Preqin Private Equity Benchmarks: Buyout Benchmark Report

As of 31st December 2013

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

As of 31st December 2013

Report Produced on 21st July 2014

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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: Buyout Benchmark Report

As of 31st December 2013

Report Produced on 21st July 2014

Median Benchmark - Buyout All Regions - As of 31st December 2013 ...... p4. Median Benchmark - Buyout North America - As of 31st December 2013 ...... p6. Median Benchmark - Buyout Europe - As of 31st December 2013 ...... p8. Weighted Benchmark - Buyout All Regions - As of 31st December 2013 ...... p10. Pooled Benchmark - Buyout All Regions ...... p12. Horizon IRRs - As of 31st December 2013 ...... p14. List of Constituent Funds ...... p18.

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 7,000 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 Buyout Market Benchmark is based on performance data for 1024 buyout funds of vintages 1992 to 2013 as of 31st December 2013.

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 funds 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 1,000 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]. Q4 2013 Preqin Private Equity Benchmarks: Buyout Benchmark Report

Preqin Median Benchmarks: Buyout All Regions as of 31st December 2013

Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Called Dist Value Vintage Q1 Median Q3 Q1 Median Q3 Max Min Funds (%) (%) DPI (%) RVPI 2013 40 11.1 0.0 90.8 1.00 0.92 0.80 n/m n/m n/m n/m n/m 2012 40 24.7 0.0 100.3 1.21 1.01 0.91 n/m n/m n/m n/m n/m 2011 42 44.0 1.9 100.3 1.19 1.10 0.99 n/m n/m n/m n/m n/m 2010 41 65.1 12.6 109.1 1.50 1.29 1.12 23.1 14.9 7.9 39.6 -21.4 2009 40 78.6 22.8 101.5 1.62 1.33 1.16 21.3 12.0 6.5 77.7 -7.0 2008 74 86.0 36.4 97.5 1.69 1.35 1.20 19.4 12.0 7.2 46.0 -24.1 2007 94 92.9 43.6 84.0 1.58 1.39 1.17 15.6 10.0 6.1 43.0 -23.8 2006 80 93.7 62.9 80.2 1.70 1.45 1.19 13.6 8.4 4.3 32.8 -15.5 2005 85 98.0 100.8 50.2 1.91 1.50 1.23 16.7 10.9 6.2 76.9 -24.9 2004 37 97.4 147.6 37.0 2.22 1.87 1.59 28.0 14.7 10.0 79.8 -16.8 2003 37 100.0 157.0 23.7 2.60 1.90 1.48 32.7 18.4 9.9 239.7 -49.9 2002 29 98.9 173.5 13.0 2.28 1.92 1.44 33.5 22.5 12.8 72.0 -11.3 2001 30 97.7 205.2 2.2 2.85 2.10 1.64 40.7 28.5 13.4 94.0 -9.2 2000 69 98.0 176.3 1.5 2.43 2.02 1.58 25.2 19.0 11.6 41.6 -11.1 1999 43 100.0 156.2 0.0 2.05 1.62 1.18 17.4 12.4 6.1 35.7 -25.1 1998 56 99.1 149.8 0.0 1.94 1.54 1.14 18.0 9.3 0.4 31.9 -100.0 1997 52 100.0 156.0 0.0 2.13 1.56 1.06 17.0 10.4 1.7 84.0 -21.6 1996 30 98.9 173.5 0.0 2.32 1.74 1.01 22.5 11.0 1.1 147.4 -19.6 1995 29 100.0 156.4 0.0 2.30 1.61 1.08 29.7 12.7 2.9 59.9 -19.9 1994 39 100.0 188.9 0.0 2.47 1.89 1.49 36.9 18.9 10.9 92.2 -22.6 1993 19 100.0 217.4 0.0 3.45 2.18 1.24 43.7 20.6 7.7 66.1 0.8 1992 18 100.0 197.8 0.0 2.90 1.98 1.08 36.1 21.2 4.7 60.6 -49.9

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout All Regions is calculated using data for 1024 funds of vintages between 1992 and 2013 with performance as of 31st December 2013 and includes liquidated funds. Preqin holds performance data for 1,601 buyout funds. All returns are net of management fees, expenses and carry.

Buyout All Regions - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st December 2013

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 2013 Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%)

Source: Preqin Performance Analyst

Buyout All Regions - Median Net IRRs and Quartile Boundaries by Vintage as of 31st December 2013

45 40 35 30 25 20 15 10

Net IRR since Inception (%) 5 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout North America as of 31st December 2013

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 2013 21 11.2 0.0 90.9 1.01 0.93 0.81 n/m n/m n/m n/m n/m 2012 20 27.0 1.7 104.1 1.27 1.10 0.97 n/m n/m n/m n/m n/m 2011 20 44.5 4.4 109.9 1.22 1.13 1.08 n/m n/m n/m n/m n/m 2010 27 62.3 14.1 102.0 1.55 1.35 1.11 26.0 14.3 7.5 39.6 -4.2 2009 21 78.9 24.4 104.2 1.73 1.39 1.26 26.8 15.6 11.7 77.7 0.5 2008 36 87.5 45.6 97.5 1.78 1.43 1.24 23.2 16.1 8.5 46.0 -24.1 2007 42 92.6 56.2 89.4 1.68 1.45 1.26 18.4 11.4 7.6 30.9 -5.8 2006 43 94.1 68.0 82.8 1.70 1.52 1.34 13.8 10.6 6.8 32.8 -15.5 2005 42 96.4 96.6 61.0 2.03 1.55 1.28 14.0 10.7 5.9 41.3 -24.9 2004 20 95.8 128.0 38.5 2.00 1.69 1.32 17.1 12.7 9.9 28.2 -16.8 2003 21 102.8 139.7 25.8 2.36 1.89 1.42 23.0 15.7 9.0 39.5 -49.9 2002 13 100.0 136.4 21.2 2.28 1.55 1.04 25.6 16.8 1.0 35.5 -11.3 2001 15 97.6 192.1 8.4 2.86 2.03 1.59 39.6 26.3 9.7 94.0 -9.2 2000 42 97.7 175.1 10.5 2.42 1.90 1.58 22.5 13.9 11.2 41.6 0.1 1999 21 98.8 156.2 0.4 2.17 1.64 1.26 15.9 11.7 4.4 29.8 -25.1 1998 35 99.8 135.0 0.0 1.74 1.35 0.89 13.9 5.5 -2.6 24.3 -33.1 1997 30 100.0 156.0 0.0 2.04 1.56 1.08 14.8 10.7 1.7 33.6 -21.6 1996 21 98.7 170.5 0.0 2.09 1.71 0.90 23.9 9.2 -2.1 147.4 -19.6 1995 16 100.0 173.2 0.0 2.30 1.76 1.21 29.1 12.7 5.1 59.9 -8.6 1994 27 100.0 188.3 0.0 2.26 1.88 1.49 34.9 18.9 9.1 92.2 -22.6 1993 16 100.0 230.0 0.0 3.51 2.30 1.71 43.7 23.2 12.7 66.1 2.7 1992 12 100.0 148.7 0.0 2.66 1.49 0.86 36.1 20.2 -6.1 60.6 -49.9

