Preqin Private Equity Benchmarks: Venture Capital Benchmark Report

As of 31st March 2012

alternative assets. intelligent data. Preqin Private Equity Benchmarks: Venture Capital Benchmark Report

As of 31st March 2012

Report Produced on 4th October 2012

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While reasonable efforts have been used to obtain information from sources that are believed to be accurate, and to conﬁ rm the accuracy of such information wherever possible, Preqin Ltd. Does not make any representation or warranty that the information or opinions contained in the report are accurate, reliable, up-to-date or complete.

Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within the report or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication. Preqin Private Equity Benchmarks: Venture Capital Benchmark Report

As of 31st March 2012

Report Produced on 4th October 2012

Median Benchmark - All Regions Venture Capital - As of 31st March 2012 ...... p4. Median Benchmark - North American Venture Capital - As of 31st March 2012 ...... p6. Weighted Benchmark - All Regions Venture Capital - As of 31st March 2012 ...... p8. Pooled Benchmark - All Regions Venture Capital ...... p10. Median Benchmark - All Regions Early Stage ...... p12. Weighted Bechmark - All Regions Early Stage ...... p14. Pooled Benchmark - All Regions Early Stage ...... p16. Horizon IRRs - As of 31st December 2011 ...... p18. List of Constituent Funds ...... p22.

Preqin Private Equity Benchmarks ® are calculated using performance information available from our online Performance Analyst database, the world’s most extensive, transparent database of private equity fund performance. Users of the online database have access to all of the underlying fund performance data used to calculate these benchmarks. With performance for over 6,000 private equity funds, the Performance Analyst online database is regularly updated and fully searchable. Further information can be found at www.preqin.com/pa.

All the performance ﬁgures used to generate the Preqin Private Equity Market Benchmarks are net position to investor – i.e. all commitments, contributions, distributions, remaining values and IRRs are all based on the net position for the institutional investor before tax but after the management fees and carry of the general partner.

The Preqin Venture Market Benchmark is based on performance data for 908 venture funds of vintages 1980 to 2012 as of 31st March 2012.

Preqin gathers fund returns information from a very wide and diverse range of sources, including public institutions via freedom of information legislations, published reports of a number of listed fund of fund vehicles and GP voluntary contributions. The sheer extent of the data sources that we now use provides many opportunities to crosscheck and verify data for an individual partnership from different sources, and increases our conﬁdence in the data.

A growing number of GPs have concluded that it is in their best interests to voluntarily share information on their partnerships: given that many prospective investors are seeing this information, it is better that they should have access to the most current and accurate figures possible. Even where data comes direct from the GP, however, our aim is still to show the net position for LPs, after management fees and carry. We are again very grateful to the significant number of GPs who now share data with us in this way; currently 800 GPs are contributing data on their funds. If you would like further details on contributing information on your firm please contact us at [email protected]. Q1 2012 Preqin Private Equity Benchmarks: Venture Capital Benchmark Report

Preqin Median Benchmarks: Venture Capital All Regions as of 31st March 2012

Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Vintage Called Dist (%) Value Funds Q1 Median Q3 Q1 Median Q3 Max Min (%) DPI (%) RVPI 2012 5 3.0 0.0 100.0 n/a 1.00 n/a n/m n/m n/m n/m n/m 2011 22 15.0 0.0 89.5 0.99 0.92 0.80 n/m n/m n/m n/m n/m 2010 15 33.5 0.0 103.9 1.20 1.04 0.84 n/m n/m n/m n/m n/m 2009 14 52.7 3.8 95.2 1.51 1.10 0.85 22.4 2.4 -9.8 35.7 -26.9 2008 37 66.0 8.0 96.0 1.28 1.11 0.99 14.0 6.7 -0.8 48.4 -19.3 2007 52 77.4 16.0 100.0 1.64 1.19 0.95 18.5 7.7 -1.1 90.7 -25.3 2006 46 88.7 16.0 89.0 1.35 1.12 0.86 9.4 3.5 -3.7 27.3 -36.3 2005 34 92.7 24.9 77.1 1.44 1.07 0.85 6.0 1.7 -3.3 104.9 -20.1 2004 30 98.1 33.7 72.3 1.41 1.11 0.83 8.8 2.9 -2.4 75.4 -19.9 2003 22 98.0 67.0 60.0 1.44 1.21 0.94 11.0 4.9 -1.1 35.1 -7.0 2002 24 100.0 75.6 35.7 1.90 1.18 0.80 14.9 7.4 -4.3 24.8 -47.2 2001 37 100.0 75.1 30.4 1.61 1.19 0.87 12.8 4.4 -4.3 29.5 -19.9 2000 57 100.0 71.6 21.7 1.36 1.02 0.59 10.8 2.9 -6.0 50.2 -40.0 1999 41 100.0 82.0 9.3 1.47 1.04 0.53 9.9 2.0 -8.8 24.8 -33.7 1998 31 100.0 134.0 0.0 2.23 1.33 0.72 21.8 10.7 -3.0 1016.0 -34.4 1997 45 100.0 190.0 0.0 3.59 1.90 1.34 77.5 32.1 8.1 267.8 -30.0 1996 27 100.0 179.0 0.0 2.88 1.87 1.25 61.1 23.0 6.8 136.0 -33.3 1995 28 100.0 229.0 0.0 4.25 2.22 1.46 76.2 20.2 6.1 447.4 -22.0 1994 23 100.0 198.0 0.0 5.59 1.98 0.89 59.3 27.2 7.7 73.2 -19.4 1993 37 100.0 254.7 0.0 3.56 2.55 1.09 53.0 31.7 5.3 105.7 -14.8 1992 29 100.0 162.6 0.0 3.09 1.63 1.17 36.1 17.5 5.2 110.4 -20.1 1991 15 100.0 244.0 0.0 3.62 2.44 1.56 39.7 25.1 8.5 346.4 1.2 1990 24 100.0 197.4 0.0 2.64 1.97 1.16 23.5 17.0 6.2 74.4 -35.9 1989 46 100.0 219.1 0.0 3.11 2.19 1.43 26.0 14.4 4.8 198.5 -42.1 1988 26 100.0 257.2 0.0 3.30 2.57 1.63 32.0 22.5 9.0 54.5 -9.3 1987 27 100.0 186.0 0.0 3.28 1.86 1.07 22.1 13.3 4.4 28.0 -12.4 1986 20 100.0 167.4 0.0 2.36 1.67 1.38 15.6 9.5 5.3 34.4 -0.7 1985 28 100.0 200.1 0.0 3.22 2.01 1.51 18.0 13.0 8.5 40.7 4.0 1984 23 100.0 199.2 0.0 2.37 1.99 1.54 13.7 11.0 7.4 45.7 1.7 1983 15 100.0 166.9 0.0 3.53 1.67 1.48 16.3 9.9 5.5 51.6 -3.5 1982 14 100.0 184.0 0.0 2.69 1.84 1.46 13.1 9.3 7.0 64.3 -1.6 1981 8 100.0 152.3 0.0 n/a 1.52 n/a n/a 11.3 n/a 67.4 0.5 1980 6 100.0 228.2 0.0 n/a 2.29 n/a n/a 14.0 n/a 50.6 -4.3

Source: Preqin

Preqin Median Benchmarks: Venture Capital All Regions is calculated using data for 908 funds of vintages between 1980 and 2012 with performance as of 31st March 2012 and includes liquidated funds. Preqin holds performance data for 1,656 venture capital funds. All returns are net of management fees, expenses and carry.

