Special Section Dow Jones Analyst

Sources Of Capital April 2010

Sponsored By Fund Placement Specialists Serving our Clients and Investors Globally

$2,506,000,000 $280,000,000 $435,000,000 $225,000,000

Quantum Energy Intervale Capital Goode Partners Partners V, LP Fund, L.P. Partners II LP Consumer Fund I, L.P.

$175,000,000 $187,000,000 $1,320,000,000 $162,000,000

Altira Technology Summer Street Quantum Energy Bridgescale Fund V L.P. Capital Partners II, L.P. Partners IV, LP Partners, LP

$1,200,000,000 $250,000,000 $345,000,000 $156,000,000

Quantum Montagu Newhall Quantum Energy Montagu Newhall Resources, LP Global Partners III, L.P. Partners III, LP Global Partners II, L.P. Sources of Capital 3 Dow Jones Private Equity Analyst

A New World Order: GPs Grapple With A Private Equity Industry In Flux By Keenan Skelly

General partners found themselves turning Percentage of capital by LP type over every last rock and a few twigs besides 2.0 5.3 Public pension funds looking for capital in 2009, as many of their 3.2 4.1 25.6 Funds of Funds traditional investors parked themselves firmly 4.2 on the sidelines. 5.4 Corporate pension funds 2009 5.9 and corporations directly 11.5 Our latest Private Equity Analyst Sources of Capital survey 6.6 Endowments/Foundations 7.9 9.9 Family offices shows starkly that even though the overall size of the fund- 8.4 raising pie shrank in 2009, several types of limited partners companies 0.6 6.6 that previously had been reliable long-time partners to the Wealthy investors/Feeder funds 5.4 industry could no longer pony up their fair share. 3.6 Bank/ 10.3 26.6 Discretionary advisors With the expectation that 2010 will bring more of the 2008 3.6 GP contribution same, GPs have been forced to go hunting for new 5.7 Sovereign wealth funds investors in new geographies, and to be much less picky 4.8 14.2 Union pension funds about who they will and won’t accept into their funds. 10.3 13.2 Other

“Today, there’s no source of capital that gets overlooked,” said Percentages don’t always add to 100 due to rounding. Source: Dow Jones Private Equity Analyst Bob Mast, managing director at placement agent Monument Group. “It may have been in the past that we would focus equity took up a larger portion of assets under more attention on larger investors, but today nobody gets management and sent many of these investors wildly over overlooked because every dollar is so important. If we need their target allocations. The problems were severe enough 25 investors to raise $100 million, then we’ll do it.” that even as economic conditions improved late in 2009, these LPs remained skittish.

Smaller Share Of A Shrinking Pie “As valuations improve, it certainly helps. But there is still Private equity firms raised much less in 2009 than in 2008 – quite a premium on liquidity with most foundations and $126.2 billion in the U.S. and Europe versus $423.3 billion. endowments,” said Tim O’Gara, founder of placement Even so, many of the investors that have long been among the agent Shannon Advisors. “While they recognize that steadiest partners to the asset class could not make up their alternative assets will help them drive returns, they still usual share of the shrinking pie, constrained by the economic need to fund operating and capital budgets so allocations downturn and hefty liquidity problems as they were. will remain under pressure.”

The two biggest vacancies that opened up were among While banks generally aren’t regarded as being particularly endowments and foundations, and among banks and reliable investors in the private equity asset class in the first other financial services companies. These declines, while place, they proved to be even flightier than usual in 2009. largely anticipated, weren’t pleasant. Endowments and These types of institutions tend to commit the most capital foundations saw their share of the capital pool fall to 8.4% to private equity during times when the asset class is in 2009 from 10.3% in 2008, while financial institutions’ strong, in order to build stronger relationships with firms share declined more radically, to 5.4% from 10.3%. with an eye to winning business for other parts of the bank, like M&A advisory or underwriting. Endowments and foundations, long-time investors in the asset class, tend to have relatively large allocations to With private equity in a funk in 2009, they were expected to private equity, and thus were disproportionately impacted take less of an interest in the asset class as a matter of course. by the denominator effect. As declines in public stocks and But as banks found themselves dealing with extreme capital bonds shrank the overall sizes of their portfolios, private shortfalls and heavy regulatory interest due to their position