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout North America is calculated using data for 561 funds of vintages between 1992 and 2013 with performance as of 31st December 2013 and includes liquidated funds. Preqin holds performance data for 955 North American buyout funds. All returns are net of management fees, expenses and carry.

Buyout North America - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st December 2013

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 2013

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

Source: Preqin Performance Analyst

Buyout North America - Median Net IRRs and Quartile Boundaries by Vintage as of 31st December 2013

45 40 35 30 25 20 15 10 5 Net IRR since Inception (%) 0 -5 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout Europe as of 31st December 2013

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 2013 10 10.1 0.0 87.3 0.97 0.88 0.00 n/m n/m n/m n/m n/m 2012 12 25.9 0.0 98.7 1.20 1.01 0.84 n/m n/m n/m n/m n/m 2011 12 46.2 1.0 89.9 1.13 1.05 0.84 n/m n/m n/m n/m n/m 2010 9 57.4 5.1 109.7 1.37 1.25 0.79 n/a 14.3 n/a 22.4 -21.4 2009 15 70.0 20.0 101.4 1.45 1.19 1.10 21.3 11.3 5.2 25.3 -2.8 2008 28 85.3 22.9 98.0 1.51 1.33 1.13 16.7 10.1 6.0 44.2 -8.4 2007 35 92.0 34.3 71.2 1.47 1.29 0.96 12.4 8.0 0.7 43.0 -23.8 2006 26 92.2 54.9 75.9 1.67 1.28 1.00 10.7 8.1 1.6 29.0 -11.0 2005 29 98.8 93.8 47.2 1.94 1.37 1.15 33.7 10.3 4.4 76.9 -0.2 2004 10 98.3 163.3 34.5 3.00 2.13 1.64 35.7 23.0 10.5 79.8 8.7 2003 16 98.9 181.7 15.3 2.74 1.97 1.60 42.0 24.0 14.5 239.7 -0.4 2002 16 95.2 173.8 6.7 2.43 1.99 1.68 51.1 29.2 16.3 72.0 12.4 2001 11 98.0 195.0 4.0 2.83 1.99 1.54 43.9 28.5 11.0 44.4 9.9 2000 20 99.2 207.3 0.0 2.57 2.15 1.66 30.9 24.7 17.4 33.2 -5.7 1999 18 99.3 163.4 0.0 2.01 1.64 1.29 19.3 13.0 6.3 35.7 -14.1 1998 13 96.7 182.5 0.0 2.21 1.84 1.64 19.0 15.9 9.4 31.3 5.3 1997 19 100.0 166.8 0.0 2.16 1.67 1.10 22.0 10.5 2.8 84.0 -2.2 1996 7 96.8 187.1 0.0 n/a 1.87 n/a n/a 19.1 n/a 22.9 8.1 1995 10 100.0 146.2 0.0 2.77 1.46 0.56 n/a 17.0 n/a 55.4 -19.9 1994 11 100.0 210.0 0.0 3.79 2.22 1.69 55.6 30.5 11.9 58.0 10.1 1992 5 100.0 206.1 0.0 n/a 2.06 n/a n/a 22.4 n/a 41.0 11.0 1992 12 100.0 193.3 0.0 2.28 1.94 1.46 40.3 15.9 7.3 53.6 4.8

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout Europe is calculated using data for 332 funds of vintages between 1992 and 2013 with performance as of 31st December 2013 and includes liquidated funds. Preqin holds performance data for 463 European buyout funds. All returns are net of management fees, expenses and carry.

Buyout Europe - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st December 2013

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 2013 Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%)

Source: Preqin Performance Analyst

Buyout Europe - Median Net IRRs and Quartile Boundaries by Vintage as of 31st December 2013

10 Net IRR since Inception (%)

0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: Buyout All Regions as of 31st December 2013

Weighted Fund IRR Max/Min (%) No. of Vintage Dist (%) Value (%) Funds Called (%) Multiple (X) IRR (%) Max Min DPI RVPI 2013 40 9.3 1.0 94.0 0.95 n/m n/m n/m 2012 40 27.0 4.1 104.0 1.08 n/m n/m n/m 2011 42 43.6 9.9 105.5 1.15 n/m n/m n/m 2010 41 66.0 12.0 126.6 1.39 15.1 39.6 -21.4 2009 40 78.7 32.9 105.7 1.39 14.6 77.7 -7.0 2008 74 86.8 44.4 94.1 1.39 12.7 46.0 -24.1 2007 94 92.2 50.3 85.1 1.35 8.6 43.0 -23.8 2006 80 98.0 62.2 76.1 1.38 6.8 32.8 -15.5 2005 85 96.5 111.2 60.9 1.72 13.1 76.9 -24.9 2004 37 83.5 157.5 35.2 1.92 18.1 79.8 -16.8 2003 37 104.4 164.8 40.7 2.05 19.0 239.7 -49.9 2002 29 97.2 182.5 21.8 2.04 27.4 72.0 -11.3 2001 30 97.1 203.3 10.0 2.13 27.1 94.0 -9.2 2000 69 84.7 183.5 7.2 1.91 18.6 41.6 -11.1 1999 43 98.5 142.4 2.7 1.45 7.4 35.7 -25.1 1998 56 97.3 139.3 1.9 1.43 4.2 31.9 -100.0 1997 52 102.7 153.8 0.4 1.54 9.4 84.0 -21.6 1996 30 95.2 152.5 5.9 1.58 11.3 147.4 -19.6 1995 29 99.1 178.1 0.6 1.79 17.3 59.9 -19.9 1994 39 97.7 210.4 0.7 2.11 31.8 92.2 -22.6 1993 19 99.6 260.3 0.1 2.60 25.8 66.1 0.8 1992 18 99.1 157.9 0.0 1.58 20.9 60.6 -49.9 1991 9 100.2 278.2 0.0 2.78 33.8 54.7 -0.5 1990 19 96.9 233.8 0.0 2.34 23.3 72.0 2.6

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: All Regions Buyout is calculated using data for 1052 funds of vintages between 1990 and 2013 with performance as of 31st December 2013 and includes liquidated funds. Preqin holds performance data for 1,601 buyout funds. All returns are net of management fees, expenses and carry.