Venture Capital All Regions - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st March 2012

250 225 200 175 150

% 125 100 75 50 25 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%)

Source: Preqin

Venture Capital All Regions - Median Net IRRs and Quartile Boundaries by Vintage as of 31st March 2012

Net IRR since Inception (%) 10

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -10

-20 Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin

Preqin Median Benchmarks: Venture Capital North America as of 31st March 2012

Median Fund Mutliple Quartiles (X) IRR Quartiles( %) IRR Max/Min (%) No. Val- Vintage Called Dist(%) Funds ue(%) Q1 Median Q3 Q1 Median Q3 Max Min (%) DPI RVPI 2012 4 2.8 0.0 100.0 n/a 1.00 n/a n/m n/m n/m n/m n/m 2011 16 15.0 0.0 91.9 0.99 0.92 0.83 n/m n/m n/m n/m n/m 2010 11 33.5 0.0 103.9 1.20 1.04 0.84 n/m n/m n/m n/m n/m 2009 10 52.7 9.0 86.7 1.61 1.17 0.82 n/a 4.2 n/a 35.7 -26.9 2008 23 66.0 8.1 102.0 1.49 1.17 1.08 19.6 8.9 0.5 48.4 -19.3 2007 34 77.4 21.4 102.7 1.65 1.25 1.08 20.0 8.0 0.7 90.7 -10.6 2006 34 87.5 19.2 89.0 1.35 1.12 0.92 8.7 3.5 -3.2 27.3 -25.1 2005 24 93.5 24.9 77.1 1.37 1.08 0.89 5.4 1.2 -4.7 20.0 -20.1 2004 23 95.6 34.9 74.9 1.47 1.11 0.87 8.8 3.6 -2.4 75.4 -12.3 2003 16 97.0 70.7 60.0 1.44 1.25 0.96 11.0 7.2 -1.1 31.9 -7.0 2002 13 100.0 54.4 25.9 1.40 1.11 0.75 8.5 2.7 -8.0 20.9 -47.2 2001 23 100.0 75.1 30.4 1.60 1.25 0.89 11.9 4.4 -1.4 20.2 -19.9 2000 37 100.0 82.0 25.5 1.55 1.20 0.82 11.0 4.2 -4.1 50.2 -40.0 1999 29 100.0 77.0 9.7 1.34 0.81 0.45 6.8 1.0 -13.5 19.4 -33.7 1998 19 100.0 131.9 0.0 1.88 1.17 0.57 21.6 13.6 -6.7 514.3 -34.4 1997 30 100.0 178.9 0.0 4.07 1.83 1.34 79.3 25.9 9.0 267.8 -11.3 1996 22 100.0 179.0 0.0 4.26 1.91 1.25 61.1 24.3 6.8 136.0 -33.3 1995 23 100.0 239.6 0.0 4.61 2.27 1.18 84.9 26.5 3.4 447.4 -22.0 1994 17 100.0 319.6 0.0 5.82 3.20 1.00 60.2 28.5 0.5 73.2 -19.4 1993 29 100.0 269.3 0.0 3.56 2.70 1.09 61.7 36.5 2.6 105.7 -14.8 1992 20 100.0 203.8 0.0 4.48 2.04 1.18 38.8 19.0 10.6 110.4 -20.1 1991 10 100.0 274.7 0.0 7.48 2.75 1.79 48.9 28.7 13.9 346.4 8.5 1990 18 100.0 222.2 0.0 3.46 2.22 1.68 27.4 20.0 6.3 74.4 -35.9 1989 40 100.0 230.8 0.0 3.26 2.31 1.59 30.5 14.7 4.8 198.5 -42.1 1988 23 100.0 260.6 0.0 3.40 2.61 1.63 34.0 23.5 10.3 54.5 1.2 1987 21 100.0 222.0 0.0 3.93 2.22 1.43 22.1 14.9 5.1 28.0 -12.4 1986 19 100.0 174.8 0.0 2.39 1.75 1.32 15.7 8.9 4.3 34.4 -0.7 1985 20 100.0 200.1 0.0 3.39 2.01 1.51 18.0 13.0 8.5 40.7 4.0 1984 17 100.0 198.9 0.0 2.34 1.99 1.54 13.7 12.0 7.4 45.7 5.7 1983 12 100.0 168.3 0.0 3.77 1.69 1.44 15.3 9.9 4.5 51.6 -3.5 1982 10 100.0 175.3 0.0 2.00 1.76 1.30 10.8 9.2 7.0 64.3 -1.6 1981 8 100.0 152.3 0.0 n/a 1.52 n/a n/a 11.3 n/a 67.4 0.5 1980 6 100.0 228.2 0.0 n/a 2.29 n/a n/a 14.0 n/a 50.6 -4.3

Source: Preqin

Preqin Median Benchmarks: Venture Capital North America is calculated using data for 661 funds of vintages between 1980 and 2012 with performance as of 31st March 2012 and includes liquidated funds. Preqin holds performance data for 1,199 North American venture capital funds. All returns are net of management fees, expenses and carry.

