for the past couple of years, differentiator is the issuers’ involvement and facilitation fueled by hot Internet companies, notably Facebook Inc. of this activity,” said SecondMarket’s Oliveri. He added SecondMarket’s private company stock business now But what happens when Facebook is no longer private? focuses solely on these issuer-facilitated transactions.

With the social-networking company expected to debut Brogger said the average secondary transaction has on Nasdaq in May, joining LinkedIn Corp., Groupon Inc. gotten much larger, rising from a $50,000 range in 2009 and Zynga Inc. on the public stage, the market seems to about $500,000 now. He said he’s seen deals as large bound to take a breather. as $15 million, usually involving institutional investors. SharesPost has worked with companies to run auctions, Secondary firm NYPPEX LLC estimates that secondary such as one it did for LinkedIn shortly prior to its IPO transaction volume for private companies globally will that was limited to existing shareholders. It’s also looking decline 24% this year to $7.1 billion from a peak of $9.3 to help companies raise financing as it did last year for billion last year. This projection is “based on expected exits TrueCar Inc., a provider of car-pricing information. by many of the largest consumer web and social media companies, and a decline in large private companies with Another factor in the equation is the recently passed motivated selling share holders,” NYPPEX said. JOBS Act, which contains provisions making it simpler for emerging companies to raise capital. Although some SecondMarket Inc., a marketplace for private company of these make it easier for such companies to access the shares, recently laid off 10% of its approximately public market, others ease the pain of staying private. 150-person staff in advance of the Facebook IPO. One section lifts the 500-shareholder limit for private SecondMarket no longer discloses how much of its companies to 2,000 holders as long as no more than 500 private shares business is Facebook-related, but it’s of them are unaccredited investors. Another provision substantial, said Adam Oliveri, SecondMarket’s lifts the ban on general solicitation and advertising of managing director for private company markets. certain private placements. Consumer Web and social media companies accounted for 61.4% of SecondMarket’s transactions in 2011 with a And with a rising crop of companies that have raised value of $343 million, the company said. early financing from angel investors, who generally lack the deep pockets of venture capital firms, secondary Although Facebook is exiting the secondary market markets could provide a significant source of liquidity for scene, it has had a lasting effect on it, creating a these individuals while enabling companies to bring in template for other companies to follow. “Facebook sort long-term investors as they mature. of ushered in the first release, Version 1.0,” said Oliveri. “But the market has moved past it and started moving Millennium Technology Value Partners, a secondary past it 18 months ago.” investor, has predicted that 2012 will be another record year for the market in private company shares despite Investor interest in Facebook ignited the secondary the IPOs of high-profile companies. market for private company stock, spurring creation of several funds targeting its shares. The company became a Sam Schwerin, a Millennium managing partner, said that market pioneer. “It was unanticipated,” said Greg Brogger, a key reason for his firm’s optimism is because primary founder and president of SharesPost Inc., an online venture financings are increasingly including a marketplace for private-company stock. “They were secondary element as companies look to cash out early reacting in real time without any historical precedent for investors and provide founders and employees with a bit what was happening in the market for their shares.” of liquidity. Facebook, he said, provides an example of how to go about this and made secondary transactions Most of the action initially was generated by former more acceptable to VCs both as a way to obtain some Facebook employees looking to sell stock to wealthy early liquidity and to acquire shares of hot companies individuals or institutional investors. But Facebook that don’t need to raise equity. eventually assumed more control over the process as did other companies with active secondary interest as they “It’s the greatest validator that we’ve ever had for the looked to vet potential shareholders and avoid secondary market,” Schwerin said of Facebook. Dow Jones Guide To Secondary Market Intermediaries | 9

Beneath The Shadow Of Large Deals, Advisers Find Fertile Ground At The Margins By Laura Kreutzer

Redwood Like California’s trees, large portfolio transactions cast the biggest shadows in the private equity secondary market these days. But, buyers say that most of the selling, when it does occur, will involve more targeted deals at the margins, as more limited partners fine tune their portfolios.

Along the way, limited partners are leaning ever more on advisers and consultants to help them manage the process.

“There are a lot of LPs that instead of saying ‘here are 20 funds that we want to sell’ are saying ‘we’d like to look at this subset of our portfolio that we may want to sell’, and every quarter or six months they look at that subset to reevaluate,” said Monte Brem, chief executive at global advisory firm StepStone Group. “It’s a combination of a sell-side [process] and a monitoring process.” Quigley as managing director to head its AIMS Advisory Solutions Group, a division that advises institutions on Brem added that nearly half of the mandates his firm managing and monitoring their hedge fund and private looks at these days have some element that involves equity portfolios, including providing diagnostic services helping the client sort through its portfolio of relationships for existing investments. to determine which ones to keep and which ones to manage out or sell. Only a few years ago, the firm rarely Meanwhile, Joncarlo Mark, a former investment officer saw that type of request baked into a client mandate. at the California Public Employees’ Retirement System, in 2011, founded UpWelling Capital Group to help large Although Brem declined to discuss specific mandates, one LPs monitor and manage legacy portfolios. example is the firm’s role in a deal involving Citibank Inc., which sold a roughly $900 million private equity portfolio “We like to think of it much along the lines of a to a consortium led by Lexington Partners back in 2010. consumer brands company,” said Mark. “You’ve got a StepStone was brought on board to oversee the active line of 50 to 100 brands and you’re constantly evaluating management and monitoring of the portfolio, sister them. Do you invest in the next packaging round for one publication LBO Wire reported at the time. brand or do you explore strategic options?”

As the private equity industry has matured, many Goldman’s Quigley adds that having the capacity and investors with older portfolios have found themselves resources to analyze portfolios across multiple asset with far more funds and GP relationships than they classes is critical, given how complex institutional perhaps initially intended. At the same time, however, portfolios have become. both corporate and public pension managers face resource constraints that make it challenging for them to “Throughout their alternative investments, investors will actively manage and monitor those relationships. have a variety of exposures,” said Quigley. “And these exposures are always changing, making it even more Yet, investors are also reluctant to accept the discounts important to analyze and actively manage the program.” secondary buyers may offer for their fund interests. As an investment officer at one public pension fund grappling Advisers add that as they help their clients sift through with allocation issues put it: “The funds that I want to their portfolios, it has allowed those clients to use sell, I can’t get a good price for, but the ones that I could secondary sales more tactically, a trend that they see get a good price for, I don’t want to sell.” growing as time progresses.

Some advisers have beefed up their resources to better “A lot of them don’t want to be naive sellers,” said one help short-staffed LPs manage what have become for secondary buyer. “They want a smarter, more many increasingly unwieldy portfolios. Goldman Sachs sophisticated way of managing their exposure over a Asset Management, for one, in 2011, hired Richard longer period with less value dilution.” 10 | Dow Jones Guide To Secondary Market Intermediaries

Secondary Funds Return Cash As New Fundraising Cycle Heats Up By Laura Kreutzer

funds continued to benefit the end of the year, the pace of those distributions may Secondary from a healthy exit be slowing. environment throughout much of 2011, which should bode well as they return to the fundraising trail. Certainly, our data sample is too small to draw any definitive conclusions and excludes many of the smaller Many funds in our chart returned capital to their limited secondary funds, which typically do not raise capital partners throughout much of 2011, according to from large public pension funds. However, anecdotally it performance data published by a handful of public suggests that some firms should have good story to tell pension funds, although as capital markets stumbled at on the fundraising trail.

