Royal Borough of Kensington and Chelsea Pension Fund
June 30, 2019 Quarterly Report Confidential Quarterly Report-Q2'19
Table of Contents
Market Update 2
Summary 5
Diversification 6
Partnership Fund Program
Executive Summary 9
Performance and Portfolio Highlights 10
Detailed Schedule of Investments 18
Notes and Footnotes 32
Adams Street Partners has provided this report (the “Report”) to the recipient on a confidential basis for purposes of monitoring the recipient’s Adams Street Partners investments. This Report contains highly confidential information, including trade secret information, that is proprietary to Adams Street Partners and/or underlying funds and/or portfolio investments. In accepting the Report, the recipient agrees that it will (i) not copy, reproduce or distribute the Report, in whole or in part, to any person or party (including any employee of the recipient other than an employee or other representative directly involved in evaluating the recipient’s investments with, or monitored by, Adams Street Partners) without the prior written consent of Adams Street Partners, (ii) keep permanently confidential all information not already public contained herein, and (iii) use the Report solely for the purpose set forth above. Numbers in this report are based on Adams Street Partners’ calculations and have not been reviewed or approved by the relevant general partners.
Royal Borough of Kensington and Chelsea Pension Fund 1 Confidential Quarterly Report-Q2'19
Market Update
During the three months ended June 30, most equity markets globally continued to process should also be able to verify and validate controls in place that can mitigate a surge, resulting in a six-month performance start to the year that fully offset the weak operational environment. Post investment, a heightened awareness of the challenging fourth quarter of 2018. This is despite slowing economic growth across operational risk of a manager provides a roadmap for monitoring and managing the many developed and emerging markets, as unsettled trade and tariff discussions risk during the investment period. continue to weigh on certain sectors and regions. Private equity markets overall performed well in the second quarter of 2019, as valuations across subclasses and Adams Street strongly believes in the importance of ODD as a value-add component sectors continue to rise and exit markets remain robust. For example, according to of the overall investment process and therefore implemented a structured ODD Pitchbook, venture-backed IPO activity on US exchanges climbed to 39 transactions program across our investment strategies. This process includes a Risk Rating in the second quarter, up from 12 in the three months prior and 23 in the fourth methodology to objectively assess the operational risk of fund managers. Utilizing a quarter of 2018. On the buyout side, fundamental strength in underlying businesses quantitative rating methodology allows Adams Street to implement a risk-based bodes well for both existing equity investors and creditors. Through our direct and approach to post-investment monitoring, as well as benchmark the managers with fund investing activities, Adams Street remains diligent in our search for small and which we invest across factors such as subclass, AUM, geography, and mid-sized growing companies employing lower than average debt levels that we organizational size. Furthermore, given the breadth and depth of our relationships believe should perform well regardless of macro-economic tailwind or headwind. with fund managers, Adams Street is viewed as a collaborative and trusted partner in educating managers regarding operational best practices. As a result, Adams Street The Importance of ODD believes our fund managers are well positioned to develop and/or maintain best-in- class operational capabilities and avoid detrimental operational-related issues. Operational due diligence (“ODD”) across the alternative asset management industry has grown increasingly important to investors since the global financial crisis. Introducing Our New Logo Originally, the focus was primarily in hedge funds, but over the last 5 years, ODD specific to private equity (“PE”) has matured. A combination of growth in the asset class and regulatory scrutiny elevated investors’ senses and highlighted a need for more robust oversight within the asset class to ensure that PE managers are held to the same standards as other alternative investment managers (e.g. hedge funds).
Operational Due Diligence Framework Adams Street Partners is proud to announce the launch of our new company logo as The importance of evaluating all types of risk (investment, portfolio construction, part of our ongoing brand evolution. Adams Street has been investing for more than operational, etc.) should be a priority when reviewing a PE manager. While generating 47 years and during that time our firm and our business has grown and evolved. We alpha is the ultimate goal, an investor needs to evaluate operational risk in an effort to are refreshing our brand to ensure that everyone – clients, employees, partners – ensure performance is optimized. Integrating ODD into the overall due diligence understands who we are today and what sets us apart from our competitors. effort is an important step toward ensuring that every investment is thoroughly vetted before a commitment is made. The ODD personnel and process should After careful consideration, we chose a new logo that we believe captures our generally be independent of the investment teams and performed in parallel with the mission of Leading with Foresight. Both “leading” and “foresight” are strongly future investment due diligence. This helps ensure that input from the ODD process is focused — putting the emphasis on what’s to come for us and our clients. incorporated into the investment recommendation. While each investor has their own risk tolerance, a formalized and consistent process provides a foundation for making Additional brand updates are in progress including redesigned statements and a new an informed decision on those risks they deem critical. This independent review client portal. Thanks as always for the trust you place in Adams Street Partners.
Royal Borough of Kensington and Chelsea Pension Fund 2 Confidential Quarterly Report-Q2'19
Market Update (Continued)
Summary of New Investments (Q3'19)
Primary Investments near-term. Adams Street's longstanding relationship with Accel-KKR helped facilitate dialogue regarding GP-led opportunities prior to this transaction coming to market, Flexpoint Fund IV-A — Flexpoint Fund IV-A is an opportunity to invest with an and was key to us earning a co-lead investor role. experienced mid-market buyout investor focused on the financial services and healthcare sectors with a strong franchise and historical track record. Flexpoint Ford Project Radio — Project Radio involves the purchase of an approximately $22 million LLC (“Flexpoint”) is a middle market buyout investor focused on the non-bank commitment to Berkshire Partners Funds VI, VII, and VIII. These interests were financial services and healthcare sectors. Flexpoint will pursue control and structured stripped out of a larger portfolio deal managed by Greenhill, as Berkshire is a top minority deals with the majority of the investments expected to be control. Adams Street GP whose funds are regularly targeted by the Secondary program. The portfolio is healthy and has strong momentum, consisting of market-leading assets Flexpoint Overage Fund IV-A — Flexpoint Overage Fund IV-A is an opportunity to across a diverse mix of industries. Further, these assets are characterized by invest with an experienced mid-market buyout investor focused on the financial established and recurring revenues, demonstrated margin enhancement, and multiple services and healthcare sectors with a strong franchise and historical track record. avenues for continued growth in size and scale. Our longstanding relationship with Flexpoint Ford LLC (“Flexpoint”) is a middle market buyout investor focused on the the GP, along with our history of secondary transactions in these funds, allowed for non-bank financial services and healthcare sectors. Flexpoint will pursue control and deep diligence access and helped position Adams Street as a preferred buyer in the structured minority deals with the majority of the investments expected to be control. deal.
RoundTable Healthcare Partners V — RoundTable Healthcare Partners V is an Project Venice — Project Venice is a structured, GP-led transaction which involves opportunity to invest with a top franchise in the lower middle market buyout space the creation of a continuation vehicle for Vitruvian Investment Partnership I (VIP I). focused on medical products and devices, pharmaceuticals, and distribution Adams Street's investment comprised a €53 million commitment to VIP CF LP, predominantly in North America. RoundTable Healthcare Partners (“RoundTable”) which will enable the GP to unlock further upside in the remaining five assets through invests in established, profitable companies with significant growth potential at additional value creation and follow on capital. VIP I delivered strong historical reasonable valuations. Investments typically focus on disposable products, medical investment performance and the remaining portfolio assets have demonstrated devices, medical products, medication delivery systems, pharmaceuticals, specialty strong organic and inorganic growth, solid cash generation, and have outperformed distribution, and outsourced services. the GP’s original investment case. The portfolio is diversified across several sectors (i.e. financial services, business services, IT, and healthcare), with geographically Secondary Investments diversified revenue streams. VIP I is a fund that we have been tracking closely on a quarterly basis for the last few years. Our strong relationship with the GP, paired with Project Altitude — Project Altitude is a structured, GP-led transaction which facilitated this consistent fund monitoring, ensured that we could move quickly during the due the creation of a continuation vehicle for Accel-KKR III. Adams Street's investment diligence phase, and secure our desired allocation of the transaction. comprised a $75 million commitment to Accel-KKR CV III, which will enable the GP to unlock further upside in Fund III's remaining companies through additional value Co-Investments creation and follow on capital. This investment is with one of Adams Street's most well-regarded software and technology buyout managers, who enjoy a strong track Caprion & HistoGeneX — Caprion is a specialty clinical laboratory providing integrated record across multiple cycles. The portfolio consists of high-quality, growth-oriented platforms in immune monitoring and proteomics services to the global pharma and assets that have strong momentum, are outperforming budget, and are likely to biotech industries. HistoGeneX is a specialized biomarker and pathology laboratory garner outlier valuations from potential buyers at exit. Additionally, through our providing assay development and other services with a focus on the preclinical / early detailed diligence and communication with the GP, we identified multiple growth clinical stages of immuno-oncology trials. opportunities and operational improvements that should have a positive impact in the
Royal Borough of Kensington and Chelsea Pension Fund 3 Confidential Quarterly Report-Q2'19
Market Update (Continued) Comprehensive Pharmacy Services — CPS offers enterprise pharmacy solutions including pharmacy management, telepharmacy, and ambulatory / specialty pharmacy to over 700 hospital and health system facilities. The Company was founded in 1971 and operates across 47 states.
Exact Software — Exact Software is a provider of business and accounting software in the Benelux region. The Company provides both cloud-based and on-premise solutions primarily to micro, small and medium sized businesses.
Independent Vetcare Holdings, Ltd. — IVC/Evidensia is a market leading provider of veterinary services in the UK and Nordics.
Pregis Corporation — Pregis provides “inside-the-box” protective packaging systems (air pillows, foam-in-place, etc.) and ready-to-use products (bubble wrap, protective films) in North America and Europe. The Company maintains an installed base of over 70,000 packaging systems with its blue-chip customer base.
Direct Investments
Icosavax, Inc. — Icosavax is a preclinical pharmaceutical company focused on vaccines for infectious disease. Icosavax will use proprietary protein design software to develop fully synthetic vaccines for diseases where vaccine development has previously been unsuccessful. The Company’s lead candidate will be a vaccine administered to the elderly to prevent RSV, with several other vaccine indications in earlier stages of development.
VillageMD — VillageMD provides a platform to give local Primary Care Providers (PCPs) the tools they need to successfully benefit from the transition to value-based payment models. Village enters into long-term arrangements with PCPs to negotiate new payment contracts with payers. Village also provides technology and population health infrastructure to these PCPs to help them better manage the total cost of care for their patients. This model drives proven, replicable results in both quality improvement and cost reduction.
Private Credit Investments
There were no new private credit investments made on behalf of Royal Borough of Kensington and Chelsea Pension Fund's portfolio this quarter.
