Fresno County Employees' Retirement Association Portfolio Performance Summary by Investment As of June 30, 2019

Fresno County Employees’ Retirement Association December 2019 We Enrich Lives & Safeguard Futures

• Do the right thing • The pursuit of excellence

• Integrity, candor • A spirit of competition and collaboration that inspires innovation Agenda

• Hamilton Lane Overview 4 • Relationship Overview 7 • Portfolio Performance 10 • Hamilton Lane Fund Updates 15 • Hamilton Lane Separate Account Update 18 • Market Brief 24 • Appendix 57

Hamilton Lane | Global Leader in the Private Markets Page 3 Hamilton Lane Overview Hamilton Lane Overview

A global leader in the private markets for 28 years

Market Leaders Global

$473.5B 16 26 Assets under Offices globally Languages management spoken & supervision1 109 Investment Professionals $36B+ 370+ Capital deployed Employees in 20182

Aligned

$308M+ HLNE ~50% 47% Invested alongside our clients Nasdaq listed Employee owned Women/Minority employees

As of June 30, 2019 1 Inclusive of $64.5B in assets under management and $409B in assets under supervision as of June 30, 2019. 2 The 2018 capital invested includes all primary commitments for which Hamilton Lane retains a level of discretion and all advisory clients commitments for which Hamilton Lane performed due diligence and made an investment recommendation. The 2018 capital invested also includes all discretionary co/direct investments that closed during 2018 and all discretionary secondary investments with a legal signing date during 2018.

Hamilton Lane | Global Leader in the Private Markets Page 5 Leveraging Our Scale

Poised to capitalize on the large, growing market

$32.9B $1.2B+ $2.2B Primaries Secondaries Co-investment 2018 Capital Deployed1,2 400+ Advisory board seats Putting our scale to work

914 438 664 Primaries Secondaries Co-investment 2018 Opportunities Reviewed

Here’s how scale benefits our clients ✓ ✓ ✓ ✓ Privileged investment Preferential fees Industry-leading Access opportunities and terms analysis and insight

As of June 30, 2019 *Representative clients and investors were included based on account size, geographic location, and account type. The identification of these clients and investors does not serve as an endorsement of Hamilton Lane or the services provided. These clients and investors utilize various services of Hamilton Lane and do not represent one specific account type. Please refer to endnotes in Appendix

Hamilton Lane | Global Leader in the Private Markets Page 6 Relationship Overview FCERA PE Activity

FCERA Private Equity Portfolio Growth

$250

$200

$150

$100

$50

$0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*

Commitments NAV

• FCERA began their private equity portfolio in 1998 with a $20 million commitment to Warburg Equity Partners • As of 6/30/2019, the Portfolio has committed $547.4 million to 23 partnerships • Portfolio NAV of $227.7 million

* Note: 2019 NAV as of 6/30/2019, capital committed as of 9/30/2019.

Hamilton Lane | Global Leader in the Private Markets Page 8 FCERA/HL Timeline

• October 2007: Hamilton Lane PE Fund VI • FCERA committed $70 million

• March/July 2016: Hamilton Lane PE Fund IX • FCERA committed $100 million in total

Hamilton Lane selected for separately managed account with FCERA in early 2017

• May 2017: Hamilton Lane Secondary Fund IV • FCERA committed $75 million

• November 2017: Contract signed • HL to invest $250 million over 3 years on behalf of FCERA

• December 2017: HL made first investment • Avista Capital Partners IV – part of secondary allocation

• January 2018: Completed data transition • Completed upload of 10 legacy investments onto HL platform

• April 2018: First primary investment • $7.5 million commitment to Kelso Investment Associates X

• December 2019: Completed 18 investments • $140.3 million commitments closed, $20 million in closing

FCERA/HL Separate Account Mandate Target # of Funds Target # of Funds Strategy Annual Target Total Per Year Primaries 15-20 5-8 $70m - $75m Secondaries 2-3 1-2 $5m - $10m

Hamilton Lane | Global Leader in the Private Markets Page 9 Portfolio Performance Portfolio Snapshot

FCERA PE Portfolio Snapshot $ millions 6/30/2018 6/30/2019 Change Active Partnerships 14 23 9 Active GP Relationships 9 17 8 • Portfolio committed to nine new primary Capital Committed $469.0 $547.4 78 partnerships in the twelve months prior to Unfunded Commitment $155.1 $186.3 $31.2 June 30, 2019 Capital Contributed $325.5 $375.4 $49.9 • Net value gain of $23.1M over the last Capital Distributed $317.0 $345.8 $28.8 twelve months ending June 30, 2019 Market Value $180.6 $227.7 $47.1 Total Value Multiple 1.5x 1.5x - Since Inception IRR 13.23% 13.16% (7 bps) Active Avg Age of Commitments 6.5 years 7.0 years 0.5 years

Portfolio Summary Quarter Ending Year Ended in $ millions 9/30/2018 12/31/2018 3/31/2019 6/30/2019 6/30/2019 • Positive returns in each Beginning Market Value $183.6 $194.4 $207.7 $217.5 $183.6 quarter, leading to a one- Paid-in Capital 9.5 22.6 11.1 6.7 49.8 year IRR of 11.72% Distributions (5.9) (10.6) (6.9) (5.4) (28.9) • Fourteen partnerships Net Value Change 7.1 1.4 5.6 9.0 23.1 generated net value gains Ending Market Value $194.4 $207.7 $217.5 $227.7 $227.7 over the year Unfunded Commitments $178.1 $173.4 $162.0 $186.3 $186.3 Total Exposure $372.5 $381.1 $379.5 $414.0 $414.0 Point-to-Point IRR 3.81% 0.69% 2.65% 4.09% 11.72% Since Inception IRR 13.27% 13.13% 13.10% 13.16% 13.16%

Note: Totals may not sum due to rounding.

Hamilton Lane | Global Leader in the Private Markets Page 11 Performance vs. Benchmark

Portfolio Performance vs. Benchmark

13.16% Since 10.54% Inception IRR 9.47%

14.86% 10-Year IRR 12.62% 14.22%

9.73% 5-Year IRR 10.77% 6.10%

14.65% 3-Year IRR 13.83% 10.41%

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00%

FCERA Portfolio Hamilton Lane All Private Equity Benchmark Russell 2000 PME

• FCERA portfolio outperforms PME benchmark (Russell 2000) since inception by 369 bps • Outperforms Hamilton Lane All PE benchmark by 262 bps

Hamilton Lane | Global Leader in the Private Markets Page 12 Since Inception Performance

Since Inception IRR Portfolio Performance

30%

25% 24.26%

20%

15%

13.01% 10%

0% Legacy Portfolio Hamilton Lane Separate Account

• Hamilton Lane Separate Account outperforming Legacy Portfolio by 1,125 bps on a since inception basis

Hamilton Lane | Global Leader in the Private Markets Page 13 Diversification

Strategic Diversification¹ Underlying Investment Exposure Underlying Investment Exposure by Total Exposure by Geography by Industry As of June 30, 2019 As of June 30, 2019 As of June 30, 2019

