Guide to the Secondary Market

2015 Edition

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2015 Edition

Editorial Laura Kreutzer, David Smagalla, Hillary Canada, Yuliya Chernova, Alec Macfarlane Research Brendan Hughes, Victoria Camporeale Bradley, Sean Curran Advertising Joseph Koskuba, James Lindquist Production and Design Tara S. Cooper, Heather Graham, Tim White Editorial Director Nicholas Elliott

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ISBN# 1-934391-19-0/978-1-934391-19-8 | Guide to the Secondary Market published May 2015 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 © 2015 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.

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Guide to the Secondary Market [ 3 ]

Table of Contents

I. Introduction Preface 4 By Laura Kreutzer, Assistant Managing Editor, Private Equity Secondary Market Goes Mainstream, as Deal Volume Hits New High 6 By Hillary Canada Strong Pricing Brings Sellers to the Table, but Will the Market Overheat? 16 By Laura Kreutzer Secondary Market Posts Record Year in 2014, Although Estimates Vary 22 By Laura Kreutzer Roughly two out Secondary Market Timeline 24 Deal Volume and Fundraising, 2002-2014 of three survey Real Estate Secondary Volume Continues Growth Trajectory 26 respondents said By Hillary Canada they anticipated Secondary Buyers Prepare for Wave of Energy Fund Sales 27 2015 to be a record By Alec Macfarlane year for volume...But Buy-Side Broker Boom Brings Risks and Rewards to Secondary Market 28 other respondents By Laura Kreutzer saw the blockbuster Secondary Market Offers Seed Funds an Exit Option but Few May Use It 29 By Yuliya Chernova year in 2014 as an Secondary Funds Continue to Reap Rewards of Strong Exit Market 30 outlier, driven by By David Smagalla those large portfolios, and II. Sponsored Article didn’t expect the The Rise of Real Estate Secondaries 33 By Andrei Brougham of Greenhill Cogent same dynamics to materialize III. Firm Listings during 2015. Secondary Market Buyer Listings 34 Secondary Direct Manager Listings 58 ”Secondary Market Goes Mainstream, as Deal Volume Intermediary Firm Listings 62 Hits New High,” p.6 IV. Appendixes A. Investors That Have Backed Secondary Funds 70 B. Secondary Market Buyer, Interests Sought 74 C. Secondary Market Buyer & Direct Manager, Geographic Preferences 76 D. Secondary Market Intermediary, Types of Clients Represented 78 E. Secondary Market Intermediary, Average Size of Deals Represented 79

V. Indexes Company Name 80 Contact Name 83 [ 4 ] Guide to the Secondary Market

Preface

published this market as a “seller’s market.” At the same time, When we last report a year ago, more than three-quarters of buyers in this year’s we marveled at how the secondary industry had survey say they feel pricing is too high. taken on many of the same characteristics seen in the industry back in 2007. Pricing for certain However, as the secondary market has diversified, portfolios, particularly buyout funds, had once buyers still point to pockets of deal flow where again approached aggressive levels, in some pricing is often less efficient, such as in general cases even hitting 100% of a portfolio’s partner restructurings and in more complex underlying net asset value. At the same time, an transactions involving portfolios of direct stakes in abundance of capital available for secondary companies or groups spinning out of large deals and free-flowing cheap debt to finance them financial institutions. They also acknowledge that drove an abundance of deal volume. although strong pricing puts pressure on future returns, it also attracts more sellers to the market. It was hard to imagine the market could get any Even a bubble may have its benefits. more ebullient. Yet, a year later, that’s exactly what has happened. As 2015 progresses, We hope that this edition of our secondary guide however, the forces that helped drive secondary will help illuminate emerging trends in the market deal volume to record levels in 2014 also and also provide a useful resource for prospective appear to be raising concerns among some sellers and GPs who want to identify possible buyers that the market is getting overheated. buyers for certain types of assets. For the first time in a long time, more secondary buyers have begun to question whether the As always, we welcome your feedback on how we market has entered a bubble, particularly for can improve the content for future editions. what they commonly refer to as “flow funds,” or stakes in megabuyout funds. Sincerely, Laura Kreutzer In this edition of the Dow Jones Guide to the Assistant Managing Editor, Private Equity Secondary Market, our survey results illustrate Dow Jones & Co. some of those emerging concerns, with some 94% [email protected] of buyers surveyed characterizing the current @LauraKreutzer CREATIVE SOLUTIONS FOR ILLIQUID FINANCIAL ASSETS ASSET SALES, STRATEGIC ADVICE, AND STRUCTURED SOLUTIONS

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Secondary Market Goes Mainstream, as Deal Volume Hits New High

By HILLARY CANADA What Percentage of Secondary Deals to being a record year for You Do is Due to: In addition secondary volume, 2014 may be the year that finally smashed some lingering myths about 50% the secondary market. 46% 45%

The idea that the market would attract forced sellers has 40 been fading for years, and all but completely disappeared during 2014 as limited partners, flush with cash from the 30 29% 25% record distributions of their general partners, shopped 24% 23% 20% 20% portfolios large and small as a way to refine their holdings. 20 18% 15%

Meanwhile, the dynamics surrounding a nascent part of the 10 market, general partner restructurings, slowly have started to shift. No longer the exclusive province of the lumbering 8% 0 zombie fund, restructurings and the selling of tail-end assets Economic Regulatory Their use as GP Other are slowly becoming more commonplace among well- concerns of changes a portfolio recapitalizations inexperienced management tool (or fund performing GPs, said industry experts. investors/distressed restructurings)

Those two trends, of portfolio management and of GPs Mean Median seeking solutions for aging funds, are expected to drive Source: Guide to the Secondary Market, 2015 edition deal flow in 2015, but secondary buyers polled by Dow Jones in our annual secondary survey were divided over whether secondary volume in 2015 would match or exceed 2014 levels. Roughly two out of three survey respondents said they anticipated 2015 to be a record year for volume as well, Deal value, which hit record levels in 2014 (see page 22 for citing good pricing for sellers, more opportunities for the various volume estimates), was driven partly by roughly a GP restructurings and an aging set of funds in Asia dozen billion-dollar-plus transactions that came to market, potentially fueling supply. The survey reflected including portfolios from General Electric Co.’s GE Capital, responses from 57 buyers, including some of the Pennsylvania Public School Employees’ Retirement System industry’s largest players. and J.P. Morgan Chase & Co. Other respondents saw the blockbuster year in 2014 as an outlier, driven by those large portfolios, and didn’t expect the same dynamics to materialize during 2015. Do You Expect This Year to Be a Record Year Eric Zoller, partner and co-founder of secondary adviser for Secondary Deal Volume? Sixpoint Partners, said he was skeptical 2015 would be marked by the same amount of big ticket transactions. The 100% exception may be in real estate secondaries, where Mr. Zoller and others said they anticipated increased activity 32% 34% and larger portfolios to manifest. 47%

Pent-Up Demand The prevalence of large transactions meant that a handful 68% 66% of buyers accounted for a disproportionate percentage of 53% deal volume, according to Mathieu Dréan, a managing partner at placement agent Triago. 8% 0 2015 2014 2013 “Other players were equally eager to get deals done,” said Mr. Dréan, adding those buyers in the market who didn’t Yes No deploy as much capital as they would have liked in 2014 Source: Guide to the Secondary Market, 2015 edition have greater incentive to make investments in 2015. Guide to the Secondary Market [ 7 ]

Roughly two out of three survey respondents said they anticipated 2015 to be a record year for volume...But other respondents saw the blockbuster year in 2014 as an outlier, driven by those large portfolios, and didn’t expect the same dynamics to materialize during 2015. [ 8 ] Guide to the Secondary Market

For its part, Triago estimates transaction volume in 2015 will reach between $35 and $40 billion, but Percentage of Funds Going to Small/Large Deals predicts fewer large transactions and a wider diversification of buyers. Median Percentage

Roughly 44% of survey participants said they saw new 100% competition for deals during 2014, from limited partners including family offices, endowments and foundations. 80 75% 70% The massive wave of distributions that has washed over LPs’ portfolios may serve to accelerate secondary buying 60 55% among LPs as they seek to invest capital quickly. 50% 40 Through the first quarter, Mr. Dréan said Triago already had transacted with between 12 and 14 unique buyers – a much higher figure than usual. 20 8% 0 “In a given year, we usually end up transacting with 22 to Stakes With NAVs Stakes With NAVs 25 distinct buyers,” he said, adding that interested buyers Less Than $15M in Size Larger Than $15M in Size run the gamut from dedicated secondary funds, funds of funds, insurance companies, private offices and others. Current Fund Prior Fund

Source: Guide to the Secondary Market, 2015 edition “The big theme for all LPs these days is to try to optimize the deployment rate,” said Mr. Dréan. “They’re eager to do secondary deals. They’re clearing the deck of massive amounts of money.” He added those types of buyers would “No sophisticated institutional investor today thinks about stick primarily to simpler and smaller transactions. private equity commitments as just ‘buy and hold,’” Wilson Warren, a partner at New York-based Lexington Partners As it did in last year’s survey, portfolio management told Private Equity Analyst in April. “They know that they remains the primary driver of secondary deal volume, will have to do something actively with their portfolio over accounting for an average of 46% of deal flow among this time, or the portfolio will end up being too disparate.” year’s survey respondents, up from an average of 40% in a similar survey conducted last year. Don’t Bank On Financial Institutions “Many sellers are working on portfolio solutions, but are Regulatory changes in the U.S. and Europe drove an waiting for the year-end numbers or even the March 31 average of about 29% of transactions, according to numbers to come through,” said Benoît Verbrugghe, survey respondents, in line with last year’s figures. But head of the U.S. office at Ardian. “We think that [in] the industry experts predict that well is close to running dry, second quarter, you will start to see new transactions as those financial institutions that continue to hold private coming in the market.” equity assets on their balance sheets cling tightly to those investments. Shifts in strategy, staffing changes and an overall appetite to rebalance were among the underlying “Banks and insurance companies … have been creative in motivators for some sellers in 2014, said Mr. Zoller. As delaying sales in hopes that regulation would change,” these types of pruning transactions have become more said Mr. Zoller. commonplace, Triago calculated that the average portion of a portfolio that will end up in secondaries is A two-year extension that gives banks until 2017 to comply close to 20%. with the Volcker rule in the U.S. means that such

Did You Participate in Any GP or Fund Do You See Competition From Restructuring Deals Over the Past Year? New Sources for Deals?

40% Yes 44% Yes No No 60% 56%

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Select Secondary Funds in the Market or Recently Closed

Total Amt. Fund Name Investing Firm Name Fund Region Target (M) Closed (M) LP Secondaries Adams Street 2013 Energy Fund LP Adams Street Partners U.S. $500.0 N/A Ant No. 2 Greater China Secondary Fund Ant Capital Partners Co. Asia/Pacific $150.0 N/A Ardian Secondary Fund VII LP Ardian Global $9,000.0 N/A AXA Secondary Fund VI LP Ardian Global $4,000.0 $6,000.0 Bowside Capital Fund III LP* Bowside Capital U.S. $35.0 $37.7 Capital Dynamics Secondaries Fund IV LP Capital Dynamics U.S. $500.0 $107.0 Coller International Partners VII LP Coller Capital Global N/A N/A European Secondary Development Fund V LP Arcis Group Western Europe $478.8 N/A DB Secondary Opportunities Fund III LP Deutsche Asset & Wealth Management Global N/A $1,650.0 Euro Choice Secondary Fund Akina Partners Europe €200.0 €224.0 Fort Washington Private Equity Fort Washington Investment Advisors U.S. $150.0 $150.0 Opportunities Fund III LP* Global Market Fonds Secondary V RWB PrivateCapital Emissionshaus AG Global N/A N/A Greenspring Secondaries Fund I LP* Greenspring Associates Global N/A $87.0 Idinvest Secondary Fund II* Idinvest Partners Western Europe $258.8 $283.9 Industry Ventures Partnership Holdings III LP* Industry Ventures U.S. $100.0 $170.0 Landmark Equity Partners XV LP* Landmark Partners Global $2,500.0 $3,250.0 Lexington Capital Partners VIII LP Lexington Partners Global $8,000.0 $10,100.0 Lexington Middle Market Investors III LP* Lexington Partners U.S. $750.0 $1,070.0 Mantra Secondary Opportunities Mantra Gestion Global $55.8 $59.2 Montauk TriGuard Fund VI LP* Montauk TriGuard U.S. $500.0 $500.0 Pantheon Global Infrastructure Fund II LP* Pantheon U.S. $700.0 $1,000.0 Pantheon Global Secondary Fund V LP Pantheon Global N/A $1,118.7 Partners Group Real Estate Secondary Partners Group Western Europe $750.0 N/A 2009 (Euro) SCA SICAR* Partners Group Secondary 2015 LP Partners Group Global $3,024.8 N/A Permal Private Equity Opportunities V Permal Group U.S. $500.0 $178.2 Pomona Capital VIII LP* Pomona Capital Global $1,300.0 $1,750.0 Segregated Fund I* Northleaf Capital Partners Global N/A $150.0 SL Capital Secondary Opportunities Fund II SL Capital Partners U.S. $200.0 $171.0 Stockwell Secondary Holdings LP* Stockwell Secondary Holdings LP U.S. $364.1 $364.1 Strategic Partners VI LP* Blackstone Group Global $3,500.0 $4,400.0 Unigestion Secondary Opportunity III Unigestion Global $340.2 N/A

Secondary Direct/Portfolio 17Capital Fund 3 LP* 17Capital Western Europe €450.0 €500.0 ACG European Secondary Fund ACG Capital Eastern Europe/CIS $206.6 N/A Akkadian Ventures Annex III LP* Akkadian Ventures U.S. N/A $5.6 Akkadian Ventures III LP* Akkadian Ventures U.S. $35.0 $69.0 Azini 3 LLP* Azini Capital Partners U.S. N/A $100.0 Cipio Partners Fund VII Cipio Partners Western Europe $224.0 N/A Core Capital I LP* Core Capital Partners Western Europe $76.9 N/A European Secondary Opportunities II LP Seligman Private Equity Western Europe $103.2 $36.3 continued on next page > Guide to the Secondary Market [ 11 ]

“BANKS AND INSURANCE COMPANIES … HAVE BEEN CREATIVE IN DELAYING SALES IN HOPES THAT REGULATION WOULD CHANGE.”

–Eric Zoller, partner and co-founder of secondaries adviser Sixpoint Partners institutions have even more runway to delay a sale. Partners and AlpInvest Partners. J.P. Morgan had said its Meanwhile, in early 2015, bank regulators issued guidance plan to spin off One Equity wasn’t in response to on the Volcker rule that appears to allow foreign banks regulatory pressure, but rather was a reflection of the operating in the U.S. more leeway to hold onto certain firm’s uneven returns and uncertainty over where the unit types of private equity investments. fit within the bank, The Wall Street Journal reported.

That said, banks that have held onto assets may have an Lexington also was behind a deal to buy a substantial incentive to sell that’s driven more by the generous portion of a $1.5 billion commitment Citigroup Inc. made pricing available than by looming regulatory threats, said to a fund managed by Metalmark Capital. Citigroup moved Mr. Dréan. “It’s a good time to rationalize assets and cash to shed its ownership stake in Metalmark in late 2013. out,” he said. One secondary buyer estimated the remaining value of A group of European lenders, including Standard bank-held private equity assets in the U.S. and Europe at Chartered PLC, HSBC Holdings PLC and Unicredit SpA, roughly $50 billion. That has dwindled from 2014, when were among those who sold large private equity fund professionals estimated that there were between $60 portfolios or initiated plans to do so last year. billion and $85 billion of assets left to sell. “Clearly a lot of banks have sold at this point,” said Stephen Sloan, a Perhaps the highest-profile transaction in the bank space managing partner at secondary intermediary Greenhill last year came as J.P. Morgan agreed to sell roughly half Cogent. “We don’t expect them to be a growing part of its stake in buyout arm One Equity Partners to Lexington the market, though they do still have assets to sell.”

Select Secondary Funds in the Market or Recently Closed (cont.) Total Amt. Fund Name Investing Firm Name Fund Region Target (M) Closed (M) Secondary Direct/Portfolio (cont.) Founders Circle Capital I LLC* Founders Circle U.S. N/A $160.0 Founders Circle Capital Opportunity Fund I LLC* Founders Circle U.S. N/A $35.0 Headlands Capital Secondary Fund II Headlands Capital Global N/A $80.0 Inveni Secondaries Fund II Follow On Ky* Inveni Capital Western Europe $12.5 N/A Inveni Secondaries Fund II Ky* Inveni Capital Western Europe $81.9 N/A Inveni Secondaries Fund III Ky* Inveni Capital Western Europe $77.5 N/A Jasper Ridge Private Opportunities LP* Jasper Ridge Partners U.S. $177.5 $177.5 JDPT Partners Group (Secondary) LP* Partners Group Western Europe $100.0 N/A Leerink Revelation Healthcare Fund I Leerink Revelation Partners U.S. $175.0 $167.7 Lombard Odier Secondary Fund II Lombard Odier Darier Hentsch & Cie Western Europe $25.0 N/A

*Fund held final closing. Sources: Dow Jones LP Source,Guide to the Secondary Market, 2015 edition [ 12 ] Guide to the Secondary Market

What Percentage of Secondary Assets Purchased Last Year Fell Outside of Traditional PE or VC?

4% None 3%3% 9% 6% 8% 6% 4% 1% to 10% 9%

3% 11% to 20% 16% 23% 57% 59% 62% 21% to 30% 20% 9% 31% to 40%

41% to 50%

2015 2014 2013 More Than 50%

Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition

Buyers Become Sellers Restructurings Gain Popularity Premium pricing also inspired some historical buyers, Despite challenges posed by trying to engineer including funds of funds, to sell portfolios, allowing them to a fund restructuring, the number of such transactions return cash more expediently to their own limited partners. and the number of buyers willing to attempt them Private Advisors, Adams Street Partners, HarbourVest continue to increase. Partners and Pantheon were among the funds of funds that opted to explore options on the secondary market Landmark Partners estimates that the number of during the past 18 months. restructurings increased 35% year-over-year in 2014, with the dollar volume of those transactions rising by “[Funds of funds] have a view on pricing for most assets 140%, according to Partner Ian Charles. they own, and if someone in the market is pricing it materially higher, they’re willing to sell,” said Greenhill Although GP restructurings accounted for an average of Cogent Managing Director Brian Mooney. 20% of deal volume among this year’s survey respondents, some 60% of our survey respondents said Canada Pension Plan Investment Board, one of the they had participated in a general partner or fund industry’s most prominent secondary buyers, is among restructuring in 2014. those taking advantage of favorable pricing, exploring the potential sale of a portfolio of stakes valued at So-called zombie funds are becoming a smaller part of the between $1 billion and $1.5 billion, Private Equity market, said Mr. Charles. “Funds with brand-name GPs are Analyst reported in April. now being restructured to provide early, attractive liquidity for LPs who want it, and better alignment and incentives for LPs that want to stay in the fund and GPs that want to improve dynamics around a predecessor fund,” he said.

Percentage of Funds Going to U.S./Non-U.S. Deals Landmark led one such deal for a 2006-vintage fund managed by Intermediate Capital Group, a credit specialist Median Percentage that focuses on North America and Europe. A portion of 100% the fund’s existing investors opted to roll over proceeds into the deal, which was financed in part by a small 80 syndicate of investors Landmark assembled. ICG is in the 70% 70% market seeking €2.5 billion for a new mezzanine fund, Private Equity Analyst reported in January. 60 HarbourVest, Morgan Stanley Alternative Investment 40 35% 35% Partners and Coller Capital are among the other investors which tackled restructurings and financed spinouts during 20 the past 24 months, according to data provider Preqin Ltd.

8% 0 Yann Robard, who heads secondaries and co-investments at U.S. Deals Non-U.S. Deals the Canada Pension Plan Investment Board, said these types of deals, which he calls “GP solutions,” carry some of the Current Fund Prior Fund same myths and stigmas the traditional secondary market Source: Guide to the Secondary Market, 2015 edition battled in the 1990s. Guide to the Secondary Market [ 13 ]

Brian Mooney, “THERE’S STILL A LOT OF ADVERSE managing director at Greenhill Cogent SELECTION IN THE MARKET...The deals are complex and there’s a lot of conflict involved, but if you can construct a solution that allows the LPs to have an option that’s better than the status quo, then it can be a win for everyone.”

“There was skepticism, and it was vulture-like from time to with right kind of manager who has a good relationship time, but that has completely disappeared now,” he said, with LPs and can balance the needs and objectives of adding that as more these transactions take place, the everyone involved,” said Mr. Charles. industry will get more comfortable with them. “There’s still a lot of adverse selection in the market,” said Although restructurings are becoming more commonplace, Mr. Mooney of Greenhill Cogent. “The deals are complex industry experts agreed their complexity can be off-putting and there’s a lot of conflict involved, but if you can construct and such deals can still take unexpected turns. a solution that allows the LPs to have an option that’s better than the status quo, then it can be a win for everyone.” HarbourVest, for example, agreed earlier this year to buy stakes in two Doughty Hanson funds, committing an Additionally, it would appear that in complicated additional €65 million to a planned fund. Doughty transactions such as restructurings, size matters. In smaller Hanson, plagued by departures and meager returns, restructurings, “people are hesitant to get involved. It’s the announced in April it was abandoning efforts to raise a same amount of work, the execution risk is higher, and the new fund and would focus solely on managing out its payoff isn’t as great,” said Mr. Zoller. remaining assets, Dow Jones sister publication Private Equity News reported. “The overall percentage of deals being evaluated is higher, but the overall number of deals being executed is probably “For anyone to be successful in the fund restructuring low,” Mr. Zoller added. “More and more are getting done, space, they’ve got to have creativity, flexibility and partner but the amount is less than people think.” [ 14 ] Guide to the Secondary Market

Deals From Further Afield Even as secondary buyers vie for more typical fund How Long Did It Take You to Raise Your Last Fund? portfolios, they are looking increasingly beyond traditional private equity to pick up interests in other asset classes, 5% 5% including infrastructure, credit, natural resources and real 0-1 year 23% estate. This year, 21% of survey respondents saw more than 1 year 41% 33% 43% one-fifth of the assets they purchased last year fall outside 1-2 years of typical private equity or venture capital, up from 15% of 2 years survey respondents the previous year and 12% of 32% 19% respondents to a similar survey in 2013. 2015* 2014 One asset class that experienced growth in secondary volume last year was real estate, which accounted for an estimated *Numbers do not add to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition 10% of total secondary deal volume for the year, according to a report by Greenhill Cogent. (For more on the environment for real estate secondaries, see the article on page 26.) Respondents were nearly equally divided over whether volume would increase, decrease or stay the same in Eastern Although the locales of sellers and fund stakes are slowly Europe and Russia, which has been plagued by low oil prices widening, survey respondents predicted a majority of their and sanctions stemming from its conflict with Ukraine. fund would be used to purchase U.S. stakes. Nearly a third of investors expected some increase in Respondents predicted they would invest a median of 35% of activity in the Middle East. Abu Dhabi Investment Authority their current fund in non-U.S. deals, roughly the same percent- reportedly was shopping a portfolio valued at roughly $2 age as their prior funds, according to the survey data. That fig- billion in 2014, Bloomberg Businessweek reported. ure also is in line with the results from last year’s survey.

Industry participants largely expect volume in the U.K., A Fundraising Bonanza Japan, Brazil, Latin America and Australia to stay the same Secondary buyers are well capitalized to take advantage of year over year. portfolios coming to market, after a robust year for fundraising.

Japan was home to one of the dozen giant portfolios that Lexington recently wrapped up its latest core secondary fund hit the market in 2015, as Mizuho Financial Group agreed with $10.1 billion, ranking it as the largest such fund ever to sell a portfolio of about $1 billion worth of stakes to raised. In 2014, meanwhile, several of the industry’s biggest Lexington Partners. names, including Ardian, Blackstone Group’s Strategic

Select Secondary Deals, 2014-2015

Transaction Selling Institution Type Size (M) Status Aberdeen International Inc. Direct Portfolio $29 Landmark Partners bought the portfolio in 2014 California Public Employees’ Fund Portfolio N/A The pension system hired UBS AG to help sell fund stakes as Retirement System it seeks to reduce the number of relationships in its portfolio Canada Pension Plan Investment Board Fund Portfolio $1,500 Recently came to market Citigroup Inc. Fund Portfolio $1,200 Bank sold remaining stakes in funds managed by Metalmark Capital to Lexington Partners Diamond Castle Holdings Restructuring/ N/A Goldman Sachs Asset Management and Intermediate Capital Group Stapled Secondary funded a restructuring of the Diamond Castle Partners IV LP in late 2014 Fleming Family & Partners Fund Portfolio $140 Coller Capital purchased the portfolio in early 2015 GE Capital Fund Portfolio $1,300 Ardian purchased the portfolio in 2014 Magnum Capital LPs Restructuring/ N/A In 2014, HarbourVest Partners and five others bought stakes in the Stapled Secondary firm’s 2007-vintage fund and pledged fresh capital to its new fund Mizuho Financial Group Fund Portfolio $1,000 Lexington Partners purchased the portfolio in late 2014 Montana Board of Investments Fund Portfolio approx. $126 Pension system disclosed it had sold eight fund stakes but did not reveal the identity of the buyers New Mexico State Fund Portfolio N/A In late 2014, the council said it was considering the sale of stakes Investment Council in 25 funds managed by 15 different GP Pennsylvania Public School Fund Portfolio $1,750 Ardian purchased the portfolio in late 2014 Employees’ Retirement System State of Wisconsin Investment Board Fund Portfolio $203 In 2014, the board said it was considering the sale of some $203 million in legacy fund stakes Sources: Dow Jones Private Equity Analyst, Dow Jones Private Equity News Guide to the Secondary Market [ 15 ]

How Do You Expect Secondary Deal Volume to Trend in the Following Regions?

100%

39% 50% 46% 61% 59% 59% 70% 74% 74% 83% 26% 9% 5%

50% 54% 39% 35% 30% 32% 36% 26% 26% 17% 8% 0 United Continental Eastern Japan Asia Australia/ Brazil Latin America Middle East Africa Kingdom Europe Europe/Russia (Ex. Japan) New Zealand (Ex. Brazil)

Increase Decrease Stay the Same

Source: Guide to the Secondary Market, 2015 edition

Partners unit and Landmark Partners, built up large war chests, driving total secondary fundraising to $23.91 billion for the year, up nearly 38% from $17.30 billion a year earlier, according to data provider Dow Jones LP Source, which, like the publisher of this supplement, is owned by Dow Jones.

Strong performance generated by private equity has helped create a welcoming environment for those secondary firms pitching new funds. Roughly 70% of respondents to our survey described their most recent fundraising as “very easy” or “fairly easy,” with around the same percentage completing their funds in about a year or less.

As more large players, including Ardian, Coller Capital and Partners Group, seek capital in 2015, however, some industry professionals have expressed doubts about the ability of firms to buy quality assets at competitive prices.

Others argue the amount of capital available to buy secondary stakes is still a fraction of the overall amount of assets available for purchase.

“There’s only two years of buying power held by secondary buyers,” said an executive at one large secondary firm. n –Laura Kreutzer contributed to this report.

Raising Your Last Fund Was:

3% 10% 13% Very Easy 27% 38% Fairly Easy Somewhat Dif cult 52% 57% Very Dif cult

2015 2014

Source: Guide to the Secondary Market, 2015 edition [ 16 ] Guide to the Secondary Market

Strong Pricing Brings Sellers to the Table, but Will the Market Overheat?

their equity by adding debt to their deals or layering it onto their funds. In addition, secondary buyers have more money than ever to spend, thanks to several consecutive years of robust fundraising.

In 2014, secondary buyers raised a total of $23.91 billion for new funds, surpassing the $17.30 billion raised a year earlier but falling short of the $26.33 billion record amount raised in 2012, according to Dow Jones LP Source, a data provider that, like this publication, is owned by Dow Jones. At the same time, institutional investors, including pension funds such as the Canada Pension Plan Investment Board and sovereign wealth funds such as the Abu Dhabi Investment Authority, have stepped up their secondary buying activity.

The confluence of strong performance, cheap debt and ample capital has helped create one of the strongest seller’s markets the secondary industry has ever seen, according to the latest Dow Jones survey of secondary buyers. Among this year’s survey respondents, 94% characterized the current market as a seller’s market, roughly in line with buyer sentiment in 2007.

“There’s nobody that needs to sell, so there’s no pressure for transactions to happen,” said Brian Mooney, a managing director with intermediary Greenhill Cogent. “Buyers have to price to a level where they can convince people to sell.”

The lack of distressed sellers in the market and competition among buyers for deals has driven pricing to a level that concerns many buyers. Overall, 78% of buyers in our survey feel that pricing is too high in the current market, the highest percentage of buyers that felt that way about pricing in at least the past five years of this survey. By LAURA KREUTZER

volume hit a record Secondary deal level for the second How Would You Classify the Current Market? year in a row in 2014 as strong pricing brought more sellers to the negotiating table. And while secondary buyers and 100% intermediaries expect strong pricing will continue to drive deal flow in 2015, many say they will tread carefully. 53% ”You’ve got to be very disciplined and like what you see 83% and, even then, you have to lean into it a little bit,” said a 94% 92% senior executive at one large secondary investor.