Royal Borough of Kensington and Chelsea Pension Fund 4 Confidential Quarterly Report-Q2'19
Summary
Client Level — Key Program Metrics
Subscription Investment Amount Amount Market Value Distributions Total Value Gain Since Incep. Since Inception IRR Program Amount Commitments Drawn1 Undrawn2 (NAV)3 Received (D) (NAV + D) 3 Inception 3 Date Gross3, 4 Net3, 5
Partnership Fund Program $150,000,000 $143,721,439 $106,004,798 $45,077,400 $86,458,358 $91,465,358 $177,923,716 $71,918,918 Jan-07 15.07% 12.10%
Grand Total $150,000,000 $143,721,439 $106,004,798 $45,077,400 $86,458,358 $91,465,358 $177,923,716 $71,918,918 Jan-07 15.07% 12.10%
Client Level — Key Subscription Ratios Client Level — Q3'19 Activity
Committed / Drawn / Drawn / Distributions / Market Value / Total Value / Grand Total Program Subscription Subscription2 Committed2 Drawn3 Drawn 3 Drawn3, 6 Transaction Type Amount
Partnership Fund Program 96% 70% 73% 0.86x 0.82x 1.68x Subsequent Quarter Draws1 $25,146 Cumulative Draws1 $106,029,944 Grand Total 96% 70% 73% 0.86x 0.82x 1.68x Subsequent Quarter Distributions $2,660,884 Cumulative Distributions $94,126,242
Royal Borough of Kensington and Chelsea Pension Fund 5 Confidential Quarterly Report-Q2'19
Diversification
The following pie charts depict total portfolio exposure, for all portfolios managed or otherwise monitored by Adams Street Partners in aggregate, by subclass and geography. Exposures are shown as a percentage of investment commitments and of market value. Partnership Subclass Partnership Geography Partnership Strategy
Partnership Subclass Partnership Geography Partnership Strategy
Royal Borough of Kensington and Chelsea Pension Fund 6 Confidential Quarterly Report-Q2'19
Diversification (Continued) The following chart depicts the time diversification of partnership investment commitments and partnership investment performance, both by vintage year. Also on the chart, the commitment bars are shaded to indicate the portion of the partnership investments that have been committed to each program.
Client Level — Partnership Time Diversification and Investment Performance, by Vintage Year and Program 7 Partnership IRR (%) Investment Commitments (in MM)
Royal Borough of Kensington and Chelsea Pension Fund 7 Partnership Fund Program – Royal Borough of Kensington and Chelsea Pension Fund
Royal Borough of Kensington and Chelsea Pension Fund 8 Confidential Partnership Fund Program-Q2'19
Executive Summary
Client Level — Key Fund Metrics
Subscription Investment Amount Amount Market Value Distributions Total Value Gain Since Inception Since Inception IRR Fund Amount Commitments Drawn1 Undrawn2 (NAV) 3 Received (D) (NAV + D) 3 Inception 3 Date Gross3, 4 Net3, 5 ASP 2007 US Fund $19,250,000 $19,138,401 $18,902,152 $895,125 $10,752,967 $23,738,866 $34,491,833 $15,589,681 Jan-07 14.39% 11.77% ASP 2007 Non-US Fund $12,250,000 $12,257,020 $11,703,396 $606,375 $5,596,917 $12,567,111 $18,164,028 $6,460,632 Jan-07 9.92% 7.85% ASP 2007 Direct Fund $3,500,000 $3,500,000 $3,428,238 $108,500 $2,266,140 $5,783,985 $8,050,125 $4,621,887 Jan-07 16.29% 12.06% Total 2007 ASP Subscription $35,000,000 $34,895,421 $34,033,786 $1,610,000 $18,616,024 $42,089,962 $60,705,986 $26,672,200 Jan-07 13.34% 10.57% ASP 2008 US Fund $17,500,000 $17,490,705 $16,634,579 $1,212,750 $11,723,748 $21,420,141 $33,143,889 $16,509,310 Jan-08 18.36% 15.50% ASP 2008 Non-US Fund $14,000,000 $14,074,814 $12,832,684 $1,213,800 $9,898,424 $11,796,505 $21,694,929 $8,862,245 Jan-08 13.38% 10.99% ASP 2008 Direct Fund $3,500,000 $3,500,000 $3,455,136 $87,850 $2,448,413 $5,940,981 $8,389,394 $4,934,258 Jan-08 20.72% 15.37% Total 2008 ASP Subscription $35,000,000 $35,065,519 $32,922,398 $2,514,400 $24,070,585 $39,157,627 $63,228,212 $30,305,814 Jan-08 17.12% 13.93% ASP 2012 Global Fund $30,000,000 $30,324,994 $25,108,614 $4,893,000 $28,261,138 $9,033,336 $37,294,474 $12,185,860 Feb-12 14.51% 11.60% ASP 2016 Global Fund $20,000,000 $21,089,330 $10,580,000 $9,420,000 $11,402,943 $1,184,433 $12,587,376 $2,007,376 Dec-16 25.96% 17.92% ASP 2018 Global Fund $30,000,000 $22,346,175 $3,360,000 $26,640,000 $4,107,668 $0 $4,107,668 $747,668 Oct-18 29.93%* 22.25%*
Partnership Fund Program Total $150,000,000 $143,721,439 $106,004,798 $45,077,400 $86,458,358 $91,465,358 $177,923,716 $71,918,918 Jan-07 15.07% 12.10%
Client Level — Key Subscription Ratios
Committed/ Drawn/ Drawn/ Distributions/ Market Value/ Total Value/ Fund Subscription Subscription2 Committed2 Drawn3 Drawn3 Drawn3, 6 2007 ASP Subscription 100% 95% 96% 1.24x 0.55x 1.78x 2008 ASP Subscription 100% 93% 93% 1.19x 0.73x 1.92x 2012 ASP Subscription 101% 84% 83% 0.36x 1.13x 1.49x 2016 ASP Subscription 105% 53% 50% 0.11x 1.08x 1.19x 2018 ASP Subscription 74% 11% 15% 0.00x 1.22x 1.22x Partnership Fund Program Total 96% 70% 73% 0.86x 0.82x 1.68x
Royal Borough of Kensington and Chelsea Pension Fund 9 Confidential Partnership Fund Program-Q2'19
Performance and Portfolio Highlights
The following chart depicts cash flows over time. Cash flows are at the client level, meaning they reflect transactions between Adams Street and Royal Borough of Kensington and Chelsea Pension Fund.
Client Level — Calendar Year Cash Flows and Net Cash Flows1 Cash Flows (in MM)
Royal Borough of Kensington and Chelsea Pension Fund 10 Confidential Partnership Fund Program-Q2'19
Performance and Portfolio Highlights (Continued) The following chart depicts cumulative cash flows and market values over time. Cash flows are at the client level, meaning they reflect transactions between Adams Street and Royal Borough of Kensington and Chelsea Pension Fund.
Client Level — Cumulative Cash Flows and Market Values (NAVs)3 Values (in MM) Cash Flows and Market
Royal Borough of Kensington and Chelsea Pension Fund 11 Confidential Partnership Fund Program-Q2'19
Performance and Portfolio Highlights (Continued) The following charts depict portfolio exposure by subclass, strategy, geography, industry, public or private status, and by ASP’s internal, subjective rating. For the strategy pie, if applicable, Adams Street’s Direct Funds are categorized as primary investments. Every type of investment (primary, secondary, co-investment, and direct, if applicable) is included for every chart except the partnership ratings chart, which only includes partnerships. Partnership Subclass Partnership Strategy Partnership Geography
Partnership Portfolio Company Industry Partnership Portfolio Company Status Partnership Ratings
1 - Business Services 4 - Financial Services 7 - IT N/A – Not Available 3 – Average 2 - Consumer 5 - Healthcare 8 - Other 0 - Too Early To Tell 4 - Concerned With Progress 3 – Energy/Natural Resources 6 - Industrial 1 - Pleased With Performance 5 - Disappointed With Performance 2 - Pleased With Progress (Number of funds in bracket)
Royal Borough of Kensington and Chelsea Pension Fund 12 Confidential Partnership Fund Program-Q2'19
Performance and Portfolio Highlights (Continued) The following chart depicts the time diversification of partnership investment commitments and partnership investment performance, both by vintage year. Regarding the latter, both the since inception IRR of partnership investments (below the chart) and total value/drawn multiple of partnership investments (on the chart), are included. Also on the chart, the commitment bars are shaded to indicate the portion of the partnership investments that have been funded versus those that have yet to be funded.
Client Level — Partnership Time Diversification and Investment Performance, by Vintage Year Partnership Total 8 Value/Drawn (in MM) Investment Commitments
Vintage Year (IRR)7
Partnership Funded Partnership Unfunded Partnership Total Value/Drawn (TVPI)
Royal Borough of Kensington and Chelsea Pension Fund 13 Confidential Partnership Fund Program-Q2'19
Performance and Portfolio Highlights (Continued) The following chart depicts intraperiod, annualized IRRs at the client level versus the MSCI All Country World Index (Total Return).
Client Level — Intraperiod IRRs and Public Market Equivalent (PME) Benchmark3, 9, 10
Royal Borough of Kensington and Chelsea Pension Fund 14 Confidential Partnership Fund Program-Q2'19
Performance and Portfolio Highlights (Continued) The following chart depicts intraperiod, annualized IRRs at the partnership level. These IRRs are shown by subclass and in aggregate. The percentage of investment commitments in each subclass is also reflected.
Partnership Level — Intraperiod IRRs by Subclass11
Partnership IRRs
% of Investment Since Inception Commitments 1-Year 3-Year 5-Year 10-Year (2007)
All Private Equity 100.0% 17.1% 17.1% 15.4% 16.2% 14.9%
Venture Capital 33.9% 22.5% 18.1% 18.4% 17.9% 15.7%
Early/Seed 13.5% 24.3% 18.1% 19.1% 18.5% 15.9%
Late/Multi 20.4% 21.1% 18.1% 17.9% 17.5% 15.5%
Non-Venture Capital 66.1% 12.9% 16.3% 13.0% 14.9% 14.2%
Buyout 55.6% 15.6% 17.7% 15.3% 16.4% 15.8%
Small/Mid 30.7% 17.6% 17.1% 15.9% 15.1% 14.5%
Large/Mega 24.9% 12.0% 18.6% 14.5% 17.7% 17.0%
Energy 4.8% -1.4% 5.6% -3.6% 2.2% 1.7%
Debt/Credit 1.0% 61.5% 34.0% 12.4% 7.2% 5.7%
Other 4.7% 1.7% 12.3% 9.8% 11.7% 11.2%
Royal Borough of Kensington and Chelsea Pension Fund 15 Confidential Partnership Fund Program-Q2'19
Performance and Portfolio Highlights (Continued) The following data depicts portfolio exposure by company. If applicable, Adams Street’s Direct Funds and co-investments are excluded from this analysis.
Client Level — Top 10 Company Exposures by Unrealized Value Rank Company Unrealized Value % of Total Region Industry 1 Company A $2,351,514 2.3% United States Consumer 2 Company B $1,488,476 1.5% United States IT 3 Company C $1,423,379 1.4% United States IT 4 Company D $700,993 0.7% United States Financial Services 5 Company E $623,904 0.6% United States IT 6 Company F $617,724 0.6% United States IT 7 Company G $555,343 0.5% United States Consumer 8 Company H $550,381 0.5% The Americas Business Services 9 Company I $507,502 0.5% United States Industrial 10 Company J $502,886 0.5% United States IT Total Top 10 $9,322,101 9.1%
The following chart lists the underlying partnerships that distributed the most, on behalf of Royal Borough of Kensington and Chelsea Pension Fund’s Partnership Fund Program portfolio, over the last twelve months (LTM). If applicable, Adams Street’s Direct Funds and co-investments are excluded from this analysis.
Client Level — Top 10 Distributing Funds (LTM) Rank Partnership Distribution Amount % of Total Vintage Year Subclass 1 Partnership A $756,249 4.9% 2008 Venture 2 Partnership B $424,107 2.8% 2011 Buyout 3 Partnership C $369,074 2.4% 2011 Venture 4 Partnership D $282,808 1.8% 2002 Buyout 5 Partnership E $279,022 1.8% 2008 Other 6 Partnership F $275,162 1.8% 2008 Venture 7 Partnership G $260,907 1.7% 2013 Buyout 8 Partnership H $248,726 1.6% 2012 Venture 9 Partnership I $246,815 1.6% 2012 Buyout 10 Partnership J $238,587 1.6% 2012 Buyout Total Top 10 $3,381,458 22.1%
Royal Borough of Kensington and Chelsea Pension Fund 16 Confidential Partnership Fund Program-Q2'19
Performance and Portfolio Highlights (Continued) The following data depicts the top 5 and bottom 5 partnership contributors to IRR, both since inception (SI) and over the last twelve months (LTM). If applicable, Adams Street’s Direct Funds and co-investments are excluded from this analysis.
