Guide to the Secondary Market

GUIDE TO THE SECONDARY MARKET

2014 Edition

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K GUIDE TO THE SECONDARY MARKET 2014 Edition

Editorial Laura Kreutzer, David Smagalla, Hillary Canada, Yuliya Chernova, Sonja Cheung, Alec Macfarlane, Michael Wursthorn Research 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# 1-934391-18-2/978-1-934391-18-1 | Guide to the Secondary Market published May 2014 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 © 2014 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 Large Portfolio Sales Put Secondary Market Back on Track 6 By Michael Wursthorn Secondary Market Timeline 16 Fundraising and Deal Volume, 2001-2013 Secondary Market Posts Big Year in 2013, but Exactly How Big? 18 By Laura Kreutzer and Michael Wursthorn Strong Pricing Drives Some Buyers Further Out on the Risk Spectrum 20 By Laura Kreutzer Fund Recaps Gather Steam Despite Challenges 25 By Michael Wursthorn More LPs Seek Secondary Deals, but Can They Fly Solo? 28 By Hillary Canada Secondary Buyers Bet Slow Growth in Asia Will Drive More Deals 30 By Sonja Cheung The Rise and Fall of Paul Capital 31 By Alec Macfarlane Nasdaq Takes Aim at Secondaries Market 33 By Yuliya Chernova Secondaries Reap Rewards of Boom Era Deals 34 By David Smagalla II. Sponsored Articles GP-Led Fund Restructurings and Recapitalizations: A Growing Market Solution 36 By Brian Mooney of Cogent Partners Discount to Net Asset Value: A Key Factor to Producing High Returns? 37 By Charles Soulignac of Fondinvest Capital 2014 Secondary Market Valuation Trends and Outlook Highlights for Private Funds and Companies World-Wide 39 NYPPEX Holdings LLC III. Firm Listings Secondary Market Buyer Listings 40 Secondary Direct Manager Listings 63 Intermediary Firm Listings 67 IV. Appendixes A. Investors That Have Backed Secondary Funds 75 B. Secondary Market Buyer: Interests Sought 78 C. Secondary Market Buyer & Direct Manager: Geographic Preferences 80 D. Secondary Market Direct Manager: Industry Preferences 82 E. Secondary Market Intermediary: Types of Clients Represented 83 F. Secondary Market Intermediary: Average Size of Deals Represented 84 V. Indexes Company Name 85 Contact Name 88 4 | | GUIDE TO THE SECONDARY MARKET

Preface

this report back in 2007, the secondary market was coming of age When we published as more institutional investors turned to secondary deals as a portfolio management tool, finally shedding the stigma that had often been attached to such sales.

At that time, pricing for secondary deals had reached aggressive levels, in some cases exceeding 100% of a portfolio’s net asset value. Meanwhile, third-party debt also had made its way into the secondary market, raising questions about the level of risk secondary firms had assumed. Finally, stapled secondary deals, in which the buyer provides fresh capital for a new fund as part of the deal, also had become a more common component of transaction structures.

Fast forward to 2014 and the secondary market has more than doubled in size since those days, both in transaction volume and in annual fundraising. Yet many of the issues that characterized the market back in 2007 appear to have resurfaced, according to our latest survey of secondary buyers. Once again, pricing has approached, if not exceeded, the net asset value for certain assets, prompting the highest percentage of buyers calling this a seller’s market since 2007. At the same time, third-party debt and stapled secondary transactions have re-emerged more commonly in deal structures.

In this edition of the Dow Jones Guide to the Secondary Market, we examine how secondary buyers are positioning themselves in today’s competitive market and where they see the greatest potential for deal flow growth. We also look at the growing trend of fund recapitalizations and the complexities associated with such deals.

Of course, you’ll also find the usual array of profiles of buyers and intermediaries, along with the fundraising, performance and deal volume statistics that have always characterized these guides.

We hope you find this guide useful and, as always, welcome your feedback on how we can improve future editions.

Sincerely, Laura Kreutzer Assistant Managing Editor, Private Equity Dow Jones & Co. [email protected] @LauraKreutzer Leading the way in secondary investing

LGT Capital Partners is a leading private equity fund of funds manager and secondary specialist with over USD 22 billion in commitments and is acquiring private equity interests actively and discretely.

LGT Capital Partners provides portfolio management and liquidity solutions since 1997 and leads secondary investments in: Buyout and Venture Capital partnerships European, US and Asian assets Special situations (unfunded positions, direct secondaries)

For further information please contact André Aubert ([email protected]) or Sascha Gruber ([email protected])

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Large Portfolio Sales Put Secondary Market Back on Track

By MICHAEL WURSTHORN What Percentage of Secondary Deals You Do Is Due to: start to 2013, the After a sluggish 40% 40% secondary market has 40% regained lost ground as a surge in big portfolio sales and a smattering of fund restructurings have put 2014 on pace to be one of the industry’s strongest years yet. 30 29% 25% 24% “The first half of last year was slow. But this year started off 22% 20% very strong,” said Tim Jones, chief executive of secondary 20 18% firm Coller Capital. “There’s two drivers behind it: Pricing has reached [net asset value] for sellers – so why not bring a book to market? – and there’s a strong desire for investors 10 9% 9% to reshape, rationalize and restructure their fund books.”

0 Strong stock market performance as well as a Economic Regulatory Their use as GP Other steady flow of distributions from private equity portfolios, concerns of changes a portfolio recapitalizations regulatory pressure and an ongoing desire among inexperienced management (or fund investors/distressed tool restructurings) investors to reduce the number of general partner relationships in their portfolios have all helped bring Mean Median more portfolios to market. Source: Guide to the Secondary Market, 2014 edition

Many buyers remain confident the good times will continue at least through the rest of this year, according to the Strong pricing has also helped encourage limited partners results of the latest Dow Jones survey of secondary to clean up their portfolios. More investors have at least buyers. About two-thirds of secondary buyers surveyed put feelers out on fund portfolios to see whether buyers said they expect 2014 to be a record year for volume, an will pay close, or even above, net asset value for the increase from last year, when just over half of respondents portfolios on offer. expected 2013 to finish on a strong note. The survey reflected responses from 58 secondary buyers, including “Why not look to sell a portfolio if you can get close to many of the industry’s largest players. NAV?” Mr. Jones said.

As in the 2013 survey, portfolio management remains the For example, Boston-based fund-of-funds manager biggest driver of deal volume, according to the survey. HarbourVest Partners may sell two separate private equity Portfolio management needs accounted for about 40% of portfolios, one valued at roughly $400 million and another secondary deals among respondents to this year’s survey, at around $100 million, according to people familiar with making it the biggest motivator of deal volume. the deal. The firm hopes to take advantage of the generous pricing conditions in the market, those people said, adding that it’s an “opportunistic” process. Do You Expect This Year to Be a Record Year Volcker Clock Ticks Down for Secondary Deal Volume? Regulatory pressure also continues to fuel deal flow after U.S. lawmakers finalized guidance on the Volcker rule, which limits the percentage of riskier assets, such as private equity and hedge funds, that financial institutions 34% Yes can carry on their balance sheets. 47% No 66% 53% Survey participants said regulatory changes drove an average of 29% of their deal flow as U.S. and foreign banks divest private equity fund investments ahead of the Volcker 2014 2013 rule’s deadline of July 21, 2015. Some banks may seek extensions to the deadline to give them additional time to Source: Guide to the Secondary Market, 2014 edition come into compliance. “Banks seem to be getting more serious now that the rules There isn’t an exact measure of the size of the fund recap are more formalized,” said Rudy Scarpa, partner on the market, but industry participants estimate it could grow to secondary team at Pantheon. “That said, it just takes time as much as $40 billion in total volume. for banks to make the decision to sell.” “A lot of the restructurings have been working today Although a number of financial institutions have because of the attractive pricing environment,” said one divested of large portfolios since 2010, some secondary secondary intermediary. “There’s been a rush of supply to professionals estimate that anywhere between $60 the market and a lot more talk of these types of deals today billion and $85 billion worth of assets remain on bank than last year or before.” balance sheets.

HSBC Holdings PLC, Wells Fargo & Co., Goldman Sachs Group Inc., Citigroup Inc. and J.P. Morgan Chase & Co. Percentage of Funds Going to Large/Small Deals are only a few of the larger banks that continue to hold Median % private equity assets that could find their way onto the 80% secondary market over the next couple of years. 73%

Fund restructurings and recapitalizations account for a 60 growing force behind deal volume, according to our survey. 50% 50% 50% This year, secondary respondents said restructurings represented an average of 24% of their deal flow, and that 40 number may grow as GPs and LPs become more comfortable with the structure. 20 The fund recap structure allows aging or ailing funds to raise new capital and offers an exit opportunity to 0 investors looking to cash out. However, the complexity Stakes with NAVs Stakes with NAVs associated with these deals make them tough to pull off, larger than $15M less than $15M given that the terms and pricing must satisfy the fund’s GP, its LPs and the secondary buyer (see page 25 for an Current Fund Prior Fund in-depth analysis on fund restructurings). Source: Guide to the Secondary Market, 2014 edition 8 | | GUIDE TO THE SECONDARY MARKET

Big Portfolios Back in Vogue Although secondary buyers in last year’s survey said they What Percentage of Secondary Assets Purchased were busy with smaller deals, during the second half of in 2013 Fell Outside of Traditional Private Equity 2013, the focus shifted as more large portfolios hit the market, pushing deal volume for the year to record levels. or Venture Capital? None 4% Secondary buyers in our survey said they expect to invest 9% 8% 1% to 10% a median of 50% of their current funds in portfolios with 6% 4% more than $15 million in NAV and 50% in ones with less 11% to 20% than $15 million. This is a shift from last year’s survey, in 16% 21% to 30% 59% 23% 62% which respondents said they invested a median of 73% of 31% to 40% their prior funds in fund stakes with net asset values of less 9% than $15 million. 41% to 50% More than 50% 2014 2013 Ardian, which spun out of French insurer AXA SA in 2013, has already put more than $2 billion to work into deals so far Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2014 edition this year, including the firm’s purchase of $1.3 billion in fund stakes from General Electric Co.’s GE Capital in April, according to Benoît Verbrugghe, a managing partner and transaction said. Earlier this year, Lexington Partners head of Ardian’s New York office. The firm has plenty of acquired a roughly $1 billion portfolio of U.S. and capital to buy large portfolios after raising a total of $9 billion European private equity funds from Ireland’s National for a new series of secondary offerings earlier this year. Pensions Reserve Fund, said two other people with knowledge of the situation. “The market is filled with big deals,” said Mr. Verbrugghe. “We just did two transactions above $1 billion. That is typically the Deal flow even above $500 million has been robust. The trend of the transactions we’ve been finding in the market.” Teachers’ Retirement System of the State of Illinois and the Florida State Board of Administration both clinched deals Besides the GE Capital portfolio, Ardian is poised to to sell fund portfolios worth as much as $500 million each close a deal with Temasek Holdings Pte., Singapore’s to Pantheon and the secondary arm of Goldman Sachs state-owned investment company, to buy roughly $1 Asset Management, respectively, said several people with billion in fund stakes, a person with knowledge of the knowledge of those specific transactions.

10 | | GUIDE TO THE SECONDARY MARKET

Select Secondary Funds in the Market or Recently Closed

Target Total Amt. Fund Name Investing Firm Name Fund Type Fund Region (M) Closed (M) ACG European Secondary Fund ACG Private Equity Secondary Direct/Portfolio Eastern Europe/CIS $206.6 N/A Adams Street Global Adams Street Partners LP Secondaries U.S. $750.0 $1,000.0 Secondary Fund V LP* Adveq Secondaries II LP* Adveq Management Secondary Direct/Portfolio Global $150.0 $175.0 Akkadian Ventures Annex II LP* Akkadian Ventures Secondary Direct/Portfolio U.S. $5.4 $6.4 Akkadian Ventures III LP Akkadian Ventures Secondary Direct/Portfolio U.S. $35.0 $5.9 AlpInvest Secondaries Fund V LP* AlpInvest Partners. LP Secondaries Global $500.0 $750.0 Altamar Secondary Altamar Private Equity LP Secondaries Global N/A $150.0 Opportunities VII FCR* Ant No. 2 Greater China Ant Capital Partners LP Secondaries Asia/Pacific $150.0 N/A Secondary Fund Arcano Secondary Fund II LP Arcano Group LP Secondaries Western Europe $40.0 $37.0 Auda Secondary Fund III LP* Auda International LP Secondaries U.S. $300.0 $332.3 Avendus India Opportunities Fund III Avendus PE Investment Secondary Direct/Portfolio Asia/Pacific $0.2 N/A Advisors Private Ltd. Ardian Secondary Fund VI LP Ardian LP Secondaries Global $5,500.0 $6,000.0 Azini 3* Azini Capital Secondary Direct/Portfolio U.S. N/A $100.0 Blackstone Strategic Partners Fund VI LP Blackstone Group LP Secondaries Global $3,500.0 $1,500.0 Capital Dynamics Global Capital Dynamics LP Secondaries Global $500.0 N/A Secondaries Fund IV LP Committed Advisors Secondary Fund II Committed Advisors Secondary Direct/Portfolio Western Europe $544.3 $408.2 Crown Global Secondaries III PLC* LGT Capital Partners Secondary Direct/Portfolio Global $1,500.0 $2,000.0 Cubera VI LP Cubera Private Equity Secondary Direct/Portfolio Global N/A N/A DB Secondary Opportunities Fund II LP* Deutsche Bank Private Equity LP Secondaries Global $500.0 $614.0 DB Secondary Opportunities Fund III LP Deutsche Bank Private Equity LP Secondaries Global $1,000.0 N/A Delta-v Capital 2011 LP* Delta-v Capital Secondary Direct/Portfolio U.S. $35.0 $35.0 Delta-v Capital Access Fund LP* Delta-v Capital Secondary Direct/Portfolio U.S. $35.0 $35.0 Devtec Fund I LP Tempo Capital Partners Secondary Direct/Portfolio Western Europe N/A N/A Dover Street VIII LP* HarbourVest Partners LP Secondaries U.S. $3,000.0 $3,591.0 Fort Washington Private Equity Fort Washington Capital LP Secondaries U.S. $150.0 N/A Opportunities Fund III LP Partners Group Global Market Fonds Secondary V RWB PrivateCapital LP Secondaries Global N/A N/A Emissionshaus Greenspring Secondaries Fund I LP Greenspring Associates LP Secondaries $100.0 N/A GS Vintage Fund VI LP Goldman Sachs LP Secondaries Global $4,000.0 $2,270.0 Private Equity Group Hamilton Lane Secondary Fund III LP* Hamilton Lane LP Secondaries Global $650.0 $900.0 Headlands Capital Secondary Fund LP* Headlands Capital Secondary Direct/Portfolio Global $100.0 $62.6 Management Headway Investment Partners III LP* Headway Capital Partners LP Secondaries Western Europe $333.6 $129.0 Hollyport Secondary Opportunities IV* Hollyport Capital Secondary Direct/Portfolio Western Europe N/A $118.6 Idinvest Secondary Fund II* Idinvest Partners LP Secondaries Western Europe $258.8 $329.9 Industry Ventures Partnership Industry Ventures LP Secondaries U.S. $100.0 $78.9 Holdings III LP *Fund held final closing. continued on page 12> GUIDE TO THE SECONDARY MARKET | | 11

“Latin America has been interesting because there have been funds created there going back to the late ’90s and the early part of the 2000s and managers that have been around for a while... There have [also] been fewer interested buyers in Latin America. We probably have done more in Latin America than in Asia over the last four years.”

John Wolak, managing director at Morgan Stanley Alternative Investment Partners

More large transactions are in the pipeline. Allstate Corp., Europe came in a close second, with 56% of buyers for one, tabled first-round bids for a roughly $650 million predicting increased deal volume out of the region this year. portfolio of fund stakes in March after successfully attracting interest from secondary investors such as Coller Capital’s Mr. Jones said Europe’s secondary market is Pantheon and LGT Capital Partners, among others, driven by banks and financial institutions falling in line with people familiar with the deal said. And HSBC Holdings regulatory changes. “The restructuring in Europe will PLC is in the midst of disposing €2 billion worth of fund continue,” he said, adding that Asia will see a number of stakes, said people with knowledge of the matter. portfolio sales play out.

“We’ve seen larger portfolio deals make a comeback,” said Many buyers also see increased deal flow coming out of Patrick Knechtli, partner and head of SL Capital Partners’ Brazil and Latin America, as well as from Australia and secondary program. “We didn’t see that at all in the first New Zealand. half of last year, and when we did, it was usually in North America and Volcker [rule-] related.” “Latin America has been interesting because there have been funds created there going back to the late ’90s and the early In addition to large deals, secondary buyers continue to part of the 2000s and managers that have been around for a see a diversification in deal flow with a higher percentage while,” said John Wolak, managing director at Morgan Stanley of assets that fall outside of traditional buyout and venture Alternative Investment Partners. “There have [also] been fewer capital funds. Among this year’s survey respondents, interested buyers in Latin America. We probably have done 31% of buyers invested 10% or more of their funds into more in Latin America than in Asia over the last four years.” such nontraditional investments, up from 16% of survey respondents investing more than 10% of their portfolios into such assets last year. Percentage of Funds Going to U.S./Non-U.S. Deals Median % 75% Looking Abroad 75% 68% Although secondary buyers continue to devote the largest percentage of their portfolios to U.S. deals, non-U.S. deals 60 account for a modest but growing percentage of their holdings. This year’s survey respondents expect to invest a 45 median of 35% of their current funds into non-U.S. deals, 35% compared with 30% of their prior funds. 30% 30 For the first time in this survey, we asked respondents to share their expectations on how deal volume will trend this 15 year in specific regions outside of North America. Asia, excluding Japan, got the biggest vote of confidence, with 0 58% of buyers surveyed predicting an increase in deal U.S. Deals Non-U.S. Deals volume over the course of this year, although that increase Current Fund Prior Fund would come off of comparatively low levels. Continental Source: Guide to the Secondary Market, 2014 edition 12 | | GUIDE TO THE SECONDARY MARKET

Select Secondary Funds in the Market or Recently Closed continued from page 10

Target Total Amt. Fund Name Investing Firm Name Fund Type Fund Region (M) Closed (M) Industry Ventures Secondary VII LP* Industry Ventures Secondary Direct/Portfolio U.S. $400.0 $425.0 Industry Ventures Special Industry Ventures Secondary Direct/Portfolio U.S. $200.0 $200.0 Opportunities Fund II LP* J.P. Morgan Secondary J.P. Morgan Asset LP Secondaries U.S. N/A $259.2 Private Equity Investors II LP Management Landmark Equity Partners XV LP Landmark Partners LP Secondaries Western Europe $2,500.0 $1,414.9 Lexington Capital Partners VIII LP Lexington Partners LP Secondaries Global $8,000.0 $5,500.0 Lexington Emerging Partners LP* Lexington Partners LP Secondaries Global N/A $150.0 Lexington Middle Market Lexington Partners LP Secondaries U.S. $750.0 $450.0 Investors III LP Montana Capital Partners I Montana Capital Partners LP Secondaries Western Europe N/A $105.6 Montauk TriGuard Fund VI LP Montauk TriGuard LP Secondaries U.S. $400.0 $500.0 Morgan Stanley Global Secondary Morgan Stanley Alternative LP Secondaries Global $600.0 $777.0 Opportunities Fund II LP* Investment Partners NB Secondary Opportunities NB Alternatives Advisers LP Secondaries Global $1,600.0 $2,000.0 Fund III LP* Newbury Equity Partners III LP* Newbury Partners LP Secondaries Global $1,000.0 $1,100.0 NewQuest Asia Fund II LP NewQuest Capital Secondary Direct/Portfolio Asia/Pacific N/A $215.0 Advisors (HK) Nordea Private Equity II Nordea Bank AB LP Secondaries Western Europe $50.0 N/A Nordic Secondaries KB Northern Trust Private Equity Northern Trust Alternatives LP Secondaries U.S. N/A $105.0 Secondary Opportunities Fund* Northleaf Secondary Partners* Northleaf Capital Partners LP Secondaries Global $200.0 $250.0 PineBridge Secondary Partners III LP PineBridge Investments Secondary Direct/Portfolio Global $500.0 $130.0 Pomona Capital VIII LP* Pomona Capital LP Secondaries Global $1,300.0 $1,140.0 POMP II LP* Permal Capital Management LP Secondaries U.S. $100.0 $100.0 Portfolio Advisors Secondary Portfolio Advisors LP Secondaries U.S. $1,000.0 $910.0 Fund II LP* RCP Secondary Fund II LP* RCP Advisors Secondary Direct/Portfolio U.S. $300.0 $425.0 Rosetta Capital IV LP* Rosetta Capital Secondary Direct/Portfolio Western Europe $39.9 $38.6 Saints Capital VII LP Saints Capital Secondary Direct/Portfolio U.S. $300.0 N/A SB Partners Secondary Fund BEX Capital LP Secondaries Western Europe $41.3 N/A SightLine Healthcare Sightline Partners Secondary Direct/Portfolio U.S. $100.0 $107.4 Opportunity Fund II LP* Smac Partners Fund III smac | partners Secondary Direct/Portfolio Global $18.9 $12.6 Sobera Capital Fund II* Sobera Capital Secondary Direct/Portfolio Western Europe N/A $4.8 StepStone Secondary StepStone Group LP Secondaries U.S. $350.0 $460.0 Opportunities Fund II LP* Stratim III/SCIII Parallel Fund Stratim Capital Secondary Direct/Portfolio U.S. N/A $20.0 Unigestion Secondary Opportunity III Unigestion LP Secondaries Global $340.2 N/A Verdane Capital VIII* Verdane Capital Advisors Secondary Direct/Portfolio Western Europe N/A $272.1 Vintage VI* Vintage Ventures Mgmt. LP Secondaries Middle East $150.0 $161.0 W Capital Partners III LP* W Capital Partners Secondary Direct/Portfolio U.S. $750.0 $750.0

*Fund held final closing. Sources: Dow Jones LP Source andGuide to the Secondary Market, 2014 edition GUIDE TO THE SECONDARY MARKET | | 13

In 2014, How Do You Expect Secondary Deal Volume to Trend in the Following Regions?

100%

40% 38% 48% 52% 54% 57% 55% 58% 67% 70% 4% 4% 4% 8% 4% 4% 9% 8% 58% 56% 8% 4% 48% 40% 42% 39% 33% 37% 25% 26%

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

*Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2014 edition

Buying Power Heats Up Regardless of where deals originate, secondary buyers should have plenty of capital to purchase portfolios when they do hit the market, thanks to continued investor appetite for their funds.

As this publication was going to press, Ardian announced it had raised $9 billion for its latest secondary platform, including a $6 billion fund and $3 billion in co-investment rights. Lexington Partners, meanwhile, has collected $5.5 billion for Lexington Capital Partners VIII LP, more than halfway to the fund’s $10 billion hard cap. And Coller Capital may begin marketing its next large secondary fund as early as year-end, a person with knowledge of the situation said.

In addition to these larger funds, several firms continue to pitch midsize secondary offerings, including Landmark Partners, Capital Dynamics and RCP Advisors.

Amid all of the competition for capital, 10% of firms in our survey indicated that fundraising was “very easy,” up from 4% of respondents that said the same the previous year. At the other end of the spectrum, 38% of firms surveyed said that fundraising was “somewhat difficult,” up from 35% of firms in previous year’s survey. Much like in buyout and venture capital fundraising, the market for secondary fundraising continues to bifurcate between the “haves” and “have-nots.”

The amount of time managers took to raise their latest funds, however, appears to be shortening. About 43% of buyers surveyed said they closed their last fund in less than a year, followed by another 19% that said it took a year and 33% that said fundraising took one to two years. That’s a shift from the 2013 survey, when only 30% of respondents raised a fund in less than a year, 30% took one year, and 35%, the largest group of respondents, said it took one to two years to close a secondary fund. 14 | | GUIDE TO THE SECONDARY MARKET

“Overall, the momentum in the stock market investing more of that excess cash into strategies such as secondary funds or deals and in co-investments, which tend has been positive... With pricing quite hot, to get invested more quickly than would primary funds. [buyers] are hunting around for deal flow.” One pension fund executive said he moved to recommend a Patrick Knechtli, partner and head of SL Capital Partners’ commitment to Lexington’s secondary fund earlier this year to secondary program broaden his private equity diversification and avoid plugging his additional cash into more “plain vanilla” buyout pools.

Ardian’s Mr. Verbrugghe said the secondary market’s The Year Ahead fundraising momentum may stem in part from the different Although many buyers said they expect deal volume to purposes secondary funds can serve in investor portfolios. finish on a strong note, if public stocks pull back, it would likely drag down secondary pricing, potentially putting a “For investors that already have private equity, [secondaries] damper on deal flow. are a complement,” said Mr. Verbrugghe. “And [for] those [that were] not very active in the market in 2006 to 2008, However, many secondary buyers bet the likelihood of that secondaries are a good way for them to fill the gap.” happening is slim. “Overall, the momentum in the stock market has been positive,” said SL Capital’s Mr. Knechtli. “With Right now, many limited partners are flush with cash, thanks pricing quite hot, [buyers] are hunting around for deal flow.” n to strong distributions from private equity firms overall. Many of those investors, particularly public pension funds, are –Laura Kreutzer contributed to this article.

Raising Your Last Fund Was: How Long Did It Take You to Raise Your Last Fund?

10% 4% 5% 5% Very easy 0-1 year 35% 30% 38% Fairly easy 33% 1 year 43% 35% Somewhat difcult 1-2 years 52% 61% Very difcult 2 years 19% 30%

2014 2013 2014 2013

Source: Guide to the Secondary Market, 2014 edition Source: Guide to the Secondary Market, 2014 edition

Select Secondary Deals, 2013-2014

Portfolio/ Institutional Seller Stake Size (M) Portfolio Description Buyers (if known) Financial Institutions Allstate Investment $500 to $700 Fifty fund stakes, including buyout, real estate, Pending Management energy and mezzanine Citigroup Inc. approx. $1,000 Commitments to Citi Venture Capital International Anticipated HSBC Holdings PLC €2,000 Fund portfolio Pending GE Capital $1,300 Fund portfolio, largely buyout funds Ardian Wells Fargo & Co. $650 Commitments to funds managed AlpInvest Partners, HarbourVest Partners, by Pamlico Capital Lexington Partners, Partners Group Pension Funds and Others Florida State Board N/A Fund portfolio largely of legacy assets Goldman Sachs Group Inc. of Administration and tail-end stakes HarbourVest Partners approx. $500 Firm is floating two separate portfolios, one of about Pending to $550 $400M in size and another of roughly $100M to $150M National Pension $1,000 Fund portfolio of non-Irish funds Lexington Partners Reserves Fund (Ireland) Teachers’ Retirement System $500 Fund portfolio, includes stakes in large buyout funds Pantheon of the State of Illinois Temasek Holdings Pte. $1,000 Fund portfolio, largely of buyout fund stakes Ardian Sources: Dow Jones Private Equity Analyst, Dow Jones Private Equity News Ardian is a premium independent private investment company with assets of US$47bn managed or advised.

Since 1996, we invest in a way that responsibly creates enduring value, superior returns and shared outcomes for investors, partners, portfolio companies and their employees. With 10 oﬃces in Beijing, Frankfurt, Jersey, London, Milan, Luxembourg, New York, Paris, Singapore and Zurich, we can thus help create growth and prosperity in economies across the world. www.ardian-investment.com 16 | | GUIDE TO THE SECONDARY MARKET

Secondary Market Timeline 2001-2013

Secondary Deal Volume (M)* Secondary Fundraising (M)

Secondary Directs Rest of World ($25950) Secondary Partnerships U.S. Totals ($24781) $1135 (Yearly totals) (Yearly totals) $1611 2007 ($23311) ($23345) Coller Capital raises a $4.5 billion fund, reclaiming the record for the largest fund that Lexington Partners 2002 took away from Coller in 2006 with its $3.8 billion vehicle. ($20928) Coller Capital raises the largest secondary fund as of that date, with 2006-2007 $6648 $2.6 billion in commitments. Stapled secondaries become $2687 a commonplace occurrence in the secondary industry. ($18100) ($17847) 2004 ($17378) State of Connecticut Retirement Plans $12282 ($16363) and Trust Funds becomes one of the 2007 first pension funds to sell fund interests. California Public Employees’ The buyer is Coller Capital. Retirement System sells a legacy $4869 portfolio of fund stakes on the $2654 $5033 secondary market for about $1.5 ($13965) 2005 billion to a syndicate that includes ($13365) ($13315) Secondary sales of fund interests remain near Lexington Partners, HarbourVest $9585 the record highs set in 2004, thanks in part Partners, Pantheon and Oak Hill Investment Management. $1935 to large sales by Merrill Lynch & Co., DPL Inc. $24815 and Dresdner Bank. $2989 $23170 ($11345) ($10759) ($10275) $7655

($9172) $2664 $2355 $574 ($8422) ($8380) ($8380) $18241 $16697 $5327 ($7349) $1403 ($7468) ($7029) $733 $13232 $354 ($6609) $2224 $4175 $13709 $12345 $5289 $2019 $11430 $10326 $11029 $8262 ($3863) $7920 $8095 $8598 $6977 $6735 $6310 ($2280) $6675 $2 $5125 ($2092) $6018 $2912 $4590 $131 $4204 $3133 $2278 $1961 $951 2001 2002 2003 2004 2005 2006 20 07 2008 2009 2010 2011 2012 2013

Totals rounded up to nearest million. *Includes only dedicated secondary funds. Sources: Lexington Partners, Dow Jones Private Equity Analyst GUIDE TO THE SECONDARY MARKET | | 17

2009 2012 Secondary Market Timeline 2001-2013 Older funds approaching the end of An expected surge in secondary deal flow their lives increasingly are in need of 2013 following the late 2008 economic downturn fresh capital to sustain investment, as Regulators release the is slow to materialize due to a wide price evidenced by Behrman Capital and final draft of the Volcker Secondary Deal Volume (M)* Secondary Fundraising (M) gap between buyers and sellers. Willis Stein & Partners turning to the rule, spawning a fresh secondary markets to capitalize funds Secondary Directs Rest of World ($25950) wave of portfolio sales raised in 2000 and 2001. from banks. Secondary Partnerships U.S. Totals ($24781) $1135 (Yearly totals) (Yearly totals) 2010 2011 AXA Private Equity Lexington Partners breaks Goldman announces the purchase $1611 Sachs’ $5.5 billion fundraising record ($23311) ($23345) of a $1.9 billion portfolio when it wraps up a $7 billion pool of from Bank of America, capital for secondary deals. in a signal that the floodgates have finally opened for large ($20928) portfolio transactions. $6648 $2687

($18100) ($17847) ($17378) $12282 ($16363)

$4869 $2654 $5033 ($13965) ($13365) ($13315) $9585

$1935 $24815 $2989 $23170 ($11345) ($10759) ($10275) $7655

Totals rounded up to nearest million. *Includes only dedicated secondary funds. Sources: Lexington Partners, Dow Jones Private Equity Analyst 18 | | GUIDE TO THE SECONDARY MARKET

Secondary Market Posts Big Year in 2013, but Exactly How Big?