Many of the forces that helped drive pricing and deal volume in 2014 remain in place as 2015 unfolds. 47% Favorable exit conditions, including strong public-market 17% 6% 8% performance, have helped private equity and venture 0 2015 2014 2013 2007 capital funds generate strong returns over the past 12 months. An abundance of cheap debt has also given A Buyer’s Market A Seller’s Market secondary buyers more firepower and boosted returns on Source: Guide to the Secondary Market, 2015 edition WHAT COUNTS IS NOT JUST WHAT YOU DO, BUT HOW YOU DO IT.

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Public pension funds were the most likely to walk away from a Secondary Transactions Are Priced: deal over pricing, with 38% of survey respondents indicating they lost deals from public pensions over pricing, followed 100% closely by endowments and foundations at 35%. Banks and insurance companies were the least likely in our survey to 22% 29% walk away from a deal with secondary buyers over pricing.

3% 55% “The public pension plans wanted to test the pricing in the market to see how much they could get from the positions, but they were also loath to take a loss,” said Mr. DePonte

78% 69% of Probitas Partners. “They weren’t necessarily committed. They were price shopping.” 45% Secondary buyers in our survey were more likely to pay 8% 0 up for buyout funds than venture funds, keeping with a 2015 2014* 2013 trend also seen in last year’s survey. Among survey Too High Too Low On Average, About Right respondents, 62% said they paid more on average for buyout funds than they did the previous year, compared *Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition with 42% of respondents that paid more on average for venture funds. Both fund types saw a higher percentage of survey respondents pay more this year than those As this report was going to press, buyers were pricing buyers responding to a similar survey last year. assets off of valuations as of either Sept. 30 or 2014 year- end, with the anticipation that March 31 valuations would Average high bids for buyout funds hit 95% of a fund’s be higher, according to buyers and intermediaries. underlying net asset value during the second half of 2014, according to a pricing analysis from Greenhill “When the market turns, then you’ll assume that the NAVs Cogent. That is down slightly from the 100% of NAV will be lower,” said Kelly DePonte, a managing director at that average high bids hit during the first half of 2014 placement agent Probitas Partners. “If you’re a secondary but still below the premiums to NAV that average high player that’s investing to make a profit, you’ve got to be bids for buyout funds hit in 2007. By contrast, average getting a bit more gun-shy right now.” high bids for venture funds were only 80% of NAV during the second half of 2014, compared with 82% of Because of the lack of distressed-driven transactions, NAV during the first half. sellers have no problem walking away from deals if buyers can’t match their price expectations. Among this year’s On average, 24% of survey respondents in our survey paid survey respondents, 79% said a seller had walked away prices for buyout funds that were equal to those funds’ from a deal over price concerns, a drop from the 88% of underlying NAV, compared with only 11% of respondents respondents to last year’s survey that saw a seller walk away. that paid par for buyout fund interests in last year’s survey.

Percentage of Sellers That Walked Away Has a Seller Walked Away From a Deal Over Pricing, by Seller Type Over Price Concerns?

100% 100% 12% 14% 21%

62% 65% 77% 77% 73% 73%

88% 86% 79%

38% 35% 27% 23% 23% 27% 8% 8% 0 0 Endowments/ Banks/ Insurance Corporate Public Other* 2015 2014 2013 Foundations Financial Cos. Pensions Pensions Institutions Yes No Source: Guide to the Secondary Market, 2015 edition Yes No

*Includes family of ces, funds of funds, general partners and high-net-worth individuals. Source: Guide to the Secondary Market, 2015 edition Guide to the Secondary Market [ 19 ]

Among this year’s survey respondents, 11% said they paid prices for venture funds that were equal to or above the In the Past Year, on Average Did You Pay More underlying NAVs for those funds. By contrast, all of the buyers that responded to a similar survey last year said for Secondary Deals? they paid less than NAV for venture fund stakes. LBO VC Secondary buyers and intermediaries say improved perfor- 100% mance among venture capital funds over the past 18 months, 38% thanks partly to large infusions of capital from late-stage 45% investors and a favorable environment for venture-backed 58% IPOs, has helped lure some buyers back to the space. For the 63% 12 months through Sept. 30, venture funds generated a 24.5% pooled end-to-end net return, outpacing the 18.1% produced by private equity funds over the same period, 62% 56% according to data from consultant Cambridge Associates. 42% 37% “Now that prices are higher on the buyout side, you see 0 more secondary buyers try to tap into new markets, so 2015 2014* 2015 2014 more are looking into venture to stay away from high pricing in the buyout markets,” said the head of secondary Yes No investments at one global fund of funds. *Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition

High Prices Lower Return Expectations lower than their prior fund, while 86% projected that the Stiff competition and high pricing for deals has forced some IRR would be roughly the same. Among participants in last buyers to lower their future return expectations, although year’s survey, 22% said they anticipated lower returns from perhaps not as much as buyers did in last year’s survey. their current fund.

Among this year’s survey respondents, 14% said they The average expected return from secondary funds expect the internal rate of return of their current fund to be across all survey respondents remains fairly high at 20%,

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“We’ve seen leverage at the smaller end of the market – In the Past Year, Did You Pay Below, Equal not just the 50-to-100 fund portfolios but the five-to-20 or Above NAV for Deals? fund portfolios,” he said. Secondary buyers can employ leverage in several different LBO VC ways. Some may borrow from a third-party lender to help 100% 4% 11% 7% fund the purchase of a secondary portfolio, much in the 24% way a buyout firm may use debt to help finance the purchase of a portfolio company. The debt helps enhance the return on the secondary buyer’s equity investment in a deal, although early cash flows generated by the portfolio 89% 89% 100% often end up servicing the debt before they get distributed 76% back to the secondary fund and its investors. Adding debt to a transaction can also enhance a firm’s buying power, allowing it to fund a deal on its own rather than having to split a transaction among multiple buyers, according to intermediaries. Among respondents in this year’s survey, 0 2015 2014 2015 2014 9% said they had employed debt in transactions.

Below Equal Above Far more of the buyers in our survey, 31%, employed debt at Source: Guide to the Secondary Market, 2015 edition the fund level as a cash management tool. Blackstone Group’s Strategic Partners Fund Solutions unit and Lexington Partners both have used debt at the fund level to manage cash flows. compared with a 19% average expected return among buyers who responded to last year’s survey. Layering debt onto a secondary fund allows a firm to finance early deals outside of a fund’s balance sheet so that investors Continued high exit volume, combined with an abundance that commit to later closings of a fund don’t benefit from early of cheap debt allowing buyers to enhance the returns on deals at the expense of investors that signed on earlier in the their equity investments, may be boosting more buyers’ fund’s life. Debt facilities at the fund level tend to have lower confidence that they can still meet return expectations, interest rates than those that are placed on individual even in a pricey market environment. portfolios because they are typically perceived as less risky.

Others, however, are taking steps to adapt to what they expect will be a more challenging return environment going forward. Net IRR Expected From Future Funds

20% 20% SL Capital Partners, for one, recently lowered the 20% proposed hurdle rate, the return threshold a fund must reach before a sponsoring firm can start pocketing profits from the fund, for its newest secondary pool to 15 12%, according to a recent report from sister publication Private Equity Analyst. Although 12% is still relatively high, it is modestly lower than the 14% hurdle 10 the firm set on its first secondary fund, a $146 million vehicle closed in 2014. 5

17% 8% Debt Goes Mainstream 0 Buyers and intermediaries say more secondary buyers than Mean (%) Median (%) ever are turning to the debt markets in their quest to maintain high returns in a competitive pricing environment. Is This IRR Higher, Lower or the Same “Leverage is very much a strategic decision at the as That of Past Funds, on Average? moment,” said Gregg Kantor, who works on the fund finance team at Investec Bank PLC, adding that even 14% secondary firms that haven’t previously used leverage Higher have started to educate themselves and their senior partners about its use. “There’s a mindset shift.” Lower

Same He added that secondary buyers and the limited partners 86% that back them have become more comfortable with the use of leverage in secondary deals and funds, even in smaller transactions. Source: Guide to the Secondary Market, 2015 edition Guide to the Secondary Market [ 21 ]

“The risk the bank is taking is that the [limited partners] do not comply with capital calls,” said Pierre-Antoine de How Many Stapled Secondaries Did You Do? Selancy, a managing partner at 17Capital, which raised some €500 million for its third fund in late 2014. “It’s a 4%4% 4% very different risk from lending to someone for a portfolio 12% 0 and using that portfolio as collateral.” 1 23% 2 But firms that don’t use leverage say all this debt could come 3 back to haunt buyers in the event of a market downturn. 69% 84% More Than Three “If the exit market becomes more difficult, you have fewer distributions and your net asset values correct In 2014 In 2013 because they’re linked to the public markets,” said Source: Guide to the Secondary Market, 2015 edition Wouter Moerel, head of secondaries at AlpInvest Partners. “Then you could get into covenant issues with your debt.” deals typically provide capital for new deals or a new fund One final form of leverage used in secondary transactions in addition to purchasing stakes in older portfolios. comes in the form of deferred payments or seller financing. Secondary buyers may agree to pay a portion of the Stapled secondaries can be risky, however, since it is often portfolio sale up front and defer the remainder of the harder to determine how well the general partner will do payment one or even two years later. Doing so often helps with future investments than it is to assess a portfolio of buyers bid more for a portfolio when the seller is deals the firm has already backed. But so far, it is a risk particularly sensitive to pricing, especially if the buyer that many buyers seem willing to take. expects the portfolio to generate distributions in the near term. Distributions can be used to help fund the deferred portion of the payment for the deal. A More Rational Mindset? Although pricing has remained strong into 2015, buyers and intermediaries say a softening in the U.S. economy or GPs Flex Their Muscles a public market correction could prompt buyers to price As more limited partners turn to the secondary market to bids more conservatively and potentially take some actively shed certain fund relationships in their portfolios, momentum out of the market. general partners managing those funds are demanding a greater say over who buys into their funds. Amid stiff “One of the reasons pricing is so high is that people competition for deals, some GPs may even demand anticipate that distributions and values will continue to go prospective buyers of their fund stakes pony up additional up,” said Brent Nicklas, managing partner and chief capital to back a new fund or new investments, often executive of Lexington Partners, which in April wrapped up called a stapled secondary transaction. its eighth fund at its $10.1 billion cap. “The moment that changes, you’re going to see the bid-ask gap open up.” Among this year’s survey respondents, 31% backed at least one stapled secondary deal in 2014, including 8% Others, however, say they see little chance of a market that invested in two or more stapled secondary deals. By correction anytime soon. contrast, only 16% of those same buyers had backed at least one stapled secondary in 2013. “Financial markets have very short memories, and the only way they move is because there’s something big The growing popularity of general partner or fund happening,” said Mr. Moerel of AlpInvest. “Are people going restructurings may also be driving growth of stapled to be become more rational? I think something big needs to secondary deals, as secondary investors in restructuring happen, and right now there’s nothing on the horizon.” n

Do You Use Debt at the Fund Level ? Do You Use Debt to Finance Secondary Deals?

31% Yes Yes No No 69% 91%

Source: Guide to the Secondary Market, 2015 edition Source: Guide to the Secondary Market, 2015 edition [ 22 ] Guide to the Secondary Market

Secondary Market Posts Record Year in 2014, Although Estimates Vary

By LAURA KREUTZER

intermediaries and Although many secondary buyers agreed that 2014 was a record year for deal volume, they disagreed over the size of that volume.

Historically, tracking secondary deal volume has been tricky, given that investors and the general partners they backed often want to keep the fact they are selling stakes on the secondary market out of the public eye. Although still an imperfect science, secondary deals are shedding the stigma once attached to them and more sellers are bringing portfolios, particularly large ones, to market, which means measuring deal volume has gotten easier.

Estimates of total transaction volume in 2014 among some half-dozen firms ranged from a little more than $35 billion made by New York-based Lexington Partners to north of $49 billion by Toronto-based intermediary Setter Capital.

Methodologies for capturing and measuring data differ, with some organizations tracking deals they observe in the market, including deals that they are aware of, even if they aren’t directly connected to them. Others may use a combination of buyer surveys, observed transactions and platforms, such as those owned by SharesPost Inc. and their own analysis. For example, Setter Capital bases its SecondMarket Inc., or trades between two institutional volume numbers largely on a regular survey of secondary limited partners that involve only a single fund stake. buyers and makes estimates based on the firm’s own analysis of buyers and sellers in the market. As more investors turn to the secondary market to manage their portfolios, and as firms that track the market continue Even these estimates, however, leave some types of to hone their data gathering techniques, deal volume transactions underrepresented, including the volume of estimates ultimately may start to converge around a slightly private securities of venture-backed companies trading on narrower band of numbers, according to intermediaries. n

Select Estimates of Secondary Deal Volume, 2014 vs. 2013

$49.30 $50B $42.00 40 $37.50 $35.14 $36.50 $36.00 $36.00

30 $27.50 $24.50 $23.35 $22.00 20

N/A 0 Greenhill Cogent Lexington Partners NYPPEX Inc. Setter Capital Triago UBS AG

2014 2013

Source: Dow Jones Private Equity Analyst This announcement appears as a matter of record only

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This is not an offer to sell or a solicitation of an offer to purchase interests of any investment vehicle managed or advised by Landmark or any of its affiliates (a “Fund”) or any other security. Any such offer or solicitation shall be made only pursuant to a final confidential private placement memorandum relating to such Fund (as amended or supplemented from time to time, a “Memorandum”) and such Fund’s subscription documents. This document is qualified in its entirety by all of the information set forth in the Memorandum, including without limitation all of the cautionary statements set forth in the front of the Memorandum and the “Risk Factors” section of the Memorandum.

[ 24 ] Guide to the Secondary Market

Secondary Market Timeline 2002-2014

SECONDARY DEAL VOLUME (M) SECONDARY FUNDRAISING* (M)

(Yearly totals) (Yearly totals)

Secondary Directs Rest of World

Secondary Partnerships U.S. Totals 2007 Coller Capital raises a $4.5 billion fund, reclaiming the record for the largest fund that Lexington Partners took away from Coller in 2006 with its $3.8 billion vehicle. 2002 Coller Capital raises the largest 2007 ROW HQ Firms secondary fund as of that date, California Public Employees’ Retirement System sells ($35,137) with $2.6 billion in commitments. a legacy portfolio of fund stakes on the secondary market for about $1.5 billion to a syndicate that includes Lexington Partners, HarbourVest Partners, $5,167 Pantheon and Oak Hill Investment Management. U.S. HQ Firms 2004 State of Connecticut Retirement 2006-2007 Plans and Trust Funds becomes one ($26,333) of the first pension funds to sell fund Stapled secondaries ($25,950) interests. The buyer is Coller Capital. become a commonplace occurrence in the ($24,781) $1,135 ($23,911) secondary industry. $1,611 ($23,345)

($20,928) $12,404 $6,648 $7,033 2005 $2,687 ($18,252) Secondary sales of fund ($17,847) interests remain near the record ($17,304) highs set in 2004, thanks in part ($16,363) to large sales by Merrill Lynch, $4,839 $29,970 DPL and Dresdner Bank ($13,932) $2,654 $4,552 ($13,365) $8,464 ($11,921) $24,815 $1,935 $23,170 ($11,516) ($10,816) ($10,275) $1,596 ($9,172) $7,622 $2,721 ($8,422) ($8,380) ($8,380) $2,355 $574 $16,697 $18,241 $5,498 $16,878 ($7,468) ($7,029) $1,403 $733 ($6,609) $13,929 $354 $13,709 $13,414 $12,751 $4,175 $5,289 $2,019 $11,430 $9,383 $10,326 ($3,903) $8,095 $7,920 $8,598 ($2,092) $6,675 $6,977 $6,735 $6,310 $6,018 $131 $2,952 $4,204 $4,590 $3,133 $1,961 $951 2002 2003 2004 2005 2006 2007 20 08 2009 2010 2011 2012 2013 2014

Totals rounded up to nearest million. *Includes only dedicated secondary funds. Sources: Lexington Partners, Dow Jones LP Source, Dow Jones Private Equity Analyst Guide to the Secondary Market [ 25 ]

Secondary Market Timeline 2002-2014 2012 Older funds approaching the end of their lives increasingly are in need of fresh capital SECONDARY DEAL VOLUME (M) SECONDARY FUNDRAISING* (M) to sustain investment, as evidenced by Behrman Capital and Willis Stein & Partners (Yearly totals) (Yearly totals) turning to the secondary markets to capitalize funds raised in 2000 and 2001. 2014 Secondary Directs Rest of World 2010 Twelve deals of more AXA Private Equity announces than $1 billion close in Secondary Partnerships U.S. Totals the purchase of a $1.9 billion 2014, according to data portfolio from Bank of America, from Greenhill Cogent. in a signal that the floodgates have finally opened for large portfolio transactions. 2011 Lexington Partners breaks 2013 Goldman Sachs’ $5.5 ROW HQ Firms ($35,137) billion fundraising record Regulators release when it wraps up a $7 the final draft of billion pool of capital for the Volcker rule, 2009 secondary deals. spawning a fresh $5,167 An expected surge in wave of portfolio secondary deal flow sales from banks. U.S. HQ Firms following the late 2008 economic downturn is slow to materialize due to a wide price gap between ($26,333) ($25,950) buyers and sellers. ($24,781) $1,135 ($23,911) $1,611 ($23,345)

($20,928) $12,404 $6,648 $7,033 $2,687 ($18,252) ($17,847) ($17,304) ($16,363) $4,839 $29,970 ($13,932) $2,654 $4,552 ($13,365) $8,464 ($11,921) $24,815 $1,935 $23,170 ($11,516) ($10,816) ($10,275) $1,596 ($9,172) $7,622 $2,721 ($8,422) ($8,380) ($8,380) $2,355 $574 $16,697 $18,241 $5,498 $16,878 ($7,468) ($7,029) $1,403 $733 ($6,609) $13,929 $354 $13,709 $13,414 $12,751 $4,175 $5,289 $2,019 $11,430 $9,383 $10,326 ($3,903) $8,095 $7,920 $8,598 ($2,092) $6,675 $6,977 $6,735 $6,310 $6,018 $131 $2,952 $4,204 $4,590 $3,133 $1,961 $951 2002 2003 2004 2005 2006 2007 20 08 2009 2010 2011 2012 2013 2014

Totals rounded up to nearest million. *Includes only dedicated secondary funds. Sources: Lexington Partners, Dow Jones LP Source, Dow Jones Private Equity Analyst [ 26 ] Guide to the Secondary Market

Real Estate Secondary Volume Continues Growth Trajectory

By HILLARY CANADA was raised by four funds, and a multifold increase from the $100 million raised in 2013. secondary market The real estate continued its exponential Some larger portfolios have started to trickle onto the market. growth during 2014 as generous pricing drew sellers to New Jersey Division of Investment, for instance, sold a the marketplace. portfolio of 25 stakes for $925 million to NorthStar Realty Finance Corp. and Goldman Sachs Asset Management. The number of real estate secondary transactions grew to According to a memo about the transaction, New Jersey was 92 in 2014, a 60% increase from the 57 deals tracked in able to sell the portfolio, which included funds from managers 2013, according to data from secondary firm Landmark including BlackRock Inc., CBRE Inc., TA Associates Realty Partners. Similarly, the value of transactions in the sector and others, at par to the portfolio’s underlying net asset value. grew by 30% during 2014 to $4.8 billion from $3.69 billion a year earlier. After trading at an average discount of nearly 30% of net asset value in the years following the collapse of the housing “Real estate secondaries have been a laggard as it market in 2008, real estate fund stakes were attracting compares to private equity,” said Landmark Partner Jamie much richer bids in 2014, according to data from Sunday. But he added that a “growth spurt” among private intermediary Greenhill Cogent. During the first half of the equity real estate funds starting around 2005 has helped year, real estate fund stakes attracted average high bids of expand the underlying asset base. 92% of NAV, according to the data.

And just as they do with private equity, limited partners turn “Discounts are falling,” said Fabian Neuenschwander, vice to the secondary market to prune their portfolios. LPs may president of the real estate secondaries business at have questioned whether enough buyer’s capital existed to Partners Group. “A lot of people are taking the opportunity justify bringing large portfolios to market, said Mr. Sunday. to sell interests into this market.”

That attitude may be gradually changing – in part because Mr. Neuenschwander added, however, that buyers can still more capital is slowly making its way into the space. find good deals. “You’re buying into improving fundamentals,” he said. Strategic Partners Fund Solutions, the secondary platform Blackstone Group bought from Credit Suisse Group, as U.S.- and European-focused funds continue to be the well as Carlyle Group’s fund-of-funds Metropolitan Real most heavily traded, making up a combined 85% of the Estate and Morgan Stanley Alternative Investment Partners market, but Asian real estate partnerships made up 11% of were said to be raising or considering raising dedicated activity in 2014, up from 4% a year earlier, according to secondary pools, Private Equity News reported in 2014. Landmark’s data.

Last year was a record year for real estate secondary Partners Group struck one of the largest deals in the region fundraising, with three vehicles closing on a combined when it agreed to buy the interests of more than 30 LPs in a $2.3 billion, according to data provider Preqin Ltd. That $1 billion China-focused fund. That deal involved shifting was the highest annual total since 2010, when $2.2 billion management of the vehicle, known as the Trophy Fund, from Winnington Capital to Venator Real Estate Capital Partners, Private Equity Analyst reported at the time. The deal bought extra time for the fund, the life span of which has been Real Estate Secondary Deal Volume, 2005-2014 extended to 2017, and provided liquidity to LPs who had yet to see any returns prior to the deal. $5,000M $4,800.6

4,000 In a first quarter briefing, Greenhill Cogent predicted that $3,691.5 2015 real estate secondary volume is “on a trajectory to 3,000 easily eclipse” 2014 volume as interest in selling fund stakes $2,599.2 continues to grow. This will likely be prompted in part by a $2,166.3 2,000 $1,810.4 diversification of LPs eager to cull their portfolios. $1,247.3 $961.8 $855.1 “Over the last two to three years, the seller base has 1,000 $590.1 $349.9 greatly expanded from the financial crisis,” said Mr. 0 Neuenschwander. “More and more people see it as an 2014201320122011201020092008200720062005 option to get liquidity.” n Source: Landmark Partners 8% Guide to the Secondary Market [ 27 ]

Secondary Buyers Prepare for Wave of Energy Fund Sales

By ALEC MACFARLANE

fund managers are looking to Fueling Up for Energy Secondaries A handful of raise money to buy secondhand interests in energy-focused private equity funds, as a maturing of the market and a slide in oil prices creates attractive opportunities in the sector.

AlpInvest Partners, Adams Street Partners and HarbourVest Partners have each launched or are in the process of launching offerings that include secondary purchases of energy funds or assets as part of their investment strategies.

“We do [think it is an interesting time to invest],” said Brett Gordon, a managing director at HarbourVest. “If you think about Adams Street Partners what makes for attractive secondaries, first you need a lot of Fundraising Plans: Adams Street is marketing an energy- focused fund of funds that will also target secondary deals as inventory, and there’s been a lot of money raised in dedicated part of its strategy. energy funds. With that inventory and the volatility, it’s really created an interesting time for people who are considering AlpInvest Partners Fundraising Plans: AlpInvest is targeting $500 million for investing and for people to bring deals to the marketplace.” an energy-focused secondary fund and aims to hold a first closing by this summer, according to people familiar with the Mr. Gordon declined to comment on HarbourVest’s fund. Justine Gordon, who joined the firm in September from fundraising. AlpInvest and Adams Street also declined to Guggenheim Partners, leads the new effort. comment on fundraising. HarbourVest Partners Fundraising Plans: HarbourVest hired Kevin Warn Schindel Secondary investors seek to capitalize on the huge from OPTrust Private Markets Group to lead its real assets amounts of money raised over the past decade by energy- program. The firm expects to launch a real assets offering later this year with a large allocation to energy secondaries, focused private equity firms. About $276 billion was raised according to a person familiar with the offering. by 417 energy-focused private equity funds between 2005 and 2014, according to data provider Preqin Ltd., creating Source: Dow Jones Private Equity News large amounts of future inventory for secondary buyers.

The recent slide in oil prices is also expected to create Blackstone [Group] and Warburg Pincus,” wrote Setter opportunities for secondary managers, as investors that Capital’s Mr. McGrath. “Buyers are still very keen to buy these are overexposed to energy-focused funds and have seen types of funds, and aside from marked-to-market movements their valuations suffer look to shed assets as part of efforts in the funds’ public holdings, pricing remains very full.” to rebalance their portfolios. So far, however, buyers have been in a “wait and see” mode, according to several Despite the opportunity, some industry figures have industry participants. “We have seen an uptick in sellers cautioned that while it may be a good time to invest in asking for pricing on energy funds, but few deals are energy secondary deals, it could be a challenging time to getting inked,” Robert McGrath, co-founder of Toronto- raise energy-focused secondary funds. based intermediary Setter Capital, said in an email. “There are definitely some attractive opportunities in the oil Research conducted earlier this year by consultancy Wood and gas space because of the oil price and its impact on Mackenzie said lower oil prices pose the biggest threat to valuations of companies and assets, which have been oil and gas industry earnings and financial solidity since the otherwise quite high in the last couple of years,” said financial crash of 2008, with Brent crude trading at around Thomas Liaudet, a partner at secondary intermediary 30% below the 2014 average of $99 a barrel as of early Campbell Lutyens. “On the other hand, it might be more May. Industry figures said the slide is likely to have a big challenging for those managers raising capital because impact on the valuations of private equity funds heavily some [investors] might see this space as being slightly less invested in oil and gas services businesses, as clients attractive at the moment, and also might feel they’re quite pressured by pricing look to cut costs and reduce services. overweight to energy in general, given that they have invested a lot in the space in the past few years.” n “We are also seeing sellers looking at selling generalist private equity funds that have energy exposure such as –Laura Kreutzer contributed to this article. [ 28 ] Guide to the Secondary Market

Buy-Side Broker Boom Brings Risks and Rewards to Secondary Market

“People are being pinged with so many different ideas that they’re thinking about it more often,” said Mr. McGrath.

Setter, which got its start primarily as a buy-side broker, helped intermediate a sale of a portfolio of fund stakes by HarbourVest Partners to Goldman Sachs Group Inc., said people familiar with that deal. These days, the firm is involved in both buy-side and sell-side activities.

The large number of intermediaries out there pitching prospective deals can sometimes confuse potential buyers, said an executive at one midsize secondary buyer.

“We’ll get calls from four or five different buy-side brokers telling me that they have an exclusive relationship with a seller, and often they obscure what the interests are, so I can’t piece together that it’s the exact same portfolio that another buy-side broker pitched me,” this executive said. “I may be talking to four By LAURA KREUTZER buy-side brokers bidding against myself and have all four of them telling me that I owe them.” deal volume hit record levels in Secondary 2014 – and more secondary The number of brokers pitching deals can also present intermediaries than ever want a piece of the action. complications for sellers, according to Benoît Verbrugghe, who heads the U.S. operations for French firm Ardian. Secondary buyers and sellers said that in recent years they have seen explosive growth in the number of buy-side bro- “If the seller gives the same portfolio to too many brokers, kers, or intermediaries that act as guns for hire trying to drum the process could be difficult to manage,” said Mr. up deals for private equity buyers. Thanks partly to lower bar- Verbrugghe. “In the end, you still have to manage riers to entry, the proliferation of such groups has presented confidentiality and information about the funds and the buyers and sellers with a fresh set of opportunities and risks. GPs, so you need to make sure this type of approach is well managed.” Unlike sell-side intermediaries, which typically get hired and compensated by sellers in a secondary transaction, buy- Buyers and sellers aren’t the only ones taking risks, side brokers tend to operate more like free agents. They may however. Newer buy-side brokers also can find themselves approach buyers to gauge their interest in specific fund at the mercy of less scrupulous sellers, particularly if they names and then reach out to investors they know that have don’t negotiate a contract upfront. backed those funds to see if they are willing to sell. “You definitely have more risk there because you don’t Firms such as Setter Capital, River Street Capital and have anyone that’s mandated you,” said Mr. McGrath. “You Scalar Capital have engaged in buy-side broker activities. run the risk of making nothing at the end of the day, even if Some traditional sell-side brokers or advisers have you do connect the dots.” brokered buy-side deals or are considering doing so. Setter said more than 300 individual agents have Mr. McGrath added that as the market continues to mature, registered with the firm’s SecondaryLink website, an online it will differentiate between established players and less platform connecting potential buyers and sellers. experienced ones.

Growth in the intermediary industry, including that of A senior executive at one large secondary buyer said the buyers’ brokers, has helped drive more secondary deal recent growth of buy-side intermediaries has been driven flow, said Peter McGrath, co-founder of Setter. The in large part by ebullient returns from underlying private Toronto firm estimates about 57% of all secondary deal equity portfolios, which will not continue indefinitely. flow, which includes private equity, hedge funds, real estate and natural resource plays, that took place in 2014 “When there’s a downturn, no one will return their phone involved an intermediary of some kind, according to the calls and many of these guys will go away,” the senior firm’s midyear secondary deal report. executive said. n Guide to the Secondary Market [ 29 ]

Secondary Market Offers Seed Funds an Exit Option but Few May Use It

By YULIYA CHERNOVA The proportion of secondary sales volume done by investors rather than employees is hovering at low-single-digit percent- investors have long wrestled ages on SecondMarket, a platform that facilitates large sec- Seed-stage over when they should cash out ondary transactions, according to Anil Sharma, spokesman of their positions in the start-ups they back, and secondary for the company. SecondMarket Holdings Inc. facilitated transactions in high-valuation private rounds now offer them about $1.4 billion in secondary transactions last year, with potentially lucrative exit options. most of the shares being sold by startup employees.