Venture Capital North America - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st March 2012

275 250 225 200 175 150 % 125 100 75 50 25 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%)

Source: Preqin

Venture Capital North America - Median Net IRRs and Quartile Boundaries by Vintage as of 31st March 2012

100

20 Net IRR since Inception (%)

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

-20 Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin

Preqin Weighted Benchmarks: Venture Capital All Regions as of 31st March 2012

Weighted Fund IRR Max/Min (%) Vintage No. Funds Value (%) Called (%) Dist (%) DPI Multiple (X) IRR (%) Max Min RVPI 2012 5 4.0 0.0 81.0 0.81 n/m n/m n/m 2011 22 27.9 0.8 92.6 0.93 n/m n/m n/m 2010 15 35.3 1.1 103.4 1.05 n/m n/m n/m 2009 14 51.2 14.7 91.0 1.06 1.3 35.7 -26.9 2008 37 67.5 12.5 103.7 1.16 10.8 48.4 -19.3 2007 52 75.6 22.5 113.5 1.36 11.4 90.7 -25.3 2006 46 89.2 22.1 94.7 1.17 15.4 27.3 -36.3 2005 34 92.2 36.5 86.3 1.23 3.6 104.9 -20.1 2004 30 97.2 48.5 92.1 1.40 5.3 75.4 -19.9 2003 22 86.0 239.1 7.5 2.47 23.5 35.1 -7.0 2002 24 99.7 143.7 8.1 1.53 6.0 24.8 -47.2 2001 37 98.0 91.3 49.0 1.41 7.0 29.5 -19.9 2000 57 99.5 85.6 7.9 0.94 -0.9 50.2 -40.0 1999 41 98.3 87.0 13.0 1.00 -1.2 24.8 -33.7 1998 31 99.5 285.7 3.4 2.95 87.5 1016.0 -34.4 1997 45 100.0 326.2 0.3 3.27 37.0 267.8 -30.0 1996 27 99.8 285.1 1.9 2.87 20.2 136.0 -33.3 1995 28 100.0 270.7 0.1 2.67 17.1 447.4 -22.0 1994 23 100.0 661.5 0.1 6.62 60.3 73.2 -19.4 1993 37 100.3 434.8 0.7 4.36 42.3 105.7 -14.8 1992 29 100.0 194.2 0.0 1.94 9.7 110.4 -20.1 1991 15 100.0 128.7 0.0 1.29 3.3 346.4 1.2 1990 24 100.0 105.5 0.0 1.05 20.0 74.4 -35.9

Source: Preqin

Preqin Weighted Benchmarks: Venture Capital All Regions is calculated using data for 695 funds of vintages between 1990 and 2012 with performance as of 31st March 2012 and includes liquidated funds. Preqin holds performance data for 1,656 venture capital funds. All returns are net of management fees, expenses and carry.

Venture Capital All Regions - Money-Weighted IRRs by Vintage as of 31st March 2012

100

Money-Weighted IRR (%) Money-Weighted 20

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -10

Source: Preqin

Venture Capital All Regions - Money-Weighted Multiples by Vintage as of 31st March 2012

3.5

3.0

2.5

2.0

1.5

1.0 Money-Weighted Multiple (X) Money-Weighted

0.5

0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Source: Preqin

Preqin Pooled Benchmarks: Venture Capital All Regions

Weighted Fund Weighted Vintage No. Funds Pooled IRR (%) Called (%) Dist (%) DPI Value (%) RVPI Multiple (X) 2012 12 4.6 0.0 73.0 0.71 n/m 2011 19 23.4 1.6 91.8 0.93 n/m 2010 15 34.9 0.6 99.2 0.98 n/m 2009 15 50.7 7.4 97.8 1.05 8.0 2008 37 61.9 15.2 102.8 1.18 10.5 2007 54 75.8 17.9 107.6 1.26 12.9 2006 44 85.9 18.5 96.8 1.15 4.5 2005 29 98.1 19.4 48.4 0.68 3.4 2004 26 99.1 34.8 41.5 0.76 1.3 2003 14 91.5 151.2 15.7 1.67 -2.3 2002 25 98.8 129.5 15.8 1.47 1.8 2001 45 98.0 76.3 46.6 1.24 3.2 2000 76 98.7 77.9 17.3 0.95 -0.5 1999 38 98.6 70.1 15.1 0.87 -4.2 1998 27 100.0 149.5 8.4 1.57 26.8 1997 19 99.9 318.7 1.8 3.17 43.7 1996 16 99.7 265.1 6.3 2.76 57.8 1995 15 99.9 285.5 0.4 2.86 72.2 1994 9 99.9 624.2 0.2 6.30 43.6 1993 8 100.3 429.2 0.7 4.30 47.6 1992 9 99.9 194.7 0.3 1.95 35.7 1991 4 99.9 131.9 0.0 1.32 27.6

Source: Preqin

Preqin Pooled Benchmarks: Venture Capital All Regions is calculated using cash ﬂ ow data for 556 venture funds of vintages between 1991 and 2012. Preqin holds cash ﬂ ow data for more than 2,000 private equity funds. All returns are net of management fees, expenses and carry.

Venture Capital All Regions - Pooled IRRs by Vintage

20 Pooled IRR since Inception (%) 10

0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -10

Source: Preqin

Preqin Median Benchmarks: Early Stage All Regions

Median Fund Multiple Quartiles (X) IRR Quartlies (%) IRR Max/Min (%) No. Vintage Called Dist (%) Value Funds Q1 Median Q3 Q1 Median Q3 Max Min (%) DPI (%) RVPI 2012 4 3.0 0.0 66.7 n/a 0.67 n/a n/m n/m n/m n/m n/m 2011 6 13.4 0.0 84.5 n/a 0.85 n/a n/m n/m n/m n/m n/m 2010 6 39.4 0.0 115.7 n/a 1.16 n/a n/m n/m n/m n/m n/m 2008 14 66.0 1.3 106.2 1.51 1.22 0.95 22.0 11.4 2.7 41.5 -19.3 2007 21 79.5 10.6 97.8 1.61 1.22 0.91 19.0 7.3 -6.1 90.7 -25.3 2006 13 84.0 18.9 90.2 1.68 1.23 0.95 20.7 4.4 -1.7 27.3 -9.0 2005 12 91.6 24.7 85.2 1.40 1.06 0.94 9.1 1.5 -1.4 14.9 -11.6 2004 14 97.4 17.8 78.0 1.79 1.10 0.83 12.5 4.1 -2.0 75.4 -19.9 2003 4 100.0 34.8 58.0 n/a 0.98 n/a n/a -0.9 n/a 12.3 -3.9 2002 5 100.0 41.9 23.3 n/a 0.75 n/a n/a -3.0 n/a 8.0 -47.2 2001 12 100.0 55.6 21.3 1.10 0.90 0.54 5.6 -5.3 -10.5 13.2 -12.5 2000 21 100.0 70.7 13.2 1.69 0.97 0.48 25.0 8.5 -6.7 50.2 -40.0 1999 14 100.0 117.9 7.6 1.95 1.23 0.52 13.3 5.2 -6.1 24.8 -28.0 1998 10 100.0 137.5 0.4 4.14 1.38 0.84 226.8 8.2 0.4 1016.0 -4.8 1997 9 100.0 136.3 0.0 3.15 1.36 1.26 n/a 12.5 n/a 79.5 -10.6 1996 8 100.0 247.7 0.0 4.26 2.48 1.99 n/a 24.3 n/a 98.1 6.7

Source: Preqin

Preqin Median Benchmarks: Early Stage All Regions is calculated using performance data for 173 early stage funds of vintages between 1996 and 2012 and includes liquidated funds. Preqin holds performance data for 489 early stage funds. All returns are net of management fees, expenses and carry.