By LAURA KREUTZER and MICHAEL WURSTHORN

and secondary buyers Intermediaries agree that the secondary market enjoyed a robust year for deal volume in 2013, but they cannot seem to agree on exactly how robust it is.

Secondary intermediary Setter Capital reported earlier this year that 2013 deal volume hit a whopping $36 billion across private equity, real estate, hedge, infrastructure and For its part, Setter culled its volume estimate from a survey of timber funds. Private equity fund purchases alone 115 firms active in the secondary market. The 70 secondary accounted for $23.1 billion of that volume, while secondary buyers that responded to the survey reported $23.7 billion in directs added another $4.8 billion, according to Setter’s purchases for 2013. Setter then relied on a statistical analysis survey. The firm’s estimate set off a debate among and its own industry knowledge to apply that investment pace secondary market participants about the different to buyers of a similar size among the 45 that didn’t respond to methodologies used to measure deal volume. get to the $36 billion estimate. Setter said a proportional volume of the market consisted of small and medium-size Accurately pinpointing secondary volume isn’t easy because buyers, which made up 47% of the total volume. many deals aren’t disclosed or widely reported, while many nontraditional players in the space typically keep Triago relied on data from the transactions that it advised transactions close to their vests. Still, annual surveys on and estimates that 2013 saw more than 1,000 deals. conducted by intermediaries such as Cogent Partners have Cogent, meanwhile, based its estimate on a combination long been viewed as the industry’s best estimates. of surveys of secondary buyers, the transaction volume the firm advised on in 2013 and its insight into transactions As the number of these intermediaries has proliferated, that were completed in the market, according to a report however, the volume of secondary market data has also the firm issued earlier this year. expanded, from statistics on transaction volume, pricing to even available dry powder. As the intermediary industry continues to grow and the range of data expands, understanding how firms get to their The range between estimates by Setter and other estimates will no doubt become all the more important. intermediaries illustrates how widely measurements can “The standard has been raised permanently,” said Mr. differ and the importance of the methodologies used to McGrath, although he added that as more firms turn to calculate those measurements. Cogent Partners, for buyer surveys to collect their data, industry estimates “will example, pegged 2013 deal volume at $27.5 billion, while probably converge around a very tight band.” n NYPPEX Holdings LLC estimates that volume hit $24.5 billion, including private equity and hedge funds. Meanwhile, Triago said total deal volume reached $22 billion, a decrease from $26 billion in 2012. Select 2013 Secondary Volume Estimates

One aspect of the market that can complicate efforts to $40,000M measure deal volume is the large number of smaller $36,000 35,000 deals, including those involving just one fund interest, which are harder to track, given that they are less likely 30,000 $27,500 $24,500 than a portfolio of multiple funds to be intermediated by 25,000 $22,000 $23,345 a third party. 20,000 Setter decided to conduct its own survey of buyers in early 15,000 2013 when the firm noticed that the deal volume it was 10,000 seeing didn’t seem to match industry estimates at the time, 5,000 said co-founder Peter McGrath. “We wondered, ‘Are we by 0 chance really 30% of the market, or is the market bigger than Cogent NYPPEX LLC Setter Triago Lexington what is being reported?’” said Mr. McGrath. “We saw a huge Partners Capital Partners* disconnect and thought the most logical approach was to go *Please note that Lexington Partners is not an intermediary but a buyer of secondary interests. to the end buyers and ask them.” Sources: Cogent Partners, Lexington Partners, NYPPEX Holdings LLC, Setter Capital, Triago CREATIVE SOLUTIONS FOR ILLIQUID FINANCIAL ASSETS ASSET SALES, STRATEGIC ADVICE, AND STRUCTURED SOLUTIONS

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Strong Pricing Drives Some Buyers Further Out on the Risk Spectrum

By LAURA KREUTZER alone, secondary firms raised a total of $17.3 billion, according to Dow Jones LP Source, a data provider part of 2013 and the owned by Dow Jones & Co. Through May 5, 2014, During the latter beginning of 2014, secondary firms already had raised a total of $14 billion, secondary deal volume came roaring back as more large putting the industry on track to surpass last year, according portfolios finally hit the market. to Dow Jones LP Source.

An abundance of capital chasing deals is driving up pricing As a result, the balance of supply and demand has clearly for certain assets, however, raising concerns that the tilted toward sellers. Among secondary buyers in the latest market may get overheated. Dow Jones survey, 83% characterized the current environment as a seller’s market, the highest percentage of “People recognize that it is a good time to be a seller,” said respondents pegging the market that way since 2007. Todd Miller, managing director at Cogent Partners. “We’re seeing assets sell at [net asset value] that we would not Some buyers said strong pricing has helped bring sellers have thought would sell at [net asset value].” back to the table and that without it the industry would not have generated record deal volume over the past two years. Ebullient stock market performance, an abundance of cheap credit and 21 consecutive quarters of positive “We’ve had more total deal volume and more variety of deal private equity performance have given buyers more flow than we’ve ever had,” said Brent Nicklas, chief executive confidence to bid up for portfolios and bridge the pricing of New York-based Lexington Partners, who estimates that gap with would-be sellers. At the same time, buyers have total deal volume could reach $30 billion in 2014. “Part of more capital than ever to fund transactions, thanks to that is related to pricing perception. You’re not going to have several robust years of secondary fundraising. In 2013 large volume and large discounts at the same time.” GUIDE TO THE SECONDARY MARKET | | 21

Gull, global head of secondary investments at Adams How Would You Classify the Current Market? Street Partners. “What’s for sale are the second- and third- tier names. You’re doing a bunch of work and a lot of it is 100% guesswork on early-stage venture companies that tend to have poor quality syndicates around them.” 32% 53% Buyout stakes reached an average high price of 92% of NAV during the second half of 2013, the first time that average 83% 92% high pricing surpassed 90% of NAV since 2007, according to a pricing report by Cogent Partners. Venture capital funds,

68% by contrast, commanded average high pricing of 80% of NAV during the second half, according to Cogent, although the 47% firm noted that it’s the first time in six years that venture funds 17% have hit that average high pricing level. 8% 0 2014 2013 2012 2007 That said, more secondary firms that do buy venture A buyer’s market A seller’s market interests are paying more than they did a year ago to get

Source: Guide to the Secondary Market, 2014 edition them. Among our survey respondents, 37% indicated they paid more for venture interests this year than they did a year ago, compared with 12% in last year’s survey. By However, plenty of buyers in the survey also expressed contrast, 56% of survey respondents paid more for buyout concern that pricing has gotten overheated. Among survey interests, compared with 38% in last year’s survey. respondents, 69% of buyers said pricing is too high, up from 45% of buyers in last year’s survey and 32% of Pricing for venture stakes may be benefitting from buyers in our 2012 survey. improvements in the performance of underlying venture portfolios because of stronger markets for initial public Executives at several secondary firms say pricing may be offerings and more capital available from later-stage less efficient for the very largest or the very smallest size investors. This year, through March 31, U.S. venture funds portfolios. Small, niche interests in single fund stakes are generated an average net return of nearly 14% to limited less likely to attract the attention of many buyers, while partners, according to Cambridge Associates. only about eight to ten firms have enough capital to underwrite portfolios of $1 billion or more without heavily Overall high pricing may weigh on returns for the latest syndicating the deal to other firms, these buyers said. wave of secondary funds. However, perhaps more noteworthy, 22% of this year’s survey respondents have “It only takes one person to overbid in a situation and ruin lower return expectations for their current funds than they it for the rest of us,” said Brett Gordon, managing director did for prior funds, an increase from last year’s survey. at HarbourVest Partners. “But it’s not like the smaller or even medium-size deals, where 20 to 30 or 50 people “The people who are pricing at these values believe that have money to do a deal.” good times are still ahead of us and that is why they are pricing where they are,” said Mr. Gordon of HarbourVest. Given that there are fewer distressed sellers in the market, “However, it also still feels like they’re underwriting to sellers are perfectly willing to walk away from a deal if the lower returns.” bids they receive don’t meet a certain desired price threshold. Among the survey respondents, 88% have seen a seller walk away from a deal, up slightly from 86% of respondents to a similar survey last year. “Even the Secondary Transactions Are Priced: regulatory pressure that has been placed on financial institutions to essentially rid themselves of these assets is 100% not forcing them to sell in the way that buyers thought they 29% would be forced to sell,” said Tom Bradley, partner at StepStone Group. “It’s been a long, slow unwind.” 3% 55% 64% Buyout portfolios continue to command better pricing than their venture capital peers, as they have for the past several years. Around 11% of buyers in our survey this year 69% 4% paid an amount equal to underlying net asset value for 45% secondary deals involving buyout portfolios, while none of 32% the buyers surveyed paid net asset value or above for 8% venture capital interests. 0 2014* 2013 2012 “The better quality venture names that have done really Too high Too low On average, about right well over the past few years are not for sale,” said Jason *Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2014 edition 22 | | GUIDE TO THE SECONDARY MARKET

Has a Seller Walked Away From In the Past Year, on Average, Did You Pay a Deal Over Price Concerns? Below, Equal or Above NAV for Deals?

12% 14% 11% Below Yes Equal No 88% 86% Above 89% 100%

2014 2013 VC LBO

Source: Guide to the Secondary Market, 2014 edition Source: Guide to the Secondary Market, 2014 edition

That said, the average return that buyers in our survey Several intermediaries said they see firms employing project for their latest funds remained consistent with last some form of leverage in a quarter to one-third of the year’s survey at 19%, while the median expected return deals that they see. Among firms in our survey, 6% had increased slightly to 19% from 18%. used leverage in a deal, compared to none of the firms in last year’s survey.

Debt Makes a Comeback Ardian, for example, employed leverage in the acquisition In the quest to enhance returns or increase bids for deals, of a $1.3 billion portfolio of more than 300 funds from GE more buyers have turned to the debt markets in the past Capital, according to a report in LBO Wire, a daily private 12 months. equity newsletter also published by Dow Jones & Co.

Although the use of third-party debt among secondary But leverage use among secondary buyers may be much buyers fell out of favor immediately following the financial broader than our survey indicates when factoring in crisis of 2008, more firms are levering both individual deals leverage usage at the fund level. Intermediaries and buyers and their funds amid an environment in which credit is alike say the use of credit lines at the fund level is as cheap and private equity cash flow remains strong. prevalent, if not more prevalent, than debt at the deal level.

“Debt has been around for a long time, and it’s been Lexington Partners, for example, secured a $1.025 billion around for secondary buyers who want to use it,” said Mr. line of credit for its newest large secondary fund from a Gordon of HarbourVest. ‘What’s different today is that consortium of banks that included Bank of America Corp., more people are willing to use it and people are willing to Wells Fargo & Co., Lloyds Bank PLC and Citi Private Bank, use it at a higher level.” which acted as administrative agent for the credit facility with a $375 million contribution. The firm is seeking as much as $10 billion for Lexington Capital Partners VIII LP and at press time had raised a little more than half of that amount.

In the Past Year, on Average, Did You The three-year revolving credit facility will be subject to a Pay More for Secondary Deals? one-year extension and is to be used for acquisitions, letters of credit and general fund purposes. LBO VC 100% Meanwhile, Strategic Partners Fund Solutions can borrow an amount of up to 35% of the total size of its newest fund, a term the firm’s team also included in prior funds it raised 80 45% before Blackstone Group bought Strategic Partners from 63% 63% 60 Credit Suisse Group. The firm is targeting $3.5 billion for the fund and at press time had already closed on $1.5 89% billion of that amount. 40 56% Leverage at the fund level gives managers more flexibility 20 38% 37% to finance deals outside a fund’s balance sheet, partly so 12% that later investors don’t benefit from early deals at the 0 expense of investors that signed on earlier in the fund’s life. 2014* 2013 2014* 2013* At the same time, it can boost early returns in a fund, Yes No particularly if early investments out of the fund are already *Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2014 edition producing distributions. GUIDE TO THE SECONDARY MARKET | | 23

“It really depends on how quickly the distributions from the portfolio are going to come, because if you believe Net IRR Expected From Future Funds they will come quickly, you’re more likely to use leverage at the fund level,” said Nigel Dawn, head of the global 20% 19% 19% private capital advisory business at Evercore. “If you think the distributions will be longer dated, then you’re more likely to use the leverage on a transactional basis.” 15

That said, some buyers caution that leverage adds more risk to a portfolio, given that it is often layered on top of portfolio 10 companies that may already carry their share of debt. 5 “If your portfolio doesn’t perform as expected, the leverage will magnify your underperformance, but that 17% 8% may take several years to show up,” said John Wolak, 0 managing director and head of Morgan Stanley Mean (%) Median (%) Alternative Investment Partners. “I think the market will need to start to differentiate between the risks that Is This IRR Higher, Lower or the Same as That different firms are taking.” of Past Funds, on Average?

GPs Take the Reins 4% Heightened competition for deals and a more challenging fundraising environment have prompted general partners to 22% Higher take a more active role in determining who ends up buying Lower their funds. Same 74% In many cases, before a secondary buyer and seller can close a transaction, they must receive consent from the general partner to transfer ownership of the fund stake Source: Guide to the Secondary Market, 2014 edition 24 | | GUIDE TO THE SECONDARY MARKET

being traded. Buyers and intermediaries alike say that as to provide fresh capital for a new fund or new more limited partners reduce the number of private equity investments as part of their purchase of older fund firms in their portfolios, general partners increasingly want portfolios. In this year’s survey, 21% of buyers had a say in who buys the stakes in their funds. backed at least one stapled secondary deal, compared with only 12% of the same group of buyers that backed “Their interest is in making sure that the buyer of their LP such deals in 2012. stake is a high-quality limited partner who can potentially follow on in future funds,” said Mr. Wolak of Morgan Last year, U.K. midmarket firm Baird Capital sold stakes in Stanley Alternative Investment Partners. the firm’s debut fund to Morgan Stanley Alternative Investment Partners and J.P. Morgan Asset Management, The resurgence of GP influence can also be seen in the while also raising additional primary capital for Baird rise of stapled secondary deals, in which buyers agree Capital Partners Europe Fund II LP, the firm’s new fund, according to Private Equity News, a U.K. trade publication of Dow Jones & Co. Jason Gull, global But stapled transactions can also add an extra layer of risk head of secondary “MANY OF to a deal, given that it’s much harder to ascertain how well investments, Adams the general partner will invest capital in the future than it is Street Partners THESE STAPLES to assess the potential of deals the GP has already done. It’s a risk some secondary buyers may be willing to take if it ARE MORE helps them win deals. “Many of these staples are more of a beauty contest than OF A BEAUTY a competitive pricing situation,” said Mr. Gull of Adams Street. “Buyers compete with each other over the amount CONTEST THAN of blind pool capital and terms of the deal given to the GP. The competition tends to be on a basis other than A COMPETITIVE price, and the landscape is rife with minefields. The advantage to the buyer is the ability to write a sizable check. The disadvantages are that there is usually a PRICING reason the GP needs a staple, and the alignment of SITUATION.” incentives is usually not right.” n

Do You Use Debt to Finance Your Secondary Deals?

Yes No

94% 100%

2014 2013

Source: Guide to the Secondary Market, 2014 edition

How Many Stapled Secondaries Did You Do?

4%4% 8% 4% 0 13% 1 2 3 78% 88%

In 2013* In 2012

*Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2014 edition GUIDE TO THE SECONDARY MARKET | | 25

Fund Recaps Gather Steam Despite Challenges

By MICHAEL WURSTHORN market. Even though it’s tough to measure the potential size of the nascent recapitalization market, industry continue to back participants estimate it could grow to between $25 billion Secondary buyers fund recap and $40 billion in total volume. italization deals, supplying general partners with much- needed fresh capital. But despite a growing number of Secondary buyers surveyed by Private Equity Analyst said deals hitting the market, recaps remain tough to pull off. an average of 24% of their deals are driven by fund recapitalizations, the third most popular driver behind Although it may be an extreme example, the ongoing regulatory changes, at 29%, and portfolio management, process around Perseus LLC illustrates some of the which accounted for 40% of transactions. Last year, fund challenges that can plague a recap deal. The Bethesda, recapitalizations were still a newer part of the secondary Md.-based firm hired secondary advisory shop Cogent market and buyers weren’t asked about the deal type. Partners earlier this year to consult on a fresh process after a prior attempt to restructure its funds fell through, said Despite the growth in activity, the number of firms seeking people with knowledge of the situation. fund recaps outnumbers those actually managing to close such deals, underscoring the challenges that continue to Perseus is one of a growing number of private equity firms trouble firms and investors. seeking to buy time with a fund recapitalization. Others that have closed such deals or are currently seeking them Fund recaps are more complex than more typical secondary include U.S. firms J.W. Childs Associates and Aurora sales, partly because additional parties get involved in the Resurgence and European firms GMT Communications discussions. General partners, in most cases, agree to reset Partners and Magnum Capital Industrial Partners. the fund’s economics, such as management fees, while limited partners must decide whether to exit the fund Many secondary buyers say that fund recapitalizations through a sale to a new investor or roll their interests into a represent the next frontier in a rapidly maturing secondary new vehicle at a predetermined valuation. 26 | | GUIDE TO THE SECONDARY MARKET

“There are so many moving parts in all to a trust whose sole beneficiary is his wife, Geryl Pearl, according to Perseus’ registered investment adviser filing of these deals with the various parties with the Securities and Exchange Commission. involved.... The difficulty in all of this is For its part, Perseus is suing the estate for claims related getting consensus across all those people to Mr. Pearl’s “commitment to invest alongside the about a fair price and about the role and investors in the Perseus funds,” and those related to his obligations to repay carried interest distributions that were ongoing incentives for the manager.” made to him with the understanding they would be repaid, according to the registered investment adviser filing. Patrick Knechtli, partner and head of the secondary program at SL Capital Partners Perseus indicated in the filing that if TD Bank were to prevail in its claim against Mr. Pearl’s estate, the firm would be obligated to cover any liabilities to the extent they aren’t Additionally, some transactions, including the one Perseus covered by Mr. Pearl’s estate, Mrs. Pearl, an insurance trust proposed, involve replacing the GP altogether. formed after Mr. Pearl’s death or any of the other defendants.

“There are so many moving parts in all of these deals with Mrs. Pearl’s attorney, Robert Cary of Williams & Connolly the various parties involved,” said Patrick Knechtli, partner LLP, didn’t respond to a request for comment but has said and head of SL Capital Partners’ secondary program. “The in court papers that “Mr. Pearl’s creation and funding of the difficulty in all of this is getting consensus across all those Perseus Trust was not a fraudulent conveyance.” people about a fair price and about the role and ongoing incentives for the manager.” The legal wrangling adds to the challenges Perseus faces, which include poor performance. As of June 30, 2013, Pricing proved to be a primary stumbling block to the Perseus Perseus Partners VII LP, a $602.5 million fund raised in 2006, deal, along with certain aspects of the deal’s proposed generated a net internal rate of return of -22.4%, according to structure, according to several people with knowledge of the the New Mexico Educational Retirement Board, an investor. situation and documents viewed by Private Equity Analyst. Perseus initially sought to recapitalize five of its funds with NewGlobe Capital Partners, a secondary firm partly The Perseus Saga backed by Hamilton Lane, but the steep discounts Perseus’ struggles emerged after the May 2012 death of proposed by the firm – more than 60% to the portfolio’s founder Frank Pearl from lung cancer. Founded in 1995, underlying net asset value – angered investors. the firm raised $1.6 billion in capital across seven funds and backed a number of brand names such as sneaker Pricing wasn’t the only impediment. Another investor in maker Converse Inc. and men’s clothing business Haggar Perseus said he objected to the lack of a broad auction Corp., as well as several life science companies. process, which may have maximized value for limited partners. The investor said he was told that such a process Mr. Pearl’s estate is embroiled in lawsuits, both with banks, would have been too “complicated” due to the ongoing including Toronto Dominion Bank, and with Perseus itself litigation and a number of crossfund investments. In over Mr. Pearl’s move to transfer assets prior to his death addition, no formal adviser was attached to the deal,

Select Fund Recapitalization Deals, 2012-2014

Firm Name Fund Name Original Size (M) Year Secondary Backers (if known) Argan Capital N/A €425 2014 Committed Advisers, Northern Trust Corp. Aurora Resurgence Fund Aurora Resurgence Fund LP $725 2013 AlpInvest Partners Behrman Capital Behrman Capital Fund III LP $1,200 2012 Canada Pension Plan Investment Board, Goldman Sachs Group Inc. Ferrer Freeman & Co. FFC Partners III LP $415 2013 Morgan Stanley Alternative Investment Partners HM Capital Partners/ HM Capital 2006 Sector $830 2013 Canada Pension Plan Investment Board Kainos Capital Performance Fund LP HM Capital Partners/ HM Capital 2006 Sector $830 2013 Landmark Partners Tailwater Capital Performance Fund LP J.W. Childs & Associates J.W. Childs Equity Partners III LP $1,750 2014 Canada Pension Plan Investment Board Magnum Capital Magnum Capital LP €866 Pending N/A Industrial Partners Pareto Project Finance Pareto Worldwide Shipping AS $274 2013 Morgan Stanley Alternative Investment Partners Willis Stein & Co. Willis Stein & Partners III LP $1,800 2012 Vision Capital, Landmark Partners, Pinebridge Investments Sources: Dow Jones Private Equity Analyst, Dow Jones Private Equity News GUIDE TO THE SECONDARY MARKET | | 27

presenting a problem for LPs unsure as to whether Perseus and NewGlobe were valuing the assets correctly, said several people with knowledge of the matter.

Perseus appears to have learned from its mistakes. In February, the firm hired Cogent Partners to advise on a second attempt, people with knowledge of the matter said. Dallas-based Cogent was sounding out potential buyers early on, people said, adding that a deal still may not get done due to the transaction’s complicated nature.

With an adviser, Perseus may stand a better chance at joining firms like J.W. Childs in completing an acquisition.

Without commenting directly on the Perseus transaction, Tjarko Hektor, managing director of AlpInvest Partners’ secondary program, said an adviser in these situations can help parties wade through conflicts of interest and valuations. “As a general partner, given that they are, to some extent, conflicted, having an adviser assist you in the process might be very useful to ensure all the potential conflicts are managed correctly,” Mr. Hektor said.

Canary in a Coal Mine Although Perseus’ fund recap struggles may be extreme, they raise questions about the fate awaiting firms and the companies they back if they fail to strike a deal.

For Perseus, failure to reach a deal would result in a lack of capital that could threaten the firm’s continuing operations. The person close to the firm said that with management “The GP isn’t quite ready to raise the next fund,” he said. fees continuing to drop, Perseus has been forced to cut its “That GP is looking to buy some time [and] further build staff, leaving a smaller team to manage the remaining out their track record through realizations of the existing portfolio. Moreover, Perseus will have little to no fresh portfolio while continuing to make new investments.” capital to invest in the growth of the portfolio companies remaining in its funds, given that the firm has not raised a In September, AlpInvest agreed to buy an anchor stake fund since 2006. held by the California Public Employees’ Retirement System in a 2007 fund managed by Aurora Resurgence, J.W. Childs faced a potential capital crunch as the firm the distressed investment unit of Aurora Capital Group, hadn’t raised a fund since 2002, when it gathered $1.75 according to two people with knowledge of the deal. As billion for a third pool. In 2010, it raised $125 million for a part of the deal, existing investors in Aurora Resurgence special-purpose acquisition company to do a single deal Fund LP were given the option to sell their stakes or to roll and to prove that it could still pursue its strategy. them over into a new fund, added one of the people.

J.W. Childs had been in talks with potential secondary The Aurora Resurgence deal differed from Perseus’ in that buyers before agreeing to a transaction in April led by the the GP required fresh capital and additional time to prove Canada Pension Plan Investment Board. The investment its strategy following changes in leadership, rather than board put up $596 million, including a $119 million needing to enact a complete GP replacement. commitment to a new fund, roughly a quarter of the fund’s $450 million goal. CPPIB is one of the most active fund Even so, others say secondary buyers are likely to continue recap participants. The firm has backed a number of other pursuing trickier restructurings as investors seek ways to deals, including the recapitalization of an HM Capital resolve situations with ailing general partners. Industry vehicle, as well as the firm’s food and consumer products estimates peg the amount of capital managed by struggling team spinout, Kainos Capital. GPs, or so-called “zombie funds,” to be about $100 billion of the $1.5 trillion managed by private equity firms. Meanwhile, AlpInvest’s Mr. Hektor said his firm focuses on GPs unlikely to raise a new fund soon and with portfolios “The [fund restructuring] market is bigger than I having a little room left to grow. Mr. Hektor describes those anticipated,” said Mr. Hektor. “Thinking about it longer opportunities as midlife situations, often occurring in first or term, I expect it could account for a quarter of the broader second funds around the halfway point of their duration. secondary market [volume].” n 28 | | GUIDE TO THE SECONDARY MARKET

More LPs Seek Secondary Deals, but Can They Fly Solo?

Investment Board, Los Angeles County Employees Retirement Association and Teachers’ Retirement System of the State of Illinois were among the institutional investors that have stepped up their secondary investment pace or that have indicated they planned to do so.

Even though they may account for a small proportion of those transacting, LPs made up a disproportionately large percentage of the value of such transactions, said Thomas Liaudet of secondary advisory firm Campbell Lutyens. On a dollar basis, in 2013, institutional investors, including pension funds, insurance companies and sovereign wealth funds, accounted for nearly 50% of the capital put to work in secondary deals. In 2012, it was slightly less than 40%.

The numbers vary year over year, said Mr. Liaudet, and the transactions are largely centered around single stakes, but what is clear is that the portion of capital coming from limited partners in the secondary industry is up from a By HILLARY CANADA decade ago, when 80% of the value of deals was funded by dedicated secondary firms. market heads As the secondary toward a fourth Some LPs, such as China’s State Administration of Foreign year of record volume, secondary firms are finding Exchange, have opted to partner with established secondary themselves battling for deal share not only with each other buyers to underwrite such transactions. SAFE partnered but with institutional investors as well. with Lexington Partners to buy a $2 billion portfolio of private equity stakes from General Motors Co. in 2012. Limited partners are tapping into the secondary market for myriad reasons: increasing exposure to favored managers, The majority of LPs are unlikely to purchase interests on backfilling portfolios with vintages they may have missed the secondary market, but data provider Preqin Ltd. reports during the economic downturn or, in some cases, using roughly 15% of both public and private pension funds and such acquisitions as a launching pad for building a private insurance companies could possibly transact in the market. equity portfolio. However, limitations on staffing and other resources have Although only a small sliver of the LP universe likely will largely steered institutional investors to deals involving execute on such deals, the presence of those LPs in the traditional fund portfolios, said HarbourVest Partners market could fuel an escalating arms race among Managing Director Brett Gordon. secondary buyers. “As big as these guys are, they’re not going to spin a team Nearly 70% of respondents to Dow Jones’s 2014 secondary out of a financial institution, as they don’t have the in-house survey said they are seeing competition from new sources for expertise,” said Mr. Gordon. “That means the traditional deals, up from 52% of firms that responded to a similar survey limited partnership market is going to continue to stay in 2013. Although fund-of-funds managers raising dedicated inflated from a pricing perspective.” secondary pools may have driven some of that competition, recently more buyers point to competition from sovereign Secondary buyers say a lack of staffing and data wealth funds and pension systems. resources to source and evaluate portfolios restricts many typical LPs to all but the most straightforward of “I’m not saying they’re being successful buying, but they’re transactions. For public pensions, there also may be an putting pressure on the Lexingtons and Ardians of the added layer of legal restrictions that prohibit them from world,” said Todd Miller, managing director at secondary acting on such deals. intermediary Cogent Partners. The chief investment officer of one large public pension In the past 12 to 18 months, the California Public fund said the few deals his organization has done came Employees’ Retirement System, Canada Pension Plan primarily from the so-called “right of first refusal.” Such GUIDE TO THE SECONDARY MARKET | | 29

deals emerge when another LP from a fund in which the pension is invested opts to sell down its stake and must Do You See Competition From give other investors in the vehicle a first crack. New Sources for Deals? However, some LPs may struggle with deals that involve more than one or two fund stakes. “For a $300 million [single-fund] interest, there may be a number of bids. But 31% to buy a $700 million portfolio from a financial institution is Yes 52% a lot more complicated,” said Wilson Warren, a partner at 48% No New York-based Lexington Partners. “You don’t have to 69% get far down the list of ‘to-dos’ for the buyer universe to thin out pretty quickly.”

Limited partners keen to build more complex portfolios can 2014 2013 employ the expertise of advisers to help evaluate a portfolio Source: Guide to the Secondary Market, 2014 Edition of stakes and fill in any information gaps. That type of back-and-forth process may prove cumbersome and time consuming, however, two things that don’t bode well in Capital, the food- and beverage-focused buyout firm formed secondary transactions, where time is often of the essence in part by former team members of HM Capital. and competition from many well-capitalized buyers is rife. Mr. Robard said the portfolio currently consists of about One standout among institutional investors in the secondary 60% traditional secondary transactions and 40% direct market is the Canada Pension Plan Investment Board, secondaries, but it is moving toward an even split. according to executives at several secondary firms. The investment board’s 12-person staff and its mandate to Most industry executives anticipate limited partners will deploy as much as $10 billion across secondary deals over restrict their involvement in the industry to striking one-off, the next five years allow it to compete with some of the opportunistic single-stake deals rather than making a largest secondary firms. The investment board also isn’t concerted effort to build out a secondary team such as encumbered by a more typical secondary fund structure that CPPIB or the Abu Dhabi Investment Authority, which hired requires firms to allocate resources to fundraising. former Paul Capital Executive Richard Chow and Emilio Olmos, former director of secondary advisory at UBS AG. “If you look at the economics of the business models of these large LPs, CPPIB is able to hire good people and a “At the end of the day, it’s about access to information,” said lot of what they do institutionally is direct investing,” said Mr. Liaudet of Campbell Lutyens. “Having the right staff and a secondary executive at one fund-of-funds manager. qualifications, and retaining them, is challenging.” n “Yann Robard [a vice president who heads secondaries operations at CPPIB] is a valid competitor. I don’t see –Laura Kreutzer contributed to this article. him as a nontraditional buyer. He’s got an ability to do the diligence and structure the price necessary to be a sophisticated buyer.”