Buyout All Regions - Weighted IRRs by Vintage as of 31st December 2013

Weighted Net IRR since Inception (%) Weighted 0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Source: Preqin Performance Analyst

Buyout All Regions - Weighted Multiples by Vintage as of 31st December 2013

3.0

2.5

2.0

1.5

1.0 Weighted Multiple (X) Weighted 0.5

0.0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Source: Preqin Performance Analyst

Preqin Pooled Benchmarks: Buyout All Regions

No. of Funds Weighted Fund Pooled Fund Vintage (Pooled) Called (%) Dist (%) DPI Value (%) RVPI Multiple (X) IRR (%) 2014 9 2.8 0.0 51.1 0.51 n/m 2013 35 11.1 1.3 91.3 0.93 n/m 2012 49 27.9 4.7 101.8 1.07 n/m 2011 43 43.4 9.5 104.9 1.15 10.1 2010 36 56.8 11.2 96.0 1.07 11.8 2009 32 78.6 40.6 104.0 1.45 14.5 2008 61 88.2 45.9 96.1 1.42 14.3 2007 68 90.7 45.8 83.8 1.30 9.1 2006 59 98.3 63.2 74.8 1.38 5.5 2005 54 95.9 111.2 57.8 1.69 10.5 2004 29 88.1 133.8 25.6 1.60 15.5 2003 15 96.5 179.3 11.9 1.91 20.6 2002 22 100.6 171.2 22.6 1.95 25.3 2001 19 96.1 212.4 8.4 2.21 29.0 2000 38 85.8 180.3 7.8 1.88 18.3 1999 27 97.8 140.0 2.5 1.43 11.6 1998 42 97.2 138.0 2.3 1.42 7.5 1997 22 102.0 151.7 0.8 1.52 8.1 1996 18 97.1 155.0 5.0 1.60 7.7 1995 12 99.8 176.2 0.7 1.74 13.6 1994 16 97.0 205.4 0.6 2.06 23.5 1993 9 99.6 259.4 0.0 2.59 24.5 1992 6 125.8 177.3 0.0 1.77 9.9 1990 6 97.5 266.2 0.0 2.66 16.0

Source: Preqin Performance Analyst

Preqin Pooled Benchmarks: Buyout All Regions is calculated using cash ﬂ ow data for 727 buyout funds of vintages between 1990 and 2014. Preqin holds cash ﬂ ow data for more than 2,500 private equity funds. All returns are net of management fees, expenses and carry.

Buyout All Regions - Pooled IRRs by Vintage

5 Pooled IRR since Inception (%)

0 1990 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Source: Preqin Performance Analyst

Horizon IRRs by Fund Type as of 31st December 2013

Horizon All Private Equity Buyout Venture Capital Fund of Funds Mezzanine Distressed PE 1 Year to Dec 2013 18.0 19.2 19.7 13.1 10.4 16.6 3 Years to Dec 2013 13.9 14.8 11.7 10.6 12.6 13.0 5 Years to Dec 2013 13.5 16.4 9.2 9.7 8.5 16.1 10 Years to Dec 2013 20.0 23.9 5.3 10.8 20.3 21.0

Source: Preqin Performance Analyst

Horizon IRRs by Fund Type as of 31st December 2013

10 Horizon IRR (%)

0 1 Year to Dec 2013 3 Years to Dec 2013 5 Years to Dec 2013 10 Years to Dec 2013 All Private Equity Buyout Venture Capital Fund of Funds Mezzanine Distressed PE Source: Preqin Performance Analyst

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 1 Year to Dec 2012 12.9 15.1 7.0 8.7 10.0 6.5 1 Year to Dec 2013 18.0 19.2 19.7 13.1 10.4 17.9

Source: Preqin Performance Analyst

Rolling One-Year Horizon IRRs by Fund Type

Horizon IRR (%) -20

-40

-60 1 Year2000to Dec 1 Year2001to Dec 1 Year2002to Dec 1 Year2003to Dec 1 Year2004to Dec 1 Year2005to Dec 1 Year2006to Dec 1 Year2007to Dec 1 Year2008to Dec 1 Year2009to Dec 1 Year2010to Dec 1 Year2011to Dec 1 Year2012to Dec 1 Year2013to Dec All Buyout Venture Capital Fund of Funds Mezzanine Real Estate

Source: Preqin Performance Analyst

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 3 Years to Dec 2012 13.3 15.3 8.9 10.4 10.0 6.4 3 Years to Dec 2013 13.9 14.8 11.7 10.6 12.6 12.9

Source: Preqin Performance Analyst

Rolling Three-Year Horizon IRRs by Fund Type 100 80 60 40 20 0 Horizon IRR (%) -20 -40 3 Years to Dec 2000 3 Years to Dec 2001 3 Years to Dec 2002 3 Years to Dec 2003 3 Years to Dec 2004 3 YearstoDec 2005 3 Years to Dec 2006 3 Years to Dec 2007 3 Years to Dec 2008 3 YearstoDec 2009 3 Years to Dec 2010 3 Years to Dec 2011 3 Years to Dec 2012 3 YearstoDec 2013

All Buyout Venture Capital Fund of Funds Mezzanine Real Estate

Source: Preqin Performance Analyst

Performance Analyst is the most comprehensive, detailed source of private equity performance data available today. Preqin’s team of analysts collect and monitor data from a number of different sources, including from GPs themselves, in order to provide the most comprehensive private equity performance data available. All of our performance data conforms to the same standardized metrics, with all data representing net-to-LP returns. We currently hold transparent net-to-LP performance data for over 7,000 private equity funds of all types and geographic focus. In terms of aggregate value, this represents around 70% of all capital ever raised. This high level of coverage enables us to produce the most meaningful benchmarking and comparative tools available in the industry.