Early Stage All Regions - Median Called, Distributions and Residual Value Ratios by Vintage

150

125

100

75 %

0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2010 2011 2012

Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%) Source: Preqin

Early Stage All Regions - Median Net IRRs and Quartile Boundaries by Vintage

250

200

150

100

50 Net IRR since Inception (%)

0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

-50

Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin

Preqin Weighted Benchmarks: Early Stage All Regions

Weighted Fund IRR Max/Min (%) Vintage No. Funds Called (%) Dist (%) DPI Value (%) RVPI Multiple (X) IRR (%) Max Min 2012 4 5.1 0.0 73.8 0.74 n/m n/m n/m 2011 6 14.7 0.0 84.7 0.85 n/m n/m n/m 2010 6 38.1 0.1 114.1 1.14 n/m n/m n/m 2008 14 67.2 15.2 112.8 1.28 16.6 41.5 -19.3 2007 21 74.6 32.8 124.9 1.58 14.2 90.7 -25.3 2006 13 91.7 27.6 103.2 1.31 23.8 27.3 -9.0 2005 12 88.6 30.2 95.8 1.26 5.2 14.9 -11.6 2004 14 95.4 50.6 168.6 2.19 13.2 75.4 -19.9 2003 4 97.9 37.5 53.7 0.91 -2.7 12.3 -3.9 2002 5 95.8 39.6 58.2 0.97 -4.3 8.0 -47.2 2001 12 100.0 81.4 39.3 1.21 5.2 13.2 -12.5 2000 21 96.7 70.3 24.6 0.95 -2.5 50.2 -40.0 1999 14 98.4 94.9 12.7 1.08 0.0 24.8 -28.0 1998 10 99.3 222.1 9.3 2.32 127.4 1016.0 -4.8 1997 9 100.0 405.6 0.0 4.05 22.7 79.5 -10.6 1996 8 99.7 531.2 3.8 5.35 36.0 98.1 6.7

Source: Preqin

Preqin Weighted Benchmarks: All Regions Early Stage is calculated using data for 173 funds of vintages between 1996 and 2012 and includes liquidated funds. All returns are net of management fees, expenses and carry.

Early Stage All Regions - Money-Weighted IRRs by Vintage

140

120

100

20 Weighted Net IRR (%) Since Inception Weighted 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 -20

Source: Preqin

Early Stage All Regions - Money-Weighted Multiples by Vintage

4.5

4.0

3.5

3.0

2.5

2.0

1.5

Money-Weighted Multiple (X) Money-Weighted 1.0

0.5

0.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2010

Source: Preqin

Preqin Pooled Benchmarks: Early Stage All Regions

Weighted Fund Weighted Vintage No. Funds Pooled IRR (%) Called (%) Dist (%) DPI Value (%) RVPI Multiple (X) 2012 5 5.1 0.0 80.3 0.78 n/m 2011 6 15.6 0.0 78.7 0.79 n/m 2010 6 36.1 0.7 100.4 1.01 n/m 2009 5 44.3 2.4 99.8 1.02 7.0 2008 14 61.8 21.0 110.9 1.32 19.5 2007 16 73.9 16.0 113.2 1.30 8.3 2006 16 90.4 18.7 91.7 1.10 1.5 2005 10 88.2 23.9 80.8 1.04 1.4 2004 12 93.9 33.6 117.3 1.52 6.5 2003 4 97.0 25.3 52.2 0.77 -7.5 2002 12 96.0 33.6 58.1 0.91 -1.5 2001 13 98.8 61.1 42.2 1.03 0.4 2000 25 98.1 64.0 33.6 0.98 -0.2 1999 14 98.0 63.3 18.2 0.82 -3.8 1996 4 99.8 466.2 3.2 4.69 42.0

Source: Preqin

Preqin Pooled Benchmarks: Early Stage All Regions is calculated using cash ﬂ ow data for 162 early stage funds of vintages between 1996 and 2012. Preqin holds cash ﬂ ow data for more than 2,000 private equity funds. All returns are net of management fees, expenses and carry.

Early Stage All Regions - Pooled IRRs by Vintage

10 Pooled IRR (%) Since Inception 0 1996 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

-10 Vintage Year Source: Preqin

Horizon IRRs by Fund Type as of 31st December 2012

Horizon All Private Equity Buyout Venture Capital Fund of Funds Mezzanine 1 Year to Dec 2011 9.2 8.4 8.4 7.8 15.7 3 Years to Dec 2011 13.9 15.7 7.0 8.0 9.3 5 Years to Dec 2011 5.4 6.0 2.8 5.8 5.6 10 Years to Dec 2011 11.9 19.0 0.3 5.0 10.8

Source: Preqin

Horizon IRRs by Fund Type as of 31st December 2011

8 Horizon IRR (%) 6

0 1 Year to Dec 2011 3 Years to Dec 2011 5 Years to Dec 2011 10 Years to Dec 2011 All Private Equity Buyout Venture Capital Fund of Funds Mezzanine

Source: Preqin

Rolling One-Year Horizon IRRs by Fund Type

All Buyout Venture Capital Fund of Funds Mezzanine Real Estate 1 Year to Dec 2000 10.1 3.6 38.1 -1.3 14.0 11.4 1 Year to Dec 2001 -2.7 -3.2 -34.3 -5.2 13.8 7.8 1 Year to Dec 2002 -9.1 -4.0 -31.6 -23.2 -2.1 6.7 1 Year to Dec 2003 17.5 24.3 -6.0 -15.1 6.8 14.9 1 Year to Dec 2004 25.0 30.3 7.1 7.5 20.4 19.8 1 Year to Dec 2005 27.0 29.7 4.5 16.9 13.6 60.8 1 Year to Dec 2006 29.1 32.3 15.8 17.9 31.7 42.6 1 Year to Dec 2007 26.0 30.7 21.3 23.2 18.8 13.5 1 Year to Dec 2008 -27.6 -31.0 -16.2 -12.0 4.0 -39.9 1 Year to Dec 2009 13.8 16.7 5.0 0.2 2.3 -25.3 1 Year to Dec 2010 18.8 22.6 10.9 13.3 8.6 4.7 1 Year to Dec 2011 9.2 8.4 8.4 7.8 15.7 14.6