Since its inception in 2007, the CPPIB secondary team Select Institutional Investors Building led by Mr. Robard has deployed $6 billion buying Direct Secondary Programs portfolios and through what it calls “direct secondaries.” Abu Dhabi Investment Authority Through that direct secondary component, the pension California Public Employees’ fund has been pioneering what it calls “portfolio liquidity Retirement System solutions,” but which are also known as general partner restructurings or recapitalizations. CPPIB has underwritten Canada Pension Plan several of these transactions, including a 2012 refinancing Investment Board of a fund portfolio managed by Behrman Capital. Most China Investment Corp. recently, the investment board dedicated $477 million to give limited partners the chance to cash out of J.W. Child GIC Special Investments Pte. Associates’ 2002-vintage fund and committed a further $119 million to the Boston buyout firm’s next fund. Los Angeles County Employees Retirement Association In addition to the portfolio liquidity solutions, the direct Teachers’ Retirement System secondary portion of CPPIB’s secondary portfolio finances of the State of Illinois the formation of new teams from older firms as they set up independent entities. In 2013, the board bought stakes in QIC Ltd. older funds raised by HM Capital and also provided an Virginia Retirement System anchor commitment to a debut fund raised by Kainos 30 | | GUIDE TO THE SECONDARY MARKET

Secondary Buyers Bet Slow Growth in Asia Will Drive More Deals

He declined to say how much Pantheon allocates to Asian secondaries, but international firms typically dedicate 10% to 20% of their global allocation to Asia.

In February 2013, for example, Asia Growth Capital Advisors, HarbourVest and Axiom Asia Private Capital bought a portfolio of Asian private equity investments from Credit Suisse Group. At that time, in a statement released by Asia Growth Capital, HarbourVest Principal Tim Flower said that “we see a significant opportunity to acquire, restructure and support existing private equity portfolios in India and Southeast Asia.”

Pantheon’s Mr. Wilmerding says he believes there will be an increase in fund recapitalizations and spinouts, particularly from India, and, to “some degree,” China.

By SONJA CHEUNG Fund recaps allow secondary buyers to acquire all or some of an LP’s interest, while still backing the existing fund secondary market recently has management team. In a spinout scenario, a secondary The Asian unearthed richer pickings for global sponsor purchases a subset of assets from a fund and buyers after years of lackluster deal flow. These days, some brings with it the team that has been managing those of the world’s biggest secondary specialists are preparing assets, or as in a second strategy commonly referred to as a to allocate more capital to Asia. “GP for hire,” a secondary buyer can acquire a pool of assets and bring in a new team to manage it. Global firms like Partners Group, Pantheon and HarbourVest Partners are bullish that Asia’s secondary Such scenarios are becoming more common because LPs deal volume will rise after a few challenging years in the backing China and India funds seek to sell off their interests primary market. Asian private equity has struggled as as GPs targeting deals in those countries – typically small to assets mature and general partners contend with both a midsize ones – sit on maturing portfolio companies that can’t difficult exit environment and a challenging fundraising be offloaded due to fewer initial public offerings. market. These forces, combined with softening economic growth, all stand to drive more secondary deals. In addition, slower than expected economic growth in both these countries has hindered portfolio companies’ Data on secondary deal flow in Asia is scant, given that expansion, which ultimately dents general partners’ ability the market is still in its infancy. However, one secondary to achieve higher returns. “Headline slowdown in China is specialist said $4 billion to $4.5 billion worth of Asian creating [buying] opportunities,” said Adam Howarth, assets traded last year. The specialist forecasts up to a Partners Group’s co-head of private equity secondaries. Mr. 50% rise in assets hitting the market this year. Howarth confirmed the Swiss firm will increase its exposure to Asian secondaries but declined to say by how much. Asia Potential deal volume stands to grow as more funds raised accounts for 10% of Partners’ current global portfolio. during boom years mature. Between 2004 and 2007, Asian private equity funds attracted some $180 billion in Still, a few secondary buyers say they are approaching capital, according to data provider Preqin Ltd. growth markets in Asia, particularly India, with caution. “There’s an enormous amount of private equity assets Although Japan and Australia historically drove deals in stranded in India, but the quality is very spotty,” said John Asia, industry experts now say they expect to see more Wolak, a managing director with Morgan Stanley fund interests or assets from India and China. “We have Alternative Investment Partners. “A lot of money was raised noted an increase in limited partners’ interests for sale going back five to 10 years, and it’s not clear when these in pockets of Asian growth markets. As more time companies will be sold. You’d have to be looking at pretty passes and as portfolios age, investors look for substantial discounts to compensate for a myriad of risks liquidity,” said Alex Wilmerding, a principal with and a comparatively longer holding period.” n Pantheon, which has $6 billion in secondary assets under management. –Laura Kreutzer contributed to this article. GUIDE TO THE SECONDARY MARKET | | 31

The Rise and Fall of Paul Capital

By ALEC MACFARLANE

Paul Capital, a San Francisco firm that In 1998, had carved out a reputable niche for itself as a pioneer in the market for buying secondhand private equity interests, struck a deal with the fledgling private equity arm of French insurer AXA SA to source deals in the U.S. and Europe.

The partnership was a coup for AXA, which had just launched its private equity fund-of-funds business and wanted to learn how it could make money from the complex yet lucrative secondary market. The relationship ended in 2004. But 10 years later, just as AXA has raised $9 billion for a series of secondary funds, Paul Capital is preparing for a closure of a different kind. Decision-making processes for new investments at Paul Capital were based on the consensus of a large number of people, In March, the firm told its investors it was winding down its said two former employees. By contrast, firms with fewer portfolio and closing all but one of its offices following the decision makers can often move more quickly on investments. collapse of a planned sale process, which the firm launched last year after it struggled toward a $2 billion target for its Paul Capital also suffered from some problematic deals. 10th fund. Paul Capital declined to comment for this article. These included the 2008 take-private of Macquarie Capital Alliance Group, the buyout arm of Macquarie Group. Yellow Paul Capital’s descent from mentor to a casualty of the pages group European Directories SA, one of MCAG’s postcrisis era appears to be as much a tale of the evolution of biggest investments, was taken over by lenders in 2010 the secondary market as it is about the firm itself. after struggling to compete with search engines. In 2008, Paul Capital also backed Russian buyout firm Marshall “Fundraisings for secondary firms are a microcosm of Capital Partners alongside AXA Private Equity, now known what’s happening in the broader private equity industry in as Ardian. It was reported later that AXA had complained to general,” said Adam Turtle, a partner at private equity Russian authorities about founder Konstantin Malofeev’s advisory firm Rede Partners. “If you look at the number of handling of the investment. Russian firm Aton later bought funds raised from 2012 to 2013, you see an increase in out the pair’s investment, after which they reportedly amounts overall raised and a decrease in the number of withdrew their complaints. A spokeswoman for Aton managers that received that capital. Investors have money, confirmed the purchase but declined to comment further. A but the winners get more of it.” spokesman for Ardian declined to comment. Marshall did not respond to a request for comment. Founded in 1991 by long-time venture capitalist Philip Paul, Paul Capital expanded to become one of the market’s most Both of these deals were made through Paul Capital’s respected investors, with close to $7 billion in assets. It ninth fund, which was generating a net cash multiple of gained a reputation for its appetite for some of the more 1.2-times cost and a net internal rate of return of 5% as of complex deals that the secondary market had to offer, such the third quarter of 2013, according to the San Diego as spinouts and fund restructurings. County Employees Retirement Association, an investor. This puts it in the bottom quartile for secondary funds of its The years from 2006 until the economic downturn were a vintage, according to data provider Preqin Ltd. boom time for such deals, providing firms like Paul Capital with many opportunities. However, industry figures said the true One fund manager said a secondary fund was supposed growth of the secondary market that occurred between the to minimize the J-curve – the name given to the tendency downturn and the second half of 2012 was attributable to the for buyout funds to deliver negative returns in their first few rise in more typical sales of buyout fund portfolios, a market in years before generating gains – and provide solid returns which Paul Capital was never particularly active. of between 1.5- and 1.7-times cost and internal rates of return of between 15% and 20%. One adviser said the market in recent years had divided into larger players capable of writing billion-dollar checks “If it doesn’t do that, then why are you investing with a for fund portfolios and smaller, more nimble players secondary fund?” he added. “You might as well invest in a capable of doing niche transactions. According to the fund of funds or in fund managers directly yourself.” n adviser, Paul Capital was in the middle and struggled to differentiate itself from competitors. –With additional reporting by Michael Wursthorn BE SEEN IN ALL IN THE RIGHT PLACES.

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Nasdaq Takes Aim at Secondaries Market

By YULIYA CHERNOVA NPM’s Menu for secondary shares of private The market companies has seen a lot of ups Services offered by Nasdaq Private Market include: and downs. As it appears to be stabilizing now, a new entrant, Private Placements Nasdaq Private Market, hopes to facilitate more transactions. Connecting with investors online, enabling them to close financings quickly A joint venture between Nasdaq OMX Group Inc. and privately held SharesPost, Nasdaq Private Market opened Structured Liquidity Programs for business in March with the goal of helping growth-stage Holding block sales of employee and other companies find either primary investors or secondary buyers shares to select buyers for the shares owned by early investors and employees. Investor Connections Finding institutional buyers Registered broker-dealers that bring in buyers can access the Nasdaq marketplace and interact with companies that Cap Table Management might have shares for sale. Keeping records of shareholders and stock transactions Stock Plan Administration “It is early days yet, and while we cannot change the world in Managing stock grants and stock exercises, seven days, we are very encouraged by the robust pipeline of as well as regulatory reporting quality companies engaged with us, and we are very close to Transaction Processing launching our very first liquidity program, truly an historic Archiving documents, using tools like e-signature event,” said Bob Greifeld, chief executive of Nasdaq OMX, and others for closing transactions during an April 24 conference call with analysts.

A Nasdaq spokesman declined to say how many companies But after the company’s IPO, which disappointed some late have listed on NPM. One startup that announced it is listing buyers, secondary sales on online exchanges cooled down. its shares for purchase via NPM is social-mobile photo Many companies realized that the Facebook experiment sharing company mobli Media Inc., based in Tel Aviv. So far, wasn’t optimal and sought to exercise greater control over five broker-dealers have registered on the NPM website. how, when and where their shares could exchange hands.

Brokers do not pay Nasdaq to register. However, Nasdaq Those moves restricted the open activity, and forced takes part of the total commission brokers receive from SecondMarket and SharesPost to adjust. SecondMarket transactions that result from deals listed on the marketplace. started helping companies that wanted to host organized Nasdaq Private Market also charges companies fees for the resales of secondary shares. Such liquidity programs often services they partake in, such as when Nasdaq manages a allow both employees that have stock options as well as liquidity program for a company. early-stage venture investors to sell some of their shares in bulk. Institutional investors often serve as the buyers in Nasdaq’s offering comes at a time when several other such transactions. Nasdaq Private Market is also planning ventures are trying to create new ways of connecting to facilitate such liquidity programs. secondary buyers and sellers of stock. One example is marketplace platform EquityZen, which buys the rights to the Unlike the old SharesPost, Nasdaq Private Market gives value of stock options owned by employees. When a companies full control over what information is made company goes public or is sold, an employee cashes in her available about them and their offerings. That’s a key point stock options and passes the cash to the secondary buyer. for companies, which prefer control over how their shares Another recent entrant, Equidate Inc., also acquires the are traded and who gets information about them, after the rights to the value of stock options held by employees. prior version of the SharesPost online exchange revealed at times more information than they would have liked. Nasdaq Private Market is an iteration on the models Another difference between SharesPost’s prior version and attempted by companies like SharesPost and NPM is that SharesPost acted as the only broker-dealer SecondMarket Holdings Inc. a few years ago. facilitating transactions. NPM is a broader market, where various broker-dealers are invited to take part. These companies created popular online trading platforms that catered to individual buyers and sellers of secondary Mr. Greifeld said during the call that the driver behind the shares. Activity peaked in the months leading to the initial launch of the market was Nasdaq’s mission to “be a public offering of Facebook Inc., when many former partner and advocate for our customers, and particularly, employees found ready buyers for their shares on these the innovative companies who need access to capital to online exchanges. grow their franchises.” n 34 | | GUIDE TO THE SECONDARY MARKET

Secondaries Reap Rewards of Boom Era Deals

By DAVID SMAGALLA opportunities emerging from the financial crisis that followed and now may be reaping the rewards. much of the private equity market, secondary funds Like continued to return significant amounts of cash to As always, one caveat to this report is that our data investors in 2013, according to a sample of performance data sample is too small to draw any definitive conclusions from several large public pension funds. about the state of the secondary market and does not include many smaller secondary funds, which typically Secondary pools raised during the private equity boom of don’t receive capital from large public pension fund the last decade dominated the list of firms returning the managers. most money to investors, largely attributable to ongoing public market strength driving a wave of exits. Coller Capital, which spent the last few years picking up portfolios from banks divesting their private equity In addition, funds raised during the boom years – assets, topped our sample of firms returning money to especially in 2007 – likely were able to capitalize on its limited partners. Coller International Partners V LP,

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 9/30/13 9/30/12 9/30/13 9/30/12 Coller Capital Coller International Partners III LP/1999 LP Secondaries Global $100.0 $100.9 $1.0 $143.3 $142.3 13.90 13.90 0.00 Coller Capital Coller International Partners V LP/2006 LP Secondaries Global $375.0 $309.2 $22.3 $149.2 $126.9 7.50 6.80 0.70 Lexington Partners Lexington Capital Partners II LP/1998 LP Secondaries U.S. $150.0 $148.3 $2.9 $192.1 $189.2 8.20 8.20 0.00 Lexington Partners Lexington Capital Partners III LP/1999 LP Secondaries U.S. $100.0 $98.6 $1.6 $119.3 $117.7 8.70 8.70 0.00 Lexington Partners Lexington Capital Partners IV LP/2000 LP Secondaries Global $100.0 $98.1 $2.2 $167.4 $165.2 19.20 19.20 0.00 Lexington Partners Lexington Middle Market Investors LP/2005 LP Secondaries U.S. $50.0 $49.0 $9.7 $43.2 $33.5 11.20 10.80 0.40 W Capital Partners W Capital Partners LP/2003 Secondary Direct/Portfolio U.S. $25.0 $25.5 $0.7 $16.7 $16.0 -4.60 -3.30 -1.30 W Capital Partners W Capital Partners II LP/2007 Secondary Direct/Portfolio U.S. $141.1 $125.7 $17.4 $107.1 $89.7 14.40 16.8 -2.40 California State Teachers’ Retirement System 9/30/13 9/30/12 9/30/13 9/30/12 Paul Capital Paul Capital Partners VIII LP/2004 LP Secondaries U.S. $50.0 $49.3 $4.3 $47.0 $42.7 8.68 8.83 -0.15 Fondinvest Capital Fondinvest VI/2002 LP Secondaries Global $29.6 $28.3 $1.5 $49.5 $48.0 23.77 23.83 -0.06 Coller Capital Coller International Partners VI LP/2011 LP Secondaries Global $100.0 $24.3 $0.3 $0.8 $0.5 37.16 63.37 -26.21 Montana Board of Investments 6/30/13 6/30/12 6/30/13 6/30/12 Adams Street Partners Adams Street Global Oppty Secondary Fund/2003 LP Secondaries Global $25.0 $19.9 $3.9 $21.6 $17.7 11.25 11.82 -0.57 Lexington Partners Lexington Capital Partners V LP/2001 LP Secondaries Global $50.0 $47.0 $3.7 $72.2 $68.5 18.45 18.88 -0.43 Lexington Partners Lexington Capital Partners VI LP/2005 LP Secondaries Global $50.0 $46.0 $8.7 $29.2 $20.5 6.02 5.11 0.91 Lexington Partners Lexington Middle Market Investors II LP/2008 LP Secondaries U.S. $10.0 $6.7 $1.4 $2.5 $1.1 14.27 15.11 -0.84 HarbourVest Partners Dover Street VII LP/2008 LP Secondaries Global $20.0 $17.2 $2.1 $5.4 $3.3 12.82 15.55 -2.73 Lexington Partners Lexington Capital Partners VII LP/2008 LP Secondaries Global $45.0 $26.6 $5.4 $8.6 $3.2 19.93 23.07 -3.14 Industry Ventures Industry Ventures Fund IV/2005 Secondary Direct/Portfolio U.S. $10.0 $9.2 $2.1 $7.7 $5.6 4.54 6.76 -2.22 Portfolio Advisors Portfolio Advisors Secondary Fund LP/2008 Secondary Direct/Portfolio Global $15.0 $11.7 $2.3 $4.5 $2.2 18.25 23.35 -5.10 New Jersey State Investment Council 12/31/13 12/31/12 12/31/13 12/31/12 Partners Group Partners Group Secondary 2006 LP/2006 LP Secondaries Global $52.7 $53.0 $6.4 $40.9 $34.6 N/A N/A N/A Neuberger Berman NB Secondary Opportunities Fund II LP/2007 LP Secondaries U.S. $100.0 $89.3 $18.4 $65.2 $46.9 N/A N/A N/A Partners Group Partners Group Secondary 2008 LP/2007 LP Secondaries Global $72.2 $67.5 $16.1 $33.0 $16.9 N/A N/A N/A Oregon State Treasury 9/30/13 9/30/12 9/30/13 9/30/12 Coller Capital Coller International Partners IV LP/2002 LP Secondaries Global $50.0 $44.5 $1.9 $52.1 $50.2 13.30 14.10 -0.80 Montauk TriGuard Montauk TriGuard Fund III LP/2005 LP Secondaries U.S. $50.0 $45.5 $4.1 $39.8 $35.7 5.80 6.40 -0.60 Montauk TriGuard Montauk TriGuard Fund IV LP/2008 LP Secondaries U.S. $75.0 $57.8 $10.0 $33.0 $23.0 16.70 19.80 -3.10 Montauk TriGuard Montauk TriGuard Fund V LP/2011 LP Secondaries U.S. $75.0 $23.3 $4.6 $5.2 $0.6 N/A N/A N/A University of Texas Investment Management Co. 8/31/13 8/31/12 8/31/13 8/31/12 Pomona Capital Pomona Capital V LP/2000 LP Secondaries U.S. $25.0 $24.8 $0.8 $31.5 $30.7 12.60 13.00 -0.40 Pomona Capital Pomona Capital VI LP/2004 LP Secondaries U.S. $40.0 $35.6 $4.0 $22.7 $18.7 5.50 5.90 -0.40 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 | | 35

which closed in 2007 at $4.8 billion, returned $22.3 million to the California Public Employees’ Retirement Private Equity Performance Over Time System for the year ended Sept. 30, 2013, according to a private equity performance report. 30% 26.14 Another Coller fund, Coller International Partners VI LP, 25 which closed on $5.5 billion in 2012, returned $0.3 19.79 19.34 20 million to the California State Teachers’ Retirement 16.34 14.73 18.66 16.27 System in the year ended Sept. 30, 2013, registering a 15 14.38 14.21 15.09 11.38 11.98 13.95 37.16% internal rate of return, a drop from a 63.37% IRR 12.94 10.02 11.68 10 11.45 12.27 the year before, according to Calstrs data. Meanwhile, 8.58 6.46 8.43 Portfolio Advisors Secondary Fund LP, which closed on 5.73 6.76 7.51 7.57 5.33 5 5.25 $1.1 billion in late 2009, returned $2.3 million to the 3.47 Montana Board of Investments in the year ending June 0 3Q13 YTD 1-year 3-year 5-year 10-year 15-year 30, 2013, and tallied a net IRR of 18.25%, a 5.10 percentage point decline from a 23.35% IRR the year before. These two funds illustrate how early distributions U.S. Buyout and U.S. Venture Secondary S&P 500 can bolster a secondary fund’s IRR early in its life, but Growth Equity Funds Funds Funds often these pools see an IRR decline over time. n Performance represents end-to-end pooled mean return, net to limited partners. Source: Cambridge Associates

SPONSORED ARTICLE GP-Led Fund Restructurings and Recapitalizations: A Growing Market Solution By Brian Mooney of Cogent Partners

General partner-led fund restructuring and recapitalization Structuring a successful deal requires a full understanding of transactions have become an increasingly prominent part of the the universe of investors looking to participate in GP-led overall secondary market and institutional investor landscape. A transactions. Although dedicated secondary buyers are very series of successful deals, including those for Behrman Capital, active in these transactions and can play an important role, an Willis Stein & Partners and HM Capital Partners, demonstrates increasing number of traditional primary investors continue to that while each situation has unique attributes, if structured enter the market as well. properly, these transactions can provide important benefits to existing limited partners and general partners and represent Optionality for Existing Limited Partners The objectives, attractive investment opportunities for new investors. needs and investment horizons among LPs vary dramatically. Understanding the motivations of a fund’s existing LP base and its desire for liquidity is generally the most critical Win-Win-Win Situation Required component of a successful fund restructuring or Successful GP-led transactions must provide demonstrable recapitalization. As such, GP-led transactions should be value to all parties involved, including: tailored to provide existing LPs with an option set ranging from full and final liquidity to maintaining an ongoing Existing Limited Partners GP-led transactions, designed investment. With the proper set of options for existing LPs, correctly, provide existing LPs with a set of options that otherwise these transactions are much more likely to be viewed would not exist or would exist at less attractive terms. In particular, favorably and supported by existing LPs. GP-led transactions can provide liquidity to existing LPs at a price meaningfully higher than what is offered by the regular secondary Conflict Management Although these transactions should market. These transactions facilitate greater transparency for new provide a benefit to all parties involved, typically the GP is in a investors, realign GP/LP interests and reduce overall fund- and conflicted position, given the potential for reset incentives, fund GP-level uncertainty. For existing LPs that choose to maintain term extensions and/or raising fresh capital. Increasingly, LPs their investment post-transaction, they do so with a GP that has are demanding the involvement of an experienced adviser to better future prospects resulting from the new structure. help evaluate all viable options and to validate pricing via a competitive process. General Partners For general partners, these transactions provide an opportunity to achieve a range of potential objectives, including a longer time horizon in which to Growing Market Sector maximize value, reset incentives, a new roster of LP There have been over $7.5 billion in GP-led transactions relationships and, in certain circumstances, fresh capital. during the past two years and we expect both the number of transactions and the deal volume in this part of the secondary New Investors For new investors, GP-led transactions offer a market to grow substantially. differentiated way to deploy capital, compared with typical secondary investment opportunities. They enable new As this segment of the secondary market grows and as more investors to invest with full GP-alignment and with greater GP-led transactions are completed successfully, the fund- or asset transparency. GP-specific issues addressed and the creative solutions employed will continue to expand and evolve.

Key Drivers for Successful Transactions Although the form and structure of these transactions may In achieving the required win-win-win outcome, the key change, ultimately they will continue to represent a viable elements of a successful GP-led transaction include: option for many GPs focused on providing a win-win-win solution for all parties involved. Clear Rationale GP-led transactions are often complex, time consuming and resource intensive. The rationale for a transaction must be clear and easily articulated to garner interest from potential new investors and support from existing Brian Mooney is a founder and managing LPs. Typical rationales for GP-led transactions that are most director of Cogent Partners and has over easily supportable include multiyear fund life extension needs 14 years of secondary market experience. and/or additional capital requirements to maximize value. Mr. Mooney focuses on advising fund managers and large institutional investors Thoughtful Upfront Evaluation of Options No two fund- or on fund and portfolio restructuring GP-specific situations are identical. As a result, there are a transactions. Prior to Cogent, Mr. Mooney broad range of issues GPs must consider before embarking was part of the investment team at the on a potential deal. The optimal structure and strategy can Crossroads Group (now part of NB Private Equity Partners/ only be identified through a deep understanding of potential Neuberger Berman), where he focused on secondary market pricing, process options, likely LP support and acquisitions as well as primary and equity co-investments. potential counterparties. GUIDE TO THE SECONDARY MARKET | | 37

SPONSORED ARTICLE Discount to Net Asset Value: A Key Factor to Producing High Returns? By Charles Soulignac of Fondinvest Capital

Over the past two years, secondary pricing for private equity to NAV is necessary if investors want to obtain strong returns. funds has trended upward, reflecting improving market In the table below, we illustrate how performance can vary conditions and more competitive deal processes, particularly for depending on the average level of discount applied to our larger transactions. Although buyout funds received an average sample of funds. price of 84% of their net asset value in 2012, deals are being done at an average price of 92% of NAV, according to Cogent Partners’ Secondary Market Trends & Outlook, January 2014. How Discounts to NAV Affect Performance Avg. Disc. For investors, the opportunity to purchase assets at a discount to to NAV -10% -5% 0% 5% 10% 15% 20% 25% 30% NAV constitutes one of the main benefits of buying fund interests Avg. Total Value Paid In on the secondary market as it mathematically offers additional 1.30x 1.36x 1.41x 1.48x 1.55x 1.62x 1.70x 1.80x 1.90x value creation. But now that discounts have narrowed, can invest Avg. IRR 8.9% 10.7% 12.6% 14.8% 17.2% 20.1% 23.4% 27.3% 31.8% ors still expect high returns from their secondary investments? Note: A negative discount corresponds to a premium to NAV. Source: Fondinvest Capital

Deeper discounts to NAV do not Discounts are attractive, but in-depth analysis necessarily offer higher returns is required for successful secondary investments

To assess whether performance is related to the amount of The pricing and discounting of a transaction result from a discount to NAV, we have conducted an extensive analysis of careful analysis of the underlying assets in terms of exit timing about 90 secondary investments completed by Fondinvest and expected investment gains, taking into account the Capital since 1994 (i.e., later-stage fund interests that are performance expected by investors in the secondary funds. realized/almost realized). Although this sample only includes But we at Fondinvest Capital believe that, in addition to the data from Fondinvest, we believe it provides a good indication discount, other issues need to be assessed, including: of secondary player activity across different market cycles. – the quality of the general partner, its ability to consistently deliver top-quartile returns and its Global Discount vs. IRR determination to generate liquidity for investors (Correlation coef cient: 0.23) – the quality of the underlying portfolio companies and their upside potential for sustaining the expected 200% level of performance – the valuation policy of the general partner (either 150% aggressive or conservative) – the actual reasons motivating the disposal 100%

IRR Investors should also keep in mind that a discount to NAV is an 50% instantaneous indicator (i.e., calculated at the time of the acquisition), and adjusted according to the maturity of the fund and the amount of risk taken. Therefore, funds with low levels of 0% -20% 0 20% 40% 60% 80% 100% funded commitments or with riskier investment strategies (like venture capital) should generally be traded at larger discounts. -50% Discount All these elements indicate that determining secondary Sample size: 91 later-stage fund interests acquired between 1994 and 2007 by Fondinvest II, Fondinvest IV and performance is not just a matter of discounts but also require Fondinvest VI. Data as of 9/30/13. Source: Fondinvest Capital. long-term expertise in the private equity sector. Through the application of statistical regression techniques, we can see that a positive correlation exists between discounts to NAV and fund performance (i.e., the two variables move in the Charles Soulignac is the founder and same direction). This correlation, however, is considered a weak managing partner of Fondinvest Capital. one and not certain enough to be useful for making predictions. He started the firm’s secondaries This weakness of this correlation is reflected by the dispersion of business in 1994. Prior to this, he spent performance obtained for the same level of discount. five years managing investments in private equity funds and direct equity A minimum discount level is required investments for CDC Participations. He to outperform the market also has previous experience in industry (Potain), consulting (Maynard) and finance (Bred). Even if a strong correlation between the two variables cannot Reach him at [email protected]. be demonstrated, there’s no doubt a minimum level of discount REWARDS, NOT RISK

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SPONSORED ARTICLE 2014 Secondary Market Valuation Trends and Outlook Highlights for Private Funds and Companies World-Wide NYPPEX Holdings LLC

NYPPEX Holdings LLC estimates that in 2013, secondary companies world-wide, at approximately 24%, followed by transaction volume* in private equity, real estate and hedge energy and natural resources at 18% and consumer non- funds world-wide (together known as private funds) declined cyclicals at 15%. approximately 7.2% to $24.5 billion. For 2014, NYPPEX projects that secondary transaction This was due primarily to a lack of supply as many limited volume in private companies world-wide will increase partners elected to delay sales because net cash distributions approximately 56% to $19.3 billion, driven by private equity (i.e., distributions minus capital calls) remained strong and firm exits and institutions that will increase their target financial organizations were waiting a second year for the allocations to secondary direct investments in search of final Volcker rule. higher returns.