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List of Constituent Funds

1818 Fund II Aquiline Financial Services Fund II Birch Hill Equity Partners III Chicago Growth Partners Enhanced Equity Fund 1995 Riverside Capital Appreciation Arcadia Beteiligungen II Birch Hill Equity Partners IV Chicago Growth Partners II Enhanced Equity Fund II Fund Archer Capital Fund I Blackstone Capital Partners II CHS Private Equity V Eos Capital Partners III 1998 Riverside Capital Appreciation Archer Capital Fund II Blackstone Capital Partners III Ciclad 2 Eos Capital Partners IV Fund Archer Capital Fund III Blackstone Capital Partners IV Ciclad 3 EQT Danmark 2000 Riverside Capital Appreciation Archer Capital Fund IV Blackstone Capital Partners V Ciclad 4 EQT Finland Fund Archer Capital Fund V Blackstone Capital Partners VI Ciclad 5 EQT I 2003 Riverside Capital Appreciation Archer Capital Growth Fund 1 Blackstone Communications Partners I CID Capital Opportunity Fund EQT II Fund Archer Capital Growth Fund 2 Blue Sage Capital Fund I CID Capital Opportunity Fund II Equistone European Fund IV 2008 Riverside Capital Appreciation Ares Corporate Opportunities Fund Boston Ventures I Cinven I Equistone Partners Europe Fund Fund V Ares Corporate Opportunities Fund II Boston Ventures II Cinven II Equistone Partners Europe Fund II 2012 Riverside Capital Appreciation Ares Corporate Opportunities Fund III Boston Ventures III (A) Cinven III Equistone Partners Europe Fund III Fund VI Ares Corporate Opportunities Fund IV Boston Ventures IV Cinven IV Equitable Capital Private Inc & Equity II 3i 94 LMBO Plan Arsenal Capital Partners Boston Ventures V Cinven V Equity Partners Fund No.3 3i Europe Partners III Arsenal Capital Partners II Boston Ventures VI CITIC Capital China Partners EquiVest II 3i Europe Partners IV Arsenal Capital Partners III Boston Ventures VII CITIC Capital China Partners II Erhvervsinvest II 3i Europe Partners V Asia Direct Bowmark Capital Partners III CITIC Capital International Partners III Ethos Private Equity Fund IV 3i Japan Buyouts Fund Asia Pacifi c Equity Trust Bowmark Capital Partners IV CITIC Capital Japan Partners II Eureka II 3i UK Investment Partners Asian Corporate Finance Fund Brazos Equity Fund III CITIC Equity Partners Euroknights III 3i UK Investment Partners II Astorg II Brentwood Associates Buyout CITIC Equity Partners II Euroknights IV A&M Capital Fund I Auctus Fund I Brentwood Associates Buyout II CITIC Japan Partners Euroknights V ABRY I Auctus Fund II Brera Capital Partners CIVC Partners Fund IV Euroknights VI ABRY V Auctus Fund III Bridgepoint Europe I Clayton Dubilier & Rice I Evercore Capital Partners ABRY VI Audax Private Equity Fund Bridgepoint Europe II Clayton Dubilier & Rice II Evercore Capital Partners II ABRY VII Audax Private Equity Fund II Bridgepoint Europe III Clayton Dubilier & Rice III Evergreen Pacifi c Partners II Accel - KKR Company Audax Private Equity Fund III Bridgepoint Europe IV Clayton Dubilier & Rice IV Excel Capital Partners I, II Accel-KKR Capital Partners IV Audax Private Equity Fund IV Brockway Moran & Partners Clayton Dubilier & Rice VI Exponent Private Equity Partners Actera Partners August Equity Partners I Bruckmann Rosser Sherrill & Co Clayton Dubilier & Rice VII Exponent Private Equity Partners II Actera Partners II August Equity Partners II Brynwood Partners V Clayton Dubilier & Rice VIII Exxel Capital Partners 5.5 ACTIV investments Fund Aurora Equity Partners Butler France Private Equity II Clessidra Capital Partners Exxel Capital Partners VI Activa Capital Fund Aurora Equity Partners II Calera Capital IV Clessidra Capital Partners II Falfurrias Capital Partners Activa Capital Fund II Aurora Equity Partners III Caltius Equity Partners II Cobalt Investment Capital Fenno Skandia Fund II Advent Atlantic & Pacifi c II Avallon MBO Fund Calvert Street Capital Partners III Code Hennessy & Simmons I Fenway Partners Capital Fund Advent Atlantic & Pacifi c III Avallon MBO Fund II Calvert Street Fund I Code Hennessy & Simmons II Fenway Partners Capital Fund II Advent Central & Eastern Europe IV Avista Capital Partners Calvert Street Fund II Code Hennessy & Simmons III FIMI Opportunity Fund I Advent Global Private Equity II Avista Capital Partners II Candover 1989 Code Hennessy & Simmons IV FIMI Opportunity Fund II Advent Global Private Equity III Avista Capital Partners III Candover 1991 Commerce Street Financial Partners FIMI Opportunity Fund III Advent Global Private Equity IV AXA Expansion I Candover 1994 Compass Partners European Equity FIMI Opportunity Fund IV Advent Global Private Equity IV-A AXA Expansion II Candover 1997 Conseco Capital Partners II FIMI Opportunity Fund V Advent Global Private Equity V AXA LBO Fund I Capital Partners Holdings II Consilium Private Equity Fund Flexpoint Fund Advent Global Private Equity VI AXA LBO Fund II CapMan Buyout IX Corinthian Capital I Flexpoint Fund II Advent Global Private Equity VII AXA LBO Fund III CapMan Buyout VIII Corpfi n Capital I Forstmann Little Debt & Equity Advent Latin American Fund III AXA LBO Fund IV CapMan Buyout X Corporate Partners Buyout III Advent Latin American Fund IV AXA LBO Fund V CapMan Equity VII B Cortec Group Fund I Forstmann Little Debt & Equity Buyout Advent Latin American Fund V Axcel II Capvis Equity I Cortec Group Fund II IV Advent New York Axcel III Capvis Equity II Cortec Group Fund V Forstmann Little Debt & Equity Advent VI Axcel IndustriInvestor Capvis Equity III Court Square Capital Partners II Buyout V Advent VII Axcel IV Caravela Court Square Capital Partners III Forstmann Little Debt & Equity Buyout AEA 1991 