But it remains to be seen how many seed-stage fund Seed funds can see nice upticks in paper valuations as late- managers will take advantage of them. stage rounds get done at stratospheric valuations. Those that hold onto shares hope that future rounds or initial public Startups that got to late-stage rounds were showered by offerings would increase the value of their shares even more. sizable capital investments at high valuations last year, and the deals only got larger in the beginning of 2015. In the first But there are many reasons to sell at least some of the quarter of 2015, for example, the median amount invested in shares now, Mr. Kim said. On the one hand, it’s unclear second venture capital rounds jumped 48% from a year ago, when some companies plan to reach an exit. There’s more according to data provider Dow Jones VentureSource. talk in the market about staying private longer or even Second round valuations in 2014 jumped about 44% over indefinitely, raising questions as to when seed investors 2013 figures, and late-stage valuations doubled. would see a return if they don’t cash out in private rounds.

This puts pressure on seed funds, which are often less The median time it took venture-backed companies to go than $100 million in size and are at risk of dilution as from an initial venture capital round to IPO was 6.94 years in rounds get larger. At the same time, it’s becoming 2014, compared to just 5.6 years in 2005, according to increasingly acceptable for employees, founders and early Dow Jones VentureSource. Private companies that reached investors to sell some of their shares in a late-stage round. a valuation of greater than $1 billion in their most recent private rounds are even older than those that went public. “These large late-stage rounds have taken the place of the The median time frame between this group’s initial venture IPO, and as such, I think there’s an opportunity for seed round and valuations topping the $1 billion mark hit 7.7 funds to be selling part of their ownership,” said Chris years as of April 1, according to Dow Jones VentureSource. Douvos, managing director at fund-of-funds manager Venture Investment Associates. “Today, the opportunity to As timelines stretch, seed investors risk both greater dilution sell in these later-stage rounds is another arrow in the and getting caught in a valuation downdraft if markets shift quiver of the seed funds in terms of generating returns before they can exit. Mr. Douvos said that even as fund [and] returning cash to their limited partners.” managers consider secondaries, they should keep in mind that a downturn in the market will “reset the clock.” Mr. Douvos said the secondary market has become a portfolio management tool for seed funds and that some of “In the fullness of time, everyone will be judged on the the funds in which his firm is a limited partner have “lightened capital that they returned. There were a lot of high-flying up” their positions in the “highfliers.” venture firms during the bubble that had incredible paper positions that evaporated,” Mr. Douvos said. n “It’s something that’s going on, not with great frequency, but at the same time, it’s an increasingly important part for people’s liquidity strategy,” Mr. Douvos said.

Michael Kim, managing partner at Cendana Capital, a fund of seed funds, said he advises all of the fund managers in his portfolio to consider participating in secondary transactions. Mr. Kim said, however, that he sees more resistance than willingness on the part of seed funds to cash out early. “There’s some greed involved,” Mr. Kim said.

He added that he’d like to see more secondary transactions. “I think it’s important for them to monetize and get some cash back to LPs. It hasn’t happened as much as I thought it would,” Mr. Kim said. [ 30 ] Guide to the Secondary Market

Secondary Funds Continue to Reap Rewards of Strong Exit Market

For the private equity industry as a whole, disposals continued to dominate the headlines this past year, with firms posting a record $175.28 billion in exits in 2014, compared with $125.04 billion for the prior year, according to data provider Dealogic Ltd. Dealogic data includes only exits via mergers and acquisitions and not initial public offerings, and the total value includes only those with publicly disclosed financial terms.

Meanwhile, secondary deal volume hit record levels, reaching $35.14 billion last year, according to secondary firm Lexington Partners, up from $23.35 billion the year before.

Various private equity strategies performed particularly well during 2014, according to industry performance benchmarks By DAVID SMAGALLA published by consultant Cambridge Associates. U.S. private equity funds’ benchmark return reached 18.09% for the generated one-year period ended Sept. 30, 2014, compared with Private equity firms record-setting 18.51% for U.S. buyout and growth equity funds and exits in 2014 and secondary firms reaped the rewards, 24.46% for U.S. venture funds, which both went on an exit returning an increased volume of cash to investors over the tear this last year. Secondary vehicles, though strong, still past year, according to a sample of private equity lagged their private equity brethren, providing a benchmark performance data from several large pension funds. return of 14.7% for the one-year period.

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 9/30/14 9/30/14 9/30/13 9/30/14 9/30/13 Coller Capital Coller International Partners IV LP/2002 LP Secondaries Global $100.0 $88.4 $8.3 $111.7 $103.4 11.8 13.3 -1.5 Coller Capital Coller International Partners V LP/2006 LP Secondaries Global $375.0 $314.2 $114.9 $264.1 $149.2 9.3 7.5 1.8 Lexington Partners Lexington Middle Market Investors LP/2005 LP Secondaries U.S. $50.0 $49.5 $6.2 $49.5 $43.2 11.2 11.2 0.0 W Capital Partners W Capital Partners LP/2003 Secondary Direct/Portfolio U.S. $25.0 $23.7 $0.0 $16.6 $16.6 -5.5 -4.6 -0.9 W Capital Partners W Capital Partners II LP/2007 Secondary Direct/Portfolio U.S. $141.1 $126.1 $11.9 $118.9 $107.1 12.0 14.4 -2.4 Montana Board of Investments 9/30/14 9/30/14 9/30/13 9/30/14 9/30/13 Adams Street Partners Adams Street Global Oppty Secondary Fund/2003 LP Secondaries Global $25.0 $19.7 $2.5 $25.3 $22.8 10.4 11.2 -0.7 New Jersey State Investment Council 12/31/14 12/31/14 12/31/13 12/31/14 12/31/13 Neuberger Berman NB Secondary Opportunities Fund II LP/2007 LP Secondaries U.S. $100.0 $102.1 $32.5 $97.7 $65.2 N/A N/A N/A Lexington Partners Lexington Capital Partners VI LP/2005 LP Secondaries Global $50.0 $50.7 $7.8 $45.1 $37.3 N/A N/A N/A Partners Group Partners Group Secondary 2006 LP/2006 LP Secondaries Global $54.5 $53.0 $7.1 $48.0 $40.9 N/A N/A N/A Partners Group Partners Group Secondary 2008 LP/2007 LP Secondaries Global $76.3 $67.5 $15.3 $48.4 $33.0 N/A N/A N/A New York State Common Retirement Fund 3/31/14 3/31/14 3/31/13 3/31/14 3/31/13 VCFA Group VCFA Private Equity Partners IV LP/2003 LP Secondaries U.S. $40.0 $38.0 $4.0 $36.1 $32.1 N/A N/A N/A VCFA Group VCFA Venture Partners V LP/2006 LP Secondaries U.S. $25.0 $23.3 $4.1 $19.9 $15.8 N/A N/A N/A Oregon State Treasury 6/30/14 6/30/14 6/30/13 6/30/14 6/30/13 Coller Capital Coller International Partners VI LP/2011 LP Secondaries Global $100.0 $37.7 $5.8 $7.0 $1.2 N/A N/A N/A Montauk TriGuard Montauk TriGuard Fund III LP/2005 LP Secondaries U.S. $50.0 $46.0 $1.9 $41.2 $39.3 6.0 5.8 0.2 Montauk TriGuard Montauk TriGuard Fund IV LP/2008 LP Secondaries U.S. $75.0 $61.5 $12.5 $43.2 $30.7 16.9 17.3 -0.4 Montauk TriGuard Montauk TriGuard Fund V LP/2011 LP Secondaries U.S. $75.0 $32.3 $7.7 $10.5 $2.8 N/A N/A N/A University of Texas Investment Management Co. 2/28/15 2/28/15 2/28/14 2/28/15 2/28/14 Pomona Capital Pomona Capital VI LP/2004 LP Secondaries U.S. $40.0 $35.6 $5.9 $31.3 $25.4 5.2 5.3 -0.1

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. Guide to the Secondary Market [ 31 ]

Funds raised during the end of the last private equity boom period were some of the best at pumping out cash to their Private Equity Performance Over Time investors in 2014. 24.46 25% 22.99 One caveat to this report, which looks at a small number of 19.73 secondary fund holdings from the 2002-vintage year 20 18.51 17.91 17.46 forward, is that our sample is too small to draw any 18.09 16.78 17.04 14.11 15 15.70 14.03 definitive conclusions about the state of the secondary 15.20 14.92 12.12 market and doesn’t include many smaller secondary funds, 10.80 14.70 14.25 11.72 10.21 11.79 11.57 11.22 which typically don’t receive capital from large public 10 9.90 9.95 10.01 8.34 8.11 pension funds. 6.72 5 2.44 4.87 1.80 1.66 Coller International Partners V LP, which closed in 2007 at 1.13 0.70 0 $4.8 billion, continued to show its strength, returning 3Q14 YTD 1-year 3-year 5-year 10-year 15-year $114.9 million on a $375 million commitment from the California Public Employees’ Retirement System for the U.S. Buyout U.S. U.S. Venture Secondary S&P 500 year ended Sept. 30, 2014, according to a private equity & Growth Private Funds Funds Equity Funds Equity performance report. Coller Capital has been busy over the past few years, scooping up various portfolios from banks Performance represents end-to-end pooled mean return, net to limited partners, as of Sept. 30, 2014. and others looking to dispose of their private equity Source: Cambridge Associates holdings, including most recently buying a portfolio of private equity fund stakes from Fleming Family & Partners, Meanwhile, Montauk TriGuard, which specializes in niche the manager that invests on behalf of the family of James secondary transactions, had the highest internal rate of Bond author Ian Fleming and other wealthy individuals. return in our sample. The firm’s 2008-vintage Montauk TriGuard Fund IV LP, which raised $332 million, managed Another fund returning a substantial amount of money to to return $12.5 million in the year ended June 30, 2014, investors was NB Secondary Opportunities Fund II LP, a on a $75 million commitment by the Oregon State 2007-vintage fund that closed on $1.7 billion. The fund Treasury to the fund, garnering a 16.9% IRR. Montauk returned $32.5 million for the year ended Dec. 31, 2014, TriGuard focuses on small secondary transactions, as to the New Jersey State Investment Council on a well as fund manager liquidity, tail-end portfolios and commitment of $100 million. other specialty deals. n

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Sponsored Article The Rise of Real Estate Secondaries By ANDREI BROUGHAM of Greenhill Cogent

stakes in buyout funds 2014 attracted bids at 90% of NAV or higher, and 95% Until recently, accounted for the majority received bids at 80% of NAV or higher. The increasing of funds sold in the secondary market. Although still an number of buyers alone has raised competition within the important source of supply today, the prevalence of asset class, but more importantly, the sector expertise buyout funds – which now represent just under half of all introduced by specialized buyers has elevated the market’s secondary sales by number – has given way to other underwriting capabilities and narrowed previously wide bid- private equity strategies. ask spreads. Specialized real estate investors remain the dominant buyer group in the market and have proven As a result, limited partners now have the opportunity to themselves willing to pay up for diversified real estate use the market to provide liquidity for any part of their portfolios. As the market matures, newer entrants such as alternative asset portfolios. This was demonstrated in 2014 funds of funds and typical LPs are expected to begin by a dramatic surge in real estate secondaries. competing more aggressively, as they benefit from a lower cost of capital and unique insight into funds and Historically hampered by a small buyer universe and weak underlying assets. pricing, the secondary market for real estate funds used to be very thin. As recently as 2010, average pricing for such The composition of the market for real estate secondaries funds was less than 50% of net asset value, and many closely mirrors the primary fundraising market. Three-fifths real estate funds marketed failed to receive bids, resulting of the real estate funds sold in the secondary market invest in dwindling volumes. By 2014, the transaction volume of in North America, a third in Europe and the remainder in real estate secondaries surged to $4 billion globally, the Asia and the rest of the world. Opportunistic and value- highest level ever recorded. Even more striking, LPs were added real estate funds are dominant, and each account for able to fetch a whopping 90% of NAV on average for their one-third of the total market supply. General partner-led real estate portfolios, also a record. transactions (such as fund recapitalizations) have become common place in the buyout space and eventually are What explains this dramatic rise in volume and pricing for expected to become more widely adopted by real estate what was until recently considered a niche segment? Firstly, managers looking to expand their time horizons or maximize there has been a sharp influx of real estate buyers over the the value of older funds. past four years, as investors have been drawn to the sector – not just to diversify away from large-cap buyouts, but also The rise of the secondary market has equipped LPs with a to gain exposure to a fast-growing sector of alternatives. powerful liquidity tool that now encompasses all alternative Secondly, because of the health of the commercial real asset fund strategies. The tremendous growth of real estate estate market and a strengthening overall economy, real secondaries over the past few years is a testament to that. estate valuations have rebounded sharply since the financial A burgeoning buyside with sector-specific expertise has crisis. According to data provider Preqin Ltd., real estate brought increased competition, fresh dry powder and strong assets under management reached a record $742 billion as pricing to a previously illiquid alternatives strategy. Similar of 2014, and real estate funds saw an average increase in developments are taking place in other alternative asset NAV for 17 straight quarters to June 2014. Real estate funds strategies such as energy, infrastructure, credit and funds of generated annualized returns of 16.7% over the past three funds, and the secondary market is primed to become even years, with 93% of institutional investors stating that fund more diverse over time. performance has met or exceeded expectations.

As a result of the continued strong performance of real Andrei Brougham is a vice president at estate funds, the market for real estate secondaries is the Greenhill Cogent, the secondary deepest it has ever been. Specialized real estate investors advisory business of Greenhill & Co. and dedicated real estate secondary funds remain the Mr. Brougham is responsible for all most active buyers in the sector, and their number and aspects of client engagements and fund sizes have continued to swell. Some of the larger transaction execution, including the groups have seen commitments to their funds nearly preparation of engagement materials, double in the past few years, and today these buyers valuation analysis, due diligence, collectively command about $7 billion in dry powder structuring, marketing and closing. dedicated to real estate secondaries. Not captured by this Prior to joining Greenhill Cogent, Mr. Brougham was an figure, however, are the many funds of funds and typical investment banker with Dresdner Kleinwort in its mergers LPs – such as family offices and endowments – who also and acquisitions group, where he focused on transactions have entered the market as serious buyers. in the financial services sector. Mr. Brougham holds a B.A. in philosophy, politics and economics from the The upshot of more buyers in the market has been record University of Oxford. pricing. More than 50% of real estate funds transacted in [ 34 ] Guide to the Secondary Market

Secondary Market Buyer Listings

17Capital LLP Overview Abu Dhabi Investment 2014 secondary capital invested 32 Grosvenor Gardens $60 million Authority London SW1W 0DH U.K. 211 Corniche Road, P.O. Box 3600 Phone: 44-20-7493-2462 Capital investment plans in 2015 $50 million-%75 million Abu Dhabi, UAE www.17capital.com Phone: 971-2-415-0000 Key personnel Transaction value of largest deal Fax: 971-2-415-1000 Pierre-Antoine de Selancy, Managing Partner closed in 2014 $18 million www.adia.ae [email protected] Investment criteria Key personnel Augustin Duhamel, Managing Partner Mohammed Anwer Farooqi, Head, Minimum investment $1 million [email protected] Secondaries & Private Debt Maximum investment $60 million [email protected] Robert de Corainville, Partner [email protected] Participation in syndicates? Yes Richard Chow, Portfolio Manager, Secondaries Overview Secondary directs [email protected] Total assets under management Does your firm also participate in Richard Holden, Portfolio Manager, Credit €800 million (preferred equity funds) secondary direct activities? Yes [email protected] Emilio Olmos, Portfolio Manager, Secondaries Funds being invested [email protected] 17Capital Fund III Aberdeen SVG Size €500 million Private Equity Overview Year closed 2014 1735 Market St., 32nd Floor Minimum investment $50 million 17Capital Fund II Philadelphia, PA 19103 Participation in syndicates? Yes Size €208 million Phone: 215-405-5700 Year closed 2012 www.aberdeensvg.com 17Capital Fund I Key personnel Access Capital Partners Size €88 million Marc Bonavitacola, Year closed 2010 121 ave. des Champs Elysées Head of US Private Equity Paris 75008 France [email protected] Investment criteria Phone: 33-1-56-43-61-00 Fax: 33-1-56-43-61-01 Minimum investment €5 million Overview www.access-capital-partners.com Maximum investment €300 million Total secondary assets under management $650 million Branch offices IT Tower, Ave. Louise 480 Investment criteria Brussels 1050 Belgium Abbott Capital Phone: 32-2-290-87-20 Management Minimum investment $5 million Fax: 32-2-290-87-21 1290 Ave. of the Americas, Ninth Floor Maximum investment $25 million Central Court, 25 Southampton Buildings New York, NY 10107 Participation in syndicates? Yes London WC2A IAL U.K. Phone: 212-757-2700 Eteläesplanadi 12 www.abbottcapital.com Secondary directs Helsinki 130 Finland Key personnel Does your firm also participate in Phone: 358-9-6877-0700 Martha Cassidy, Director secondary direct activities? No Fax: 358-9-6877-0799 [email protected] Ludwig-Ganghofer-Strasse 6 Meredith Rerisi, Managing Director Grünwald 82031 Germany [email protected] Phone: 49-89-6938-6228 Fax: 49-89-6938-6228-9 Len Pangburn, Principal [email protected] One Royal Plaza, Royal Ave. Guernsey GY1 2HL U.K. Phone: 44-14-8171-3843

u TO REPORT ISSUES OR CONTENT CORRECTIONS to the information contained within the following guides, contact the Dow Jones Private Markets Research department at [email protected]. Guide to the Secondary Market [ 35 ]

Select Buyers Also Investing in Secondary Directs Abbott Capital Management 34 Goldman Sachs Group Inc. 42 NewQuest Capital Partners 49 Accretive Capital Partners 35 Greenspring Associates 42 Northern Trust 49 Adams Street Partners LLC 35 Hamilton Lane 42 Northleaf Capital Partners 50 Alpha Associates AG 36 HarbourVest Partners LLC 42 Pantheon 50 AlpInvest Partners 36 Idinvest Partners 43 Partners Group 50 Apposite Capital 37 IKE Capital Group 44 PEI Funds 51 Arcano Capital 37 Industry Ventures 44 Permal Capital Management LLC 51 ARCIS Group 37 J.P. Morgan Asset Management 44 Pomona Capital 52 Ardian 37 Kensington Capital Partners Ltd. 45 Portfolio Advisors LLC 53 Auda Private Equity LLC 38 Lexington Partners 45 Shackleton Ventures Ltd. 54 Bowside Capital 39 LGT Capital Partners 46 Sobera Capital 54 Stafford Capital Partners 54 Coller Capital 39 MidCoast Capital LLC` 46 StepStone Group 55 Committed Advisors 39 Montana Capital Partners 46 Top Tier Capital Partners 56 Commonfund 40 Morgan Stanley Alternative DB Private Equity 40 Investment Partners 48 VCFA Group 56 Fondinvest Capital 41 Mustang Capital Partners 48 Vintage Investment Partners 57 Fort Washington Capital Partners 41 Neuberger Berman 48 Willowridge Partners Inc. 57 Galgano Corporate Finance 41 Newbury Partners 49

Key personnel Secondary directs 77 Jianguo Road, Level 24, Tower 3, Dominique Peninon, Chairman China Central Place Does your firm also participate in Beijing 100025 China Agnès Nahum, Managing Partner secondary direct activities? Yes Phone: 86-10-8587-2312 Philippe Poggioli, Managing Partner Fax: 86-10-8588-0110 Select institutional backers Alexandre Delos, Partner, Buyouts 2500 Sand Hill Road, Suite 100 HarbourVest Partners Menlo Park, CA 94025 Mikko Moilanen, Partner, Buyouts Phone: 650-331-4860 Fax: 650-331-4861 Frédéric Evain, Partner, Buyouts ACG Capital Aymeric Paul, Partner, Infrastructure 1-7-2 Otemachi Chiyoda-Ku, Level 27 49 Ave. d’Iéna Tokyo Sankei Building Martial Lauby, Partner, Paris 75116 France Tokyo 100-0004 Japan Private Debt & Mezzanine Phone: 33-1-53-93-51-51 Phone: 81-3-3242-3242 Fax: 33-1-53-93-51-52 Fax: 81-3-3242-3246 Cécile Croissant, Partner, www.acg-capital.com Investor Relations & Communication [email protected] Key personnel Jason Gull, Partner & Head Overview Overview of Secondary Investments [email protected] Participation in syndicates? No Participation in syndicates? Yes Jeff Akers, Partner [email protected] Accretive Capital Adams Street Partners LLC Partners Troy Barnett, Partner One North Wacker Drive, Suite 2200 [email protected] 777 S. Flagler Drive, Suite 800 W. Chicago, IL 60606 Greg Holden, Partner West Palm Beach, FL 33401 Phone: 312-553-7890 [email protected] Phone: 561-894-1146 Fax: 312-553-7891 Fax: 561-894-1151 www.adamsstreetpartners.com Pinal Nicum, Partner www.accretiveexit.com [email protected] [email protected] Key personnel Branch offices Joe Goldrick, Principal Edwin Wang, Senior Managing Director 75 Davies St., Fourth Floor [email protected] [email protected] London W1K 5JN U.K. Charlie Denison, Principal Phone: 44-20-7659-7700 [email protected] Overview Fax: 44-20-7659-7701 Minimum investment $5 million 250 North Bridge Road, Maximum investment $200 million+ #140-2 Raffles City Tower Singapore 17901 Singapore Participation in syndicates? Yes Phone: 65-6303-8730 Fax: 65-6303-8740 [ 36 ] Guide to the Secondary Market

Overview Key personnel Andress Goh, Investment Manager AlpInvest Partners Total secondary assets under management [email protected] $5,000 million 299 Park Ave., Floor 36 New York, NY 10017 2013 secondary capital invested Overview Phone: 212-332-6240 $206 million Minimum investment €20 million Fax: 212-332-6241 www.alpinvest.com 2014 secondary capital invested Maximum investment €100 million $498 million [email protected] Participation in syndicates? Yes Capital investment plans in 2015 Branch offices $500 million Jacthavenweg 118 Amsterdam 1081-KJ Netherlands Transaction value of largest deal Alpha Associates AG Phone: 31-20-540-7575 closed in 2014 $80 million Talstrasse 80 Fax: 31-20-540-7500 Zurich 8004 Switzerland Funds being invested 701 Citibank Tower, 3 Garden Road Phone: 41-43-244-3100 Hong Kong, China Adams Street Global Fax: 41-43-244-3101 Phone: 852-2878-7099 Secondary Fund V LP www.alpha-associates.ch Fax: 852-2878-7009 Size $1,050 million [email protected] Year closed 2013 Key personnel Key personnel Adams Street Partners 2013 Chris Perriello, Managing Director Emanuel Eftimiu, [email protected] Annual Global Program Investor Relations Associate Size $146 million (Size of allocation [email protected] for secondary transactions) Overview Year closed 2013 Overview Total secondary assets under management $9,700 million Adams Street Partners 2013 Total secondary assets under management Annual Global Program €168 million 2013 secondary capital invested Size $164 million (Size of allocation $1,500 million for secondary transactions) 2013 secondary capital invested 2014 secondary capital invested Year closed 2014 €23.3 million $1,500 million Adams Street Partners 2013 Capital investment plans in 2015 Capital investment plans in 2015 Annual Global Program €11.4 million $1,500 million Size $144 million (Size of allocation Transaction value of largest deal for secondary transactions) closed in 2014 €10 million Transaction value of largest deal Year closed 2015 closed in 2014 $750 million Funds being invested Investment criteria Alpha Russia & CIS LP Funds being invested Minimum investment $10 million Size $107 million AlpInvest Secondary Program V Size $4,500 million Participation in syndicates? Yes Year closed 2009 Year closed 2013 Secondary directs Investment criteria Future fundraising plans Does your firm also participate in Minimum investment €1 million AlpInvest Secondary Program V secondary direct activities? Yes Maximum investment €30 million Size $5,000 million Investment preferences Participation in syndicates? Yes Anticipated close date 2016 Minimum $5 million Secondary directs Investment criteria Does your firm also participate in Minimum investment $10 million Allianz Capital secondary direct activities? Yes Maximum investment $1,000 million Partners GmbH Investment preferences Participation in syndicates? Yes Theresienstrasse 6-8 Minimum €5 million Secondary directs Munich 80333 Germany Maximum €25 million Phone: 49-89-3800-7010 Does your firm also participate in Fax: 49-89-3800-19436 secondary direct activities? Yes www.allianzcapitalpartners.com Select institutional backers [email protected] U.S. Foundations Investment preferences Branch offices Minimum $10 million 1633 Broadway Maximum $1,000 million New York, NY 10105 Phone: 212-938-0630 Select institutional backers 12 Marina View 14-01 APG, PGGM, Horeca, Municipal Singapore 18961 Singapore Employees Retirement System of Michigan Phone: 65-6395-8602 Guide to the Secondary Market [ 37 ]

Key personnel Funds being invested Altius Associates Jose Luis del Rio, Managing Partner [email protected] Fund II 20 Grosvenor Place Size €91 million London SW1X 7HN U.K. Ricardo Miró Quesada, CIO Year closed 1999 Phone: 44-20-7838-7640 [email protected] Fax: 44-20-7838-7699 Fund III www.altius-associates.com Gonzalo Eguiagaray, Investment Officer Size €175 million [email protected] [email protected] Year closed 2004 Branch offices Overview Fund IV 6641 W. Broad St., Suite 402 Size €354 million Total secondary assets under management Year closed 2008 Richmond, VA 23230 €700 million Phone: 804-282-9000 Fax: 804-282-6767 2014 secondary capital invested Future fundraising plans €50 million-€100 million Fund V #41-03, OCBC Centre, 65 Chulia St. Size €350 million Singapore 49513 Singapore Capital investment plans in 2015 Anticipated close date N/A Phone: 65-3152-9200 €50 million-€100 million Fax: 65-3152-9220 Investment criteria Investment criteria Key personnel Minimum investment €1 million Elvire Perrin, Partner & Executive Director Minimum investment $1 million Maximum investment €100 million [email protected] Participation in syndicates? Yes Participation in syndicates? Yes Overview Secondary directs Maximum investment $20 million Does your firm also participate in Secondary directs Participation in syndicates? No secondary direct activities? Yes Does your firm also participate in secondary direct activities? Yes Investment preferences Apposite Capital Minimum $1 million Ardian 1 Friday St., Bracken House London EC4M 9JA U.K. ARCIS Group 20 Place Vendôme Phone: 44-20-7090-6190 Paris 75001 France www.appositecapital.com 170-173 Piccadilly Phone: 33-1-41-71-92-00 [email protected] London W1J 9EJ U.K. Fax: 33-1-41-71-92-99 Phone: 44-20-7494-2110 www.ardian-investment.com Key personnel Fax: 44-20-7494-2105 [email protected] Valerie Auffray, Investor Relations www.arcisgroup.com [email protected] Branch offices Branch offices 1370 Ave. of the Americas David Porter, Managing Partner 30 rue Galilée New York, NY 10019 [email protected] Paris 75116 France Phone: 212-641-8604 Phone: 33-1-47-23-88-62 1 Grafton St. Overview Fax: 33-1-47-23-88-55 London W1S 4FE U.K. Participation in syndicates? Yes 509 Madison Ave., Suite 1602 Phone: 44-20-7154-4300 New York, NY 10022 Bahnhofstrasse 20 Secondary directs Phone: 212-838-0136 Zurich 8001 Switzerland Does your firm also participate in Fax: 212-838-0137 Phone: 41-44-213-2727 secondary direct activities? Yes Key personnel An der Welle 4 Henri Isnard, Managing Director Frankfurt 60322 Germany Arcano Capital [email protected] Phone: 49-69-505-041-500 Mark Burch, Managing Director No.1 Jian Guo Men Wai Ave., Unit 20-22, Lopez de Hoyos 42 [email protected] Madrid 28006 Spain Level 47, China World Tower Phone: 34-91-700-3880 Romain Bouché, Partner Beijing 100004 China Fax: 34-91-700-3881 [email protected] Phone: 86-10-6580-9000 www.arcanogroup.com Key personnel [email protected] Overview Dominique Senequier, President Branch offices Total secondary assets under management €500 million Vincent Gombault, Head of Funds of Funds 477 Madison Ave., Suite 1230 & Private Debt New York, NY 10022 2013 secondary capital invested Phone: 646-599-9600 €30 million Benoit Verbrugghe, Head, U.S. Fax: 646-599-9599 Olivier Decanniere, Head, U.K. Franck Nguyen, Senior Managing Director, Funds of Funds [ 38 ] Guide to the Secondary Market