VC/Growth Equity Health Rest of World/ Financials Fund of Funds 3% Asia Care Undisclosed Info 9% Materials 8% 8% 9% Co/Direct Small Buyout 2% Tech 1% Investment 17% Consumer 8% Real 4% Western Europe Discretionary Estate 4% 2% Consumer 1% Services Mid Buyout Special 1% 17% Situations Energy 15% 2%

Industrials 6%

Mega Buyout North 6% America Large Buyout Secondaries 86% FoF Holding 6% 24% 61%

Long-Term Strategic Diversification² Long-Term Geographic Diversification² by Total Exposure by Total Exposure 0-10% Co-Investment 5-15% 10-20% Asia/ROW Secondaries 30-40% Large/Mega Buyout

10-20% 5-15% Europe Special Situations

5-15% 65-70% Venture/Growth North America

30-40% Small/Mid Buyout

¹ Fund of Funds category includes only Horsley Bridge XI Growth Buyout. The Hamilton Lane Fund of Funds are broken out based on the underlying investments’ strategies. ² Diversification targets established as of March 2017 Hamilton Lane | Global Leader in the Private Markets Page 14 Hamilton Lane Fund Updates Hamilton Lane PE Fund VI

Fund Overview ($M) $20 15%

Vintage Year 2007 $15 10% $10 Total Fund Size $494 5% FCERA Commitment $70 $5 0% FCERA Metrics $0 12/31/2018 3/31/2019 6/30/2019 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1Q19 2Q19 -5% -$5 Total Capital Contributed 62.6 62.6 62.6 -10% -$10 Total Distributions 78.7 80.2 80.7 -15% D/PI Ratio 1.26x 1.28x 1.29x -$15 -20% Unfunded Commitments 7.4 7.4 7.4 -$20 Net Asset Value 23.3 22.4 22.3 -$25 -25% Net IRR 9.55% 9.56% 9.55% -$30 -30% Net Multiple 1.63x 1.64x 1.65x Contributions Distributions Since Inception Net IRR

Portfolio Detail Strategic Diversification by Total Exposure Update As o June 30, 2019 • For the twelve months ended June 30, 2019, the Fund Venture Growth Equity Buyout - Small Capital 5% Market distributed $4.9M to FCERA 9% 21% Secondaries 4% • Co/Direct Investments continue to be the best performing strategy with 15.6% IRR

Co/Direct Investments 21% Buyout - Mid Market 24% Distressed Debt Buyout - Mega Buyout - Large 1% Market Market 11% 4%

Hamilton Lane | Global Leader in the Private Markets Page 16 Hamilton Lane PE Fund IX

Fund Overview ($M) $30 30% Vintage Year 2016 $25 25% Total Fund Size $517 FCERA Commitment $100 $20 20% FCERA Metrics 12/31/2018 3/31/2019 6/30/2019 Total Capital Contributed 67.9 69.6 72.4 $15 15% Total Distributions 16.2 16.2 17.3 $10 10% D/PI Ratio 0.24x 0.23x 0.24x Unfunded Commitments 32.1 30.4 27.6 $5 5% Net Asset Value 67.9 71.6 73.5 Net IRR 17.71% 17.02% 15.06% $0 0% Net Multiple 1.24x 1.26x 1.25x 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Quarterly Contributions Quarterly Distributions Since Inception Net IRR Portfolio Detail Strategic Diversification by Total Exposure As o June 30, 2019 Update • For the twelve months ended June 30, 2019, the Fund distributed $4.6M to FCERA related to underlying holdings

• Secondaries continue to drive performance; over the last twelve months secondary investments distributed $10.3M and are generating a 21.7% IRR and 1.5x TVPI since inception

Hamilton Lane | Global Leader in the Private Markets Page 17 Hamilton Lane Separate Account Update Hamilton Lane Secondary Fund IV

Fund Overview ($M) $12 90%

Vintage Year 2016 80% $10 Total Fund Size $1,916 70% FCERA Commitment $75 $8 60% FCERA Closing Date May 2017 FCERA Metrics 50% 12/31/2018 3/31/2019 6/30/2019 $6 40% Total Capital Contributed 40.3 45.5 45.6 Total Distributions 9.3 11.6 13.8 $4 30%

D/PI Ratio 0.23x 0.26x 0.30x 20% $2 Unfunded Commitments 39.0 33.7 35.8 10% Net Asset Value 39.5 42.9 41.4 $0 0% Net IRR 36.16% 28.05% 23.39% 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Net Multiple 1.21x 1.20x 1.21x Quarterly Contributions Quarterly Distributions Since Inception Net IRR Portfolio Detail Update Vintage Year Diversification by Total Exposure As o June 30, 2019 • As of June 30, 2019, the Fund is 93% committed across 44 2019 Pre 2007 unique transactions and expectations are the Fund will 4% 6% make it's final investment in 2019 2007 - 2010 2018 15% • The Fund has strong liquidity, receiving proceeds of $69M 21% in 2Q 2019. The two investments that generated the highest realizations are Projects Palladium and Winds. • Project Palladium distributed $6.2M during 2Q 2019, driven by the sale of Anaplan • Project Winds, an investment in three Danish wind turbine manufacturers, returned $6.0M during the

2015 - 2017 quarter 2011 - 2014 22% 32% • Two new commitments totaling $41.7M were made during the quarter

Hamilton Lane | Global Leader in the Private Markets Page 19 Commitment Activity

Commitment Activity to Date Investment Geographic Closing Date Partnership Commitment ($mil) Strategy Focus 2017 Allocation 12/1/2017 Avista Capital Partners IV Secondary North America $10.0 2018 Allocation 4/11/2018 Kelso Investment Associates X Mid Buyout North America $7.5 6/12/2018 Platinum Equity Small Cap Fund Mid Buyout North America $7.5 7/20/2018 SK Capital Partners Fund V Mid Buyout North America $10.0 8/30/2018 Thomas H. Lee Equity Fund VIII Large Buyout North America $7.5 9/14/2018 K4 Private Investors Mid Buyout North America $5.0 9/25/2018 H.I.G. Growth Buyouts & Equity Fund III Small Buyout North America $10.0 12/10/2018 Verdane Capital X AB Secondaries Western Europe $7.5/SEK 67.0 12/14/2018 TPG Partners VIII, L.P. Mega Buyout Global $10.0 2018 Total $65.0 2019 Allocation 4/5/2019 Gridiron Capital Fund IV, L.P. Mid Buyout North America $10.0 4/18/2019 Cinven Seventh Fund Mega Buyout Western Europe $8.5/€7.7 4/29/2019 Avista Capital Partners V, L.P. Small Buyout North America $10.0 7/1/2019 Platinum Equity Capital Partners V, L.P. Mega Buyout North America $10.0 7/3/2019 Aurora Equity Partners VI, L.P. Mid Buyout North America $10.0 7/22/2019 ZMC III, L.P. Small Buyout North America $6.8 9/20/2019 NewQuest Asia Fund IV, L.P. Secondaries Asia $10.0 11/30/2019 Fund A* Mid Buyout North America $10.0 12/15/2019 Fund B* Growth Equity North America $10.0 2019 Total $85.3 Total $160.3

• Closed on seven commitments year-to-date, totaling $65 million • Two pending commitments, expected to close before year-end

*Note: Pending/target close date.