Investment Program Azalea Fund II Carlyle Asia Partners II Credit Suisse First Boston Intl Equity VI AEA 1997 Investment Program Azalea Fund III Carlyle Asia Partners III Crescent Capital Partners II Forstmann Little Debt & Equity Buyout AEA 2003 Investment Program Bain Capital Asia Carlyle Europe Partners Cressey & Co. Fund IV VII AEA 2006 Investment Program Bain Capital Asia II Carlyle Europe Partners II Crestview Partners Forstmann Little Equity IV AEA Investors Fund V Bain Capital Europe III Carlyle Europe Partners III Crestview Partners II Forstmann Little Equity V AEA Small Business Fund Bain Capital Fund IV Carlyle Europe Technology Partners II CVC Asia Fund I Forstmann Little Equity VI AEA Small Business Fund II Bain Capital Fund IX Carlyle Global Financial Services CVC Capital Partners Asia Pacifi c II Fortress Investment Fund V Affi nity Asia Pacifi c Fund II Bain Capital Fund V Partners CVC Capital Partners Asia Pacifi c III Fourth Causeway Development Affi nity Asia Pacifi c Fund III Bain Capital Fund VI Carlyle Japan Partners II CVC European Equity Partners I Capital Fund Affi nity Asia Pacifi c Fund IV Bain Capital Fund VII Carlyle Mexico Partners CVC European Equity Partners II Fox Paine Capital Fund Aheim Unternehmer-Fonds I Bain Capital Fund VIII Carlyle Partners III CVC European Equity Partners IV Fox Paine Capital Fund II AIG Indian Sectoral Equity Bain Capital Fund X Carlyle Partners IV Tandem Fund Francisco Partners Allsop Venture Partners III Bain Capital VII-E Carlyle Partners VI CVC European Equity Partners V Francisco Partners II Alpha Private Equity Fund 2 Bain Capital VIII-E Castle Harlan III Cypress Merchant Banking Partners II Francisco Partners III Alpha Private Equity Fund 3 Baird Capital Partners Europe Fund Castle Harlan Partners IV Deutsche European Partners IV Freddo Holdings Alpine Investors IV Baird Capital Partners Europe Fund II Castle Harlan V Diamond Castle Partners IV Fremont Partners III Altor 2003 Fund Baird Capital Partners I Catterton Partners III Direct Capital III Friedman Fleischer & Lowe Capital Altor Fund II Baird Capital Partners II Catterton Partners VI-B Direct Capital IV Partners II Altor Fund III Baird Capital Partners III CBPE Capital Fund VII DKB Emerging Europe Friedman Fleischer & Lowe Capital Altra Investments Fund 1 Baird Capital Partners IV CBPE Capital Fund VIII DLJ Merchant Banking Partners III Partners III Altra Private Equity Fund I Baird Capital Partners V CCMP Capital Investors II Doughty Hanson & Co I Frontenac IV Altra Private Equity Fund II Baker Communications CEA Capital Partners USA Doughty Hanson & Co II Frontenac IX Private Capital AM Invest Morocco BaltCap Private Equity Fund Centre Investors III & Affi liates Doughty Hanson & Co IV Frontenac V American Industrial Partners Capital Bancroft Eastern Europe Fund Centre Investors IV & Affi liates Doughty Hanson & Co V Frontenac VI Fund V Bank Portfolio Centre Investors V & Affi liates DRC I Frontenac VII American Industrial Partners Fund I Baring Vostok Private Equity Fund IV Century Park Capital Partners Duke Street Capital IV Frontenac VIII American Industrial Partners Fund II Bastion Capital Fund I Century Park Capital Partners II Duke Street Capital V FS Equity Partners II American Securities Partners BC European Cap IV CGW Southeast Partners III Duke Street Capital VI FS Equity Partners III American Securities Partners II BC European Cap IX CHAMP Buyout II ECI 4 FS Equity Partners V American Securities Partners VI BC European Cap V CHAMP Buyout III ECI 5 FS Equity Partners VI AMP Business Development Fund BC European Cap VI CHAMP I ECI 6 FSN Capital I AMP Pencarrow Fund BC European Cap VII CHAMP Ventures Investments Trust ECI 7 FSN Capital II Anacacia Partnership I BC European Cap VIII VII ECI 8 FSN Capital III Anacacia Partnership II Beacon Group III - Focus Value Fund Change Capital Fund II ECI 9 FSN Capital IV AnaCap Financial Partners Fund II Beecken Petty O’Keefe II Change Capital Funds EdgeStone Capital Equity Fund III Furman Selz Investors AP Cayman Partners II Beecken Petty O’Keefe III Charlesbank Equity Partners IV Egeria Private Equity Fund II GEAM International Private Equity Apax Europe V Beecken Petty O’Keefe IV Charlesbank Equity Partners VII Egeria Private Equity Fund III Fund Apax Europe VI Behrman Capital III Chart Capital Partners II Electra Private Equity Partners GEAM International Private Equity Apax Europe VII Berkshire Fund I Charterhouse Capital Partners IX Elevation Partners Fund II Apax France VII Berkshire Fund II Charterhouse Capital Partners V Elysian Capital I GED Sur Apax France VIII Berkshire Fund III Charterhouse Capital Partners VI EMX Capital I GEM Benelux Apax US VII Berkshire Fund IV Charterhouse Capital Partners VII EMX Capital I – Intl GEM Benelux II Apax VIII Berkshire Fund V Charterhouse Capital Partners VIII Encore Consumer Capital Fund Generation Capital Partners Apollo Investment Fund III Berkshire Fund VI Charterhouse Equity Partners Endeavour Capital Fund III GenNx360 Capital Partners Apollo Investment Fund IV Berkshire Fund VII Charterhouse Equity Partners II Endeavour Capital Fund IV GI Partners II Apollo Investment Fund V Berkshire Fund VIII Chartwell Capital Investors II Endeavour Capital Fund V GI Partners III Apollo Investment Fund VI Bertram Growth Capital II Chequers Capital Endeavour Capital Fund VI Gilbert Global Equity Partners Apollo Investment Fund VII Bertram Growth Equity Partners I Chequers Capital XV Energy Recapitalization & Gilde Buyout Fund I Aquiline Financial Services Fund BG Media Investors Chequers Capital XVI Restructuring Fund Gilde Buyout Fund II