Mark Benedetti, Managing Director, One Exchange Square, Key personnel Funds of Funds 8 Connaught Place, Ahmad Ali, Managing Director Suite 1704, 17th Floor Vladimir Colas, Managing Director, [email protected] Hong Kong, China Funds of Funds Phone: 852-2869-2219 Howard Sanders, Managing Director Ingmar Vallano, Managing Director, Fax: 852-2869-2237 [email protected] Funds of Funds No. 1266 West Nanjing Road, 15th Floor, Christopher Salley, Managing Director Jan Philipp Schmitz, Managing Director, Tower 2, Plaza 66, Suite 1578 [email protected] Funds of Funds Shanghai 200040 China Phone: 86-21-6039-8321 Overview Overview Fax: 86-21-6039-8388 Minimum investment $1 million Total secondary assets under management Portland House, Bressenden Place Maximum investment $50 million $30,000 million London SW1E 5RS U.K. Participation in syndicates? Yes Transaction value of largest deal Phone: 44-20-7869-8005 closed in 2014 $2,380 million Fax: 44-20-7869-8001 Key personnel BEX Capital Funds being invested Tim Brody, Managing Director ASF VI [email protected] 22 rue de la Paix Paris 75002 France Size $9,000 million Marissa Rocker, Senior Associate Year closed 2014 Phone: 33-1-43-12-98-53 [email protected] www.bexcapital.com ASF V [email protected] Size $7,100 million Overview Key personnel Year closed 2011 2013 secondary capital invested Benjamin Revillon, Managing Partner $124 million AXA Early Secondary Fund V [email protected] Size $700 million 2014 secondary capital invested Mathieu Bonnet, Investment Manager Year closed 2012 $201 million [email protected] AXA Early Secondary Fund IV Capital investment plans in 2015 Size $700 million $100 million Overview Year closed 2007 Transaction value of largest deal Total secondary assets under management €100 million Investment criteria closed in 2014 $27 million Minimum investment $100 million Funds being invested Investment criteria Maximum investment $3,000 million Auda Secondary Fund III LP Minimum investment €0.5 million Participation in syndicates? No Size $332 million Maximum investment €30 million Year closed 2013 Participation in syndicates? Yes Secondary directs Various Auda Vehicles Does your firm also participate in (Secondary Allocation) Secondary directs secondary direct activities? Yes Size $40 million Year closed Various Does your firm also participate in secondary direct activities? No AssetMetrix GmbH Investment criteria Participation in syndicates? Yes Ottostrasse 1 BlackRock Private Munich 80333 Germany Equity Partners Phone: 49-89-543-2880-0 Secondary directs www.asset-metrix.com Does your firm also participate in 40 E. 52nd St., Second Floor secondary direct activities? Yes New York, NY 10022 Key personnel Phone: 212-810-5300 Moritz Haarmann, Analyst www.blackrock.com Auldbrass Partners Key personnel Auda Private Equity LLC 410 Park Ave., Suite 1510 Steven Baumgarten, New York, NY 10022 Director, Investor Relations 888 Seventh Ave., Floor 41 Phone: 212-213-0243 [email protected] New York, NY 10106 www.auldbrasspartners.com Phone: 212-863-2300 [email protected] Fax: 212-593-2974 www.auda.com Branch offices [email protected] 224 S. Michigan, Suite 425 Chicago, IL 60604 Branch offices Phone: 312-361-3520 Am Pilgerrain 17 Bad Homburg 61352 Germany Phone: 49-61-72-402-801 Fax: 49-61-72-402-809 Guide to the Secondary Market [ 39 ]

Key personnel Bowside Capital Capital Dynamics Jeremy Coller, CIO 211 King St., Suite 204 645 Madison Ave., 19th Floor [email protected] Charleston, SC 29401 New York, NY 10022 Phone: 843-725-7500 Phone: 212-798-3400 Overview Fax: 212-214-0744 Fax: 212-798-3499 Total secondary assets under management www.bowsidecapital.com www.capdyn.com $9,500 million Key personnel Key personnel 2014 secondary capital invested Christian Albert, Managing Partner Joseph Marks, Managing Director $1,670 million [email protected] [email protected] Funds being invested Funds being invested Overview Coller International Partners VI Bowside Capital Fund III LP Total secondary assets under management Size $5,500 million Size $37.7 million $550 million Year closed 2012 Year closed 2014 2013 secondary capital invested Coller International Partners V $50 million Size $4,800 million Investment criteria Year closed 2007 Minimum investment $0.25 million 2014 secondary capital invested $150 million Coller International Partners IV Maximum investment $5 million Size $2,600 million Capital investment plans in 2015 Year closed 2002 Participation in syndicates? No $125 million Secondary directs Transaction value of largest deal Investment criteria closed in 2014 $92 million Minimum investment $1 million Does your firm also participate in secondary direct activities? Yes Investment criteria Maximum investment $1,000 million Investment preferences Minimum investment $5 million Participation in syndicates? Yes Minimum $0.25 million Maximum investment $100 million Secondary directs Maximum $5 million Participation in syndicates? Yes Does your firm also participate in secondary direct activities? Yes Secondary directs California Public Does your firm also participate in Employees’ Retirement secondary direct activities? No Committed Advisors System 9 rue Daru Paris 75007 France 400 Q St. CMS Fund Advisors LLC Phone: 33-1-72-28-35-30 Sacramento, CA 95811 www.committedadvisors.com Phone: 916-795-3400 308 E. Lancaster Ave., Suite 300 www.calpers.ca.gov Wynnewood, PA 19096 Key personnel Phone: 610-896-2080 [email protected] Daniel Benin, Managing Partner Fax: 610-896-3339 [email protected] Key personnel www.cmsco.com Wylie A. Tollette, [email protected] Barthelemy de Beaupuy, Managing Partner Chief Operating Investment Officer [email protected] Key personnel William A. Landman, CIO JB Stock, Partner California State Teachers’ [email protected] [email protected] Guillaume Valdant, Partner Retirement System [email protected] 100 Waterfront Place Coller Capital Sacramento, CA 95605 33 Cavendish Square Overview Phone: 800-228-5453 London W1G 0TT U.K. Total secondary assets under management Fax: 916-414-5040 Phone: 44-20-7631-8500 $800 million www.calstrs.ca.gov www.collercapital.com Key personnel Branch offices Funds being invested Christopher J. Ailman, CIO 950 Third Ave. Committed Advisors Secondary Fund II New York, NY 10022 Size $500 million Phone: 212-644-8500 Year closed 2014 Two International Finance Centre, Level 19 Investment criteria Central Hong Kong, China Minimum investment $1 million Phone: 852-2251-1594 Maximum investment $100 million Participation in syndicates? Yes [ 40 ] Guide to the Secondary Market

Secondary directs CPP Investment Board DB Private Equity Does your firm also participate in secondary direct activities? Yes 1 Queen St. E., Suite 2500 Pinners Hall, 105/108 Old Broad St. Toronto M5C 2W5 Canada London EC2N 1EN U.K. Investment preferences Phone: 416-479-5557 Phone: 44-20-7545-8000 Minimum $1 million www.cppib.com www.dbpe.com [email protected] Maximum $100 million Branch offices 40 Portman Square, Second Floor Branch offices London W1H 6LT U.K. 345 Park Ave. New York, NY 10154 Commonfund Key personnel 15 Old Danbury Road Yann Robard, Managing Director, Key personnel Wilton, CT 06820 Head of Secondaries & Co-Investments Carlo Pirzio-Biroli, Co-Head, Phone: 203-563-5116 [email protected] Private Equity Secondaries [email protected] www.commonfund.org Neal Costello, Senior Principal Branch offices [email protected] Charles Smith, Co-Head, Private Equity Secondaries No. 3 Xin Yuan South Road, 17th Floor, Giorgio Riva, Principal [email protected] Ping An International, Financial Tower B [email protected] Beijing 100027 China Adam Graev, Managing Director, 1 Northumberland Ave., Overview Head of Americas First Floor, Trafalgar Square Total secondary assets under management [email protected] London WC2N 5BW U.K. $6,000 million Chi Cheung, Director, Head of Europe 1 Embarcadero Center, Suite 1160 2013 secondary capital invested [email protected] San Francisco, CA 94111 $600 million Francesco Rigamonti, Director Key personnel 2014 secondary capital invested [email protected] Cari Lodge, Managing Director $1,200 million Deirdre Davies, Director [email protected] Capital investment plans in 2015 [email protected] Greg Jansen, Managing Director $1,000 million Overview [email protected] Transaction value of largest deal Total secondary assets under management closed in 2014 $450 million Overview $3,000 million Minimum investment No minimum Investment criteria 2014 secondary capital invested $487 million Maximum investment $100 million Minimum investment $20 million Maximum investment No limit Transaction value of largest deal Participation in syndicates? Yes closed in 2014 $218 million Participation in syndicates? Yes Secondary directs Funds being invested Does your firm also participate in Secondary directs DB SOF III secondary direct activities? Yes Does your firm also participate in Size $1,650 million Investment preferences secondary direct activities? No Year closed 2014

Minimum No minimum Investment criteria Maximum $100 million Cubera Private Equity Minimum investment $5 million Sveavägen 17, 12th Floor Maximum investment $500 million Stockholm 11157 Sweden Commonwealth of PA, Phone: 46-8-411-9033 Participation in syndicates? Yes Public School Employees’ www.cubera.se Secondary directs Retirement System Key personnel Does your firm also participate in 5 North 5th St., Fourth Floor Till Gutzen, Partner secondary direct activities? Yes Harrisburg, PA 17101 [email protected] Phone: 717-787-8540 Fax: 717-772-3860 Overview www.psers.state.pa.us Participation in syndicates? Yes [email protected] Key personnel Secondary directs Charles Spiller, Managing Director Does your firm also participate in [email protected] secondary direct activities? No Guide to the Secondary Market [ 41 ]

DuPont Capital Investment criteria Overview Minimum investment €0.5 million Total secondary assets under management Management $411 million Maximum investment €10 million One Righter Parkway, Suite 3200 2013 secondary capital invested Participation in syndicates? Yes Wilmington, DE 19803 $32.6 million Phone: 302-477-6000 Fax: 302-477-6010 Secondary directs 2014 secondary capital invested www.dupontcapital.com Does your firm also participate in $15.6 million Key personnel secondary direct activities? No Capital investment plans in 2015 Carmen Gigliotti, CFA, Senior Advisor $53.7 million [email protected] Transaction value of largest deal Fondinvest Capital closed in 2014 $68 million 33 rue de la Baume, Second Floor Equistone Partners Europe Paris 75008 France Funds being invested Condor House, St Paul’s Churchyard Phone: 33-1-58-36-48-00 Fort Washington Private Equity London EC4M 8AL U.K. Fax: 33-1-58-36-48-28 Opportunities Fund III LP Phone: 44-20-7653-5300 www.fondinvest.com Size $150 million Fax: 44-20-7653-5301 [email protected] Year closed 2014 www.equistonepe.com Key personnel Fort Washington Private Equity Branch offices Charles Soulignac, Managing Partner Opportunities Fund II LP Bank House, Eight Cherry St., First Floor [email protected] Size $93 million Birmingham B2 5AL U.K. Year closed 2008 Overview Phone: 44-12-1631-4220 WSL Partners LP Fax: 44-12-1631-1071 Total secondary assets under management Size $60 million €330 million Centre d’affaires Paris-Trocadéro, Year closed 2003 112 Ave. Kléber Paris 75116 France Future fundraising plans Investment criteria Phone: 33-1-56-69-43-43 Fondinvest X Minimum investment $5 million Fax: 33-1-56-69-43-44 Size €500 million Anticipated close date Q3/Q4 2015 Maximum investment $25 million Key personnel Participation in syndicates? Yes Simon Brown, CFO Investment criteria [email protected] Minimum investment €0.5 million Secondary directs Maximum investment €50 million Does your firm also participate in secondary direct activities? Yes F&C Investment Participation in syndicates? No Business Ltd. Select institutional backers Secondary directs 80 George St. Western & Southern Financial Group Edinburgh EH2 3BU U.K. Does your firm also participate in Phone: 44-20-7628-8000 secondary direct activities? Yes www.fandc.com/privateequity Galgano Corporate [email protected] Finance Key personnel Fort Washington Richard Nairn, Director, Private Equity Funds Capital Partners via Santo Stefano 17 [email protected] Bologna 40121 Italy 303 Broadway, Suite 1200 Phone: 39-05-122-3985 Cincinnati, OH 45202 Fax: 39-05-123-1238 Overview Phone: 513-361-7656 www.corporatefinance.it Total secondary assets under management Fax: 513-361-7605 €150 million www.fwcapital.com Key personnel Katia Mengozzi, CFO Key personnel 2013 secondary capital invested [email protected] €20 million Phil Johnson, Senior Investment Manager [email protected] 2014 secondary capital invested Overview €30 million Joe Woods, Managing Director, Participation in syndicates? Yes Head of Secondary Investments [email protected] Secondary directs Paul Cohn, Managing Director Does your firm also participate in [email protected] secondary direct activities? Yes [ 42 ] Guide to the Secondary Market

Goldman Sachs Overview Overview Total secondary assets under management Total secondary assets under management Group Inc. $150 million $2,400 million 200 West St. 2014 secondary capital invested 2013 secondary capital invested New York, NY 10282 $20 million $397 million Phone: 212-902-1000 www.gs.com Transaction value of largest deal 2014 secondary capital invested [email protected] closed in 2014 $6 million $480 million Capital investment plans in 2015 Branch offices Funds being invested River Court, 120 Fleet St. $600 million London EC4A 2BE U.K. Greenspring Global Partners VI Size $399 million Investment criteria 555 California St. Year closed 2014 San Francisco, CA 94104 Minimum investment $10 million Greenspring Secondaries Fund I Maximum investment $300 million Cheung Kong Center, Size $87 million 2 Queen’s Road, 68th Floor Year closed 2014 Participation in syndicates? Yes Hong Kong, China 295 Chipeta Way Future fundraising plans Secondary directs Salt Lake City, UT 84108 Greenspring Global Partners VII Does your firm also participate in Size $450 million secondary direct activities? Yes Rua Leopoldo Couto Magalhães Junior Anticipated close date 2015 Sao Paulo 04542-000 Brazil Investment preferences Key personnel Investment criteria Minimum $5 million Harold Hope, Managing Director Minimum investment $1 million Maximum $300 million [email protected] Maximum investment $30 million Michael Brandmeyer, Managing Director [email protected] Participation in syndicates? Yes HarbourVest Partners LLC Stephen Lessar, Managing Director Secondary directs One Financial Center, 44th Floor [email protected] Does your firm also participate in Boston, MA 02111 secondary direct activities? Yes Phone: 617-348-3707 Overview Fax: 617-350-0305 Total secondary assets under management Investment preferences www.harbourvest.com $18,000 million Minimum $1 million [email protected] Maximum $30 million Branch offices Investment criteria China World Tower, Minimum investment $1 million One Jianguomenwai Ave., Suite 5608, 56th Floor Maximum investment $1,000 million Hamilton Lane Beijing 100004 China One Presidential Blvd., Fourth Floor Phone: 86-10-5706-8600 Secondary directs Bala Cynwyd, PA 19004 Fax: 86-10-5706-8601 Does your firm also participate in Phone: 610-934-2222 Carrera 7 #113-43, Oficina #904, secondary direct activities? Yes Fax: 610-617-9853 Edificio Samsung www.hamiltonlane.com Bogotá, Colombia Greenspring Associates Branch offices Phone: 571-552-14-00 8-10 Great George St. Citibank Tower, 3 Garden Road, Suite 1207 100 Painters Mill, Suite 700 London SW1P 3AE U.K. Central Hong Kong, China Owings Mills, MD 21117 Phone: 44-20-7340-0100 Phone: 852-2525-2214 Phone: 410-363-2725 Fax: 44-20-7340-0135 Fax: 852-2525-2241 www.greenspringassociates.com [email protected] St Georges Building, 2 Ice House St., Berkeley Square House, Eighth Floor Room 1001-3, 10th Floor London W1J 6DB U.K. Key personnel Hong Kong, China Phone: 44-20-7399-9820 Hunter Somerville, Principal Phone: 852-3987-7191 Fax: 44-20-7399-9840 [email protected] Fax: 852-3987-7198 Marunouchi Building, 26th Floor, 2-4-1 Brooke Pollack, Associate 610 Fifth Ave., Suite 401 Marunouchi, Chiyoda-ku [email protected] New York, NY 10020 Tokyo 100-6326 Japan Phone: 212-752-7667 Phone: 81-3-3284-4320 Fax: 212-752-7865 Fax: 81-3-3217-1077 Key personnel Tom Kerr, Managing Director [email protected] Ryan Cooney, Vice President [email protected] Guide to the Secondary Market [ 43 ]

Key personnel Jeff Keay, Managing Director - Boston Headlands Capital Horsley Bridge Partners [email protected] Management LLC 505 Montgomery St., 21st Floor Brett Gordon, Managing Director - Boston One Ferry Building, Suite 255 San Francisco, CA 94111 [email protected] San Francisco, CA 94111 Phone: 415-986-7733 Phone: 415-263-7313 Fax: 415-986-7744 Fred Maynard, Managing Director - Boston www.horsleybridge.com [email protected] www.headlandscap.com [email protected] [email protected] Mike Pugatch, Managing Director - Boston Key personnel [email protected] Fred Berkowitz, Managing Director John Toomey, Managing Director - Boston Headway Capital [email protected] [email protected] Partners LLP Kevin Warn Schindel, 25 Maddox St., Second Floor Idinvest Partners Managing Director - Boston London W1S 2QN U.K. [email protected] Phone: 44-20-7518-8888 117 ave. des Champs Elysèes, Fifth Floor David Atterbury, Managing Director - London Fax: 44-20-7900-3160 Paris 75008 France [email protected] www.headwaycap.com Phone: 33-1-58-18-56-56 [email protected] Fax: 33-1-58-18-56-89 Peter Wilson, Managing Director - London www.idinvest.com [email protected] Key personnel Laura Shen Lefranc, Cofounder & Partner Key personnel Tim Flower, Managing Director - Hong Kong [email protected] Christophe Simon, Partner [email protected] [email protected] Sally Shan, Managing Director - Beijing Overview [email protected] Minimum investment €1 million Overview Total secondary assets under management Tatsuya Kubo, Managing Director - Tokyo Maximum investment €30 million €600 million [email protected] Participation in syndicates? Yes 2013 secondary capital invested Overview €100 million Total secondary assets under management Helmsman Capital 2014 secondary capital invested $15,000 million €100 million 23 Hunter St., Suite 503 2013 secondary capital invested Sydney, NSW 2000 Australia $1,000 million Funds being invested Phone: 61-292-397-8120 Idinvest Secondary Fund II 2014 secondary capital invested Fax: 61-292-398-199 Size €250 million $1,800 million www.helmsman.com.au Year closed 2013 [email protected] Capital investment plans in 2015 $1,500 million Key personnel Future fundraising plans Transaction value of largest deal Ian Johnson, Managing Director Idinvest Secondary Fund III closed in 2014 $305 million [email protected] Size €500 million Anticipated close date 2015 Funds being invested Investment criteria Dover Street Investment Program Henderson Global Investors Minimum investment €5 million Investment criteria 201 Bishopsgate Maximum investment €50 million Minimum investment $20 million London EC2M 2AE U.K. Participation in syndicates? Yes Phone: 44-20-7818-2965 Maximum investment $1,000 million+ Fax: 44-20-7818-7310 Secondary directs Participation in syndicates? Yes www.henderson.com/home/private_capital Does your firm also participate in Branch offices Secondary directs secondary direct activities? Yes Jardine House, One Connaught Place, Does your firm also participate in Suites 4105-4108 Investment preferences secondary direct activities? Yes Hong Kong, China Minimum €5 million Phone: 852-2905-5188 Fax: 852-2905-5199 Maximum €150 million Key personnel Guy Pigache, Partner [email protected] [ 44 ] Guide to the Secondary Market

Key personnel IKE Capital Group Industry Ventures Stephen Vicinelli, Managing Director & 100 Wilshire Blvd. 30 Hotaling Place, Third Floor Deputy CIO Santa Monica, CA 90401 San Francisco, CA 94111 [email protected] www.icapitalgroup.us Phone: 415-273-4201 www.industryventures.com Overview Key personnel [email protected] Minimum investment $1 million Simonetta Bonaventura, CMO [email protected] Branch offices Maximum investment $50 million 204 South Union St. Participation in syndicates? Yes Overview Alexandria, VA 22314 Participation in syndicates? Yes Key personnel Lena McNulty, Investor Relations J.P. Morgan Asset Secondary directs [email protected] Management Does your firm also participate in secondary direct activities? Yes Overview 320 Park Ave., 15th Floor New York, NY 10022 Total secondary assets under management Phone: 212-648-2313 $1,750 million Industriens Fax: 212-648-0075 Pensionsforsikring A/S Funds being invested Key personnel Industry Ventures Fund VI Amanda Wilson, Executive Director Noerre Farimagsgade 3 Size $404 million [email protected] Copenhagen 1364 Denmark Year closed 2011 Phone: 45-33-66-80-80 Anthony Roscigno, Managing Director Fax: 45-33-66-80-90 Industry Ventures Partnership Holdings II [email protected] www.industrienspension.dk Size $54 million Dana Haimoff, Managing Director Year closed 2011 Key personnel [email protected] Soren Thinggaard Hansen, Industry Ventures Secondary VII Irene Koh, Vice President Head of Private Equity Size $425 million [email protected] [email protected] Year closed 2013 Kasper Struve, Director, Private Investments Industry Ventures Partnership Overview [email protected] Holdings III LP Participation in syndicates? Yes Size $170 million Christian Broenden, Director, Year closed 2014 Private Investments Secondary directs [email protected] Does your firm also participate in Secondary directs secondary direct activities? Yes Overview Does your firm also participate in secondary direct activities? Yes Total secondary assets under management $22 million Jolimont Capital Pty Ltd. 2013 secondary capital invested Invesco Institutional 133 Flinders Lane, Level One $12 million Melbourne, VIC 3000 Australia 1555 Peachtree St. NE, Suite 1800 Phone: 61-38-199-2700 2014 secondary capital invested Atlanta, GA 30309 Fax: 61-39-639-5228 $30 million Phone: 404-479-1095 www.jolimontcapital.com.au www.institutional.invesco.com Investment criteria Key personnel Key personnel Minimum investment $5 million Charles Gillies, Managing Partner Mary Frances Kelley, General Partner [email protected] Maximum investment $30 million [email protected] Lex McArthur, Managing Partner Participation in syndicates? Yes Phillip M. Shaw, General Partner [email protected] [email protected] Secondary directs Teresa Engelhard, Managing Partner [email protected] Does your firm also participate in secondary direct activities? No Investment Fund Carol Sullivan, CFO for Foundations [email protected] 170 N. Radnor Chester Rd., Suite 300 Overview Radnor, PA 19087 Minimum investment $3 million Phone: 610-684-8200 Fax: 610-684-8210 Maximum investment $10 million www.tiff.org [email protected] Participation in syndicates? Yes Guide to the Secondary Market [ 45 ]

Geoffrey Mullen, Managing Director, Pål Ristvedt, Partner Kensington Capital Investor Relations & Business Development [email protected] [email protected] Partners Ltd. John Rudge, Partner 95 St. Clair Ave. W., Suite 905 Chad Alfeld, Partner [email protected] [email protected] Toronto, ON M5P 1W6 Canada Lee Tesconi, Partner Phone: 416-362-9000 [email protected] Fax: 416-362-0939 Overview www.kcpl.ca Total secondary assets under management Wilson Warren, Partner $14,900 million [email protected] Key personnel Victor Wu, Partner Peter Fink, Senior Vice President Funds being invested [email protected] [email protected] Landmark Equity Partners XV Mark Andrew, Principal Overview Size $3,250 million [email protected] Year closed 2014 2013 secondary capital invested Anthony Garton, Principal, Investor Relations $410 million [email protected] Funds being invested Lexington Partners Timothy Huang, Principal [email protected] Kensington Private Equity Fund 660 Madison Ave., 23rd Floor Size $80 million New York, NY 10065 Jennifer Kheng, Principal Year closed Evergreen Phone: 212-754-0411 [email protected] Fax: 212-754-1494 José Sosa del Valle, Principal Future fundraising plans www.lexingtonpartners.com [email protected] [email protected] Kensington Private Equity V Size $150 million Branch offices Overview Anticipated close date Q1 2016 111 Huntington Ave., Suite 3020 Total secondary assets under management Boston, MA 02199 $29,200 million Investment criteria Phone: 617-247-7010 Minimum investment $5 million Fax: 617-247-7050 2013 secondary capital invested $2,300 million Maximum investment $30 million 3000 Sand Hill Road, Building 1, Suite 220 2014 secondary capital invested Participation in syndicates? Yes Menlo Park, CA 94025 $6,400 million Phone: 650-561-9600 Secondary directs Fax: 650-561-9696 Transaction value of largest deal closed in 2014 $2,000 million Does your firm also participate in 50 Berkeley St. secondary direct activities? Yes London W1J 8HA U.K. Funds being invested Investment preferences Phone: 44-20-7399-3940 Lexington Capital Partners VIII Fax: 44-20-7399-3941 Minimum $5 million Size $10,100 million 15/F York House, The Landmark, Year closed 2015 Maximum $50 million 15 Queen’s Road Central Lexington Middle Market Investors III Central Hong Kong, China Size $1,070 million Phone: 852-3987-1600 Year closed 2014 Landmark Partners Fax: 852-3987-1631 Lexington Emerging Partners 10 Mill Pond Lane Key personnel Size $150 million Simsbury, CT 06070 Brent Nicklas, Managing Partner Year closed 2013 Phone: 860-651-9760 [email protected] www.landmarkpartners.com Kirk Beaton, Partner Investment criteria Branch offices [email protected] Minimum investment $1 million 265 Franklin St., 18th Floor Duncan Chapman, Partner Boston, MA 02110 Maximum investment $2,000 million [email protected] Phone: 617-556-3910 Participation in syndicates? Yes Thomas Giannetti, Partner & CFO 681 Fifth Ave., 14th Floor [email protected] New York, NY 10022 Secondary directs Phone: 212-858-9760 Charles Grant, Partner Does your firm also participate in [email protected] secondary direct activities? Yes 52 Jermyn St. London SW1Y 6LX U.K. Rebecca John, Partner, Investor Relations Select institutional backers Phone: 44-20-7343-4450 [email protected] Over 300 leading corporate and public Key personnel Tom Newby, Partner pension funds, sovereign wealth funds, Emily-Jane Finigan, Vice-President, [email protected] insurance companies, financial institutions, Investor Relations & Business Development Marshall Parke, Partner endowments, foundations and family [email protected] [email protected] offices from more than 30 countries. [ 46 ] Guide to the Secondary Market

LGT Capital Partners Liquid Realty Partners Funds being invested Diversified Private Equity Investors II LP Schuetzenstrasse 6 199 E. Linda Mesa, Suite 10 Size $3 million Pfaeffikon 8808 Switzerland Danville, CA 94526 Year closed 1995 Phone: 41-55-415-9600 Phone: 415-875-7501 Fax: 41-55-415-9699 www.liquidrealty.com Diversified Private Equity Investors IV LP www.lgtcp.com [email protected] Size $3 million [email protected] Year closed 2012 Key personnel Branch offices Scott Landress, CEO Future fundraising plans 1133 Ave. of the Americas [email protected] Diversified Private Equity Investors V LP New York, NY 10036 Size $5 million Phone: 212-336-0650 Anticipated close date Q2 2016 Fax: 212-336-0699 Live Oak Capital Two Exchange Square, 25 Highland Park Village, #100-567 Investment criteria 8 Connaught Place, Suite 4203 Dallas, TX 75205 Minimum investment $0.1 million Hong Kong, China Phone: 214-762-9106 Phone: 852-2522-2900 Fax: 972-490-2345 Maximum investment $4 million Fax: 852-2522-8002 Key personnel Participation in syndicates? Yes Key personnel Harbert Mulherin, Managing Partner Ivan Vercoutere, Managing Partner [email protected] Secondary directs [email protected] Does your firm also participate in secondary direct activities? Yes Andre Aubert, Partner Overview [email protected] Minimum investment $1 million Investment preferences Sascha Gruber, Partner Maximum investment $10 million Minimum $0.05 million [email protected] Participation in syndicates? Yes Maximum $6 million Brooke Zhou, Executive Director [email protected] Select institutional backers MidCoast Capital LLC TDH Capital Overview 259 N. Radnor-Chester Road, Suite 210 Total secondary assets under management Radnor, PA 19087 $6,200 million Phone: 610-687-8580 Montana Capital Partners 2013 secondary capital invested Fax: 610-971-2154 Haldenstrass 1 $452 million www.midcoastcapital.com Baar 6340 Switzerland 2014 secondary capital invested Key personnel Phone: 41-41-511-7950 $610 million Stephen Harris, Managing Principal www.mcp.eu [email protected] [email protected] Capital investment plans in 2015 $735 million Michael Cuneo, Managing Principal Key personnel [email protected] Marco Wulff, Partner Funds being invested Christian Diller, Partner Crown Global Secondaries III Overview Size $2,000 million Total secondary assets under management Overview Year closed 2013 $10 million Minimum investment €1 million Investment criteria 2013 secondary capital invested Maximum investment €30 million $0.3 million Minimum investment $5 million Participation in syndicates? Yes 2014 secondary capital invested Maximum investment $750 million $0.1 million Secondary directs Participation in syndicates? Yes Capital investment plans in 2015 Does your firm also participate in $1 million secondary direct activities? Yes Secondary directs Transaction value of largest deal Investment preferences Does your firm also participate in closed in 2014 $0.65 million secondary direct activities? Yes Minimum €1 million Investment preferences Maximum €30 million Minimum $5 million Maximum $300 million LP_LCP8_10bTombAd_HFA+PEA_DR041515.pdf 1 4/15/15 4:07 PM

April 2015

$10,100,000,000

CY Lexington Capital Partners VIII, L.P.

CMY

THIS PARTNERSHIP HAS BEEN ESTABLISHED TO ACQUIRE A DIVERSIFIED PORTFOLIO OF PRIVATE EQUITY AND ALTERNATIVE INTERESTS IN THE GLOBAL SECONDARY MARKET.