Buyout funds comprised the largest segment of secondary NYPPEX estimates that in 2013, tail-end funds – which volume in private funds world-wide, at approximately 46%, NYPPEX defines as those private equity funds either nine followed by real estate funds at 16% and funds of funds at 9%. years of age or older or having 30% or less remaining unrealized value as a percentage of commitments – made up For secondary transactions in private funds executed at approximately 26%, or $6.46 billion, of total secondary NYPPEX during 2013, the average capital called percentage transaction volume in private funds world-wide, compared declined to 87.7%, while the average vintage year was 2001 with 14% in 2012. and the average offer period (i.e., the period from the launch date to the date of the buyer’s letter of intent) was 17.7 days. The primary driver of this trend is a more disciplined approach to managing costs and improving operational efficiencies by For 2014, NYPPEX projects secondary transaction volume in both limited partners and general partners. private funds world-wide will increase by approximately 34% to $32.8 billion. We predict one driver of transaction volume will Although $6.46 billion in tail-end fund secondary volume in be a greater supply of secondary assets from financial 2013 may be considered significant, NYPPEX estimates that it organizations, which have until July 2015 to divest private represented less than 1% of the approximate $1.6 trillion in equity and hedge funds as required under the Volcker rule, as total unrealized value of tail-end funds world-wide. well as from private fund restructurings, spinouts and fund divestitures and from institutions that delayed sales in 2013. In 2014, NYPPEX projects tail-end fund secondary volume could approach a 2% turnover rate, or $32 billion (i.e., 2% times We predict transaction volume will also be driven by investors’ $1.6 trillion), which supports our view that secondary transaction desire to deploy approximately $41 billion in estimated liquidity volume may significantly increase in the coming years. (i.e., dry powder at secondary funds and allocations available at limited partners for secondary investments). NYPPEX has specialized in advising on tail-end fund divestitures since 2003. Our experience is that secondary NYPPEX estimates that secondary transaction volume in buyers categorize and price tail-end funds as either having private companies during 2013 increased approximately 51% positive, flat or declining distributions and/or net asset values. to $12.4 billion world-wide, driven by private equity firms’ exits and institutions increasing their target allocations for secondary Optimal price executions in tail-end funds are generally a direct investments in search of higher returns. function of insightful due diligence with underlying general partners to identify hidden value, providing scenario return NYPPEX estimates that private companies with analytics to prospective buyers lacking time to model portfolios headquarters in North America comprised the largest and a proactive marketing approach with established percentage of secondary direct volume, at approximately relationships worldwide. 45%, followed by Western Europe at 28% and the Asia- Pacific region at 15%. We believe Western European volume should have been higher in 2013; however, European company valuations were low and sellers were Contributing authors from NYPPEX Holdings were reluctant to part with their holdings. Laurence G. Allen, Reenu Bhatia, Dexter B. Blake III, Justin Y. Ding, Kyle R. Ekstrom, Stephen J. LaPerla, We estimate that the technology sector comprised the Dan Z. Maymin and Michael A.B. Orr. largest percentage of secondary volume in private

*Secondary volume in private funds is defined as exposure, or gross cash proceeds plus uncalled commitment amounts transferred. 40 | | GUIDE TO THE SECONDARY MARKET

Secondary Market Buyer Listings

Overview Central Court, 25 Southampton Buildings Abbott Capital London WC2A IAL U.K. Total secondary assets under management Phone: 44-20-3178-8694 Management $650 million Eteläesplanadi 12 1290 Ave. of the Americas, Ninth Floor Helsinki 130 Finland New York, NY 10104 Investment criteria Phone: 358-9-6877-0700 Phone: 212-757-2700 Minimum investment $5 million Fax: 358-9-6877-0799 Fax: 212-757-0835 www.abbottcapital.com Maximum investment $25 million Ludwig-Ganghofer-Strasse 6 Grünwald 82031 Germany Branch offices Participation in syndicates? Yes Phone: 49-89-6938-6228 53 Davies St. Fax: 49-89-6938-6228-9 London W1K 5JH U.K. Secondary directs Does your firm also participate in One Royal Plaza, Royal Ave. Key personnel secondary direct activities? No St Peter Port, Guernsey GY1 2HL Martha Cassidy, Director Channel Islands [email protected] Phone: 44-14-8171-3843 Meredith Rerisi, Managing Director Abu Dhabi Investment Key personnel [email protected] Authority Dominique Peninon, Chairman Overview 211 Corniche Road, P.O. Box 3600 Agnès Nahum, Managing Partner Abu Dhabi, UAE Total secondary assets under management Phone: 971-2-415-0000 Philippe Poggioli, Managing Partner $100 million-$150 million Fax: 971-2-415-1000 Alexandre Delos, Partner, Buyouts 2012 secondary capital invested www.adia.ae $75.4 million Mikko Moilanen, Partner & Key personnel Managing Director, Access Finland 2013 secondary capital invested Mohammed Anwer Farooqi, Head, $0 Secondaries & Private Debt Frédéric Evain, Partner, Buyouts [email protected] Capital investment plans in 2014 Aymeric Paul, Partner, Infrastructure Richard Chow, Portfolio Manager, $100 million-$150 million Martial Lauby, Partner, Private Debt Secondaries Transaction value of largest deal [email protected] Cécile Croissant, Partner, closed in 2013 N/A Investor Relations & Communication Richard Holden, Portfolio Manager, Credit [email protected] Investment criteria Investment criteria Minimum investment $1 million Emilio Olmos, Portfolio Manager, Participation in syndicates? No Secondaries Maximum investment $100 million [email protected] Participation in syndicates? Yes Accretive Capital Investment criteria Partners Secondary directs Minimum investment $50 million 777 S. Flagler Drive, Suite 800 W. Does your firm also participate in Participation in syndicates? Yes secondary direct activities? No West Palm Beach, FL 33401 Phone: 561-894-1146 Access Capital Partners Fax: 561-894-1151 Aberdeen SVG www.accretiveexit.com Private Equity 121 ave. des Champs Elysées Key personnel Paris 75008 France Edwin Wang, Senior Managing Director 1735 Market St., 32nd Floor Phone: 33-1-56-43-61-00 [email protected] Philadelphia, PA 19103 Fax: 33-1-56-43-61-01 Phone: 215-405-5628 www.access-capital-partners.com Investment criteria www.aberdeensvg.com Branch offices Minimum investment $5 million Key personnel IT Tower, Ave. Louise 480 Marc Bonavitacola, Brussels 1050 Belgium Maximum investment $200 million+ Head of U.S. Private Equity Phone: 32-2-290-87-20 Participation in syndicates? Yes [email protected] Fax: 32-2-290-87-21 GUIDE TO THE SECONDARY MARKET | | 41

Industry preferences The firm prefers to invest in diversified, groups of assets in each transaction. Select Buyers Also Investing in Secondary Directs Although the firm may entertain single company direct transactions, given the Accretive Capital Partners 40 Landmark Partners 50 right situation, it normally prefers to invest Adams Street Partners 41 Lexington Partners 52 in at least three portfolio companies. AlpInvest Partners 42 LGT Capital Partners 52 Secondary directs Apposite Capital 42 MidCoast Capital 53 Does your firm also participate in ARCIS Group 43 Morgan Stanley Alternative secondary direct activities? Yes Investment Partners 53 Ardian 43 Mustang Capital Partners 54 Select institutional backers Auda Private Equity 43 Neuberger Berman 54 HarbourVest Partners BEX Capital 44 Newbury Partners 54 Coller Capital 45 NorgesInvestor 55 ACG Capital Committed Advisors 45 Northern Trust 55 49 Ave. d’Iéna Commonfund Capital 45 Paris 75116 France CPP Investment Board 45 Northleaf Capital Partners 55 Phone: 33-1-53-93-51-51 DB Private Equity 46 Pantheon 56 Fax: 33-1-53-93-51-52 Partners Group 56 www.acg-capital.com Fondinvest Capital 46 [email protected] Fort Washington Capital PEI Funds 57 Partners Group 47 Permal Capital Management 57 Investment criteria Goldman Sachs Group Inc. 47 Pomona Capital 57 Participation in syndicates? Yes Greenspring Associates 47 Portfolio Advisors 58 Sobera Capital 59 Adams Street Partners Hamilton Lane Advisors 47 HarbourVest Partners 48 StepStone Group 59 One North Wacker Drive, Suite 2200 Idinvest Partners 49 Top Tier Capital Partners 60 Chicago, IL 60606 Phone: 312-553-7890 IKE Capital Group 49 VCFA Group 61 Fax: 312-553-7891 Industry Ventures 49 Vintage Investment Partners 61 www.adamsstreetpartners.com J.P. Morgan Asset Management 50 Willowridge Partners 62 Branch offices 75 Davies St., Fourth Floor London W1K 5JN U.K. Phone: 44-20-7659-7700 Jeffrey Akers, Partner Capital investment plans in 2014 Fax: 44-20-7659-7701 [email protected] $500 million 2500 Sand Hill Road, Suite 100 Troy Barnett, Partner Transaction value of largest deal Menlo Park, CA 94025 [email protected] closed in 2013 $50 million Phone: 650-331-4860 Gregory Holden, Partner Fax: 650-331-4861 [email protected] Funds being invested 250 North Bridge Road Adams Street Global Secondary Fund V Pinal Nicum, Partner Size $1,000 million #14-02 Raffles City Tower [email protected] Singapore 179101 Singapore Year Closed 2013 Phone: 65-6303-8730 Joseph Goldrick, Principal Adams Street Partners Fax: 65-6303-8740 jgoldrick@adamsstreetpartners 2012 Global Fund Program 77 Jianguo Road, Level 24 Charlie Denison, Senior Associate Size $213 million Tower Three, China Central Place [email protected] Year closed 2012 Beijing, China Eva Huang, Senior Associate Adams Street Partners Phone: 86-10-8587-2312 [email protected] 2013 Global Fund Program Fax: 86-10-8588-0110 Size $146 million* 1-7-2 Otemachi, Chiyoda-Ku Overview Year closed 2013 Level 27, Tokyo Sankei Building Total secondary assets under management Adams Street Partners Tokyo 100-0004 Japan $4,500 million 2014 Global Fund Program Phone: 81-3-3242-3242 Size $150 million** Fax: 81-3-3242-3246 2012 secondary capital invested Year closed 2014** $428 million Key personnel *Fund size represents the portion of these Jason Gull, Partner, 2013 secondary capital invested programs reported to be invested in Head of Secondary Investments $202 million secondaries. **Estimated. [email protected] 42 | | GUIDE TO THE SECONDARY MARKET

Investment criteria Investment criteria Investment criteria Minimum investment $10 million Minimum investment $0.5 million Minimum investment $5 million Participation in syndicates? Yes Maximum investment $30 million Maximum investment $500 million Participation in syndicates? Yes Participation in syndicates? Yes Secondary directs Does your firm also participate in Secondary directs Secondary directs secondary direct activities? Yes Does your firm also participate in Does your firm also participate in Investment preferences secondary direct activities? No secondary direct activities? Yes Minimum $5 million Investment preferences AlpInvest Partners Minimum $5 million Allianz Capital 630 Fifth Ave., 28th Floor Maximum $1,000 million Partners New York, NY 10111 Phone: 212-332-6270 Theresienstrasse 6-8 Fax: 212-332-6245 Altius Associates Munich 80333 Germany www.alpinvest.com Phone: 49-89-3800-7010 20 Grosvenor Place Fax: 49-89-3800-19436 Key personnel London SW1X 7HN U.K. www.allianzcapitalpartners.com Tjarko Hektor, Managing Director Phone: 44-20-7838-7640 [email protected] [email protected] Fax: 44-20-7838-7699 www.altius-associates.com Wouter Moerel, Managing Director Branch offices [email protected] 1633 Broadway [email protected] Branch offices New York, NY 10105 Christophe Nicolas, Managing Director 6641 W. Broad St., Suite 402 Phone: 212-938-0630 [email protected] Richmond, VA 23230 12 Marina View 14-01 Chris Perriello, Managing Director Phone: 804-282-9000 Singapore 18961 Singapore [email protected] Fax: 804-282-6767 Phone: 65-6395-8602 Michael Hacker, Managing Director #37-06/10, Ocean Financial Centre Key personnel [email protected] Singapore 49315 Singapore Andress Goh, Investment Manager Phone: 65-6232-2980 Philip Viergutz, Principal [email protected] Fax: 65-6232-2888 [email protected] Key personnel Investment criteria Michael Camacho, Principal Elvire Perrin, Partner & Executive Director [email protected] Minimum investment $5 million [email protected] Maximum investment $100 million Garrett Hall, Investment Manager [email protected] Investment criteria Participation in syndicates? Yes Julian Rampelmann, Investment Manager Maximum investment $20 million [email protected] Alpha Associates Participation in syndicates? No Weibe Visser, Investment Manager Talstrasse 1 [email protected] Zurich 8001 Switzerland Apposite Capital Nicole Ying Su, Investment Manager Phone: 41-43-244-3100 [email protected] One Friday St., Bracken House Fax: 41-43-244-3101 London EC4M 9JA U.K. www.alpha-associates.ch Phone: 44-20-7090-6190 [email protected] Overview www.appositecapital.com Total secondary assets under management [email protected] Key personnel $8,000 million Emanuel Eftimiu, Investor Relations Key personnel [email protected] 2012 secondary capital invested Valerie Auffray, Investor Relations $1,200 million [email protected] Overview 2013 secondary capital invested David Porter, Managing Partner Total secondary assets under management $1,100 million [email protected] $200 million Capital investment plans in 2014 2012 secondary capital invested $1,200 million-$1,500 million Investment criteria $29 million Participation in syndicates? Yes Transaction value of largest deal 2013 secondary capital invested closed in 2013 €900 million $1 million Secondary directs Does your firm also participate in Capital investment plans in 2014 secondary direct activities? Yes $30 million GUIDE TO THE SECONDARY MARKET | | 43

Investment criteria AXA Early Secondary Fund V ARCIS Group Size $700 million (target size) Minimum investment €1 million Year closed 2014 2 Savile Row London W1S 3PA U.K. Maximum investment €100 million AXA Early Secondary Fund IV Phone: 44-20-7494-2110 Participation in syndicates? Yes Size €546 million Fax: 44-20-7494-2105 Year closed 2007 www.arcisgroup.com Secondary directs [email protected] Future fundraising plans Does your firm also participate in Branch offices secondary direct activities? Yes ASF VI 30 rue Galilée Size $5,500 million Paris 75116 France Anticipated close date 2014 Phone: 33-1-47-23-88-62 Ardian Investment criteria Fax: 33-1-47-23-88-55 20 Place Vendome 509 Madison Ave., Suite 1400 Paris 75001 France Minimum investment $5 million New York, NY 10022 Phone: 33-1-44-45-92-00 Maximum investment $2,000 million Phone: 212-838-5577 www.ardian-investment.com Fax: 212-838-8858 clientservicingaxaprivateequity@ Participation in syndicates? No ardian-investment.com Key personnel Industry preferences Henri Isnard, Managing Director Branch offices Generalist [email protected] 1370 Ave. of the Americas New York, NY 10019 Secondary directs Mark Burch, Managing Director Phone: 212-641-8604 Does your firm also participate in [email protected] One Grafton St., Fifth Floor secondary direct activities? Yes Romain Bouché, Partner London W1S 4FE U.K. Investment preferences [email protected] Phone: 44-20-7154-4300 Minimum $5 million Overview An der Welle 4 Frankfurt 60322 Germany Maximum $2,000 million Total secondary assets under management Phone: 49-69-505-041-500 €500 million Via Privata Fratelli Gabba, 1/A AssetMetrix 2012 secondary capital invested Milan 20121 Italy €130 million Ottostrasse 1 Phone: 39-02-5844-2401 Munich 80333 Germany 2013 secondary capital invested China World Tower, One Jian Guo Men Phone: 49-89-543-2880-0 €30 million Wai Ave., Unit 20-22, Level 47 www.asset-metrix.com Capital investment plans in 2014 Beijing, China [email protected] N/A Phone: 86-10-6580-9000 Key personnel Transaction value of largest deal Key personnel Moritz Haarmann, Analyst closed in 2013 €25 million Edouard Boscher, [email protected] Head of Investor Relations Funds being invested [email protected] Auda Private Equity Fund I Michael Bane, Size €56 million Head of U.S. Investor Relations 888 Seventh Ave., 41st Floor Year closed 1994 [email protected] New York, NY 10106 Phone: 212-863-2300 Fund II Overview Fax: 212-593-2974 Size €91 million www.auda.com Total secondary assets under management Year closed 1999 [email protected] $18,000 million Fund III Branch offices 2012 secondary capital invested Size €175 million Am Pilgerrain 17 $2,300 million Year closed 2004 Bad Homburg 61352 Germany Fund IV 2013 secondary capital invested Phone: 49-61-724-028-01 Size €354 million $2,200 million Fax: 49-61-724-028-09 Year closed 2008 Capital investment plans in 2014 23 Berkeley Square $3,000 million London W1J 6HE U.K. Future fundraising plans Phone: 44-20-3043-0222 Fund V Funds being invested Fax: 44-20-3043-0221 Size €350 million ASF VI Anticipated close date N/A One Exchange Square, Size $5,500 million (target size) Suite 1704, 17th Floor Year closed 2014 Hong Kong, China AXA Secondary Fund V Phone: 852-2869-2219 Size $5,085 million Fax: 852-2869-2237 Year closed 2011 44 | | GUIDE TO THE SECONDARY MARKET

Key personnel Chris Lawrence, Managing Director BEX Capital BlackRock Private [email protected] 22 rue de la Paix Equity Partners Tim Brody, Managing Director Paris 75002 France 40 E. 52nd St., Second Floor [email protected] Phone: 33-1-43-12-98-53 New York, NY 10022 Marissa Rocker, Associate www.bexcapital.com Phone: 212-810-5300 [email protected] [email protected] www.blackrock.com Key personnel Key personnel Overview Benjamin Revillon, Managing Partner Steven Baumgarten, Total secondary assets under management [email protected] Director, Investor Relations $1,400 million Mathieu Bonnet, Investment Manager [email protected] 2012 secondary capital invested [email protected] $80 million Overview California Public 2013 secondary capital invested Employees’ Retirement $123 million Total secondary assets under management €50 million System Capital investment plans in 2014 $100 million Capital investment plans in 2014 400 Q St. €20 million-€30 million Sacramento, CA 95811 Investment criteria Phone: 916-795-3400 Funds being invested www.calpers.ca.gov Participation in syndicates? Yes SB Partners Secondary Fund Key personnel Size €30 million-€50 million Secondary directs Wylie A. Tollette, Chief Operating Year closed 2014 Investment Officer Does your firm also participate in secondary direct activities? Yes Investment criteria Minimum investment €0.5 million California State Teachers’ Auldbrass Partners Maximum investment €20 million Retirement System 410 Park Ave., Suite 1510 Participation in syndicates? Yes 100 Waterfront Place New York, NY 10022 Sacramento, CA 95605 Phone: 212-213-0243 Secondary directs Phone: 800-228-5453 www.auldbrasspartners.com Fax: 916-414-5040 [email protected] Does your firm also participate in www.calstrs.ca.gov secondary direct activities? Yes Branch offices Key personnel 224 S. Michigan, Suite 425 Investment preferences Christopher J. Ailman, CIO Chicago, IL 60604 Minimum €0.5 million Phone: 312-361-3520 Maximum €30 million Capital Dynamics Key personnel Riyadh Mohammed, Principal 645 Madison Ave., 19th Floor [email protected] Bio Equity Capital New York, NY 10022 Phone: 212-798-3400 Howard Sanders, Managing Director 75 Arlington St., Suite 500 Fax: 212-798-3499 [email protected] Boston, MA 02116 www.capdyn.com Phone: 857-241-3781 Ahmad Ali, Managing Director [email protected] www.bioequitycapital.com [email protected] Branch offices Key personnel Christopher Salley, Managing Director 21 Sackville St., First Floor Nessan Bermingham, Managing Partner [email protected] London W1S 3DN U.K. [email protected] Phone: 44-20-7297-0200 Fax: 44-20-7297-0299 Investment criteria Investment criteria Minimum investment $1 million Key personnel Minimum investment $1 million Sandro Galfetti, Director, Secondaries Maximum investment $50 million Maximum investment $20 million [email protected] Participation in syndicates? Yes Participation in syndicates? Yes Yumi Kim, Associate Industry preferences Overview Health care Total secondary assets under management $501.6 million 2012 secondary capital invested $0-$50 million GUIDE TO THE SECONDARY MARKET | | 45

2013 secondary capital invested Investment criteria $51 million-$100 million Commonfund Capital Minimum investment $1 million Capital investment plans in 2014 15 Old Danbury Road $100 million Maximum investment $1,000 million+ Wilton, CT 06897 Transaction value of largest deal Participation in syndicates? Yes Phone: 203-563-5116 closed in 2013 $16 million Fax: 203-563-5416 Secondary directs www.commonfund.org Investment criteria Does your firm also participate in Branch offices Minimum investment $3 million secondary direct activities? Yes One Northumberland Ave. First Floor, Trafalgar Square Maximum investment $50 million Committed Advisors London WC2N 5BW U.K. Participation in syndicates? Yes 17/F Ping An International 9 rue Daru Financial Tower B, No. 3 Xin Yuan Secondary directs Paris 75008 France South Road, Chaoyang District Does your firm also participate in Phone: 33-1-72-28-35-30 Beijing, China secondary direct activities? No www.committedadvisors.com [email protected] Key personnel Greg Jansen, Managing Director Branch offices [email protected] CMS Fund Advisors 201 Sussex St. Cari Lodge, Managing Director 308 E. Lancaster Ave., Suite 300 Darling Park Tower Two, Level 21 [email protected] Wynnewood, PA 19096 Sydney, NSW 2000 Australia Phone: 610-896-2080 Phone: 61-29-191-2690 Investment criteria Fax: 610-896-3339 Key personnel Participation in syndicates? Yes www.cmsco.com Daniel Benin, Managing Partner [email protected] [email protected] Secondary directs Key personnel Barthelemy de Beaupuy, Managing Partner Does your firm also participate in William A. Landman, CEO [email protected] [email protected] secondary direct activities? Yes JB Stock, Partner [email protected] Coller Capital Commonwealth of PA, Guillaume Valdant, Partner Public School Employees’ 33 Cavendish Square [email protected] London W1G 0TT U.K. Retirement System Phone: 44-20-7631-8500 Overview 5 North 5th St., Fourth Floor Fax: 44-20-7631-8555 Total secondary assets under management Harrisburg, PA 17101 www.collercapital.com $750 million Phone: 717-787-8540 Fax: 717-772-3860 Branch offices 2013 secondary capital invested www.psers.state.pa.us 950 Third Ave. $160 million New York, NY 10022 Key personnel Phone: 212-644-8500 Transaction value of largest deal Charles Spiller, Managing Director Fax: 212-644-9133 closed in 2013 $75 million [email protected] Two International Finance Centre Level 19, Central Investment criteria Hong Kong, China Minimum investment $0 CPP Investment Board Phone: 852-2251-1594 Maximum investment $100 million 1 Queen St. E., Suite 2500 Toronto, ON M5C 2W5 Canada Key personnel Participation in syndicates? Yes Jeremy Coller, Executive Chairman Phone: 866-557-9510 www.cppib.com Secondary directs Overview Does your firm also participate in Key personnel Total secondary assets under management secondary direct activities? Yes Yann Robard, Vice President, Head of $9,500 million Secondaries & Co-Investments Investment preferences [email protected] Funds being invested Minimum $0 Coller International Partners VI Overview Size $5,500 million Maximum $100 million Total secondary assets under management Year closed 2012 $4,161 million 2012 secondary capital invested $912 million 2013 secondary capital invested $1,609 million 46 | | GUIDE TO THE SECONDARY MARKET

Investment criteria Overview F&C Investment Minimum investment $25 million Total secondary assets under management $1,350 million Business Ltd. Maximum investment N/A 2012 secondary capital invested 80 George St. Participation in syndicates? Yes $150 million Edinburgh EH2 3BU U.K. Phone: 44-20-7628-8000 Secondary directs 2013 secondary capital invested www.fandc.com/privateequity Does your firm also participate in $190 million [email protected] secondary direct activities? Yes Transaction value of largest deal Key personnel Investment preferences closed in 2013 $97 million Richard Nairn, Director, Private Equity Funds Minimum $250 million Funds being invested [email protected] Maximum N/A DB SOF II Size $614 million Overview Year closed 2012 Total secondary assets under management Cubera Private Equity €150 million Investment criteria Sveavägen 17, 12th Floor 2012 secondary capital invested Stockholm 11157 Sweden Minimum investment $5 million €20 million Phone: 46-8-411-9033 Maximum investment $500 million www.cubera.se 2013 secondary capital invested Participation in syndicates? Yes €20 million Key personnel Till Gutzen, Partner Industry preferences Capital investment plans in 2014 [email protected] No €30 million Transaction value of largest deal Investment criteria Secondary directs closed in 2013 €6 million Participation in syndicates? Yes Does your firm also participate in secondary direct activities? Yes Investment criteria Secondary directs Minimum investment €0.5 million Does your firm also participate in DuPont Capital secondary direct activities? No Maximum investment €10 million Management Participation in syndicates? Yes DB Private Equity One Righter Parkway, Suite 3200 Wilmington, DE 19803 Secondary directs Pinners Hall, 105/108 Old Broad St. Phone: 302-477-6000 Does your firm also participate in London EC2N 1EN U.K. Fax: 302-477-6010 secondary direct activities? No Phone: 44-20-7545-8000 www.dupontcapital.com www.dbpe.com [email protected] Key personnel Fondinvest Capital Carmen Gigliotti, Managing Director, Branch offices Private Markets Group 33 rue de la Baume, Second Floor 345 Park Ave. [email protected] Paris 75008 France New York, NY 10154 Phone: 33-1-58-36-48-00 Fax: 33-1-58-36-48-28 Key personnel Equistone Partners Europe www.fondinvest.com Carlo Pirzio-Biroli, Co-Head, [email protected] Private Equity Secondaries Condor House, St Paul’s Churchyard [email protected] London EC4M 8AL U.K. Branch offices Phone: 44-20-7653-5300 One Sansome St., Suite 3500 Charles Smith, Co-Head, Fax: 44-20-7653-5301 San Francisco, CA 94104 Private Equity Secondaries www.equistonepe.com Phone: 415-665-1853 [email protected] Fax: 415-665-1853 Branch offices Adam Graev, Managing Director, Bank House, Eight Cherry St., First Floor Key personnel Head of Americas Birmingham B2 5AL U.K. Charles Soulignac, Managing Partner [email protected] Phone: 44-12-1631-4220 [email protected] Fax: 44-12-1631-1071 Chi Cheung, Director, Head of Europe Emmanuel Roubinowitz, [email protected] Centre d’affaires Paris-Trocadéro Managing Partner, U.S. Francesco Rigamonti, Director 112 Ave. Kléber [email protected] [email protected] Paris 75116 France Phone: 33-1-56-69-43-43 Catherine Lewis La Torre, Partner Fax: 33-1-56-69-43-44 [email protected] Key personnel Simon Brown, CFO [email protected] GUIDE TO THE SECONDARY MARKET | | 47

Overview Fort Washington Private Equity Opportunities Fund III LP Greenspring Associates Total secondary assets under management Size $150 million €650 million Year closed 2014 100 Painters Mill Road, Suite 700 Owings Mills, MD 21117 2012 secondary capital invested Investment criteria Phone: 410-363-2725 €120 million www.greenspringassociates.com Minimum investment $5 million 2013 secondary capital invested Key personnel €20 million Maximum investment $30 million Hunter Somerville, Senior Associate Capital investment plans in 2014 Participation in syndicates? Yes [email protected] €100 million Secondary directs Investment criteria Future fundraising plans Does your firm also participate in Minimum investment $3 million Fondinvest X secondary direct activities? Yes Maximum investment $100 million Size €400 million Anticipated close date Q3 2014 Select institutional backers Participation in syndicates? Yes Western & Southern Financial Group Investment criteria Secondary directs Minimum investment €0.5 million Does your firm also participate in Goldman Sachs secondary direct activities? Yes Maximum investment €50 million Group Inc. Investment preferences Participation in syndicates? No 200 West St. Minimum $1 million Secondary directs New York, NY 10281 Phone: 212-902-1000 Maximum $75 million Does your firm also participate in www.gs.com secondary direct activities? Yes [email protected] Hamilton Lane Advisors Branch offices One Presidential Blvd., Fourth Floor Fort Washington Capital River Court, 120 Fleet St. Bala Cynwyd, PA 19004 London EC4A 2BE U.K. Partners Group Phone: 610-934-2222 303 Broadway, Suite 1200 555 California St. Fax: 610-617-9853 Cincinnati, OH 45202 San Francisco, CA 94104 www.hamiltonlane.com Phone: 513-361-7672 Two Queen’s Road, 68th Floor Branch offices Fax: 513-361-7605 Cheung Kong Center 610 Fifth Ave., Suite 401 www.fwcapital.com Central, Hong Kong, China New York, NY 10020 Key personnel Phone: 212-752-7667 295 Chipeta Way Fax: 212-752-7865 Joe Don Cole, Director, Investor Relations Salt Lake City, UT 84108 [email protected] 200 California St., Suite 400 Rua Leopoldo Couto Magalhães San Francisco, CA 94111 Phil Johnson, Investment Manager Junior 700, 16 Andar [email protected] Phone: 415-365-1056 São Paulo 04542-000 Brazil Fax: 415-365-1057 Paul Cohn, Managing Director Key personnel [email protected] St George’s Building, Two Ice House St. Harold Hope, Managing Director Room 1001-2, 10th Floor Joe Woods, Managing Director [email protected] Hong Kong, China [email protected] Michael Brandmeyer, Managing Director Phone: 852-3987-7191 Steve Baker, Managing Director [email protected] Fax: 852-3987-7198 [email protected] 8-10 Great George St. Overview London SW1P 3AE U.K. Overview Total secondary assets under management Phone: 44-20-7340-0100 Total secondary assets under management $21,000 million Fax: 44-20-7340-0135 $375 million Key personnel Investment criteria Transaction value of largest deal Tom Kerr, Managing Director Minimum investment $1 million closed in 2013 $47 million [email protected] Maximum investment $1,000 million Erik Hirsch, Chief Investment Officer Funds being invested [email protected] WSL Partners LP Secondary directs Dennis Scharf, Principal Size $60 million Does your firm also participate in [email protected] Year closed 2003 secondary direct activities? Yes Keith Brittain, Principal Fort Washington Private Equity [email protected] Opportunities Fund II LP Size $93 million Mitesh Pabari, Vice President Year closed 2008 [email protected] 48 | | GUIDE TO THE SECONDARY MARKET