Select Secondary Fund Performance Data Capital Capital Dist. in Year Name of Manager Fund/Vintage Year Fund Type Region Committed (M) Contributed (M) Ended(M)* Dist. as of (M) Dist. as of (M) Net IRR as of (%) Net IRR as of (%) lRR Change California Public Employees’ Retirement System 09/30/11 9/30/10 9/30/11 9/30/10 Lexington Partners Lexington Capital Partners V LP/2001 LP Secondaries Global $50.0 $49.8 $6.8 $65.9 $59.1 20.6 20.3 0.3 Lexington Partners Lexington Capital Partners IV LP/2000 LP Secondaries Global $100.0 $98.1 $9.7 $160.8 $151.1 19.4 19.3 0.1 Lexington Partners Lexington Middle Market Investors LP/2005 LP Secondaries U.S. $50.0 $42.5 $9.5 $25.5 $16.0 10.3 7.5 2.8 W Capital Partners W Capital Partners II LP/2007 Secondary Direct/Portfolio U.S. $141.1 $100.2 $49.3 $62.8 $13.5 16.7 14.8 1.9 W Capital Partners W Capital Partners LP/2003 Secondary Direct/Portfolio U.S. $25.0 $23.5 $0.0 $16.0 $16.0 -2.4 -2.4 0.0 SL Capital Partners ESP Golden Bear Europe Fund/2007 LP Secondaries Western Europe $684.3 $203.9 $0.3 $0.3 $0.0 -4.1 -13.7 9.6 Oak Hill Investment Management OHIM Secondary Investments 2008-B LP/2008 Secondary Direct/Portfolio U.S. $2.1 $2.1 $1.5 $2.5 $1.0 26.9 30.9 -4.0 Oak Hill Investment Management OHIM Secondary Investors II LP/2007 Secondary Direct/Portfolio U.S. $5.4 $4.9 $1.8 $2.5 $0.7 4.2 -2.7 6.9 Oak Hill Investment Management OHIM Secondary Investors III LP/2007 Secondary Direct/Portfolio U.S. $0.5 $0.5 $0.4 $0.8 $0.4 32.3 32.7 -0.4 Montana Board of Investments 9/30/11 9/30/10 9/30/11 9/30/10 Portfolio Advisors Portfolio Advisors Secondary Fund LP/2008 Secondary Direct/Portfolio Global $15.0 $8.9 $1.0 $1.2 $0.2 28.2 35.3 -7.1 HarbourVest Partners Dover Street VII LP/2008 LP Secondaries Global $20.0 $15.8 $1.1 $1.4 $0.3 20.4 11.2 9.2 Lexington Partners Lexington Capital Partners VI LP/2005 LP Secondaries Global $50.0 $46.3 $7.0 $18.7 $11.8 4.7 1.3 3.4 Adams Street Partners Adams Street Global Oppty Secondary Fund/2003 LP Secondaries Global $25.0 $18.3 $7.7 $14.2 $6.6 12.3 9.2 3.0 Lexington Partners Lexington Middle Market Investors II LP/2008 LP Secondaries U.S. $10.0 $3.6 $0.4 $0.5 $0.1 13.3 10.2 3.1 Industry Ventures Industry Ventures Fund IV/2005 LP Secondaries U.S. $10.0 $9.2 $1.2 $4.5 $3.3 4.7 3.2 1.4 Oregon State Treasury 9/30/11 9/30/10 9/30/11 9/30/10 Coller Capital Coller International Partners V LP/2006 LP Secondaries Global $100.0 $78.6 $9.9 $22.2 $12.3 8.7 3.4 5.3 Coller Capital Coller International Partners IV LP/2002 LP Secondaries Global $50.0 $44.1 $0.0 $39.5 $39.5 15.8 15.7 0.1 Montauk TriGuard Montauk TriGuard Fund III LP/2005 LP Secondaries U.S. $50.0 $44.0 $6.7 $31.1 $24.4 6.7 4.6 2.1 Montauk TriGuard Montauk TriGuard Fund IV LP/2008 LP Secondaries U.S. $75.0 $42.8 $9.4 $14.3 $4.9 26.1 N/A N/A Pennsylvania Public School Employees’ Retirement System 3/31/11 3/31/10 3/31/11 3/31/10 Landmark Partners Landmark Equity Partners XIV LP/2008 LP Secondaries Global $150.0 $22.2 $3.6 $3.8 $0.3 21.9 5.7 16.2 Partners Group Partners Group Secondary 2008/2008 LP Secondaries Global $212.9 $138.6 $13.0 $15.3 $2.3 15.4 -18.4 33.8 Landmark Partners Landmark Equity Partners XIII LP/2004 LP Secondaries U.S. $100.0 $89.6 $9.5 $37.5 $28.0 3.0 0.5 2.5 Credit Suisse Private Equity CSFB Strategic Opportunities Fund II LP/2003 LP Secondaries U.S. $300.0 $259.2 $72.2 $422.3 $350.1 35.2 36.5 -1.3 Credit Suisse Private Equity CSFB Strategic Partners III-B LP/2004 LP Secondaries U.S. $200.0 $211.3 $7.1 $67.2 $60.1 6.4 2.6 3.8 Credit Suisse Private Equity CSFB Strategic Partners III-VC LP/2004 LP Secondaries U.S. $50.0 $48.5 $4.8 $24.2 $19.4 6.2 6.8 -0.6 Credit Suisse Private Equity CS Strategic Partners IV VC/2009 LP Secondaries U.S. $50.0 $39.6 $3.8 $4.4 $0.6 9.7 2.1 7.7 Credit Suisse Private Equity CS Strategic Partners IV LP/2007 LP Secondaries U.S. $100.0 $67.6 $7.4 $12.5 $5.1 19.1 11.3 7.8 Greenpark Capital Greenpark International Investors III LP/2007 LP Secondaries Western Europe $141.9 $120.8 $9.6 $22.1 $12.5 -4.2 -9.6 5.4 University of Texas Investment Management Co. 11/30/11 11/30/10 11/30/11 11/30/10 Pomona Capital Pomona Capital VI LP/2005 LP Secondaries U.S. $40.0 $35.6 $4.1 $14.6 $10.5 6.5 3.1 3.5

The pension funds released disclaimers with the data, saying that IRRs don't accurately reflect the expected future returns of the partnership and may vary depending on how they are calculated. The pension funds also said the comparison of IRRs is difficult because the industry doesn't have standard valuation methods. Finally, the pension funds said that the IRRs aren't especially meaningful in the early years of a partnership, and that their IRR calculations haven't been approved by general partners. *Calculated by Dow Jones Private Equity Analyst using the data provided by the pension funds. N/A: Not available. Dow Jones Guide To Secondary Market Intermediaries | 11

Direct secondary investor W Capital Partners was one of the largest movers on the distribution front among Private Equity Performance Over Time funds in our tables, returning $49 million for its 2007 30% vintage-year fund to the California Public Employees’ 27.95 Retirement System, during the 12-months ending Sept. Buyout funds 25 30, 2011, according to Calpers data. The firm returned Venture funds a pile of cash to LPs thanks in part to exits from portfolio companies such as social media company 20 Demand Media Inc., geneology website Ancestry.com 15.41 and retail financial service provider Green Dot. 15 13.18 13.18 11.97 11.27 10 Other funds that returned healthy distributions over 10.14 10.14 10.00 the same period include Coller International Partners 6.50 4.88 V LP, Lexington Capital Partners IV LP and Montauk 5 5.29 TriGuard Fund IV LP, according to various pension 3.27 0 1.44 fund data. Of these, Coller Capital, Montauk TriGuard 4Q11 YTD 1 yr 3 yr 5 yr 10 yr 15 yr and W Capital Partners are all in various stages of Performance represents end to end pooled mean, net to limited partners. pitching new offerings. Source: Cambridge Associates

The pension funds released disclaimers with the data, saying that IRRs don't accurately reflect the expected future returns of the partnership and may vary depending on how they are calculated. The pension funds also said the comparison of IRRs is difficult because the industry doesn't have standard valuation methods. Finally, the pension funds said that the IRRs aren't especially meaningful in the early years of a partnership, and that their IRR calculations haven't been approved by general partners. *Calculated by Dow Jones Private Equity Analyst using the data provided by the pension funds. N/A: Not available. 12 | Dow Jones Guide To Secondary Market Intermediaries

Intermediary Firm Listings

Andrew Kellett, Managing Partner Accretive Capital Partners Almeida Capital [email protected] 225 Franklin Street, Suite 2600 Zetland House, 5-25 Scrutton Street Simon Wigg, Partner Boston, MA 02110 London EC2A 4HJ U.K. [email protected] Phone: 617-217-2771 Phone: 44-20-7749-1277 www.accretiveexit.com Fax: 44-20-7845-7599 Year founded 2003 [email protected] www.almeidacapital.com Number of professionals worldwide 4 [email protected] Branch offices Services provided 9 West 57th Street, 26th Floor Key personnel AXON Partners is an independent New York, NY 10019 Richard Sachar, Managing Director manager-owned service provider Phone: 646-862-6472 [email protected] offering placement services in Europe for Key personnel Year founded 2000 private equity and real estate funds. Andrew Reilly, Managing Director AXON provides general partners with Services provided [email protected] comprehensive fund advisory and The firm advises buyers and sellers on placement services; it also advises and Edwin Wang, Sr. Managing Director the purchase and sale of secondary supports general partners on GP strategy, [email protected] interests in private equity and venture investor relations matters and programs. capital funds and underlying portfolios. In addition, AXON provides secondary Theodore Tedeschi, market intermediary services to both Managing Director of Counsel Type of clients represented limited partners and general partners, [email protected] Wealthy Individuals overseeing the transfer of stakes in Banks/Financial Institutions Helge Pedermann, Principal private equity funds and underlying Family Offices [email protected] portfolio companies. The firm works with Endowments/Foundations a broad investor base in Europe Year founded 2008 Public Pension Funds including insurance companies, pension Number of professionals worldwide 7 Average size of assets managed by clients funds, banks, family offices and other $100 million to $499 million financial institutions. Services provided $500 million to $999 million Description of secondary practice Accretive Advisors provides private equity $1 billion+ consulting services to institutional clients AXON Partners provides secondary in need of a partner with experience in Average size of secondary deals market intermediary services to both navigating the secondary landscape. represented limited partners and general partners, Accretive has a deep understanding of the Under $10 million overseeing the transfer of stakes in buyers appetites and can help maximize $10 million to $99 million private equity funds and underlying value through direct or structured $100 million to $499 million portfolio companies. AXON specializes in transaction to help meet the special secondary transactions in the ¤10 liquidity needs of each client. Accretive million-¤250 million range and provides Advisors have executed over $1.4 billion AXON Partners a focused, discrete and highly tailored of secondary transaction since 2009. Bahnhofplatz, P.O. Box 4640 services. AXON operates globally and has worked with sellers and buyers Type of clients represented Zug 6300 Switzerland Phone: 41-41-729-0700 across the entire spectrum, including Banks/Financial Institutions buyout, mezzanine and venture funds as Endowments/Foundations Fax: 41-41-729-0701 www.axonpartners.biz well as private equity real estate funds. Average size of assets managed by clients Type of clients represented $1 billion+ Branch offices 111 Buckingham Palace Road, 3rd Floor Banks/Financial Institutions Average size of secondary deals London SW1W 0SR U.K. Family Offices represented Phone: 44-20-7340-8729 Average size of assets managed by clients $100 million to $499 million Fax: 44-20-7340-8501 $10 million to $99 million $500 million to $999 million Key personnel $100 million to $499 million Magdalena Nowak, Head of Project $500 million to $999 million Management and Investor Relations Average size of secondary deals [email protected] represented Dominik Meyer, Managing Partner $10 million to $99 million [email protected] $100 million to $499 million Dow Jones Guide To Secondary Market Intermediaries | 13