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at the center of the financial crisis in late 2008, the extent to which they withdrew was a bit of a surprise. Percentage of capital by LP type: LBO and VC funds This year, as the U.S. government debates whether or not 1.5 to implement the proposed Volcker Rule, which would ban 2.0 7.1 Public pension funds 3.7 banks from investing their own capital in private equity 27.2 Endowments/Foundations funds but not from running funds of funds, industry 4.2 5.1 Funds of Funds participants say the resulting uncertainty may mean even LBO Funds 6.3 less capital is available from these institutions. Corporate pension funds 6.8 10.0 and corporations directly 8.2 9.4 Family offices “I haven’t seen much beyond the market malaise 8.6 impacting the banks and financials just yet, although the Insurance companies new bill may put the nail in the coffin,” said Terry Crikelair, 0.2 2.8 GP contribution Bank/financial services managing partner at placement agent Champlain Advisors. 12.4 17.9 Wealthy investors/Feeder funds 4.2 3.2 Sovereign wealth funds Opportunity For Some VC 5.7 Funds Discretionary advisors To fill the fund-raising gaps opened up by the retreat of 9.5 23.4 Union pension funds these types of investors, funds that were in the market 1.1 7.6 Other turned ever more frequently to new investors. New LPs 6.6 5.4 accounted for 56.4% of capital raised in 2009, up from 49.6% in 2008 and 36.9% in 2007. This percentage was Source: Dow Jones Private Equity Analyst even higher for funds. “Most of the insurance companies didn’t blink,” said “When GPs said that they were ‘selectively adding new Mounir Guen, chief executive of placement agent MVision. LPs,’ all that meant was some investors left,” said Chris “They invest very conservatively; they didn’t have the Douvos, co-head of private equity at the Fund commitment pace that pensions and endowments had a for Foundations. few years ago. They are a lot more consistent.”

As far as type of LP goes, our survey showed there was no one But with no one having much capital to spare, which kinds single source to which GPs turned. Family offices and wealthy of sources GPs were able to round up capital from turned investors both showed small percentage increases, for instance out to be very much a fund-by-fund phenomenon. – as did the proportion of capital that came from the GP itself. Despite the increased regulatory focus on insurance Funds of funds, for instance, were certainly not immune to companies brought about by American Insurance Group’s the environment, with their proportion of the pool declining problems, insurance companies overall increased their share to 11.5% from 14.2% as they ran into fund-raising problems of the capital pool a tad in 2009 from the prior year. of their own. But these types of institutions for the most part don’t face any denominator-effect problems, so they had more freedom to act when they saw a fund they really Percentage of capital from wanted into, particularly in the arena, where new versus returning LPs funds of funds have long been met with some suspicion. For instance, Bon French, chief executive of Adams Street Partners, said that his firm was able to back three VC firms that had been on its wish list for a long time. Brad Young, 43.6 2009 2008 50.4 49.6 managing director at Altius Associates, said his firm was 56.4 successful in getting larger commitments to existing managers when other investors had to commit less or nothing at all, as well as gaining access to some buyout and New LPs VC managers for the first time. For 2009: Prior LPs “We were able to take advantage since we were actively in the market,” said Young. 40.8 LBO VC 45.8 59.2 54.2 Pension funds, while they did have denominator issues in 2009, generally were less affected than many other types of investors, thanks to younger programs and smaller target allocations. Their portion of the much smaller pie fell only Source: Dow Jones Private Equity Analyst slightly, to 25.6% from 26.6%, and many of them managed