Overview Marunouchi Building, 26th Floor, 2-4-1 Secondary directs Marunouchi, Chiyoda-ku Total secondary assets under management Tokyo 100-6326 Japan Does your firm also participate in $1,700 million Phone: 81-3-3284-4320 secondary direct activities? Yes 2012 secondary capital invested Fax: 81-3-3217-1077 $375 million Carrera Seven, #113-43 Headlands Capital 2013 secondary capital invested Oficina 904, Edificio Samsung Management $400 million Bogotá, Colombia Phone: 57-1-552-1400 One Ferry Building, Suite 255 Capital investment plans in 2014 San Francisco, CA 94111 $500 million China World Tower, One Jianguomenwai Phone: 415-263-7313 Ave., Suite 5608, 56th Floor www.headlandscap.com Transaction value of largest deal Beijing 100004 China closed in 2013 $135 million Phone: 86-10-5706-8600 Fax: 86-10-5706-8601 Headway Capital Funds being invested Key personnel Partners Hamilton Lane Secondary Fund I Jeff Keay, Managing Director Size $359.6 million [email protected] 25 Maddox St., Second Floor Year Closed 2007 London W1S 2QN U.K. Brett Gordon, Managing Director Phone: 44-20-7518-8888 Hamilton Lane Secondary Fund II [email protected] Fax: 44-20-7900-3160 Size $590.7 million www.headwaycap.com Year Closed 2009 John Toomey, Managing Director [email protected] [email protected] Hamilton Lane Secondary Fund III Key personnel Size $909 million Fred Maynard, Managing Director Laura Shen Lefranc, Cofounder & Partner Year Closed 2012 [email protected] [email protected] Peter Wilson, Managing Director Investment criteria [email protected] Investment criteria Minimum investment $10 million David Atterbury, Managing Director Minimum investment €1 million Maximum investment $250 million [email protected] Maximum investment €30 million Participation in syndicates? Yes Tim Flower, Managing Director Participation in syndicates? Yes [email protected] Secondary directs Tatsuya Kubo, Managing Director Does your firm also participate in [email protected] Helmsman Capital secondary direct activities? Yes Sally Shan, Managing Director 23 Hunter St., Suite 503 Investment preferences [email protected] Sydney, NSW 2000 Australia Phone: 61-292-397-8120 Minimum $5 million Overview Fax: 61-292-398-199 Maximum $200 million www.helmsman.com.au Total secondary assets under management $13,900 million Key personnel HarbourVest Partners Ian Johnson, Managing Director 2012 secondary capital invested [email protected] One Financial Center, 44th Floor $1,000 million Boston, MA 02111 2013 secondary capital invested Phone: 617-348-3528 $1,000 million Henderson Global Fax: 617-350-0305 Investors www.harbourvest.com Capital investment plans in 2014 [email protected] $1,200 million 201 Bishopsgate London EC2M 2AE U.K. Transaction value of largest deal Branch offices Phone: 44-20-7818-2965 closed in 2013 $321 million Berkeley Square House Fax: 44-20-7818-7310 Eighth Floor, Berkeley Square www.henderson.com/home/private_capital London W1J 6DB U.K. Funds being invested Phone: 44-20-7399-9820 Dover Street Investment Program Branch offices Fax: 44-20-7399-9840 Jardine House, One Connaught Place, Investment criteria Suites 4105-4108 Citibank Tower Suite 1207 Hong Kong, China Three Garden Road, Central Minimum investment $20 million Phone: 852-2905-5188 Hong Kong, China Maximum investment $1,000 million+ Fax: 852-2905-5199 Phone: 852-2525-2214 Fax: 852-2525-2241 Participation in syndicates? Yes Key personnel Guy Pigache, Partner Industry preferences [email protected] HarbourVest invests secondary capital across most industries. GUIDE TO THE SECONDARY MARKET | | 49

Horsley Bridge Partners Secondary directs Investment criteria Does your firm also participate in Minimum investment $5 million 505 Montgomery St., 21st Floor secondary direct activities? Yes San Francisco, CA 94111 Maximum investment $30 million Investment preferences Phone: 415-986-7733 Participation in syndicates? Yes Fax: 415-986-7744 Minimum €5 million www.horsleybridge.com Secondary directs [email protected] Maximum €150 million Does your firm also participate in Key personnel secondary direct activities? No Fred Berkowitz, Managing Director IKE Capital Group [email protected] 245 Park Ave. Industry Ventures New York, NY 10167 Idinvest Partners www.icapitalgroup.us 30 Hotaling Place, Third Floor [email protected] San Francisco, CA 94111 117 ave. des Champs Elysèes, Fifth Floor Phone: 415-273-4201 Paris 75008 France Branch offices www.industryventures.com Phone: 33-1-51-85-656 Via Pianeta Venere 25 [email protected] www.idinvest.com Rome 144 Italy Branch offices Key personnel Key personnel 204 South Union St. Christophe Simon, Partner Michele Gardelli, Managing Director Alexandria, VA 22314 [email protected] Investment criteria Key personnel Edoardo Fracchia, Associate Lena McNulty, Investor Relations Participation in syndicates? Yes [email protected] [email protected]

Overview Secondary directs Overview Does your firm also participate in Total secondary assets under management Total secondary assets under management secondary direct activities? Yes €600 million $1,750 million 2012 secondary capital invested €70 million Industriens Funds being invested Pensionsforsikring A/S Industry Ventures Fund V 2013 secondary capital invested Size $266 million €100 million Noerre Farimagsgade 3 Year closed 2008 Copenhagen 1364 Denmark Capital investment plans in 2014 Industry Ventures Fund VI €100 million Phone: 45-33-66-80-80 Fax: 45-33-66-80-90 Size $404 million Transaction value of largest deal www.industrienspension.dk Year closed 2011 closed in 2013 €50 million Key personnel Industry Ventures Partnership Holdings II Size $54 million Funds being invested Soren Thinggaard Hansen, Head of Private Equity Year closed 2011 Idinvest Secondary Fund II [email protected] Industry Ventures Secondary VII Size €250 million Size $425 million Year closed 2013 Kasper Struve, Director, Private Investments Year closed 2013 We manage several mandates of €100 [email protected] million each on behalf of institutional Future fundraising plans investors with interest for secondary Christian Broenden, Director, Industry Ventures Partnership transactions. Private Investments Holdings III LP [email protected] Size $125 million Future fundraising plans Anticipated close date Q2 2014 Idinvest Secondary Fund III Overview Size €500 million Total secondary assets under management Secondary directs Anticipated close date 2015 $22 million Does your firm also participate in 2012 secondary capital invested secondary direct activities? Yes Investment criteria $0 Minimum investment €5 million 2013 secondary capital invested Maximum investment €50 million $12 million Participation in syndicates? Yes Capital investment plans in 2014 $30 million Industry preferences Opportunistic Transaction value of largest deal closed in 2013 $12 million 50 | | GUIDE TO THE SECONDARY MARKET

Key personnel Invesco Institutional Jarrod Fong, Managing Director Kensington Capital [email protected] 1555 Peachtree St. NE, Suite 1800 Partners Amanda Wilson, Portfolio Manager Atlanta, GA 30309 95 St Clair Ave. W, Suite 905 [email protected] Phone: 404-479-1095 Toronto, ON M4V 1N6 Canada www.institutional.invesco.com Tyler Jayroe, Portfolio Manager Phone: 416-362-9000 Key personnel [email protected] Fax: 416-362-0939 Mary Frances Kelley, General Partner www.kcpl.ca Anthony Roscigno, Portfolio Manager [email protected] [email protected] [email protected] Key personnel Ray Maxwell, Venture Partner Dana Haimoff, Portfolio Manager [email protected] Suganya Tharmalingam, Principal [email protected] [email protected] Phillip M. Shaw, General Partner Thomas McComb, Portfolio Manager [email protected] [email protected] Investment criteria Boris Bong, Portfolio Manager Maximum investment $20 million Investment Fund [email protected] Participation in syndicates? Yes for Foundations Investment criteria 200 Barr Harbor Drive, Suite 100 Landmark Partners West Conshohocken, PA 19428 Minimum investment $5 million Phone: 610-684-8200 Maximum investment $1,000 million 10 Mill Pond Lane Fax: 610-684-8210 Simsbury, CT 06070 www.tiff.org Participation in syndicates? Yes Phone: 860-651-9760 [email protected] Fax: 860-651-8890 Secondary directs www.landmarkpartners.com Branch offices Does your firm also participate in 97 Mt Auburn St. Branch offices secondary direct activities? Yes Cambridge, MA 02438 265 Franklin St., 18th Floor Phone: 610-684-8000 Investment preferences Boston, MA 02110 Phone: 617-556-3910 100 Hamilton Ave., Suite 150 Minimum $5 million Fax: 617-556-4266 Palo Alto, CA 94301 Phone: 650-323-6267 Maximum $1,000 million 681 Fifth Ave. Fax: 610-684-8080 New York, NY 10022 Phone: 212-858-9760 Key personnel Jolimont Capital Stephen Vicinelli, Managing Director 52 Jermyn St. 133 Flinders Lane, Level One London SW1A 6LX U.K. & Deputy CIO Melbourne, Victoria 3000 Australia [email protected] Phone: 44-20-7343-4450 Phone: 61-38-199-2700 Fax: 44-20-7343-4488 Fax: 61-39-639-5228 Investment criteria www.jolimontcapital.com.au Key personnel Minimum investment $1 million Chad S. Alfeld, Partner Key personnel Maximum investment $50 million Charles Gillies, Managing Partner Francisco L. Borges, [email protected] Chairman & Managing Partner Participation in syndicates? Yes Lex McArthur, Managing Partner Timothy L. Haviland, J.P. Morgan Asset [email protected] President & Managing Partner Teresa Engelhard, Managing Partner Chad S. Alfeld, Partner Management [email protected] Ian H. Charles, Partner 270 Park Ave., 25th Floor Carol Sullivan, CFO Scott P. Conners, Partner New York, NY 10017 [email protected] Phone: 212-648-2279 James P. McConnell, Partner Fax: 212-648-2323 Investment criteria www.jpmorgan.com Robert J. Shanfield, Partner Minimum investment $3 million Branch offices Barry M. Miller, Partner 20 Finsbury St., Sixth Floor Maximum investment $10 million Scott N. Humber, Principal London EC2Y 9AQ U.K. Participation in syndicates? Yes Phone: 44-20-7742-3754 Barry E. Griffiths, Principal Eight Connaught Road, 19th Floor, Central Hong Kong, China Phone: 852-2800-2157 LP RebalanceAd HFA & PEA DR020614.pdf 1 2/6/14 5:47 PM

When Rebalancing is your First Priority, C M Make Lexington your Secondary Priority. Y

CMY Lexington Partners is a leader in the global secondary market. Since

K 1990, we have completed over 340 secondary transactions, acquiring more than 2,200 interests managed by over 580 sponsors with a total value in excess of $27 billion. For over 20 years, we have excelled at providing customized solutions to banks, nancial institutions, pension funds, endowments, family of ces and other duciaries seeking to restructure their private equity and alternative investment portfolios. Our unparalleled global sponsor relationships, capital resources, and reputation as a reliable counterparty are widely recognized, and we have skilled professionals to work with you in ve locations. To make an inquiry, please call us or send an email to [email protected].

Innovative Directions in Alternative Investing

New York Boston Menlo Park London Hong Kong 212 754 0411 | 617 247 7010 | 650 561 9600 | 44 20 7318 0888 | 852 3987 1600

www.lexingtonpartners.com 52 | | GUIDE TO THE SECONDARY MARKET

Overview Duncan Chapman, Partner Investment criteria [email protected] Total secondary assets under management Minimum investment $1 million $10,521.1 million Thomas Giannetti, Partner & CFO [email protected] Maximum investment $2,000 million 2012 secondary capital invested Participation in syndicates? Yes $7,684 million Charles Grant, Partner [email protected] 2013 secondary capital invested Secondary directs $8,772.6 million Rebecca John, Partner, Investor Relations [email protected] Does your firm also participate in secondary direct activities? Yes Funds being invested Tom Newby, Partner Landmark Real Estate Fund VI [email protected] Size $718 million LGT Capital Partners Marshall Parke, Partner Year Closed 2011 [email protected] Schuetzenstrasse 6 Pfaeffikon 8808 Switzerland Investment criteria Pål Ristvedt, Partner Phone: 41-55-415-9600 Minimum investment $25 million [email protected] Fax: 41-55-415-9699 www.lgtcp.com Maximum investment $1,000 million John Rudge, Partner [email protected] Branch offices Participation in syndicates? Yes Lee Tesconi, Partner Eight Connaught Place, Suite 4203 [email protected] Two Exchange Square, Central Secondary directs Hong Kong, China Does your firm also participate in Wilson Warren, Partner Phone: 852-2522-2900 secondary direct activities? Yes [email protected] Fax: 852-2522-8002 Investment preferences Victor Wu, Partner DIFC, The Gate Building (West) [email protected] Minimum $25 million Level Two, P.O. Box 506793 Mark Andrew, Principal Dubai, UAE Maximum $1,000 million [email protected] Phone: 971-4-436-7175 Fax: 971-4-436-7180 Anthony Garton, Principal, Lexington Partners Investor Relations 1133 Ave. of the Americas [email protected] New York, NY 10036 660 Madison Ave., 23rd Floor Phone: 212-336-0650 New York, NY 10065 Jennifer Kheng, Principal Fax: 212-336-0699 Phone: 212-754-0411 [email protected] Fax: 212-754-1494 2-7-2 Fujimi, Chiyoda-ku www.lexingtonpartners.com José Sosa del Valle, Principal 17th Floor, Stage Building [email protected] [email protected] Tokyo 102-0071 Japan Phone: 81-3-6272-6442 Branch offices Overview Fax: 81-3-6272-6447 111 Huntington Ave., Suite 3020 Total secondary assets under management 35 Dover St. Boston, MA 02199 $23,000 million Phone: 617-247-7010 London W1S 4NQ U.K. Fax: 617-247-7050 2012 secondary capital invested Phone: 44-20-7529-0960 $3,100 million Fax: 44-20-7529-0979 3000 Sand Hill Road Building One, Suite 220 2013 secondary capital invested Key personnel Menlo Park, CA 94025 $2,300 million Ivan Vercoutere, Managing Partner Phone: 650-561-9600 [email protected] Transaction value of largest deal Fax: 650-561-9696 closed in 2013 $1,000 million Andre Aubert, Partner 50 Berkeley St. [email protected] London W1J 8HA U.K. Funds being invested Sascha Gruber, Partner Phone: 44-20-7318-0888 Lexington Capital Partners VIII [email protected] Fax: 44-20-7318-0889 Size $8,000 million (target size) Doug Coulter, Partner Year closed 2014 15/F York House, The Landmark [email protected] 15 Queen’s Road Central Lexington Middle Market Investors III Hong Kong, China Size $1,000 million Phone: 852-3987-1600 Year closed 2014 Fax: 852-3987-1631 Lexington Emerging Partners Key personnel Size $150 million Brent Nicklas, Managing Partner Year closed 2013 [email protected] Kirk Beaton, Partner [email protected] GUIDE TO THE SECONDARY MARKET | | 53

Overview Overview Investment criteria Total secondary assets under management 2012 secondary capital invested Minimum investment $1 million $5,600 million $0.3 million Maximum investment $60 million 2012 secondary capital invested 2013 secondary capital invested Participation in syndicates? Yes $445.5 million $0.25 million 2013 secondary capital invested Capital investment plans in 2014 $650 million $1.1 million Morgan Stanley Capital investment plans in 2014 Transaction value of largest deal Alternative Investment $500 million-$1,000 million closed in 2013 $0.15 million Partners

Funds being invested Funds being invested 100 Front St., Suite 400 West Conshohocken, PA 19428 CGS III Diversified Private Equity Investors IV Phone: 610-940-5000 Size $2,000 million Size $3.2 million www.morganstanleyaip.com Year closed 2013 Year closed 2012 Key personnel Diversified Private Equity Investors II Investment criteria Brian Towsen, Executive Director Size $2.9 million [email protected] Minimum investment $5 million Year closed 2007 Nicole Wiley, Vice President Maximum investment $500 million Future fundraising plans [email protected] Participation in syndicates? Yes Diversified Private Equity Investors V Overview Industry preferences Size $5 million All Anticipated close date 2015 Total secondary assets under management $1,800 million Secondary directs Investment criteria 2012 secondary capital invested Does your firm also participate in Minimum investment $0.025 million $340 million secondary direct activities? Yes Maximum investment $3 million 2013 secondary capital invested Investment preferences $200 million Participation in syndicates? Yes Minimum $5 million Capital investment plans in 2014 Secondary directs $300 million Maximum $300 million Does your firm also participate in secondary direct activities? Yes Funds being invested Live Oak Capital Global Secondaries Opportunities Fund II Investment preferences Size $777 million 25 Highland Park Village, #100-567 Minimum $0.025 million Year closed 2013 Dallas, TX 75205 Phone: 214-762-9106 Maximum $5 million PMF VI Fax: 972-490-2345 Size Currently raising Year closed Currently raising Key personnel Montauk TriGuard Harbert Mulherin, Managing Partner Separately Managed Accounts [email protected] Management Size Various 8001 Irvine Center Drive, Suite 880 Year closed Various Investment criteria Irvine, CA 92618 Minimum investment $1 million Phone: 949-398-0000 Investment criteria Fax: 949-398-0001 Minimum investment $10 million Maximum investment $10 million www.montauktriguard.com Maximum investment $150 million Participation in syndicates? Yes Key personnel Samuel Tang, Participation in syndicates? Yes MidCoast Capital Cofounder & Managing Partner [email protected] Secondary directs 259 Radnor-Chester Road, Suite 210 Does your firm also participate in Ronn C. Cornelius, Radnor, PA 19087 secondary direct activities? Yes Cofounder & Managing Partner Phone: 610-687-8580 [email protected] Investment preferences Fax: 610-971-2154 www.midcoastcapital.com Edgar J. Pfohl, Cofounder & Principal Minimum $10 million [email protected] Key personnel Maximum $150 million Stephen Harris, Managing Principal Brian M. Smith, Cofounder & Principal [email protected] [email protected] 54 | | GUIDE TO THE SECONDARY MARKET

MSD Capital Neuberger Berman New Jersey State 645 Fifth Ave., 21st Floor 605 Third Ave., 22nd Floor Investment Council New York, NY 10022 New York, NY 10538 50 West State Street, Ninth Floor Phone: 212-303-1650 Phone: 212-476-8800 Trenton, NJ 08608 Fax: 212-303-1634 www.nb.com Phone: 609-292-5106 www.msdcapital.com Key personnel Fax: 609-396-1073 [email protected] Brian Talbot, Managing Director www.state.nj.us/treasury/doinvest Key personnel [email protected] Key personnel Glen R. Fuhrman, Tristram Perkins, Managing Director Maneck Kotwal, Investment Officer Cofounder & Managing Partner [email protected] [email protected] John C. Phelan, Ethan Falkove, Managing Director Cofounder & Managing Partner [email protected] Newbury Partners Ben Perl, Principal 100 First Stamford Place, Second Floor Mustang Capital Partners [email protected] Stamford, CT 06902 4643 S. Ulster St., Suite 700 Phone: 203-428-3600 Denver, CO 80238 Overview Fax: 203-428-3601 Phone: 303-298-1490 Total secondary assets under management www.newbury-partners.com www.mustangcapital.com $4,500 million Key personnel Key personnel 2012 secondary capital invested Chris Jaroch, Managing Director Parker Brophy, Managing Director $500 million [email protected] [email protected] 2013 secondary capital invested Overview $200 million Investment criteria Total secondary assets under management Minimum investment $1 million Capital investment plans in 2014 $2,800 million $400 million-$800 million Maximum investment $150 million 2012 secondary capital invested Transaction value of largest deal $250 million Participation in syndicates? Yes closed in 2013 $100 million 2013 secondary capital invested Secondary directs Funds being invested $250 million Does your firm also participate in NB Secondary Opportunities Fund III LP Capital investment plans in 2014 secondary direct activities? Yes Size $2,000 million $250 million Investment preferences Year closed 2013 Transaction value of largest deal closed in 2013 $65 million Maximum $100 million NB Secondary Opportunities Fund II LP Size $1,700 million Year closed 2008 Funds being invested Natixis Private Equity NB Secondary Opportunities Fund LP Newbury Equity Partners Size $702 million 5-7 rue de Monttessuy Size $800 million Year closed 2007 Paris 75340 France Year closed 2005 Phone: 33-1-58-19-20-00 Newbury Equity Partners II Fax: 33-1-58-19-20-20 Investment criteria Size $1,024 million www.natixis-pe.com Minimum investment $1 million Year closed 2010 Key personnel Maximum investment $1 million Newbury Equity Partners III Dominique Sabassier, CEO Size $1,100 million [email protected] Participation in syndicates? Yes Year closed 2013

Investment criteria Secondary directs Investment criteria Minimum investment €1 million Does your firm also participate in Minimum investment $1 million secondary direct activities? Yes Maximum investment €10 million+ Maximum investment $100 million Investment preferences Participation in syndicates? Yes Minimum $5 million Industry preferences Any Maximum $1,000 million Secondary directs Does your firm also participate in secondary direct activities? Yes Investment preferences Minimum $1 million Maximum $100 million GUIDE TO THE SECONDARY MARKET | | 55

NewQuest Capital Investment criteria Northleaf Capital Partners Minimum investment NOK1 million Partners Maximum investment NOK20 million Eight Wyndham St., 26th Floor 79 Wellington St. W., Sixth Floor, Box 120 Hong Kong, China Participation in syndicates? Yes Toronto, ON M2P 1P1 Canada Phone: 852-3905-3600 Industry preferences Phone: 416-477-6701 Fax: 852-2185-7300 All industries Fax: 416-304-0195 www.nqcap.com www.northleafcapital.com [email protected] Secondary directs [email protected] Key personnel Does your firm also participate in Branch offices Bonnie Lo, Partner secondary direct activities? Yes 14 Waterloo Place, Fourth Floor [email protected] London SW1Y 4AR U.K. Phone: 44-20-7321-5750 Investment criteria Northern Trust Fax: 44-20-7930-7171 Minimum investment $15 million 181 West Madison St., 14th Floor 3000 Sand Hill Road Maximum investment $200 million Chicago, IL 60603 Building 1 - Suite 230 Phone: 312-557-0805 Menlo Park, CA 94025 Participation in syndicates? Yes Fax: 312-542-2061 Phone: 650-234-9810 www.northerntrust.com/ Industry preferences Fax: 650-234-9859 alternativeinvestments Consumer/retail, health care, energy, TMT, Key personnel financial services Key personnel Phillippa Perkins, Vice President Adam Freda, Vice President [email protected] Select institutional backers [email protected] Matthieu Ducharme, Vice President HarbourVest Partners, Paul Capital, Axiom [email protected] Asia, LGT Capital Partners Overview Total secondary assets under management Serge Koniski, Senior Associate [email protected] Nordea $270 million 2012 secondary capital invested Michael Flood, Managing Director Regeringsgatan 59, Third Floor $10 million [email protected] Stockholm 10571 Sweden Daniel Dupont, Managing Director Phone: 46-8-579-423-16 2013 secondary capital invested [email protected] Fax: 46-8-579-425-45 $21 million www.nordea.com Capital investment plans in 2014 Matthew Sparks, Senior Associate [email protected] Key personnel $75 million Eivind Lorgen, Head, Alternatives Transaction value of largest deal Lance Mu, Senior Associate & Manager Selection closed in 2013 $15 million [email protected] NorgesInvestor Funds being invested Overview Private Equity Secondary Total secondary assets under management P.O. Box 1863 Vika Opportunities Fund $660 million Oslo 124 Norway Size $105 million Phone: 47-2-201-9335 Year closed 2013 Funds being invested www.norgesinvestor.com Northleaf Secondary Partners Key personnel Investment criteria Size $250 million Dylan Wolff, Partner Minimum investment $1 million Year Closed 2013 [email protected] Maximum investment $20 million Northleaf Global Private Equity Investors V Size $148 million Overview Participation in syndicates? Yes Year Closed 2010 Total secondary assets under management NOK200 million Secondary directs Northleaf Global Private Equity Investors VI Size $275 million To Date 2012 secondary capital invested Does your firm also participate in Year Closed Currently Raising NOK50 million secondary direct activities? Yes Northleaf Global Private Equity Investors V 2013 secondary capital invested Investment preferences and Northleaf Global Private Equity NOK50 million Minimum $1 million Investors VI have an allocation to secondaries but also invest in primary Capital investment plans in 2014 Maximum $20 million funds and co-investments. Northleaf also NOK50 million has a number of custom mandates which Transaction value of largest deal have allocations to secondary investments. closed in 2013 NOK10 million 56 | | GUIDE TO THE SECONDARY MARKET

Investment criteria 2013 secondary capital invested Funds being invested $840 million Minimum investment $5 million Partners Group Secondary 2004 Capital investment plans in 2014 Size €430 million Maximum investment $250 million $1,000 million Year Closed 2004 Participation in syndicates? Yes Transaction value of largest deal Partners Group Secondary 2006 closed in 2013 $423 million Size €1,000 million Secondary directs Year Closed 2006 Does your firm also participate in Investment criteria secondary direct activities? Yes Partners Group Secondary 2008 Participation in syndicates? Yes Size €2,500 million Year Closed 2009 Secondary directs Ontario Teachers’ Partners Group Secondary 2011 Does your firm also participate in Size €2,000 million Pension Plan secondary direct activities? Yes Year Closed 2012 5650 Yonge St., Third Floor Toronto, ON M2M 4H5 Canada Investment criteria Phone: 416-228-5900 Paragon Partners Minimum investment $25 million Fax: 416-730-5349 Leopoldstrasse 12 www.otpp.com Munich 80802 Germany Maximum investment $250 million [email protected] Phone: 49-89-388-8700 Participation in syndicates? No Branch offices Fax: 49-89-3888-7015 www.paragon-partners.de Leconfield House, Curzon St. Secondary directs London W1J 5JA U.K. [email protected] Phone: 44-30-7659-4450 Does your firm also participate in Key personnel secondary direct activities? Yes Key personnel Edin Hadzic, Cofounder Jane Rowe, Senior Vice President, & Managing Partner Private Capital [email protected] Pathway Capital Krischan von Moeller, Management Cofounder & Managing Partner Pantheon [email protected] 2211 Michelson Drive, Ninth Floor Irvine, CA 92612 Norfolk House, 31 St James’s Square Nils Ludwig, Investment Director Phone: 949-622-1000 London SW1Y 4JR U.K. Fax: 949-622-1010 Phone: 44-20-7484-6200 Investment criteria www.pathwaycapital.com Fax: 44-20-7484-9101 [email protected] www.pantheon.com Minimum investment €50 million [email protected] Maximum investment €200 million Branch offices 1300 Division Road, Suite 305 Branch offices Participation in syndicates? No West Warwick, RI 02893 1095 Ave. of the Americas, 32nd Floor Phone: 401-589-3400 New York, NY 10036 Select institutional backers Fax: 401-541-7246 Phone: 212-205-2000 Fax: 212-205-2099 Alpinvest Partners, HarbourVest Partners 15 Bedford St. London WC2E 9HE U.K. Transamerica Center, Phone: 44-20-7438-9700 600 Montgomery St., 23rd Floor Partners Group Fax: 44-20-7240-9496 San Francisco, CA 94111 Zugerstrasse 57 Phone: 415-249-6200 Baar-Zug, 6341 Switzerland Two Exchange Square, Fax: 415-249-6299 Phone: 41-41-784-6000 Eight Connaught Place, Level Eight Hong Kong, China Two Exchange Square, Eight Connaught www.partnersgroup.com Phone: 852-3798-2580 Place, Suite 3001-3, 30th Floor [email protected] Hong Kong, China Key personnel Key personnel Phone: 852-2810-8063 Alexander von Wolffradt, Public Relations George Sands, Senior Vice President Fax: 852-2526-0218 [email protected] Pete Veravanich, Director Key personnel Elly Livingstone, Partner & Overview Secondary directs Head of Secondaries 2012 secondary capital invested Does your firm also participate in [email protected] $1,000 million secondary direct activities? No Overview 2013 secondary capital invested $2,700 million Total secondary assets under management $5,507 million Capital investment plans in 2014 $3,000 million 2012 secondary capital invested $1,100 million GUIDE TO THE SECONDARY MARKET | | 57

Paul Capital Performance Equity Secondary directs Does your firm also participate in 575 Market St., Suite 2500 Management secondary direct activities? Yes San Francisco, CA 94105 Two Pickwick Plaza, Suite 310 Investment preferences Phone: 415-283-4300 Greenwich, CT 06830 Fax: 415-283-4301 Phone: 203-742-2400 Minimum $50 million www.paulcap.com Fax: 203-742-2340 Maximum $1 million [email protected] www.peqm.com [email protected] PEI Funds Key personnel PineBridge Investments 505 Park Ave., Fourth Floor Charles Froland, CEO & CIO 399 Park Ave., Fourth Floor New York, NY 10022 [email protected] New York, NY 10022 Phone: 212-750-1228 Phone: 646-857-8000 Fax: 212-750-2685 Permal Capital Fax: 646-857-8842 www.peifunds.com www.pinebridge.com [email protected] Management [email protected] Key personnel 800 Boylston St., Suite 1325 Key personnel Gunnar Fremuth, Managing Director Boston, MA 02199 Steven Costabile, Managing Director [email protected] Phone: 617-587-5300 Fax: 617-587-5301 Investment criteria David Parshall, Managing Director www.permalcapital.com [email protected] Minimum investment $10 million Branch offices Maximum investment $1,000 million Chuck Stetson, Managing Director 900 Third Ave., 26th Floor [email protected] New York, NY 10022 Participation in syndicates? Yes Ben Wilson, Managing Director Phone: 212-418-6500 [email protected] Fax: 212-418-6510 Pomona Capital Key personnel Edward Muradian, Controller 780 Third Ave., 46th Floor [email protected] Mike D’Agostino, Managing Director [email protected] New York, NY 10017 Phone: 212-593-3639 Overview Michelle Cruz Peverley, Senior Associate Fax: 212-593-3987 Total secondary assets under management [email protected] www.pomonacapital.com $684 million [email protected] Overview Branch offices Funds being invested Total secondary assets under management 15 Portland Place Private Equity Investment Fund V LP $1,800 million London W1B 1PT U.K. Size $203 million 2012 secondary capital invested Phone: 44-20-7268-6350 Year closed 2010 $117 million Fax: 44-20-7206-2060 Future fundraising plans 2013 secondary capital invested Entertainment Building, 30 Queen’s Road $76 million Central, Suite 28A, 28th Floor Private Equity Investment Fund VI LP Hong Kong, China Size $250 million Capital investment plans in 2014 Phone: 852-3628-3629 Anticipated close date 2014 $100 million Fax: 852-2522-5191 Investment criteria Transaction value of largest deal 83 Clarence St., Level 12 closed in 2013 $17 million Sydney, NSW 2000 Australia Minimum investment $1 million Phone: 61-29-299-2900 Maximum investment $50 million Funds being invested Key personnel Participation in syndicates? Yes Permal Private Equity Opportunities IV Fran Janis, Senior Partner (PPEO IV) [email protected] Secondary directs Size $403 million Year Closed 2012 Lorraine Hliboki, Partner Does your firm also participate in [email protected] secondary direct activities? Yes Future fundraising plans Oliver Gardey, Partner PPEO V [email protected] Size $350 million Anticipated close date 2015 Douglas Kelly, Partner [email protected] Investment criteria Jim Rorer, Partner Minimum investment $2 million [email protected] Maximum investment $50 million Participation in syndicates? Yes 58 | | GUIDE TO THE SECONDARY MARKET