Hamilton Lane | Global Leader in the Private Markets Page 20 Strategic Plan Update

Private Equity Mandate

Tranche: First Tranche

Capital Commitments: $250 million; $225 million to Primaries, $25 million to Secondaries

Commitment Period: November 1, 2017 - November 1, 2020

Accomplished in 2019 2020 Portfolio Objectives

• Commit up to $85M in Primaries • Pending $85.0M commitments* Commitment Pacing and continue to opportunistically across nine partnerships evaluate Secondaries up to $15M

• • Closed on six Primary Buyout funds Consider adding Special Situations, Strategic Exposure with an additional pending Growth Equity and Secondary opportunities within Primaries

• Added one commitment to a Western Europe focused fund and • Consider adding Buyout Geographic Allocation one commitment to an Asia opportunities in the Europe space focused fund

* Closed on $65M to-date, $20M pending close before year-end.

Hamilton Lane | Global Leader in the Private Markets Page 21 Runoff Horizon Model

$ in Million 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 FCERA - Runoff Scenario Commitments $85.0 $90.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Contributions 56.8 64.5 66.2 50.6 36.8 24.6 14.5 7.6 3.7 1.9 Distributions 30.3 53.4 62.0 78.2 84.3 88.1 90.9 90.1 85.0 74.7 Annual Net Cash Flow ($26.4) ($11.1) ($4.2) $27.6 $47.5 $63.5 $76.5 $82.5 $81.4 $72.9 PE Market Value $252.3 $290.7 $330.4 $347.0 $347.9 $329.3 $295.6 $249.8 $196.7 $144.5 % of Plan Value 5.0% 5.5% 6.0% 6.0% 5.7% 5.1% 4.4% 3.5% 2.7% 1.9% FCERA Pacing Targets 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

Horizon Model Analysis as of 6/30/2019

10%

0% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

FCERA FCERA Pacing Targets

* Horizon Model run in November 2019, using valuations through June 30, 2019. Year-end 12/31, assuming 5% Total Plan Growth Rate.

Hamilton Lane | Global Leader in the Private Markets Page 22 Reach and Maintain Target Horizon Model

$ in Million 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 FCERA - Reach and Maintain Target Scenario Commitments $85.0 $90.0 $75.0 $75.0 $75.0 $75.0 $75.0 $75.0 $75.0 $75.0 Contributions 56.8 64.5 74.9 77.6 78.8 78.4 76.7 75.4 74.5 73.9 Distributions 30.3 53.4 62.2 80.2 90.4 100.9 113.6 125.3 136.7 143.9 Annual Net Cash Flow ($26.4) ($11.1) ($12.7) $2.6 $11.6 $22.5 $36.9 $49.8 $62.1 $70.0 PE Market Value $252.3 $290.7 $338.6 $379.7 $418.6 $448.4 $469.7 $481.5 $482.6 $476.5 % of Plan Value 5.0% 5.5% 6.1% 6.5% 6.9% 7.0% 7.0% 6.8% 6.5% 6.1% FCERA Pacing Targets 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

Horizon Model Analysis as of 6/30/2019

10%

0% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

FCERA FCERA Pacing Targets

* Horizon Model run in November 2019, using valuations through June 30, 2019. Year-end 12/31, assuming 5% Total Plan Growth Rate.

Hamilton Lane | Global Leader in the Private Markets Page 23 Market Brief Performance What the Markets Have Done

Growth of $1

$1.70

$1.60

$1.50

$1.40 $1.40 Global Equities

$1.30

$1.20

$1.10

$1.00 2017 2018 2019

Source: Bloomberg (October 2019)

• Over the last three years, public markets have generated strong returns

Hamilton Lane | Global Leader in the Private Markets Page 26 What the Markets Have Done

Growth of $1

$1.70

$1.60 $1.60 Private Equity

$1.50

$1.40 $1.40 Global Equities

$1.35 Private Real Estate $1.30 $1.31 Private Credit

$1.20

$1.10

$1.00 2017 2018 2019

Source: Bloomberg, Hamilton Lane Data via Cobalt (October 2019)

• Over the last three years, public markets have generated strong returns • Private equity has delivered even stronger performance over the same period

Hamilton Lane | Global Leader in the Private Markets Page 27 Pooled Returns by Vintage Year

Buyout IRR vs. PME By Vintage Year

40% 30% 20% 10% 0% 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

Buyout IRR Buyout 1st & 2nd Quartile IRR MSCI World PME

Source: Hamilton Lane Data, Bloomberg (October 2019) Private Credit IRR vs. PME By Vintage Year

40%

30%

20% 10%

0% 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

Private Credit IRR Private Credit 1st & 2nd Quartile IRR Credit Suisse Leveraged Loan PME

Source: Hamilton Lane Data, Bloomberg (October 2019)

• Buyout has outperformed the MSCI World in 19 of the last 20 vintages • Private credit has outperformed its public counterpart in 19 of the last 20 vintages • Top quartile has outperformed, sometimes providing double the return of public markets

Hamilton Lane | Global Leader in the Private Markets Page 28 Risk-Adjusted Returns

15-Year Asset Class Risk-Adjusted Performance Annualized Time-Weighted Return as of 6/30/2019

20% Equity Credit Real Assets

16%

12%

Private FTSE 4% Credit Barclays Infra- NAREIT S&P Global Russell MSCI Suisse Aggregate Private structure All Equity Infra- MSCI World Private S&P 500 3000 World Hedge Private High Yield Bond Real & Natural REITs structure Energy Equity 0% Index Index Index Funds Credit Index Index Estate Resources Index Index Sector Index

Sharpe Ratio 0.64 0.34 0.38 0.25 0.26 0.56 0.43 0.48 0.22 0.44 0.28 0.12 0.09

Private Markets Outperforming by 300+ bps Private Markets Outperforming by 0–300 bps Public Markets Outperforming

Indices used: Hamilton Lane All Private Markets with volatility desmoothed; Hamilton Lane All Private Equity ex. Credit and Real Assets with volatility desmoothed; S&P 500 Index; Russell 3000 Index; MSCI World Index; HFRI Composite Index; Hamilton Lane Private Credit with volatility desmoothed; Credit Suisse High Yield Index; Barclays Aggregate Bond Index; Hamilton Lane Private Real Estate with volatility desmoothed; Hamilton Lane Private Real Assets with volatility desmoothed; FTSE/NAREIT Equity REIT Index; S&P Global Infrastructure Index; MSCI World Energy Sector Index. Geometric mean returns in USD. Assumes risk free rate of 3.1%, representing the average yield of the ten-year treasury over the last fifteen years. Source: Hamilton Lane Data via Cobalt, Bloomberg (October 2019)