New York 660 Madison Avenue, New York, NY 10065 212 754 0411 Boston 111 Huntington Avenue, Suite 3020, Boston, MA 02199 617 247 7010 Menlo Park 3000 Sand Hill Road, 1-220, Menlo Park, CA 94025 650 561 9600 London 50 Berkeley Street, London W1J 8HA 44 20 7399 3940 Hong Kong 15/F York House, The Landmark, 15 Queen's Road Central, Central, Hong Kong 852 3987 1600

[email protected] www.lexingtonpartners.com [ 48 ] Guide to the Secondary Market

Montauk TriGuard Investment criteria Neuberger Berman Minimum investment $5 million Management LLC 605 Third Ave., 22nd Floor Maximum investment $25 million 300 Spectrum Center Drive, Suite 880 New York, NY 10538 Irvine, CA 92618 Participation in syndicates? Yes Phone: 212-476-8800 Phone: 949-398-0000 www.nb.com Fax: 949-398-0001 Secondary directs Key personnel www.montauktriguard.com Does your firm also participate in Brian Talbot, Managing Director [email protected] secondary direct activities? Yes [email protected] Key personnel Tristram Perkins, Managing Director Samuel Tang, [email protected] Cofounder & Managing Partner MSD Capital [email protected] Ethan Falkove, Managing Director 645 Fifth Ave., 21st Floor [email protected] Ronn C. Cornelius, New York, NY 10022 Cofounder & Managing Partner Phone: 212-303-1650 Ben Perl, Principal [email protected] Fax: 212-303-1634 [email protected] www.msdcapital.com Edgar J. Pfohl, Cofounder & Principal [email protected] Overview [email protected] Key personnel Total secondary assets under management Brian M. Smith, Cofounder & Principal $4,500 million Glen R. Fuhrman, [email protected] Cofounder & Managing Partner 2013 secondary capital invested $200 million Overview John C. Phelan, Cofounder & Managing Partner Minimum investment $1 million Funds being invested Maximum investment $60 million NB Secondary Opportunities Fund III LP Mustang Capital Partners Size $2,000 million Participation in syndicates? Yes Year closed 2013 4643 S. Ulster St., Suite 700 Denver, CO 80237 NB Secondary Opportunities Fund II LP Morgan Stanley Phone: 303-298-1490 Size $1,700 million Alternative Investment www.mustangcapital.com Year closed 2008 Key personnel NB Secondary Opportunities Fund LP Partners Size $800 million Parker Brophy, Managing Director Year closed 2005 One Tower Bridge, 100 Front St. [email protected] West Conshohocken, PA 19428 Phone: 610-940-5000 Overview Investment criteria www.morganstanley.com/aip Minimum investment $1 million Minimum investment <$1 million Key personnel Maximum investment $1 million Nicole Wiley, Vice President Maximum investment $200 million Participation in syndicates? Yes [email protected] Participation in syndicates? Yes Jon Costello, Managing Director, Secondary directs Head of Secondaries team Secondary directs Does your firm also participate in [email protected] Does your firm also participate in secondary direct activities? Yes secondary direct activities? Yes Overview Investment preferences Total secondary assets under management Minimum $5 million $2,100 million Natixis Global Asset Maximum $1,000 million 2013 secondary capital invested Management $310 million 21 quai d’Austerlitz 2014 secondary capital invested Paris 75634 France New Jersey State $244 million Phone: 33-1-78-40-90-00 Fax: 33-1-78-40-65-00 Investment Council Funds being invested www.ngam.natixis.com 50 West State St., Ninth Floor Trenton, NJ 08608 AIP Global Secondary Opportunities Fund II Key personnel Phone: 609-292-5106 Size $771 million Dominique Sabassier, CEO Fax: 609-396-1073 Year closed 2013 www.state.nj.us/treasury/doinvest AIP Private Markets Fund VI Overview Key personnel Size $811 million Minimum investment €1 million Year closed 2015 Maneck Kotwal, Investment Officer Maximum investment €10 million + [email protected] Guide to the Secondary Market [ 49 ]

Newbury Partners Overview Overview Total secondary assets under management Minimum investment NOK0.1 million 100 First Stamford Place $700 million Stamford, CT 06902 Maximum investment NOK10 million 2013 secondary capital invested Phone: 203-428-3600 Participation in syndicates? Yes Fax: 203-428-3601 $50 million www.newbury-partners.com 2014 secondary capital invested Secondary directs Key personnel $100 million Does your firm also participate in Chris Jaroch, Managing Director Capital investment plans in 2015 secondary direct activities? No [email protected] $60 million Warren Symon, Managing Director Transaction value of largest deal [email protected] closed in 2014 $100 million Northern Trust 181 West Madison St., 12th Floor Overview Funds being invested Chicago, IL 60603 Total secondary assets under management NewQuest Asia Fund I Phone: 312-557-0805 $2,825 million Size $400 million www.northerntrust.com/asset- Year closed 2011 management/united-states/services/ 2013 secondary capital invested alternative-investments/private-equity $300 million NewQuest Asia Fund II Key personnel 2014 secondary capital invested Size $326 million Adam Freda, Vice President $300 million Year closed 2013 [email protected] Capital investment plans in 2015 Investment criteria Nicholas Lawler, Second Vice President $300 million Minimum investment $15 million [email protected] Maximum investment $50 million Funds being invested Overview Newbury Equity Partners III Participation in syndicates? Yes Total secondary assets under management Size $1,100 million $270 million Year closed 2014 Secondary directs 2013 secondary capital invested Does your firm also participate in $21 million Investment criteria secondary direct activities? Yes Minimum investment $1 million 2014 secondary capital invested Investment preferences Maximum investment $250 million $62 million Minimum $15-20 million Capital investment plans in 2015 Participation in syndicates? Yes (single or two companies) $75 million Maximum $200 million+ Secondary directs Transaction value of largest deal closed in 2014 $20 million Does your firm also participate in Select institutional backers secondary direct activities? Yes HarbourVest, LGT Capital Partners, Funds being invested Investment preferences Paul Capital, Axiom Asia Private Equity Secondary Minimum $1 million Opportunities Fund Maximum $250 million Size $106 million Nordea Year closed 2013 Regeringsgatan 59, Third Floor NewQuest Capital Stockholm 10571 Sweden Investment criteria Phone: 46-8-579-420-00 Minimum investment $1 million Partners Fax: 46-8-579-425-45 Maximum investment $30 million Prosperity Tower, www.nordea.com 39 Queen’s Road Central, 29th Floor Key personnel Participation in syndicates? Yes Central, Hong Kong Eivind Lorgen, Head, Alternatives Phone: 852-3905-3600 & Manager Selection Secondary directs Fax: 852-2185-7300 Does your firm also participate in www.nqcap.com secondary direct activities? Yes [email protected] NorgesInvestor Key personnel Haakon VIIs Gate 6 Bonnie Lo, Partner Oslo 161 Norway [email protected] Phone: 47-9-054-4546 www.norgesinvestor.com Key personnel Dylan Wolff, Managing Director [email protected] [ 50 ] Guide to the Secondary Market

Northleaf Capital Secondary directs Funds being invested Does your firm also participate in Pantheon Global Secondary Fund V Partners secondary direct activities? Yes 79 Wellington Street W., Investment preferences Investment criteria Sixth Floor, Box 120 Participation in syndicates? Yes Toronto, ON M5K 1N9 Canada Minimum $20 million Phone: 866-964-4141 Maximum $80 million Secondary directs Fax: 416-304-0195 www.northleafcapital.com Does your firm also participate in secondary direct activities? Yes [email protected] Ontario Teachers’ Branch offices Pension Plan 14 Waterloo Place, Fourth Floor Paragon Partners GmbH London SW1Y 4AR U.K. 5650 Yonge St., Third Floor Phone: 44-20-7321-5750 Toronto, ON M2M 4H5 Canada Leopoldstrasse 12 Fax: 44-20-7930-7171 Phone: 416-228-5900 Munich 80802 Germany Fax: 416-730-5349 Phone: 49-89-388-8700 3000 Sand Hill Road, www.otpp.com Fax: 49-89-3888-7015 Building 1, Suite 230 [email protected] www.paragon-partners.de Menlo Park, CA 94025 [email protected] Phone: 650-234-9810 Branch offices Fax: 650-234-9859 Leconfield House, Curzon St. Key personnel Edin Hadzic, Cofounder & Managing Partner Key personnel London W1J 5JA U.K. Phone: 44-30-7659-4450 [email protected] Daniel Dupont, Managing Director [email protected] Key personnel Krischan von Moeller, Ron Mock, President & CEO Cofounder & Managing Partner Overview [email protected] Total secondary assets under management Nils Ludwig, Investment Director $1,000 million Pantheon Overview 2013 secondary capital invested Norfolk House, 31 St. James’s Square $13 million London SW1Y 4JR U.K. Minimum investment €50 million Phone: 44-20-7484-6200 Maximum investment €200 million 2014 secondary capital invested Fax: 44-20-7484-9101 $130 million www.pantheon.com Participation in syndicates? No Capital investment plans in 2015 [email protected] Select institutional backers $250 million Branch offices Alpinvest, HarbourVest Transaction value of largest deal 1095 Ave. of the Americas, 32nd Floor closed in 2014 $77 million New York, NY 10036 Phone: 212-205-2000 Funds being invested Fax: 212-205-2099 Partners Group Northleaf Secondary Partners Transamerica Center, Zugerstrasse 57 Size $254 million 600 Montgomery St., 23rd Floor Baar-Zug 6341 Switzerland Year closed 2013 San Francisco, CA 94111 Phone: 41-41-784-6000 Phone: 415-249-6200 www.partnersgroup.com Northleaf Global Private Equity VI [email protected] Size $500 million Fax: 415-249-6299 Year closed 2013 Two Exchange Square, Key personnel Alexander von Wolffradt, Public Relations Segregated Fund I 8 Connaught Place, [email protected] Size $150 million Suite 3001-3, 30th Floor Year closed 2014 Hong Kong, China Phone: 852-2810-8063 Overview Future fundraising plans Fax: 852-2526-0218 2013 secondary capital invested $2,700 million Northleaf Secondary Partners II Key personnel Size $300 million Elly Livingstone, Partner & 2014 secondary capital invested Anticipated close date 2016 Head of Secondaries $3,000 million [email protected] Investment criteria Funds being invested Minimum investment $5 million Overview Partners Group Secondary 2004 Total secondary assets under management Size €430 million Maximum investment $100 million $5,507 million Year closed 2004 Participation in syndicates? Yes 2013 secondary capital invested Partners Group Secondary 2006 $840 million Size €1,000 million Year closed 2006 2014 secondary capital invested $1,000 million Guide to the Secondary Market [ 51 ]

Partners Group Secondary 2008 Key personnel Size €2,500 million PEI Funds Mike D’Agostino, Managing Director Year closed 2009 505 Park Ave., Fourth Floor [email protected] Partners Group Secondary 2011 New York, NY 10022 Red Barrett, President & CEO Size €2,000 million Phone: 212-750-1228 [email protected] Year closed 2012 Fax: 121-750-2685 www.peifunds.com Robert DiGeronimo, Managing Director Investment criteria [email protected] [email protected] Minimum investment $25 million Key personnel Ben Marino, Managing Director, CFO & CCO Maximum investment $250 million Gunnar Fremuth, Managing Director [email protected] [email protected] Participation in syndicates? No David Parshall, Managing Director Adriaan Zur Muhlen, Managing Director [email protected] Secondary directs [email protected] David Navins, Principal Does your firm also participate in Chuck Stetson, Managing Director [email protected] secondary direct activities? Yes [email protected] Ben Wilson, Managing Director Aaron Bright, Principal [email protected] [email protected] Pathway Capital Management LP Edward Muradian, Controller Overview [email protected] Total secondary assets under management 2211 Michelson Drive, Ninth Floor $1,370.9 million Irvine, CA 92612 Overview Phone: 949-622-1000 Minimum investment $1 million 2013 secondary capital invested www.pathwaycapital.com $86.7 million Maximum investment $50 million Branch offices 2014 secondary capital invested 1300 Division Road, Suite 305 Participation in syndicates? Yes $343.3 million West Warwick, RI 02893 Capital investment plans in 2015 Phone: 401-589-3400 Secondary directs $150 million Does your firm also participate in 15 Bedford St. secondary direct activities? Yes Transaction value of largest deal London WC2E 9HE U.K. closed in 2014 $93 million Phone: 44-20-7438-9700 Two Exchange Square, Performance Equity Future fundraising plans 8 Connaught Place, Level 8 Permal Private Equity Opportunities V LP Hong Kong, China Management Size $450 million Phone: 852-3798-2580 Two Pickwick Plaza, Suite 310 Anticipated close date 10/24/2015 Greenwich, CT 06830 Key personnel Phone: 203-742-2400 Investment criteria Pete Veravanich, Director Fax: 203-742-2340 Minimum investment $1 million [email protected] www.peqm.com [email protected] Maximum investment $100 million Overview Key personnel Participation in syndicates? Yes Participation in syndicates? No Charles Froland, CEO & CIO Secondary directs Secondary directs [email protected] Does your firm also participate in Does your firm also participate in secondary direct activities? Yes secondary direct activities? No Permal Capital Management LLC PGGM Paul Capital The Prudential Tower, 800 Boylston St., Suite 1325 Noordweg Noord 150 575 Market St., Suite 2500 Zeist 3704 JG Netherlands San Francisco, CA 94105 Boston, MA 02199 Phone: 617-587-5300 Phone: 31-30-277-9911 Phone: 415-283-4300 www.pggm.nl Fax: 415-283-4301 Fax: 617-587-5301 www.paulcap.com www.permalcapital.com Key personnel [email protected] Branch offices Berend Schiphorst, Investment Manager [email protected] Key personnel 900 Third Ave., 27th Floor New York City, NY 10022 Philip Jensen, Partner & CFO Overview [email protected] Phone: 212-418-6500 Fax: 212-418-6510 2014 secondary capital invested €200 million Capital investment plans in 2015 €200 million [ 52 ] Guide to the Secondary Market

Investment criteria Oliver Gardey, Partner Pomona Capital [email protected] Minimum investment €5 million 780 Third Ave., 46th Floor Douglas Kelly, Partner Maximum investment €150 million New York, NY 10017 [email protected] Participation in syndicates? Yes Phone: 212-593-3639 Fax: 212-593-3987 Jim Rorer, Partner [email protected] Secondary directs www.pomonacapital.com [email protected] John Stephens, Managing Director Does your firm also participate in [email protected] secondary direct activities? No Branch offices 15 Portland Place Vivian Flynn, Managing Director, London W1B 1PT U.K. Investor Relations PineBridge Investments Phone: 44-20-7268-6350 [email protected] Fax: 44-20-7206-2060 399 Park Ave., Fourth Floor Funds being invested New York, NY 10022 Entertainment Building, Phone: 646-857-8000 30 Queen’s Road Central, Pomona Capital VIII LP Fax: 646-857-8842 Suite 28A, 28th Floor Size $1,700 million www.pinebridge.com Hong Kong, China Year closed 2014 glo_secondaries-marketinfo@ Phone: 852-3628-3629 pinebridge.com Fax: 852-2522-5191 Investment criteria Minimum investment $25 million Key personnel 83 Clarence St., Level 12 Steven Costabile, Managing Director Sydney, NSW 2000 Australia Maximum investment $100 million Phone: 61-29-299-2900 Participation in syndicates? Yes Overview Key personnel Minimum investment $10 million Fran Janis, Senior Partner Secondary directs [email protected] Maximum investment $1,000 million Does your firm also participate in Lorraine Hliboki, Partner secondary direct activities? Yes Participation in syndicates? Yes [email protected]

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R&C_PE&VC_7.25x4.75-4C_QP.indd 1 10/14/14 11:57 AM Guide to the Secondary Market [ 53 ]

Secondary directs 1800 McGill College Ave., Suite 840 Portfolio Advisors LLC Montreal, QC H3A 3J6 Canada Does your firm also participate in Phone: 514-844-5605 9 Old Kings Highway S. secondary direct activities? Yes Fax: 514-844-9004 Darien, CT 06820 Phone: 203-662-3456 Investment preferences Key personnel Fax: 203-662-0013 Minimum $1 million Robert Osterrieth, Partner www.portfolioadvisorsllc.com Maximum $100 million Branch offices Overview Seefeldstrasse 35 Minimum investment $1 million Zurich 8008 Switzerland Private Advisors LLC Maximum investment $10 million Phone: 41-44-200-3500 Fax: 41-44-200-3501 901 E. Byrd St., Suite 1400 Participation in syndicates? Yes Richmond, VA 23219 Alexandra House, Phone: 804-289-6000 18 Chater Road, 33rd Floor Fax: 804-289-6001 Robeco Private Equity Hong Kong, China www.privateadvisors.com Phone: 852-3184-9210 Coolsingel 120 Fax: 852-3184-9211 Branch offices Rotterdam 3011 AG Netherlands Key personnel 1660 W. 2nd St., Suite 940 Phone: 31-10-224-2608 Cleveland, OH 44113 Fax: 31-10-411-5282 Hugh Perloff, Managing Director Phone: 216-472-4170 www.robeco.nl [email protected] [email protected] Key personnel Ryan Butler, Managing Director Branch offices [email protected] Melissa Gregory Garrett, VP [email protected] 909 Third Ave., 32nd Floor Patrick Gerbracht, Managing Director New York, NY 10022 [email protected] Overview Phone: 212-908-9500 Minimum investment $5 million Fax: 212-908-9672 Overview Maximum investment $25 million Josefstrasse 218 Total secondary assets under management Zurich 8005 Switzerland $3,000 million Participation in syndicates? Yes Phone: 41-44-653-1010 2013 secondary capital invested Fax: 41-44-653-1080 $700 million RCP Advisors Key personnel 2014 secondary capital invested Mikan van Zanten, $500 million 100 N. Riverside Plaza, Suite 2400 Managing Director, Luxembourg Chicago, IL 60606 [email protected] Capital investment plans in 2015 Phone: 312-266-7300 $500 million Fax: 312-266-7433 Overview www.rcpadvisors.com Transaction value of largest deal Minimum investment $5 million closed in 2014 $100 million [email protected] Maximum investment $50 million Key personnel Funds being invested Michael Feinglass, Principal, Sourcing Participation in syndicates? Yes Portfolio Advisors Secondary Fund II LP [email protected] Size $910 million Year closed 2013 Overview San Francisco Employees’ Portfolio Advisors Real Estate Fund V LP Minimum investment $3 million Retirement System Size $400 million Maximum investment $30 million 30 Van Ness Ave., Suite 3000 Year closed 2014 Participation in syndicates? Yes San Francisco, CA 94102 Portfolio Advisors Asia Fund IV LP Phone: 415-487-7000 Size $200 million www.sfers.org Year closed 2015 Rho Fund Investors [email protected] Portfolio Advisors Credit Key personnel 152 W. 57th St., Strategies Fund LP Arthur Wang, Managing Director, Carnegie Hall Tower, 23rd Floor Size $250 million Private Markets Year closed 2015 New York, NY 10019 Phone: 212-751-6677 Investment criteria Fax: 212-751-3613 www.rhofundinvestors.com Minimum investment $1 million [email protected] Maximum investment $500 million Branch offices Participation in syndicates? Yes 525 University Ave., Suite 1350 Palo Alto, CA 94301 Phone: 650-463-0300 Fax: 650-463-0311 [ 54 ] Guide to the Secondary Market

SCM Strategic Capital SL Capital Partners Funds being invested TCF II Management 1 George St. Year closed 2007 Kasernenstrasse 77b Edinburgh EH2 2LL U.K. Phone: 44-13-1245-0055 Sobera Capital Fund I Zurich 8004 Switzerland Year closed 2012 Phone: 41-43-499-4949 Fax: 44-13-1245-6105 Fax: 41-43-499-4950 www.slcapital.com Sobera Capital Fund II www.scmag.com Branch offices Year closed 2013 [email protected] 1 Beacon St., 34th Floor Future fundraising plans Branch offices Boston, MA 02108 China Building, Phone: 617-720-7900 Sobera Capital Fund III 29 Queen’s Road Central, 17th Floor Fax: 617-720-7924 Size €100 million Anticipated close date Q4 2015 Hong Kong, China Key personnel Phone: 852-3978-2690 Patrick Knechtli, Partner Investment criteria Fax: 852-3978-2695 [email protected] Minimum investment €5 million 15, Rue Jean-Pierre Brasseur Graeme Gunn, Partner Luxembourg 1258 Luxembourg [email protected] Maximum investment €15 million Phone: 352-2-6384-5761 Stewart Hay, Partner Participation in syndicates? No Key personnel [email protected] Ralph Aerni, CIO Secondary directs Overview Does your firm also participate in Total secondary assets under management secondary direct activities? Yes Shackleton Ventures Ltd. €600 million Investment preferences 14-15 Jewry St. Minimum €1 million Winchester SO23 8RZ U.K. Investment criteria Phone: 44-19-6284-2621 Minimum investment €1 million Maximum €100 million www.shackletonventures.com [email protected] Maximum investment €100 million Branch offices Participation in syndicates? Yes Stafford Capital Partners 41 Charlotte Square Secondary directs 700 Larkspur Landing Circle, Suite 267 Edinburgh EH2 4HQ U.K. Larkspur, CA 94939 Phone: 44-19-6284-2621 Does your firm also participate in Phone: 415-526-3618 secondary direct activities? No Key personnel www.staffordcp.com Hugh Stewart, Managing Partner Branch offices [email protected] Sobera Capital 24 Old Bond St., Fourth Floor London W1S 4AW U.K. Funds being invested Markgrafenstrasse 33 Phone: 44-20-7535-4916 Berlin 10117 Germany Shackleton Secondaries LP 66 Gloucester St., Terrace 1, The Rocks Size £20 million Phone: 49-30-577-088-370 Fax: 49-30-577-088-379 Sydney, NSW 2000 Australia Shackleton Secondaries II LP www.sobera-capital.com Phone: 61-2-9252-9788 Size £25 million [email protected] 28 State St., Ninth Floor Key personnel Boston, MA 02109 Secondary directs Johannes Rabini, Managing Partner Phone: 617-848-9490 Does your firm also participate in [email protected] Key personnel secondary direct activities? Yes Stefan Beil, Managing Partner Jeffrey Reed, Partner [email protected] [email protected] Matthew McPhee, Partner - Infrastructure Overview [email protected] Total secondary assets under management Tom Goodrich, Partner - Timber €57 million [email protected] 2013 secondary capital invested Daniel Bowden, Partner - €22 million Private Equity, Australia 2014 secondary capital invested [email protected] €20 million Lucy Nicholls, Partner - Private Equity, Europe [email protected] Guide to the Secondary Market [ 55 ]

Overview Funds being invested SunAmerica Asset Total secondary assets under management StepStone Secondary $1,400 million Opportunities Fund II Management LLC Size $460 million Harborside Financial Center, 3200 Plaza 5 Investment criteria Year closed 2013 Jersey City, NJ 07311 Minimum investment $1 million StepStone Separately Managed Accounts Phone: 800-858-8850 www.safunds.com Maximum investment $75 million Size $584 million Year closed 2012-2013 [email protected] Participation in syndicates? Yes StepStone International Investors IV Key personnel Kara Murphy, CIO Secondary directs Size €180 million Year closed 2013 Does your firm also participate in secondary direct activities? Yes Future fundraising plans Susquehanna StepStone Secondary International Group Opportunities Fund III StepStone Group Size TBC 401 City Ave., Suite 220 Anticipated close date 2015 Bala Cynwyd, PA 19004 505 Fifth Ave., 17th Floor Phone: 610-617-2600 New York, NY 10017 Fax: 610-747-2146 Phone: 212-351-6100 Investment criteria www.sig.com Fax: 212-351-6101 Minimum investment $1 million www.stepstoneglobal.com [email protected] Maximum investment $200 million Overview Participation in syndicates? Yes Branch offices Participation in syndicates? Yes 4350 La Jolla Village Drive, Suite 800 San Diego, CA 92122 Secondary directs Symmetry Investment Phone: 858-558-9700 Does your firm also participate in Fax: 858-558-9701 secondary direct activities? Yes Advisors Inc. 57-59 St James’s St. Investment preferences 374 South Ave. London SW1A 1LD U.K. Glencoe, IL 60022 Minimum $1 million Phone: 44-20-7647-7550 Phone: 847-835-2594 Fax: 44-20-7647-7599 Maximum $200 million Fax: 847-835-2510 www.symmetryfunds.com Beijing Kerry Centre, [email protected] One Guang Hua Road, North Tower, 20th Floor, Suite 2005-2007 Stripes Group Branch offices Beijing, China 402 W. 13th St., 11th Floor 143 Jasie Ln Phone: 86-10-8529-8784 New York, NY 10014 Santa Rosa, CA 95409 Fax: 86-10-8529-8447 Phone: 212-823-0720 Phone: 707-541-6960 Key personnel Fax: 212-823-0721 Key personnel Thomas Bradley, Partner www.stripesgroup.com Larry Wonnacott, Principal [email protected] [email protected] [email protected] Key personnel Mark Maruszewski, Partner Overview [email protected] Jason Santiago, VP, Business Development [email protected] Total secondary assets under management Michael McCabe, Partner $20 million [email protected] Overview Minimum investment $10 million Investment criteria Overview Minimum investment $0.1 million Total secondary assets under management Maximum investment $35 million Maximum investment $20 million $2,500 million Participation in syndicates? Yes 2013 secondary capital invested Participation in syndicates? Yes $267 million Secondary directs 2014 secondary capital invested Does your firm also participate in $350 million secondary direct activities? No [ 56 ] Guide to the Secondary Market

Telemus Capital Partners Secondary directs VCFA Group Does your firm also participate in Two Towne Square, Suite 800 secondary direct activities? Yes 509 Madison Ave., Suite 1400 Southfield, MI 48076 New York, NY 10022 Phone: 248-827-1800 Investment preferences Phone: 212-838-5577 Fax: 248-827-1808 Minimum $5 million Fax: 212-838-7614 www.telemuscapital.com www.vcfa.com Maximum $50 million Branch offices Key personnel 110 Miller Ave., Suite 300 Dayton Carr, Founder Ann Arbor, MI 48104 Travelers Companies [email protected] Phone: 734-662-1200 Edward Hortick, Managing Director Fax: 734-662-0416 485 Lexington Ave. New York, NY 10017 [email protected] Key personnel Phone: 917-778-6844 Steven Taubman, Managing Director Gary Ran, Chairman & Partner www.travelers.com [email protected] [email protected] Key personnel David Tom, Managing Director Scott Haniford, Managing Director [email protected] Top Tier Capital Partners [email protected] Overview 600 Montgomery St., Suite 480 Total secondary assets under management San Francisco, CA 94111 Triginta Capital GmbH $730 million Phone: 415-835-7500 Fax: 415-835-7501 Kreuzstrasse 34 www.ttcp.com Düsseldorf 40210 Germany Funds being invested Phone: 49-21-186-2890 VCFA Venture Partners V LP Branch offices Fax: 49-21-1862-89455 Size $250 million 415 Bedford Road, Suite 201C www.triginta-capital.com Year closed 2006 Pleasantville, NY 10570 [email protected] Phone: 415-835-7500 VCFA Private Equity Partners IV LP Fax: 415-835-7501 Branch offices Size $250 million Markgrafenstrasse 33 Year closed 2004 Key personnel Berlin 10117 Germany Dan Townsend, Managing Director Phone: 49-30-692-063-040 Investment criteria [email protected] Fax: 49-30-692-063-049 Participation in syndicates? Yes David York, CEO, Managing Director Key personnel [email protected] Peter Folle, Managing Partner Secondary directs Garth Timoll, Principal Does your firm also participate in [email protected] secondary direct activities? Yes Unigestion Investment preferences Overview 8c Ave. de Champel, P.O. Box 387 Minimum $1 million Total secondary assets under management Geneva 1211 Switzerland $1,000 million Phone: 41-22-704-4111 Maximum $100 million 2013 secondary capital invested www.unigestion.com [email protected] $40 million VenCap International PLC 2014 secondary capital invested Branch offices $50 million 105 Piccadilly King Charles House, Park End St. London W1J 7NJ U.K. Oxford OX1 1JD U.K. Capital investment plans in 2015 Phone: 44-20-7529-4150 Phone: 44-18-6579-9300 $100 million Fax: 44-18-6579-9301 Plaza 10, Harborside Financial Center, Transaction value of largest deal www.vencap.com Suite 203 [email protected] closed in 2014 $20 million Jersey City, NJ 07311 Phone: 201-714-2400 Key personnel Investment criteria Tim Cruttenden, CEO Key personnel Minimum investment $5 million [email protected] Hanspeter Bader, Managing Director & CFA Maximum investment $50 million [email protected] Overview Participation in syndicates? Yes Overview Minimum investment No minimum Minimum investment €5 million Participation in syndicates? No Maximum investment €50 million Participation in syndicates? Yes Guide to the Secondary Market [ 57 ]