Client Level — Top and Bottom Contributors to IRR (SI)13 Vintage Contribution to Drawn/ Distributions/ Total Value/ Partnership Year Strategy Subclass IRR (SI) Committed Drawn (DPI) Drawn (TVPI) 1-Year IRR SI IRR Rating Partnership12 2011 Primary Venture 0.67% 94% 5.90x 16.55x 27.0% 55.8% 1 Project Tango 2009 Secondary Buyout 0.57% 91% 2.10x 2.48x 18.6% 25.6% 1 Partnership12 2008 Primary Venture 0.35% 98% 5.07x 7.38x 96.9% 29.7% 1 op 5 T Project Lighthouse 2009 Secondary Buyout 0.27% 99% 2.33x 2.54x 3.9% 26.2% 1 Project Noble 2009 Secondary Venture 0.24% 87% 2.46x 2.58x -11.4% 33.8% 1
France Special Situations Fund I 2010 Primary Other -0.03% 120% 0.21x 0.86x -9.8% -4.8% 5
5 Project Revival 2014 Secondary Energy -0.03% 103% 0.25x 0.42x -13.9% -23.8% 5 Clyde Blowers Capital Fund III 2012 Primary Buyout -0.03% 103% 0.21x 0.32x -78.8% -29.5% 5 12 Bottom Partnership 2009 Primary Energy -0.06% 100% 0.27x 0.35x -81.2% -26.0% 5 First Reserve Fund XII 2008 Primary Energy -0.07% 103% 0.46x 0.62x -17.0% -9.9% 5
Client Level — Top and Bottom Contributors to IRR (LTM)13
Vintage Contribution to Drawn/ Distributions/ Total Value/ Partnership Year Strategy Subclass IRR (LTM) Committed Drawn (DPI) Drawn (TVPI) 1-Year IRR SI IRR Rating Partnership12 2008 Primary Buyout 0.87% 104% 1.59x 3.13x 204.6% 24.2% 1 Partnership12 2008 Primary Venture 0.82% 98% 5.07x 7.38x 96.9% 29.7% 1 Partnership12 2011 Primary Venture 0.78% 94% 5.90x 16.55x 27.0% 55.8% 1 op 5 T Partnership12 2008 Primary Venture 0.54% 100% 2.80x 6.16x 187.7% 28.5% 1 Partnership12 2009 Primary Venture 0.53% 100% 3.81x 7.32x 240.5% 46.9% 1
Trust Bridge Partners III 2009 Primary Venture -0.09% 100% 1.24x 2.04x -24.7% 14.4% 3
5 Clyde Blowers Capital Fund III 2012 Primary Buyout -0.12% 103% 0.21x 0.32x -78.8% -29.5% 5 Banc Fund VIII 2008 Primary Other -0.13% 100% 1.45x 2.20x -11.2% 13.7% 2 12 Bottom Partnership 2007 Primary Venture -0.20% 100% 1.22x 3.17x -34.6% 16.3% 2 Partnership12 2009 Primary Energy -0.24% 100% 0.27x 0.35x -81.2% -26.0% 5
Royal Borough of Kensington and Chelsea Pension Fund 17 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Primary LBO Investments . HgCapital Mercury 2 $203,4760 Apr-18 LBO Non-US Developed Primary 22% 0.21x 2.19x 597.9% 0 4 Advantech Capital $74,863 Jan-16 LBO Emerging Markets Primary 93% 0.50x 2.84x 67.4% 2 Parthenon Investors V $250,699 Jan-17 LBO US Primary 47% 0.00x 1.62x 42.6% 0 TDR Capital III $669,837 Apr-14 LBO Non-US Developed Primary 74% 1.41x 3.04x 42.5% 1 TA Atlantic and Pacific VII-A $535,867 Jan-14 LBO US Primary 99% 0.86x 2.39x 38.5% 2 Oakley Capital Private Equity III-B $159,604 Jun-16 LBO Non-US Developed Primary 53% 0.24x 1.63x 36.3% 2 Waterland Private Equity Fund V $347,046 Aug-11 LBO Non-US Developed Primary 80% 2.01x 2.80x 36.1% 1 TA XII-A $257,533 Feb-16 LBO US Primary 91% 0.18x 1.53x 34.7% 2 ASP CIV (2015) (a/k/a Harwood Private Equity IV, LP Coinvestment $158,459 Oct-15 LBO Non-US Developed Primary 10% 0.00x 3.52x 33.5% 0 Fund) Odyssey Investment Partners Fund IV $486,364 Dec-08 LBO US Primary 71% 3.21x 3.48x 33.3% 1 The Resolute Fund IV $333,823 Dec-18 LBO US Primary 21% 0.46x 1.32x 31.6%* 0 Cortec Group Fund V $330,513 Apr-11 LBO US Primary 102% 1.66x 3.90x 31.3% 2 Trivest V $355,813 May-13 LBO US Primary 90% 0.98x 1.95x 30.0% 2 Quadrant Private Equity No.4 $170,476 Apr-14 LBO Non-US Developed Primary 100% 1.30x 1.79x 28.4% 2 Latour Capital I $151,998 Nov-12 LBO Non-US Developed Primary 100% 2.09x 2.52x 28.1% 1 Summit Partners Growth Equity Fund VIII-B $429,897 Jun-12 LBO US Primary 96% 1.43x 2.33x 26.8% 2 Clayton, Dubilier & Rice VIII $479,407 Jan-09 LBO US Primary 82% 2.58x 2.78x 26.4% 1 Adams Street 2012 Developed Markets Co-Investment $323,229 Mar-12 LBO Non-US Developed Primary 100% 1.46x 1.87x 24.9%15 N/A CMC Capital Partners II $182,894 Oct-16 LBO Emerging Markets Primary 95% 0.11x 1.41x 24.0% 2 Adams Street 2016 Non-US Co-Investment $458,248 Apr-16 LBO Non-US Developed Primary 100% 0.17x 1.48x 23.9%15 N/A New Mountain Capital IV $599,339 Dec-14 LBO US Primary 90% 0.44x 1.78x 23.9% 2 Clearview Capital Fund III $138,783 Sep-13 LBO US Primary 90% 0.81x 1.73x 23.7% 2 Madison Dearborn Capital Partners VI $600,093 May-08 LBO US Primary 79% 1.81x 2.44x 23.6% 2 Silversmith Capital I $160,464 Oct-15 LBO US Primary 97% 0.19x 1.54x 23.1% 3 TA Associates XI $548,615 Jul-10 LBO US Primary 98% 1.69x 2.46x 23.1% 2 KV Asia Capital Fund I $255,528 Dec-12 LBO Emerging Markets Primary 83% 0.36x 2.03x 22.6% 2 J-Star No. 2 (Midwest Minato) $92,072 Aug-13 LBO Non-US Developed Primary 102% 1.13x 1.94x 21.8% 2 Casrev Fund II $74,088 Nov-15 LBO Emerging Markets Primary 100% 0.00x 1.44x 21.7% 2 G Square Capital II $161,329 Dec-16 LBO Non-US Developed Primary 98% 0.00x 1.31x 21.6% 2 Living Bridge 5 $366,256 Jul-12 LBO Non-US Developed Primary 91% 0.97x 2.20x 21.2% 1 CMC Capital Partners $151,789 Mar-14 LBO Emerging Markets Primary 98% 0.95x 1.99x 21.2% 2 WPEF VI Feeder $180,159 Jul-15 LBO Non-US Developed Primary 65% 0.03x 1.41x 20.8% 2 VIP II-B $362,485 Jan-14 LBO Non-US Developed Primary 92% 0.85x 2.05x 20.5% 2 Adams Street 2012 US Co-Investment $1,058,121 Jun-12 LBO US Primary 100% 0.95x 1.97x 20.5%15 N/A Quadrant Private Equity III $199,798 Mar-11 LBO Non-US Developed Primary 99% 1.75x 1.92x 20.5% 2
Royal Borough of Kensington and Chelsea Pension Fund 18 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 ABRY Partners VI $326,868. Mar-08 LBO US Primary 89% 2.06x 2.08x 19.7% 1 0 Eurazeo PME II $413,171 Mar-15 LBO Non-US Developed Primary 89% 1.11x 1.43x 19.7% 2 4 Solix Co-Investment Scheme $286,723 Jan-15 LBO Non-US Developed Primary 96% 0.02x 1.78x 19.5% 3 Capitalworks Private Equity Fund II $108,175 Jul-13 LBO Emerging Markets Primary 82% 0.58x 1.51x 18.9% 2 HCI Equity Partners IV $168,746 Mar-14 LBO US Primary 106% 0.17x 1.70x 18.9% 2 Mainsail Partners III $164,772 Dec-12 LBO US Primary 91% 0.71x 1.90x 18.8% 3 Clayton, Dubilier & Rice Fund IX $424,576 Nov-13 LBO US Primary 100% 0.46x 1.52x 17.7% 2 CVC Capital Partners Asia Pacific IV $151,616 May-14 LBO Emerging Markets Primary 82% 0.41x 1.35x 17.5% 2 Advent Global Private Equity VI-A $357,332 Jul-08 LBO Non-US Developed Primary 100% 1.92x 2.11x 16.9% 1 Latour Capital II $378,733 Oct-15 LBO Non-US Developed Primary 76% 0.00x 1.16x 16.6% 0 Polish Enterprise Fund VII $428,896 Sep-12 LBO Non-US Developed Primary 89% 0.83x 1.74x 16.4% 2 Summit Partners Europe Private Equity Fund $186,194 Jul-09 LBO Non-US Developed Primary 103% 1.50x 2.05x 16.2% 2 Olympus Growth Fund V $270,228 Jan-08 LBO US Primary 94% 1.69x 2.10x 16.1% 1 Advent International GPE VII-E $456,562 Aug-12 LBO Non-US Developed Primary 94% 0.90x 1.78x 16.1% 2 ChrysCapital VI $254,403 Jun-12 LBO Emerging Markets Primary 97% 1.01x 1.84x 15.9% 2 Renovo Capital II $149,460 Oct-14 LBO US Primary 64% 0.00x 1.30x 15.8% 2 Advent International GPE VIII-H $208,637 Sep-16 LBO Non-US Developed Primary 84% 0.00x 1.23x 15.7% 0 InvestIndustrial IV $363,832 Mar-08 LBO Non-US Developed Primary 96% 1.98x 1.98x 15.6% 1 New Horizon Capital IV $277,207 Feb-12 LBO Emerging Markets Primary 113% 0.92x 1.61x 15.6% 2 Genstar Capital Partners V $245,662 Jul-07 LBO US Primary 94% 2.02x 2.33x 15.6% 2 Ascendent Capital Partners II $152,802 Sep-15 LBO Emerging Markets Primary 78% 0.13x 1.26x 15.5% 3 Harwood Private Equity IV $156,957 Jul-15 LBO Non-US Developed Primary 87% 0.30x 1.35x 15.2% 2 STG IV $245,418 Apr-12 LBO US Primary 73% 0.54x 1.71x 14.9% 3 Berkshire Partners VIII $433,022 Aug-11 LBO US Primary 102% 0.98x 1.62x 14.3% 4 ABRY Partners VII $249,083 Aug-11 LBO US Primary 97% 1.37x 1.74x 14.2% 2 EQT VI $376,083 Jul-11 LBO Non-US Developed Primary 110% 1.47x 1.85x 14.2% 2 Altor Fund III $349,745 Jun-09 LBO Non-US Developed Primary 89% 1.62x 2.15x 14.0% 1 Warburg Pincus Private Equity XI $535,446 May-12 LBO US Primary 100% 0.72x 1.64x 13.8% 2 New Mountain Partners III $206,399 Aug-07 LBO US Primary 93% 1.36x 2.18x 13.7% 3 Nordic Capital VIII Beta $364,858 Aug-13 LBO Non-US Developed Primary 105% 0.63x 1.51x 13.5% 3 Symphony Technology Group III $183,777 Jul-07 LBO US Primary 108% 1.75x 2.17x 13.3% 4 CVC Capital Partners Asia Pacific III $380,823 Mar-08 LBO Non-US Developed Primary 83% 1.58x 1.73x 13.2% 3 Adams Street 2016 US Co-Investment $710,815 Mar-16 LBO US Primary 100% 0.06x 1.32x 13.2%15 N/A G Square Capital I $424,874 Jan-11 LBO Non-US Developed Primary 127% 1.23x 1.90x 13.2% 1 BC European Capital IX $396,856 Sep-11 LBO Non-US Developed Primary 106% 0.93x 1.71x 12.8% 2 ChrysCapital Fund VII $229,424 Aug-16 LBO Emerging Markets Primary 84% 0.10x 1.18x 12.3% 2 Welsh, Carson, Anderson & Stowe XI $486,364 Feb-09 LBO US Primary 100% 1.30x 1.64x 12.3% 3 CDH China Fund V $223,092 Nov-13 LBO Emerging Markets Primary 103% 0.34x 1.39x 12.2% 3