• Over a long-term horizon, private equity and private credit outperform on an absolute and risk-adjusted basis (even after desmoothing volatility) • Private markets underperform on a 10-year basis, but consider the time period • Private markets outperform in shorter time periods • The benchmark you use matters

Hamilton Lane | Global Leader in the Private Markets Page 29 Risk-Adjusted Returns

10-Year Asset Class Risk-Adjusted Performance Annualized Time-Weighted Return as of 6/30/2019

20% Equity Credit Real Assets

16%

12%

Sharpe Ratio 1.13 0.87 0.88 0.60 0.39 1.09 0.91 0.86 0.63 0.30 0.83 0.20 0.04

Private Markets Outperforming by 300+ bps Private Markets Outperforming by 0–300 bps Public Markets Outperforming

Indices used: Hamilton Lane All Private Markets with volatility desmoothed; Hamilton Lane All Private Equity ex. Credit and Real Assets with volatility desmoothed; S&P 500 Index; Russell 3000 Index; MSCI World Index; HFRI Composite Index; Hamilton Lane Private Credit with volatility desmoothed; Credit Suisse High Yield Index; Barclays Aggregate Bond Index; Hamilton Lane Private Real Estate with volatility desmoothed; Hamilton Lane Private Real Assets with volatility desmoothed; FTSE/NAREIT Equity REIT Index; S&P Global Infrastructure Index; MSCI World Energy Sector Index. Geometric mean returns in USD. Assumes risk free rate of 2.5%, representing the average yield of the ten-year treasury over the last ten years. Source: Hamilton Lane Data via Cobalt, Bloomberg (October 2019)

Hamilton Lane | Global Leader in the Private Markets Page 30 Risk-Adjusted Returns

3-Year Asset Class Risk-Adjusted Performance Annualized Time-Weighted Return as of 6/30/2019

20% Equity Credit Real Assets

16%

12%

Sharpe Ratio 2.07 0.88 0.89 0.78 0.49 1.81 0.86 0.45 1.31 0.52 0.27 0.17 0.01

Private Markets Outperforming by 300+ bps Private Markets Outperforming by 0–300 bps Public Markets Outperforming

Indices used: Hamilton Lane All Private Markets with volatility desmoothed; Hamilton Lane All Private Equity ex. Credit and Real Assets with volatility desmoothed; S&P 500 Index; Russell 3000 Index; MSCI World Index; HFRI Composite Index; Hamilton Lane Private Credit with volatility desmoothed; Credit Suisse High Yield Index; Barclays Aggregate Bond Index; Hamilton Lane Private Real Estate with volatility desmoothed; Hamilton Lane Private Real Assets with volatility desmoothed; FTSE/NAREIT Equity REIT Index; S&P Global Infrastructure Index; MSCI World Energy Sector Index. Geometric mean returns in USD. Assumes risk free rate of 2.4%, representing the average yield of the ten-year treasury over the last three years. Source: Hamilton Lane Data via Cobalt, Bloomberg (October 2019)

Hamilton Lane | Global Leader in the Private Markets Page 31 GP View – Net Returns

Net returns for all private markets for the next three vintages will be...

2018 2019

15% Global listed equities +500 bps or more 20%

Global listed equities +300 to +500 bps 32% 39%

Global listed equities +100 to +300 bps

Equal to global listed equities +/−100 bps 43% 40%

3% 5% Below global listed equities −101 bps 2% 1%

Source: Hamilton Lane General Partner Survey (July 2019) Please be aware that the information contained herein is based upon results of a survey conducted by Hamilton Lane Advisors, L.L.C. (the “Firm”) of a number of private markets participants. The results of the survey may not necessarily represent the opinions of the Firm or its employees, officers or directors. Publication of this report does not indicate an endorsement by the Firm of the results included herein and should not be relied upon when making investment decisions.

• More than half of GPs surveyed believe the private markets will outperform public equities by more than 300 bps

Hamilton Lane | Global Leader in the Private Markets Page 32 GP View

Hamilton Lane surveyed a cross-section of GPs regarding their views on their portfolios and the global markets

9,900+ $2.5T 138 Portfolio Companies Reported GPs Managed AUM By GPs in the Survey By GPs in Survey

Strategy Geography

61% 12% 10% Buyout Growth Venture 71% 23% 6% North America Europe ROW 9% 7% 1% Debt Real Estate Infrastructure

Source: Hamilton Lane General Partner Survey (July 2019) Geography Please be aware that the information contained herein is based upon results of a survey conducted by Hamilton Lane Advisors, L.L.C. (the “Firm”) of a number of private markets participants. The results of the survey may not necessarily represent the opinions of the Firm or its employees, officers or directors. Publication of this report does not indicate an endorsement by the Firm of the results included herein and should not be relied upon when making investment decisions.

Hamilton Lane | Global Leader in the Private Markets Page 33 Strategy Risk & Return

15-Year Strategy Returns & Volatility Private Equity Bubbles Sized by NAV Private Credit Private Real Assets

18% U.S. EU Buyout Mega/Large 16%

U.S. Natural 14% SMID Resources

12% U.S. & EU Mezzanine VC/Growth 10% Infrastructure ROW Equity 8% Distressed Higher Debt Real Estate 6% Sharpe Ratio Than All PM

Annualized Time-Weighted Return 4%

Lower 2% Sharpe Ratio Than All PM 0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% 32%

Annualized Desmoothed Volatility

Source: Hamilton Lane Data (October 2019) Please refer to endnotes in Appendix

• The risk/return tradeoff among strategies is a key consideration during portfolio construction • Not all strategies are created equal

Hamilton Lane | Global Leader in the Private Markets Page 34 Worst Case Performance

Lowest 5-Year Annualized Performance 1995–2019

Equity Credit Real Assets

10% 5.8% 2.7%

0% -0.9% -2.8% -3.8% -5.7% -5.5% -7.8% -10% -8.6%

-15.7% -20% Developed MSCI World VC/Growth Private BofA ML CS Leveraged Infrastructure MSCI World Private Real FTSE NAREIT Market Buyout Index Credit High-Yield Loan Index & Natural Energy Index Estate All Equity Index Resources REITs Index Private Markets Public Markets

Note: Infrastructure & Natural Resources from 1998–2019 Source: Hamilton Lane Data via Cobalt, Bloomberg (October 2019)

• The worst five-year period for private credit and developed markets buyout produced positive returns • VC/growth strategies exhibit greater downside risk • Too much attention may be paid to downside risk when LPs invest in private markets. There has not been as much risk of loss as some may think.