Average size of secondary deals Branch offices Azla Advisors represented Am Pfarrhof 4 845 Third Avenue, 6th Floor Under $10 million Maintal/Frankfurt 63477 Germany New York, NY 10022 $10 million to $99 million Phone: 41-44-386-4020 Phone: 646-217-0645 $100 million to $499 million Fax: 41-44-386-4022 $500 million to $999 million Fax: 646-217-0646 Key personnel www.azla-advisors.com David Karabelnik, [email protected] Boyd & Co. CEO and Managing Partner [email protected] Key personnel 4760 Preston Road, Suite 244-263 David Waxman, Managing Director Frisco, TX 75034 Year founded 1996 [email protected] Phone: 214-227-7797 Number of professionals worldwide 10 Year founded 2006 Fax: 214-291-5720 www.boydco.net Services provided Number of professionals worldwide 9 Secondary Transactions: Sale of direct- Key personnel Services provided and private equity fund (LP) investments Todd Boyd, Managing Partner by structured auctions to a huge LP interest secondary transaction [email protected] marketing & execution services / international buyers’ clientele. Hands-on, Managing processes for divestment of Christine Chancellor, Director full transaction services for sellers, direct investments in private companies [email protected] including documentation, placement and direct buyers’ approach. Auctioning, Description of secondary practice Year founded 2003 negotiations, agreements, legals and all Over the past five years, Azla Advisors Services provided necessary steps, up to closing. Highest has fully completed 100% of its sell-side Liquidity solutions for private equity confidentiality guaranteed. Breslin is a client advisory assignments at an average portfolios and individual LP interests. leader in European and early-stage, as price 27% higher than the secondary Buy-side advisory services. well as technology/IT/life sciences advisory industry benchmark. secondary transactions. Description of secondary practice The firm has achieved these results based The firm provides bids on LP interests on Description of secondary practice on its approach to secondary advisory a confidential basis from secondary Advice in designing market-attractive services: buyers that typically deliver the most portfolios, delivering preliminary valuations, selection of appropriate Proprietary Valuation Methodology – aggressive pricing. The firm actively buyers, selective approach under full The firm “opens up the hood” of the works with these secondary buyers to confidentiality, negotiations, auctioning underlying assets and discovers and provide liquidity solutions for sellers. The of assets, structuring of process, demonstrates hidden value that firm assists investors globally including coordination and organization of all steps optimizes pricing. those in North America, Europe, the Middle East and Asia. of a transaction until closing. Market- Focus and Dedication – The firm takes orientated success fees and no retainers. on a limited number of assignment Type of clients represented Global direct and LP assets. Huge buyers’ concurrently. Wealthy Individuals base with funds, PE groups, high net- Banks/Financial Institutions worth and institutional investors. Innovation and Creativity – The firm Family Offices crafts innovative and creative transaction Endowments/Foundations Type of clients represented structures to bridge gaps between Public Pension Funds Wealthy Individuals potential buyers and sellers Banks/Financial Institutions Average size of assets managed by clients Family Offices Selectivity – Azla is extremely selective of $100 million to $499 million Endowments/Foundations the assignments it takes on. $500 million to $999 million Public Pension Funds Market Relationships – The firm has deep $1 billion+ Global Corporates and trust-driven relationships with the Average size of secondary deals Average size of assets managed by clients secondary buying community that drives represented $10 million to $99 million them to focus on its transactions and use Under $10 million $100 million to $499 million its valuations as the basis for pricing. $10 million to $99 million $500 million to $999 million Type of clients represented $100 million to $499 million $1 billion+ $500 million to $999 million Wealthy Individuals Average size of secondary deals Banks/Financial Institutions represented Family Offices Breslin AG Under $10 million Endowments/Foundations $10 million to $99 million Public Pension Funds Gsteigstrasse 21 $100 million to $499 million Fund of Funds Erlenbach 8703 Switzerland $500 million to $999 million Average size of assets managed by clients Phone: 41-44-386-4020 $1 billion+ $10 million to $99 million Fax: 41-44-386-4022 $100 million to $499 million www.breslin.ch $500 million to $999 million [email protected] $1 billion+ 14 | Dow Jones Guide To Secondary Market Intermediaries

Average size of assets managed by clients Camelot Group Campbell Lutyens $1 billion+ International 3 Burlington Gardens Average size of secondary deals 45 Rockefeller Plaza, Suite 2000 London W1S 3EP U.K. represented New York, NY 10111 Phone: 44-20-7439-7191 $100 million to $499 million Phone: 212-332-7599 Fax: 44-20-7432-3749 $500 million to $999 million Fax: 212-937-3350 www.campbell-lutyens.com $1 billion+ www.thecamelotgroup.com [email protected] [email protected] Branch offices Capstone Partners Branch offices 1270 Avenue of the Americas 1 Galleria Tower, Tower 42-International Financial Centre, 29th Floor 13355 Noel Road, Suite 1050 25 Old Broad St., Level 7 New York, NY 10020 Dallas, TX 75240 London EC2N 1HN U.K. Phone: 212-223-8448 Phone: 972-980-5800 Phone: 44-207-877-0909 Fax: 212-214-0558 Fax: 972-980-5801 Fax: 44-207-990-9100 1 Connaught Place www.capstonepartnerslp.com Rue du Rhone 14, Fourth Floor Suite 819, Jardine House [email protected] Geneva 1204 Switzerland Hong Kong China Branch offices Phone: 41-22-819-1829 Phone: 852-2358-9200 Grand-rue 19 Fax: 41-12-74-2745 Fax: 852-2358-9299 Nyon 1260 Switzerland Union House, Fifth Floor Key personnel Phone: 41-22-365-4500 Port Saeed Road Andrew Sealey, Managing Parter Fax: 41-22-365-4509 Dubai 43659 U.A.E [email protected] Suite 1106, Metrobank Tower Phone: 971-4211-54-59 Thomas Liaudet, Partner 1160 Yan An Xi Lu Fax: 971-4211-5101 [email protected] Shanghai 200052 China Services provided Immanuel Rubin, Principal Phone: 86-21-6124-2668 The firm is an investment and advisory [email protected] Fax: 86-21-6124-2667 firm that provides independent advice to Key personnel institutions, corporations, partnerships, Ben Pearce, Vice President Tripp Brower, Partner governments and individuals in the [email protected] [email protected] alternative asset and private equity Year founded 1988 industries. The firm’s core services David Chamberlain, Partner consist of acquisitions and divestitures of Number of professionals worldwide 40 [email protected] limited partner interests and corporate Services provided assets in the alternative asset and private Sheng Lu, Partner Advise on structuring and placement of [email protected] equity markets. The firm’s core services private equity and infrastructure funds. consist of acquisitions and divestitures of Advisory services on the secondary sale Year founded 2001 limited partnership interests, general of LP portfolios and direct equity Number of professionals worldwide 22 partner and limited partner dispute portfolios. Advisory services on spinouts, resolution, capital-raising activities, restructurings and refinancing. Services provided corporate debt transactions and financial Global placement expertise for high and strategic advice. Description of secondary practice quality general partners Campbell Lutyens is a independent global Type of clients represented adviser on the sale or restructuring of Description of secondary practice Wealthy Individuals portfolios of private equity and The firm works to forge solution-oriented Banks/Financial Institutions infrastructure LP interests and direct relationships with general partners and Family Offices equity interests. It has been advising in the limited partners. The firm’s service Endowments/Foundations secondary market since 2000 and through offering includes liquidity solutions Public Pension Funds its offices in the U.S., Europe and Asia and tailored to the needs of GPs, with an Average size of assets managed by clients its global primary placement business it emphasis on mandates that result in $10 million to $99 million has access to the most appropriate expanded LP relationships and new $100 million to $499 million institutional buyer globally. As well as capital for their clients. The firm’s $500 million to $999 million selling portfolios of LP and direct equity experience in key segments of the interests it also has been active in advising secondary market and extensive Average size of secondary deals on spinouts of private equity groups, relationships with investors enable it to represented restructurings and the refinancing of provide customized solutions to the GP $10 million to $99 million infrastructure portfolios. community. The firm has completed a $100 million to $499 million wide range of mandates on behalf of GPs $500 million to $999 million Type of clients represented and will make more specific information $1 billion+ Banks/Financial Institutions available upon request. Family Offices Endowments/Foundations Type of clients represented Public Pension Funds Banks/Financial Institutions Government Organizations Family Offices Endowments/Foundations Public Pension Funds Dow Jones Guide To Secondary Market Intermediaries | 15