Gilde Buyout Fund III HIG Capital Partners V KRG Capital Fund II I Polish Enterprise Fund VI Gilde Buyout Fund IV Highcrest Partners Fund KRG Capital Fund III Murray Johnstone Private Acquisition Polish Enterprise Fund VII GKH Investments HitecVision Private Equity III KRG Capital Fund IV II Polish Private Equity Fund I & II Glencoe Capital Michigan HitecVision Private Equity VI KSL Capital Partners II MUST 2 Polish-American Enterprise Fund Opportunities Fund HM Capital Sector Performance KSL Capital Partners III MUST 3 Portobello Capital Fund I Glencoe Capital Partners I - Pledge Fund KSL Capital Partners Supplemental II MUST 4 Portobello Capital Fund II Fund HMTF Equity Fund V Kuwait LBO Fund Nash Sells I Pragma Capital Glencoe Capital Partners II Hony Capital Fund III Lake Capital Partners Nautic Partners V Pragma Capital II Glencoe Capital Partners III Hony Capital Fund V Latin America PE Growth Fund II Nautic Partners VI Primary Capital I Golder Thoma Cressey Rauner Horizon Capital Partners IA Leeds Equity Partners V Navis Asia Fund I and II Primary Capital II Golder Thoma Cressey Rauner III HSBC Private Equity European Lehman Brothers Merchant Banking Navis Asia Fund V Primary Capital III Golder Thoma Cressey Rauner IV HSBC Private Equity Partnership Lehman Brothers Merchant Banking Navis Asia Fund VI ProA Capital Iberian Buyout Fund I Golder Thoma Cressey Rauner IX Scheme II New England Growth Fund I Procuritas Capital Investors II Golder Thoma Cressey Rauner V Huntsman Gay Capital Partners Levine Leichtman Capital Partners New England Growth Fund II Procuritas Capital Investors III Golder Thoma Cressey Rauner VI I&F I Levine Leichtman Capital Partners III New Mountain Partners Procuritas Capital Investors IV Golder Thoma Cressey Rauner VII I&FI II Levine Leichtman Capital Partners IV New Mountain Partners II Procuritas Capital Investors V Golder Thoma Cressey Rauner X ICV Partners II Levine Leichtman Capital Partners V New Mountain Partners III Procuritas MBO Invest Goldner Hawn Marathon Fund IV ICV Partners III Levmark Capital Newbridge Asia II Progress-Lovell Minnick Ventures Goldner Hawn Marathon Fund V ILP I LGV 1 Private Equity Fund Newbridge Asia III Progressio Investimenti I Goode Consumer Fund I ILP II LGV 2 Private Equity Fund Newbridge Asia IV Progressio Investimenti II Gordon & Morris Investment ILP III LGV 3 Private Equity Fund Newbridge Investment Partners Prospect Poland Fund Partnership ILP Investment Vehicle LGV 5 Private Equity Fund Next Capital Providence Equity Partners V Gores Capital Partners Imperial Capital Acquisition Fund II LHV Capital I Next Capital II Providence Equity Partners VI Gores Capital Partners III Imperial Capital Acquisition Fund III - Liberty Partners Pool I NG Capital Partners II Providence Equity Partners VII Graham Partners Investments II High Net Worth Liberty Partners Pool II NiXEN I Providence Media Partners Granville Private Equity Fund VI Imperial Capital Acquisition Fund Liberty Partners Pool III NiXEN II Prudential Private Equity III Granville Private Equity I III - Institutional Liberty Partners Pool IV NMS Capital II Quad Partners III Graphite Private Equity Partnership Imperial Capital Acquisition Fund IV Liberty Partners Pool V Nordic Capital Fund III Quad-C Partners VIII Great Point Partners II Imperial Capital Leveraged Liberty Partners Pool VII Nordic Capital Fund IV Quadrangle Capital Partners Green Equity Investors II Acquisition Fund Lightyear Fund III Nordic Capital Fund V Quadrangle Capital Partners II Green Equity Investors III IMR Fund Lincolnshire Equity Fund IV Nordic Capital Fund VI Quadrant Capital Fund II Green Equity Investors IV India Value Fund III Lincolnshire Pledge Fund Nordic Capital Fund VII Quadrant Capital Fund III Green Equity Investors V Industri Kapital 1989 Fund Lindsay Goldberg - Fund I Nordic Capital Fund VIII Quadrant Private Equity No 1 Green Equity Investors VI Industri Kapital 1994 Fund Lindsay Goldberg - Fund II Nordic Private Equity Partners I Quadrant Private Equity No. 3 Greenstone Partners Private Capital Industri Kapital 1997 Fund Lindsay Goldberg - Fund III Nordic Private Equity Partners II Quadrant Private Equity No.2 Fund I Industri Kapital 2000 Fund Linsalata Capital Partners III NorthEdge Capital Fund Quartus Capital Partners I Gresham III Fund Industri Kapital 2004 Fund Lion Capital Fund I Novo Tellus PE Fund 1 Rasmala Buyout Fund Gresham IV Fund Industri Kapital 2007 Fund Lion Capital Fund II Oak Hill Capital Partners II Relativity Fund Grey Mountain Partners II Industrial Growth Partners Lion Capital Fund III Oak Hill Capital Partners III Reliant Equity Partners GrowthGate Capital Corporation Industrial Opportunity Partners I Litorina Kapital Fund II OCM/GFI Power Opportunities Fund Renovus Capital Partners Fund Gryphon Partners 3.5 Infl exion 2003 Buyout Fund Litorina Kapital Fund III Odyssey Investment Partners Reservoir Capital Investment Gryphon Partners I Infl exion 2006 Buyout Fund Litorina Kapital Fund IV Fund IV Partners 2008 Gryphon Partners II Infl exion 2010 Buyout Fund Littlejohn Fund III Olympus Growth Fund II RFE Capital Partners Gryphon Partners III ING Equity Partners Littlejohn Fund IV Olympus Growth Fund IV RFE Investment Partners II Gryphon Partners III-C Annex Fund Innova/3 LNK Partners I Olympus Growth Fund V RFE Investment Partners III GS Capital Partners 2000 Innova/4 LNK Partners II Onex Partners RFE Investment Partners V GS Capital Partners II Innova/5 Lombard Nogales Radio Partners Onex Partners II RFE Investment Partners VI GS Capital Partners III Innova/98 Lone Star CRA Fund Onex Partners III Ridgemont Equity Partners Fund I GS Capital Partners V Insight Equity I Lone Star New Markets Fund Pacifi c Equity Partners Fund I RIMCO Partners IV GS Capital Partners VI Insight Equity II Lone Star Opportunities Fund V Pacifi c Equity Partners Fund II Ripplewood Partners Halder Investments III Inter-Risco II Longreach Capital Partners 1 Pacifi c Equity Partners Fund III Ripplewood Partners II Halder Investments IV Intervale Capital Fund I Longreach Capital Partners 2 