Royal Borough of Kensington and Chelsea Pension Fund 19 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Vitruvian Investment Partnership I $195,823. Apr-08 LBO Non-US Developed Primary 95% 1.42x 2.17x 11.3% 1 0 Baring Vostok Fund V Supplemental Fund $56,364 Aug-12 LBO Emerging Markets Primary 62% 0.16x 1.25x 11.0% 4 4 Atlantic and Pacific VI $122,831 May-08 LBO US Primary 99% 1.51x 1.70x 10.9% 3 ABRY Heritage Partners $256,787 Jul-16 LBO US Primary 44% 0.16x 1.16x 10.9% 0 Crescent Capital Partners III $195,791 Jul-07 LBO Non-US Developed Primary 100% 1.71x 1.71x 10.6% 2 TPG Partners VI $598,223 Apr-08 LBO US Primary 96% 1.34x 1.60x 10.6% 3 Adams Street 2018 US Co-Investment $494,203 Mar-18 LBO US Primary 104% 0.01x 1.08x 10.5%15 N/A Charterhouse Capital Partners IX $489,414 Jan-09 LBO Non-US Developed Primary 93% 1.30x 1.47x 9.6% 2 Archer Capital 5 $233,191 Apr-12 LBO Non-US Developed Primary 105% 0.73x 1.64x 9.5% 3 Warburg Pincus Private Equity X $368,493 Oct-07 LBO US Primary 100% 1.20x 1.72x 9.3% 3 Crescent Capital Partners IV $202,447 Jan-12 LBO Non-US Developed Primary 100% 0.75x 1.70x 9.1% 3 ABRY Partners VIII $196,304 May-15 LBO US Primary 110% 0.38x 1.23x 8.9% 2 China Special Opportunities Fund III $101,543 Jan-11 LBO Emerging Markets Primary 100% 0.53x 1.56x 8.7% 3 New Mountain Partners V $436,527 Nov-17 LBO US Primary 35% 0.03x 1.09x 8.7% 0 CDH Supplementary Fund III $50,121 Mar-07 LBO Emerging Markets Primary 86% 1.67x 1.68x 8.6% 3 Adams Street 2012 Emerging Markets Co-Investment $111,858 Feb-14 LBO Emerging Markets Primary 100% 0.01x 1.37x 8.6%15 N/A Palamon European Equity III 'A' $359,871 Aug-14 LBO Non-US Developed Primary 83% 0.38x 1.33x 8.4% 0 Altor Fund IV $395,646 Feb-15 LBO Non-US Developed Primary 59% 0.00x 1.21x 8.4% 0 ChrysCapital V $149,075 Aug-07 LBO Emerging Markets Primary 100% 1.50x 1.50x 8.4% 3 EQT V $215,844 Feb-07 LBO Non-US Developed Primary 99% 1.62x 1.66x 8.4% 3 Phoenix Equity Partners 2010 Fund $359,038 Jun-10 LBO Non-US Developed Primary 96% 1.40x 1.61x 8.2% 3 CDH China Fund III $150,363 Feb-07 LBO Emerging Markets Primary 94% 1.64x 1.70x 8.0% 3 CDH China Fund IV $242,046 Jan-10 LBO Emerging Markets Primary 110% 1.12x 1.41x 8.0% 3 L Capital 3 $442,516 Jul-10 LBO Non-US Developed Primary 106% 0.88x 1.41x 7.9% 3 Navis Asia Fund V $194,027 Mar-07 LBO Non-US Developed Primary 101% 1.36x 1.69x 7.9% 3 Piper Private Equity Fund V $246,760 Aug-11 LBO Non-US Developed Primary 91% 1.05x 1.60x 7.9% 2 CX Partners Fund $239,820 Apr-09 LBO Emerging Markets Primary 112% 0.89x 1.38x 6.9% 4 Ascent India Fund III $357,660 May-10 LBO Emerging Markets Primary 102% 0.69x 1.42x 6.8% 4 Adams Street 2018 Non-US Co-Investment $329,609 Feb-18 LBO Non-US Developed Primary 98% 0.01x 1.05x 6.8%15 N/A Quadrant Private Equity No. 5 $132,416 Oct-16 LBO Non-US Developed Primary 92% 0.16x 1.25x 6.5% 2 Redview Capital $74,863 Jan-16 LBO Emerging Markets Primary 93% 0.15x 1.12x 6.5% 3 Pacific Equity Partners IV $116,339 Jan-08 LBO Non-US Developed Primary 99% 1.38x 1.46x 6.1% 5 Da Vinci Private Equity II $147,170 Dec-13 LBO Emerging Markets Primary 98% 0.00x 1.26x 6.1% 4 Kelso Investment Associates VIII $245,662 Nov-07 LBO US Primary 94% 1.11x 1.32x 5.9% 4 Enterprise Venture Fund I $105,406 Jan-09 LBO Emerging Markets Primary 88% 1.49x 1.49x 5.6% 4 Nordic Capital VII $579,660 Apr-08 LBO Non-US Developed Primary 95% 1.62x 1.65x 5.4% 3 STG V $505,489 Jun-18 LBO US Primary 28% 0.00x 1.03x 5.4% 2 Baring Vostok Private Equity Fund IV $161,349 May-07 LBO Emerging Markets Primary 116% 0.87x 1.31x 5.2% 4
Royal Borough of Kensington and Chelsea Pension Fund 20 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Providence Equity Partners VI $447,761. Mar-07 LBO US Primary 116% 1.07x 1.29x 4.9% 4 0 Baring Vostok Private Equity Fund V $88,069 Aug-12 LBO Emerging Markets Primary 106% 0.13x 1.15x 4.7% 4 4 Apax Europe VII - A $225,415 Jun-07 LBO Non-US Developed Primary 97% 1.33x 1.53x 4.6% 3 Fortress Investment Fund V $389,519 Jul-07 LBO US Primary 98% 0.98x 1.46x 4.4% 4 Segulah IV $219,076 Apr-08 LBO Non-US Developed Primary 107% 1.31x 1.47x 4.2% 3 Sterling Capital Partners III $214,954 Aug-07 LBO US Primary 102% 1.10x 1.21x 3.6% 5 Odyssey V $385,706 Jul-14 LBO US Primary 85% 0.00x 1.07x 3.3% 3 Advent Latin American Private Equity Fund V $258,414 May-10 LBO Emerging Markets Primary 96% 0.50x 1.17x 3.3% 3 Victoria South American Partners II $66,489 Mar-12 LBO Emerging Markets Primary 87% 0.18x 1.11x 3.2% 5 Pacific Equity Partners Supplementary Fund IV $30,825 Jan-08 LBO Non-US Developed Primary 98% 1.32x 1.43x 3.2% 5 Investindustrial Growth I $478,086 Apr-18 LBO Non-US Developed Primary 58% 0.00x 1.06x 3.0% 0 Nordic Capital CV116 $276,903 Apr-18 LBO Non-US Developed Primary 82% 0.17x 1.09x 2.0% 0 Turkish Private Equity Fund III $227,482 Jun-12 LBO Emerging Markets Primary 107% 0.15x 1.06x 1.5% 4 Northstar Equity Partners III $197,879 Jun-11 LBO Emerging Markets Primary 99% 0.14x 1.01x 0.2% 4 Halder-GIMV Germany II $363,316 Jun-08 LBO Non-US Developed Primary 103% 1.06x 1.06x -0.4% 5 Thoma Bravo XIII $767,474 Feb-19 LBO US Primary 36% 0.00x 0.99x -1.2%* 0 Tripod Capital China Fund II $262,783 Jan-10 LBO Emerging Markets Primary 88% 0.25x 0.87x -2.1% 4 Industrial Opportunity Partners III $359,502 Oct-17 LBO US Primary 32% 0.00x 0.97x -2.7% 0 Crescent Capital Partners V $348,581 May-15 LBO Non-US Developed Primary 87% 0.00x 0.98x -3.4% 2 GC Equity Partners Fund III $94,395 Jan-16 LBO Emerging Markets Primary 44% 0.05x 0.88x -5.0% 0 Ethos Fund VI $211,548 Dec-11 LBO Emerging Markets Primary 116% 0.29x 0.85x -6.5% 5 Sterling Capital Partners IV $245,418 Apr-12 LBO US Primary 106% 0.39x 0.83x -6.6% 5 Water Street Healthcare Partners IV $256,787 Mar-18 LBO US Primary 29% 0.00x 0.92x -8.6% 0 Sterling Small Market Growth 2009 $219,446 Nov-10 LBO US Primary 120% 0.40x 0.72x -8.9% 5 HCI Equity Partners V $310,823 May-18 LBO US Primary 36% 0.05x 0.94x -9.0% 0 Baring Vostok IV - Supplementary Fund $64,540 Oct-07 LBO Emerging Markets Primary 100% 0.14x 0.52x -10.1% 5 Plemont Co-Investment No. 1 - Solix II $255,080 Jun-17 LBO Non-US Developed Primary 51% 0.00x 0.93x -12.1% 0 Advantech Capital II $259,731 Jun-18 LBO Emerging Markets Primary 35% 0.00x 0.91x -15.8% 0 Clyde Blowers Capital Fund III $210,411 Feb-12 LBO Non-US Developed Primary 103% 0.21x 0.32x -29.5% 5 Trivest Fund VI $383,556 Feb-19 LBO US Primary 5% 0.00x 0.68x -31.6%* 0 WPEF VII Feeder $261,416 Dec-18 LBO Non-US Developed Primary 13% 0.00x 0.67x -33.2%* 0 Gauge Capital II $256,787 Aug-17 LBO US Primary 42% 0.00x 0.76x -33.3% 4 ABRY Partners IX12 $981,369 Aug-19 LBO US Primary N/A N/A N/A N/A N/A Accel-KKR Capital Partners III12 $497,418 Sep-08 LBO US Primary N/A N/A N/A N/A N/A Accel-KKR Capital Partners IV12 $245,418 Jun-13 LBO US Primary N/A N/A N/A N/A N/A Accel-KKR Capital Partners V12 $372,045 Jan-17 LBO US Primary N/A N/A N/A N/A N/A Accel-KKR Capital Partners VI12 $388,837 N/A LBO US Primary N/A N/A N/A N/A N/A Accel-KKR Growth Capital Partners II12 $121,114 Feb-15 LBO US Primary N/A N/A N/A N/A N/A
Royal Borough of Kensington and Chelsea Pension Fund 21 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Accel-KKR Growth Capital Partners III12 $341,527. Jul-19 LBO US Primary N/A N/A N/A N/A N/A 0 ACP Investment Fund12 $227,686 Sep-10 LBO US Primary N/A N/A N/A N/A N/A 4 ACP Investment Fund II12 $289,280 Jan-14 LBO US Primary N/A N/A N/A N/A N/A ACP Investment Fund III12 $409,027 Apr-17 LBO US Primary N/A N/A N/A N/A N/A AEA Investors Fund VII12 $544,189 N/A LBO US Primary N/A N/A N/A N/A N/A Affinity Asia Pacific Fund IV12 $634,346 Mar-13 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Affinity Asia Pacific Fund V12 $259,731 Dec-18 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Altor Fund V (No. 1) AB12 $349,272 May-19 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Arcline Capital Partners12 $544,372 N/A LBO US Primary N/A N/A N/A N/A N/A Astorg IV12 $174,867 Oct-07 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Astorg V12 $382,913 Jan-11 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Astorg VII12 $218,547 Jun-19 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Atlantic Street Capital IV12 $505,489 Feb-19 LBO US Primary N/A N/A N/A N/A N/A Bain Capital Asia Fund12 $64,540 Oct-07 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Bain Capital Asia Fund II12 $206,413 Jul-12 LBO Emerging Markets Primary N/A N/A N/A N/A N/A Bain Capital Asia Fund III12 $149,283 May-16 LBO Emerging Markets Primary N/A N/A N/A N/A N/A Bain Capital Asia Fund IV12 $310,420 N/A LBO Emerging Markets Primary N/A N/A N/A N/A N/A Bain Capital Europe Fund III12 $363,102 Jul-08 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Bain Capital Europe Fund III - GS12 $127,650 Jun-09 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Bain Capital Fund X12 $207,868 Jan-08 LBO US Primary N/A N/A N/A N/A N/A Bain Capital X Coinvestment Fund12 $10,582 Jul-08 LBO US Primary N/A N/A N/A N/A N/A Berkshire Fund IX Coinvestment Fund12 $253,857 May-18 LBO US Primary N/A N/A N/A N/A N/A Birch Hill Equity Partners IV12 $443,801 Nov-10 LBO US Primary N/A N/A N/A N/A N/A Boyu Capital Fund II12 $134,818 Sep-14 LBO Emerging Markets Primary N/A N/A N/A N/A N/A BOYU Capital Fund III12 $174,955 Apr-17 LBO Emerging Markets Primary N/A N/A N/A N/A N/A Boyu Capital Fund IV12 $465,631 Feb-19 LBO Emerging Markets Primary N/A N/A N/A N/A N/A Centurium Capital Partners 201812 $388,026 Jul-18 LBO Emerging Markets Primary N/A N/A N/A N/A N/A Clayton, Dubilier & Rice Fund X12 $383,785 Mar-18 LBO US Primary N/A N/A N/A N/A N/A CVC Capital Partners Asia V12 $504,433 N/A LBO Emerging Markets Primary N/A N/A N/A N/A N/A DBAG Fund VI12 $383,195 Oct-13 LBO Non-US Developed Primary N/A N/A N/A N/A N/A DBAG Fund VII12 $151,623 Mar-17 LBO Non-US Developed Primary N/A N/A N/A N/A N/A DBAG Fund VII B12 $28,881 Mar-17 LBO Non-US Developed Primary N/A N/A N/A N/A N/A G Square Capital III $663,657 N/A LBO Non-US Developed Primary 0% 0.00x 0.00x N/A 0 GENUI Fund II GmbH & Co. KG12 $646,918 N/A LBO Non-US Developed Primary N/A N/A N/A N/A N/A Housatonic Equity Investors VI12 $320,928 Mar-16 LBO US Primary N/A N/A N/A N/A N/A Housatonic Equity V12 $199,726 Jul-10 LBO US Primary N/A N/A N/A N/A N/A IDG-Accel China Capital12 $237,031 Sep-08 LBO Emerging Markets Primary N/A N/A N/A N/A N/A IDG-Accel China Capital II12 $59,657 Dec-11 LBO Emerging Markets Primary N/A N/A N/A N/A N/A
Royal Borough of Kensington and Chelsea Pension Fund 22 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Industrial Opportunity II12 $246,102. Jul-12 LBO US Primary N/A N/A N/A N/A N/A 0 InvestIndustrial III Build-Up12 $178,477 Jan-10 LBO Non-US Developed Primary N/A N/A N/A N/A N/A 4 Investindustrial V12 $456,733 May-12 LBO Non-US Developed Primary N/A N/A N/A N/A N/A InvestIndustrial VII12 $510,058 Sep-19 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Marlin Equity III12 $274,307 Jul-10 LBO US Primary N/A N/A N/A N/A N/A Oak HC/FT Partners12 $587,798 Oct-14 LBO US Primary N/A N/A N/A N/A N/A Oakley Capital IV-B SCSp12 $458,762 Apr-19 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Renovo Capital Fund III12 $427,721 N/A LBO US Primary N/A N/A N/A N/A N/A RoundTable Healthcare Partners III12 $197,988 Oct-10 LBO US Primary N/A N/A N/A N/A N/A RoundTable Healthcare Partners IV12 $145,740 Sep-15 LBO US Primary N/A N/A N/A N/A N/A Serent Capital Fund I12 $276,400 Apr-08 LBO US Primary N/A N/A N/A N/A N/A Serent Capital II12 $263,566 Jul-14 LBO US Primary N/A N/A N/A N/A N/A Silversmith Capital Partners II-A12 $414,996 Apr-18 LBO US Primary N/A N/A N/A N/A N/A SK Capital IV-A12 $320,928 Feb-15 LBO US Primary N/A N/A N/A N/A N/A Sun Capital Partners V12 $161,554 May-07 LBO US Primary N/A N/A N/A N/A N/A TA XIII-A12 $699,907 N/A LBO US Primary N/A N/A N/A N/A N/A TDR Capital IV $315,694 Nov-18 LBO Non-US Developed Primary 2% 0.00x N/A N/A 0 Water Street Healthcare Partners II12 $486,143 Sep-08 LBO US Primary N/A N/A N/A N/A N/A Water Street Healthcare Partners III12 $242,481 Apr-13 LBO US Primary N/A N/A N/A N/A N/A
Primary LBO Investments Total $62,568,904 72% 0.87x 1.64x 14.2%
Primary VC Investments Vision Plus Capital Fund II $181,812 Oct-17 VC Emerging Markets Primary 63% 0.00x 1.43x 44.0% 2 Battery Ventures XI-A Side Fund $58,862 Jun-16 VC US Primary N/A N/A N/A 42.4% 0 Adams Street 2018 Direct Venture/Growth (Pship) $3,000,000 Feb-18 VC US Primary 10% 0.00x 1.01x 41.5%17 N/A Battery Ventures XI-A $127,018 Jun-16 VC US Primary 78% 0.15x 1.94x 38.9% 0 Battery Ventures VIII Side Fund $58,441 Sep-08 VC US Primary 100% 2.57x 2.82x 30.2% 2 Abingworth Bioventures VI $418,665 Oct-12 VC Non-US Developed Primary 100% 1.70x 2.46x 27.8% 2 Source Code Fund III $181,812 Aug-17 VC Emerging Markets Primary 80% 0.00x 1.30x 27.5% 2 Adams Street 2016 Direct Venture/Growth (Pship) $2,000,000 May-16 VC US Primary 71% 0.00x 1.19x 25.8%17 N/A Battery Ventures IX $353,152 Jan-11 VC US Primary 98% 1.32x 3.00x 25.2% 2 Battery Ventures X Side Fund $66,844 Jul-13 VC US Primary 91% 0.59x 2.31x 24.3% 0 New Enterprise Associates 15 $454,186 Mar-15 VC US Primary 89% 0.24x 1.74x 22.8% 2 New Enterprise Associates 14 $535,446 May-12 VC US Primary 94% 0.91x 2.20x 18.1% 2 Battery Ventures VIII $233,142 Sep-07 VC US Primary 100% 2.22x 2.63x 17.5% 2 Summit Partners Venture Capital Fund III-B $162,360 Jul-12 VC US Primary 100% 1.10x 2.00x 17.5% 2 Prime Technology Ventures III $126,021 Sep-07 VC Non-US Developed Primary N/A N/A N/A 17.0% 1 SBCVC Fund III $296,289 Jun-08 VC Emerging Markets Primary 100% 1.32x 2.22x 16.0% 2
Royal Borough of Kensington and Chelsea Pension Fund 23 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Adams Street 2008 Direct (Pship) $3,500,000. Jan-08 VC US Primary 97% 1.74x 2.46x 15.5%17 N/A 0 Trust Bridge Partners III $238,546 Apr-09 VC Emerging Markets Primary 100% 1.24x 2.04x 14.4% 3 4 Abingworth Bioventures V $243,094 Feb-07 VC Non-US Developed Primary N/A N/A N/A 14.0% 1 Trustbridge Partners IV $119,315 May-11 VC Emerging Markets Primary 108% 0.29x 2.17x 13.9% 3 New Enterprise Associates 13 $386,914 May-09 VC US Primary N/A N/A N/A 13.8% 2 Monashees Capital VI $45,809 Aug-12 VC Emerging Markets Primary 100% 0.96x 2.68x 13.6% 2 Kalaari Capital Partners II $99,733 Feb-12 VC Emerging Markets Primary N/A N/A N/A 12.2% 2 Adams Street 2007 Direct (Pship) $3,500,000 Jan-07 VC US Primary 97% 1.71x 2.37x 12.2%17 N/A Adams Street 2012 Direct (Pship) $3,000,000 Feb-12 VC US Primary 89% 0.44x 1.27x 11.0%17 N/A Austin Ventures X $309,238 Sep-08 VC US Primary N/A N/A N/A 9.9% 3 Battery Ventures X $155,970 Jun-13 VC US Primary 91% 0.14x 1.43x 9.8% 0 Keytone Ventures II $211,548 Jan-11 VC Emerging Markets Primary 94% 0.08x 1.73x 9.7% 4 Abingworth Bioventures V Co-Invest Growth Equity Fund $80,592 Jul-08 VC Non-US Developed Primary N/A N/A N/A 9.0% 3 SBCVC Fund IV $119,315 Jun-11 VC Emerging Markets Primary 102% 0.27x 1.47x 8.1% 4 Ignition Venture Partners IV $30,677 Sep-07 VC US Primary 95% 1.07x 1.42x 7.4% 3 CDH China Venture Partners II $254,888 May-08 VC Emerging Markets Primary 105% 0.89x 1.55x 7.2% 3 Foundation Capital VI $88,819 Jul-08 VC US Primary N/A N/A N/A 5.6% 5 Split Rock Partners II $333,736 Jan-09 VC US Primary 99% 0.80x 1.29x 5.5% 5 Prime Ventures IV $532,647 Feb-13 VC Non-US Developed Primary 97% 0.10x 1.16x 3.4% 0 Ignition Growth Capital I $30,677 Sep-07 VC US Primary N/A N/A N/A 3.2% 4 GGV Fund VII Plus $38,884 May-19 VC Emerging Markets Primary 18% 0.00x 1.00x 0.2%* 0 Keytone Ventures $177,773 Jul-08 VC Emerging Markets Primary 99% 0.41x 0.99x -0.2% 4 Ignition Venture Partners V $210,923 Feb-13 VC US Primary N/A N/A N/A -1.4% 5 GGV Fund VII $155,535 Jan-19 VC Emerging Markets Primary 16% 0.00x 0.93x -7.3%* 0 CRV XVII $218,109 Mar-18 VC US Primary 35% 0.00x 0.94x -8.6% 0 Accel Growth12 $276,367 Apr-09 VC US Primary N/A N/A N/A N/A N/A Accel Growth Fund IV12 $265,004 Feb-17 VC US Primary N/A N/A N/A N/A N/A Accel Growth Fund V12 $406,494 Mar-19 VC US Primary N/A N/A N/A N/A N/A Accel Growth II12 $126,369 Dec-11 VC US Primary N/A N/A N/A N/A N/A Accel Growth III12 $329,120 Jun-14 VC US Primary N/A N/A N/A N/A N/A Accel India Venture Fund II12 $59,637 Nov-08 VC Emerging Markets Primary N/A N/A N/A N/A N/A Accel India Venture Fund III12 $33,244 Nov-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A Accel Leaders Fund12 $66,967 Mar-17 VC US Primary N/A N/A N/A N/A N/A Accel Leaders Fund II12 $135,498 Jun-19 VC US Primary N/A N/A N/A N/A N/A Accel London III12 $357,819 Aug-09 VC Non-US Developed Primary N/A N/A N/A N/A N/A Accel London IV12 $102,026 Apr-14 VC Non-US Developed Primary N/A N/A N/A N/A N/A Accel London V12 $129,547 Aug-16 VC Non-US Developed Primary N/A N/A N/A N/A N/A Accel London VI12 $272,063 Jun-19 VC Non-US Developed Primary N/A N/A N/A N/A N/A