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to find money for well-regarded existing relationships or Michigan Regents managed to back existing relationships long-sought new ones. in 2009, including ones with Matrix Partners and Caufield & Byers, even though in “Public plans were trying to use the chaotic fund-raising some cases the commitments were smaller than to market to increase the quality of their VC portfolios and tilted predecessor vehicles. their reduced commitments to VC,” said Brian Murphy, managing director at consulting firm Portfolio Advisors LLC. “Michigan is looking to be selective and the bar is “Also, quality VCs still had reasonably short fund-raisings while extremely high,” said Jonathan Harris, president of the buyout funds were taking meaningfully longer. This Alternative Investment Management and a member of the resulted in funds of funds closing more VC commitments and endowment’s advisory board, at a recent conference. representing a larger component of VC and less for buyout. I think this will normalize as market conditions further improve.” Buyout firms, too, opened their arms to new investors as they received less love from existing ones. San Francisco Employees’ Retirement System was able to get commitments to several new VC relationships, ’ heavily oversubscribed Riverside Fund including Trinity Ventures X LP, DFJ Fund X LP and DCM IV LP received healthy commitments from new investors VI LP. Teacher Retirement System of Texas, meanwhile, Illinois State Board of Investment, Arkansas Teacher secured a massive $250 million slot with New Enterprise Retirement System and West Virginia Investment Associates 13 LP, a new relationship. Management Board. Charlesbank Capital Partners easily hit its $1.5 billion hard cap for Charlesbank Equity Fund VII Even the occasional endowment or foundation was LP, inviting in new investors such as Iowa Public able to dig deep into its pockets for particularly strong Employees’ Retirement System and Los Angeles Fire and opportunities. Despite its overallocation, University of Police .

Methodology

The survey on which this report is based was conducted late last In the tables, the ‘other’ category includes such investors as year as part of routine outreach to private equity firms for our the U.S. Small Business Administration, government- Galante’s and Alternative Investment Provider directories. We affiliated funds, retail investors and co-investment funds. also reached out again in early 2010 to firms that we knew raised The tables below show the types of funds that the capital capital last year. We separately sent surveys to placement agents represented in our survey went to, versus overall U.S. and requesting their help, but made sure to eliminate any overlap European fund-raising in 2009. As you can see, the between placement agent and individual fund respondents. percentages in our survey are roughly similar to the overall The data was given to us under the promise that individual percentages as far as buyout and venture goes, with venture firms who responded would be anonymous, and has been used being a bit overrepresented. by us only to put together these industry-wide statistics. In sum, 126 firms and 21 placement agents representing What types of nearly $40 billion of capital responded to our survey. The year before, 98 firms and 22 placement agents representing were the funds earmarked for? more than $70 billion in capital responded to our survey. Not all of the respondents answered every question we asked in 16.9 either year, so the amount of capital represented in the tables 3.0 that accompany the text may not total the overall figures. All funds 4.0 in survey 5.7 50.6 While the amount of capital covered in our most recent Buyout survey is smaller, so too was the amount of capital raised VC 19.8 overall in 2009. In fact, the $40 billion represented in this Mezzanine year’s survey is a considerably larger percentage of the Funds of Funds, either roughly $125 billion raised by U.S. and European private third-party or discretionary equity firms overall in 2009. In 2008, firms raised more than 15.1 Secondary funds $400 billion in total. Overall PE 9.3 Other Differences in our survey results from year to year may be fund-raising 3.8 explained by the simple fact that each year, responses come in 2009 58.5 from different firms, with different investor bases, depending 13.2 on which firms are in the market. In addition, some of the slices of data presented here – venture capital, for instance – rely on fairly small sample sizes. Source: Dow Jones Private Equity Analyst

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Looking To The East International sources among all funds:

While no one type of investor dramatically ramped up in 1.20.7 2009, the same cannot be said when looking at the scene 1.6 6.8 by investor location. Here, it is clear that investors from 2.6 5.4 one region in particular were looking to take advantage of Western Europe 9.7 dislocations in markets: emerging Asia. 2009 47.7 Canada Asia (excluding Japan) Limited partners from Asia, excluding Japan, accounted 10.1 U.K. for 10.1% of capital raised from non-U.S. sources, up 14.3 substantially from 3.1% a year earlier. Australia 1.1 0.9 Middle East 5.7 This was due in part to sovereign wealth funds in the 4.6 Latin America region. Globally, these entities were relatively quiet overall 9.2 Japan in 2009 – our survey shows they accounted for 3.2% of Eastern & Central Europe 2008 49.1 capital raised, down from 5.4% in 2008 – as those with 15.4 Other older programs or located in more troubled regions of the globe like the Middle East backed away from the asset 3.1 10.8 class. But specifically in Asia, several wealth funds remained eager to put money to work, including most Source: Dow Jones Private Equity Analyst notably China Investment Corp. Alternatives Management and Squadron Capital “The increase from Asia reflects large new PE investment Management have all successfully raised capital despite the programs, such as SWFs, coming on stream,” said a partner tough environment. at a New York buyout firm that closed its fund early this year. “We had a substantial increase in Asian commitments.” Investors from this region filled the gap left by LPs in several other areas of the globe. The area to show the largest decline CIC was active in the second half of the year, among other was the U.K., where investors accounted for 9.7% of things committing $1 billion to Oaktree Capital Management international capital commitments, down from 15.4% in 2008. and engaging in an unusual deal with to take an ownership stake in the firm and a portion of some Many U.K.-based investors – particularly listed funds of existing investors’ LP commitments. Already in 2010 it has funds – struggled with liquidity concerns in 2009. given out $1.5 billion in mandates to secondary firms. Additionally, banks and financial institutions account for a larger proportion of LP capital in the U.K. than in many Placement agents said other wealth funds in the region other regions, meaning these investors’ withdrawal from including Korea Investment Corp. and the Government of the asset class was a bigger deal there. Singapore Investment Corp., while less active than usual, still made commitments to the asset class. “It is our sense that in the U.K., banks and financial institutions make up a significant proportion of the LP capital invested in Another factor at work in Asia’s strong showing is likely a private equity funds, so when those institutions suffered in the burgeoning fund-of-funds community. Firms such as Axiom fallout from the financial crisis, it is understandable that their Asia Private Capital Management Services LP, Asia activity would be reflected in lower numbers,” said Monument Group’s Mast. He added that U.K. investors are among Europe’s oldest LPs, meaning they likely had more What percentage of capital came issues with figuring out how to fund undrawn commitments. from the U.S. versus elsewhere? Other Western European investors remained the largest non- Among all firms: U.S. source of capital, accounting for 47.7% of international capital, roughly in line with 49.1% a year earlier.

36.2 U.S. investors Looking Ahead Non-U.S. investors GPs are a bit more optimistic about fund-raising this year 63.8 than last, with the denominator effect receding in importance, LPs having gotten a better handle on their portfolios, and overall economic confidence on the rise. But while there has been a pickup in capital and Source: Dow Jones Private Equity Analyst confidence, it’s from an extremely low base.

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“From an overall market perspective, we saw the first eight Given all that, industry participants think the picture months of 2009 being very slow, with closes over that period depicted in this year’s Sources of Capital survey may driven by hard circles decided upon before September represent the shape of things to come for some time. 2008,” said Kelly DePonte, a partner at placement agent . “There was a noticeable uptick in investor There will certainly be some new investors with capital to interest beginning in September 2009 as investors came spend this year. Sources placement agents are looking at back from summer vacation and confidence increased in public market values – but certainly not a surge in activity.” Continued on page 22

GPs Face Shifting Priorities In The New Investing Environment

The quicksand that fund managers found themselves on in Another characteristic – having low personnel turnover – 2009 resulted in some different priorities in terms of what gained enormous amounts of ground with GPs, with 42% of they looked for in investors. For instance, while having LPs them ranking it as being extremely or very important, up who are long-time, reliable investors remained extremely from 29% in 2008. important to GPs, for the first time, the largest percentage of GPs ranked something else as being extremely or very Turnover among LPs has always been an issue, at public pension important: the ability to meet capital calls. funds in particular, where investment professionals are apt to move on quickly to better paying jobs in the private sector. But Also, the emphasis that GPs place on investors’ ability to in the downturn, the effect this has on GPs is more apparent, as make large commitments is declining, with 54% saying this new personnel means funds have to come in and do a hard sell was extremely or very important in this year’s survey, down once again on the value of their investment strategy. from 59% in 2008. “Any bias that GPs may have had in favor of investors that could make large commitments is largely “GPs don’t like turnover with LPs because they lose gone,” said Shannon Advisors’ O’Gara. “Right now the first institutional memory at the LP, so it takes more due diligence and last goal is to get the fund raised.” time, and change adds risk,” said Portfolio Advisors’ Murphy.