John Stephens, Managing Director Portfolio Advisors Real Estate Fund V LP Overview [email protected] Size $300 million Year closed 2014 2012 secondary capital invested Vivian Flynn, Managing Director, $75 million Investor Relations Portfolio Advisors Asia Fund IV LP [email protected] Size $200 million Investment criteria Year closed 2014 Minimum investment $3 million Funds being invested Portfolio Advisors Credit Pomona Capital VIII LP Strategies Fund LP Maximum investment $30 million Size $1,700 million Size $250 million Participation in syndicates? Yes Year Closed 2014 Year closed 2014

Investment criteria Investment criteria Rho Fund Investors Minimum investment $25 million Minimum investment $1 million 152 W. 57th St. Maximum investment $100 million Maximum investment $500 million Carnegie Hall Tower, 23rd Floor New York, NY 10019 Participation in syndicates? Yes Participation in syndicates? Yes Phone: 212-751-6677 Fax: 212-751-3613 Secondary directs Secondary directs www.rho.com Does your firm also participate in Does your firm also participate in [email protected] secondary direct activities? Yes secondary direct activities? Yes Branch offices Investment preferences 525 University Ave., Suite 1350 Portfolio Advisors Palo Alto, CA 94301 Minimum $1 million Phone: 650-463-0300 9 Old Kings Highway S. Maximum $500 million Fax: 650-463-0311 Darien, CT 06820 1800 McGill Ave., Suite 840 Phone: 203-662-3456 Montreal, QC H3A 3J6 Canada Fax: 203-662-0013 Private Advisors Phone: 514-844-5605 www.portfolioadvisorsllc.com 901 E. Byrd St., Suite 1400 Fax: 514-844-9004 Branch offices Richmond, VA 23219 Key personnel Seefeldstrasse 35 Phone: 804-289-6000 Robert Osterrieth, Partner Zurich 8008 Switzerland Fax: 804-289-6001 Phone: 41-44-200-3500 www.privateadvisors.com Fax: 41-44-200-3501 Investment criteria Branch offices Minimum investment $1 million 33/F, Alexandra House 1660 W. 2nd St., Suite 940 18 Chater Road, Central Cleveland, OH 44113 Maximum investment $10 million Hong Kong, China Phone: 216-472-4170 Participation in syndicates? Yes Phone: 852-3184-9210 Fax: 852-3184-9211 Key personnel Melissa Gregory Garrett, VP Robeco Private Equity Key personnel [email protected] Hugh Perloff, Managing Director Coolsingel 120 [email protected] Overview Rotterdam 3011 AG Netherlands Phone: 31-10-224-2608 Overview 2012 secondary capital invested $18.4 million Fax: 31-10-411-5282 Total secondary assets under management www.robeco.nl $3,000 million Investment criteria [email protected] 2012 secondary capital invested Minimum investment $2 million Branch offices $300 million 909 Third Ave., 32nd Floor Maximum investment $25 million New York, NY 10022 2013 secondary capital invested Participation in syndicates? Yes Phone: 212-908-9500 $700 million Fax: 212-908-9672 Capital investment plans in 2014 RCP Advisors Josefstrasse 218 $500 million Zurich 8005 Switzerland Transaction value of largest deal 100 N. Riverside Plaza, Suite 2400 Phone: 41-44-653-1010 closed in 2013 $400 million Chicago, IL 60606 Fax: 41-44-653-1080 Phone: 312-266-7300 Key personnel Fax: 312-266-7433 Funds being invested Mikan van Zanten, www.rcpadvisors.com Portfolio Advisors Secondary Fund II LP Managing Director, Luxembourg [email protected] Size $910 million [email protected] Year closed 2013 Key personnel Roland Pfeuti, Senior Investment Director Michael Feinglass, Principal, Sourcing [email protected] [email protected] GUIDE TO THE SECONDARY MARKET | | 59

Investment criteria Graeme Gunn, Partner Sobera Capital Fund II [email protected] Size €3.5 million Minimum investment $5 million Year closed 2013 Stewart Hay, Partner Maximum investment $50 million [email protected] Future fundraising plans Participation in syndicates? Yes Overview Sobera Capital Fund III Size €100 million Total secondary assets under management Anticipated close date Q1 2015 San Francisco Employees’ €400 million Retirement System 2012 secondary capital invested Investment criteria 30 Van Ness Ave., Suite 3000 €61 million Minimum investment €0.5 million San Francisco, CA 94102 2013 secondary capital invested Maximum investment €50 million Phone: 415-487-7000 €44 million www.sfers.org Participation in syndicates? Yes [email protected] Transaction value of largest deal closed in 2013 €11 million Industry preferences Key personnel ICT, life sciences, applied technologies Arthur Wang, Managing Director, Investment criteria Private Markets Minimum investment €1 million Secondary directs Does your firm also participate in SCM Strategic Capital Maximum investment €30 million secondary direct activities? Yes Management Participation in syndicates? Yes Investment preferences Kasernenstrasse 77b Secondary directs Minimum €0.5 million Zurich 8004 Switzerland Does your firm also participate in Maximum €50 million Phone: 41-43-499-4949 secondary direct activities? No Fax: 41-43-499-4950 www.scmag.com Select institutional backers [email protected] Sobera Capital Unigestion, Headway Capital, Dahlia Branch offices Markgrafenstrasse 33 China Building, 29 Queen’s Road Central, Berlin 10117 Germany StepStone Group 17th Floor Phone: 49-30-577-088-370 Hong Kong, China 505 Fifth Ave., 17th Floor Fax: 49-30-577-088-379 New York, NY 10017 Phone: 852-3978-2690 www.sobera-capital.com Fax: 852-3978-2695 Phone: 212-351-6100 [email protected] Fax: 212-351-6101 Jerim Building, 91-1 Cheongdam-dong Key personnel www.stepstoneglobal.com Kangnam-ku, 6th Floor Johannes Rabini, Managing Partner Branch offices Seoul 135954 South Korea [email protected] Phone: 82-2-518-6550 4350 La Jolla Village Drive, Suite 800 Stefan Beil, Managing Partner San Diego, CA 92122 2, Place Dargent [email protected] Phone: 858-558-9700 Luxembourg 1413 Luxembourg Fax: 858-558-9701 Phone: 352-2461-8345 Overview 57-59 St James’s St. Key personnel Total secondary assets under management London SW1A 1LD U.K. Ralph Aerni, CIO €54 million Phone: 44-20-7647-7550 Fax: 44-20-7647-7599 2012 secondary capital invested SL Capital Partners €4 million Beijing Kerry Centre, One Guang Hua Road, North Tower, 20th Floor 2013 secondary capital invested One George St. Suite 2005-2007 €4 million Edinburgh EH2 2LL U.K. Beijing 100020 China Phone: 44-13-1245-0055 Capital investment plans in 2014 Phone: 86-10-8529-8784 Fax: 44-13-1245-6105 €10 million Fax: 86-10-8529-8447 www.slcapital.com Transaction value of largest deal Key personnel Branch offices closed in 2013 €4 million Tom Bradley, Partner One Beacon St., 34th Floor [email protected] Boston, MA 02108 Funds being invested Phone: 617-720-7900 Mark Maruszewski, Partner Fax: 617-720-7924 Berlin Capital Fund [email protected] Size €15 million Key personnel Year closed 2007 Mike McCabe, Partner Patrick Knechtli, Partner [email protected] [email protected] Sobera Capital Fund I Size €4 million Year closed 2012 60 | | GUIDE TO THE SECONDARY MARKET

Overview Investment criteria Secondary directs Total secondary assets under management Minimum investment $10 million Does your firm also participate in $2,500 million secondary direct activities? No Maximum investment $35 million 2012 secondary capital invested Participation in syndicates? Yes $219 million Telemus Capital Partners 2013 secondary capital invested SunAmerica Asset Two Towne Square, Suite 800 $267 million Southfield, MI 48076 Capital investment plans in 2014 Management Corp. Phone: 248-827-1800 Fax: 248-827-1808 $350 million Harborside Financial Center, 3200 Plaza 5 www.telemuscapital.com Transaction value of largest deal Jersey City, NJ 07311 closed in 2013 $60 million Phone: 201-324-6300 Branch offices Fax: 201-324-6328 110 Miller Ave., Suite 300 Funds being invested www.safunds.com Ann Arbor, MI 48104 Phone: 734-662-1200 Key personnel StepStone Secondary Fax: 734-662-0416 Opportunities Fund II Timothy Pettee, CIO Size $460 million Key personnel Year closed 2013 Gary Ran, Chairman & Partner Susquehanna [email protected] StepStone Separately Managed Accounts International Group Size $584 million Year closed 2012-2013 401 City Ave., Suite 220 Top Tier Capital StepStone International Investors IV Bala Cynwyd, PA 19004 Partners Size €180 million Phone: 610-617-2600 Year closed 2013 Fax: 610-747-2146 600 Montgomery St., Suite 480 www.sig.com San Francisco, CA 94111 Future fundraising plans Phone: 415-835-7500 Investment criteria Fax: 415-835-7501 StepStone Secondary Participation in syndicates? Yes www.ttcp.com Opportunities Fund III [email protected] Anticipated close date 2015 Symmetry Investment Key personnel Investment criteria Dan Townsend, Managing Director Advisors Inc. [email protected] Minimum investment $1 million 374 South Ave. Garth Timoll, Principal Maximum investment $200 million Glencoe, IL 60022 [email protected] Phone: 847-835-2594 Participation in syndicates? Yes David York, CEO & Managing Director Fax: 847-835-2510 [email protected] Industry preferences www.symmetryfunds.com All [email protected] Overview Secondary directs Branch offices Total secondary assets under management 143 Jasie Ln Does your firm also participate in $353 million Santa Rosa, CA 95409 secondary direct activities? Yes Phone: 707-541-6960 2012 secondary capital invested Investment preferences $37.1 million Key personnel Minimum $1 million Larry Wonnacott, Principal 2013 secondary capital invested [email protected] $23.6 million Maximum $200 million Capital investment plans in 2014 Overview $80 million Stripes Group Total secondary assets under management $20 million Transaction value of largest deal 402 W. 13th St., 11th Floor closed in 2013 $19 million New York, NY 10014 2012 secondary capital invested Phone: 212-823-0720 $0 Investment criteria Fax: 212-823-0721 2013 secondary capital invested Minimum investment $1 million www.stripesgroup.com $0 [email protected] Maximum investment $50 million Key personnel Investment criteria Participation in syndicates? Yes Jason Santiago, VP, Minimum investment $0.1 million Industry preferences Business Development Technology (75%), health care (15%), [email protected] Maximum investment $20 million clean technology (10%) Participation in syndicates? Yes GUIDE TO THE SECONDARY MARKET | | 61

Secondary directs VCFA Group VenCap International Does your firm also participate in secondary direct activities? Yes 509 Madison Ave., Suite 1400 King Charles House, Park End St. New York, NY 10022 Oxford OX1 1JD U.K. Phone: 212-838-5577 Phone: 44-18-6579-9300 Travelers Cos. Fax: 212-838-7614 Fax: 44-18-6579-9301 www.vcfa.com www.vencap.com 485 Lexington Ave. New York, NY 10017 Branch offices Key personnel Phone: 917-778-6844 One Sansome St., Suite 3680 Tim Cruttenden, CEO www.travelers.com San Francisco, CA 94104 [email protected] Phone: 415-296-0660 Key personnel Fax: 415-296-0990 Daniel Yin, Managing Director Investment criteria [email protected] Key personnel Minimum investment No minimum Dayton Carr, Founder Participation in syndicates? No Triginta Capital [email protected] Edward Hortick, Managing Director Kreuzstrasse 34 [email protected] Venture Investment Düsseldorf 40210 Germany Associates Phone: 49-21-186-2890 David Tom, Managing Director Fax: 49-21-1862-89455 [email protected] 88 Main St., P.O. Box 131 Peapack, NJ 07931 www.triginta-capital.com Steven Taubman, Managing Director Phone: 908-532-0020 [email protected] [email protected] Fax: 908-532-0040 Branch offices Rich Capen, Managing Director www.viafunds.com Markgrafenstrasse 33 [email protected] [email protected] Berlin 10117 Germany Phone: 49-30-6920-63040 Hans Wu, Managing Director Branch offices Fax: 49-30-6920-63049 [email protected] 209 Hamilton Ave. Palo Alto, CA 94301 Key personnel Overview Phone: 650-308-4842 Peter Folle, Managing Partner [email protected] Total secondary assets under management Key personnel $730 million Jason Andris, Managing Director [email protected] Unigestion Funds being invested Chris Douvos, Managing Director 8c Ave. de Champel, P.O. Box 387 VCFA Venture Partners V LP [email protected] Geneva 1211 Switzerland Size $250 million Stathis Andris, Founder & President Phone: 41-22-704-4111 Year closed 2006 [email protected] www.unigestion.com VCFA Private Equity Partners IV LP [email protected] Size $250 million Cliff Gilman, Managing Director [email protected] Branch offices Year closed 2004 105 Piccadilly VCFA Secondary Fund X LP Investment criteria London W1J7NJ U.K. Size $350 million Phone: 44-20-7529-4150 Minimum investment $1 million Plaza 10, Harborside Financial Center Investment criteria Maximum investment $10 million Suite 203 Minimum investment $1 million Participation in syndicates? Yes Jersey City, NJ 07311 Phone: 201-714-2400 Maximum investment $100 million Key personnel Participation in syndicates? Yes Vintage Investment Hanspeter Bader, Industry preferences Partners Managing Director & CFA No specific industry focus. [email protected] 12 Abba Eban, 10th Floor Herzliya 46120 Israel Secondary directs Investment criteria Phone: 972-9-954-8464 Does your firm also participate in www.vintage-ip.com Minimum investment €5 million secondary direct activities? Yes Key personnel Maximum investment €50 million Investment preferences Abe Finkelstein, General Partner Participation in syndicates? Yes Minimum $5 million [email protected] Maximum $100 million Overview Total secondary assets under management $350 million 62 | | GUIDE TO THE SECONDARY MARKET

Funds being invested Willowridge Partners Wilshire Private Vintage VI Size $161 million 122 E. 42nd St., 37th Floor Markets Group Year closed 2013 New York, NY 10017 1299 Ocean Ave., Suite 700 Phone: 212-369-4700 Santa Monica, CA 90401 Future fundraising plans Fax: 212-369-5661 Phone: 310-451-3051 www.willowridge.com Vintage VII Fax: 310-458-0520 Size $100 million Key personnel www.wilshire.com Anticipated close date 2014 Luisa Hunnewell, Manager [email protected] [email protected] Branch offices Investment criteria 23 Austin Friars Participation in syndicates? Yes Overview London EC2N 2QP U.K. Total secondary assets under management Phone: 44-20-7920-3100 Secondary directs $910 million Fax: 44-20-7920-3101 Does your firm also participate in 2012 secondary capital invested Key personnel secondary direct activities? Yes $80 million Amanda Ulczynski, VP [email protected] 2013 secondary capital invested von Braun & Schreiber $136 million Private Equity Partners Capital investment plans in 2014 Winchester Capital Group $125 million Ottostrasse 1 Winchester House, 445 Orange St. Munich 80333 Germany Transaction value of largest deal New Haven, CT 06511 Phone: 49-89-286-952-0 closed in 2013 $15 million Phone: 203-787-5029 Fax: 49-89-286-952-10 Fax: 203-785-0018 www.braunschreiber.com Funds being invested www.winchestercapital.com [email protected] [email protected] Amberbrook VI LLC Key personnel Size $400 million Branch offices Emmeram Von Braun, Managing Director Year closed 2012 33 St James’s Square London, SW1Y 4JS U.K. Investment criteria Investment criteria Phone: 44-20-7661-9372 Fax: 44-20-7661-9798 Minimum investment $1 million Minimum investment $0.5 million Key personnel Maximum investment $50 million Maximum investment $40 million Ceasar Nicholas Anquillare, Participation in syndicates? Yes Participation in syndicates? Yes President & CEO

WealthCap Secondary directs Does your firm also participate in Am Eisbach 3 secondary direct activities? Yes Munich 80538 Germany Investment preferences Phone: 49-89-678-205-500 Fax: 49-89-678-205-555-500 Minimum $0.3 million www.wealthcap.com Maximum $40 million [email protected] GUIDE TO THE SECONDARY MARKET | | 63

Secondary Direct Manager Listings

Key personnel Select institutional backers Annex Capital Group Tom S. Anthofer, Managing Partner [email protected] Coller Capital, Greenpark Capital, 599 Lexington Ave., 18th Floor HarbourVest Partners, J.P. Morgan Chase New York, NY 10022 Maximilian Schroeck, Managing Partner & Co., LGT Capital Partners, Partners Phone: 212-644-3510 [email protected] Group and StepStone Group Fax: 212-554-5808 Werner Dreesbach, Managing Partner www.annexcapital.com [email protected] [email protected] Hermes GPE Hans-Dieter Koch, Lloyds Chambers, One Portsoken St. Key personnel Managing Partner & Director London E1 8HZ U.K. Amant Dewan, Principal [email protected] [email protected] Phone: 44-20-7680-3880 www.hermesgpe.com Select portfolios acquired Select portfolios acquired [email protected] Original manager Corporate venture Original manager Citicorp Venture Capital assets of Infineon Technologies AG Key personnel Year acquired 2009 Peter Gale, Head of Private Equity Transaction price $50 million Investment criteria & Chief Investment Officer Original manager Dresdner Bank Minimum $5 million Year acquired 2004 Maximum $100 million+ Institutional Venture Transaction price $100 million Partners Investment criteria DFJ Esprit 3000 Sand Hill Road Minimum $300 million Building Two, Suite 250 Secondaries Menlo Park, CA 94025 Maximum $450 million 14 Buckingham Gate Phone: 650-854-0132 Fax: 650-854-2009 Select institutional backers London SW1E 6LB U.K. Phone: 44-20-7931-8800 www.ivp.com Coller Capital Fax: 44-20-7931-8866 Branch offices www.dfjesprit.com 607 Front St. Banque Pictet & Cie SA Key personnel San Francisco, CA 94111 Olav Ostin, Managing Partner Phone: 415-432-4660 Route des Acacias 60 [email protected] Fax: 415-432-4679 Geneva 1211 Switzerland Phone: 41-58-323-2323 Key personnel www.pictet.com Select portfolios acquired Gina Bauman, Vice President, Marketing Original manager WestLB AG [email protected] Year acquired 2004 Cipio Partners Original manager Siemens AG Lake Street Capital Palais am Lenbachplatz, Ottostrasse 8 Year acquired 2005 Munich 80333 Germany 388 Market St., Suite 1300 Original manager Cazenove Phone: 49-89-550-6960 San Francisco, CA 94111 Year acquired 2006 Fax: 49-89-5506-9699 Phone: 415-291-0500 Transaction price £80 million www.cipiopartners.com www.lakestreetcapital.com [email protected] Original manager Prelude [email protected] Year acquired 2006 Branch offices Key personnel Transaction price £50 million 560 S. Winchester Blvd., Suite 500 Gretchen Knoell, General Partner San Jose, CA 95128 Original manager 3i Group (unspecified) [email protected] Phone: 408-236-7654 Year acquired 2009 Fax: 408-236-7651 Transaction price £170 million Select institutional backers Pantheon, Pomona Capital 64 | | GUIDE TO THE SECONDARY MARKET

2013 secondary capital invested LLM Capital Partners Millennium Technology $150 million 265 Franklin St., 20th Floor Value Partners Capital investment plans in 2014 $150 million Boston, MA 02110 32 Ave. of the Americas, 17th Floor Phone: 617-330-7755 New York, NY 10013 Fax: 617-330-7759 Phone: 646-521-7800 Select portfolios acquired www.llmcapital.com Fax: 646-521-7878 Original manager Dell Inc. Key personnel www.mtvlp.com Original manager Oppenheimer & Co. Samuel Kenna, Principal [email protected] Original manager SAIC [email protected] Key personnel Sam Schwerin, Managing Partner Original manager Alliance MCA Funds [email protected] Fund being invested 5910 Mineral Point Road Dan Burstein, Managing Partner [email protected] Millennium Technology Value Partners II Madison, WI 53705 Size $284 million www.cunamutual.com Dan Borok, Partner Year closed 2010 [email protected] Key personnel Millennium Technology Value Partners LP Allen Cantrell, President Max Chee, Partner Size $130 million [email protected] [email protected] Year closed 2006 Zak Doehla, Director, Investments Jon Glass, Chief Financial Officer Millennium Technology Value Partners [email protected] [email protected] (co-invest) Size $50 million Overview Year closed 2012 Total secondary assets under management $1,100 million Investment criteria 2012 secondary capital invested Minimum $0.1 million $154 million Maximum $150 million

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Nova Capital Investment criteria Stratim Capital Minimum $75 million Management 333 Bush St., Suite 2250 Maximum $500 million Cayzer House, 30 Buckingham Gate San Francisco, CA 94104 First Floor Phone: 408-676-7824 London SW1E 6NN U.K. Rosetta Capital www.stratimcapital.com Phone: 44-20-7901-1760 [email protected] 35 New Broad St. Fax: 44-20-7901-1761 Key personnel London EC2M 1NH U.K. www.nova-cap.com Craig Such, Partner Phone: 44-20-7194-8080 [email protected] [email protected] www.rosettacapital.com Branch offices Zachary Abrams, Managing Partner Key personnel 71 South Wacker Drive, Suite 1735 [email protected] Chicago, IL 60606 Jonathan Hepple, Partner [email protected] Phone: 312-754-0610 Overview Fax: 312-754-0690 Total secondary assets under management Key personnel Saints Capital $125 million David Williamson, Managing Partner 2020 Union St. Capital investment plans in 2014 [email protected] San Francisco, CA 94123 $50 million Tom Leader, Investment Partner Phone: 415-773-2080 [email protected] www.saintscapital.com [email protected] Verdane Capital Advisors Dennis Powers, Operating Partner [email protected] Branch offices Vika Atrium/Munkedamsveien 45F 23 Berkeley Square Oslo 250 Norway London W1J 6HE U.K. Phone: 47-24-13-70-00 Novirian Capital Phone: 44-20-7993-6852 Fax: 47-24-13-70-01 www.verdanecapital.com 275 Battery St., 16th Floor [email protected] San Francisco, CA 94111 Overview Phone: 415-233-7000 Total secondary assets under management Branch offices www.novirian.com $1,400 million Birger Jarlsgatan 32 B [email protected] Stockholm 114 28 Sweden 2012 secondary capital invested Phone: 46-84-074-200 $100 million Fax: 46-84-074-210 Protostar Partners LLC 2013 secondary capital invested Rikhardinkatu 4 B $50 million 13 West 54 St., Fourth Floor Helsinki 130 Finland New York, NY 10019 Capital investment plans in 2014 Phone: 358-96-980-334 Phone: 646-273-5200 $200 million Fax: 646-273-5210 Key personnel www.protostarpartners.com Frida Einarson, Director, Investor Relations smac partners [email protected] Key personnel Joseph Haviv, Managing Member Ottobrunner Strasse 41Unterhaching Overview [email protected] Munich 82008 Germany Total secondary assets under management Phone: 49-89-550-6880 Helen Woo, Principal €650 million Fax: 49-89-5506-8850 [email protected] www.smacpartners.com 2012 secondary capital invested [email protected] €60 million Overview Total secondary assets under management Key personnel 2013 secondary capital invested $1,000 million Dietrich Ulmer, Managing Partner €80 million & Cofounder 2012 secondary capital invested [email protected] Select portfolios acquired $300 million Original manager eEquity 2013 secondary capital invested Overview Year acquired 2013 $300 million 2012 secondary capital invested €70 million Original manager Nordic Venture Partners Fund I Select portfolios acquired Year acquired 2013 Original manager CIT Group Year acquired 2004 Original manager Capilon Transaction price Undisclosed Year acquired 2012 Original manager Blue Point Capital Original manager BMI Year acquired 2008 Year acquired 2011 Transaction price Undisclosed 66 | | GUIDE TO THE SECONDARY MARKET

Original manager Eqvitec Technology Investment criteria Katie Stitch, Principal Fund II & III [email protected] Year acquired 2010/11 Minimum $100 million Blake Heston, Principal Maximum $1,000 million [email protected] Fund being invested Verdane Capital VIII Select institutional backers Simon Harris, Vice President [email protected] Size €200 million Goldman Sachs Asset Management, Year closed 2013 Landmark Partners, HarbourVest Partners, Kyle Morgan, Vice President Verdane Capital VII CV Starr & Co., GIC Special Investments [email protected] Size €150 million John Lambrech, Chief Financial Officer Year closed 2009 Vorndran Mannheims [email protected] Verdane Capital VI Capital Advisors Size €100 million Overview Year closed 2007 Graf-Adolf-Strasse 18 Total secondary assets under management Düsseldorf 40212 Germany $1,750 million Investment criteria Phone: 49-21-186-286-910 2012 secondary capital invested Minimum €5 million Fax: 49-21-186-286-977 www.vmcap.de $150 million Maximum €200 million [email protected] 2013 secondary capital invested Key personnel $150 million Vision Capital Helmut Vorndran, Capital investment plans in 2014 CEO & Managing Partner $200 million 54 Jermyn St. [email protected] London SW1Y 6LX U.K. Phone: 44-20-7389-6410 Fund being invested Fax: 44-20-7389-6411 W Capital Partners W Capital Partners III LP www.visioncapital.com Size $750 million [email protected] One E. 52nd St. Year closed 2013 New York, NY 10022 Key personnel Phone: 212-561-5240 W Capital Partners II LP Julia van Tuyll, Manager, Investor Relations Fax: 212-561-5241 Size $700 million [email protected] www.wcapgroup.com Year closed 2008

Select portfolios acquired Key personnel Investment criteria David Wachter, Managing Director Minimum $10 million Original manager Terra Firma Capital [email protected] Partners/Pension Insurance Corp. Maximum $250 million Year acquired 2007 Steven Wertheimer, Managing Director Transaction price £250 million [email protected] Original manager Northern Foods Ltd. Robert Migliorino, Managing Director Year acquired 2007 [email protected] Transaction price £160 million Alison Killilea, Managing Director Original manager Bridgepoint [email protected] Year acquired 2006 Todd Miller, Managing Director [email protected] GUIDE TO THE SECONDARY MARKET | | 67

Intermediary Firm Listings

Types of clients represented Accretive Capital AXON Partners Banks/Financial Institutions Advisors Family Offices Bahnhofplatz P.O. Box 4640 Endowments/Foundations 777 S. Flagler Drive, Suite 800 W. Zug 6300 Switzerland Public Pension Funds West Palm Beach, FL 33401 Phone: 41-41-729-0700 Fund of Funds, Secondary Funds, GPs Phone: 561-894-1146 www.axonpartners.biz Average size of assets managed by clients Fax: 561-894-1151 Branch offices $100 million to $499 million www.accretiveexit.com 111 Buckingham Palace Road, Third Floor $500 million to $999 million Key personnel London SW1W 0SR U.K. $1 billion+ Edwin Wang, Senior Managing Director Phone: 44-20-7340-8729 Average size of secondary deals [email protected] Key personnel represented Types of clients represented Dominik Meyer, Managing Partner $10 million to $99 million Banks/Financial Institutions [email protected] $100 million to $499 million Family Offices Magdalena Nowak, Head of Project $500 million to $999 million Endowments/Foundations Management & Investor Relations Average size of assets managed by clients [email protected] Breslin AG $10 million to $99 million Andrew Kellett, Managing Partner $100 million to $499 million [email protected] Stauffacherstrasse 45 $500 million to $999 million Zurich 8004 Switzerland $1 billion+ Simon Wigg, Partner Phone: 41-44-386-4020 [email protected] Fax: 41-44-386-4022 Average size of secondary deals www.breslin.ch represented Types of clients represented $10 million to $99 million Wealthy Individuals Branch offices $100 million to $499 million Banks/Financial Institutions Am Pfarrhof 11 $500 million to $999 million Family Offices Frankfurt 63477 Germany Endowments/Foundations Public Pension Funds Key personnel Almeida Capital David Karabelnik, CEO Average size of assets managed by clients [email protected] Zetland House, 5-25 Scrutton St. $10 million to $99 million Types of clients represented London EC2A 4HJ U.K. $100 million to $499 million Wealthy Individuals Phone: 44-20-7749-1277 $500 million to $999 million Banks/Financial Institutions Fax: 44-20-7845-7599 $1 billion+ Family Offices www.almeidacapital.co.uk Average size of secondary deals Endowments/Foundations [email protected] represented Public Pension Funds Types of clients represented Under $10 million Large Corporates Wealthy Individuals $10 million to $99 million Average size of assets managed by clients Banks/Financial Institutions $100 million to $499 million Under $10 million Family Offices $10 million to $99 million Endowments/Foundations $100 million to $499 million Public Pension Funds Azla Advisors $500 million to $999 million Average size of assets managed by clients 845 Third Ave., Sixth Floor $1 billion+ $100 million to $499 million New York, NY 10022 Average size of secondary deals $500 million to $999 million Phone: 646-217-0645 represented $1 billion+ Fax: 646-217-0646 www.azla-advisors.com Under $10 million Average size of secondary deals [email protected] $10 million to $99 million represented $100 million to $499 million Under $10 million Key personnel $500 million to $999 million $10 million to $99 million David Waxman, Managing Director $100 million to $499 million [email protected] 68 | | GUIDE TO THE SECONDARY MARKET