Average size of assets managed by clients Services provided Year founded 1996 $1 billion+ Cogent Partners is a private equity- Number of professionals worldwide 6 focused investment bank that specializes Average size of secondary deals in secondary market transactions and Services provided represented private equity research engagements for The firm provides portfolio solutions for Under $10 million institutional investors. The firm’s LPs, and advisory services to buyers and $10 million to $99 million research group offers a range of private sellers of secondary interests in private $100 million to $499 million equity monitoring, due diligence and equity, venture capital and alternative $500 million to $999 million valuation services. assets portfolios. The firm also provides capital raising for GPs, and bespoke Description of secondary practice placement activities to ensure that clients Cogent Partners The cornerstone of Cogent Partners’ successfully and quickly raise capital from secondary practice is sell-side advisory 2101 Cedar Springs Rd., Suite 1200 leading global private equity investors. Dallas, TX 75206 services, which includes evaluating Phone: 214-871-5400 clients’ private equity portfolios as well as Other services include: marketing, negotiating, structuring and Fax: 214-871-5401 – Fund placements www.cogent-partners.com closing the sale of private equity assets. [email protected] Services also include restructuring – LP relationship management private equity vehicles/funds, arranging Branch offices of financing, and buy-side advisory. The – Investor Referencing Corporate 400 Madison Avenue, 20th Floor firm also provides primary due diligence Finance Advisory Services, including New York, NY 10017 and investment screening as well as portfolio exits and realignments, Phone: 646-274-4950 quarterly portfolio and fund monitoring ‘orphan’ asset disposals and specialist Fax: 646-274-4951 services. due-diligence 6-8 Tokenhouse Yard, 6th Floor Type of clients represented Description of secondary practice London EC2R 7AS U.K. Wealthy Individuals The firm’s secondary practice covers the Phone: 44-20-7260-1830 Banks/Financial Institutions following: Fax: 44-20-7260-1831 Family Offices – Strategic guidance on exiting fund Endowments/Foundations 33 Huayuanshiqiao Road interests and liquidity options Public Pension Funds 23/F Citigroup Tower, Suite 38 Corporations, Asset Managers and – Valuing portfolio investments and Shanghai 200120 China Private Pensions likelihood of exits Phone: 86-21-6101-0241 Average size of assets managed by clients – Opportunities for exiting fund interests 5-14-23-404 Roppongi, Minato-ku $100 million to $499 million and liquidity options Tokyo 106-0032 Japan $500 million to $999 million Phone: 81-3-3560-3373 – Potential for delaying calls and/or $1 billion+ Fax: 81-3-3560-3373 reducing investments Average size of secondary deals Key personnel – Introducing purchasers of unfunded represented Todd Miller, Managing Director commitments Under $10 million [email protected] $10 million to $99 million – General ‘problem solving’ and Bernhard Engelien, Managing Director $100 million to $499 million identification of capital preservation [email protected] $500 million to $999 million opportunities $1 billion+ Brenlen Jinkens, Managing Director – Securing other LP’s perspectives on [email protected] specific GP issues Colin McGrady, Managing Director Continental Capital Partners – Negotiations on terms and conditions [email protected] CCP House, 8 Wilfred St. and funds structures Brian Mooney, Managing Director London SW1E 6PL U.K. Type of clients represented [email protected] Phone: 44-207-630-2010 Wealthy Individuals www.ccpltd.net Banks/Financial Institutions Bill Murphy, Managing Director Family Offices [email protected] Branch offices Liebigstrasse 22 Endowments/Foundations Stephen Sloan, Managing Director Munich D-80538 Germany Average size of assets managed by clients [email protected] Stureplan 4C $10 million to $99 million Andy Nick, Vice President Stockholm SE 114 35 Sweden Average size of secondary deals [email protected] Phone: 0046-8792-3710 represented Year founded 2001 Key personnel $10 million to $99 million Number of professionals worldwide 45 Roger Luscombe, Managing Partner [email protected] Jan Cotta, Associate Partner [email protected] Olivia Mitchell, Office Manager [email protected] 16 | Dow Jones Guide To Secondary Market Intermediaries

Ian Schuler, Managing Director Credit Suisse Private [email protected] Global Finance Fund Group Christophe Tymen, Managing Director Möhlstr. 10 [email protected] One Madison Avenue Munich D-81675 Germany New York, NY 10010 Brett Nelson, Managing Director Phone: 49-89-6890-633 Phone: 212-325-2000 [email protected] Fax: 49-89-6890-6359 www.globalfinance.de Key personnel Rimsky Vidal, Managing Director, [email protected] Mike Custar, Managing Director Fimeris Executive [email protected] [email protected] Key personnel Claudia Blümhuber, Managing Director Year founded 1994 Amit Sanghvi, Senior Associate [email protected] [email protected] Number of professionals worldwide 62 Matthias Stanzel, Managing Director Philip Barjami, Analyst [email protected] Services provided [email protected] Largest global private equity fundraising Services provided and secondary advisory group. Services Joelle Pantalacci, Manager The firm is an active market participant include primary fundraising mandates, [email protected] facilitating the sale and purchase of fundraising advisory services and existing interests in private equity funds. secondary advisory services. Year founded 2007 Description of secondary practice Number of professionals worldwide 15 Greenhill & Co. Provides tailored private equity, Services provided mezzanine, infrastructure, hedge fund The group provides private equity 300 Park Avenue and real estate secondary advisory advisory services to limited partners and New York, NY 10022 services. Focus on sales/financings of general partners worldwide. Fimeris Phone: 212-389-1500 both fund positions and direct asset creates tailored solutions for investors Fax: 212-389-1700 portfolios. and fund managers through its holistic www.greenhill.com approach to the private equity asset GreenhillPrivateCapitalAdvisory@ Type of clients represented greenhill.com Wealthy Individuals class. Proprietary systems and industry Banks/Financial Institutions intelligence are leveraged across four Branch offices Family Offices business units: Fimeris Financial Lansdowne House, 57 Berkeley Square Endowments/Foundations Services, including fund placement and London W1J 6ER U.K. Public Pension Funds secondary market advisory; Fidequity Phone: 44-20-7198-7400 Analytics, development of bespoke data Fax: 44-20-7198-7500 Average size of assets managed by clients products and market research; $10 million to $99 million Clipperton Fidequity, venture capital- L19 Two International Finance Centre $100 million to $499 million focused investment banking boutique; 8 Finance Street $500 million to $999 million and Fidequity Executive, executive Hong Kong China $1 billion+ search and due diligence services. In the Phone: 852-2251-1645 Average size of secondary deals U.S., the firm is exclusively dedicated to 600 Montgomery Street, 33rd Floor represented fund placement and secondary market San Francisco, CA 94111 $10 million to $99 million advisory through Fimeris Inc. Phone: 415-216-4100 $100 million to $499 million Description of secondary practice Fax: 415-216-4101 $500 million to $999 million The firm focuses on all aspects of the 155 North Wacker Drive, Suite 4550 $1 billion+ secondary market for LP interests and is a Chicago, IL 60606 founding shareholder of Secondcap Ltd. Phone: 312-846-5000 Fimeris The firm also focuses on secondary direct Fax: 312-846-5001 transactions and fund restructuring work. 6 Grosvenor Street Key personnel London W1K 4P2 U.K. Type of clients represented Christopher Kirsten, Managing Director Phone: 44-20-7183-3186 Wealthy Individuals [email protected] www.fimeris.com Banks/Financial Institutions Family Offices Neil Banta, Managing Director [email protected] Branch offices Endowments/Foundations 1515 Broadway, 12th floor Corporates Walter Stackler, Managing Director New York, NY 10036 [email protected] Phone: 212-520-0058 Average size of assets managed by clients $100 million to $499 million Bill Thompson, Managing Director 10, rue du Mont Thabor $500 million to $999 million [email protected] Paris 75001 France $1 billion+ Phone: 33-1-77-37-07-65 Fiona Balch, Principal Average size of secondary deals [email protected] Key personnel represented Simon Lam, Principal Francois-Marius Garcin, Under $10 million [email protected] Managing Director $10 million to $99 million [email protected] $100 million to $499 million $500 million to $999 million Dow Jones Guide To Secondary Market Intermediaries | 17