Hamilton Lane | Global Leader in the Private Markets Page 35 Hamilton Lane’s Data

$5.3T+ Total Commitments Over 40+ Years

Hamilton Lane Fund Data Sample Hamilton Lane Portfolio Company Data Sample By Strategy By Sector

Source: Hamilton Lane Data (October 2019) Source: Hamilton Lane Data (August 2019)

4,600+ 42 19,000+ 1,100+ 250+ Unique Partnerships1 Vintage Years1 Deals2 Funds2 GPs2

1As of June 30, 2019 2As of December 31, 2018

Hamilton Lane | Global Leader in the Private Markets Page 36 Fundraising Opportunities Received by Hamilton Lane

Opportunities Received by Hamilton Lane

2011 vs. 2018

668 436

252 215 212 87 190 173 161 32 154 128 140 115 73 61

Buyout VC/Growth Credit Real Assets ROW Secondary Co-investment Origination Deals Deals Distressed

26% 87%41% 33% 9% 106% 286%

Source: Hamilton Lane Diligence (October 2019)

• Increase in secondary and co-investment deals is indicative of increased investment opportunities and activity in both areas across limited partner portfolios • Large increase in VC/growth likely reflects strong recent performance in those categories

Hamilton Lane | Global Leader in the Private Markets Page 38 Fundraising

Global Private Markets Fundraising

$1,000 2.5%

Annualize d $800 2.0% % of MSCI WorldMarket Cap of % % MSCI World $600 Market Cap 1.5%

USD in Billions USD in $400 1.0%

$200 0.5%

$0 0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: Bison Data via Cobalt, Preqin, Bloomberg (October 2019)

• Fundraising in 2019 is on pace to be in line with 2018 • Multiple mega fund managers raising in the same year can drive fundraising totals • Shadow capital increases total fundraising numbers

Hamilton Lane | Global Leader in the Private Markets Page 39 Total Exposure

Total Exposure by Strategy % of NAV + Unfunded

Private Markets Total Exposure $0.5T +320% $2.0T +193% $5.7T

MSCI World Market Cap $16.0T +113% $34.1T +38% $46.9T

Real Estate 12% 13% 11% 2% 7% 12% Infrastructure & Natural Resources 25% 13% 22% 10% VC/Growth 5% 14% 24% Credit 31% 17% SMID Buyout 33% 25% 24% Mega/Large Buyout

1999 2007 2019

Note: Total exposure and market cap as of year end for 1999, 2007. For 2019, as of 6/30/19. Source: Hamilton Lane Data via Cobalt, Bloomberg (October 2019)

• Private markets have meaningfully expanded into strategies like credit and infrastructure & natural resources • GPs are expanding into new product lines to follow flow of funds into non-traditional strategies • Private markets have grown significantly faster than public markets over the last 20 years • Private markets are still only one-eighth the size of the global public markets

Hamilton Lane | Global Leader in the Private Markets Page 40 Investment Activity Capital Overhang

Private Markets Unfunded Capital USD in Billions

$2,500

$2,000

$1,500 Equity

$1,000

Credit $500

Real Assets

$0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Real Estate Infrastructure & Natural Resources Credit VC/Growth SMID Buyout Mega/Large Buyout

Source: Hamilton Lane Data via Cobalt (October 2019)

• Overall levels of dry powder continue to be slightly below peak level • 18% of dry powder is from the pre-2015 vintage years. Will this dry powder ever be used in any meaningful amount?

Hamilton Lane | Global Leader in the Private Markets Page 42 Capital Overhang

Private Markets Unfunded Capital USD in Billions

$2,500

$2,000 2019 $330B

$1,500 2018 $520B

$1,000 2017 $392B

2016 $237B

$500 2015 $148B Pre- 2015 $363B

$0 2019 Q2 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: Hamilton Lane Data via Cobalt (October 2019)

• Overall levels of dry powder continue to be slightly below peak level • 18% of dry powder is from the pre-2015 vintage years. Will this dry powder ever be used in any meaningful amount?

Hamilton Lane | Global Leader in the Private Markets Page 43 Deploying Capital Overhang

Time to Deploy Capital Overhang Years at LTM Pace

4 All PM Average 2.7 years

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Buyout Credit VC/Growth Real Assets

Source: Hamilton Lane Data (October 2019)

• Time to deploy capital overhang is slightly under the long-term average across strategies • Historically, the best time to invest is when capital overhang is greatest and investment pacing is slowest (2002 and 2009)

Hamilton Lane | Global Leader in the Private Markets Page 44 Contributions

Annual Private Markets Contributions

90% $900

80% $800

70% $700 Annualized 60% $600 USD in Billions 50% $500 All PM Average 40% $400 40%

30% $300

Contributions as % as of Unfunded Contributions 20% $200

10% $100

0% $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

All Private Markets Rate of Contribution Private Equity Rate of Contribution Private Credit Rate of Contribution Private Real Assets Rate of Contribution

Source: Hamilton Lane Data via Cobalt (October 2019)

• Annual contributions set a record in 2018 • Across all markets, GPs continue to exhibit caution relative to other peak market periods (2000 and 2007)

Hamilton Lane | Global Leader in the Private Markets Page 45 Contribution Pacing

Median Buyout Percent Called by Fund Age Vintage Years 1998–2018

80% 1998–1999 2003–2006 70% 2012–2015

2016–2018 2009–2011 60% 2007–2008 2000–2002 50%

40%

30%

20%

10%

0% Year 1 Year 2 Year 3

Source: Hamilton Lane Data via Cobalt (October 2019)

• Contrary to anecdotal chatter regarding slower contributions, pacing for recent vintage years remains close to historic norms

Hamilton Lane | Global Leader in the Private Markets Page 46 Let’s Turn to the Most Talked About Topic Purchase Price Multiples at Acquisition

S&P 500 Purchase Prices MSCI Europe EV/EBITDA and % Equity, Median by Deal Year MSCI World Purchase Price % Debt % Equity

11.2x 12.0x 7.9x 10.6x 7.4x 7.9x 9.8x 9.7x 8.4x 7.6x 6.2x 8.8x 8.0x 6.5x 6.9x 7.1x 7.6x North 6.2x 5.8x 6.3x 6.2x 4.0x America 51% 54% 51% 52% 40% 45% 46% 46% 44% 43% 40% 46% 55% 61% 51% 49% 48% 48% 47% 0.0x # of Deals 119 80 97 155 228 268 301 365 211 139 283 235 285 191 264 268 260 260 190

12.1x 12.0x 8.8x 7.8x 8.1x 9.5x 8.9x 8.4x 10.3x 6.6x 6.8x 7.7x 8.1x 7.5x 8.0x 8.3x 7.6x Western 8.0x 6.6x 6.5x 6.7x 4.0x 55% 55% 56% 57% 54% 55% 54% 55% 56% Europe 40% 36% 36% 38% 37% 37% 35% 36% 47% 56% 0.0x # of Deals 68 60 95 99 143 163 177 152 123 54 152 149 120 102 133 109 98 94 79

12.0x 9.2x 9.0x 9.3x 7.2x 9.4x 7.6x 8.1x 8.2x 8.5x 8.0x 7.7x 7.8x 6.7x 7.4x 5.8x 5.2x 6.2x 4.3x 4.5x 4.9x 4.0x 88% 85% 69% 75% 69% 78% 78% 69% 60% 69% 67% 70% ROW 73% 77% 82% 62% 76% 75% 69% 0.0x # of Deals 27217 20225088847850767864475637355627

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source: Hamilton Lane Data, Bloomberg (July 2019)

• Purchase prices remain on par with record levels across all markets; there is no debating that, on average, private markets are expensive • Decline in prices for public equities is a function of the Q4 2018 dip in equity markets, which have since rebounded • Equity contributions have remained above pre-crisis lows

Hamilton Lane | Global Leader in the Private Markets Page 48 GP View – Purchase Prices

Purchase prices over the next 12 months will...