Source: Preqin Rolling One-Year Horizon IRRs by Fund Type

Horizon IRR (%) 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year to Dec to Dec to Dec to Dec to Dec to Dec to Dec to Dec to Dec to Dec to Dec to Dec -20 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-40

-60 All Buyout Venture Capital Fund of Funds Mezzanine Real Estate

Source: Preqin

Rolling Three-Year Horizon IRRs by Fund Type

All Buyout Venture Capital Fund of Funds Mezzanine Real Estate 3 Years to Dec 2000 14.9 11.7 62.4 21.9 16.8 3.2 3 Years to Dec 2001 10.6 4.0 87.3 8.9 12.2 7.3 3 Years to Dec 2002 -4.9 -4.9 -17.6 -13.1 1.2 7.4 3 Years to Dec 2003 4.3 6.0 -19.0 -10.6 5.4 8.6 3 Years to Dec 2004 10.2 15.8 -8.5 -4.5 7.2 12.5 3 Years to Dec 2005 23.0 27.8 3.0 8.3 12.6 23.4 3 Years to Dec 2006 26.2 30.4 8.6 20.3 19.0 38.0 3 Years to Dec 2007 30.2 34.4 14.3 23.5 21.1 36.9 3 Years to Dec 2008 11.3 14.1 5.4 7.0 26.5 0.0 3 Years to Dec 2009 0.3 0.2 0.3 1.3 6.5 -18.3 3 Years to Dec 2010 0.8 0.9 -0.7 0.8 3.4 -12.2 3 Years to Dec 2011 13.9 15.7 7.0 8.0 9.3 -2.6

Source: Preqin

Rolling Three-Year Horizon IRRs by Fund Type

100

20 Horizon IRR (%)

0 3 Years 3 Years 3 Years 3 Years 3 Years 3 Years 3 Years 3 Years 3 Years 3 Years 3 Years 3 Years to Dec to Dec to Dec to Dec to Dec to Dec to Dec to Dec to Dec to Dec to Dec to Dec -20 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-40 All Buyout Venture Capital Fund of Funds Mezzanine Real Estate