Key personnel Average size of secondary deals Camelot Group Andrew Sealey, Managing Partner & CEO represented International [email protected] Under $10 million $10 million to $99 million Thomas Liaudet, Partner 45 Rockefeller Plaza, Suite 2000 $100 million to $499 million [email protected] New York, NY 10111 $500 million to $999 million Phone: 212-257-4100 Chris Davidsson, Partner Fax: 212-937-3350 [email protected] www.thecamelotgroup.com Cogent Partners [email protected] Conrad Yan, Partner [email protected] 2101 Cedar Springs Road, Suite 1200 Branch offices Dallas, TX 75201 Rue du Rhone 14, Fourth Floor Immanuel Rubin, Principal Phone: 214-871-5400 Geneva 1204 Switzerland [email protected] Fax: 214-871-5401 Phone: 41-22-819-1829 Types of clients represented www.cogent-partners.com Fax: 41-22-819-1900 Banks/Financial Institutions Branch offices Otemachi First Square Family Offices 599 Lexington Ave., Suite 3810 1-5-1, East Tower, Fourth Floor Endowments/Foundations New York, NY 10022 Tokyo 1000004 Japan Public Pension Funds Phone: 646-274-4950 Phone: 81-3-5219-1423 Average size of assets managed by clients Fax: 646-274-4951 Fax: 81-6-7635-2844 $100 million to $499 million One Market St., 38th Floor One International Finance Center $500 million to $999 million San Francisco, CA 94105 Suite Eight, 20th Floor $1 billion+ Phone: 415-293-8044 One Harbour View St., Central Average size of secondary deals Fax: 415-293-8045 Hong Kong, China represented 6-8 Tokenhouse Yard, Sixth Floor Phone: 852-2824-8609 $100 million to $499 million London EC2R 7AS U.K. Fax: 852-2166-8999 $500 million to $999 million Phone: 44-20-7260-1830 Types of clients represented $1 billion+ Fax: 44-20-7260-1831 Wealthy Individuals Eight Century Ave., 36F Two IFC Banks/Financial Institutions Capstone Partners Suite 3636-3637 Family Offices Shanghai 200120 China Endowments/Foundations One Galleria Tower Phone: 86-21-6062-6128 Public Pension Funds 13355 Noel Road, Suite 1050 Fax: 86-21-6062-6399 Dallas, TX 75240 Average size of assets managed by clients Phone: 972-980-5800 Key personnel $10 million to $99 million www.csplp.com Stephen Sloan, Managing Partner $100 million to $499 million [email protected] [email protected] $500 million to $999 million Branch offices Todd Miller, Managing Director Average size of secondary deals Rue Juste-Olivier 9 [email protected] represented Nyon 1260 Switzerland Brian Mooney, Managing Director $10 million to $99 million Phone: 41-22-365-4500 $100 million to $499 million [email protected] #11-11 F.E.S. Centre, 545 Orchard Road $500 million to $999 million Brenlen Jinkens, Managing Director Singapore 238882 Singapore $1 billion+ [email protected] Phone: 65-6737-3823 Bill Murphy, Managing Director Key personnel Campbell Lutyens [email protected] Steve Standbridge, Partner, North America Three Burlington Gardens [email protected] Bernhard Engelien, Managing Director London W1S 3EP U.K. [email protected] Phone: 44-20-7439-7191 David Chamberlain, Partner, Europe Fax: 44-20-7432-3749 [email protected] Jonathan Jameson, Managing Director [email protected] www.campbell-lutyens.com Alexandre Schmitz, Partner, Asia Branch offices [email protected] Colin McGrady, Managing Director [email protected] 1270 Ave. of the Americas, 29th Floor Types of clients represented New York, NY 10020 Banks/Financial Institutions Andy Nick, Director Phone: 212-223-8448 Family Offices [email protected] Fax: 212-214-0558 Endowments/Foundations Chris Bonfield, Director Public Pension Funds Jardine House [email protected] One Connaught Place, Suite 819 Average size of assets managed by clients Hong Kong, China $100 million to $499 million Phone: 852-2358-9200 $500 million to $999 million Fax: 852-2358-9299 $1 billion+ GUIDE TO THE SECONDARY MARKET | | 69

Types of clients represented Jonathan Abecassis, Vice President Wealthy Individuals [email protected] GlobalFinance Banks/Financial Institutions Types of clients represented Family Offices Möhlstrasse 10 Wealthy Individuals Endowments/Foundations Munich 81675 Germany Banks/Financial Institutions Public Pension Funds Phone: 49-89-689-06-33 Family Offices Corporations, Asset Managers, Private Fax: 49-89-6890-6359 Endowments/Foundations Pension Funds www.globalfinance.de Public Pension Funds [email protected] Average size of assets managed by clients Average size of assets managed by clients $10 million to $99 million Key personnel $1 billion+ $100 million to $499 million Claudia Blümhuber, Co-founder $500 million to $999 million Average size of secondary deals & Managing Director $1 billion+ represented [email protected] $100 million to $499 million Average size of secondary deals Matthias Stanzel, Co-founder & CEO represented [email protected] Under $10 million Evercore - Private $10 million to $99 million Go4Venture Advisers $100 million to $499 million Capital Advisory $500 million to $999 million 55 E. 52nd St. 48 Charles St., Berkeley Square $1 billion + New York, NY 10055 London W1J 5EN U.K. Phone: 212-849-3555 Phone: 44-20-7529-5400 www.evercore.com Fax: 44-20-7529-5401 Continental Capital www.go4venture.com Partners Branch offices [email protected] 15 Stanhope Gate CCP House, Eight Wilfred St. London W1K 1LN U.K. Key personnel London SW1E 6PL U.K. Phone: 44-20-7268-2424 Jean-Michel Deligny, Managing Director Phone: 44-20-7630-0909 [email protected] Key personnel Fax: 44-20-7630-2012 Types of clients represented www.ccpltd.net Nigel Dawn, Senior Managing Director [email protected] Banks/Financial Institutions Key personnel Venture Capital and Private Equity Funds Roger Luscombe, Managing Partner Nicolas Lanel, Managing Director [email protected] Average size of assets managed by clients [email protected] $100 million to $499 million Types of clients represented Types of clients represented Average size of secondary deals Wealthy Individuals Banks/Financial Institutions Family Offices represented Banks/Financial Institutions $10 million to $99 million Family Offices Endowments/Foundations Endowments/Foundations Public Pension Funds Public Pension Funds Diversified Asset Managers, Corporate Greenhill & Co. Pension Plans, Sovereign Wealth Funds, Average size of assets managed by clients Conglomerates, Private Equity and Hedge 300 Park Ave. Under $10 million Fund Managers New York, NY 10022 $500 million to $999 million Phone: 212-389-1500 Average size of assets managed by clients $1 billion+ Fax: 212-389-1700 $10 million to $99 million www.greenhill.com Average size of secondary deals $100 million to $499 million greenhillprivatecapitaladvisory@ represented $500 million to $999 million greenhill.com Under $10 million $1 billion+ $10 million to $99 million Branch offices Average size of secondary deals Lansdowne House, 57 Berkeley Square represented London W1J 6ER U.K. $10 million to $99 million Credit Suisse Group Phone: 44-20-7198-7400 $100 million to $499 million Fax: 44-20-7198-7500 One Madison Ave. $500 million to $999 million New York, NY 10010 $1 billion+ Level 34, The Chifley Tower Phone: 212-538-6457 Two Chifley Square Fax: 917-256-5007 Sydney, NSW 2000 Australia www.credit-suisse.com Fimeris Inc. Phone: 61-29-229-1410 Key personnel Three Columbus Circle, 15th Floor Fax: 61-29-231-3793 Mike Custar, Managing Director New York, NY 10019 155 N. Wacker Drive, Suite 4550 [email protected] Phone: 212-520-0058 Chicago, IL 60606 www.fimeris.com Shawn Schestag, Director Phone: 312-846-5000 [email protected] Key personnel Fax: 312-846-5001 Ian Schuler, Co-CEO Mark McDonald, Director [email protected] [email protected] 70 | | GUIDE TO THE SECONDARY MARKET

600 Montgomery St., 33rd Floor Types of clients represented San Francisco, CA 94111 Banks/Financial Institutions Houlihan Lokey Phone: 415-216-4100 Family Offices Fax: 415-216-4101 Endowments/Foundations 10250 Constellation Blvd., Fifth Floor Public Pension Funds Los Angeles, CA 90067 Key personnel Phone: 310-553-8871 Christopher Kirsten, Managing Director, Average size of assets managed by clients Fax: 310-553-2173 New York $10 million to $99 million www.hl.com [email protected] $100 million to $499 million $500 million to $999 million Branch offices Dave Brown, Managing Director, New York $1 billion+ 245 Park Ave., 20th Floor [email protected] New York, NY 10167 Average size of secondary deals Bill Thompson, Managing Director, Phone: 212-497-4100 represented San Francisco Fax: 212-661-3070 Under $10 million [email protected] $10 million to $99 million Key personnel Fiona Balch, Principal, London $100 million to $499 million Jeffrey Hammer, Managing Director, [email protected] Co-Head of Illiquid Financial Assets [email protected] Simon Lam, Principal, Hong Kong Harken Capital [email protected] Paul Sanabria, Managing Director, 101 Federal St., 19th Floor Co-Head of Illiquid Financial Assets Mike Taylor, Principal, New York Boston, MA 02110 [email protected] [email protected] Phone: 617-342-7333 Types of clients represented Zaid Abdul-Aleem, Principal, Chicago www.harkencapital.com Banks/Financial Institutions [email protected] Branch offices Family Offices Endowments/Foundations Sally Box, Principal, Sydney 2229 Lombard St., Suite 102 Public Pension Funds [email protected] San Francisco, CA 94123 Phone: 415-774-6467 Average size of assets managed by clients Types of clients represented Under $10 million Wealthy Individuals Key personnel $10 million to $99 million Banks/Financial Institutions Nick Hatch, Head of Secondaries $100 million to $499 million Family Offices [email protected] $500 million to $999 million Endowments/Foundations Don Nelson, Managing Director $1 billion+ Public Pension Funds [email protected] Corporate Pensions Average size of secondary deals Fred Malloy, Managing Director 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 Scott Holley, Director $100 million to $499 million $1 billion+ [email protected] $500 million to $999 million Average size of secondary deals Types of clients represented $1 billion+ represented Wealthy Individuals $10 million to $99 million Banks/Financial Institutions $100 million to $499 million Family Offices ICAP Corporates $500 million to $999 million Endowments/Foundations Public Pension Funds Harborside Financial Center $1 billion+ 1100 Plaza Five Average size of assets managed by clients Jersey City, NJ 07311 Griffin Financial Group Under $10 million Phone: 212-732-6900 $10 million to $99 million www.icap.com 607 Washington St. $100 million to $499 million [email protected] Reading, PA 19603 $500 million to $999 million Types of clients represented Phone: 610-478-2105 $1 billion+ Wealthy Individuals www.griffinfingroup.com Average size of secondary deals Banks/Financial Institutions Branch offices represented Family Offices 485 Madison Ave., 20th Floor Under $10 million Endowments/Foundations New York, NY 10022 $10 million to $99 million Public Pension Funds Phone: 646-254-6397 $100 million to $499 million Sovereign Wealth Funds Key personnel Average size of assets managed by clients Paul Delaney, Senior Managing Director Under $10 million [email protected] $10 million to $99 million $100 million to $499 million Mitchell Fenimore, Senior Vice President $500 million to $999 million [email protected] $1 billion+ GUIDE TO THE SECONDARY MARKET | | 71

Average size of secondary deals Types of clients represented represented Melville Capital Wealthy Individuals Under $10 million Banks/Financial Institutions $10 million to $99 million 50 Gerard St., Suite 1240 Family Offices $100 million to $499 million Huntington, NY 11743 Endowments/Foundations $500 million to $999 million Phone: 212-380-4277 Public Pension Funds $1 billion+ Fax: 212-600-9002 www.melvillesp.com Average size of assets managed by clients $500 million to $999 million Branch offices Lazard Ltd. 127 Broadway, Suite 202 Average size of secondary deals 30 Rockefeller Plaza, 60th Floor Los Angeles, CA 90401 represented $10 million to $99 million New York, NY 10020 Key personnel Phone: 212-632-6000 Robert Stark, President www.lazard.com [email protected] NYPPEX Holdings LLC Branch offices Doug Himmel, Managing Director 800 Westchester Ave., Suite 349-N 50 Stratton St. [email protected] Rye Brook, NY 10573 London W1J 8LL U.K. Phone: 914-305-2800 Phone: 44-20-7187-2000 Types of clients represented Wealthy Individuals Fax: 914-305-2803 190 South LaSalle St., 31st Floor Banks/Financial Institutions www.nyppex.com Chicago, IL 60603 Family Offices [email protected] Phone: 312-407-6600 Endowments/Foundations Key personnel One Raffles Place, #11-01, Tower One Public Pension Funds Laurence Allen, Managing Member Singapore 48616 Singapore Average size of assets managed by clients [email protected] Phone: 65-6534-2011 Under $10 million Murat Bolat, Managing Director Key personnel $10 million to $99 million [email protected] Holcombe Green, Managing Director $100 million to $499 million Craig Blitz, Managing Director [email protected] $500 million to $999 million $1 billion+ [email protected] William Riddle, Managing Director Donald Byrne, Managing Director [email protected] Average size of secondary deals represented [email protected] Pablo de la Infiesta, Director Under $10 million Dexter Blake, Managing Director [email protected] $10 million to $99 million [email protected] Johanna Lottmann, Vice President $100 million to $499 million Stephen LaPerla, Managing Director [email protected] $500 million to $999 million $1 billion+ [email protected] Ryan Binette, Vice President Michael Orr, Managing Director [email protected] MHT Secondary Advisors [email protected] Abhijit Mitra, Vice President Robert Zimmel, Director [email protected] 2000 McKinney Ave., Suite 1200 [email protected] Dallas, TX 75201 Nicholas Miles, Vice President Phone: 214-661-1290 Sonya Still, Director [email protected] Fax: 214-954-9995 [email protected] Types of clients represented www.mhtsa.com Types of clients represented Wealthy Individuals Branch offices Banks/Insurance Companies Banks/Financial Institutions One Boston Place, 36th Floor Private Equity Firms Family Offices Boston, MA 02108 Asset Managers Endowments/Foundations Phone: 617-854-7536 Sovereign Wealth Funds Public Pension Funds Fax: 617-854-7539 Public Pensions Sovereign Wealth Funds Private Pensions Key personnel Average size of assets managed by clients Asset Managers James Lee, Principal $10 million to $99 million Family Offices [email protected] $100 million to $499 million Endowments/Foundations $500 million to $999 million Shawn Terry, Managing Director Average size of assets managed by clients $1 billion+ [email protected] $100 million to $499 million Average size of secondary deals Mike McGill, Managing Director $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 Mark Young, Managing Director represented $500 million to $999 million [email protected] Under $10 million $1 billion+ $10 million to $99 million $100 million to $499 million $500 million to $999 million $1 billion+ 72 | | GUIDE TO THE SECONDARY MARKET

Paladin Market Advisors Palomar Capital Advisors Park Hill Group Seven Dey St., Suite 1503 Obere Zäune 10 345 Park Ave., 15th Floor New York, NY 10007 Zurich 8001 Switzerland New York, NY 10154 Phone: 646-400-0999 Phone: 41-43-222-5888 Phone: 212-583-5799 Fax: 41-43-222-5899 Fax: 212-583-5639 Key personnel www.plmr.com www.parkhillgroup.com Kevin Monroe, Managing Director [email protected] [email protected] [email protected] Key personnel Branch offices Types of clients represented Markus Kroll, Founder & Board Director 200 West Madison St., Suite 3800 Wealthy Individuals [email protected] Chicago, IL 60606 Banks/Financial Institutions Phone: 312-705-3070 Family Offices Types of clients represented Fax: 312-705-3079 Endowments/Foundations Wealthy Individuals Public Pension Funds Banks/Financial Institutions 40 Berkeley Square General Partners Family Offices London W1J 5AL U.K. Endowments/Foundations Phone: 44-20-7451-4000 Average size of assets managed by clients Public Pension Funds Fax: 44-20-7451-4091 $10 million to $99 million $100 million to $499 million Average size of assets managed by clients 101 California St., Suite 2880 $500 million to $999 million $10 million to $99 million San Francisco, CA 94111 $100 million to $499 million Phone: 415-276-5900 Average size of secondary deals $500 million to $999 million Fax: 415-276-5919 represented $1 billion+ Under $10 million Two International Finance Centre $10 million to $99 million Average size of secondary deals Eight Finance St., Central represented Suite 901, Ninth Floor Under $10 million Hong Kong, China $10 million to $99 million Phone: 852-3656-8609 Fax: 852-3651-7611

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Gate Village, Building Six Average size of secondary deals P.O. Box 506741, Dubai International River Street Capital represented Financial Centre, Sheikh Zayed Road Under $10 million Levels Five & Six 39 Broadway, Suite 3300 $10 million to $99 million Dubai, UAE New York, NY 10006 Phone: 971-4-422-3000 Phone: 212-588-0300 Fax: 971-4-422-3010 www.riverstreetcap.com SecondMarket Inc. Key personnel Key personnel 636 Ave. of the Americas Larry Thuet, Senior Managing Director Helge Petermann, Managing Director New York, NY 10011 [email protected] Phone: 212-668-5920 Types of clients represented Fax: 212-483-1045 Wealthy Individuals Types of clients represented Banks/Financial Institutions www.secondmarket.com Banks/Financial Institutions [email protected] Family Offices Family Offices Endowments/Foundations Endowments/Foundations Branch offices Public Pension Funds Public Pension Funds 225 Bush St. 12th Floor Average size of assets managed by clients San Francisco, CA 94104 Average size of assets managed by clients Phone: 415-800-0396 Under $10 million $10 million to $99 million $10 million to $99 million $100 million to $499 million Key personnel $100 million to $499 million $500 million to $999 million Bill Siegel, VP, Platform Operations $1 billion+ $500 million to $999 million Types of clients represented $1 billion+ Average size of secondary deals Wealthy Individuals Average size of secondary deals represented Banks/Financial Institutions represented Under $10 million Family Offices Under $10 million $10 million to $99 million Endowments/Foundations $10 million to $99 million Public Pension Funds $100 million to $499 million Secondcap Sovereign Wealth Funds, Regional and $500 million to $999 million Community Banks, Hedge Funds, Private $1 billion+ Cavendish Court, Fourth Floor Equity Funds, Mutual Funds 11-15 Wigmore St. Average size of assets managed by clients Probitas Partners London W1U 1PF U.K. $100 million to $499 million Phone: 44-20-3096-2740 $500 million to $999 million 425 California St., Suite 2300 www.secondcap.com $1 billion+ San Francisco, CA 94104 [email protected] Average size of secondary deals Phone: 415-402-0700 Branch offices represented Fax: 415-402-0052 Piazza Diaz, 5 $10 million to $99 million www.probitaspartners.com Milan 20123 Italy $100 million to $499 million [email protected] Phone: 39-02-78-21-38 Branch offices Key personnel 1120 Ave. of the Americas, Suite 1802 Francois Gamblin, CEO Setter Capital Inc. New York, NY 10036 [email protected] 77 Bloor St. W., Suite 1901 Phone: 212-403-3662 Anthony Marquié, Managing Director Toronto, ON M5S 1M2 Canada Egyptian House,170-173 Piccadilly [email protected] Phone: 416-964-9555 Fourth Floor Fax: 416-964-0699 London W1J 9EJ U.K. Pierre Henri Carles, Director www.settercapital.com [email protected] Phone: 44-20-7845-5400 Key personnel Fax: 44-20-7240-3339 James Hilton, Analyst Peter McGrath, Managing Director Nexxus Building, 41 Connaught Road [email protected] [email protected] Level 15/F Suneel Sheoran, Analyst Robert McGrath, Managing Director Hong Kong, China [email protected] [email protected] Phone: 852-2533-3678 Types of clients represented Simren Desai, Vice President Key personnel Wealthy Individuals [email protected] Craig Marmer, Managing Director Banks/Financial Institutions Family Offices Gurdeep Gill, Vice President Types of clients represented [email protected] Banks/Financial Institutions Endowments/Foundations Endowments/Foundations Public Pension Funds Philip Leishman, Senior Associate Funds of Funds, General Partners Secondary Specialists Fund of Funds, [email protected] General Partners Average size of assets managed by clients Types of clients represented $500 million to $999 million Average size of assets managed by clients Wealthy Individuals $1 billion+ Banks/Financial Institutions Average size of secondary deals Family Offices represented Endowments/Foundations $100 million to $499 million Public Pension Funds 74 | | GUIDE TO THE SECONDARY MARKET

Average size of assets managed by clients $1 billion+ Triago UBS Investment Bank Average size of secondary deals One boulevard de la Madeleine 299 Park Ave. represented Paris 75001 France New York, NY 10171 $100 million to $499 million Phone: 33-1-47-03-01-10 Phone: 212-821-6108 $500 million to $999 million Fax: 33-1-47-03-06-99 Fax: 212-882-8433 www.triago.com www.ubs.com/privatefundsgroup [email protected] Somerset Capital Branch offices Branch offices One Finsbury Ave. Flat Four, 73 S. End Road 499 Park Ave., 20th Floor London EC2M 2PP U.K. London NW3 2RJ U.K. New York, NY 10022 Phone: 44-20-7568-2506 Phone: 44-20-7871-1510 Phone: 212-593-4994 Key personnel www.som-cap.com Fax: 212-593-0180 [email protected] Philip Tsai, Global Head Dubai International Financial Center of Secondary Market Advisory Key personnel The Gate, Level 15 philip.tsai@ubs.com Jim Miller, Managing Director Dubai P.O. Box 506681 UAE Gerald Cooper, Managing Director Phone: 971-4-401-9525 Marie Soong, Associate [email protected] Key personnel Types of clients represented Jarrett Vitulli, Managing Director Mathieu Dréan, Managing Partner Wealthy Individuals [email protected] Banks/Financial Institutions [email protected] Rodney Reid, Head of EMEA Family Offices Victor Quiroga, Founding Partner Secondary Market Advisory Endowments/Foundations [email protected] Public Pension Funds [email protected] Nicolas de Nazelle, Managing Partner Steve Westerback, Executive Director Average size of assets managed by clients [email protected] $500 million to $999 million [email protected] Tina Sodhi, Partner $1 billion+ Types of clients represented [email protected] Average size of secondary deals Wealthy Individuals represented David Markson, Principal Banks/Financial Institutions $10 million to $99 million [email protected] Family Offices Endowments/Foundations $100 million to $499 million Salim Belkaid, Principal Public Pension Funds $500 million to $999 million [email protected] Average size of assets managed by clients Types of clients represented Under $10 million Stanwich Advisors Banks/Financial Institutions $10 million to $99 million Family Offices One Dock St., Suite 600 $100 million to $499 million Endowments/Foundations Stamford, CT 06901 $500 million to $999 million Public Pension Funds Phone: 203-406-1099 $1 billion + Funds of Funds, Secondary Funds www.stanwichadvisors.com Average size of secondary deals Average size of assets managed by clients Key personnel represented $10 million to $99 million Bradley Critchell, Managing Director Under $10 million $100 million to $499 million [email protected] $10 million to $99 million $500 million to $999 million $100 million to $499 million $1 billion+ Types of clients represented $500 million to $999 million Wealthy Individuals Average size of secondary deals $1 billion+ Banks/Financial Institutions represented Family Offices Under $10 million Endowments/Foundations $10 million to $99 million Public Pension Funds $100 million to $499 million Average size of assets managed by clients $500 million to $999 million $10 million to $99 million $100 million to $499 million $500 million to $999 million $1 billion+ Average size of secondary deals represented Under $10 million $10 million to $99 million $100 million to $499 million $500 million to $999 million GUIDE TO THE SECONDARY MARKET | | 75

Appendix A Investors That Have Backed Secondary Funds

LP Name Location Phone Abbey National Treasury Services PLC London 44-87-0607-6000 Aberdeen SVG Chelmsford, U.K. 44-12-6844-8222 Abu Dhabi Investment Authority Abu Dhabi 971-2-415-0000 AEGON USA Investment Management LLC Baltimore 502-560-2825 AFA Försäkring Stockholm 46-8-696-40-00 Alameda County Employees’ Retirement Association Oakland, Calif. 510-628-3000 AlpInvest Partners 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 Group Heerlen, Netherlands 31-45-579-92-22 Argentum Fondsinvesteringer AS Bergen, Norway 47-55-54-70-00 Arizona State Retirement System Phoenix 602-240-2000 Auda International New York 212-863-2300 AXA Equitable Life Insurance Co. New York 212-554-1234 BAE Systems Pensions London 44-20-7654-2500 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. 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 Citi Capital Advisors Ltd. New York 212-559-0338 Coller Capital London 44-20-7631-8500 Columbia University New York 212-854-1754 Compagnia Di San Paolo Torino, Italy 39-11-5596-911 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 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 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. 44-135-270-2761 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 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 76 | | GUIDE TO THE SECONDARY MARKET

LP Name Location Phone Golden LEAF Foundation Inc. Rocky Mount, N.C. 252-442-7474 Greater Manchester Pension Fund Ashton-under-Lyne, U.K. 44-16-1342-2880 Groupama SA Paris 33-1-53-93-51-51 Hafslund Pension Fund ASA Oslo, Norway 47-92-08-70-07 Hamilton Lane Advisors Bala Cynwyd, Pa. 610-934-2222 Hannover Rückversicherung AG Hannover, Germany 49-5-115-60-40 HarbourVest Partners 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 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 Industriens Pensionsforsikring A/S Copenhagen 45-33-66-80-80 International Finance Corp. Washington 202-473-3800 Invesco Private Capital New York 212-278-9000 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 47-22-03-35-00 Korea Development Bank Seoul 82-27-87-69-34 Korea Finance Corp. Seoul 82-1-644-4100 Korea Teachers Pension Seoul N/A Kuwait Financial Centre Sharq, Kuwait 965-2-224-8000 Lexington Partners New York 212-754-0411 LGT Capital Partners Pfaeffikon, Switzerland 41-5-54-15-96-00 Liberty Mutual Insurance 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 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 Natixis Private Equity Paris 33-1-58-19-20-00 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 New York State Teachers’ Retirement System Albany, N.Y. 518-447-2900 GUIDE TO THE SECONDARY MARKET | | 77

LP Name Location Phone Nottinghamshire County Pension Fund Nottingham, U.K. 44-11-5977-2727 Oak Hill Capital Management Menlo Park, Calif. 650-234-0500 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. George Town, 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 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 Perennius Capital Partners SGR Milan 39-02-8883691 Phoenix Companies Inc. Hartford, Conn. 860-403-5594 Public Employee Retirement System of Idaho Boise, Idaho 208-334-3365 Public Employees Retirement Association 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 PrivateCapital 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 Scottish Widows Investment Partnership Ltd. London 44-20-7203-3000 Sitra Helsinki 358-2-9461-8991 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 Tyne and Wear, U.K. 44-19-1424-4141 United Technologies Corp. Hartford, Conn. 860-728-7000 Universities Superannuation Scheme Ltd. Liverpool, U.K. 44-15-1227-4711 University of Cincinnati Cincinnati 513-558-5403 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 YMCA Retirement Fund New York 800-738-9622 78 | | 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 Abbott Capital Management • • • • • Aberdeen SVG Private Equity • • • Abu Dhabi Investment Authority • • • • • • • • Access Capital Partners • • • • Accretive Capital Partners • ACG Capital • • • • • Adams Street Partners • • • • • • • • Allianz Capital Partners • • • • • Alpha Associates • • • • • • AlpInvest Partners • • • • • • Altius Associates • • • • • • Apposite Capital • ARCIS Group • • • • Ardian • • • • • • • • • Auda Private Equity • • • • • • • • Auldbrass Partners • • • • • • • BEX Capital • • • • • • Bio Equity Capital • • • Capital Dynamics • • CMS Fund Advisors LLC • • • • Coller Capital • • • • • • • Committed Advisors • • • • • • • • • Commonfund Capital • • • • • • • • • CPP Investment Board • • • • Cubera Private Equity • • DB Private Equity • • • • • • • • DuPont Capital Management • • • • • • • • F&C Investment Business Ltd. • • • • • • • • Fondinvest Capital • • • • • Fort Washington Capital Partners Group • • • • • • • Goldman Sachs Group Inc. • • • • • • • • • Greenspring Associates • • • • Hamilton Lane Advisors • • • • • • • • HarbourVest Partners • • • • • • • • • • Headway Capital Partners • • • • • • • Horsley Bridge Partners • • • • Idinvest Partners • • • • IKE Capital Group • • • • • • Industriens Pensionsforsikring A/S • • • • • Investment Fund for Foundations • • • • • • Jolimont Capital • • • J.P. Morgan Asset Management • • • • • • • • • Kensington Capital Partners • • • • • • • Landmark Partners • • • • • • • • • GUIDE TO THE SECONDARY MARKET | | 79

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 Lexington Partners • • • • • • • • • • LGT Capital Partners • • • • • • • • • Live Oak Capital • • • • MidCoast Capital • • • • • • • • Montauk TriGuard Management • • • • • • • Morgan Stanley Alternative Investment Partners • • • • Mustang Capital Partners • • • • • • Natixis Private Equity Neuberger Berman • • • • • • Newbury Partners • • • • • • • • NewQuest Capital Partners • NorgesInvestor • • Northern Trust • • • • • • • • Northleaf Capital Partners • • • • • • • Pantheon • • • • • • • • Paragon Partners GmbH • Partners Group • • • • • • • • • • Pathway Capital Management • • • • • • PEI Funds • • • • • • • Permal Capital Management • • • • PineBridge Investments • • • • • • • • Pomona Capital • • • • • • • • Portfolio Advisors • • • • • • • • • Private Advisors • • • • • • • RCP Advisors • • • • Rho Fund Investors • • • • Robeco Private Equity • • • • • SL Capital Partners • • • • Sobera Capital • • • • StepStone Group • • • • • • • • • Stripes Group • Susquehanna International Group • • • • • • Symmetry Investment Advisors • • • • • Top Tier Capital Partners • • Unigestion • • • • • • VCFA Group • • • • VenCap International • • • Venture Investment Associates • • • • Vintage Investment Partners • • • • • • • • von Braun & Schreiber Private Equity Partners • • • • • • Willowridge Partners • • • • • • • Wilshire Private Markets Group • • • • • • 80 | | 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 Abu Dhabi Investment Authority • • • • • • • • Access Capital Partners • • Accretive Capital Partners • • • • • • Adams Street Partners • • • • • • • • • • • AlpInvest Partners • • • • • • • • • Altius Associates • • • • • • Annex Capital Group • Apposite Capital • • • • • ARCIS Group • Ardian • • • • • • • Auda Private Equity • • • • • • • • • • Auldbrass Partners • • • • • BEX Capital • • • Bio Equity Capital • • • Coller Capital • • • • • • • • • • Committed Advisors • • • • • • • • • • Commonfund Capital • • • • • • • • • • CPP Investment Board • • • • • • DB Private Equity • • • • • • • • • • DFJ Esprit Secondaries • • Fondinvest Capital • • • • • • Fort Washington Capital Partners Group • • • • • Goldman Sachs Group Inc. • • • • • • • • • • Greenspring Associates • • • • • • Hamilton Lane Advisors • • • • • • • • • • HarbourVest Partners • • • • • • • • • • • Headway Capital Partners • • • • • • • • • • Idinvest Partners • • • IKE Capital Group • • Institutional Venture Partners • Jolimont Capital • • • • • J.P. Morgan Asset Management • • • • • • • • Kensington Capital Partners • Lake Street Capital • Landmark Partners • • • • • • • • • • Lexington Partners • • • • • • • • • LGT Capital Partners • • • • • • • • • • LLM Capital Partners • MCA Funds • MidCoast Capital • • • • • • • • • Millennium Technology Value Partners • • • • • • • • • • Morgan Stanley Alternative Investment Partners • • • • • • • • Mustang Capital Partners • • • • • • • • • Neuberger Berman • • • • • • • • • • GUIDE TO THE SECONDARY MARKET | | 81

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 Newbury Partners • • • • • • • • • NewQuest Capital Partners • • NorgesInvestor • Northern Trust • • • • • • • • Northleaf Capital Partners • • • • • • • Nova Capital Management • • • • • Pantheon • • • • • • • • • • Paragon Partners • Partners Group • • • • • • • • • • PEI Funds • Permal Capital Management • PineBridge Investments • • • • • • • • • • Pomona Capital • • • • • • • • • • Portfolio Advisors • • • • • • Private Advisors • • • • Protostar Partners • Rosetta Capital • • • • • • • Saints Capital • • • • • • • smac partners • • • • • Sobera Capital • StepStone Group • • • • • • • • • • Stratim Capital • Stripes Group • Top Tier Capital Partners • VCFA Group • Verdane Capital Advisors • Vintage Investment Partners • • • Vision Capital • • • • • • • W Capital Partners • • • • Willowridge Partners • • • • • • • • • 82 | | GUIDE TO THE SECONDARY MARKET

Appendix D: Secondary Market Direct Manager Industry Preferences

Accretive Capital Partners The firm prefers to invest in diversified groups of assets in each transaction. Although the firm may entertain single company direct transactions, given the right situation, the preference is to invest in at least three portfolio companies.