2018 2019 6% 3% Increase by more than 0.5x 21% 31% Increase by up to 0.5x

Remain flat 66% 53%

Decrease by up to 0.5x

8% 7% Decrease by more than 0.5x 2% 3%

• Most GPs think purchase prices won’t change much over the next year

Hamilton Lane | Global Leader in the Private Markets Page 49 Liquidity Amount of NAV

NAV by Strategy USD in Billions

$4,000

$3,500

$3,000

$2,500

Equity $2,000

$1,500

$1,000 Credit

$500 Real Assets

$0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Real Estate Infrastructure & Natural Resources Credit VC/Growth SMID Buyout Mega/Large Buyout

Source: Hamilton Lane Date via Cobalt (October 2019)

• NAV growth has been driven by longer hold periods, rising asset prices and healthy deployment in an asset class that is raising more capital • Largest NAV growth over last five years was seen in VC/growth

Hamilton Lane | Global Leader in the Private Markets Page 51 Distributions

Annual Private Markets Distributions

70% $800

60% Annualized $700

$600 50%

$500 USD in Billions 40% $400 30% All PM Average $300 25%

Distributions as Distributions % of NAV 20% $200

10% $100

0% $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

All Private Markets Rate of Distribution Private Equity Rate of Distribution Private Credit Rate of Distribution Private Real Assets Rate of Distribution

Source: Hamilton Lane Data via Cobalt (October 2019)

• Distributions in 2019 expected to be slightly below 2018 levels • Private equity and private real assets continue trend to below average levels of distributions

Hamilton Lane | Global Leader in the Private Markets Page 52 Time to Liquidate NAV

Time to Liquidate NAV Years at LTM Pace

10 All PM Average 8 5.9 years

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Buyout Credit VC/Growth Real Assets

Source: Hamilton Lane Data (October 2019)

• VC/growth continues to liquidate more slowly than other private markets strategies

Hamilton Lane | Global Leader in the Private Markets Page 53 Distribution Pacing

Median Buyout DPI by Fund Age Vintage Years 1998–2015

80% 2009–2011 70% 2000–2002

2007–2008 60% 1998–1999 2012–2015 2003–2006 50%

40%

30%

20%

10%

0% Year 4Year 5Year 6Year 7

Source: Hamilton Lane Data via Cobalt (October 2019)

• Recent vintages have distributed capital back to investors more quickly than previous vintages

Hamilton Lane | Global Leader in the Private Markets Page 54 GP View – Recession

What is the probability of a global recession in the next 12 months?

71%–90% 1%

51%–70% 6%

21%–50% 46%

1%–20% 47%

0% 1%

• 93% see the chance somewhere between 0% and 50%. Not a high likelihood.

Hamilton Lane | Global Leader in the Private Markets Page 55 How to Invest

How to Build a Portfolio for Today’s Market

The Fantastic 5 Focus Factors

1 2 3 4 5

Strategy Managing Portfolio Governance Resources Shape Shifting Leverage Construction

Hamilton Lane | Global Leader in the Private Markets Page 56 Appendix Portfolio Summary by Investment

Fresno County Employees' Retirement Association Portfolio Performance Summary by Investment as of June 30, 2019

Vintage Capital Paid-In Capital Market Since Legacy Portfolio Strategy TVPI Year Committed Capital Distributed Value Inception IRR Blackstone Capital Partners IV, L.P. 2003 Buyout - Mega $20,000,000 $22,639,744 $52,607,092 $874,068 29.62% 2.4x Hamilton Lane Private Equity Fund IX L.P. 2016 Fund-of-Funds 100,000,000 72,359,988 17,271,419 73,511,890 15.06% 1.3x Hamilton Lane Private Equity Fund VI, LP 2007 Fund-of-Funds 70,000,000 62,611,765 80,710,220 22,289,248 9.55% 1.6x Horsley Bridge XI Growth Buyout L.P. 2016 Fund-of-Funds 30,000,000 14,608,653 525,613 15,671,204 8.67% 1.1x Landmark Equity Partners XIV, L.P. 2009 Secondaries 30,000,000 29,069,268 32,979,080 5,157,292 9.83% 1.3x New Mountain Partners III, L.P. 2007 Buyout - Large 15,000,000 15,363,060 20,426,018 11,484,924 13.82% 2.1x Warburg Pincus Equity Partners, L.P. 1998 Special Situations 20,000,000 20,000,000 33,046,892 77,651 10.26% 1.7x Warburg Pincus Private Equity VIII, L.P. 2001 Special Situations 25,000,000 26,100,000 58,174,684 270,019 14.50% 2.2x Warburg Pincus Private Equity X, L.P. 2007 Special Situations 25,000,000 25,046,896 30,097,753 13,029,913 9.33% 1.7x Warburg Pincus Private Equity XII, L.P. 2015 Special Situations 34,000,000 26,588,364 1,337,346 31,024,632 12.19% 1.2x Sub Total - Legacy Portfolio $369,000,000 $314,387,738 $327,176,117 $173,390,841 13.01% 1.6x Vintage Capital Paid-In Capital Market Since Hamilton Lane Portfolio Strategy TVPI Year Committed Capital Distributed Value Inception IRR Avista Capital Partners IV, L.P. 2018 Secondaries $10,000,000 $10,115,099 $4,768,802 $8,086,686 48.64% 1.3x Avista Capital Partners V, L.P. 2019 Buyout - Small 10,000,000 - - - N/A N/A Cinven Seventh Fund 2019 Buyout - Mega 8,712,412 - - - N/A N/A Gridiron Capital Fund IV, L.P. 2019 Buyout - Mid 10,000,000 - - - N/A N/A H.I.G. Growth Buyouts & Equity Fund III, L.P. 2019 Buyout - Small 10,000,000 304,974 - 192,375 N/M 0.6x Hamilton Lane Secondary Fund IV, L.P. 2017 Secondaries 75,000,000 45,587,818 13,833,249 41,436,395 23.39% 1.2x K4 Private Investors, L.P. 2018 Buyout - Mid 5,000,000 2,317,240 507 2,183,850 (9.48%) 0.9x Kelso Investment Associates X, L.P. 2018 Buyout - Mid 7,500,000 636,255 16,704 663,410 9.80% 1.1x Platinum Equity Small Cap Fund, L.P. 2018 Buyout - Mid 7,500,000 599,357 28,800 438,507 (30.62%) 0.8x SK Capital Partners Fund V, L.P. 2018 Buyout - Mid 10,000,000 1,204,564 3,497 1,080,202 (8.58%) 0.9x Thomas H. Lee Equity Fund VIII, L.P. 2019 Buyout - Large 7,500,000 195,405 - 229,147 17.27% 1.2x TPG Partners VIII, L.P. 2019 Buyout - Mega 10,000,000 - - (100,160) N/A N/A Verdane Capital X AB 2019 Secondaries 7,215,796 - - 99,835 N/A N/A Sub Total - Hamilton Lane Portfolio $178,428,208 $60,960,712 $18,651,559 $54,310,247 24.26% 1.2x Total Portfolio $547,428,208 $375,348,450 $345,827,676 $227,701,088 13.16% 1.5x * Note: SK Capital Partners V, L.P.: the data provided with respect to the fund does not necessarily reflect the current or expected fund performance of the fund and should not be used to compare returns of the fund against returns of other private equity funds and has not been sanctioned in any way by the manager of the fund. . Hamilton Lane | Global Leader in the Private Markets Page 58 Fund Updates (Deals closed since November 2018 Board presentation) Verdane Capital X AB