Meghan Berry, Associate Average size of assets managed by clients [email protected] Griffin Financial Group Under $10 million $10 million to $99 million Ben Linder, Associate 607 Washington St. $100 million to $499 million [email protected] Reading, PA 17603 Phone: 610-478-2105 $500 million to $999 million Year founded 2008 www.go2griffin.com $1 billion+ Number of professionals worldwide 28 [email protected] Average size of secondary deals Branch offices represented Services provided Under $10 million The practice provides comprehensive 340 Main St. Madison, NJ 7940 $10 million to $99 million buy- and sell-side advisory services, and $100 million to $499 million its professionals oversee and coordinate Phone: 973-377-4477 all phases of a secondary transaction 485 Madison Ave., 20th Floor process. The team advises on the New York, NY 10022 Houlihan Lokey acquisition and disposition of single Phone: 212-774-5921 positions and entire portfolios, which 245 Park Avenue, 20th Floor may include fund interests and/or direct Key personnel New York, NY 10167 stakes in companies. Team members are Paul Delaney, Senior Managing Director Phone: 212-467-4100 also involved with capital raising [email protected] Fax: 212-661-3070 www.hl.com mandates and sponsor advisory services. Mitchell Fenimore, Vice President Description of secondary practice [email protected] Branch offices 10250 Constellation Blvd, 5th Floor Greenhill’s Secondary Advisory practice Year founded 2001 is represented by members of Greenhill’s Los Angeles, CA 90067 Private Capital Advisory, Real Estate Number of professionals worldwide 35 Phone: 310-553-8871 Capital Advisory, and Mergers & Fax: 310-553-2173 Services provided Acquisitions and Restructuring groups The firm provides corporate clients and 83 Pall Mall who work together to deliver multi- their management teams with a wide London SW1Y 5ES U.K. disciplinary execution skills to each range of institutional investment Phone: 44-20-7839-3355 secondary advisory assignment. The banking services, including mergers and Fax: 44-20-7839-5566 practice leverages Private Capital and acquisition, capital formation, Real Estate Capital Advisory’s deep 123 North Wacker Dr., 4th Floor management buyouts, special situations institutional investor and sponsor Chicago, IL 60606 and private equity solutions. The firm is relationships, as well as Advisory’s Phone: 312-456-4700 relationship-driven and works with their leading industry and valuation expertise Fax: 312-346-0951 clients from transaction inception and sell-side and buy-side execution through closing, providing advice which 200 Crescent Ct., Suite 1900 capabilities. stems from its multidisciplinary Dallas, TX 75201 Type of clients represented expertise, its segment expertise and its Phone: 214-220-8470 Wealthy Individuals research and analysis. Fax: 214-220-3808 Banks/Financial Institutions The firm’s private equity business Citigroup Center, One Sansome St. Family Offices includes acting as placement agents for San Francisco, CA 94104 Endowments/Foundations private equity funds looking to raise Phone: 415-974-5888 Public Pension Funds institutional capital, as well as acting as Fax: 415-974-5969 Corporate Pensions advisors to limited partners looking to Key personnel Average size of assets managed by clients sell limited partnership interests. Jeffrey Hammer, Managing Director $10 million to $99 million Description of secondary practice [email protected] $100 million to $499 million The firm’s secondary advisory practice $500 million to $999 million Paul Sanabria, Managing Director intermediates sales of limited partnership $1 billion + [email protected] interests and direct portfolio company Average size of secondary deals holdings. The firm offers the following Jeffrey Bollerman, Senior Vice President represented services: discussing and identifying a [email protected] $10 million to $99 million seller’s objectives, providing market Year founded 1972 $100 million to $499 million intelligence and advice, structuring an $500 million to $999 million appropriate marketing process, Number of professionals worldwide $1 billion+ identifying and contacting potential 800+ buyers, obtaining competitive pricing, Services provided managing the closing process. Houlihan Lokey is a privately held, Type of clients represented international advisory-focused investment Wealthy Individuals bank. Over the past 40 years, the firm has Banks/Financial Institutions grown across three core practices: FAS, Family Offices Corporate Finance and Financial Endowments/Foundations Restructuring. Houlihan Lokey serves Public Pension Funds more than 1,200 clients annually, ranging from closely held companies, Global 500 corporations and institutional investors. 18 | Dow Jones Guide To Secondary Market Intermediaries

Description of secondary practice Average size of assets managed by clients Description of secondary practice Houlihan Lokey’s Secondary Advisory $100 million to $499 million Lazard’s Private Fund Advisory Group group acts as a liquidity solution $500 million to $999 million provides secondary market intermediary provider on behalf of clients. The firm $1 billion+ services to a wide variety of clients, advises a variety of entities on the sale including both GPs and LPs. Through its Average size of secondary deals and/or financing of hard-to-value and secondary advisory and fundraising represented hard-to-sell private equity and private capabilities, the group has close Under $10 million debt instruments. Its experience relationships with a large universe of $10 million to $99 million includes instruments as broad as investors that invest into private equity, $100 million to $499 million performing and non-performing real estate and infrastructure both on a corporate, asset-backed and real estate primary and secondary basis. loans; minority equity positions and Lazard Private Fund Type of clients represented co-investments; private equity LP Banks/Financial Institutions interests; structured finance securities; Advisory Group Family Offices leasing books; life settlements and other 30 Rockefeller Plaza, 50th Floor Endowments/Foundations exotic assets. New York, NY 10020 Public Pension Funds Type of clients represented Phone: 212-632-6000 Corporate Pension Funds Wealthy Individuals Fax: 212-632-6655 Average size of assets managed by clients Banks/Financial Institutions www.lazard.com $100 million to $499 million Family Offices Branch offices $500 million to $999 million Endowments/Foundations 50 Stratton Street $1 billion+ Public Pension Funds London W1J 8LL U.K. Insurance companies, listed vehicles, Phone: 44-20-7187-2000 Average size of secondary deals private equity and hedge fund managers Fax: 44-20-7072-6548 represented $10 million to $99 million Average size of assets managed by clients 190 S. LaSalle Street, 31st Floor $100 million to $499 million $100 million to $499 million Chicago, IL 60603 $500 million to $999 million $500 million to $999 million Phone: 312-407-6600 $1 billion+ $1 billion+ Fax: 312-407-6620 Average size of secondary deals 4 Embarcadero Centre, Suite 650 Matrix Private Funds Group represented San Francisco, CA 94111 $100 million to $499 million Phone: 415-623-5000 1 Vine St. $500 million to $999 million Fax: 415-421-5050 London W1J 0AH U.K. $1 billion+ Phone: 44-20-3206-7000 5 Queen’s Road Central Fax: 44-20-3206-7001 2501, Henley Building www.matrixgroup.co.uk ICAP Corporates Hong Kong China Key personnel Harborside Financial Center Key personnel Mark MacLean, Partner 1100 Plaza Five Holcombe Green, Managing Director [email protected] Year Jersey City, NJ 07311 [email protected] founded 2004 Phone: 212-341-9973 Pablo de la Infiesta, Director www.icap.com Services provided [email protected] The firm’s focus includes advising on Key personnel market practice, the competitive Bradley Critchell, Managing Director Ryan Binette, Vice President landscape, fund positioning and strategy as [email protected] [email protected] well as raising capital from a targeted Year founded 2010 Johanna Lottmann, Vice President group of institutional investors, expanding [email protected] and internationalizing the investor base. Number of professionals worldwide 3 Year founded 2003 The firm maintains extensive relationships Services provided with institutional investors – funds of Secondary valuation, advisory and Number of professionals worldwide 33 funds, pension funds, insurance transaction execution work. Services provided companies, gatekeepers and family offices Description of secondary practice Lazard’s Private Fund Advisory Group – and a thorough understanding of their ICAP’s Secondary Markets Group advises on a wide range of secondary investment preferences and processes. exclusively represents sellers of illiquid transactions, including sale of single fund The firm provides clients with an efficient assets, chiefly though not exclusively interests, sale of portfolios of fund and highly targeted fundraising process, private equity limited partnership interests and of direct investments as well allowing general partners to focus on interests. The group provides a full suite as the sale or restructuring of investing rather than fundraising. of valuation, advisory and transaction management companies. Description of secondary practice execution services for its clients. With origins dating back to 1848, the firm The firm’s team has developed bespoke Type of clients represented provides advice on mergers and acquisi- advisory services to both fund managers Wealthy Individuals tions, strategic matters, restructuring and looking to replace a sponsor and Banks/Financial Institutions capital structure, capital raising and corpo- secondary purchasers of private equity Family Offices rate finance, as well as asset management assets. The team takes a proactive Endowments/Foundations services to corporations, partnerships, insti- approach to sourcing limited partner Public Pension Funds tutions, governments and individuals. interests including corporate venturing Dow Jones Guide To Secondary Market Intermediaries | 19