Pacifi c Equity Partners Fund IV Riverside Asia Fund I Halder-Gimv Germany Fund Intervale Capital Fund II Lovell Minnick Equity Partners Pacifi c Equity Partners Riverside Central Europe Fund Halder-Gimv Germany II Investcorp Technology Partners III Lovell Minnick Equity Partners II Supplementary Fund II Riverside Europe Fund III Halyard Capital Fund II Irving Place Capital Partners II Lovell Minnick Equity Partners III PAG Asia I Riverside Europe Fund IV Hamilton Robinson Capital Partners Irving Place Capital Partners III Madison Dearborn Capital Partners I PAI Europe IV Riverside Micro-Cap Fund I II ISIS II Madison Dearborn Capital Partners II PAI Europe V Riverside Micro-Cap Fund II Hamilton Robinson Capital Partners ISIS III Madison Dearborn Capital Partners PAI LBO Fund Riverside Partners IV III ISIS IV III Palladium Equity Partners II and Rizvi Opportunistic Equity Fund Hampshire Equity Partners II ISIS V Madison Dearborn Capital Partners Affi liates Rizvi Opportunistic Equity Fund II Hancock Park Capital II Italian Private Equity Fund I IV Palladium Equity Partners III RJD Private Equity Fund II Hancock Park Capital III Italian Private Equity Fund III Madison Dearborn Capital Partners Palladium Equity Partners IV RLH Investors I Harbert Australian Private Equity Iwakaze I V Parthenon Investors RLH Investors II Fund J-STAR Number One Investment Madison Dearborn Capital Partners Parthenon Investors II RLH Investors III Harbert Private Equity Fund II Limited Partnership VI Parthenon Investors III Roark Capital Partners III Harbinger Private Equity Fund I JAFCO MBO 1 Magnum Capital Parthenon Investors IV Royal London Private Equity Fund Harbour Group Investment III JC Flowers II Main Capital Partners II Patria Brazilian Private Equity RRJ Capital Master Fund II HarbourVest International II Direct JLL Partners Fund III Main Capital Partners III Fund III RWBCO ‘89 HarbourVest International III Direct JLL Partners Fund IV Mainsail Partners II Pechel Industries I Saratoga Partners II HarbourVest International V Direct JLL Partners Fund V Mandarin Capital Partners I Pechel Industries II Saugatuck Capital II HarbourVest Partners IV Direct JLL Partners Fund VI Markstone Capital Partners Pechel Industries III Saugatuck Capital III Harren Investors I Joseph Littlejohn & Levy Fund I MBK Partners II Pencarrow IV Fund Seaport Capital Partners II Harren Investors II Joseph Littlejohn & Levy Fund II MBK Partners III Perfectis I Seaport Capital Partners III Harvest Partners III JP Morgan Partners Global Investors MBO Fund No.1 Perfectis II Seaport Capital Partners IV Harvest Partners IV Kairos Partners Private Equity Fund MCM Capital II Perfectis Tranoï Second Causeway Development Harvest Partners V Kelso Investment Associates V Mid Europa Fund III Permira Europe I Capital Fund Harvest Partners VI Kelso Investment Associates VI Middle Market Fund II Permira Europe II Segulah I HCI Equity Partners III Kelso Investment Associates VII Middle Market Fund III Permira Europe III Segulah II Healthcare Equity Partners Kelso Investment Associates VIII Middle Market Fund IV Permira France I Segulah III Hellman & Friedman I Kidd Kamm Equity Partners Midinvest Fund I Permira France II Segulah IV Hellman & Friedman II Kirtland Capital Partners Midinvest Fund II Permira German Buy-Outs Sentica Buyout III Hellman & Friedman III KKR Asia Fund MidOcean Partners Permira German Buyouts 1992 Sentica Buyout IV Hellman & Friedman IV KKR Asia Fund II MidOcean Partners Fund III Permira Italy I Sentica Kasvurahasto II Hellman & Friedman V KKR E2 Investors - Annex Fund Milestone 2007 Permira Italy II Sentica Terveysteknologia I Hellman & Friedman VI KKR European Fund MMV Private Equity Fund Permira IV Sentinel Capital Partners IV Hellman & Friedman VII KKR European Fund II Monitor Clipper I Permira UK I Service Equity Partners Heritage Fund I KKR European Fund III Monitor Clipper IA Permira UK II SG Hambros Private Equity Fund V Heritage Fund II KKR Fund 1976 Montagu III Permira UK III Short Vincent Partners II Heritage Fund III KKR Fund 1980 Montagu IV Perseus 2000 Expansion Fund Short Vincent Partners III Herkules Private Equity Fund I KKR Fund 1982 Morgan Grenfell Equity Partners II Perseus Market Opportunity Fund Silver Lake Partners Herkules Private Equity Fund II KKR Fund 1984 Morgan Stanley Capital Partners III Pfi ngsten Fund I Silver Lake Partners II Herkules Private Equity Fund III KKR Fund 1986 Morgan Stanley Capital Partners IV Phildrew Ventures Fifth Fund Silver Lake Partners III HEV III KKR Fund 1987 Morgan Stanley Capital Partners V Phildrew Ventures Fourth Fund Silver Lake Partners IV HgCapital 5 KKR Fund 1993 Morgan Stanley Global Emerging Phildrew Ventures Fund Silver Lake Sumeru HgCapital 6 KKR Fund 1996 Markets Private Inv Phildrew Ventures Third Fund Sinergia con Imprenditori HgCapital 7 KKR Fund 2006 Morgan Stanley Leveraged Equity Phillips and Drew Development SK Capital Partners III Hickory KKR Millennium Fund Fund I Capital Fund Snow Phipps Fund II Hicks, Muse, Tate & Furst Equity KKR North American XI Fund Morgan Stanley Leveraged Equity Phoenix Equity Partners III Solera Capital I Fund Knox Fund I Fund II Platinum Equity Capital Partners Sorenson Capital Hicks, Muse, Tate & Furst Equity Knox Investment Partners Fund IV Morgan Stanley Private Equity Asia Fund II South America Growth Fund Fund II Kohlberg Investors I Fund II Platinum Equity Capital Partners South Eastern Europe Fund Hicks, Muse, Tate & Furst Equity Kohlberg Investors II Morgan Stanley Private Equity Asia Fund III Southeast Europe Equity Fund II Fund III Kohlberg Investors III Fund III Polaris II Southern Capital Fund III Hicks, Muse, Tate & Furst Equity Kohlberg Investors IV Morgan Stanley Private Equity Asia Polaris III Southern Cross Latin America Fund IV Kohlberg Investors V Fund IV Polish Enterprise Fund Fund II Hicks, Muse, Tate & Furst Europe Kohlberg Investors VI MTS Health Investors II Polish Enterprise Fund IV Southern Cross Latin America Fund I KRG Capital Fund I Murray Johnstone Private Acquisition Polish Enterprise Fund V Fund III