Venture Investment von Braun & Schreiber Investment criteria Associates Private Equity Partners Minimum investment $0.5 million Maximum investment $40 million 88 Main St. GmbH Participation in syndicates? Yes Peapack, NJ 07977 Ottostrasse 1 Phone: 609-532-0020 Munich 80333 Germany www.viafunds.com Phone: 49-89-286-952-0 Secondary directs [email protected] Fax: 49-89-286-952-10 Does your firm also participate in Branch offices www.braunschreiber.com secondary direct activities? Yes 228 Hamilton Ave., Third Floor [email protected] Investment preferences Palo Alto, CA 94301 Key personnel Minimum $0.5 million Emmeram von Braun, Managing Director Overview Maximum $80 million Participation in syndicates? Yes Overview Minimum investment $1 million Secondary directs Wilshire Private Does your firm also participate in Maximum investment $50 million Markets Group secondary direct activities? No Participation in syndicates? Yes 1299 Ocean Ave., Suite 700 Santa Monica, CA 90401 Phone: 310-451-3051 Vintage Investment WealthCap Fax: 310-458-0520 Partners Am Eisbach 3 www.wilshire.com [email protected] 12 Abba Eban Ave., 10th Floor Munich 80538 Germany Herzliya Pituach, Israel Phone: 49-89-678-205-500 Branch offices Fax: 49-89-678-205-555-500 Phone: 972-9-954-8464 23 Austin Friars www.wealthcap.com www.vintage-ip.com London EC2N 2QP U.K. [email protected] Key personnel Phone: 44-20-7920-3100 Fax: 44-20-7920-3101 Abe Finkelstein, General Partner [email protected] Willowridge Partners Inc. Key personnel Amanda Ulczynski, VP Overview 122 E. 42nd St., 37th Floor [email protected] New York, NY 10022 Total secondary assets under management Phone: 212-369-4700 $350 million Fax: 212-369-5661 Transaction value of largest deal www.willowridge.com Winchester Capital Group closed in 2014 $12 million [email protected] Winchester House, 445 Orange St. Key personnel New Haven, CT 06511 Phone: 203-787-5029 Funds being invested Luisa Hunnewell, Manager Fax: 203-785-0018 Vintage VI [email protected] Size $161 million www.winchestercapital.com [email protected] Year closed 2013 Overview Vintage VII Total secondary assets under management Branch offices Size $144 million $900 million 33 St. James’s Square Year closed 2014 London SW1Y 4JS U.K. 2013 secondary capital invested Phone: 44-20-7661-9372 $135 million Investment criteria Fax: 44-20-7661-9798 Minimum investment $1 million 2014 secondary capital invested Key personnel $140 million Maximum investment No limit Ceasar Nicholas Anquillare, Capital investment plans in 2015 President & CEO Participation in syndicates? Yes $145 million Secondary directs Transaction value of largest deal closed in 2014 $25 million Does your firm also participate in secondary direct activities? Yes Funds being invested Investment preferences Amberbrook VI LLC Minimum $1 million Size $400 million Year closed 2012 Maximum No maximum [ 58 ] Guide to the Secondary Market

Secondary Direct Manager Listings

Original manager 3i Group (unspecified) Akkadian Ventures Cipio Partners Year acquired 2009 Transaction price £170 million 3741 Buchanan St., Suite 3 Palais am Lenbachplatz, Ottostrasse 8 San Francisco, CA 94123 Munich 80333 Germany Phone: 415-593-7783 Phone: 49-89-550-6960 Select institutional backers www.akkadianventures.com Fax: 49-89-5506-9699 Coller Capital, Greenpark Capital, www.cipiopartners.com HarbourVest, J.P. Morgan, LGT, Key personnel [email protected] Partners Group and StepStone Benjamin Black, Managing Director [email protected] Branch offices 560 S. Winchester Blvd., Suite 500 Hermes GPE Overview San Jose, CA 95128 Total secondary assets under management Phone: 408-236-7654 Lloyds Chambers, One Portsoken St. $120 million Fax: 408-236-7651 London E1 8HZ U.K. Phone: 44-20-7680-3880 2013 secondary capital invested Key personnel www.hermesgpe.com $25 million Tom S. Anthofer, Managing Partner [email protected] [email protected] 2014 secondary capital invested Key personnel $30 million Werner Dreesbach, Managing Partner Saker Nusseibeh, CEO & Head, Investment [email protected] Capital investment plans in 2015 $30 million Hans-Dieter Koch, Managing Partner & Director Institutional Venture Funds being invested [email protected] Partners (IVP) Akkadian Ventures III Select portfolios acquired 3000 Sand Hill Road, Size $69 million Building Two, Suite 250 Year closed 2014 Original manager Corporate venture assets of Infineon Technologies Menlo Park, CA 94025 Phone: 650-854-0132 Investment criteria Fax: 650-854-2009 Annex Capital Group LLC www.ivp.com Minimum $5 million 599 Lexington Ave., 18th Floor Branch offices Maximum $100 million+ New York, NY 10022 607 Front St. Phone: 212-644-3510 San Francisco, CA 94111 Fax: 212-554-5808 Phone: 415-432-4660 www.annexcapital.com DFJ Esprit Secondaries LLP Fax: 415-432-4679 [email protected] 14 Buckingham Gate, Key personnel Key personnel London SW1E 6LB U.K. Gina Bauman, Vice President, Marketing Amant Dewan, Principal Phone: 44-20-7931-8800 [email protected] [email protected] Fax: 44-20-7931-8866 www.dfjesprit.com Select portfolios acquired Key personnel Lake Street Capital LLC Original manager Citicorp Venture Capital Olav Ostin, Managing Partner 388 Market St., Suite 1300 Year acquired 2009 [email protected] Transaction price $50 million San Francisco, CA 94111 Phone: 415-291-0500 Original manager Dresdner Bank Select portfolios acquired www.lakestreetcapital.com Year acquired 2004 Original manager WestLB [email protected] Transaction price $100 million Year acquired 2004 Key personnel Investment criteria Original manager Siemens Gretchen Knoell, Managing Partner Year acquired 2005 Minimum $300 million [email protected] Original manager Cazenove Maximum $450 million Year acquired 2006 Select institutional backers Transaction price £80 million Pantheon and Pomona Capital Select institutional backers Original manager Prelude Coller Capital Year acquired 2006 Transaction price £50 million Guide to the Secondary Market [ 59 ]

LLM Capital Partners LLC Millennium Technology Select portfolios acquired Original manager Dell 265 Franklin St., 20th Floor Value Partners Original manager Oppenheimer Boston, MA 02110 32 Ave. of the Americas, 17th Floor Phone: 617-330-7755 New York, NY 10013 Original manager SAIC Fax: 617-330-7759 Phone: 646-521-7800 Original manager Alliance www.llmcapital.com Fax: 646-521-7878 [email protected] www.mtvlp.com Funds being invested Key personnel [email protected] Millennium Technology Value Partners II Sam Kenna, Principal Key personnel [email protected] Size $284 million Sam Schwerin, Managing Partner Year closed 2010 [email protected] Millennium Technology Value Partners LP MCA Funds Dan Burstein, Managing Partner Size $130 million [email protected] Year closed 2006 5910 Mineral Point Road Madison, WI 53705 Dan Borok, Partner Millennium Technology Value Partners Phone: 608-238-5851 [email protected] (Co-Invest) www.cunamutual.com Max Chee, Partner Size $50 million Year closed 2012 Key personnel [email protected] Allen Cantrell, President Jon Glass, CFO Investment criteria [email protected] [email protected] Minimum $0.1 million Zak Doehla, Director, Investments Maximum $150 million [email protected] Overview Total secondary assets under management $1,100 million 2013 secondary capital invested $150 million

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DJ_Factiva_HP-horz-4C.indd 1 10/2/14 1:19 PM [ 60 ] Guide to the Secondary Market

Nova Capital Funds being invested Stratim Capital Protostar Equity Partners II LP Management Ltd. Year closed 2008 333 Bush St., Suite 2250 Cayzer House, San Francisco, CA 94104 30 Buckingham Gate, First Floor Investment criteria Phone: 408-676-7824 www.stratimcapital.com London SW1E 6NN U.K. Minimum $100 million Phone: 44-20-7901-1760 Key personnel Maximum $500 million Fax: 44-20-7901-1761 Craig Such, Partner www.nova-cap.com [email protected] [email protected] Industry preferences Zachary Abrams, Partner Branch offices Industrial, Manufacturing, Consumer Products, Select Distribution Companies [email protected] 71 South Wacker Drive, Suite 1735 Chicago, IL 60606 Overview Phone: 312-754-0610 Total secondary assets under management Fax: 312-754-0690 Rosetta Capital Ltd. $100 million Key personnel 35 New Broad St. London EC2M 1NH U.K. 2013 secondary capital invested David Williamson, Managing Partner Phone: 44-20-7194-8080 $25 million [email protected] www.rosettacapital.com 2014 secondary capital invested Tom Leader, Chief Investment Officer Key personnel $25 million [email protected] Jonathan Hepple, Partner Capital investment plans in 2015 [email protected] $25 million Novirian Capital Funds being invested 100 First St., Suite 2200 Saints Capital SC-SPV San Francisco, CA 94105 Size $100 million Phone: 415-233-7000 2020 Union St. www.novirian.com San Francisco, CA 94123 [email protected] Phone: 415-773-2080 Industry preferences www.saintscapital.com Technology [email protected] Pictet Asset Branch offices Management SA The Clubhouse, 50 Grosvenor Hill Verdane Capital Advisors London W1K 3QT U.K. Munkedamsveien 45F, Vika Atrium Route des Acacias 60 Phone: 44-20-7993-6852 Oslo 250 Norway Geneva 1211 Switzerland Phone: 47-24-13-70-00 Phone: 41-58-323-3333 Overview www.verdanecapital.com www.pictet.com Total secondary assets under management [email protected] $1,400 million Branch offices Protostar Partners LLC 2013 secondary capital invested Birger Jarlsgatan 32b $50 million Stockholm 118 48 Sweden 13 West 54th St., Fourth Floor Phone: 46-84-074-200 New York, NY 10019 Phone: 646-273-5200 Rikhardinkatu 4 B Fax: 646-273-5210 smac partners GmbH Helsinki 130 Finland www.protostarpartners.com Ottobrunner Strasse 41 Phone: 358-96-980-334 Key personnel Unterhaching/Munich 82008 Germany Key personnel Phone: 49-89-550-6880 Frida Einarson, Director Joseph Haviv, Managing Member Fax: 49-89-5506-8850 [email protected] [email protected] www.smacpartners.com Helen Woo, Partner [email protected] Janne Holmia, Investment Manager [email protected] [email protected] Key personnel Dietrich Ulmer, Jakob Gravdal, Senior Associate Overview Managing Partner & Co-Founder [email protected] Total secondary assets under management [email protected] $300 million

Select portfolios acquired Original manager CIT Group Year acquired 2004 Original manager Blue Point Capital Year acquired 2008 Guide to the Secondary Market [ 61 ]

Overview Vorndran Mannheims Overview Total secondary assets under management Total secondary assets under management €700 million Capital Advisors GmbH $1,750 million 2013 secondary capital invested Graf-Adolf-Strasse 18 2013 secondary capital invested €75 million Dusseldorf 40212 Germany $150 million Phone: 49-21-186-286-910 2014 secondary capital invested Fax: 49-21-186-286-977 2014 secondary capital invested €55 million www.vmcap.de $150 million [email protected] Capital investment plans in 2015 Capital investment plans in 2015 €55 million Key personnel $200 million Helmut Vorndran, Industry preferences CEO & Managing Partner Funds being invested ICT (e-commerce and software), [email protected] W Capital Partners III LP Energy Technology, Industrials Size $750 million Year closed 2013 Select institutional backers W Capital Partners Investment criteria AP3, CNP, EIF, Finnish Industry Investments, 400 Park Ave., Ninth Floor KLP, RealDania, amongst others New York, NY 10022 Minimum $10 million Phone: 212-561-5240 Maximum $150 million Fax: 212-561-5241 Vision Capital LLP www.wcapgroup.com 54 Jermyn St. Key personnel yet2Ventures London SW1Y 6LX U.K. David Wachter, Managing Director 1105 N. Market St., Suite 1800 Phone: 44-20-7389-6410 [email protected] Wilmington, DE 19801 Fax: 44-20-7389-6411 www.yet2ventures.com www.visioncapital.com Steve Wertheimer, Managing Director [email protected] [email protected] [email protected] Bob Migliorino, Managing Director Branch offices Select portfolios acquired [email protected] 199 Wells Ave., Suite 102 Newton, MA 02459 Original manager Terra Firma/Pension Alison Killilea, Managing Director Insurance Corp. [email protected] One Little West 12th St. Year acquired 2007 New York, NY 10014 Transaction price £250 million Todd Miller, Managing Director [email protected] Key personnel Original manager Northern Foods Kathleen Sidell, Investor Relations Year acquired 2007 Katie Stitch, Principal [email protected] Transaction price £160 million [email protected] Tim McIntosh, Analyst Original manager Bridgepoint Blake Heston, Principal [email protected] Year acquired 2006 [email protected] Simon Harris, Vice President Investment criteria Investment criteria [email protected] Maximum $50 million Minimum $100 million Kyle Morgan, Vice President Maximum $1,000 million [email protected]

Select institutional backers Goldman Sachs Asset Management, Landmark Partners HarbourVest, CV Starr and GIC Special Investments [ 62 ] Guide to the Secondary Market

Intermediary Firm Listings

Accretive Capital Argenthal & Co. Azla Advisors Advisors 96 Kensington High St. 845 Third Ave., Sixth Floor 777 S. Flagler Drive, Suite 800 W. London W8 4SG U.K. New York, NY 10022 West Palm Beach, FL 33401 Phone: 44-20-7193-2051 Phone: 646-291-6310 Phone: 561-894-1146 www.argenthal.com Fax: 646-217-0646 Fax: 561-894-1151 www.azla-advisors.com www.accretiveexit.com [email protected] AXON Partners AG Key personnel Key personnel Edwin Wang, Senior Managing Director Bahnhofplatz, P.O. Box 4640 David Waxman, Managing Director [email protected] Zug 6304 Switzerland [email protected] Phone: 41-41-729-0700 Overview www.axonpartners.biz Overview Types of clients represented Branch offices Types of clients represented Banks/Financial Institutions 111 Buckingham Palace Road, Third Floor Banks/Financial Institutions Family Offices London SW1W 0SR U.K. Family Offices Endowments/Foundations Phone: 44-20-7340-8729 Endowments/Foundations Public Pension Funds Average size of assets managed by clients Key personnel General Partners, Secondary Funds, $10 million to $99 million Magdalena Nowak, Project Manager Funds of Funds $100 million to $499 million [email protected] Average size of assets managed by clients $500 million to $999 million Dominik Meyer, Managing Partner $1 billion + $10 million to $99 million [email protected] $100 million to $499 million Average size of secondary deals Andrew Kellett, Managing Partner $500 million to $999 million represented [email protected] $1 billion + $10 million to $99 million Average size of secondary deals $100 million to $499 million Simon Wigg, Partner represented $500 million to $999 million [email protected] Under $10 million Mark Engler, Partner $10 million to $99 million [email protected] $100 million to $499 million Almeida Capital Ltd. $500 million to $999 million Zetland House, 5-25 Scrutton St. Overview London EC2A 4HJ U.K. Types of clients represented Phone: 44-20-7749-1277 Wealthy Individuals Breslin AG Fax: 44-20-7845-7599 Banks/Financial Institutions Stauffacherstrasse 45 www.almeidacapital.co.uk Family Offices Zurich 8004 Switzerland [email protected] Endowments/Foundations Phone: 41-44-386-4020 Public Pension Funds Overview Fax: 41-44-386-4022 Average size of assets managed by clients www.breslin.ch Types of clients represented Under $10 million Branch offices Wealthy Individuals $10 million to $99 million Am Pfarrhof 11 Banks/Financial Institutions $100 million to $499 million Frankfurt/Maintal 63477 Germany Family Offices $500 million to $999 million Phone: 41-44-386-4020 Endowments/Foundations $1 billion + Public Pension Funds Key personnel Average size of secondary deals Average size of assets managed by clients represented David Karabelnik, CEO [email protected] $100 million to $499 million Under $10 million $500 million to $999 million $10 million to $99 million $1 billion + $100 million to $499 million Average size of secondary deals represented Under $10 million $10 million to $99 million $100 million to $499 million Guide to the Secondary Market [ 63 ]

Overview Average size of secondary deals represented Capstone Partners Types of clients represented $10 million to $99 million One Galleria Tower, Wealthy Individuals $100 million to $499 million Banks/Financial Institutions 13355 Noel Road, Suite 1050 $500 million to $999 million Dallas, TX 75240 Family Offices $1 billion + Endowments/Foundations Phone: 972-980-5800 Public Pension Funds www.csplp.com Corporates, Privates, High Net Worth [email protected] Individuals Campbell Lutyens & Co. Ltd. Branch offices Average size of assets managed by clients 77 Water St., Eighth Floor Under $10 million 3 Burlington Gardens New York, NY 10005 $10 million to $99 million London W1S 3EP U.K. Phone: 646-722-4170 $100 million to $499 million Phone: 44-20-7439-7191 Rue Juste-Olivier 9 $500 million to $999 million Fax: 44-20-7432-3749 Nyon 1260 Switzerland $1 billion + www.campbell-lutyens.com Phone: 41-22-365-4500 [email protected] Average size of secondary deals #11-11 F.E.S. Centre, 545 Orchard Road represented Branch offices Singapore 238882 Singapore Under $10 million 1270 Ave. of the Americas, 29th Floor Key personnel $10 million to $99 million New York, NY 10020 $100 million to $499 million Phone: 212-223-8448 Steve Standbridge, Managing Partner $500 million to $999 million Fax: 212-214-0558 [email protected] One Connaught Place, Giacomo Biondi Morra di Belforte, Suite 819, Jardine House Managing Partner Camelot Group LLC Hong Kong, China [email protected] Phone: 852-2358-9200 45 Rockefeller Plaza, Suite 2000 Alexandre Schmitz, Partner, Head of Asia Fax: 852-2358-9299 New York, NY 10111 [email protected] Phone: 212-257-4100 Key personnel Fax: 212-937-3350 Andrew Sealey, Managing Partner Overview www.thecamelotgroup.com [email protected] Types of clients represented [email protected] Thomas Liaudet, Partner Banks/Financial Institutions Branch offices [email protected] Family Offices Rue du Rhone 14, Fourth Floor Endowments/Foundations Geneva 1204 Switzerland Immanuel Rubin, Partner Public Pension Funds [email protected] Phone: 41-22-819-1829 Average size of assets managed by clients Fax: 41-22-819-1900 Ben Pearce, Principal $100 million to $499 million Otemachi First Square, [email protected] $500 million to $999 million 1-5-1, East Tower, Fourth Floor David Perrin, Senior Vice President $1 billion + Tokyo 1000004 Japan [email protected] Average size of secondary deals Phone: 81-3-5219-1423 represented Fax: 81-6-7635-2844 Nick Spencer, Senior Vice President [email protected] Under $10 million One International Finance Center, $10 million to $99 million Suite Eight, 20th Floor, Ashrith Ramachandran, Senior Associate $100 million to $499 million One Harbour View St. [email protected] $500 million to $999 million Central Hong Kong, China Phone: 852-2824-8609 Overview Fax: 852-2166-8999 Types of clients represented Banks/Financial Institutions Overview Family Offices Types of clients represented Endowments/Foundations Wealthy Individuals Public Pension Funds Banks/Financial Institutions Average size of assets managed by clients Family Offices $500 million to $999 million Endowments/Foundations $1 billion + Public Pension Funds Average size of secondary deals Average size of assets managed by clients represented $10 million to $99 million $10 million to $99 million $100 million to $499 million $100 million to $499 million $500 million to $999 million $500 million to $999 million $1 billion + [ 64 ] Guide to the Secondary Market

Average size of secondary deals Continental Capital represented Go4Venture Advisers LLP Partners $100 million to $499 million 48 Charles St., Berkeley Square $500 million to $999 million London W1J 5EN U.K. 8 Wilfred St. $1 billion + London SW1E 6PL U.K. Phone: 44-20-7529-5400 Phone: 44-20-763-02010 Fax: 44-20-7529-5401 www.ccpltd.net www.go4venture.com Evercore - Private Capital [email protected] Key personnel Advisory Key personnel Roger Luscombe, Managing Partner [email protected] 55 E. 52nd St. Jean-Michel Deligny, Managing Director New York, NY 10055 [email protected] Overview Phone: 212-849-3555 www.evercore.com Overview Types of clients represented Types of clients represented Banks/Financial Institutions Branch offices Family Offices 15 Stanhope Gate Banks/Financial Institutions Endowments/Foundations London W1K 1LN U.K. Venture Capital and Private Equity Funds Public Pension Funds Phone: 44-20-7268-2424 Average size of assets managed by clients Average size of assets managed by clients Key personnel $100 million to $499 million $500 million to $999 million Nigel Dawn, Senior Managing Director Average size of secondary deals [email protected] Average size of secondary deals represented represented Nicolas Lanel, Managing Director $10 million to $99 million $10 million to $99 million [email protected] Overview Greenhill Cogent Credit Suisse Group AG Types of clients represented 2101 Cedar Springs Road, Suite 1200 Banks/Financial Institutions One Madison Ave. Dallas, TX 75201 Family Offices New York, NY 10010 Phone: 214-871-5400 Endowments/Foundations Phone: 212-325-2000 Fax: 214-871-5401 Public Pension Funds www.credit-suisse.com www.greenhillcogent.com Diversified Asset Managers, Corporate [email protected] Branch offices Pension Plans, Sovereign Wealth Funds, Branch offices One Cabot Square Conglomerates, Private Equity and Hedge London E14 4OJ U.K. Fund Managers 300 Park Ave. Phone: 44-20-7888-1000 New York, NY 10022 Average size of assets managed by clients Phone: 212-389-1607 Key personnel $10 million to $99 million Fax: 212-389-1700 Mike Custar, Managing Director $100 million to $499 million 600 Montgomery St., 33rd Floor [email protected] $500 million to $999 million $1 billion + San Francisco, CA 94111 Gordon Appell, Director Phone: 415-216-4150 [email protected] Average size of secondary deals Fax: 415-216-4140 represented Lansdowne House, 57 Berkeley Square Chris Areson, Director $10 million to $99 million London W1J 6ER U.K. [email protected] $100 million to $499 million Phone: 44-20-7198-7400 $500 million to $999 million Jeremy Duksin, Director Fax: 44-20-7198-7500 [email protected] $1 billion + 10 Collyer Quay #37-06/10, Mark McDonald, Director Ocean Financial Centre [email protected] GlobalFinance Singapore 049315 Singapore Jonathan Abecassis, Director Phone: 65-6808-6525 [email protected] Möhlstrasse 10 Fax: 65-6808-4068 Munich 81675 Germany Phone: 49-89-689-06-33 Key personnel Overview Fax: 49-89-6890-6359 Stephen Sloan, Managing Director Types of clients represented www.globalfinance.de [email protected] Banks/Financial Institutions [email protected] Chris Bonfield, Managing Director Family Offices [email protected] Endowments/Foundations Key personnel Public Pension Funds Claudia Blümhuber, Bernhard Engelien, Managing Director Consultants/Asset Managers Cofounder & Managing Director [email protected] [email protected] Average size of assets managed by clients Brenlen Jinkens, Managing Director $100 million to $499 million Matthias Stanzel, Cofounder & CEO [email protected] $500 million to $999 million [email protected] Todd Miller, Managing Director $1 billion + [email protected] Guide to the Secondary Market [ 65 ]

Brian Mooney, Managing Director Average size of assets managed by clients [email protected] $10 million to $99 million Houlihan Lokey Bill Murphy, Managing Director $100 million to $499 million 245 Park Ave., 20th Floor [email protected] $500 million to $999 million New York, NY 10167 $1 billion + Phone: 212-497-7875 Dominik Woessner, Managing Director www.hl.com [email protected] Average size of secondary deals represented [email protected] Andy Nick, Principal Under $10 million Key personnel [email protected] $10 million to $99 million Paul Sanabria, Managing Director Scott Beckelman, Principal $100 million to $499 million [email protected] [email protected] Jeff Hammer, Managing Director Briac Houtteville, Principal Harken Capital [email protected] [email protected] 101 Federal St., 19th Floor Overview Boston, MA 02110 Overview Types of clients represented Phone: 617-342-7333 Types of clients represented www.harkencapital.com Banks/Financial Institutions Wealthy Individuals Family Offices Banks/Financial Institutions Branch offices Endowments/Foundations Family Offices 2229 Lombard St., Suite 102 Public Pension Funds Endowments/Foundations San Francisco, CA 94123 Average size of assets managed by clients Public Pension Funds Phone: 415-774-6467 Sovereign Wealth Funds $100 million to $499 million Key personnel $500 million to $999 million Average size of assets managed by clients Nick Hatch, Managing Director, $1 billion + $10 million to $99 million Head of Secondaries Average size of secondary deals $100 million to $499 million [email protected] $500 million to $999 million represented $1 billion + Don Nelson, Managing Director $100 million to $499 million [email protected] $500 million to $999 million Average size of secondary deals $1 billion + represented Fred Malloy, Managing Director [email protected] Under $10 million $10 million to $99 million Scott Holley, Managing Director ICAP Corporates LLC $100 million to $499 million [email protected] $500 million to $999 million Harborside Financial Center, $1 billion + Overview 1100 Plaza Five Jersey City, NJ 07311 Types of clients represented Phone: 212-732-6900 Griffin Financial Group Wealthy Individuals www.icap.com Banks/Financial Institutions [email protected] 607 Washington St. Family Offices Reading, PA 19603 Endowments/Foundations Overview Public Pension Funds Phone: 610-478-2105 Types of clients represented www.griffinfingroup.com Average size of assets managed by clients Wealthy Individuals Branch offices Under $10 million Banks/Financial Institutions 485 Madison Ave., 20th Floor $10 million to $99 million Family Offices New York, NY 10022 $100 million to $499 million Endowments/Foundations Phone: 646-254-6397 $500 million to $999 million Public Pension Funds $1 billion + Sovereign Wealth Funds Key personnel Paul Delaney, Senior Managing Director Average size of secondary deals Average size of assets managed by clients [email protected] represented Under $10 million Under $10 million $10 million to $99 million Mitchell Fenimore, Senior Vice President $10 million to $99 million $100 million to $499 million [email protected] $100 million to $499 million $500 million to $999 million $500 million to $999 million $1 billion + Overview $1 billion + Average size of secondary deals Types of clients represented represented Banks/Financial Institutions Under $10 million Family Offices $10 million to $99 million Endowments/Foundations $100 million to $499 million Public Pension Funds $500 million to $999 million $1 billion + [ 66 ] Guide to the Secondary Market

Average size of assets managed by clients Lazard Melville Capital LLC $500 million to $999 million 30 Rockefeller Plaza 50 Gerard St. Average size of secondary deals New York, NY 10112 Huntington, NY 11743 represented Phone: 212-632-6000 Phone: 212-380-4277 $10 million to $99 million www.lazard.com Fax: 212-600-9002 www.melvillecapital.com Branch offices 50 Stratton St. Key personnel Moelis & Co. London W1J 8LL U.K. Robert Stark, President 399 Park Ave., Fifth Floor Phone: 44-20-7187-2000 [email protected] New York, NY 10022 190 South LaSalle St., 31st Floor Doug Himmel, Managing Director Phone: 212-883-3800 Chicago, IL 60603 [email protected] Fax: 212-880-4260 Phone: 312-407-6600 www.moelis.com One Raffles Place, #11-01, Tower One Overview Key personnel Singapore 048616 Singapore Types of clients represented Daniel Tortora, Associate Phone: 65-6534-2011 Wealthy Individuals [email protected] Family Offices Key personnel Endowments/Foundations Overview Holcombe Green, Managing Director [email protected] Average size of assets managed by clients Types of clients represented $10 million to $99 million Wealthy Individuals William Riddle, Managing Director $100 million to $499 million Banks/Financial Institutions [email protected] $500 million to $999 million Family Offices Pablo de la Infiesta, Managing Director $1 billion + Endowments/Foundations Public Pension Funds [email protected] Average size of secondary deals Johanna Lottmann, Vice President represented Average size of assets managed by clients [email protected] Under $10 million $100 million to $499 million $10 million to $99 million $500 million to $999 million Ryan Binette, Vice President $100 million to $499 million $1 billion + [email protected] Average size of secondary deals Abhijit Mitra, Vice President represented [email protected] MHT Secondary Advisors $100 million to $499 million Nicholas Miles, Vice President 2000 McKinney Ave., Suite 1200 $500 million to $999 million [email protected] Dallas, TX 75201 $1 billion + Phone: 214-661-1290 Overview Fax: 214-954-9995 Types of clients represented www.mhtsa.com NYPPEX Wealthy Individuals Branch offices 800 Westchester Ave., Suite 349-N Banks/Financial Institutions One Boston Place, 36th Floor Rye Brook, NY 10573 Family Offices Boston, MA 02108 Phone: 914-305-2800 Endowments/Foundations Phone: 617-854-7536 Fax: 914-305-2803 Public Pension Funds Fax: 617-854-7539 www.nyppex.com Sovereign Wealth Funds [email protected] Key personnel Average size of assets managed by clients James Lee, Principal Key personnel $10 million to $99 million [email protected] Laurence Allen, Managing Member $100 million to $499 million [email protected] $500 million to $999 million Shawn Terry, Managing Director $1 billion + [email protected] Christopher Armstrong, Senior Vice President Average size of secondary deals Mike McGill, Managing Director [email protected] represented [email protected] $10 million to $99 million Murat Bolat, Managing Director Mark Young, Managing Director [email protected] $100 million to $499 million [email protected] $500 million to $999 million Craig Blitz, Managing Director $1 billion + Overview [email protected] Types of clients represented Jeffrey Grendi, Senior Vice President Wealthy Individuals [email protected] Banks/Financial Institutions Stephen LaPerla, Managing Director Family Offices [email protected] Endowments/Foundations Public Pension Funds Rory Mabin, Senior Vice President Insurance Companies, Private Equity [email protected] Firms, Sovereign Wealth Funds, Asset Managers, Private Pension Funds Guide to the Secondary Market [ 67 ]