How important is it to you that LPs… 2009 2008 Are long time/reliable investors? Are long time/reliable investors? 42.3% 39.6% (82.0%) 51.1% 37.0% (88.1%) Make large commitments? Make large commitments? 19.1% 34.5% (53.6%) 19.6% 39.1% (58.7%)

Make small commitments? Make small commitments? 1.8%18.3% (20.2%) 5.6% 14.6% (20.2%)

Can commit capital quickly? Can commit capital quickly? 13.6% 50.9% (64.5%) 21.7% 47.8% (69.5%) Aren't subject to FOIA? Aren't subject to FOIA? 6.5%12.0% (18.5%) 6.7%11.2% (17.9%)

Are knowledgable about PE? Are knowledgable about PE? 22.9% 43.1% (66.1%) 25.3% 39.6% (64.9%)

Have low personnel turnover? Have low personnel turnover? 6.5% 35.2% (41.7%) 4.4% 24.4% (28.8%)

Meet capital calls? Meet capital calls? 57.3% 30.9% (88.2%) 52.2% 32.6% (84.8%)

0 20 40 60 80 100% 0 20 40 60 80 100% Extremely Very (%) Cumulative Total Source: Dow Jones Private Equity Analyst

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Guide To Advisers

Contact(s) Contact(s) 4vco Ltd. Chason Beggerow, Partner Gary Robertson, Senior Vice President Langdale House, 11 Marshalsea Road [email protected] [email protected] London SE1 1EN England Phone: 44-20-7785-6999 | Fax: 44-870-787-7859 Nicola Bayless, Associate Michael Bise, Vice President www.4vco.com | [email protected] [email protected] [email protected] Contact(s) Year founded 1998 Year founded 1973 Tony Piper, Director Services offered Number of private equity [email protected] Asset Allocation Reviews consultants on staff 2 Year founded 2002 Cash Flow Forecasting Number of clients 300 Fund Manager Searches Number of private equity Risk Management Services offered consultants on staff 4 Portfolio Monitoring Asset Allocation Reviews Number of clients 80 Performance Evaluation Cash Flow Forecasting Education Fund Manager Searches Dollar value of private equity assets Risk Management managed by clients $42 billion Geographic preferences Portfolio Monitoring Global Services offered Performance Evaluation Private equity systems consulting Education Special Projects Geographic preferences Asset Consulting Group Inc. International 231 S. Bemiston Ave., 14th Floor Pricing Negotiated Pricing St. Louis, MO 63105 Time and materials Phone: 314-862-4848 Representative clients www.acgnet.com | [email protected] Utah Retirement Systems, Orange County Representative clients Retirement System Allianz Private Equity Partners (Germany), Apax Contact(s) Partners, Bridges Community Ventures Ltd., Michael J. Christ, CFA, Managing Director CACEIS, Candover PLC, Capvis Equity Partners Daniel C. Tarlas, CFA, Managing Director Cambridge Associates LLC AG, Coller Capital, Doughty Hanson, Dunedin Capital Partners Ltd., European Bank for George A. Tarlas, CFA, Managing Director 100 Summer St. Reconstruction & Development, Gjensidige Jason C. Pulos, CFA, JD, Managing Director Boston, MA 02110 Phone: 617-457-7500 Forsikring BA, Gresham LLP, HitecVision Private Year founded 1989 Equity AS, International Private Equity Services Fax: 617-457-7501 Ltd., ISIS Equity Partners PLC, KLP Number of clients 80 www.cambridgeassociates.com Kapitalforvaltning AS, LGV Capital Ltd., LMS Dollar value of private equity assets Branch office(s) Capital, , Public Investment Corp. SA, managed by clients $50 billion 4100 N. Fairfax Drive, Suite 1300 Silverfleet Capital, Storebrand Kapitalforvaltning Arlington, VA 22203 Services offered AS, SVG Advisers Phone: 703-526-8500 | Fax: 703-526-8501 Asset Allocation Reviews Fund Manager Searches 2001 Ross Ave., Suite 2600 Altius Associates Portfolio Monitoring Dallas, TX 75201 Performance Evaluation Phone: 214-468-2800 | Fax: 214-468-2801 20 Grosvenor Place, Second Floor Education London SW1X 7HN England 2730 Sand Hill Road, Suite 200 Phone: 44-20-7838-7640 Representative clients Menlo Park, CA 94025 www.altius-associates.com Corporate, public, private, charitable, insurance Phone: 650-854-8400 | Fax: 650-854-8415 [email protected] reserves, endowments, high-net-worth 80 Victoria St., Fourth Floor, Cardinal Place individuals, family limited partnerships Branch office(s) London SW1E 5JL England 6641 W. Broad St., Suite 402 Phone: 44-20-7592-2200 | Fax: 44-20-7592-2201 Richmond, VA 23230 Callan Associates Inc. Contact(s) Phone: 804-282-9000 | Fax: 804-282-6767 Sandra Urie, CFA, President & CEO 101 California St., Suite 3500 [email protected] Level 31, 6 Battery Road San Francisco, CA 94111 Singapore 49909 Phone: 415-274-3037 | Fax: 415-291-4017 Deirdre D. Nectow, Director, Business Phone: 65-6320-8395 | Fax: 65-6320-8396 www.callan.com Development & Managing Director [email protected]