Fund Information General Partner: Verdane Capital Fund: Verdane Capital Fund X Firm Inception: 1985 Target Size / Hard Cap: SEK 5.0 billion / SEK 5.8 billion Strategy: Secondaries Geography: Western Europe Team: 17 investment professionals Senior Partners: Bjarne Lie Location: Oslo, Stockholm, Helsinki and London Industries: Software, Consumer Internet, Energy & Environment, and Advanced Industrials Equity Investments: SEK 75 million to SEK 300 million

Approach: • Seeks to primarily acquire portfolios of assets from Nordic investment funds, family offices, government organizations, corporate entities, listed vehicles and financial institutions with at least one core company • Expects to predominantly invest in Sweden, Norway, Denmark and Finland, and Germany; however, it will opportunistically invest outside of these markets should an attractive investment arise • Sources investments through its local professional network and its outbound sourcing strategy Key Features: • Strong market position within its competitive set as one of the most active and established secondary direct players with local and sector expertise • Leverages its sector expertise to develop an angle and conviction in diligence, pricing and value-add • Allocates its resources primarily to core companies in which it can drive meaningful upside for the funds

Hamilton Lane | Global Leader in the Private Markets Page 60 TPG Partners VIII, L.P.

Fund Information General Partner: TPG Capital Partners Fund: TPG Partners VIII, L.P. Firm Inception: 1992 Target Size: $11 billion Strategy: Mega Buyout Geography: Global Team: 69 investment professionals and 41 operating professionals Senior Partners: David Bonderman, Jim Coulter, Jonathan Coslet and Jon Winkelried Location: San Francisco (headquarters), New York, London and 13 additional offices globally Industries: Diversified Equity Investments: $150 million to $4 billion

Approach: • Focuses on six core verticals, including healthcare, technology, internet / digital media / communications (“IDMC”), consumer, industrials & business services and energy • Primarily invests in North America, specifically in the United States, but may opportunistically explore investments internationally, leveraging offices across Western Europe, Asia and Australia • Seeks strong, growth-oriented businesses with defensible market positions, targeting traditional, transformational and Off the Beaten Path (“OBP”) opportunities Key Features: • Invests significant resources early in its hold period into R&D and sales & marketing initiatives at portfolio companies, in addition to targeting accretive add-on acquisitions to drive growth • Demonstrated the ability to exit investments and typically pursues multiple sale processes simultaneously • Typically acts as the lead, control investor as it aims to drive structuring, value creation and exit strategies

Hamilton Lane | Global Leader in the Private Markets Page 61 Gridiron Capital Fund IV, L.P.

Fund Information General Partner: Gridiron Capital Partners Fund: Gridiron Capital Fund IV, L.P. Firm Inception: 2005 Target Size / Hard Cap: $975 million / $1.25 billion Strategy: Small Buyout Geography: North America Team: 18 investment professionals and 5 operating professionals Senior Partners: Tom Burger and Kevin Jackson Location: New Canaan, CT Industries: Branded Consumer, B@B and B2C Services and Niche Industrials Equity Investments: $50 million to $150 million

Approach: • Aims to invest in middle-market businesses that fall within one of its designated subsectors and exemplify ideal growth characteristics • Seeks to invest in companies throughout the U.S. while also opportunistically targeting transactions in Canada • Expects to complete approximately five investments in B2B & B2C services, four investments in branded consumer and two investments in niche industrials Key Features: • Employs a thematic, research-driven sourcing model whereby Gridiron researches four new subsectors in two “waves” each year • Seeks to acquire control positions in businesses, with a focus on controlling voting rights, and flexibly utilizes co-investment capital to do so • Demonstrated the ability to blend down EBITDA multiples at entry through planned consolidation and opportunistic tuck-in acquisitions

Hamilton Lane | Global Leader in the Private Markets Page 62 The Seventh Cinven Fund

Fund Information General Partner: Cinven Partners LLP Fund: The Seventh Cinven Fund Firm Inception: 1977 Target Size: €8 billion Strategy: Large Buyout Geography: Western Europe Team: 64 investment professionals Managing Partner: Stuart McAlpine Location: London, Paris, Frankfurt, Milan, Madrid, New York, and Hong Kong Industries: Diversified Equity Investments: Greater than €200 million

Approach: • Seeks to predominantly invest in Western European, and opportunistically U.S. businesses • Aims to invest in healthy companies with strong management teams, resulting in full purchase price multiples at entry • Targets the following sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and TMT Key Features: • Dedicated sector teams responsible for developing subsector theses and analysis and sourcing attractive investment opportunities in their given sector • Leverages the Portfolio Support Team, who work alongside deal teams, to develop value creation strategies for each potential investment and monitor the portfolio post-acquisition • Drives value creation through EBITDA growth, resulting from both top-line growth and margin improvement

Hamilton Lane | Global Leader in the Private Markets Page 63 Avista Capital Partners V, L.P.

Fund Information General Partner: Avista Capital Holdings, L.P. Fund: Avista Capital Partners V, L.P. Firm Inception: 2005 Target Size: $885 million Strategy: Small Buyout Geography: Primarily United States Team: 13 investment professionals and 6 operating professionals Senior Partners: Thompson Dean, David Burgstahler, Robert Girardi, and Sriram Venkataraman Location: New York Industries: Healthcare Equity Investments: $50 million to $150 million

Approach: • Targets investments across the healthcare services, products and distribution, and pharmaceuticals subsectors • Primarily seeks platform investments in businesses located in the United States, with investments often having a large global addressable end market • Seeks significant minority or majority positions in all investments enabling it to obtain board representation and implement value creation initiatives Key Features: • Developed a well-known brand name in the industry, enabling it to source a significant number of investments outside of broadly competitive processes • Leverages the broad networks of the investment professionals and Operations Executives to further drive its ability to generate significant deal flow • Historically driven value through multiple levers, as well as realizing cost cutting initiatives to improve margins

Hamilton Lane | Global Leader in the Private Markets Page 64 Platinum Equity Capital Partners V, L.P.