Royal Borough of Kensington and Chelsea Pension Fund 24 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Accel X12 $122,706. Jan-08 VC US Primary N/A N/A N/A N/A N/A 0 Accel XI12 $80,876 Sep-11 VC US Primary N/A N/A N/A N/A N/A 4 Accel XII12 $164,560 Apr-14 VC US Primary N/A N/A N/A N/A N/A Accel XIII12 $111,620 Nov-16 VC US Primary N/A N/A N/A N/A N/A AH Annex Fund12 $98,257 Apr-11 VC US Primary N/A N/A N/A N/A N/A AH Bio Fund II12 $372,341 May-18 VC US Primary N/A N/A N/A N/A N/A AH Parallel Fund III12 $66,056 Jul-12 VC US Primary N/A N/A N/A N/A N/A AH Parallel Fund IV12 $146,276 May-14 VC US Primary N/A N/A N/A N/A N/A AH Parallel Fund V12 $110,592 Jul-17 VC US Primary N/A N/A N/A N/A N/A Aleph12 $90,147 Aug-13 VC Non-US Developed Primary N/A N/A N/A N/A N/A Aleph II12 $175,059 Jun-17 VC Non-US Developed Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund I12 $109,722 Jul-09 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund II12 $245,642 Nov-10 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund III12 $242,958 Feb-12 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund IV12 $292,551 Apr-14 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund V12 $222,016 Jun-17 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz LSV Fund I12 $388,837 May-19 VC US Primary N/A N/A N/A N/A N/A August Capital V12 $209,560 Feb-09 VC US Primary N/A N/A N/A N/A N/A August Capital V Special Opportunities12 $121,635 Mar-11 VC US Primary N/A N/A N/A N/A N/A August Capital VI12 $131,162 Aug-12 VC US Primary N/A N/A N/A N/A N/A August Capital VI Special Opportunities12 $109,302 Jul-13 VC US Primary N/A N/A N/A N/A N/A Bain Capital Venture Coinvestment Fund12 $105,928 Apr-15 VC US Primary N/A N/A N/A N/A N/A Bain Capital Venture Fund 200912 $274,256 Jul-09 VC US Primary N/A N/A N/A N/A N/A Bain Capital Venture Fund 201212 $210,563 Sep-12 VC US Primary N/A N/A N/A N/A N/A Bain Capital Venture Fund 201412 $325,933 Oct-14 VC US Primary N/A N/A N/A N/A N/A Balderton Capital IV12 $357,819 Jan-09 VC Non-US Developed Primary N/A N/A N/A N/A N/A Banyan Capital Fund II12 $49,909 Apr-15 VC Emerging Markets Primary N/A N/A N/A N/A N/A Benchmark Capital Partners VI12 $207,192 Jan-08 VC US Primary N/A N/A N/A N/A N/A Benchmark Capital Partners VII12 $219,022 Feb-11 VC US Primary N/A N/A N/A N/A N/A Benchmark Capital Partners VIII12 $119,556 Feb-14 VC US Primary N/A N/A N/A N/A N/A Charles River Partnership XVI12 $408,038 May-15 VC US Primary N/A N/A N/A N/A N/A Charles River Ventures XIII12 $26,919 Jun-07 VC US Primary N/A N/A N/A N/A N/A Charles River Ventures XIV12 $159,380 Jun-09 VC US Primary N/A N/A N/A N/A N/A Charles River Ventures XV12 $202,571 May-12 VC US Primary N/A N/A N/A N/A N/A DCM IX12 $349,223 Nov-18 VC Emerging Markets Primary N/A N/A N/A N/A N/A DCM Ventures China Fund VIII12 $183,596 Jun-16 VC Emerging Markets Primary N/A N/A N/A N/A N/A Essex Woodlands Health Ventures Fund VIII12 $319,525 Nov-08 VC US Primary N/A N/A N/A N/A N/A Harrison Metal Capital II12 $98,258 Jul-10 VC US Primary N/A N/A N/A N/A N/A
Royal Borough of Kensington and Chelsea Pension Fund 25 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Harrison Metal Capital III12 $105,280. Dec-12 VC US Primary N/A N/A N/A N/A N/A 0 Harrison Metal V12 $308,145 Apr-18 VC US Primary N/A N/A N/A N/A N/A 4 Homebrew Ventures I12 $45,860 Jun-13 VC US Primary N/A N/A N/A N/A N/A IDG China Venture Capital Fund IV12 $144,648 Jul-14 VC Emerging Markets Primary N/A N/A N/A N/A N/A IDG-Accel China Growth Fund II12 $126,179 Dec-07 VC Emerging Markets Primary N/A N/A N/A N/A N/A IDG-Accel China Growth Fund III12 $59,657 Jun-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A Index Ventures Growth Fund I12 $342,011 Feb-08 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures Growth Fund II12 $204,360 Sep-11 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures Growth IV12 $155,839 Nov-18 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures IV12 $117,349 Apr-07 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures Life VI12 $85,240 May-12 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures V12 $207,244 Jun-09 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures VI12 $248,986 Apr-12 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures VII12 $355,794 Apr-14 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures VIII12 $238,099 Mar-16 VC Non-US Developed Primary N/A N/A N/A N/A N/A IVP II-A12 $62,146 Dec-12 VC Emerging Markets Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XII12 $208,270 Mar-09 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XIII12 $187,203 Feb-09 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XIV12 $98,257 Dec-10 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XV12 $82,302 May-12 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XVI12 $87,765 Jul-14 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XVIII12 $390,640 Feb-19 VC US Primary N/A N/A N/A N/A N/A KPCB China Fund12 $53,626 May-07 VC Emerging Markets Primary N/A N/A N/A N/A N/A KPCB China Fund II12 $33,244 Nov-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A KPCB Digital Growth Fund12 $393,027 Dec-10 VC US Primary N/A N/A N/A N/A N/A KPCB Digital Growth Fund II12 $117,485 Sep-14 VC US Primary N/A N/A N/A N/A N/A KPCB Digital Growth III12 $199,565 Apr-17 VC US Primary N/A N/A N/A N/A N/A KPCB Green Growth Fund12 $344,796 Feb-09 VC US Primary N/A N/A N/A N/A N/A LC Fund IV12 $237,031 May-08 VC Emerging Markets Primary N/A N/A N/A N/A N/A LC Fund V12 $119,315 Jun-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A LC Fund VI12 $152,221 May-14 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners China I12 $105,602 Feb-08 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners China II12 $56,343 Apr-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners China III12 $175,645 Jun-14 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners India II12 $49,714 Oct-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners India II Extension12 $19,886 Jul-16 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners IX12 $296,000 Oct-10 VC US Primary N/A N/A N/A N/A N/A Matrix Partners X12 $142,150 Nov-13 VC US Primary N/A N/A N/A N/A N/A
Royal Borough of Kensington and Chelsea Pension Fund 26 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Medicxi III12 $377,023. N/A VC Non-US Developed Primary N/A N/A N/A N/A N/A 0 Mosaic Ventures II12 $311,470 N/A VC Non-US Developed Primary N/A N/A N/A N/A N/A 4 New Enterprise Associates 1612 $329,847 May-17 VC US Primary N/A N/A N/A N/A N/A NFX Capital Fund II12 $583,256 Sep-19 VC US Primary N/A N/A N/A N/A N/A Pitango Venture Capital Fund V12 $157,723 Aug-07 VC Non-US Developed Primary N/A N/A N/A N/A N/A Pitango Venture Capital Fund VI12 $385,126 Oct-12 VC Non-US Developed Primary N/A N/A N/A N/A N/A Redpoint Omega Fund12 $122,400 Feb-07 VC US Primary N/A N/A N/A N/A N/A Redpoint Omega II12 $153,266 Aug-12 VC US Primary N/A N/A N/A N/A N/A Redpoint Ventures IV12 $287,647 Jul-10 VC US Primary N/A N/A N/A N/A N/A Redpoint Ventures V12 $171,375 Apr-13 VC US Primary N/A N/A N/A N/A N/A Resolute IV12 $359,502 Feb-19 VC US Primary N/A N/A N/A N/A N/A RPEV I-B12 $70,455 Aug-12 VC Emerging Markets Primary N/A N/A N/A N/A N/A U.S. Venture Partners X12 $276,105 Sep-08 VC US Primary N/A N/A N/A N/A N/A Venrock Associates VII12 $268,378 Jan-15 VC US Primary N/A N/A N/A N/A N/A Venrock V12 $98,736 Apr-07 VC US Primary N/A N/A N/A N/A N/A Venrock VI12 $246,523 Jan-11 VC US Primary N/A N/A N/A N/A N/A Versant Venture Capital IV12 $386,914 Oct-08 VC US Primary N/A N/A N/A N/A N/A Wing Ventures12 $38,258 Aug-13 VC US Primary N/A N/A N/A N/A N/A
Primary VC Investments Total $43,107,434 78% 0.96x 2.13x 16.3%
Primary ENR Investments Energy & Minerals Group Fund IV $335,406 Mar-16 ENR US Primary 87% 0.27x 1.54x 20.7% 2 EMG Ascent 2016 Equity $14,945 Mar-16 ENR US Primary 100% 0.00x 1.76x 18.8% 3 Energy & Minerals Group Fund II $358,461 Jun-11 ENR US Primary 99% 0.94x 1.94x 15.2% 2 HitecVision VII $352,294 May-14 ENR Non-US Developed Primary 71% 0.46x 1.36x 13.7% 0 HitecVision V $295,636 Apr-08 ENR Non-US Developed Primary 105% 1.18x 1.60x 13.5% 3 NGP Midstream and Resources $122,306 Jun-07 ENR US Primary 104% 1.87x 2.04x 13.4% 2 Natural Gas Partners IX $245,717 Oct-07 ENR US Primary 99% 1.44x 1.47x 10.8% 3 NGP Natural Resources XI $306,135 Nov-14 ENR US Primary 91% 0.21x 1.22x 10.2% 3 Warburg Pincus Energy $527,937 Jul-14 ENR US Primary 73% 0.10x 1.20x 8.3% 4 HitecVision VI $350,043 Dec-11 ENR Non-US Developed Primary 91% 0.20x 1.37x 7.3% 4 HitecVision Assets Solutions $119,025 Mar-10 ENR Non-US Developed Primary 93% 0.29x 1.34x 5.5% 4 NGP Natural Resources X $252,533 Jan-12 ENR US Primary 98% 0.74x 1.07x 2.1% 4 Energy & Minerals Group Fund III $451,095 Jan-14 ENR US Primary 96% 0.10x 0.85x -3.9% 4 First Reserve Fund XII $844,024 Aug-08 ENR US Primary 103% 0.46x 0.62x -9.9% 5 EMG Iron Ore Holdco12 $39,398 May-19 ENR US Primary N/A N/A N/A N/A N/A Energy & Minerals Group Fund V12 $581,659 May-19 ENR US Primary N/A N/A N/A N/A N/A Resource Capital V12 $438,980 Nov-09 ENR US Primary N/A N/A N/A N/A N/A
Royal Borough of Kensington and Chelsea Pension Fund 27 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Resource Capital VI12 $230,428. Jun-13 ENR US Primary N/A N/A N/A N/A N/A 0 Primary ENR Investments Total $5,866,0224 89% 0.46x 1.12x 3.3%