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Year founded 1973 Branch office(s) 888 Seventh Ave., Suite 602 Ellwood Associates Services offered 33 W. Monroe St., Suite 1850 Asset Allocation Reviews New York, NY 10019 Phone: 212-245-0320 | Fax: 212-245-0193 Chicago, IL 60603 Cash Flow Forecasting Phone: 312-782-5432 | Fax: 312-782-7494 Fund Manager Searches Contact(s) www.ellwoodassociates.com Risk Management Barbara Smith, Senior Managing Director [email protected] Portfolio Monitoring [email protected] Performance Evaluation Contact(s) Dennis Sugino, President Scott Meggenberg, Senior Consultant Education [email protected] Benchmarking [email protected] Tom Lynch, Managing Director Year founded 1977 [email protected] Capital Dynamics AG Number of private equity Gabrielle Zadra, Managing Director consultants on staff 14 Bahnhofstrasse 22 [email protected] Number of clients 130 Zug 6301 Switzerland Year founded 2004 Phone: 41-41-748-8444 | Fax: 41-41-748-8440 Dollar value of private equity assets www.capdyn.com | [email protected] Number of private equity consultants on staff managed by clients $317.85 million 5 consultants, 10 research staff Branch office(s) Services offered 21 Sackville St., First Floor Number of clients 22 total clients, Asset Allocation Reviews London W1S 3DN England 14 private equity clients Cash Flow Forecasting Phone: 44-20-7297-0200 | Fax: 44-20-7297-0299 Dollar value of private equity assets Fund Manager Searches 645 Madison Ave., 19th Floor managed by clients $3 billion Risk Management New York, NY 10022 Services offered Portfolio Monitoring Phone: 212-798-3400 | Fax: 212-798-3499 Asset Allocation Reviews Performance Evaluation Education 2440 Sand Hill Road, Suite 201 Cash Flow Forecasting Menlo Park, CA 94025 Fund Manager Searches Geographic preferences Phone: 650-388-7000 | Fax: 650-388-7099 Risk Management Global with a U.S. emphasis Portfolio Monitoring 16/F Nexxus Building, 41 Connaught Road Pricing Performance Evaluation Asset-based Central, Hong Kong, China Education Phone: 852-3757-9818 | Fax: 852-3757-9401 Geographic preferences Year founded 1988 Global Ennis Knupp & Associates Inc. Services offered Pricing 10 S. Riverside, Suite 1600 Asset Allocation Reviews Services are priced either as a fixed Chicago, IL 60606 Cash Flow Forecasting annual retainer or as a percentage Phone: 312-715-1700 | Fax: 312-715-1952 Fund Manager Searches of assets under advisement. www.ennisknupp.com Risk Management Branch office(s) Portfolio Monitoring Representative clients Raheja Chambers, 213 Nariman Point Performance Evaluation Institutional investors, including large Second Floor, Office #214 Education public and private pension funds, Mumbai 400021 India Funds of Funds, Managed Accounts, endowments and foundations. Phone: 91-22-4050-9200 | Fax: 91-22-4050-9300 Structuring 1920 Yonge St., Suite 200 Geographic preferences Complementa Toronto, ON M4S 3E2 Canada Europe, North America, Asia/Oceania Gaiserwaldstrasse 14 Phone: 647-288-1823 | Fax: 312-715-1952 Pricing St. Gallen CH-9015 Switzerland Contact(s) In line with the market Phone: 41-71-3138-484 | Fax: 41-71-3138-485 Brett Nelson, Principal Representative clients www.complementa.ch | [email protected] [email protected] Washington State Investment Board, Rolls- Branch office(s) Rob Parkinson, Associate Royce Pension Fund, Greater Manchester Stampfenbachstrasse 138 [email protected] Pension Fund, Merseyside Pension Fund, AIG, Zurich CH-8006 Switzerland Prudential Financial, Zurich Financial Services Phone: 41-44-368-3090 | Fax: 41-44-368-3091 Eric Denneny, Senior Investment Analyst [email protected] Contact(s) Michael Brandenberger, President & CEO Amy Hauke, Senior Investment Analyst Cliffwater LLC [email protected] 4640 Admiralty Way, 11th Floor Adrian Gautschi, Head, Investment Consulting Dan Kim, Senior Investment Analyst Marina del Rey, CA 90292 Year founded 1984 Phone: 310-448-5000 | Fax: 310-448-5001 [email protected] Services offered www.cliffwater.com | [email protected] Shari Young, Senior Investment Analyst Asset Allocation Reviews [email protected] Fund Manager Searches Organizational Consulting Chris Brandely, Back Office Manager [email protected]