Source: Preqin

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List of Constituent Funds

.406 Venture Fund I Apex Investment Fund I BioDiscovery III China Walden Venture Investment DT Ventures China II Harbert Venture Partners I 2003 KIF-KTAC IT Fund Apex Investment Fund II BioPacifi cVentures ChinaVest IV Earlybird I/II Harbert Venture Partners II 21st Century Communications Apex Investment Fund III Biotechnology Venture Fund CHL Medical Partners Earlybird III Harbert Venture Partners III Partners Apex Investment Fund IV Birchmere Ventures I CHL Medical Partners II Earlybird IV HarbourVest Falcon 5AM Ventures Fund Apex Investment Fund V Birchmere Ventures II CID Equity Capital VIII Edison I HarbourVest Falcon II 5AM Ventures Fund II Apex Investment Fund VI Birchmere Ventures III CID Fund V Edison II Headland Asian Ventures Fund 2 5AM Ventures Fund III Aravis Biotech II Blue Chip Capital Fund CID Seed Fund Edison IV Headland Asian Ventures Fund 3 Aberdare Ventures Aravis Venture I Blue Chip Capital Fund II Clairvest Equity Partners II Edison V Headland Technology Fund Abingworth Bioventures I Arboretum Ventures I Blue Chip Capital Fund III Clairvest Equity Partners III Edison VI HealthCare Ventures II Abingworth Bioventures V Arboretum Ventures II Blue Chip Capital Fund IV Clearstone Venture Partners I-A El Dorado Ventures I Helmet SME Ventures Abingworth Ventures Arboretum Ventures III Blue Chip Capital Fund V Clearstone Venture Partners II El Dorado Ventures III Henderson Technology Partners I ABS Ventures II Arch Development Fund I Blue Chip Opportunity Fund Clearstone Venture Partners III Elderstreet Capital Partners Highland Capital Partners ABS Ventures III ARCH Venture Fund II BlueRun Ventures III Cleveland Venture Fund EnerTech Capital Partners I Highland Capital Partners II Accel Europe Arral Pacifi c Equity Trust II BlueRun Ventures IV CM Capital Venture Trust 4 EnerTech Capital Partners II Highland Capital Partners VI Accel III Arrow Development Fund Boston Capital Ventures CM Capital Venture Trust No. 3 EnerTech Capital Partners III Highway 12 Venture Fund II Accel IV Artiman Ventures Boston Capital Ventures II CMEA Ventures I Enterprise Partners III Hill Partnership III Adams Street 2008 Direct Fund Artiman Ventures II Boston Capital Ventures CMEA Ventures II Enterprise Venture Fund Holtron Capital I Adams Street 2009 Direct Fund Artiman Ventures III International CMEA Ventures III Enterprise Venture Fund I Houston Venture Partners Adams Street 2010 Direct Fund Artiman Ventures Special Boulder Ventures III CMEA Ventures IV Environmental Technologies Fund HSBC Capital Canada Private Adams Street 2011 Direct Fund Opportunities Fund Boulder Ventures IV CMEA Ventures V Epic Venture Partners IV Equity Fund Adams Street Direct Fund V Ascent Venture Partners II Boulder Ventures V CMEA Ventures VI ePlanet Ventures II HSBC UK Enterprise Fund for the Adams Street Direct Fund VI Ascent Venture Partners III BP Innovation CMEA Ventures VII Espírito Santo Ventures II North East 2 Adams Street Direct Fund VII Ascent Venture Partners IV BP Innovation 2 Colonial First State Private Capital Espírito Santo Ventures III Hudson Venture Partners I Advent Atlantic Ascent Venture Partners V BP Innovation 3 Columbia Capital Equity Partners Espírito Santo Ventures Innovation IAI Ventures I Advent Atlantic & Pacifi c I Ashmore Asian Value Fund BP Innovation 4 I-A and Internationalisation Fund IDG Ventures India Advent Chestnut II Asian Lion Fund BP Innovation 5 Columbia Capital Equity Partners Essex Woodlands Health Ventures Infi nity Capital Venture 1999 Advent Chestnut III Asset Management Associates 82 Braemar Energy Ventures III I-B Essex Woodlands Health Ventures Infi nity Israel-China Fund Advent Company Asset Management Associates 84 Brandenburg Früphasen Fonds Columbia Capital Equity Partners II VI Information Technology Ventures Advent II Asset Management Associates 89 Brandon Bioscience Fund No. 1 Columbia Capital Equity Partners Essex Woodlands Health Ventures Information Technology Ventures Advent III Asset Management Associates 96 Brantley Venture Partners III III VII II Advent Industrial Athenian Venture Partners Brentwood Associates II Columbia Capital Equity Partners Essex Woodlands Health Ventures Inman & Bowman Advent Industrial II Athenian Venture Partners II Brentwood Associates IV IV VIII InnoCal Advent International Network Athenian Venture Partners III Brentwood Associates V Columbia Capital Equity Partners V Euclid Partners III Innovacom 1 Fund Atlantic Medical Capital Brentwood Associates VI Columbine Venture Fund II European Medical Ventures Innovacom 2 Advent Israel (Bermuda) Audax Venture Fund Brinson Venture Capital Fund III Commerce Health Ventures Euroventures Ukraine Fund II Innovacom 3 Advent IV Austin Ventures British Columbia Technology Commonwealth BioVentures II Evergreen I Innovacom 4 Advent Life Sciences Austin Ventures IV Investment Fund Commonwealth BioVentures III Evergreen II Innovacom 5 Advent Private Equity Fund III Austin Ventures IX Brook Venture Fund I Commonwealth BioVentures IV Evergreen III Innovacom 6 Advent Private Equity Fund IV Austin Ventures VII Brook Venture Fund II Commonwealth BioVentures V Excelsior II iNovia Investment Fund II Advent V Austin Ventures VIII Burrill Agbio Capital Fund Commonwealth Capital Ventures I Excelsior III Inroads Capital Partners Aeris Technology Fund Austin Ventures X Burrill Life Sciences Capital Fund III Commonwealth Capital Ventures II Excelsior IV InSight Venture Partners African Lion Australian Mezzanine Investment BV Capital Communications Ventures III Excelsior V (Cayman) II African Lion Fund III No. 1 Trust Caduceus Private Investments IV Connecticut Future Fund