Michael Orr, Managing Director Key personnel [email protected] Palomar Capital Advisors Lawrence Thuet, Senior Managing Director Robert Zimmel, Director Obere Zäune 10 [email protected] [email protected] Zurich 8001 Switzerland Phone: 41-43-222-5888 Overview Michael Schunk, Director Fax: 41-43-222-5899 Types of clients represented [email protected] www.plmr.com Wealthy Individuals Sonya Still, Director [email protected] Banks/Financial Institutions [email protected] Key personnel Family Offices Endowments/Foundations Markus Kroll, Founder & Board Director Public Pension Funds Overview [email protected] Types of clients represented Average size of assets managed by clients Wealthy Individuals Overview Under $10 million Banks/Financial Institutions Types of clients represented $10 million to $99 million Family Offices Wealthy Individuals $100 million to $499 million Endowments/Foundations $500 million to $999 million Public Pension Funds Banks/Financial Institutions Family Offices $1 billion + Average size of assets managed by clients Endowments/Foundations Average size of secondary deals Under $10 million Public Pension Funds represented $10 million to $99 million Average size of assets managed by clients Under $10 million $100 million to $499 million $10 million to $99 million $10 million to $99 million $500 million to $999 million $100 million to $499 million $1 billion + $100 million to $499 million $500 million to $999 million $500 million to $999 million Average size of secondary deals $1 billion + $1 billion + represented Average size of secondary deals Under $10 million represented $10 million to $99 million Probitas Partners $100 million to $499 million Under $10 million $10 million to $99 million 425 California St., Suite 2300 $500 million to $999 million San Francisco, CA 94104 $1 billion + Phone: 415-402-0700 Fax: 415-402-0052 Park Hill Group LLC www.probitaspartners.com Paladin Market Advisors 345 Park Ave., 15th Floor [email protected] New York, NY 10154 7 Dey St., Suite 1503 Branch offices Phone: 212-583-5799 New York, NY 10007 1120 Ave. of the Americas, Suite 1802 Phone: 646-400-0999 Fax: 212-583-5639 www.parkhillgroup.com New York, NY 10036 Fax: 646-587-0235 Phone: 212-403-3662 www.paladinma.com [email protected] Branch offices One Berkeley St. Key personnel London W1J 8DJ U.K. 40 Berkeley Square Kevin Monroe, Managing Director Phone: 44-20-7016-9355 [email protected] London W1J 5AL U.K. Phone: 44-20-7451-4000 Nexxus Building, Fax: 44-20-7451-4001 Overview 41 Connaught Road, Level 15 Hong Kong, China 200 West Madison St., Suite 3800 Types of clients represented Phone: 852-2533-3678 General Partners Chicago, IL 60606 Phone: 312-705-3070 Key personnel Average size of assets managed by clients Fax: 312-705-3079 Craig Marmer, Managing Director $10 million to $99 million 101 California St., Suite 2880 $100 million to $499 million San Francisco, CA 94111 Overview Average size of secondary deals Phone: 415-276-5900 Types of clients represented represented Fax: 415-276-5919 Banks/Financial Institutions Under $10 million Two International Finance Centre, Endowments/Foundations $10 million to $99 million 8 Finance St., Suite 901, Ninth Floor Funds of Funds, General Partners Hong Kong, China Average size of assets managed by clients Phone: 85-2-3656-8609 $500 million to $999 million Fax: 85-2-3651-7611 Average size of secondary deals Dubai International Financial Centre, P.O. represented Box 506741, Gate Village, Building 6, $100 million to $499 million Levels 5 & 6, Sheikh Zayed Road Dubai, United Arab Emirates Phone: 971-4-422-3000 Fax: 971-4-422-3010 [ 68 ] Guide to the Secondary Market

Average size of assets managed by clients Average size of assets managed by clients River Street Capital $1 billion + $1 billion + 39 Broadway, Suite 3300 Average size of secondary deals Average size of secondary deals New York, NY 10006 represented represented Phone: 212-588-0300 Under $10 million $100 million to $499 million www.riverstreetcap.com $10 million to $99 million Key personnel Helge Petermann, Managing Director Sixpoint Partners LLC [email protected] SecondMarket Inc. 830 Third Ave., Eighth Floor 636 Ave. of the Americas, Sixth Floor New York, NY 10022 Overview New York, NY 10011 Phone: 212-751-8690 Types of clients represented Phone: 212-668-5920 Fax: 212-751-0197 Banks/Financial Institutions Fax: 212-483-1045 www.sixpointpartners.com Family Offices www.secondmarket.com [email protected] Endowments/Foundations [email protected] Branch offices Public Pension Funds Key personnel One South Wacker Drive, Suite 3230 Average size of assets managed by clients Bill Siegel, Interim CEO Chicago, IL 60606 $10 million to $99 million Phone: 312-379-8700 $100 million to $499 million Overview Fax: 212-751-0197 $500 million to $999 million Types of clients represented 155 Sansome Street, Suite 810 $1 billion + Wealthy Individuals San Francisco, CA 94104 Average size of secondary deals Banks/Financial Institutions Phone: 415-817-9690 represented Family Offices Fax: 212-751-0197 Endowments/Foundations Under $10 million Key personnel $10 million to $99 million Public Pension Funds Eric Zoller, Cofounder & Partner $100 million to $499 million Sovereign Wealth Funds, Regional and Community Banks, Hedge Funds, Private Equity Funds, Mutual Funds Overview Average size of secondary deals Secondcap Average size of assets managed by clients represented $100 million to $499 million Cavendish Court, 11-15 Wigmore St. $10 million to $99 million $500 million to $999 million London W1U 1PF U.K. $100 million to $499 million $1 billion + Phone: 44-20-3096-2740 $500 million to $999 million www.secondcap.com Average size of secondary deals [email protected] represented Branch offices $10 million to $99 million Somerset Capital Ltd. $100 million to $499 million Piazza Diaz, 5 7-8 Stratford Place Milan 20123 Italy London WC1C 1AY U.K. Phone: 39-02-78-21-38 Setter Capital Inc. Phone: 44-20-7871-1510 Key personnel www.som-cap.com Francois Gamblin, CEO 77 Bloor St. W., Suite 1220 [email protected] [email protected] Toronto, ON M5S 1M2 Canada Key personnel Phone: 416-964-9555 Jim Miller, Managing Partner Anthony Marquié, Managing Director Fax: 416-964-0699 [email protected] www.settercapital.com Marie Soong, Associate Pierre Henri Carles, Director Key personnel Overview [email protected] Peter McGrath, Managing Director James Hilton, Analyst [email protected] Types of clients represented [email protected] Wealthy Individuals Robert McGrath, Managing Director Banks/Financial Institutions Suneel Sheoran, Analyst Philip Leishman, Vice President Family Offices [email protected] Endowments/Foundations Gary Gill, Vice President Public Pension Funds Overview Simren Desai, Vice President Average size of assets managed by clients Types of clients represented $500 million to $999 million Wealthy Individuals Overview $1 billion + Banks/Financial Institutions Types of clients represented Average size of secondary deals Family Offices Wealthy Individuals represented Endowments/Foundations Banks/Financial Institutions Public Pension Funds Family Offices $10 million to $99 million Secondary Specialists Funds of Funds, Endowments/Foundations $100 million to $499 million General Partners Public Pension Funds $500 million to $999 million Guide to the Secondary Market [ 69 ]

Key personnel Stanwich Advisors Mathieu Dréan, Managing Partner, COO UBS Investment Bank One Dock St., Suite 600 [email protected] 1285 Ave. of the Americas, 13th Floor Stamford, CT 06902 Nicolas de Nazelle, Managing Partner New York, NY 10019 Phone: 203-406-1099 [email protected] Phone: 212-821-6108 Fax: 203-406-1098 Fax: 212-882-8433 www.stanwichadvisors.com Victor Quiroga, Partner www.ubs.com/privatefundsgroup [email protected] Key personnel Branch offices Bradley Critchell, Managing Director Virginie Bourel, Partner One Finsbury Ave. [email protected] [email protected] London EC2M 2PP U.K. Anna Chambers, Partner Phone: 44-20-7567-0644 Overview [email protected] Key personnel Types of clients represented Tina Sodhi, Partner Philip Tsai, Global Head Banks/Financial Institutions [email protected] of Secondary Market Advisory Family Offices philip.tsai@ubs.com Endowments/Foundations David Markson, Principal [email protected] Public Pension Funds Overview Average size of assets managed by clients Lisa Harrow, Principal Types of clients represented [email protected] $10 million to $99 million Wealthy Individuals $100 million to $499 million Diana Gatcan, Associate Banks/Financial Institutions $500 million to $999 million [email protected] Family Offices $1 billion + Endowments/Foundations Public Pension Funds Average size of secondary deals Overview represented Types of clients represented Average size of assets managed by clients $10 million to $99 million Banks/Financial Institutions Under $10 million $100 million to $499 million Family Offices $10 million to $99 million $500 million to $999 million Endowments/Foundations $100 million to $499 million Public Pension Funds $500 million to $999 million Funds of Funds, Asset Managers $1 billion + Triago Average size of assets managed by clients Average size of secondary deals One boulevard de la Madeleine $10 million to $99 million represented Paris 75001 France $100 million to $499 million Under $10 million Phone: 33-1-47-03-01-10 $500 million to $999 million $10 million to $99 million Fax: 33-1-47-03-06-99 $1 billion + $100 million to $499 million $500 million to $999 million www.triago.com Average size of secondary deals $1 billion + [email protected] represented Branch offices Under $10 million 499 Park Ave., 20th Floor $10 million to $99 million New York, NY 10022 $100 million to $499 million Phone: 212-593-4994 $500 million to $999 million Fax: 212-593-0180 Dubai International Financial Center, Emirates Financial Towers, South Tower, Level 3, Office 325 Dubai, P.O. Box 506681 United Arab Emirates Phone: 971-4-433-1009 [ 70 ] Guide to the Secondary Market

Appendix A Investors That Have Backed Secondary Funds

LP NAME LOCATION PHONE Abbey National Treasury Services PLC London 44-87-0607-6000 Abu Dhabi Investment Authority Abu Dhabi 971-2-415-0000 AEGON USA Investment Management LLC Baltimore 502-560-2825 AFA Forsakring Stockholm 46-7-718-80-099 Alameda County Employees’ Retirement Association Oakland, Calif. 510-628-3000 AlpInvest Partners B.V. Amsterdam 31-205-407-575 American Family Insurance Group Madison, Wis. 608-249-2111 American Trading and Production Corp. Baltimore 410-347-7150 AP Fonden 3 Stockholm 46-8-555-17-100 APG Asset Management Heerlen, Netherlands 31-45-579-92-22 Argentum Fondsinvesteringer Bergen, Norway 47-55-54-70-00 Arizona State Retirement System Phoenix 602-240-2000 Auda International LP New York 212-863-2300 AXA Equitable Life Insurance Co. New York 212-554-1234 BAE Systems Pensions Crawley, U.K. 44-19-0376-8616 Barclays Bank PLC London 44-20-7116-1000 Boston Retirement System Boston 617-635-4500 Buckinghamshire Pension Fund Aylesbury, U.K. 44-84-5370-8090 C.V. Starr & Co. Inc. New York 212-230-5050 Caisse de dépôt et placement du Québec Montreal 514-842-3261 California Public Employees’ Retirement System Sacramento, Calif. 916-795-3829 California State Teachers’ Retirement System Sacramento, Calif. 916-229-3541 Canada Pension Plan Investment Board Toronto 416-868-4075 Charles A. Dana Foundation New York 212-223-4040 China Investment Corp. Beijing 86-10-8409-6277 China’s State Administration of Foreign Exchange Beijing 86-10-6840-1188 Citi Capital Advisors Ltd. New York 212-559-0338 City Of Tallahassee Retirement System Tallahassee, Fla. 850-891-8343 CNP Assurances Paris 33-1-42-18-88-88 Columbia University New York 212-854-1754 Compagnia Di San Paolo Torino, Italy 39-011-5596-911 Connecticut Retirement Plans and Trust Funds Hartford, Conn. 860-702-3126 Contra Costa County Employees’ Retirement Association Concord, Calif. 925-646-5741 Cranbrook Educational Community Bloomfield Hills, Mich. 248-645-3000 Danske Private Equity Copenhagen 45-33-44-63-00 DeA Capital SpA Milan 39-02-624-99-51 Department for Business, Innovation and Skills London 44-20-7215-5000 DNB Livsforsikring ASA Bergen, Norway 47-55-17-80-90 DuPont Pension Fund Wilmington, Del. 302-477-6000 Employees’ Retirement System of Rhode Island Providence, R.I. 401-222-2203 Employees Retirement System of Texas Austin, Texas 512-867-7711 European Bank for Reconstruction & Development London 44-20-7338-6000 European Investment Fund Luxembourg 352-2485-1 F&C Investments London 44-20-7628-8000 Finnish Industry Investment Ltd. Helsinki 358-9-6803-680 Fire & Police Pension Association of Colorado Greenwood Village, Colo. 303-770-3772 Firemen’s Annuity & Benefit Fund Chicago Chicago 312-726-5823 Flintshire County Council Pension Plan Mold, U.K. 44-03-5270-2761 Florida State Board of Administration Tallahassee, Fla. 850-488-4406 Fondinvest Capital Paris 33-1-58-36-48-00 Fresno County Employees’ Retirement Association Fresno, Calif. 559-457-0681 Guide to the Secondary Market [ 71 ]

LP NAME LOCATION PHONE Friends Provident Foundation York, U.K. 44-19-0462-9675 GIC Private Ltd. Singapore 65-6889-8888 Gjensidige Forsikring ASA Lysaker, Norway 47-22-96-8000 Golden LEAF Foundation Inc. Rocky Mount, N.C. 252-442-7474 Greater Manchester Pension Fund Droylsden, U.K. 44-16-1301-7000 Groupama SA Paris 33-1-53-93-51-51 Hafslund Pension Fund ASA Oslo 47-92-08-70-07 Hamilton Lane Advisors Bala Cynwyd, Pa. 610-934-2222 Hannover Rueckversicherung AG Hannover, Germany 49-5-115-60-40 HarbourVest Partners LLC Boston 617-348-3707 Hartford Municipal Employees’ Retirement Fund Hartford, Conn. 860-757-9100 Haverford College Haverford, Pa. 610-896-1223 Health Care Foundation of Greater Kansas Kansas City, Mo. 816-241-7006 Houston Firefighters’ Relief & Retirement Fund Houston 281-372-5100 Icahn School of Medicine at Mount Sinai New York 212-241-6500 Illinois Municipal Retirement Fund Oak Brook, Ill. 630-368-1010 Illinois Student Assistance Commission Deerfield, Ill. 847-831-8500 Ilmarinen Mutual Pension Insurance Co. Helsinki 358-1-0284-11 Indiana Public Retirement System Indianapolis 317-233-4162 Indiana State Teachers’ Retirement Fund Indianapolis 317-232-3860 Indiana University Foundation Bloomington, Ind. 812-855-8311 International Finance Corp. Washington 202-473-3800 Invesco Private Capital New York 212-278-9000 Jasper Ridge Partners Menlo Park, Calif. 650-494-4800 John S. and James L. Knight Foundation Miami 305-908-2600 Kentucky Retirement Systems Frankfort, Ky. 502-696-8800 Kentucky Teachers’ Retirement System Frankfort, Ky. 502-848-8500 KLP Forsikring Oslo 47-22-00-55-54 Korea Development Bank Seoul 82-27-87-69-34 Korea Finance Corp. Seoul 82-2-1588-1500 Kuwait Financial Centre Sharq, Kuwait 965-22248000 Liberty Mutual Boston 617-357-9500 London Pensions Fund Authority London 44-20-7369-6118 Los Angeles City Employees’ Retirement System Los Angeles 800-779-8328 Los Angeles County Employees Retirement Association Pasadena, Calif. 626-564-6132 Los Angeles Fire & Police Pensions Los Angeles 213-978-4464 Lothian Pension Fund Edinburgh 44-13-1529-4638 Louisiana State Employees’ Retirement System Baton Rouge, La. 225-922-0600 Lutheran Church-Missouri Synod St. Louis 314-965-9000 Mandatum Life Insurance Co. Ltd. Helsinki 358-10-515-225 Maryland State Retirement and Pension System Baltimore 410-625-5555 Massachusetts Institute of Technology Investment Management Co. Cambridge, Mass. 617-253-4900 Massachusetts Pension Reserves Investment Management Board Boston 617-946-8401 Merced County Employees Retirement Association Merced, Calif. 209-725-3636 MetLife Inc. New York 212-578-2211 Michelin North America Inc. Greenville, S.C. 864-458-6399 Minnesota State Board of Investment Saint Paul, Minn. 651-296-3328 Montana Board of Investments Helena, Mont. 406-444-0001 Municipal Employees’ Fund of Chicago Chicago 312-236-4700 Mutual of Omaha Insurance Co. Omaha, Neb. 402-351-2508 National Pensions Reserve Fund Dublin 353-1-664-0800 Natixis Global Asset Management S.A. Paris 33-1-78-40-90-00 Nebraska Investment Council Lincoln, Neb. 402-471-2043 New Jersey State Investment Council Trenton, N.J. 609-292-5106 New Mexico Educational Retirement Board Santa Fe, N.M. 505-827-8030 New Mexico State Investment Council Santa Fe, N.M. 505-476-9500 New York City Comptroller New York 212-669-3916 New York State Common Retirement Fund Albany, N.Y. 518-474-4003 STAY AHEAD OF THE GAME

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LP NAME LOCATION PHONE New York State Teachers’ Retirement System Albany, N.Y. 518-447-2900 North Carolina Retirement System Raleigh, N.C. 919-508-5176 Nottinghamshire County Pension Fund Nottingham, U.K. 44-11-5977-2727 Ohio Police & Fire Pension Fund Columbus, Ohio 614-228-2975 Ohio State University Columbus, Ohio 614-292-6048 Oklahoma Police Pension & Retirement System Oklahoma City 405-840-3555 Ontario Municipal Employees’ Retirement System Toronto 416-369-2400 Oregon Public Employees Retirement Fund Salem, Ore. 503-378-3730 Oregon State Treasury Salem, Ore. 503-378-4000 Overseas Asset Management (Cayman) Ltd. Grand Cayman, U.K. 345-745-8787 Pacific Corporate Group La Jolla, Calif. 858-456-6000 Paris Orleans SA Paris 33-1-53-77-65-10 Partners Group AG Baar-Zug, Switzerland 41-41-784-60-00 Pennsylvania Public School Employees’ Retirement System Harrisburg, Pa. 717-787-8540 PenSam Farum, Denmark 45-44-39-39-39 Phoenix Companies Inc. Hartford, Conn. 860-403-5594 Public Employee Retirement System of Idaho Boise, Idaho 208-334-3365 Public Employees Retirement Association of New Mexico Santa Fe, N.M. 505-476-9300 Public School and Education Employee Retirement Systems of Missouri Jefferson City, Mo. 573-634-5290 Regents of the University of California Oakland, Calif. 510-987-9220 RWB Private Capital Emissionshaus AG Oberhaching, Germany 49-89-666-69-40 Salient Partners LP Houston 713-993-4675 San Bernardino County Employees’ Retirement Association San Bernardino, Calif. 909-885-7980 San Diego County Employees Retirement Association San Diego 619-515-6800 San Francisco Employees’ Retirement System San Francisco 415-487-7000 San Jose Federated City Employees’ Retirement System San Jose, Calif. 408-794-1000 Santa Barbara County Employees’ Retirement System Santa Barbara, Calif. 805-568-2940 School Employees Retirement System of Ohio Columbus, Ohio 614-222-5853 Sitra Helsinki 35-82-9461-8991 Sixth Swedish National Pension Fund Gothenburg, Sweden 46-31-741-1000 South Carolina Retirement System Investment Commission Columbia, S.C. 803-737-6885 State of Wisconsin Investment Board Madison, Wis. 608-266-2381 State Teachers Retirement System of Ohio Columbus, Ohio 614-227-4090 State Universities Retirement System of Illinois Champaign, Ill. 217-378-8800 Storebrand Kapitalforvaltning (Alternative Investments) Lysaker, Norway 47-22-31-50-50 Strathclyde Pension Fund Glasgow 44-84-5213-0202 Suffolk County Council Pension Fund Ipswich, U.K. 44-84-5606-6067 SunAmerica Ventures Los Angeles 310-772-6000 TIAA-CREF Individual & Institutional Services LLC New York 212-490-9000 Tyne and Wear Pension Fund South Shields, U.K. 44-19-1424-4141 United Technologies Corp. Farmington, Conn. 860-728-7000 Universities Superannuation Scheme Ltd. Liverpool, U.K. 44-15-1227-4711 University of Cincinnati Cincinnati 513-558-5403 University of Florida Foundation Gainesville, Fla. 352-392-1693 University of Pittsburgh Pittsburgh 412-624-6620 University of Puget Sound Tacoma, Wash. 253-879-3224 University of Texas Investment Management Co. Austin, Texas 512-225-1600 University of Toronto Asset Management Corp. Toronto 416-673-8400 University of Vermont Burlington, Vt. 802-656-2214 University of Washington Seattle 206-685-1822 Van Leer Group Foundation Amstelveen, Netherlands 31-20-645-32-31 Veritas Pension Insurance Turku, Finland 358-10-55-010 Virginia Retirement System Richmond, Va. 888-827-3847 Wesleyan University Endowment Middletown, Conn. 860-685-2488 West Midlands Pension Fund Wolverhampton, U.K. 44-30-0111-1665 West Yorkshire Pension Fund Bradford, U.K. 44-12-74434-999 YMCA Retirement Fund New York 800-738-9622 [ 74 ] Guide to the Secondary Market

Appendix B: Secondary Market Buyer Interests Sought

Special Real Stakes Unfunded Venture LBO Mezz. situations estate in private or largely U.S. Non-U.S. funds funds funds funds funds cos. unfunded funds funds Other 17Capital LLP • • • • Abbott Capital Management • • • • • • Aberdeen SVG Private Equity • • • Abu Dhabi Investment Authority • • • • • • • • Access Capital Partners • • • • Accretive Capital Partners • ACG Capital • • • • • Adams Street Partners LLC • • • • • • • • • Allianz Capital Partners GmbH • • • • • Alpha Associates AG • • • • • AlpInvest Partners • • • • • • • • Altius Associates • • • • • • Apposite Capital • Arcano Capital • • • • • • • • ARCIS Group • • • • Ardian • • • • • • • • Auda Private Equity LLC • • • • • • • Auldbrass Partners • • • • • • • BEX Capital • • • • • • Bowside Capital • • Capital Dynamics • • • • • • • CMS Fund Advisors LLC • • • • Coller Capital • • • • • • • Committed Advisors • • • • • • • • Commonfund • • • • • • • • • CPP Investment Board • • • Cubera Private Equity • • DB Private Equity • • • • • • • • • DuPont Capital Management • • • • • • • • F&C Investment Business Ltd. • • • • • • • • Fondinvest Capital • • • • • Fort Washington Capital Partners • • • • • • • Galgano Corporate Finance • • • • • • • Goldman Sachs Group Inc. • • • • • • • • • Greenspring Associates • • • • • Hamilton Lane • • • • • • • • • HarbourVest Partners LLC • • • • • • • • • • Headway Capital Partners LLP • • • • • • • Horsley Bridge Partners • • • • Idinvest Partners • • • • IKE Capital Group • • • • • • • Industriens Pensionsforsikring A/S • • • • • Investment Fund for Foundations • • • • • • J.P. Morgan Asset Management • • • • • • • • Jolimont Capital Pty Ltd. • • • Guide to the Secondary Market [ 75 ]

Appendix B: Secondary Market Buyer Interests Sought

Special Real Stakes Unfunded Venture LBO Mezz. situations estate in private or largely U.S. Non-U.S. funds funds funds funds funds cos. unfunded funds funds Other Kensington Capital Partners Ltd. • • • • Lexington Partners • • • • • • • • • • LGT Capital Partners • • • • • • • • • Live Oak Capital • • • • MidCoast Capital LLC • • • • • • • • Montana Capital Partners • • • • • Montauk TriGuard Management LLC • • • • • • • Morgan Stanley Alternative Investment Partners • • • • Mustang Capital Partners • • • • • • • • Neuberger Berman • • • • • • Newbury Partners • • • • • • • • NewQuest Capital Partners • NorgesInvestor • • Northern Trust • • • • • • • Northleaf Capital Partners • • • • • • Pantheon • • • • • • • • Paragon Partners GmbH • Partners Group • • • • • • • • • • Pathway Capital Management LP • • • • • • PEI Funds • • • • • • • Permal Capital Management LLC • • • • • • • PGGM • • • • PineBridge Investments • • • • • • • • Pomona Capital • • • • • • • • Portfolio Advisors LLC • • • • • • • • • Private Advisors LLC • • • • • • • RCP Advisors • • • • Rho Fund Investors • • • • Robeco Private Equity • • • • • SL Capital Partners • • • • Sobera Capital • • • • Stafford Capital Partners • • • • StepStone Group • • • • • • • • • Stripes Group • Susquehanna International Group • • • • • • Symmetry Investment Advisors Inc. • • • • • Top Tier Capital Partners • • Unigestion • • • • • • VCFA Group • • VenCap International PLC • • • Venture Investment Associates • • • • • Vintage Investment Partners • • • • von Braun & Schreiber Private Equity Partners GmbH • • • • • • Willowridge Partners Inc. • • • • • • • • Wilshire Private Markets Group • • • • • • [ 76 ] Guide to the Secondary Market

Appendix C: Secondary Market Buyer & Direct Manager Geographic Preferences

West. Cen./East. Asia (exc. Latin Middle U.S. U.K. Europe Europe Canada Australia Japan) Japan America East Other 17Capital LLP • • • • Abbott Capital Management • • • • • • • • • Adams Street Partners LLC • • • • • • • • • • • Akkadian Ventures • AlpInvest Partners • • • • • • • • • • Arcano Capital • • • • • • • • • • Ardian • • • • • • • • • • Auda Private Equity LLC • • • • • • • • • BEX Capital • • • Bowside Capital • • Coller Capital • • • • • • • • • • Committed Advisors • • • • • • • • • • Commonfund • • • • • • • • • • CPP Investment Board • • • • • • DB Private Equity • • • • • • • • • • Fondinvest Capital • • • • • Fort Washington Capital Partners • • • • • Galgano Corporate Finance • Goldman Sachs Group Inc. • • • • • • • • • • Greenspring Associates • • • • • • • • • • Hamilton Lane • • • • • • • • • • HarbourVest Partners LLC • • • • • • • • • • • IKE Capital Group • J.P. Morgan Asset Management • • • • • • • • • • Kensington Capital Partners Ltd. • • Landmark Partners • • • • • • • • • • Lexington Partners • • • • • • • • • LGT Capital Partners • • • • • • • • • • LLM Capital Partners LLC • MidCoast Capital LLC • • • • • • • • Montana Capital Partners • • • • • • • • • • Morgan Stanley Alternative Investment Partners • • • • • • • Mustang Capital Partners • • • • • • • • • Newbury Partners • • • • • • • • • • NewQuest Capital Partners • • • NorgesInvestor • Northern Trust • • • • • Northleaf Capital Partners • • • • • • • • Pathway Capital Management LP PEI Funds • • • • • • • • • • Permal Capital Management LLC • • • • Portfolio Advisors LLC • • • • • • Protostar Partners LLC • Guide to the Secondary Market [ 77 ]

Appendix C: Secondary Market Buyer & Direct Manager Geographic Preferences

West. Cen./East. Asia (exc. Latin Middle U.S. U.K. Europe Europe Canada Australia Japan) Japan America East Other Sobera Capital • Stafford Capital Partners • • • • • Stratim Capital • • • Top Tier Capital Partners • • • • VCFA Group • Verdane Capital Advisors • • • Vintage Investment Partners • • W Capital Partners • • • • • Willowridge Partners Inc. • • • yet2Ventures • • • [ 78 ] Guide to the Secondary Market

Appendix D: Secondary Market Intermediary Types of Clients Represented

Wealthy Family Endowments/ Public Pension Individuals Banks Offices Foundations Funds Other Accretive Capital Advisors • • • Almeida Capital Ltd. • • • • • AXON Partners AG • • • • • Azla Advisors • • • • • Breslin AG • • • • • • Camelot Group LLC • • • • • Campbell Lutyens & Co. Ltd. • • • • Capstone Partners • • • • Continental Capital Partners • • • • Credit Suisse Group AG • • • • • Evercore - Private Capital Advisory • • • • • Go4Venture Advisers LLP • • Greenhill Cogent • • • • • • Griffin Financial Group • • • • Harken Capital • • • • • Houlihan Lokey • • • • ICAP Corporates LLC • • • • • • Lazard • • • • • • Melville Capital LLC • • • MHT Secondary Advisors • • • • • • Moelis & Co. • • • • • NYPPEX • • • • • Paladin Market Advisors • Palomar Capital Advisors • • • • • Park Hill Group LLC • • • • • Probitas Partners • • • River Street Capital • • • • Secondcap • • • • • • SecondMarket Inc. • • • • • • Setter Capital Inc. • • • • • Somerset Capital Ltd. • • • • • Stanwich Advisors • • • • Triago • • • • • UBS Investment Bank • • • • • Guide to the Secondary Market [ 79 ]