Fund Information General Partner: Platinum Equity, LLC Fund: Platinum Equity Capital Partners V, L.P. Firm Inception: 1995 Target Size / Hard Cap: $8 billion / $10 billion Strategy: Mega Buyout Geography: Primarily North America and Western Europe Team: 58 investment professionals, 56 operations professionals and 19 business development professionals Senior Partners: Tom Gores, Jacob Kotzubei, Johnny Lopez, Phil Norment, Louis Samson and Robert Wentworth Location: Los Angeles (headquarters), Boston, Greenwich, New York, London and Singapore Industries: Diversified Equity Investments: Up to $1 billion Approach: • Expects to maintain an opportunistic approach and target businesses across sectors • Targets several transaction types including traditional buyouts, corporate divestitures and public-to-private transactions • Primarily invests in businesses located in North America, but intends to pursue international investments on an opportunistic basis Key Features: • Proven ability to generate consistent realized performance in both the lower and upper portions of the private markets • Benefits from its robust sourcing group who closely monitor industry trends and focus solely on identifying compelling investment opportunities

Hamilton Lane | Global Leader in the Private Markets Page 65 Aurora Equity Partners VI L.P.

Fund Information General Partner: Aurora Capital Partners Fund: Aurora Equity Partners VI L.P. Firm Inception: 1991 Target Size: $1.5 billion Strategy: Mid Buyout Geography: North America Team: 12 investment professionals, 5 Executive Board members, 15 Executive Advisors and 7 back-office support professionals Senior Partners: John Mapes, Mark Rosenbaum, Josh Klinefelter, Michael Marino, Matt Laycock, Randy Moser, Rob Fraser and Andrew Wilson Location: Los Angeles Industries: Industrial services & distribution, engineered products and software & tech- enabled services Equity Investments: $100 million to $500 million Approach: • Consistently investing in three primary sector verticals across North America: Industrial services & distribution, engineered products and software & tech-enabled services • Seeks to invest in high-quality businesses in defensible industries with stable demand drivers and limited market cycle correlation • Exclusively invests in majority ownership positions and expects to be the only investor in an acquisition Key Features: • Established networks and a founder-friendly brand name in the middle-market buyout space, positioning the General Partner to see attractive deal flow • Demonstrated ability to blend-down overall acquisition multiples through its buy-and-build strategy • Seeks to drive organic growth through professionalization, market expansion and product-line growth

Hamilton Lane | Global Leader in the Private Markets Page 66 ZMC III, L.P.

Fund Information General Partner: ZMC Advisors, L.L.C. Fund: ZMC III, L.P. Firm Inception: 2001 Target Size / Hard Cap: $650 million / $750 million Strategy: Small Buyout Geography: North America Team: 11 investment professionals Senior Partners: Strauss Zelnick, Jordan Turkewitz and Andrew Vogel Location: New York Industries: TMT Equity Investments: $50 million to $100 million

Approach: • Targets TMT businesses operating primarily within North America and Canada • Seeks to use conservative levels of leverage in its portfolio companies at entry • Aims to build a portfolio of eight to ten platform investments with an average investment size between $50 million and $100 million Key Features: • Ability to demonstrate its market knowledge and historical success to create value at TMT companies allows it to execute investments in a competitive space • Differentiates itself from peers by identifying TMT macro themes prior to mass adoption • Hands‐on approach to add value to its portfolio companies, primarily by improving the management team through experienced additions, developing operating efficiencies and implementing strategic initiatives

Hamilton Lane | Global Leader in the Private Markets Page 67 NewQuest Asia Fund IV, L.P.

Fund Information General Partner: NewQuest Capital Partners Fund: NewQuest Asia Fund IV, L.P. Firm Inception: 2011 Target Size / Hard Cap: $850 million / $950 million Strategy: Secondaries Geography: Greater China, India, and Southeast Asia Team: 18 investment professionals Senior Partners: Darren Massara, Amit Gupta, Min Lin and Daizong Wang Location: Hon Kong, Beijing, and Mumbai Industries: Diversified Equity Investments: Approximately $15 million to $140 million

Approach: • Targets secondary private equity opportunities from motivated sellers across Emerging Asia • Expects to focus on sectors driven by consumption upgrade related themes, such as consumer, financial services, business services, TMT, healthcare and environment / renewables • Aims to leverage its internal database, APE-X Database, to build deep relationships with potential sellers (including general partners, financial institutions, corporates and family offices) and provide liquidity solutions Key Features: • Ability to acquire secondary assets at meaningful discounts to fair market value at entry • Differentiated in the Asian secondary direct space, as competition remains limited with few dedicated players and the market continues to develop • Focuses on its portfolio construction approach and discounts to fair market value at entry, and utilizes fund- level leverage to drive returns

Hamilton Lane | Global Leader in the Private Markets Page 68 NewQuest Asia Fund IV, L.P.

Hamilton Lane | Global Leader in the Private Markets Page 69 Important Disclosures

Non-public information contained in this report is confidential and intended solely for dissemination to the client and/or its Affiliates. Hamilton Lane has prepared this report to enable the client and/or its Affiliates to assess the performance and status of its alternative investment portfolio. The calculations contained in this document are made by Hamilton Lane based on information provided by the general partner (e.g. cash flows and valuations), and have not been prepared, reviewed or approved by the general partners. Hamilton Lane hereby disclaims any liability resulting from any unauthorized dissemination of the attached information.

The information contained in this report may include forward-looking statements regarding the funds presented or their portfolio companies. Forward-looking statements include a number of risks, uncertainties and other factors beyond the control of the funds or the portfolio companies, which may result in material differences in actual results, performance or other expectations. The information presented is not a complete analysis of every material fact concerning each fund or each company. The opinions, estimates and analyses reflect our current judgment, which may change in the future.

All opinions, estimates and forecasts of future performance or other events contained herein are based on information available to Hamilton Lane as of the date of this presentation and are subject to change. Past performance of the investments described herein is not indicative of future results. Certain of the information included in this presentation has not been reviewed or audited by independent public accountants. Certain information included herein has been obtained from sources that Hamilton Lane believes to be reliable but the accuracy of such information cannot be guaranteed.

The past performance information contained in this report is not necessarily indicative of future results and there is no assurance that the funds will achieve comparable results or that they will be able to implement their investment strategy or achieve their investment objectives. The actual realized value of currently unrealized investments will depend on a variety of factors, including future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based.

Any tables, graphs or charts relating to past performance included in this report are intended only to illustrate the performance of the funds or the portfolio companies referred to for the historical periods shown. Such tables, graphs and charts are not intended to predict future performance and should not be used as the basis for an investment decision.

Hamilton Lane | Global Leader in the Private Markets Page 70 Contact Information

Hamilton Lane | Global Leader in the Private Markets Page 71