Q2 2014 Fundraising Page 1 of 2 July 2014

Fig. 2: Quarterly Global Private Equity Fundraising, Q1 2010 Fig. 1: 10 Largest Private Equity Funds to Hold a Final Close in Q2 2014 - Q2 2014

Fund Firm Type Final Size (bn) Firm Country Fund Focus 400 368 361 350 Ardian Secondary Fund VI Ardian Secondaries 9.0 USD France Global 350 317 Fund XI Bain Capital 7.3 USD US Global 300 282 280 269 V Permira Buyout 5.3 EUR UK Global 266 No. of Funds 250 232 240 231 234 Closed North America, 217 220 Clayton Dubilier & Rice IX Clayton Dubilier & Rice Buyout 6.4 USD US 206 200 190 193 187 Europe 171 Onex Partners IV Onex Corporation Buyout 5.2 USD Canada North America 150 150 127 Aggregate 121 Capital North America, 99 97 97 104 104 87 Raised ($bn) Pamplona Capital Partners IV Pamplona Capital 3.0 EUR UK 100 77 83 76 86 83 Europe 65 72 66 Thoma Bravo Fund XI Thoma Bravo Buyout 3.7 USD US North America 50

CVC Capital Partners Asia Pacifi c IV CVC Capital Partners Buyout 3.5 USD UK Asia 0 TPG Asia VI TPG Buyout 3.3 USD US Asia Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 North America, 2010 2011 2012 2013 2014 The Resolute Fund III The Jordan Company Buyout 3.2 USD US Asia Date of Final Close

Fig. 4: Breakdown of Private Equity Funds Closed in Q2 Fig. 3: Breakdown of Q2 2014 Private Equity Fundraising by Type and Geography 2014 by Primary Geographic Focus

Global North America Europe Asia Rest of World 120 107 Aggregate Aggregate Aggregate Aggregate Aggregate Type of Funds No. of No. of No. of No. of No. of Capital Capital Capital Capital Capital 100 Funds Funds Funds Funds Funds Raised ($bn) Raised ($bn) Raised ($bn) Raised ($bn) Raised ($bn) No. of Funds Buyout 40 60.0 25 36.4 11 15.9 3 7.0 1 0.7 80 Closed 69 Distressed 12 7.4 4 4.8 5 0.7 3 1.9 0 N/A Private Equity 60 45 Aggregate 6 2.6 1 0.4 3 1.6 2 0.6 0 N/A 39 40 Capital Raised ($bn) Growth 15 3.0 6 1.1 4 0.7 5 1.2 0 N/A 27 Infrastructure 5 8.8 4 6.1 1 2.7 0 N/A 0 N/A 20 17 8 Mezzanine 3 2.1 2 1.1 1 1.0 0 N/A 0 N/A 3 Natural 0 5 1.5 4 0.5 0 N/A 0 N/A 1 1.0 Resources North Europe Asia Rest of World America Real Estate 34 15.6 19 8.0 9 6.1 4 1.3 2 0.2 Geographic Focus Secondaries 6 11.6 4 2.5 2 9.1 0 0.0 0 N/A 51 12.5 30 5.5 7 1.0 10 4.7 4 1.3 Other 10 2.4 8 2.1 2 0.3 0 N/A 0 N/A Q2 2014 Private Equity Fundraising Page 2 of 2 July 2014

Fig. 5: Fundraising Success of Private Equity Funds Closed Fig. 6: Private Equity Funds in Market over Time, January Fig. 7: Average Time Taken for Private Equity Funds to in Q2 2014 2008 - July 2014 Achieve a Final Close, 2006 - Q2 2014

2,500 25 2,176 2,098 2,000 1,949 20 19.5 19.5 1,845 18.4 17.3 23% 1,624 1,619 16.4 16.4 Exceeded Target 1,561 No. of Funds in 15.6 14.5 1,500 Market 15 1,304 11.2 11.7 Met Target 10 1,000 888 Aggregate 53% 797 705 699 758 733 739 Capital 607 Targeted ($bn) 5 24% Did Not Meet Target 500

Average Time Spent in Market (Months) Average 0 0 2006 2007 2008 2009 2010 2011 2012 2013 Q1 Q2 2014 2014 Jul-14

Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Date of Final Close

Fig. 8: Global Private Equity Dry Powder over Time, December 2006 - July 2014 Preqin provides information, products and services to private equity firms, funds of funds, investors, placement agents, law firms, advisors and other professionals across the following areas: 1,400 • Fund Performance 1,200 1,180 • Fundraising 1,067 1,061 1,076 • Buyout Deals 1,001 987 1,005 1,000 942 • Venture Capital Deals • Fund Manager Profiles 798 800 • Investor Profiles • Fund Terms and Conditions 600 • Compensation and Employment

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