Appendix E: Secondary Market Intermediary Average Size of Secondary Deals Represented

Under $10M to $100M to $500M to $10M $99M $499M $999M $1B+ Accretive Capital Advisors • • • Almeida Capital Ltd. • • • AXON Partners AG • • • Azla Advisors • • • • Breslin AG • • • • Camelot Group LLC • • • • Campbell Lutyens & Co. Ltd. • • • • Capstone Partners • • • • Continental Capital Partners • Credit Suisse Group AG • • • Evercore - Private Capital Advisory • • • • Go4Venture Advisers LLP • Greenhill Cogent • • • • • Griffin Financial Group • • • Harken Capital • • • • • Houlihan Lokey • • • ICAP Corporates LLC • • • • • Lazard • • • • Melville Capital LLC • • • MHT Secondary Advisors • Moelis & Co. • • • NYPPEX • • • • • Paladin Market Advisors • • Palomar Capital Advisors • • Park Hill Group LLC • • • • • Probitas Partners • River Street Capital • • • Secondcap • • SecondMarket Inc. • • Setter Capital Inc. • Sixpoint Partners LLC • • • Somerset Capital Ltd. • • • Stanwich Advisors • • • Triago • • • • UBS Investment Bank • • • • • [ 80 ] Guide to the Secondary Market

Index by Company Name

17Capital LLP 34 C A California Public Employees’ Retirement System 39 Abbott Capital Management 34 California State Teachers’ Retirement System 39

Aberdeen SVG Private Equity 34 Camelot Group LLC 63 Campbell Lutyens & Co. Ltd. 63 Abu Dhabi Investment Authority 34 Capital Dynamics 39 Access Capital Partners 34 Capstone Partners 63 Accretive Capital Advisors 62 Cipio Partners 58 Accretive Capital Partners 35 CMS Fund Advisors LLC 39 ACG Capital 35 Coller Capital 39 Adams Street Partners LLC 35 Committed Advisors 39 Akkadian Ventures 58 Commonfund 40 Allianz Capital Partners GmbH 36 Commonwealth of PA, Public School Almeida Capital Ltd. 62 Employees’ Retirement System 40 Alpha Associates AG 36 Continental Capital Partners 64 AlpInvest Partners 36 CPP Investment Board 40 Altius Associates 37 Credit Suisse Group AG 64 Annex Capital Group LLC 58 Cubera Private Equity 40 Apposite Capital 37 D Arcano Capital 37 DB Private Equity 40 ARCIS Group 37 DFJ Esprit Secondaries LLP 58 Ardian 37 DuPont Capital Management 41 Argenthal & Co. 62

AssetMetrix GmbH 38 E

Auda Private Equity LLC 38 Equistone Partners Europe 41

Auldbrass Partners 38 Evercore - Private Capital Advisory 64 AXON Partners AG 62 F Azla Advisors 62 F&C Investment Business Ltd. 41 Fondinvest Capital 41 B Fort Washington Capital Partners 41 BEX Capital 38 Blackrock Private Equity Partners 38 G Bowside Capital 39 Galgano Corporate Finance 41 Breslin AG 62 GlobalFinance 64 Guide to the Secondary Market [ 81 ]

Go4Venture Advisers LLP 64 Live Oak Capital 46 Goldman Sachs Group Inc. 42 LLM Capital Partners LLC 59 Greenhill Cogent 64 M Greenspring Associates 42 MCA Funds 59 Griffin Financial Group 65 Melville Capital LLC 66 H MHT Secondary Advisors 66 Hamilton Lane 42 MidCoast Capital LLC 46 HarbourVest Partners LLC 42 Millennium Technology Value Partners 59 Harken Capital 65 Moelis & Co. 66 Headlands Capital Management LLC 43 Montana Capital Partners 46 Headway Capital Partners LLP 43 Montauk TriGuard Management LLC 48 Helmsman Capital 43 Morgan Stanley Alternative Investment Partners 48 Henderson Global Investors 43 MSD Capital 48 Hermes GPE 58 Mustang Capital Partners 48 Horsley Bridge Partners 43 N Houlihan Lokey 65 Natixis Global Asset Management 48 I Neuberger Berman 48 ICAP Corporates LLC 65 New Jersey State Investment Council 48 Idinvest Partners 43 Newbury Partners 49 IKE Capital Group 44 NewQuest Capital Partners 49 Industriens Pensionsforsikring A/S 44 Nordea 49 Industry Ventures 44 NorgesInvestor 49 Institutional Venture Partners (IVP) 58 Northern Trust 49 Invesco Institutional 44 Northleaf Capital Partners 50 Investment Fund for Foundations 44 Nova Capital Management Ltd. 60 J Novirian Capital 60 J.P. Morgan Asset Management 44 NYPPEX 66 Jolimont Capital Pty Ltd. 44 O K Ontario Teachers’ Pension Plan 50 Kensington Capital Partners Ltd. 45 P L Paladin Market Advisors 67 Lake Street Capital LLC 58 Palomar Capital Advisors 67 Landmark Partners 45 Pantheon 50 Lazard 66 Paragon Partners GmbH 50 Lexington Partners 45 Park Hill Group LLC 67 LGT Capital Partners 46 Partners Group 50 Liquid Realty Partners 46 Pathway Capital Management LP 51 [ 82 ] Guide to the Secondary Market

Paul Capital 51 Susquehanna International Group 55 PEI Funds 51 Symmetry Investment Advisors Inc. 55 Performance Equity Management 51 T Permal Capital Management LLC 51 Telemus Capital Partners 56 PGGM 51 Top Tier Capital Partners 56 Pictet Asset Management SA 60 Travelers Companies 56 PineBridge Investments 52 Triago 69 Pomona Capital 52 Triginta Capital GmbH 56 Portfolio Advisors LLC 53 Private Advisors LLC 53 U Probitas Partners 67 UBS Investment Bank 69 Protostar Partners LLC 60 Unigestion 56

R V RCP Advisors 53 VCFA Group 56 Rho Fund Investors 53 VenCap International PLC 56 River Street Capital 68 Venture Investment Associates 57 Robeco Private Equity 53 Verdane Capital Advisors 60 Rosetta Capital Ltd. 60 Vintage Investment Partners 57 Vision Capital LLP 61 S von Braun & Schreiber Private Equity Partners GmbH 57 Saints Capital 60 Vorndran Mannheims Capital Advisors GmbH 61 San Francisco Employees’ Retirement System 53 SCM Strategic Capital Management 54 W Secondcap 68 W Capital Partners 61 SecondMarket Inc. 68 WealthCap 57 Setter Capital Inc. 68 Willowridge Partners Inc. 57

Shackleton Ventures Ltd. 54 Wilshire Private Markets Group 57 Sixpoint Partners LLC 68 Winchester Capital Group 57

SL Capital Partners 54 Y smac partners GmbH 60 yet2Ventures 61 Sobera Capital 54 Somerset Capital Ltd. 68 Stafford Capital Partners 54 Stanwich Advisors 69 StepStone Group 55 Stratim Capital 60 Stripes Group 55 SunAmerica Asset Management LLC 55 Guide to the Secondary Market [ 83 ]

Index by Contact Name

A Biondi Morra di Belforte, Giacomo - Capstone Partners 63 Black, Benjamin - Akkadian Ventures 58 Abecassis, Jonathan - Credit Suisse Group AG 64 Blitz, Craig - NYPPEX 66 Abrams, Zachary - Stratim Capital 60 Blümhuber, Claudia - GlobalFinance 64 Aerni, Ralph - SCM Strategic Capital Management 54 Bolat, Murat - NYPPEX 66 Ailman, Christopher J. - California State Teachers’ Retirement System 39 Bonaventura, Simonetta - IKE Capital Group 44 Akers, Jeff - Adams Street Partners LLC 35 Bonavitacola, Marc - Aberdeen SVG Private Equity 34 Albert, Christian - Bowside Capital 39 Bonfield, Chris - Greenhill Cogent 64 Alfeld, Chad - Landmark Partners 45 Bonnet, Mathieu - BEX Capital 38 Ali, Ahmad - Auldbrass Partners 38 Borok, Dan - Millennium Technology Value Partners 59 Allen, Laurence - NYPPEX 66 Bouché, Romain - ARCIS Group 37 Andrew, Mark - Lexington Partners 45 Bourel, Virginie - Triago 69 Anquillare, Ceasar Nicholas - Winchester Capital Group 57 Bowden, Daniel - Stafford Capital Partners 54 Anthofer, Tom S. - Cipio Partners 58 Bradley, Thomas - StepStone Group 55 Appell, Gordon - Credit Suisse Group AG 64 Brandmeyer, Michael - Goldman Sachs Group Inc. 42 Areson, Chris - Credit Suisse Group AG 64 Bright, Aaron - Permal Capital Management LLC 51 Armstrong, Christopher - NYPPEX 66 Brody, Tim - Auda Private Equity LLC 38 Atterbury, David - HarbourVest Partners LLC 42 Broenden, Christian - Industriens Pensionsforsikring A/S 44 Aubert, Andre - LGT Capital Partners 46 Brophy, Parker - Mustang Capital Partners 48 Auffray, Valerie - Apposite Capital 37 Brown , Simon - Equistone Partners Europe 41

B Burch, Mark - ARCIS Group 37 Burstein, Dan - Millennium Technology Value Partners 59 Bader, Hanspeter - Unigestion 56 Butler, Ryan - Portfolio Advisors LLC 53 Barnett, Troy - Adams Street Partners LLC 35 Barrett, Red - Permal Capital Management LLC 51 C Bauman, Gina - Institutional Venture Partners (IVP) 58 Cantrell, Allen - MCA Funds 59 Baumgarten, Steven - BlackRock Private Equity Partners 38 Carles, Pierre Henri - Secondcap 68 Beaton, Kirk - Lexington Partners 45 Carr, Dayton - VCFA Group 56 Beckelman, Scott - Greenhill Cogent 64 Cassidy, Martha - Abbott Capital Management 34 Beil, Stefan - Sobera Capital 54 Chambers, Anna - Triago 69 Benedetti, Mark - Ardian 37 Chapman, Duncan - Lexington Partners 45 Benin, Daniel - Committed Advisors 39 Chee, Max - Millennium Technology Value Partners 59

Berkowitz, Fred - Horsley Bridge Partners 43 Cheung, Chi - DB Private Equity 40

Binette, Ryan - Lazard 66 Chow, Richard - Abu Dhabi Investment Authority 34 [ 84 ] Guide to the Secondary Market

Cohn, Paul - Fort Washington Capital Partners 41 E Colas, Vladimir - 37 Ardian Eftimiu, Emanuel - Alpha Associates AG 36 Coller, Jeremy - 39 Coller Capital Eguiagaray, Gonzalo - Arcano Capital 37 Cooney, Ryan - 42 Hamilton Lane Einarson, Frida - Verdane Capital Advisors 60 Cornelius, Ronn C. - 48 Montauk TriGuard Management LLC Engelhard, Teresa - Jolimont Capital Pty Ltd. 44 Costabile, Steven - 52 PineBridge Investments Engelien, Bernhard - Greenhill Cogent 64 Costello, Jon - Morgan Stanley Alternative Engler, Mark - AXON Partners AG 62 Investment Partners 48 Evain, Frédéric - Access Capital Partners 34 Costello, Neal - CPP Investment Board 40 Falkove, Ethan - Neuberger Berman 48 Critchell, Bradley - Stanwich Advisors 69 Croissant, Cécile - Access Capital Partners 34 F Cruttenden, Tim - VenCap International PLC 56 Farooqi, Mohammed Anwer - Abu Dhabi Investment Authority 34 Cuneo, Michael - MidCoast Capital LLC 46 Feinglass, Michael - RCP Advisors 53 Custar, Mike - Credit Suisse Group AG 64 Fenimore, Mitchell - Griffin Financial Group 65

D Finigan, Emily-Jane - Landmark Partners 45 Fink, Peter - Kensington Capital Partners Ltd. 45 D’Agostino, Mike - Permal Capital Management LLC 51 Finkelstein, Abe - Vintage Investment Partners 57 Davies, Deirdre - DB Private Equity 40 Flower, Tim - HarbourVest Partners LLC 42 Dawn, Nigel - Evercore - Private Capital Advisory 64 Flynn, Vivian - Pomona Capital 52 de Beaupuy, Barthelemy - Committed Advisors 39 Folle, Peter - Triginta Capital GmbH 56 de Corainville, Robert - 17Capital LLP 34 Freda, Adam - Northern Trust 49 de la Infiesta, Pablo - Lazard 66 Fremuth, Gunnar - PEI Funds 51 de Nazelle, Nicolas - Triago 69 Froland, Charles - Performance Equity Management 51 de Selancy, Pierre-Antoine - 17Capital LLP 34 Fuhrman, Glen R. - MSD Capital 48 Decanniere, Olivier - Ardian 37 del Rio, Jose Luis - Arcano Capital 37 G Delaney, Paul - Griffin Financial Group 65 Gamblin, Francois - Secondcap 68 Deligny, Jean-Michel - Go4Venture Advisers LLP 64 Gardey, Oliver - Pomona Capital 52 Delos, Alexandre - Access Capital Partners 34 Garton, Anthony - Lexington Partners 45 Denison, Charlie - Adams Street Partners LLC 35 Gatcan, Diana - Triago 69 Desai, Simren - Setter Capital Inc. 68 Gerbracht, Patrick - Portfolio Advisors LLC 53 Dewan, Amant - Annex Capital Group LLC 58 Giannetti, Thomas - Lexington Partners 45 DiGeronimo, Robert - Permal Capital Management LLC 51 Gigliotti, Carmen - DuPont Capital Management 41 Diller, Christian - Montana Capital Partners 46 Gill, Gary - Setter Capital Inc. 68 Doehla, Zak - MCA Funds 59 Gillies, Charles - Jolimont Capital Pty Ltd. 44 Dréan, Mathieu - Triago 69 Glass, Jon - Millennium Technology Value Partners 59 Dreesbach, Werner - Cipio Partners 58 Goh, Andress - Allianz Capital Partners GmbH 36 Duhamel, Augustin - 17Capital LLP 34 Goldrick, Joe - Adams Street Partners LLC 35 Duksin, Jeremy - Credit Suisse Group AG 64 Gombault, Vincent - Ardian 37 Dupont, Daniel - Northleaf Capital Partners 50 Goodrich, Tom - Stafford Capital Partners 54 Guide to the Secondary Market [ 85 ]

Gordon, Brett - HarbourVest Partners LLC 42 I Graev, Adam - DB Private Equity 40 Isnard, Henri - ARCIS Group 37 Grant, Charles - Lexington Partners 45 J Gravdal, Jakob - Verdane Capital Advisors 60 Janis, Fran - Pomona Capital 52 Green, Holcombe - Lazard 66 Jansen, Greg - Commonfund 40 Gregory Garrett, Melissa - Private Advisors LLC 53 Jaroch, Chris - Newbury Partners 49 Grendi, Jeffrey - NYPPEX 66 Jensen, Philip - Paul Capital 51 Gruber, Sascha - LGT Capital Partners 46 Jinkens, Brenlen - 64 Gull, Jason - Adams Street Partners LLC 35 Greenhill Cogent Gunn, Graeme - SL Capital Partners 54 John, Rebecca - Lexington Partners 45 Gutzen, Till - Cubera Private Equity 40 Johnson, Ian - Helmsman Capital 43 Johnson, Phil - Fort Washington Capital Partners 41 H Haarmann, Moritz - AssetMetrix GmbH 38 K

Hadzic, Edin - Paragon Partners GmbH 50 Karabelnik, David - Breslin AG 62

Haimoff, Dana - J.P. Morgan Asset Management 44 Keay, Jeff - HarbourVest Partners LLC 42

Hammer, Jeff - Houlihan Lokey 65 Kellett, Andrew - AXON Partners AG 62

Haniford, Scott - Travelers Companies 56 Kelley, Mary Frances - Invesco Institutional 44 Hansen, Soren Thinggaard - Kelly, Douglas - Pomona Capital 52 Industriens Pensionsforsikring A/S 44 Kenna, Sam - LLM Capital Partners LLC 59 Harris, Simon - W Capital Partners 61 Kerr, Tom - Hamilton Lane 42 Harris, Stephen - MidCoast Capital LLC 46 Kheng, Jennifer - Lexington Partners 45 Harrow, Lisa - Triago 69 Killilea, Alison - W Capital Partners 61 Hatch, Nick - Harken Capital 65 Knechtli, Patrick - SL Capital Partners 54 Haviv, Joseph - Protostar Partners LLC 60 Knoell, Gretchen - Lake Street Capital LLC 58 Hay, Stewart - SL Capital Partners 54 Koch, Hans-Dieter - Cipio Partners 58 Hepple, Jonathan - Rosetta Capital Ltd. 60 Koh, Irene - J.P. Morgan Asset Management 44 Heston, Blake - W Capital Partners 61 Kotwal, Maneck - New Jersey State Investment Council 48 Hilton, James - Secondcap 68 Kroll, Markus - Palomar Capital Advisors 67 Himmel, Doug - Melville Capital LLC 66 Kubo, Tatsuya - HarbourVest Partners LLC 42 Hliboki, Lorraine - Pomona Capital 52

Holden, Greg - Adams Street Partners LLC 35 L

Holden, Richard - Abu Dhabi Investment Authority 34 Landman, William A. - CMS Fund Advisors LLC 39

Holley, Scott - Harken Capital 65 Landress, Scott - Liquid Realty Partners 46

Holmia, Janne - Verdane Capital Advisors 60 Lanel, Nicolas - Evercore - Private Capital Advisory 64

Hope, Harold - Goldman Sachs Group Inc. 42 LaPerla, Stephen - NYPPEX 66

Hortick, Edward - VCFA Group 56 Lauby, Martial - Access Capital Partners 34

Houtteville, Briac - Greenhill Cogent 64 Lawler, Nicholas - Northern Trust 49

Huang, Timothy - Lexington Partners 45 Leader, Tom - Nova Capital Management Ltd. 60

Hunnewell, Luisa - Willowridge Partners Inc. 57 Lee, James - MHT Secondary Advisors 66 [ 86 ] Guide to the Secondary Market

Leishman, Philip - Setter Capital Inc. 68 Mock, Ron - Ontario Teachers’ Pension Plan 50 Lessar, Stephen - Goldman Sachs Group Inc. 42 Moilanen, Mikko - Access Capital Partners 34 Liaudet, Thomas - Campbell Lutyens & Co. Ltd. 63 Monroe, Kevin - Paladin Market Advisors 67 Livingstone, Elly - Pantheon 50 Mooney, Brian - Greenhill Cogent 64 Lo, Bonnie - NewQuest Capital Partners 49 Morgan, Kyle - W Capital Partners 61 Lodge, Cari - Commonfund 40 Mulherin, Harbert - Live Oak Capital 46 Lorgen, Eivind - Nordea 49 Mullen, Geoffrey - Landmark Partners 45 Lottmann, Johanna - Lazard 66 Muradian, Edward - PEI Funds 51 Ludwig, Nils - Paragon Partners GmbH 50 Murphy, Bill - Greenhill Cogent 64 Luscombe, Roger - Continental Capital Partners 64 Murphy, Kara - SunAmerica Asset Management LLC 55

M N Mabin, Rory - NYPPEX 66 Nahum, Agnès - Access Capital Partners 34

Malloy, Fred - Harken Capital 65 Nairn, Richard - F&C Investment Business Ltd. 41

Marino, Ben - Permal Capital Management LLC 51 Navins, David - Permal Capital Management LLC 51

Marks, Joseph - Capital Dynamics 39 Nelson, Don - Harken Capital 65

Markson, David - Triago 69 Newby, Tom - Lexington Partners 45

Marmer, Craig - Probitas Partners 67 Nguyen, Franck - Ardian 37

Marquié, Anthony - Secondcap 68 Nicholls, Lucy - Stafford Capital Partners 54

Maruszewski, Mark - StepStone Group 55 Nick, Andy - Greenhill Cogent 64

Maynard, Fred - HarbourVest Partners LLC 42 Nicklas, Brent - Lexington Partners 45

McArthur, Lex - Jolimont Capital Pty Ltd. 44 Nicum, Pinal - Adams Street Partners LLC 35

McCabe, Michael - StepStone Group 55 Nowak, Magdalena - AXON Partners AG 62

McDonald, Mark - Credit Suisse Group AG 64 Nusseibeh, Saker - Hermes GPE 58 McGill, Mike - MHT Secondary Advisors 66 O McGrath, Peter - Setter Capital Inc. 68 Olmos, Emilio - Abu Dhabi Investment Authority 34 McGrath, Robert - Setter Capital Inc. 68 Orr, Michael - NYPPEX 66 McIntosh, Tim - yet2Ventures 61 Osterrieth, Robert - Rho Fund Investors 53 McNulty, Lena - Industry Ventures 44 Ostin, Olav - DFJ Esprit Secondaries LLP 58 McPhee, Matthew - Stafford Capital Partners 54 Mengozzi, Katia - Galgano Corporate Finance 41 P Meyer, Dominik - AXON Partners AG 62 Pangburn, Len - Abbott Capital Management 34 Migliorino, Bob - W Capital Partners 61 Parke, Marshall - Lexington Partners 45 Miles, Nicholas - Lazard 66 Parshall, David - PEI Funds 51 Miller, Jim - Somerset Capital Ltd. 68 Paul, Aymeric - Access Capital Partners 34 Miller, Todd - Greenhill Cogent 64 Pearce, Ben - Campbell Lutyens & Co. Ltd. 63 Miller, Todd - W Capital Partners 61 Peninon, Dominique - Access Capital Partners 34 Miró Quesada, Ricardo - Arcano Capital 37 Perkins, Tristram - Neuberger Berman 48 Mitra, Abhijit - Lazard 66 Perl, Ben - Neuberger Berman 48 Guide to the Secondary Market [ 87 ]

Perloff, Hugh - Portfolio Advisors LLC 53 Santiago, Jason - Stripes Group 55

Perriello, Chris - AlpInvest Partners 36 Schiphorst, Berend - PGGM 51

Perrin, Elvire - Altius Associates 37 Schmitz, Alexandre - Capstone Partners 63

Perrin, David - Campbell Lutyens & Co. Ltd. 63 Schmitz, Jan Philipp - Ardian 37

Petermann, Helge - River Street Capital 68 Schunk, Michael - NYPPEX 66

Pfohl, Edgar J. - Montauk TriGuard Management LLC 48 Schwerin, Sam - Millennium Technology Value Partners 59

Phelan, John C. - MSD Capital 48 Sealey, Andrew - Campbell Lutyens & Co. Ltd. 63

Pigache, Guy - Henderson Global Investors 43 Senequier, Dominique - Ardian 37

Pirzio-Biroli, Carlo - DB Private Equity 40 Shan, Sally - HarbourVest Partners LLC 42

Poggioli, Philippe - Access Capital Partners 34 Shaw, Phillip M. - Invesco Institutional 44

Pollack, Brooke - Greenspring Associates 42 Shen Lefranc, Laura - Headway Capital Partners LLP 43

Porter, David - Apposite Capital 37 Sheoran, Suneel - Secondcap 68

Pugatch, Mike - HarbourVest Partners LLC 42 Sidell, Kathleen - yet2Ventures 61 Siegel, Bill - SecondMarket Inc. 68 Q Simon, Christophe - Idinvest Partners 43 Quiroga, Victor - Triago 69 Sloan, Stephen - Greenhill Cogent 64 R Smith, Brian M. - Montauk TriGuard Management LLC 48 Rabini, Johannes - Sobera Capital 54 Smith, Charles - DB Private Equity 40 Ramachandran, Ashrith - Campbell Lutyens & Co. Ltd. 63 Sodhi, Tina - Triago 69 Ran, Gary - Telemus Capital Partners 56 Somerville, Hunter - Greenspring Associates 42 Reed, Jeffrey - Stafford Capital Partners 54 Soong, Marie - Somerset Capital Ltd. 68 Rerisi, Meredith - Abbott Capital Management 34 Sosa del Valle, José - Lexington Partners 45 Revillon, Benjamin - BEX Capital 38 Soulignac, Charles - Fondinvest Capital 41 Riddle, William - Lazard 66 Spencer, Nick - Campbell Lutyens & Co. Ltd. 63 Rigamonti, Francesco - DB Private Equity 40 Spiller, Charles - Commonwealth of PA, Public School Employees’ Retirement System 40 Ristvedt, Pål - Lexington Partners 45 Standbridge, Steve - Capstone Partners 63 Riva, Giorgio - CPP Investment Board 40 Stanzel, Matthias - GlobalFinance 64 Robard, Yann - CPP Investment Board 40 Stark, Robert - Melville Capital LLC 66 Rocker, Marissa - Auda Private Equity LLC 38 Stephens, John - Pomona Capital 52 Rorer, Jim - Pomona Capital 52 Stetson, Chuck - PEI Funds 51 Roscigno, Anthony - J.P. Morgan Asset Management 44 Stewart, Hugh - Shackleton Ventures Ltd. 54 Rubin, Immanuel - Campbell Lutyens & Co. Ltd. 63 Still, Sonya - NYPPEX 66 Rudge, John - Lexington Partners 45 Stitch, Katie - W Capital Partners 61 S Stock, JB - Committed Advisors 39 Sabassier, Dominique - Natixis Global Asset Management 48 Struve, Kasper - Industriens Pensionsforsikring A/S 44 Salley, Christopher - Auldbrass Partners 38 Such, Craig - Stratim Capital 60 Sanabria, Paul - Houlihan Lokey 65 Sullivan, Carol - Jolimont Capital Pty Ltd. 44 Sanders, Howard - Auldbrass Partners 38 Symon, Warren - Newbury Partners 49 [ 88 ] Guide to the Secondary Market

T Waxman, David - Azla Advisors 62 Wertheimer, Steve - 61 Talbot, Brian - Neuberger Berman 48 W Capital Partners Wigg, Simon - 62 Tang, Samuel - Montauk TriGuard Management LLC 48 AXON Partners AG Wiley, Nicole - Taubman, Steven - VCFA Group 56 Morgan Stanley Alternative Investment Partners 48 Terry, Shawn - MHT Secondary Advisors 66 Williamson, David - Nova Capital Management Ltd. 60 Tesconi, Lee - Lexington Partners 45 Wilson, Amanda - J.P. Morgan Asset Management 44 Thuet, Lawrence - Park Hill Group LLC 67 Wilson, Ben - PEI Funds 51 Timoll, Garth - Top Tier Capital Partners 56 Wilson, Peter - HarbourVest Partners LLC 42 Tollette , Wylie A. - California Public Employees’ Woessner, Dominik - 64 Retirement System 39 Greenhill Cogent Wolff, Dylan - 49 Tom, David - VCFA Group 56 NorgesInvestor Wonnacott, Larry - 55 Toomey, John - HarbourVest Partners LLC 42 Symmetry Investment Advisors Inc. Woo, Helen - 60 Tortora, Daniel - Moelis & Co. 66 Protostar Partners LLC Woods, Joe - 41 Townsend, Dan - Top Tier Capital Partners 56 Fort Washington Capital Partners Wu, Victor - 45 Tsai, Philip - UBS Investment Bank 69 Lexington Partners Wulff, Marco - Montana Capital Partners 46 U Ulczynski, Amanda - Wilshire Private Markets Group 57 Y York, David - 56 Ulmer, Dietrich - smac partners GmbH 60 Top Tier Capital Partners Young, Mark - MHT Secondary Advisors 66 V Valdant, Guillaume - Committed Advisors 39 Z Zhou, Brooke - 46 Vallano, Ingmar - Ardian 37 LGT Capital Partners Zimmel, Robert - 66 van Zanten, Mikan - Robeco Private Equity 53 NYPPEX Zoller, Eric - 68 Veravanich, Pete - Pathway Capital Management LP 51 Sixpoint Partners LLC Zur Muhlen, Adriaan - 51 Verbrugghe, Benoit - Ardian 37 Permal Capital Management LLC Vercoutere, Ivan - LGT Capital Partners 46 Vicinelli, Stephen - Investment Fund for Foundations 44 von Braun, Emmeram - von Braun & Schreiber Private Equity Partners GmbH 57 von Moeller, Krischan - Paragon Partners GmbH 50 von Wolffradt, Alexander - Partners Group 50 Vorndran, Helmut - Vorndran Mannheims Capital Advisors GmbH 61

W Wachter, David - W Capital Partners 61 Wang, Arthur - San Francisco Employees’ Retirement System 53 Wang, Edwin - Accretive Capital Partners/Advisors 35, 62

Warn Schindel, Kevin - HarbourVest Partners LLC 42 Warren, Wilson - Lexington Partners 45 EXPERIENCE IS KEY FOR SUCCESSFUL SECONDARY TRANSACTIONS

Fondinvest Capital created one of the first dedicated secondary funds in Europe in the early 1990s and quickly became a leading secondary’s specialist. With over 150 secondary transactions completed over the past 20 years, we have built strong relationships within the limited partners and general partners communities. We are recognized as a reliable buyer, responsive to the needs of the seller and ready to make a fair offer. We can execute deals quickly with the utmost discretion. For further information, please call us or send us an email at [email protected].

Creating your private equity performance www.fondinvest.com Paris + 33 (0) 1 58 36 48 00 Cogent Partners is now part of Greenhill & Co., Inc.

Cogent Partners, a leader in secondary market advisory, is now part of Greenhill & Co., Inc. Operating as Greenhill Cogent, we will continue to provide institutional investors and general partners with the same independent, unbiased strategic advice for managing their alternative assets portfolios that we have since our founding in 2001.

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