Southern Cross Latin America Victoria South American Partners II Fund IV Vista Equity Fund II Southern Cross Latin America Vista Equity Fund III Private Equity Fund Vista Equity Partners Fund IV Southvest Fund V Vista Foundation Fund I Southvest Fund VI VS&A Communications Partners Sovereign Capital Venture II Wand/Acordia Investments Spectrum Equity Investors Water Street Healthcare Partners III Spectrum Equity Investors II Waterland Private Equity Fund I Spectrum Equity Investors IV Waterland Private Equity Fund II Sports Capital Partners Waterland Private Equity Fund III Sterling Capital Partners III Waterland Private Equity Fund IV Sterling Capital Partners IV Waterland Private Equity Fund V Sterling Group Partners I Waud Capital Partners III Sterling Group Partners II Wellspring Capital Partners II Sterling Group Partners III Wellspring Capital Partners III Stonehenge Opportunity Fund Wellspring Capital Partners IV Stonehenge Opportunity Fund II Welsh Carson Anderson & Stowe I Stonington Capital Appreciation 1994 Welsh Carson Anderson & Stowe II Summer Street Capital II Welsh Carson Anderson & Stowe III Summer Street Capital III Welsh Carson Anderson & Stowe IV Symphony Technology Group III Welsh Carson Anderson & Stowe IX Syntegra Capital Fund I Welsh Carson Anderson & Stowe V Syntegra Capital Fund II Welsh Carson Anderson & Stowe VI Syntegra Capital Fund III Welsh Carson Anderson & Stowe VII T3 Partners II Welsh Carson Anderson & Stowe TA / Advent VIII VIII TA IX Welsh Carson Anderson & Stowe X TA X Welsh Carson Anderson & Stowe XI TA XI Whippoorwill Vega Partners III Tailwind Capital Partners Whitman Heffernan & Rhein Fund II TCW / Latin America Private Equity Whitney I TCW Shared Opportunities Fund III Whitney VI TDR Capital Whitney VII TDR Capital II William E Simon & Sons II Terra Firma Capital Partners I Willis Stein & Partners Terra Firma Capital Partners III Willis Stein & Partners II Texas Growth Fund - 1991 Trust Willis Stein & Partners III Texas Growth Fund - 1995 Trust Wind Point Partners II Texas Growth Fund II - 1998 Trust Wind Point Partners III Texas Paciﬁ c Group Partners Wind Point Partners IV The Argentina Private Equity Fund I Wind Point Partners V The Argentina Private Equity Fund II Wind Point Partners VI The Resolute Fund Wind Point Partners VII The Resolute Fund II Windjammer Senior Equity Fund III Third Causeway Development Windjammer Senior Equity Fund IV Capital Windward Capital Partners II Thoma Bravo Fund IX Wingate Partners Thoma Bravo Fund X Wingate Partners II Thoma Bravo Special Opportunities WPG Corporate Development Fund I Associates V Thoma Cressey Fund VI Wynnchurch Capital Partners I Thoma Cressey Fund VII Wynnchurch Capital Partners II Thoma Cressey Fund VIII Wynnchurch Capital Partners III Thomas H Lee II Xenon V Thomas H Lee III Yucaipa American Alliance Fund I Thomas H Lee IV Yucaipa American Alliance Fund II Thomas H Lee V ZM Capital Thomas H Lee VI Thompson Street Capital Partners II Thompson Street Capital Partners III Ticonderoga KI Tokumei-Kumiai AF2 TowerBrook Investors TowerBrook Investors II TowerBrook Investors III TPG Asia V TPG Asia VI TPG Partners II TPG Partners III TPG Partners IV TPG Partners V TPG Partners VI Triad Ventures II Trident Fund V Trident Private Equity Fund I Trident Private Equity Fund II Trilantic Capital Partners IV Europe Trilantic Capital Partners V North America Triton Fund III Triton Fund IV Triumph California Triumph Capital Investors II Triumph Connecticut Trivest Fund II Trumpet Investors TSG Capital Fund II TSG Capital Fund III Turkish Private Equity Fund II Unitas Opportunity Fund III US Equity Partners I V4C Eastern Europe II Vaaka Partners Buyout I Vaaka Partners Buyout II Valor Equity Partners Fund I Valor Equity Partners Fund II Veritas Capital Fund Veritas Capital Fund II Vestar Capital Partners I Vestar Capital Partners II Vestar Capital Partners III Vestar Capital Partners IV Vestar Capital Partners V Vestar Capital Partners VI Vestor Partners Victoria South American Partners I