divestitures, orphaned portfolios, Type of clients represented NYPPEX Transfer Administration arranges institutional team spin-outs and plain Wealthy Individuals liquidity for investors, administers transfer vanilla partnership positions. Banks/Financial Institutions programs and upon request – processes Family Offices pending transfers, provides reports and Type of clients represented Endowments/Foundations raise capital. When natural liquidity is Banks/Financial Institutions Public Pension Funds insufficient (and in other special Endowments/Foundations situations), NYPPEX will make a best effort Public Pension Funds Average size of assets managed by clients to arrange liquidity through its affiliates. $500 million to $999 million Average size of assets managed by clients NYPPEX Market Data is a source for $100 million to $499 million Average size of secondary deals private equity secondary market closing represented Average size of secondary deals prices on over 18,735 private funds and $10 million to $99 million represented companies headquartered in 104 $10 million to $99 million countries, representing over $4.3 trillion NYPPEX Private Markets in market value. Clients benefit from the ability to generate confidential portfolio MHT Secondary Advisors 800 Westchester Avenue rebalancing scenario reports 24/7 and Rye Brook, NY 10573 internally evaluate risk/return optimization 2000 McKinney Ave., Suite 1200 Phone: 914-305-2800 strategies without engaging Dallas, TX 75201 Fax: 914-305-2803 intermediaries. NYPPEX Closing Prices are Phone: 214-661-1290 www.nyppex.com available for subscription only by Fax: 214-954-9995 [email protected] Qualified Purchasers for private fund data www.mhtsa.com (accredited investors for private company [email protected] Key personnel data) that execute a non-disclosure Laurence Allen, CEO Branch offices agreement. Closing prices are updated at [email protected] One Boston Place, 36th Floor 4 p.m. EST each Friday and derived from Boston, MA 02108 Robert Zimmel, SVP actual secondary transactions, customer Phone: 617-854-7536 [email protected] bids and estimated bids from NYPPEX. Fax: 617-854-7539 Kyle Ekstrom, VP Type of clients represented Key personnel [email protected] Wealthy Individuals James Lee, Principal Banks/Financial Institutions Year founded 1998 [email protected] Family Offices Number of professionals worldwide 28 Endowments/Foundations Shawn Terry, Managing Director Public Pension Funds [email protected] Services provided Advisory, block trading, brokerage, Average size of assets managed by clients Mike McGill, Managing Director transfer administration, market data $100 million to $499 million [email protected] and principal investments. Average size of secondary deals Mark Young, Managing Director Description of secondary practice represented [email protected] NYPPEX Advisory provides independent, $10 million to $99 million Year founded 2001 unbiased evaluations of rebalancing alternatives to achieve optimal risk- Number of professionals worldwide 20 adjusted returns. Clients benefit from its Palomar Capital Advisors Services provided secondary market track record since Obere Zäune 10 Private equity sell-side advisory, private 1998, high probability of execution (e.g. Zurich 8001 Switzerland equity buy-side advisory, private equity Qualified Matching Services), and access Phone: 41-43-222-5888 fund valuation analysis, mergers & to massive liquidity worldwide – through Fax: 41-43-222-5899 acquisitions advisory, private capital raises established relationships with qualified www.plmr.com purchasers holding private equity assets [email protected] Description of secondary practice in excess of $2.3 trillion. MHT Secondary Advisors provides limited Key personnel partners with both sell-side and buy-side NYPPEX Block Trading helps self-directed Markus Kroll, Founding Partner transaction advisory services for investors and consultants achieve [email protected] alternative assets on the secondary superior transaction speed and price market. It also provides valuation services execution, with minimal market impact. George Tintor, Founding Partner of fund holdings. The firm brings bulge- [email protected] NYPPEX Brokerage is one of the world’s bracket investment banking qualifications, leading private equity secondary Year founded 2003 strong relationships with fund managers, intermediaries for single interest portfolio due diligence capabilities and Services provided transactions having a minimum size of significant transaction execution The firm brings experience, advice and $100,000 up to $10 million. It enables experience to the secondary market. liquidity solutions to investors who wish founders, key employees and individual to dispose of interests in private equity. investors achieve superior transaction speed and price execution, with minimal Type of clients represented market impact. Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds 20 | Dow Jones Guide To Secondary Market Intermediaries

Average size of assets managed by clients Description of secondary practice Key personnel $10 million to $99 million The firm provides solutions to institutional Craig Marmer, Partner $100 million to $499 million clients seeking portfolio liquidity, [email protected] $500 million to $999 million unfunded commitment relief and Christopher Mayo, Director $1 billion+ investments in secondary interests. The [email protected] firm’s secondary advisory practice is fully Average size of secondary deals integrated with the broader fund Ray Tsao, Vice President represented placement business, leveraging a global [email protected] Under $10 million network of relationships to deliver $10 million to $99 million superior results across multiple asset Year founded 2001 classes. The firm assists clients on all Number of professionals worldwide 39 Park Hill Group aspects of secondary transactions including end-to-end process Services provided 345 Park Avenue, 15th Floor management, buyer identification and The firm is a global provider of New York, NY 10154 segmentation, structuring, valuation, due alternative investment solutions. The firm Phone: 212-583-5799 diligence coordination, counterparty offers fund placement, secondary fund Fax: 212-583-5639 negotiation and closing. advisory and portfolio management www.parkhillgroup.com services, with an emphasis on private Type of clients represented equity, hedge funds and real assets Branch offices Wealthy Individuals including debt and equity funds, venture 200 West Madison Street, Suite 3800 Banks/Financial Institutions capital, special situations, opportunistic Chicago, IL 60606 Family Offices real estate and infrastructure from Phone: 312-705-3070 Endowments/Foundations around the world. Fax: 312-705-3079 Public Pension Funds Description of secondary practice 40 Berkeley Square Average size of assets managed by clients The firm is an integrated firm serving London W1J 5AL U.K. Under $10 million both as a placement agent as well as a Phone: 44-20-7451-4000 $10 million to $99 million secondary market intermediary firm for Fax: 44-20-7451-4091 $100 million to $499 million sellers seeking liquidity. Its integrated $500 million to $999 million Dubai International Financial Centre, approach across both disciplines affords $1 billion+ Gate Village, Building 6, Levels 5 & 6 it maximum access to both traditional Sheikh Zayed Road Average size of secondary deals and non-traditional secondary buyers Dubai, UAE represented worldwide. It has an emphasis on private Phone: 971-4401-9206 Under $10 million equity, hedge funds and real assets, Fax: 971-4401-9201 $10 million to $99 million including debt and equity funds, venture $100 million to $499 million capital, special situations and Two International Finance Centre $500 million to $999 million infrastructure around the world. The firm 8 Finance Street, Suite 901, 9th Floor $1 billion+ also advises general partners on spin- Central, Hong Kong, China outs, secondary direct sales, fund Phone: 85-2-3656-8603 restructurings and recapitalizations, and Fax: 85-2-3651-7611 Probitas Partners other special situations. The firm has 9-7-1 Akasaka, Minato-ku successfully arranged transactions for 425 California St., Suite 2300 corporate sponsors, managers and public Midtown Tower, 22nd floor San Francisco, CA 94104 Tokyo 107-6222 Japan entities seeking specialized liquidity Phone: 415-402-0700 solutions for their private equity, real Phone: 81-3-4577-8400 Fax: 415-402-0052 Fax: 81-3-4577-8481 asset and real estate and hedge fund www.probitaspartners.com alternative investment vehicles. Key personnel [email protected] Larry Thuet, Partner & Type of clients represented Branch offices Wealthy Individuals Head of Secondaries 1120 Avenue of the Americas, Suite 1802 [email protected] Banks/Financial Institutions New York, NY 10036 Family Offices Dan Prendergast, Partner & CEO Phone: 212-403-3662 Endowments/Foundations [email protected] Fax: 212-403-3537 Public Pension Funds Adrian Millan, Principal First Floor Dudley House, 36-38 Average size of assets managed by clients [email protected] Southampton St., Covent Garden $10 million to $99 million London WC2E 7HF U.K. $100 million to $499 million Year founded 2005 Phone: 44-20-7845-5400 $500 million to $999 million Number of professionals worldwide 68 Fax: 44-20-7240-3339 $1 billion+ Services provided Level 15 Nexxus Building Average size of secondary deals A global alternative asset advisory firm 41 Connaught Road represented specializing in secondary transactions and Central Hong Kong, China Under $10 million equity capital raising. Park Hill is a fully Phone: 852-2533-3678 $10 million to $99 million owned subsidiary of the Blackstone Group. Fax: 852-2273-5999 $100 million to $499 million $500 million to $999 million $1 billion+ Dow Jones Guide To Secondary Market Intermediaries | 21