Cipio Partners Venture (technology, media, communications, business services, advanced materials, clean technology, life sciences); growth and select midmarket segments

DFJ Esprit Secondaries High growth segments of software, digital media, telecommunications, medical technology, clean technology and business services sectors

Institutional Venture Partners Information technology

Millennium Technology Value Partners All technology and growth sectors

Protostar Partners General manufacturing/industrial, food and beverage, consumer goods, value-added distribution

Rosetta Capital Life sciences

Saints Capital Technology, industrial, business services, health care

Stratim Capital Technology and business services

Verdane Capital Advisors Information technology (including e-commerce), energy technology and advanced industry

Vision Capital Consumer, industrials, financial services and property, energy and business services GUIDE TO THE SECONDARY MARKET | | 83

Appendix E: Secondary Market Intermediary Types of Clients Represented

Wealthy Family Endowments/ Public Pension Individuals Banks Offices Foundations Funds Other Accretive Capital Advisors • • • Almeida Capital • • • • • AXON Partners AG • • • • • Azla Advisors • • • • • Breslin AG • • • • • • Camelot Group International LLC • • • • • Campbell Lutyens • • • • Capstone Partners • • • • Cogent Partners • • • • • • Continental Capital Partners • • • • • Credit Suisse Group • • • • • Evercore - Private Capital Advisory • • • • • Go4Venture Advisers LLP • • Greenhill & Co. • • • • • • Griffin Financial Group • • • • Harken Capital • • • • • Houlihan Lokey • • • • ICAP Corporates LLC • • • • • • Lazard Ltd. • • • • • • Melville Capital • • • • • MHT Secondary Advisors • • • • • NYPPEX Holdings LLC • • • • • • 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 • • • • • 84 | | GUIDE TO THE SECONDARY MARKET

Appendix F: 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 • • • AXON Partners AG • • • Azla Advisors • • • Breslin AG • • • • Camelot Group International LLC • • • • Campbell Lutyens • • • Capstone Partners • • • • Cogent Partners • • • • • Continental Capital Partners • • Credit Suisse Group • Evercore - Private Capital Advisory • • • • Go4Venture Advisers LLP • Greenhill & Co. • • • • Griffin Financial Group • • • Harken Capital • • • Houlihan Lokey • • • • • ICAP Corporates LLC • • • • • Lazard • • • • Melville Capital • • • • • MHT Secondary Advisors • NYPPEX Holdings LLC • • • • • 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 | | 85

Company Index

A Cogent Partners 68 Abbott Capital Management 40 Coller Capital 45 Aberdeen SVG Private Equity 40 Committed Advisors 45 Abu Dhabi Investment Authority 40 Commonfund Capital 45 Access Capital Partners 40 Commonwealth of PA, Public School Employees’ Retirement System 45 Accretive Capital Advisors 67 Continental Capital Partners 69 Accretive Capital Partners 40 CPP Investment Board 45 ACG Capital 41 Credit Suisse Group 69 Adams Street Partners 41 Cubera Private Equity 46 Allianz Capital Partners 42 Almeida Capital 67 D Alpha Associates 42 DB Private Equity 46 AlpInvest Partners 42 DFJ Esprit Secondaries 63 Altius Associates 42 DuPont Capital Management 46 Annex Capital Group 63 E Apposite Capital 42 Equistone Partners Europe 46 ARCIS Group 43 Evercore - Private Capital Advisory 69 Ardian 43 AssetMetrix 43 F Auda Private Equity 43 F&C Investment Business Ltd. 46 Auldbrass Partners 44 Fimeris Inc. 69 AXON Partners 67 Fondinvest Capital 46 Azla Advisors 67 Fort Washington Capital Partners Group 47

B G Banque Pictet & Cie SA 63 GlobalFinance 69 BEX Capital 44 Go4Venture Advisers 69 Bio Equity Capital 44 Goldman Sachs Group Inc. 47 BlackRock Private Equity Partners 44 Greenhill & Co. 69 Breslin AG 67 Greenspring Associates 47 Griffin Financial Group 70 C California Public Employees’ Retirement System 44 H California State Teachers’ Retirement System 44 Hamilton Lane Advisors 47 Camelot Group International 68 HarbourVest Partners 48 Campbell Lutyens 68 Harken Capital 70 Capital Dynamics 44 Headlands Capital Management 48 Capstone Partners 68 Headway Capital Partners 48 Cipio Partners 63 Helmsman Capital 48 CMS Fund Advisors 45 Henderson Global Investors 48 86 | | GUIDE TO THE SECONDARY MARKET

Hermes GPE 63 NorgesInvestor 55 Horsley Bridge Partners 49 Northern Trust 55 Houlihan Lokey 70 Northleaf Capital Partners 55 Nova Capital Management 65 I Novirian Capital 65 ICAP Corporates 70 NYPPEX Holdings LLC 71 Idinvest Partners 49 IKE Capital Group 49 O Industriens Pensionsforsikring A/S 49 Ontario Teachers’ Pension Plan 56 Industry Ventures 49 Institutional Venture Partners 63 P Paladin Market Advisors 72 Invesco Institutional 50 Palomar Capital Advisors 72 Investment Fund for Foundations 50 Pantheon 56 J Paragon Partners 56 J.P. Morgan Asset Management 50 Park Hill Group 72 Jolimont Capital 50 Partners Group 56 Pathway Capital Management 56 K Paul Capital 57 Kensington Capital Partners 50 PEI Funds 57 L Performance Equity Management 57 Lake Street Capital 63 Permal Capital Management 57 Landmark Partners 50 PineBridge Investments 57 Lazard Ltd. 71 Pomona Capital 57 Lexington Partners 52 Portfolio Advisors 58 LGT Capital Partners 52 Private Advisors 58 Live Oak Capital 53 Probitas Partners 73 LLM Capital Partners 64 Protostar Partners LLC 65

M R MCA Funds 64 RCP Advisors 58 Melville Capital 71 Rho Fund Investors 58 MHT Secondary Advisors 71 River Street Capital 73 MidCoast Capital 53 Robeco Private Equity 58 Millennium Technology Value Partners 64 Rosetta Capital 65 Montauk TriGuard Management 53 S Morgan Stanley Alternative Investment Partners 53 Saints Capital 65 MSD Capital 54 San Francisco Employees’ Retirement System 59 Mustang Capital Partners 54 SCM Strategic Capital Management 59 N Secondcap 73 Natixis Private Equity 54 SecondMarket Inc. 73 Neuberger Berman 54 Setter Capital Inc. 73 New Jersey State Investment Council 54 SL Capital Partners 59 Newbury Partners 54 smac partners 65 NewQuest Capital Partners 55 Sobera Capital 59 Nordea 55 Somerset Capital 74 GUIDE TO THE SECONDARY MARKET | | 87

Stanwich Advisors 74 StepStone Group 59 Stratim Capital 65 Stripes Group 60 SunAmerica Asset Management Corp. 60 Susquehanna International Group 60 Symmetry Investment Advisors Inc. 60

T Telemus Capital Partners 60 Top Tier Capital Partners 60 Travelers Cos. 61 Triago 74 Triginta Capital 61

U UBS Investment Bank 74 Unigestion 61

V VCFA Group 61 VenCap International 61 Venture Investment Associates 61 Verdane Capital Advisors 65 Vintage Investment Partners 61 Vision Capital 66 von Braun & Schreiber Private Equity Partners 62 Vorndran Mannheims Capital Advisors 66

W W Capital Partners 66 WealthCap 62 Willowridge Partners 62 Wilshire Private Markets Group 62 Winchester Capital Group 62 88 | | GUIDE TO THE SECONDARY MARKET

Contact Index

A Bonfield, Chris - Cogent Partners 68 Abdul-Aleem, Zaid - Greenhill & Co. 69 Bong, Boris - J.P. Morgan Asset Management 50 Abecassis, Jonathan - Credit Suisse Group 69 Bonnet, Mathieu - BEX Capital 44 Abrams, Zachary - Stratim Capital 65 Borges, Francisco L. - Landmark Partners 50 Aerni, Ralph - SCM Strategic Capital Management 59 Borok, Dan - Millennium Technology Value Partners 64 Ailman, Christopher J. - California State Teachers’ Boscher, Edouard - Ardian 43 Retirement System 44 Bouché, Romain - ARCIS Group 43 Akers, Jeffrey - Adams Street Partners 41 Box, Sally - Greenhill & Co. 69 Alfeld, Chad S. - Landmark Partners 50 Bradley, Tom - StepStone Group 59 Ali, Ahmad - Auldbrass Partners 44 Brandmeyer, Michael - Goldman Sachs Group Inc. 47 Allen, Laurence - NYPPEX Holdings 71 Brittain, Keith - Hamilton Lane Advisors 47 Andrew, Mark - Lexington Partners 52 Brody, Tim - Auda Private Equity 43 Andris, Jason - Venture Investment Associates 61 Broenden, Christian - Industriens Pensionsforsikring A/S 49 Andris, Stathis - Venture Investment Associates 61 Brophy, Parker - Mustang Capital Partners 54 Anquillare, Ceasar Nicholas - Winchester Capital Group 62 Brown, Dave - Greenhill & Co. 69 Anthofer, Tom S. - Cipio Partners 63 Brown , Simon - Equistone Partners Europe 46 Atterbury, David - HarbourVest Partners 48 Burch, Mark - ARCIS Group 43 Aubert, Andre - LGT Capital Partners 52 Burstein, Dan - Millennium Technology Value Partners 64 Auffray, Valerie - Apposite Capital 42 Byrne, Donald - NYPPEX Holdings 71

B C Bader, Hanspeter - Unigestion 61 Camacho, Michael - AlpInvest Partners 42 Baker, Steve - Fort Washington Capital Partners Group 47 Cantrell, Allen - MCA Funds 64 Balch, Fiona - Greenhill & Co. 69 Capen, Rich - VCFA Group 61 Bane, Michael - Ardian 43 Carles, Pierre Henri - Secondcap 73 Barnett, Troy - Adams Street Partners 41 Carr, Dayton - VCFA Group 61 Bauman, Gina - Institutional Venture Partners 63 Cassidy, Martha - Abbott Capital Management 40 Baumgarten, Steven - Blackrock Private Equity Partners 44 Chamberlain, David - Capstone Partners 68 Beaton, Kirk - Lexington Partners 52 Chapman, Duncan - Lexington Partners 52 Beil, Stefan - Sobera Capital 59 Charles, Ian H. - Landmark Partners 50 Belkaid, Salim - Triago 74 Chee, Max - Millennium Technology Value Partners 64 Benin, Daniel - Committed Advisors 45 Cheung, Chi - DB Private Equity 46 Berkowitz, Fred - Horsley Bridge Partners 49 Chow, Richard - Abu Dhabi Investment Authority 40 Bermingham, Nessan - Bio Equity Capital 44 Cohn, Paul - Fort Washington Capital Partners Group 47 Binette, Ryan - Lazard Ltd. 71 Cole, Joe Don - Fort Washington Capital Partners Group 47 Blake, Dexter - NYPPEX Holdings 71 Coller, Jeremy - Coller Capital 45 Blitz, Craig - NYPPEX Holdings 71 Conners, Scott P. - Landmark Partners 50 Blümhuber, Claudia - GlobalFinance 69 Cooper, Gerald - UBS Investment Bank 74 Bolat, Murat - NYPPEX Holdings 71 Cornelius, Ronn C. - Montauk TriGuard Management 53 Bonavitacola, Marc - Aberdeen SVG Private Equity 40 Costabile, Steven - PineBridge Investments 57 GUIDE TO THE SECONDARY MARKET | | 89

Coulter, Doug - LGT Capital Partners 52 Fremuth, Gunnar - PEI Funds 57 Critchell, Bradley - Stanwich Advisors 74 Froland, Charles - Performance Equity Management 57 Croissant, Cécile - Access Capital Partners 40 Fuhrman, Glen R. - MSD Capital 54 Cruttenden, Tim - VenCap International 61 G Cruz Peverley, Michelle - Permal Capital Management 57 Gale, Peter - Hermes GPE 63 Custar, Mike - Credit Suisse Group 69 Galfetti, Sandro - Capital Dynamics 44 D Gamblin, Francois - Secondcap 73 D’Agostino, Mike - Permal Capital Management 57 Gardelli, Michele - IKE Capital Group 49 Davidsson, Chris - Campbell Lutyens 68 Gardey, Oliver - Pomona Capital 57 Dawn, Nigel - Evercore - Private Capital Advisory 69 Garton, Anthony - Lexington Partners 52 de Beaupuy, Barthelemy - Committed Advisors 45 Giannetti, Thomas - Lexington Partners 52 de la Infiesta, Pablo - Lazard Ltd. 71 Gigliotti, Carmen - DuPont Capital Management 46 de Nazelle, Nicolas - Triago 74 Gill, Gurdeep - Setter Capital Inc. 73 Delaney, Paul - Griffin Financial Group 70 Gillies, Charles - Jolimont Capital 50 Deligny, Jean-Michel - Go4Venture Advisers 69 Gilman, Cliff - Venture Investment Associates 61 Delos, Alexandre - Access Capital Partners 40 Glass, Jon - Millennium Technology Value Partners 64 Denison, Charlie - Adams Street Partners 41 Goh, Andress - Allianz Capital Partners 42 Desai, Simren - Setter Capital Inc. 73 Goldrick, Joseph - Adams Street Partners 41 Dewan, Amant - Annex Capital Group 63 Gordon, Brett - HarbourVest Partners 48 Doehla, Zak - MCA Funds 64 Graev, Adam - DB Private Equity 46 Douvos, Chris - Venture Investment Associates 61 Grant, Charles - Lexington Partners 52 Dréan, Mathieu - Triago 74 Green, Holcombe - Lazard Ltd. 71 Dreesbach, Werner - Cipio Partners 63 Gregory Garrett, Melissa - Private Advisors 58 Ducharme, Matthieu - Northleaf Capital Partners 55 Griffiths, Barry E. - Landmark Partners 50 Dupont, Daniel - Northleaf Capital Partners 55 Gruber, Sascha - LGT Capital Partners 52 E Gull, Jason - Adams Street Partners 41 Eftimiu, Emanuel - Alpha Associates 42 Gunn, Graeme - SL Capital Partners 59 Einarson, Frida - Verdane Capital Advisors 65 Gutzen, Till - Cubera Private Equity 46 Engelhard, Teresa - Jolimont Capital 50 H Engelien, Bernhard - Cogent Partners 68 Haarmann, Moritz - AssetMetrix 43 Evain, Frédéric - Access Capital Partners 40 Hacker, Michael - AlpInvest Partners 42 F Hadzic, Edin - Paragon Partners 56 Falkove, Ethan - Neuberger Berman 54 Haimoff, Dana - J.P. Morgan Asset Management 50 Farooqi, Mohammed Anwer - Abu Dhabi Investment Authority 40 Hall, Garrett - AlpInvest Partners 42 Feinglass, Michael - RCP Advisors 58 Hammer, Jeffrey - Houlihan Lokey 70 Fenimore, Mitchell - Griffin Financial Group 70 Hansen, Soren Thinggaard - Industriens Pensionsforsikring A/S 49 Finkelstein, Abe - Vintage Investment Partners 61 Harris, Stephen - MidCoast Capital 53 Flood, Michael - Northleaf Capital Partners 55 Harris, Simon - W Capital Partners 66 Flower, Tim - HarbourVest Partners 48 Hatch, Nick - Harken Capital 70 Flynn, Vivian - Pomona Capital 57 Haviland, Timothy L. - Landmark Partners 50 Folle, Peter - Triginta Capital 61 Haviv, Joseph - Protostar Partners LLC 65 Fong, Jarrod - J.P. Morgan Asset Management 50 Hay, Stewart - SL Capital Partners 59 Fracchia, Edoardo - Idinvest Partners 49 Hektor, Tjarko - AlpInvest Partners 42 Freda, Adam - Northern Trust 55 Hepple, Jonathan - Rosetta Capital 65 90 | | GUIDE TO THE SECONDARY MARKET

Heston, Blake - W Capital Partners 66 L Hilton, James - Secondcap 73 Lam, Simon - Greenhill & Co. 69 Himmel, Doug - Melville Capital 71 Lambrech, John - W Capital Partners 66 Hirsch, Erik - Hamilton Lane Advisors 47 Landman, William A. - CMS Fund Advisors 45 Hliboki, Lorraine - Pomona Capital 57 Lanel, Nicolas - Evercore - Private Capital Advisory 69 Holden, Richard - Abu Dhabi Investment Authority 40 LaPerla, Stephen - NYPPEX Holdings 71 Holden, Gregory - Adams Street Partners 41 Lauby, Martial - Access Capital Partners 40 Holley, Scott - Harken Capital 70 Lawrence, Chris - Auda Private Equity 43 Hope, Harold - Goldman Sachs Group Inc. 47 Leader, Tom - Nova Capital Management 65 Hortick, Edward - VCFA Group 61 Lee, James - MHT Secondary Advisors 71 Huang, Eva - Adams Street Partners 41 Leishman, Philip - Setter Capital Inc. 73 Humber, Scott N. - Landmark Partners 50 Lewis La Torre, Catherine - Fondinvest Capital 46 Hunnewell, Luisa - Willowridge Partners 62 Liaudet, Thomas - Campbell Lutyens 68 Livingstone, Elly - Pantheon 56 I Lo, Bonnie - NewQuest Capital Partners 55 Isnard, Henri - ARCIS Group 43 Lodge, Cari - Commonfund Capital 45 J Lorgen, Eivind - Nordea 55 Jameson, Jonathan - Cogent Partners 68 Lottmann, Johanna - Lazard Ltd. 71 Janis, Fran - Pomona Capital 57 Ludwig, Nils - Paragon Partners 56 Jansen, Greg - Commonfund Capital 45 Luscombe, Roger - Continental Capital Partners 69 Jaroch, Chris - Newbury Partners 54 Jayroe, Tyler - J.P. Morgan Asset Management 50 M Malloy, Fred - Harken Capital 70 Jinkens, Brenlen - Cogent Partners 68 Markson, David - Triago 74 John, Rebecca - Lexington Partners 52 Marmer, Craig - Probitas Partners 73 Johnson, Ian - Helmsman Capital 48 Marquié, Anthony - Secondcap 73 Johnson, Phil - Fort Washington Capital Partners Group 47 Maruszewski, Mark - StepStone Group 59 K Maxwell, Ray - Invesco Institutional 50 Karabelnik, David - Breslin AG 67 Maynard, Fred - HarbourVest Partners 48 Keay, Jeff - HarbourVest Partners 48 McArthur, Lex - Jolimont Capital 50 Kellett, Andrew - AXON Partners 67 McCabe, Mike - StepStone Group 59 Kelley, Mary Frances - Invesco Institutional 50 McComb, Thomas - J.P. Morgan Asset Management 50 Kelly, Douglas - Pomona Capital 57 McConnell, James P. - Landmark Partners 50 Kenna, Samuel - LLM Capital Partners 64 McDonald, Mark - Credit Suisse Group 69 Kerr, Tom - Hamilton Lane Advisors 47 McGill, Mike - MHT Secondary Advisors 71 Kheng, Jennifer - Lexington Partners 52 McGrady, Colin - Cogent Partners 68 Killilea, Alison - W Capital Partners 66 McGrath, Peter - Setter Capital Inc. 73 Kim, Yumi - Capital Dynamics 44 McGrath, Robert - Setter Capital Inc. 73 Kirsten, Christopher - Greenhill & Co. 69 McNulty, Lena - Industry Ventures 49 Knechtli, Patrick - SL Capital Partners 59 Meyer, Dominik - AXON Partners 67 Knoell, Gretchen - Lake Street Capital 63 Migliorino, Robert - W Capital Partners 66 Koch, Hans-Dieter - Cipio Partners 63 Miles, Nicholas - Lazard Ltd. 71 Koniski, Serge - Northleaf Capital Partners 55 Miller, Barry M. - Landmark Partners 50 Kotwal, Maneck - New Jersey State Investment Council 54 Miller, Todd - W Capital Partners 66 Kroll, Markus - Palomar Capital Advisors 72 Miller, Todd - Cogent Partners 68 Kubo, Tatsuya - HarbourVest Partners 48 Miller, Jim - Somerset Capital 74 GUIDE TO THE SECONDARY MARKET | | 91

Mitra, Abhijit - Lazard Ltd. 71 Pirzio-Biroli, Carlo - DB Private Equity 46 Moerel, Wouter - AlpInvest Partners 42 Poggioli, Philippe - Access Capital Partners 40 Mohammed, Riyadh - Auldbrass Partners 44 Porter, David - Apposite Capital 42 Moilanen, Mikko - Access Capital Partners 40 Powers, Dennis - Nova Capital Management 65 Monroe, Kevin - Paladin Market Advisors 72 Q Mooney, Brian - Cogent Partners 68 Quiroga, Victor - Triago 74 Morgan, Kyle - W Capital Partners 66 Mu, Lance - Northleaf Capital Partners 55 R Mulherin, Harbert - Live Oak Capital 53 Rabini, Johannes - Sobera Capital 59 Muradian, Edward - PEI Funds 57 Rampelmann, Julian - AlpInvest Partners 42 Murphy, Bill - Cogent Partners 68 Ran, Gary - Telemus Capital Partners 60 Reid, Rodney - UBS Investment Bank 74 N Rerisi, Meredith - Abbott Capital Management 40 Nahum, Agnès - Access Capital Partners 40 Revillon, Benjamin - BEX Capital 44 Nairn, Richard - F&C Investment Business Ltd. 46 Riddle, William - Lazard Ltd. 71 Nelson, Don - Harken Capital 70 Rigamonti, Francesco - DB Private Equity 46 Newby, Tom - Lexington Partners 52 Ristvedt, Pål - Lexington Partners 52 Nick, Andy - Cogent Partners 68 Robard, Yann - CPP Investment Board 45 Nicklas, Brent - Lexington Partners 52 Rocker, Marissa - Auda Private Equity 43 Nicolas, Christophe - AlpInvest Partners 42 Rorer, Jim - Pomona Capital 57 Nicum, Pinal - Adams Street Partners 41 Roscigno, Anthony - J.P. Morgan Asset Management 50 Nowak, Magdalena - AXON Partners 67 Roubinowitz, Emmanuel - Fondinvest Capital 46 O Rowe, Jane - Ontario Teachers’ Pension Plan 56 Olmos, Emilio - Abu Dhabi Investment Authority 40 Rubin, Immanuel - Campbell Lutyens 68 Orr, Michael - NYPPEX Holdings 71 Rudge, John - Lexington Partners 52 Osterrieth, Robert - Rho Fund Investors 58 S Ostin, Olav - DFJ Esprit Secondaries 63 Sabassier, Dominique - Natixis Private Equity 54 P Salley, Christopher - Auldbrass Partners 44 Pabari, Mitesh - Hamilton Lane Advisors 47 Sanabria, Paul - Houlihan Lokey 70 Parke, Marshall - Lexington Partners 52 Sanders, Howard - Auldbrass Partners 44 Parshall, David - PEI Funds 57 Sands, George - Pathway Capital Management 56 Paul, Aymeric - Access Capital Partners 40 Santiago, Jason - Stripes Group 60 Peninon, Dominique - Access Capital Partners 40 Scharf, Dennis - Hamilton Lane Advisors 47 Perkins, Phillippa - Northleaf Capital Partners 55 Schestag, Shawn - Credit Suisse Group 69 Perkins, Tristram - Neuberger Berman 54 Schmitz, Alexandre - Capstone Partners 68 Perl, Ben - Neuberger Berman 54 Schroeck, Maximilian - Cipio Partners 63 Perloff, Hugh - Portfolio Advisors 58 Schuler, Ian - Fimeris Inc. 69 Perriello, Chris - AlpInvest Partners 42 Schwerin, Sam - Millennium Technology Value Partners 64 Perrin, Elvire - Altius Associates 42 Sealey, Andrew - Campbell Lutyens 68 Petermann, Helge - River Street Capital 73 Shan, Sally - HarbourVest Partners 48 Pettee, Timothy - SunAmerica Asset Management Corp. 60 Shanfield, Robert J. - Landmark Partners 50 Pfeuti, Roland - Robeco Private Equity 58 Shaw, Phillip M. - Invesco Institutional 50 Pfohl, Edgar J. - Montauk TriGuard Management 53 Shen Lefranc, Laura - Headway Capital Partners 48 Phelan, John C. - MSD Capital 54 Sheoran, Suneel - Secondcap 73 Pigache, Guy - Henderson Global Investors 48 Siegel, Bill - SecondMarket Inc. 73 92 | | GUIDE TO THE SECONDARY MARKET

Simon, Christophe - Idinvest Partners 49 V Sloan, Stephen - Cogent Partners 68 Valdant, Guillaume - Committed Advisors 45 Smith, Charles - DB Private Equity 46 van Tuyll, Julia - Vision Capital 66 Smith, Brian M. - Montauk TriGuard Management 53 van Zanten, Mikan - Robeco Private Equity 58 Sodhi, Tina - Triago 74 Veravanich, Pete - Pathway Capital Management 56 Somerville, Hunter - Greenspring Associates 47 Vercoutere, Ivan - LGT Capital Partners 52 Soong, Marie - Somerset Capital 74 Vicinelli, Stephen - Investment Fund for Foundations 50 Sosa del Valle , José - Lexington Partners 52 Viergutz, Philip - AlpInvest Partners 42 Soulignac, Charles - Fondinvest Capital 46 Visser, Weibe - AlpInvest Partners 42 Sparks, Matthew - Northleaf Capital Partners 55 Vitulli, Jarrett - UBS Investment Bank 74 Spiller, Charles - Commonwealth of PA, Von Braun, Emmeram - von Braun & Schreiber Public School Employees’ Retirement System 45 Private Equity Partners 62 Standbridge, Steve - Capstone Partners 68 von Moeller , Krischan - Paragon Partners 56 Stanzel, Matthias - GlobalFinance 69 von Wolffradt, Alexander - Partners Group 56 Stark, Robert - Melville Capital 71 Vorndran, Helmut - Vorndran Mannheims Capital Advisors 66 Stephens, John - Pomona Capital 57 Stetson, Chuck - PEI Funds 57 W Wachter, David - W Capital Partners 66 Still, Sonya - NYPPEX Holdings 71 Wang, Arthur - San Francisco Employees’ Retirement System 59 Stitch, Katie - W Capital Partners 66 Wang, Edwin - Accretive Capital Advisors 67 Stock, JB - Committed Advisors 45 Wang, Edwin - Accretive Capital Partners 40 Struve, Kasper - Industriens Pensionsforsikring A/S 49 Warren, Wilson - Lexington Partners 52 Such, Craig - Stratim Capital 65 Waxman, David - Azla Advisors 67 Sullivan, Carol - Jolimont Capital 50 Wertheimer, Steven - W Capital Partners 66 T Westerback, Steve - UBS Investment Bank 74 Talbot, Brian - Neuberger Berman 54 Wigg, Simon - AXON Partners 67 Tang, Samuel - Montauk TriGuard Management 53 Wiley, Nicole - Morgan Stanley Alternative Investment Partners 53 Taubman, Steven - VCFA Group 61 Williamson, David - Nova Capital Management 65 Taylor, Mike - Greenhill & Co. 69 Wilson, Amanda - J.P. Morgan Asset Management 50 Terry, Shawn - MHT Secondary Advisors 71 Wilson, Ben - PEI Funds 57 Tesconi, Lee - Lexington Partners 52 Wilson, Peter - HarbourVest Partners 48 Tharmalingam, Suganya - Kensington Capital Partners 50 Wolff, Dylan - NorgesInvestor 55 Thompson, Bill - Greenhill & Co. 69 Wonnacott, Larry - Symmetry Investment Advisors Inc. 60 Thuet, Larry - Park Hill Group 72 Woo, Helen - Protostar Partners LLC 65 Timoll, Garth - Top Tier Capital Partners 60 Woods, Joe - Fort Washington Capital Partners Group 47 Tollette , Wylie A. - California Public Employees’ Wu, Hans - VCFA Group 61 Retirement System 44 Wu, Victor - Lexington Partners 52 Tom, David - VCFA Group 61 Toomey, John - HarbourVest Partners 48 Y Yan, Conrad - Campbell Lutyens 68 Townsend, Dan - Top Tier Capital Partners 60 Yin, Daniel - Travelers Cos. 61 Towsen, Brian - Morgan Stanley Alternative Investment Partners 53 Ying Su, Nicole - AlpInvest Partners 42 Tsai, Philip - UBS Investment Bank 74 York, David - Top Tier Capital Partners 60 Young, Mark - MHT Secondary Advisors 71 U Ulczynski, Amanda - Wilshire Private Markets Group 62 Z Ulmer, Dietrich - smac partners 65 Zimmel, Robert - NYPPEX Holdings 71 TRANSACTION SPEED EXECUTION CERTAINTY

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83 secondary private equity engagements executed and settled worldwide in 2013.

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