Primary DC Investments Adams Street 2018 US Private Credit Investment $91,732 Nov-18 DC US Primary 104% 0.00x 1.85x 85.0%*18 N/A TA Subordinated Debt Fund III $164,584 Nov-10 DC US Primary 97% 1.37x 1.66x 14.6% 2 Caltius Partners IV $479,407 Oct-08 DC US Primary 106% 1.09x 1.09x 3.6% 4 Indigo Capital V $235,145 Jul-07 DC Non-US Developed Primary 97% 1.22x 1.25x 1.0% 4 Alchemy Special Opportunities Fund II12 $218,550 Jul-10 DC Non-US Developed Primary N/A N/A N/A N/A N/A
Primary DC Investments Total $1,189,418 101% 1.05x 1.28x 7.2%
Primary OTHER Investments Quantum Luxembourg Opportunity Feeder Fund SCSp $263,087 Oct-14 OTH Non-US Developed Primary 70% 1.08x 2.10x 33.2% 2 Oakley Capital Private Equity II-B $370,507 Nov-13 OTH Non-US Developed Primary 98% 1.54x 1.94x 26.9% 1 OCM Opportunities Fund VIIb $145,170 Jun-08 OTH US Primary 90% 1.71x 1.71x 16.8% 2 ABRY Senior Equity III $245,465 Aug-10 OTH US Primary 93% 1.62x 1.66x 16.8% 1 ABRY Senior Equity IV $131,783 Oct-12 OTH US Primary 99% 0.88x 1.64x 15.5% 2 Banc Fund VIII $726,620 Apr-08 OTH US Primary 100% 1.45x 2.20x 13.7% 2 OCM Opportunities Fund VII $145,183 Mar-07 OTH US Primary 100% 1.35x 1.35x 7.3% 4 Alchemy Plan (Entity D) $31,166 Jan-08 OTH Non-US Developed Primary 103% 1.90x 1.90x 6.9% 3 Saints Capital VI $245,662 Apr-08 OTH US Primary 99% 1.20x 1.35x 6.5% 4 AnaCap Financial Partners II $360,686 Sep-08 OTH Non-US Developed Primary 117% 1.06x 1.46x 5.7% 3 France Special Situations Fund I $446,146 Jul-10 OTH Non-US Developed Primary 120% 0.21x 0.86x -4.8% 5 France Special Situations Fund II $354,307 Jun-14 OTH Non-US Developed Primary 83% 0.00x 0.86x -7.9% 0 Quantum Opportunity Fund II12 $372,431 Feb-18 OTH Non-US Developed Primary N/A N/A N/A N/A N/A Vision Capital Partners VII12 $179,014 May-10 OTH Non-US Developed Primary N/A N/A N/A N/A N/A
Primary OTHER Investments Total $4,017,228 88% 1.00x 1.49x 9.6%
Secondary Investments Project Vittel $222,711 Apr-19 VC US Secondary 9% 3.35x 7.11x 611.3%* 0 Project Gotham $53,196 Aug-10 LBO US Secondary 60% 2.42x 2.42x 80.0% 1 Project Basalt $15,828 Mar-17 VC US Secondary 88% 0.57x 1.60x 78.9% 2 Project Domain $82,875 Sep-18 VC Non-US Developed Secondary 51% 0.00x 1.75x 74.5%* 2 Project Patriot A $291,818 Jan-09 LBO US Secondary 98% 3.02x 3.02x 73.0% 1 Project Burnham $84,333 Mar-18 LBO US Secondary 86% 0.26x 1.72x 71.4% 0 Project Stenson $110,401 Jun-18 LBO US Secondary 97% 0.30x 1.58x 66.1% 2 Project Omni $174,755 May-19 VC US Secondary 66% 0.28x 1.65x 64.6%* 0 Project Knox $41,646 Apr-17 DIV US Secondary 92% 0.53x 1.38x 62.3% 2 Project Runner $44,619 Mar-16 LBO US Secondary 94% 1.36x 2.57x 53.3% 1
Royal Borough of Kensington and Chelsea Pension Fund 28 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Project Zinc $399,077. Feb-09 DIV US Secondary 90% 3.37x 3.52x 49.2% 1 0 Project Mayfly B $650,677 Sep-18 DIV US Secondary 76% 0.17x 1.47x 47.3%* 0 4 Project Robert $75,476 Jun-14 OTH Non-US Developed Secondary 100% 2.27x 2.37x 47.2% 1 Project Mugatu $12,649 Jul-08 VC US Secondary 100% 1.82x 1.82x 46.4% 1 Project Meadowlark $135,358 Jun-16 LBO US Secondary 105% 1.16x 2.00x 41.9% 2 Project Apple $324,066 Jun-09 DIV US Secondary 93% 2.69x 2.85x 41.8% 1 Project Red Wing $91,137 Jun-09 LBO US Secondary 93% 2.38x 2.39x 40.3% 1 Project Mountain $110,794 Mar-17 LBO US Secondary 79% 0.81x 1.57x 35.9% 2 Project Noble $825,162 Jan-09 DIV US Secondary 87% 2.46x 2.58x 33.8% 1 Project Rapids $167,647 Dec-14 DIV US Secondary 85% 1.41x 1.76x 33.0% 1 Project Nature $118,933 Jul-12 LBO Non-US Developed Secondary 94% 1.62x 2.49x 28.7% 1 Project Dynamite $44,207 Dec-14 LBO US Secondary 79% 1.48x 1.52x 28.0% 1 Project Oval $51,268 Jun-19 LBO US Secondary 59% 0.00x 1.27x 27.3%* 0 Project Naya $111,123 Nov-18 VC Emerging Markets Secondary 62% 0.01x 1.27x 27.2%* 0 Project Port $17,046 May-16 ENR US Secondary 94% 0.82x 1.40x 26.4% 2 Project Lighthouse $837,937 Jan-09 DIV US Secondary 99% 2.33x 2.54x 26.2% 1 Project Tango $1,979,590 Jan-09 DIV US Secondary 91% 2.10x 2.48x 25.6% 1 Project Cascade $121,889 Sep-12 LBO US Secondary 89% 1.66x 1.73x 25.3% 1 Project Bruin $52,890 Dec-16 LBO US Secondary 91% 0.80x 1.32x 25.1% 2 Project Primrose $128,807 Apr-16 OTH Non-US Developed Secondary 80% 0.01x 1.75x 23.9% 2+ Project Soledad $38,112 Jun-19 LBO US Secondary 74% 0.00x 1.23x 23.3%* 0 Project Salsa II $62,941 Mar-07 DIV US Secondary 97% 1.50x 1.50x 22.0% 1 Project Preakness $62,453 Dec-14 LBO US Secondary 89% 1.37x 1.72x 21.9% 1 Project Advent $258,039 Aug-09 LBO Non-US Developed Secondary 100% 2.41x 2.65x 21.9% 1 Project Octavian $190,193 Jan-09 DIV US Secondary 93% 2.42x 2.47x 21.9% 1 Project Amsterdam $331,404 Nov-08 LBO Non-US Developed Secondary 93% 2.41x 2.41x 21.7% 1 Project Patriot B $130,682 Jan-09 DIV US Secondary 99% 2.18x 2.42x 21.6% 1 Project Lantern $7,159 Jun-17 ENR US Secondary 101% 0.51x 1.36x 21.1% 3 Project Benz $90,917 Jan-17 LBO Non-US Developed Secondary 90% 0.15x 1.41x 20.7% 3 Project Sherman $709,926 Jan-09 LBO US Secondary 87% 1.64x 2.10x 20.6% 1 Project Patriot II $145,724 Jul-09 LBO US Secondary 98% 1.88x 3.07x 20.4% 1 Project Eiffel $18,043 Apr-14 LBO Non-US Developed Secondary 99% 1.25x 1.36x 19.1% 1 Project Western $699,765 Dec-16 DIV US Secondary 91% 0.64x 1.33x 19.1% 2 Project Ball $72,129 Jan-18 DIV Non-US Developed Secondary 75% 0.00x 1.24x 19.0% 3 Project Skipjack $328,396 Dec-10 LBO US Secondary 100% 1.50x 1.54x 18.4% 1 Project Elysees $210,938 Dec-16 LBO Non-US Developed Secondary 91% 0.33x 1.27x 17.3% 2 Project Habanero $130,935 Sep-17 LBO US Secondary 99% 0.50x 1.23x 17.1% 2 Project Tavern $121,058 Dec-16 LBO Non-US Developed Secondary 100% 0.53x 1.27x 17.1% 3+
Royal Borough of Kensington and Chelsea Pension Fund 29 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Project Everest $873,284. Sep-08 VC US Secondary 99% 1.83x 2.03x 16.8% 1 0 Project Tape $94,447 Apr-13 LBO Non-US Developed Secondary 102% 1.28x 1.59x 16.6% 1 4 Project Warhol $184,063 Apr-08 LBO US Secondary 100% 1.52x 1.52x 15.5% 1 Project Hickory $160,761 Mar-14 LBO US Secondary 105% 1.34x 1.53x 15.2% 2 Project Dock $207,630 Apr-16 DIV US Secondary 96% 0.30x 1.32x 15.2% 2 Project Apax $203,016 Jul-09 LBO Non-US Developed Secondary 96% 1.90x 2.17x 15.0% 1 Project Mayfly A $152,403 Sep-18 LBO US Secondary 98% 0.00x 1.14x 14.3%* 3 Project Starter A $396,113 Apr-18 DIV US Secondary 98% 0.29x 1.15x 14.2% 0 Project Peregrina $203,264 Jun-16 OTH Non-US Developed Secondary 101% 0.50x 1.33x 13.9% 2 Project Centurion $935,555 Jun-08 LBO US Secondary 95% 1.62x 1.80x 13.3% 1 Project Lafayette $14,259 Jul-14 LBO Emerging Markets Secondary 108% 0.79x 1.49x 13.3% 3 Project Marwad $200,086 Mar-18 LBO Emerging Markets Secondary 87% 0.00x 1.16x 13.0% 3 Project Twin Cities $1,045,143 May-07 VC US Secondary 99% 1.59x 1.60x 11.9% 1 Project Cavendish $1,120,119 Feb-18 OTH Non-US Developed Secondary 105% 0.15x 1.14x 11.0% 3 Project Kane $47,195 Jul-17 LBO Non-US Developed Secondary 72% 0.63x 1.09x 10.8% 3 Project Sand $18,224 Mar-17 LBO US Secondary 93% 0.20x 1.20x 10.8% 3 Project Sunshine $349,334 Oct-16 DIV US Secondary 94% 0.37x 1.21x 10.7% 2 Project Synthesis $119,015 Dec-18 LBO US Secondary 65% 0.00x 1.10x 10.1%* 0 Project Tang $103,285 Dec-18 LBO Emerging Markets Secondary 63% 0.09x 1.09x 9.3%* 0 Project Impact $539,228 Jun-19 LBO US Secondary 98% 0.00x 1.09x 9.2%* 0 Project Paddington $46,350 Dec-17 LBO US Secondary 101% 0.41x 1.10x 8.5% 3 Project Anagram $197,205 Dec-17 LBO US Secondary 89% 0.00x 1.11x 8.3% 3 Project Persian $168,721 Sep-14 OTH Non-US Developed Secondary 103% 0.60x 1.28x 8.1% 3- Project Pinctada $131,382 Feb-15 OTH Non-US Developed Secondary 100% 0.58x 1.26x 7.9% 3 Project Nico $82,888 Jul-12 LBO Emerging Markets Secondary 63% 1.19x 1.24x 7.5% 3 Project Etoile $665,879 Apr-19 LBO Non-US Developed Secondary 56% 0.00x 1.05x 7.5%* 0 Project Mallet $625,376 Sep-16 LBO US Secondary 77% 0.42x 1.14x 6.7% 3 Project Plutus $136,731 Jul-17 DIV Non-US Developed Secondary 93% 0.00x 1.12x 6.2% 3 Project Treble $580,241 Oct-08 DIV US Secondary 96% 1.23x 1.25x 5.5% 5 Project Sundial $41,485 Jun-09 LBO Emerging Markets Secondary 114% 0.82x 1.29x 5.3% 4 Project Tycoon $209,967 Aug-08 LBO US Secondary 97% 1.16x 1.19x 4.8% 5 Project Harald $17,739 Sep-16 ENR Non-US Developed Secondary 53% 0.29x 1.13x 4.6% 3 Project Engineer $163,993 Apr-07 DIV US Secondary 96% 1.19x 1.23x 4.6% 5 Project Jumper $427,927 Sep-18 LBO US Secondary 84% 0.06x 1.04x 4.4%* 0 Project Heinz $118,208 Dec-13 LBO Non-US Developed Secondary 95% 0.81x 1.35x 4.4% 3- Project Masterpiece $110,528 Mar-08 DIV US Secondary 99% 1.17x 1.18x 4.2% 5 Project Crimson II $1,254,636 Mar-08 DIV US Secondary 92% 1.17x 1.21x 4.1% 5 Project Barley $310,237 May-08 LBO US Secondary 97% 1.13x 1.16x 3.9% 5
Royal Borough of Kensington and Chelsea Pension Fund 30 Confidential Partnership Fund Program-Q2'19