FBR Technology Venture Partners II InSight Venture Partners (Cayman) African Lion II Australian Mezzanine Investment Calvert Social Venture Partners Constellation Ventures III First Century Partners III III Allegra III (LSH III) No. 2 Trust Cambridge Gateway Fund Consumer Venture Partners II First Hungary Fund InSight Venture Partners (Cayman) Alliance ScanEast Fund Avalon Ventures I Canaan Equity IX Copley Partners 1 FirstMark V IV Allied Ventures Avalon Ventures II Canaan Equity VII Copley Partners 2 Flagship Ventures Fund I InSight Venture Partners V Allos I Fund Avalon Ventures III Canaan Equity VIII Coral Partners Fund I Flagship Ventures Fund II InSight Venture Partners VI Alpha Capital Fund II Avalon Ventures IV CAP Healthcare Fund Coral Partners Fund II Flagship Ventures Fund III InSight Venture Partners VII Alpha Venture Partners III Avalon Ventures IX CAP Healthcare Fund II Cornerstone Equity Investors IV Flagship Ventures Fund IV Institutional Venture Partners III Alpine Technology Ventures Avalon Ventures V CAP Healthcare Fund III Costella Kirsch V Fleming Ventures Institutional Venture Partners V Alta Biopharma Partners I Avalon Ventures VII CAP Healthcare Fund IV Covera Ventures I Focus Ventures I Institutional Venture Partners XIII Alta BioPharma Partners III Avalon Ventures VIII CAP Healthcare Fund V Crescendo I Focus Ventures III Inter-Asia Capital I Alta California Partners AVP Ohio Technology I CAP Note Holdings Crescendo II Fondo Axón I FCR Inter-Asia Capital II Alta Communications IV Avrio Ventures I Capital North East Crescent Capital I Formula Ventures I Inter-Asia Capital III Alta Communications IX Avrio Ventures II CapMan Equity VII C Cross Atlantic Technology Fund I Forward Ventures IV Inter-Asia Capital IV Alta Company Baird Venture Partners I CapMan Life Science IV Cross Atlantic Technology Fund II Forward Ventures V Intersouth Partners I Alta II Baird Venture Partners II CapMan Technology 2007 Crosslink Venture III Fostin Capital I Intersouth Partners II Alta IV Baird Venture Partners III Capricorn Cleantech Fund Crosslink Venture IV Frazier Healthcare II InterWest Partners I Alta Partners VIII BaltCap Latvia Venture Capital Capricorn Health-tech Fund Crosslink Venture V Frazier Technology Ventures II InterWest Partners II Alta Ventures Mexico Fund I Fund Cardinal Development Capital Crosslink Venture VI Galen Partners IV InterWest Partners III AM Fund Baltic Investment Fund III Fund Crosspoint Venture Partners 1988 Galen Partners V InterWest Partners IV AM Pappas Life Science Ventures I Baltic SME Fund Cardinal Health Partners Crosspoint Venture Partners 1993 Gateway Venture Partners III InterWest Partners IX AM Pappas Life Science Ventures II Bank of Montreal Technology Cardinal Health Partners II Crown Associates III General Catalyst Group VI InterWest Partners V AM Pappas Life Science Ventures Investment Program Cardinal Health Partners III CT - Greene Ventures Genesis Seed Fund InterWest Partners VI III Baring Communications Equity Carlyle Venture Partners II CT Financial Development Fund Geocapital III InterWest Partners VII AM Pappas Life Science Ventures Limited Carlyle Venture Partners III CVM Equity Fund III GLE Development Capital II InterWest Partners VIII IV Baring English Growth Fund Carmel Software Fund CVM Equity Fund IV Glenwood Ventures II InterWest Partners X AMEV Venture Associates III Baronsmead Reorganisation Carmel Venture Fund II Cypress Equity Fund Global Catalyst Partners INVESCO Private Capital Fund I Ampersand 1992 Fund 1 Carmel Ventures III Davis Venture Partners Globespan Capital Partners IV INVESCO Private Capital Fund II-A Ampersand 1994 Battery Ventures Castile Ventures III DFJ Athena Fund I Globespan Capital Partners V INVESCO Private Capital Fund II-B Ampersand 1995 Battery Ventures II Cauris Investissement DFJ ePlanet Ventures GP Tecnologia Fund INVESCO Private Capital Fund III Ampersand Specialty Materials Battery Ventures III Caxton Advantage Life Sciences DGF CAPITAL 1 (REIF) Granite Global Ventures II Investec Ventures Battery Ventures IV Fund I DGF EARLY STAGE 1 (INOVA) DG Granite Global Ventures III IP Cathy One AMWIN Innovation Fund Battery Ventures IX CDH Venture Partners Domain II Granite Ventures II IP Cathy Two Annapolis I Battery Ventures VI CDH Venture Partners II Domain III Grayhawk Venture Fund I IP Fund III Annapolis II Battery Ventures VII Centennial Bus. Dev. Fund Domain Partners IV Grosvenor International Investors JAFCO America Technology Annapolis IV Battery Ventures VIII Centennial Fund Domain Partners V Fund Fund III Annapolis V Bay City Capital Fund I Centennial Fund II Domain Partners VI Grotech Partners VII JAFCO G-3 Annapolis VI Bay City Capital Fund II Centennial Fund III Domain Partners VII GRP I JAFCO G-4 Apax Capital Risque III Bay City Capital Fund III Centennial Fund IV Domain Partners VIII GS Private Equity Partners 2000 JAFCO G-5 Apax Germany I Bay City Capital Fund IV CEO Venture Fund Dominion Fund III Manager Fund JAFCO G-6(A)(B) Apax Israel II Bay City Capital Fund V CH Partners II Dominion Fund IV GVP I JAFCO G-7(A)(B) Apax Partners - Germany II Bay Partners IV CH Transition Fund Doughty Hanson & Co Technology GVP II JAFCO G-8(A)(B) Apax UK V Benchmark Capital Partners Charles River VI Doughty Hanson & Co Technology Halo Fund I JAFCO No 1 Apax UK VI Benchmark Capital Partners II Charles River VII II Halo Fund II JAFCO No 2 Apax Ventures Capital Fund Berry Cash Southwest Partnership Charles River VIII Drug Royalty II Halo Fund III JAFCO No 3 Apax Ventures II Beta Partners Charter Life Sciences DSV Partners Hambro International Venture JAFCO No 5 Apax Ventures IV BioDiscovery II Cherry Tree Ventures IV DT Capital China Growth Fund Fund II JAFCO No 6