Patrick Shattenkirk, Managing Director, Scalar Partners Secondcap America SecondMarket Inc. 580 California Street, 5th Floor [email protected] 26 Broadway, 12th Floor San Francisco, CA 94104 Arshi Thind, Senior Associate New York, NY 10004 Phone: 415-774-6467 [email protected] Phone: 212-668-2508 www.scalarpartners.com/secondaries Fax: 314-438-2956 [email protected] Year founded 2009 www.secondmarket.com [email protected] Key personnel Number of professionals worldwide 25 Nick Hatch, Vice President, Services provided Key personnel Head of Secondaries Secondcap provides liquidity solutions in Jeremy Smith, Chief Strategy Officer, [email protected] the secondary market for investors in [email protected] Jeron Paul, Managing Director & CEO private funds. The firm centralizes the Year founded 2004 [email protected] secondary transaction process making it easier to close deals at the right price Number of professionals worldwide 102 Year founded 2008 and at a lower cost, while preserving GP Services provided Number of professionals worldwide 12 confidentiality. Embedded secondary liquidity environment Services provided Description of secondary practice The firm provides customized secondary Secondcap provides: access to quality Description of secondary practice transaction advisory and valuation secondary market deal flow; a global The firm offers a customized and services for LPs, GPs and portfolio network of buyers (sellers can access GP-controlled secondary liquidity companies. traditional and non-traditional LPs through environment, embedded in a fund’s Secondcap’s extensive network coverage); structure, in order to provide limited Description of secondary practice anonymity (Secondcap can sign NDAs on partners a liquidity option while Specialist secondary advisory firm for the seller’s behalf ensuring they remain preserving the general partners’ institutional investors seeking to sell anonymous until the SPA); increased traditional investment model and diversified fund portfolios or single fund efficiency (transaction time and costs are objectives. interests. On the buy-side, the firm has a reduced via the automated process offered strong, global network of traditional through the platform); greater Type of clients represented limited partners and secondary specialists. transparency during the sale process (users Wealthy Individuals can quickly assess where all participants Banks/Financial Institutions Type of clients represented are in a deal by looking at a single Family Offices Wealthy Individuals dashboard); an auditable process Endowments/Foundations Banks/Financial Institutions demonstrating fulfilment of fiduciary Public Pension Funds Family Offices responsibility; a QMS solution. Regional & Community Banks, Hedge Endowments/Foundations Funds, Private Equity Funds, Mutual Public Pension Funds Type of clients represented Funds Wealthy Individuals Average size of assets managed by clients Banks/Financial Institutions Average size of assets managed by clients $100 million to $4 billion Family Offices $100 million to $499 million Average size of secondary deals Public Pension Funds $500 million to $999 million represented Sovereign Wealth Funds, Advisers $1 billion+ $1 million to $300 million Average size of assets managed by clients Average size of secondary deals Under $10 million represented Secondcap $10 million to $99 million $10 million to $99 million $100 million to $499 million $100 million to $499 million 6-8 Fenchurch Buildings $500 million to $999 million London EC3M 5HR U.K. $1 billion+ Phone: 44-20-7423-6363 Somerset Capital Fax: 44-20-7423-6364 Average size of secondary deals Adam House, 7-10 Adam Street www.secondcap.com represented The Strand, London WC2N 6AA U.K. [email protected] Under $10 million $10 million to $99 million Phone: 44-20-7264-2431 Branch offices $100 million to $499 million Fax: 44-20-7266-5177 35 Purchase Street, Suite 202 $500 million to $999 million www.som-cap.com Rye, NY 10580-3004 $1 billion+ Key personnel Phone: 914-481-5935 James Miller, Managing Partner Fax: 914-481-5938 [email protected] Key personnel Rajaa Mekouar, Adviser Francois Gamblin, CEO [email protected] [email protected] Phone: 44-20-7871-1510 Nirosh Wijewardene, COO Drew Deley, Adviser [email protected] [email protected] Phone: 44-20-7266-5177 22 | Dow Jones Guide To Secondary Market Intermediaries

Average size of assets managed by clients Type of clients represented Triago $100 million to $499 million Wealthy Individuals 1 boulevard de la Madeleine $500 million to $999 million Banks/Financial Institutions Paris 75001 France $1 billion+ Family Offices Endowments/Foundations Phone: 33-1-47-03-01-10 Average size of secondary deals Public Pension Funds Fax: 33-1-47-03-06-99 represented Sovereign Wealth Funds www.triago.com Under $10 million [email protected] $10 million to $99 million Average size of assets managed by clients Branch offices $100 million to $499 million $10 million to $99 million 499 Park Avenue, 20th Floor $500 million to $999 million $100 million to $499 million New York, NY 10022 $500 million to $999 million Phone: 212-593-4994 UBS Investment Bank $1 billion+ Fax: 212-593-0180 Average size of secondary deals 299 Park Avenue, 39th Floor represented Dubai International Financial Center, New York, NY 10171 The Gate, Level 15 $10 million to $99 million Phone: 212-821-5333 $100 million to $499 million Dubai, PO Box 506681 UAE Fax: 212-821-8430 Phone: 971-4-401-9526 $500 million to $999 million www.ubs.com $1 billion+ Key personnel [email protected] Mathieu Dréan, Managing Partner Branch offices [email protected] 1 Finsbury Avenue Jean-Marc Cuvilly, Managing Partner London EC2M 2PP U.K. [email protected] Phone: 44-20-7568-2506 Fax: 44-20-7336-2506 Anna Chambers, Partner [email protected] Key personnel Nigel Dawn, Managing Director Tina Sodhi, Partner [email protected] [email protected] Philip Tsai, Managing Director Diana Gatcan, Associate [email protected] [email protected] Nicolas Lanel, Managing Director David Markson, Associate [email protected] [email protected] Year founded 2004 Philipp Von Oppen, Associate [email protected] Number of professionals worldwide 23 Year founded 1992 Services provided The firm’s Private Funds Group advises Number of professionals worldwide 34 owners of private equity, real estate and Services provided hedge fund portfolios on their liquidity The firm is a global specialist agent options. The firm executes transactions offering dedicated fund-raising and involving both limited partnership secondary advisory services to private interests and direct equity interests. equity fund investors worldwide. Description of secondary practice Description of secondary practice The firm’s Private Funds Group has a The firm is an exclusive sell-side adviser dedicated team of professionals on secondary transactions and provides exclusively focused on private equity, real tailored solutions to investors worldwide, estate and hedge fund secondary market from straight sales of partnership interests transactions. The firm is an adviser to to portfolios of direct interests and holders of private equity, including public structured transactions. and corporate pension plans, endowments, foundations, family offices Type of clients represented and financial institutions globally. The Wealthy Individuals firm has extensive experience executing Banks/Financial Institutions both straight sale and structured Family Offices transactions. Endowments/Foundations Public Pension Funds Fund of Funds, Secondary Funds Dow Jones Guide To Secondary Market Intermediaries | 23

Company Index

A P Accretive Capital Partners 12 Palomar Capital Advisors 19 Almeida Capital 12 Park Hill Group 20 AXON Partners 12 Probitas Partners 20 Azla Advisors 13 B S Boyd & Co. 13 Scalar Partners 21 Breslin AG 13 Secondcap 21 C SecondMarket Inc. 21 Camelot Group International 14 Somerset Capital 21 Campbell Lutyens 14 T Capstone Partners 14 Triago 22 Cogent Partners 15 U Continental Capital Partners 15 UBS Investment Bank 22 Credit Suisse Private Fund Group 16 F Fimeris 16 G Global Finance 16 Greenhill & Co. 16 Griffin Financial Group 17 H Houlihan Lokey 17 I ICAP Corporates 18 L Lazard Private Fund Advisory Group 18 M Matrix Private Funds Group 18 MHT Secondary Advisors 19 N NYPPEX Private Markets 19 24 | Dow Jones Guide To Secondary Market Intermediaries