Detailed Schedule of Investments (Continued)
Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Project Bayside $167,646. Jun-19 LBO US Secondary 77% 0.00x 1.04x 3.7%* 0 0 Project Tiger $81,485 Apr-08 LBO US Secondary 100% 1.11x 1.11x 3.5% 5 4 Project Winnebago $200,127 Jul-14 LBO Non-US Developed Secondary 92% 1.04x 1.22x 3.0% 4 Project Symphony $72,460 Nov-13 LBO Non-US Developed Secondary 95% 0.90x 1.04x 2.7% 5 Project Great Lakes $145,158 Dec-07 DIV US Secondary 100% 1.07x 1.07x 2.1% 5 Project Iniesta $84,532 Apr-17 LBO Non-US Developed Secondary 90% 0.29x 0.98x 1.7% 4 Project Waban $75,876 Jun-08 VC US Secondary 95% 0.83x 1.08x 1.2% 5 Project Meiji $209,041 Aug-13 LBO Non-US Developed Secondary 95% 0.88x 1.01x 0.8% 5 Project Warring $287,164 Oct-17 LBO Emerging Markets Secondary 97% 0.14x 1.00x -0.2% 3 Project Stanley $196,140 Sep-18 DIV US Secondary 66% 0.00x 1.00x -0.2%* 0 Project Cyprus $129,750 Aug-17 ENR US Secondary 96% 0.05x 0.93x -4.7% 3 Project Blackhawk $22,016 Sep-07 VC US Secondary 100% 0.76x 0.81x -5.4% 5 Project Colonel $67,779 Oct-18 LBO US Secondary 91% 0.37x 0.94x -5.6%* 0 Project Racer $218,695 May-14 DIV US Secondary 93% 0.64x 0.86x -6.0% 5 Project Athena $121,498 Aug-07 LBO Non-US Developed Secondary 99% 0.70x 0.73x -6.8% 5 Project Silver $382,542 Jun-08 DIV Emerging Markets Secondary 99% 0.81x 0.81x -7.7% 5 Project Shell 2 $47,428 Oct-07 OTH Non-US Developed Secondary 98% 0.63x 0.67x -8.8% 5 Project Next Steps $103,602 Jun-07 VC Non-US Developed Secondary 100% 0.55x 0.66x -9.1% 5 Project Interstate $168,127 Sep-13 LBO US Secondary 100% 0.43x 0.64x -11.5% 5 Project Bergen $26,436 Oct-14 ENR Non-US Developed Secondary 102% 0.21x 0.60x -11.6% 5 Project Emerald $40,870 Jan-08 VC US Secondary 100% 0.61x 0.61x -12.0% 5 Project Harbor $348,108 Sep-12 ENR US Secondary 90% 0.45x 0.60x -16.3% 0 Project Tiger II $127,364 Aug-07 LBO Emerging Markets Secondary 99% 0.50x 0.56x -16.3% 5 Project Revival $230,492 Aug-14 ENR US Secondary 103% 0.25x 0.42x -23.8% 5 Project Moose $111,255 May-14 ENR US Secondary 102% 0.24x 0.39x -23.9% 5 Project Tartan $64,190 Dec-13 LBO Non-US Developed Secondary 100% 0.00x 0.01x -62.2% 5
Secondary Investments Total $26,972,433 91% 1.14x 1.60x 16.5%
Total $143,721,439 79% 0.95x 1.74x 14.9%
Royal Borough of Kensington and Chelsea Pension Fund 31 Confidential Quarterly Report-Q2'19
Notes and Footnotes
Important Notes, Footnotes, and Definitions The actual performance of any limited partnership is not known until the final liquidation of the partnership, typically over 10 to 12 years. Until the liquidation takes place, the performance shown herein is only an interim estimated return and is subject to changes.
1Includes offshore feeder expense draws. 2Excludes offshore feeder expense draws. 3Includes impact of expense draws and reflects offshore feeder value. 4Client Gross IRR is the since inception IRR of the Adams Street Partners fund to the client, which is net of fees, carried interest and expenses charged by the fund’s underlying general partners and gross of Adams Street Partners’ fees, carried interest and expenses. 5Client Net IRR is the since inception IRR of the Adams Street Partners fund to the client, which is net of fees, carried interest and expenses charged by the fund’s underlying general partners and net of Adams Street Partners’ fees, carried interest and expenses. Client-level net IRRs for the 2015 Global Program funds and all subsequently formed commingled funds reflect the use of the fund’s capital call credit line (or, in the case of an Adams Street Global Fund, capital call credit lines of the underlying Adams Street funds) and are calculated using limited partner capital call dates, rather than the earlier dates on which the investment was made using the line of credit. The use of such dates generally results in higher net IRR calculations, and the related differences in net IRR figures could be material. 6Client Total Value to Drawn is defined as (market value of the client’s interest in the Adams Street Partners fund + distributions to the client from the Adams Street Partners fund) / amount drawn from the client by the Adams Street Partners fund. Client-level net multiples for the 2015 Global Program funds and all subsequently formed commingled funds reflect the use of the fund’s capital call credit line (or, in the case of an Adams Street Global Fund, capital call credit lines of the underlying Adams Street funds) and are calculated using limited partner capital call dates, rather than the earlier dates on which the investment was made using the line of credit. The use of such dates generally results in higher net multiple calculations, and the related differences in net multiple figures could be material. 7Partnership level vintage year composite IRRs are net of fees, carried interest and expenses charged to the underlying private equity funds, but are gross of Adams Street Partners’ fees, carried interest and expenses, which reduce returns to investors. There can be no guarantee that unrealized investments will ultimately be liquidated at the values reflected in this return data. These returns may not be linked. Performance for vintage years later than 2016 is not shown because performance early in a fund’s life is not generally meaningful due to fee drag and immature investments. 8Partnership Total Value to Drawn is defined as (market value of the partnership(s) + distributions from the partnership(s) to the investing Adams Street Partners fund) / amount drawn by the partnership(s) from the investing Adams Street Partners fund. 9Client IRR is net of fees, carried interest and expenses (including interest expense related to capital call lines of credit, if any) charged by Adams Street Partners as well as underlying general partners. 10Public Market Equivalent (PME) is calculated using the MSCI All Country World Index (Total Return) and is based on the cash flows from the Adams Street Partners fund to the client. During some periods in which Adams Street Partners investments outperformed the benchmark by a substantial margin, PME could not be calculated because the tracking position in the underlying benchmark index would have resulted in a short position. In these cases, the PME is calculated using the "Direct Alpha" PME methodology (Gredil, Griffiths, Stucke, "Benchmarking Private Equity: The Direct Alpha Method," 2014). Mathematically, Direct Alpha PME is equal to the IRR of the future value of the cash flows underlying the IRR calculation, where future value is based on the return of the benchmark index, less the IRR of the actual value of the cash flows. 11This is an aggregate IRR of the fund’s portfolio investments, which is net of fees, carried interest and expenses charged to the portfolio investments by the applicable general partners, and is gross of Adams Street Partners’ fees, carried interest and expenses, which reduce returns to investors. The aggregate IRR includes unrealized investments that may not ultimately be liquidated at the values reflected therein. The aggregate IRR of the fund’s portfolio investments is not to be confused with the gross or net IRR of the fund. 12Please note, partnership performance information is not provided due to confidentiality agreements with the relevant general partner. 13IRRs are provided for individual partnerships and, if applicable, secondary investments that consist of one or more partnerships. IRRs are since inception and are net of general partner fees, carried interest and expenses, but are gross of Adams Street Partners’ fees, carried interest and expenses. 14ASP Rating Key: 0 Too early to tell 1 Pleased with performance 2 Pleased with progress 3 Average 4 Concerned with progress 5 Disappointed with performance + Positive trend - Negative trend N/A Not Applicable
Royal Borough of Kensington and Chelsea Pension Fund 32 Confidential Quarterly Report-Q2'19
Notes and Footnotes
15Aggregate portfolio company performance of co-investments in the indicated Adams Street fund. 16In April 2018, Nordic Capital Fund VII rolled over its portfolio of nine unlisted companies into Nordic Capital CV1, a continuation vehicle set up by the manager for existing investors. Although Nordic Capital CV1 is a separate legal entity, its portfolio and terms are an extension of Nordic Capital Fund VII. 17Aggregate portfolio company performance of direct investments in the indicated Adams Street fund. 18Aggregate portfolio company performance of private credit investments in the indicated Adams Street fund.
* Change in value over amount invested. Internal rates of return are not calculated for investments less than one year old.
Royal Borough of Kensington and Chelsea Pension Fund 33