JAFCO R-3 Miami Valley Venture Fund OVP Venture Partners VII Scale Venture Partners II True Ventures JAFCO R1(A)(B) Miami Valley Venture Fund II Oxford Bioscience Partners V Scale Venture Partners III True Ventures II JAFCO R2 Middlewest Ventures II Oxford Venture Fund III Schroder UK Venture Fund True Ventures III JAVP Midland Montagu Investissement P/A Fund Schroder UK Venture Fund II TTP Ventures I JAVP 2 Midpoint Food and Ag Fund P/A Fund III Second London Enterprise Fund TTV Capital I Jerusalem Venture Partners I Mohr Davidow Ventures III Pacifi c Synergies IV Selvaag Venture Capital TTV Capital II Jerusalem Venture Partners II Mohr Davidow Ventures IV Paladin III Sention Kasvurahasto TTV Capital III JK&B Capital I and II Morgan Holland II Paragon Partners Sequoia Capital Growth Fund TVI - 2 JMI Equity Fund III Morgan Stanley Venture Partners II Paragon Partners II Sequoia Capital III TVI - 3 KBA Partners Morgan Stanley Ventures Capital Paribas International Ventures I Sequoia Capital IV TVI - 4 KBA Partners II Fund Partech International Ventures II Sequoia Capital V TVM I Kelso ASI Partners Morgenthaler Venture Partners II Patent Investment Fund NO.1 Sequoia Capital VI TVM II Kentucky Seed Capital Fund Morgenthaler Venture Partners III Pathfi nder Venture Capital Fund III Sevin Rosen Fund I TVM III (German Fund) KERN Energy Partners Fund II Morgenthaler Venture Partners IV Paul Capital Healthcare III Sevin Rosen Fund II TVM III (US Fund) KERN Energy Partners I Fund MOST 5-1 Paul Royalty Fund I Sevin Rosen Fund III TVM IV Keystone IV MOST 5-2 Paul Royalty Fund II Sevin Rosen Fund IV TVM Life Science Venture VI Keystone Minority Capital Fund MPM BioVentures I Pequot Private Equity Fund III Sevin Rosen Fund V TVM Medical Ventures Keystone V MPM BioVentures II Pequot Private Equity Fund IV Shawmut Equity Partners TVM V Information Technology Keystone Ventures II MPM BioVentures III Pequot Venture Partners II Sherry Lane Partners TVM V Life Science Khosla Ventures IV MPM BioVentures IV Periscope Fund I Siam Investment Fund II Union Square Ventures Kitty Hawk Capital III MPM BioVentures V Permira France Venture I Sierra Ventures III Union Square Ventures II Kleiner Perkins Caufi eld & Byers II MTI Permira U.K. Venture I Extension Sierra Ventures IV Union Square Ventures III Kleiner Perkins Caufi eld & Byers MTI III Permira UK Venture Fund IV Sierra Ventures V United Utilities Venture Fund II Ann MTI IV Permira UK Venture II Sightline Healthcare I Updata Partners IV Kleiner Perkins Caufi eld & Byers III Murphree Venture Partners IV Pharos Capital Fund I Sigma Partners II Updata Venture Partners II Kleiner Perkins Caufi eld & Byers IV Nauta Tech Invest I Philadelphia Ventures II Skyline III US Venture Partners II Kleiner Perkins Caufi eld & Byers V Nauta Tech Invest II Phillips-Smith Specialty Retail Skyline Ventures V US Venture Partners III Kleiner Perkins Caufi eld & Byers VI Nauta Tech Invest III Group III Sofi nnova Venture Partners VII US Venture Partners IV Kleinwort Benson Ventures Nazem & Company II Phoenix Partners Sofi nnova Venture Partners VIII US Venture Partners V KLP Nazem & Company III Phoenix Partners II Solstice Capital I USIT I KTAC IT NeoMed II Phoenix Partners III South Atlantic Venture Fund II USIT II L Capital 1 NeoMed III Pioneer Ventures Associates Southgate Partners UV Partners Fund III Lawrence Tyrrell Ortale NeoMed IV Pittsburgh Seed Fund SPEF Pre-IPO European Fund UV Partners Fund IV Lawrence Tyrrell Ortale II NEPA Venture I Pittsford Ventures I Storm Ventures Fund III VantagePoint Venture Partners IV Lazard Technology Partners II NEPA Venture II Pittsford Ventures II Strategic Ventures Fund VantagePoint Venture Partners V Leapfrog Ventures II New Atlantic Venture Fund III Pittsford Ventures III (Mauritius) Vector Fund IV Lehman Brothers New Court Ventures Pittsford Ventures IVa Stratus Cleantech Ventech Partners Communications Partners New Enterprise Associates I Pittsford Ventures IVb (Helvetia) Stratus Growth Capital Venture Capital Fund of New Lehman Brothers Venture Partners New Enterprise Associates II Pittsford Ventures IVc (Maple Leaf) Summit Accelerator Fund England II 2003 New Enterprise Associates III Plenus II Summit Partners Venture Capital Venture Capital Fund of New Lereko Metier Capital Growth New Enterprise Associates V Plymouth Venture Partners I Fund II England III Fund New Enterprise Associates VI Point Judith Venture Fund II Summit Ventures Venture Lending & Leasing I Lighthouse Capital Partners V NewSpring Growth Capital II Polaris Venture Partners Summit Ventures II Venture Lending & Leasing II Lighthouse Capital Partners VI NewSpring Health Capital II Polaris Venture Partners IV Summit Ventures VI Venture Lending & Leasing III Lightspeed Venture Partners VI NewSpring Ventures Polaris Venture Partners V SunBridge Fund I Ventures West 6 Lithuania SME Fund Newtek Ventures II Prelude Technology Fund II SunBridge Fund II Vesbridge Partners London Development Capital Nexit Infocom 2000 Prime Technology Ventures I SunBridge Partners Technology Vietnam Equity Fund Fund Next Wave Partners Fund I Prime Ventures II Fund III Viridian Growth Fund London Enterprise Venture Fund Next Wave Partners Fund IB Prime VIII Sunwestern Venture III Vista Group III Louisiana Fund I NGP Energy Technology Partners Primus Capital Fund I SV Life Sciences Fund I Walden Israel Ventures Loyalhanna Venture Fund NGP Energy Technology Partners II Primus Capital Fund II SV Life Sciences Fund II Walden Venture Capital VI Lumira Capital I Nokia Ventures Fund (Blue Run Primus Capital Fund III SV Life Sciences Fund III Walden Venture Capital VII Mangrove II Venture) Primus Capital Fund IV SV Life Sciences Fund IV Walnut Growth Partners Mangrove III Nordic Biotech Primus Capital Fund VI SV Life Sciences Fund V Walnut Venture Fund Mangrove NTVC I Nordic Biotech Opportunity Fund Prince Venture Partners II SVE Star Venture Enterprise II Wellington Financial I Marquette Venture I Nordic Biotech Venture Fund II Prince Venture Partners III Swedestart II Wellington Financial II Marquette Venture II Noro-Moseley Partners I Princeton/Montrose Partners Syndicated Communications Wellington Financial III Materia Ventures Noro-Moseley Partners II Prism Venture Partners I Ventures II WHEB Ventures Private Equity Matrix Partners II North Bridge Venture Partners I Prism Venture Partners II Target Partners Fund I WHEB Ventures Private Equity Matrix Partners III North Bridge Venture Partners II Productivity Fund I Target Partners Fund II Fund II Matrix Partners IV Northcoast Fund Productivity Fund II TBF Romania William Blair Venture Partners III Matrix Partners V Northern Investment Company ProQuest Investments I TCW Special Placement II WPG Enterprise Fund Mayfi eld IV Northern Venture Partnership ProQuest Investments II TCW Special Placement III WPG Venture Associates V Mayfi eld V Fund ProQuest Investments III TDH II Yellow&Blue Clean Energy Mayfi eld VI Northwest Ohio Venture Fund ProQuest Investments IV Tech Ventures I Investments Mayfi eld VII Northzone IV Provender Opportunities Fund II Tech Ventures II Yorkshire & Humber Equity Fund Mayfi eld VIII Northzone V Prudential Venture Partners Tech Ventures III (YHEF) Media / Communications Norwest Equity Capital Prudential Venture Partners II Technocom Yorkshire Investors III Partners II Novak Biddle Venture Partners I PTV Sciences Annex Technologies for Information & Zephyr Korea Media / Communications Novak Biddle Venture Partners II PTV Sciences I Entertainment III Zero Stage Capital II Partners VI Novak Biddle Venture Partners III PTV Sciences II Technology Crossover Ventures Zesiger Capital Group Medical Innovation Fund II Novak Biddle Venture Partners IV Puma I Technology Crossover Ventures II ZN Mexico II Medical Research Novak Biddle Venture Partners V Quadrant Capital Fund I Technology Crossover Ventures III ZN Mexico Trust Commercialisation Fund O’Donnell & Masur Quaestus Private Equity Kapital Technology Crossover Ventures V Medical Research Oak Investment Partners I Red Abbey Venture Partners Technology Crossover Ventures VI Commercialisation Fund IIF Oak Investment Partners II RHO Canada Ventures I Technology Crossover Ventures VII Menlo Evergreen V Oak Investment Partners III RHO Ventures I Technology Partners West Fund IV Menlo Venture Partners Oak Investment Partners IV RHO Ventures II Telesoft Partners I Menlo Ventures III Oak Investment Partners V RHO Ventures III Tenaya Capital V Menlo Ventures IV Oak Investment Partners X RHO Ventures IV The Second Brown Shipley Fund Menlo Ventures IX Oak Investment Partners XI RHO Ventures V The Third Brown Shipley Fund Menlo Ventures VI Oak Investment Partners XII RHO Ventures VI Thomas McNerney & Partners Menlo Ventures VII Oak Investment Partners XIII Richland Ventures I Thomas McNerney & Partners II Menlo Ventures VIII Ojas I Rising Stars Growth Fund II Thompson Clive International Menlo Ventures X Old Court Ventures RiverVest Venture Partners II Timberline Ventures Menlo Ventures XI Olympic Venture Partners II Royalton Capital Investors TL Ventures Meritage Private Equity Fund Olympic Venture Partners III RRE Ventures I TL Ventures II Meritage Private Equity Fund II Olympic Venture Partners IV RRZ PA Fund I TL Ventures III Merlin Nexus I On Capital China Fund Series B Rust Ventures TL Ventures IV Merlin Nexus II One Liberty Fund III Salix Affi liates II TMT Ventures Merlin Nexus III Opus Capital I Salix Ventures I Transatlantic Capital Bio-Sciences Merrill Pickard Anderson & Eyre V Opus Capital VI Salix Ventures II Fund Mesirow Capital Partners III OSCCO III Sanderling IV Triathlon Medical Ventures Mesirow Capital Partners V OVP Venture Partners VI Sanderling Venture Partners VI Triumph Investment Fund II