Contact Index

A H Allen, Laurence, NYPPEX Private Markets 19 Hammer, Jeffrey, Houlihan Lokey 17 B Hatch, Nick, Scalar Partners 21 Balch, Fiona, Greenhill & Co. 16 J Banta, Neil, Greenhill & Co. 16 Jinkens, Brenlen, Cogent Partners 15 Barjami, Philip, Fimeris 16 K Berry, Meghan, Greenhill & Co. 16 Karabelnik, David, Breslin AG 13 Binette, Ryan, Lazard Private Fund Advisory Group 18 Kellett, Andrew, AXON Partners 12 Blümhuber, Claudia, Global Finance 16 Kirsten, Christopher, Greenhill & Co. 16 Bollerman, Jeffrey, Houlihan Lokey 17 Kroll, Markus, Palomar Capital Advisors 19 Boyd, Todd, Boyd & Co. 13 L Brower, Tripp, Capstone Partners 14 Lam, Simon, Greenhill & Co. 16 C Lanel, Nicolas, UBS Investment Bank 22 Chamberlain, David, Capstone Partners 14 Lee, James, MHT Secondary Advisors 19 Chambers, Anna, Triago 22 Liaudet, Thomas, Campbell Lutyens 14 Chancellor, Christine, Boyd & Co. 13 Linder, Ben, Greenhill & Co. 16 Cotta, Jan, Continental Capital Partners 15 Lottmann, Johanna, Lazard Private Fund Advisory Group 18 Critchell, Bradley, ICAP Corporates 18 Lu, Sheng, Capstone Partners 14 Custar, Mike, Credit Suisse Private Fund Group 16 Luscombe, Roger, Continental Capital Partners 15 Cuvilly, Jean-Marc, Triago 22 M D MacLean, Mark, Matrix Private Funds Group 18 Dawn, Nigel, UBS Investment Bank 22 Markson, David, Triago 22 de la Infiesta, Pablo, Lazard Private Fund Advisory Group 18 Marmer, Craig, Probitas Partners 20 Delaney, Paul, Griffin Financial Group 17 Mayo, Christopher, Probitas Partners 20 Deley, Drew, Somerset Capital 21 McGill, Mike, MHT Secondary Advisors 19 Dréan, Mathieu, Triago 22 McGrady, Colin, Cogent Partners 15 E Mekouar, Rajaa, Somerset Capital 21 Ekstrom, Kyle, NYPPEX Private Markets 19 Meyer, Dominik, AXON Partners 12 Engelien, Bernhard, Cogent Partners 15 Millan, Adrian, Park Hill Group 20 F Miller, Todd, Cogent Partners 15 Fenimore, Mitchell, Griffin Financial Group 17 Miller, James, Somerset Capital 21 G Mitchell, Olivia, Continental Capital Partners 15 Gamblin, Francois, Secondcap 21 Mooney, Brian, Cogent Partners 15 Garcin, Francois-Marius, Fimeris 16 Murphy, Bill, Cogent Partners 15 Gatcan, Diana, Triago 22 Green, Holcombe, Lazard Private Fund Advisory Group 18 Dow Jones Guide To Secondary Market Intermediaries | 25

N V Nelson, Brett, Fimeris 16 Vidal, Rimsky, Fimeris 16 Nick, Andy, Cogent Partners 15 Von Oppen, Philipp, Triago 22 Nowak, Magdalena, AXON Partners 12 W P Wang, Edwin, Accretive Capital Partners 12 Pantalacci, Joelle, Fimeris 16 Waxman, David, Azla Advisors 13 Paul, Jeron, Scalar Partners 21 Wigg, Simon, AXON Partners 12 Pearce, Ben, Campbell Lutyens 14 Wijewardene, Nirosh, Secondcap 21 Pedermann, Helge, Accretive Capital Partners 12 Y Prendergast, Dan, Park Hill Group 20 Young, Mark, MHT Secondary Advisors 19 R Z Reilly, Andrew, Accretive Capital Partners 12 Zimmel, Robert, NYPPEX Private Markets 19 Rubin, Immanuel, Campbell Lutyens 14 S Sachar, Richard, Almeida Capital 12 Sanabria, Paul, Houlihan Lokey 17 Sanghvi, Amit, Fimeris 16 Schuler, Ian, Fimeris 16 Sealey, Andrew, Campbell Lutyens 14 Shattenkirk, Patrick, Secondcap 21 Sloan, Stephen, Cogent Partners 15 Smith, Jeremy, SecondMarket Inc. 21 Sodhi, Tina, Triago 22 Stackler, Walter, Greenhill & Co. 16 Stanzel, Matthias, Global Finance 16 T Tedeschi, Theodore, Accretive Capital Partners 12 Terry, Shawn, MHT Secondary Advisors 19 Thind, Arshi, Secondcap 21 Thompson, Bill, Greenhill & Co. 16 Thuet, Larry, Park Hill Group 20 Tintor, George, Palomar Capital Advisors 19 Tsai, Philip, UBS Investment Bank 22 Tsao, Ray, Probitas Partners 20 Tymen, Christophe, Fimeris 16 26 | Dow Jones Guide To Secondary Market Intermediaries

Location Index

China United Arab Emirates New Jersey Jersey City Hong Kong Dubai ICAP Corporates 18 Campbell Lutyens 14 Camelot Group International 14 Greenhill & Co. 16 Park Hill Group 20 Madison Lazard Private Fund Advisory Group 18 Triago 22 Griffin Financial Group 17 Park Hill Group 20 United Kingdom New York Probitas Partners 20 London New York Shanghai Almeida Capital 12 Accretive Capital Partners 12 Capstone Partners 14 AXON Partners 12 Azla Advisors 13 Cogent Partners 15 Camelot Group International 14 Camelot Group International 14 France Campbell Lutyens 14 Campbell Lutyens 14 Cogent Partners 15 Paris Cogent Partners 15 Credit Suisse Private Fund Group 16 Fimeris 16 Continental Capital Partners 15 Fimeris 16 Triago 22 Fimeris 16 Greenhill & Co. 16 Greenhill & Co. 16 Germany Houlihan Lokey 17 Griffin Financial Group 17 Frankfurt Lazard Private Fund Advisory Group 18 Houlihan Lokey 17 Breslin AG 13 Matrix Private Funds Group 18 Lazard Private Fund Advisory Group 18 Munich Park Hill Group 20 Park Hill Group 20 Continental Capital Partners 15 Probitas Partners 20 Probitas Partners 20 Global Finance 16 Secondcap 21 SecondMarket Inc. 21 Somerset Capital 21 Triago 22 Japan UBS Investment Bank 22 UBS Investment Bank 22 Tokyo United States Rye Cogent Partners 15 Secondcap 21 Park Hill Group 20 California Los Angeles Rye Brook Sweden Houlihan Lokey 17 NYPPEX Private Markets 19 Stockholm San Francisco Pennsylvania Continental Capital Partners 15 Greenhill & Co. 16 Reading Switzerland Houlihan Lokey 17 Griffin Financial Group 17 Erlenbach Lazard Private Fund Advisory Group 18 Texas Breslin AG 13 Probitas Partners 20 Dallas Scalar Partners 21 Geneva Capstone Partners 14 Camelot Group International 14 Illinois Cogent Partners 15 Nyon Chicago Houlihan Lokey 17 Capstone Partners 14 Greenhill & Co. 16 MHT Secondary Advisors 19 Houlihan Lokey 17 Zurich Frisco Lazard Private Fund Advisory Group 18 Palomar Capital Advisors 19 Boyd & Co. 13 Park Hill Group 20 Zug AXON Partners 12 Massachusetts Boston Accretive Capital Partners 12 MHT Secondary Advisors 19 Dow Jones Guide To Secondary Market Intermediaries | 27

Index By Types Of Clients Represented

Banks/Financial Endowments/ Family Public Wealthy Company name, page number Institutions Foundations Offices Pension Funds Individuals Other Accretive Capital Partners, 12 • • Almeida Capital, 12 • • • • • AXON Partners, 12 • • Azla Advisors, 13 • • • • • • Boyd & Co., 13 • • • • • Breslin AG, 13 • • • • • • Camelot Group International, 14 • • • • • Campbell Lutyens, 14 • • • • • Capstone Partners, 14 • • • • Cogent Partners, 15 • • • • • • Continental Capital Partners, 15 • • • • Credit Suisse Private Fund Group, 16 • • • • • Fimeris, 16 • • • • • Greenhill & Co., 16 • • • • • • Griffin Financial Group, 17 • • • • • Houlihan Lokey, 17 • • • • • • ICAP Corporates, 18 • • • • • Lazard Private Fund Advisory Group, 18 • • • • • Matrix Private Funds Group, 18 • • • MHT Secondary Advisors, 19 • • • • • NYPPEX Private Markets, 19 • • • • • Palomar Capital Advisors, 19 • • • • • Park Hill Group, 20 • • • • • Probitas Partners, 20 • • • • • Scalar Partners, 21 • • • • • Secondcap, 21 • • • • • SecondMarket Inc., 21 • • • • • • Triago, 22 • • • • • • UBS Investment Bank, 22 • • • • • • 28 | Dow Jones Guide To Secondary Market Intermediaries

Index By Average Size Of Secondary Deals Represented

Under $10M to $100M to $500M to Company name, page number $10M $99M $499M $999M $1B+ Other Accretive Capital Partners, 12 • • Almeida Capital, 12 • • • AXON Partners, 12 • • Azla Advisors, 13 • • • • Boyd & Co., 13 • • • • Breslin AG, 13 • • • • • Camelot Group International, 14 • • • • Campbell Lutyens, 14 • • • Capstone Partners, 14 • • • • Cogent Partners, 15 • • • • • Continental Capital Partners, 15 • Credit Suisse Private Fund Group, 16 • • • • Fimeris, 16 • • • • Greenhill & Co., 16 • • • • Griffin Financial Group, 17 • • • Houlihan Lokey, 17 • • • ICAP Corporates, 18 • • • Lazard Private Fund Advisory Group, 18 • • • • Matrix Private Funds Group, 18 • MHT Secondary Advisors, 19 • NYPPEX Private Markets, 19 • Palomar Capital Advisors, 19 • • Park Hill Group, 20 • • • • • Probitas Partners, 20 • • • • • Scalar Partners, 21 • Secondcap, 21 • • • • • SecondMarket Inc., 21 • • Triago, 22 • • • • UBS Investment Bank, 22 • • • •

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