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Mike Sheran, Investment Analyst William G. Goslee, Senior Vice President & Services offered [email protected] Head, Sales & Marketing Asset Allocation Reviews Eric Griffin, Investment Analyst [email protected] Cash Flow Forecasting [email protected] Will McIntosh, Ph.D., Chief Investment Officer Fund Manager Searches [email protected] Portfolio Monitoring Year founded 1981 Performance Evaluation Number of private equity Christopher M. Meyer, CFA, Managing Principal Education [email protected] consultants on staff 13 Pricing Number of clients 35 Nathan C. Werner, CFA, Vice President Flat rate or based upon commitments and Research Analyst, Private Capital, Dollar value of private equity assets Venture Capital managed by clients $35 billion [email protected] Hewitt Associates Services offered Michael J. Oyster, CFA, Managing Principal 100 Half Day Road Asset Allocation Reviews [email protected] Lincolnshire, IL 60069 Cash Flow Forecasting Nolan M. Bean, CFA, CAIA, Vice President Phone: 847-295-5000 Fund Manager Searches www.hewittinvest.com Risk Management [email protected] Portfolio Monitoring Year founded 1988 Contact(s) Performance Evaluation Bryan Ward, Senior Consultant Number of private equity [email protected] Education consultants on staff 17 Nate Krogman, Senior Consultant Number of clients 253 [email protected] Evaluation Associates Dollar value of private equity assets Darren Patrick, Senior Consultant 200 Connecticut Ave., Suite 700 managed by clients $2.5 billion [email protected] Norwalk, CT 06854 Services offered Year founded 1974 Phone: 203-855-2200 Asset Allocation Reviews www.evaluationassociates.com Fund Manager Searches Number of private equity Contact(s) Portfolio Monitoring consultants on staff 6 Reid Smith, Director, Private Markets Research Performance Evaluation Number of clients 128 [email protected] Education Dollar value of private equity assets Year founded 1976 Pricing managed by clients $400 million Services offered A retainer-based fee schedule based on Services offered Asset Allocation Reviews percentage of assets. Also, a project-based Asset Allocation Reviews Cash Flow Forecasting fee schedule. Cash Flow Forecasting Fund Manager Searches Fund Manager Searches Risk Management Risk Management Portfolio Monitoring Hammond Associates Portfolio Monitoring Performance Evaluation 101 S. Hanley Road, Third Floor Performance Evaluation Education St. Louis, MO 63105 Education Phone: 314-746-1600 | Fax: 314--746-1699 www.hammondassociates.com Geographic preferences Global Fund Evaluation Group LLC Branch office(s) 201 E. Fifth St., Suite 1600 1149 Laurel St. Pricing Cincinnati, OH 45202 San Carlos, CA 94070 Ad-hoc or retainer Phone: 513-977-4400 | Fax: 513-977-4430 Phone: 650-489-4885 www.feg.com | [email protected] Contact(s) Holbein Associates Inc. Branch office(s) Michael Forestner, Director, Private Markets 15770 Dallas Parkway, Suite 901 1 Indiana Square, Suite 2575 [email protected] Dallas, TX 75248 Indianapolis, IN 46204 Harry Leggat, Associate Director, Phone: 972-934-9333 | Fax: 972-934-9389 Phone: 317-615-7454 | Fax: 317-615-7455 Private Markets www.holbein.com 3011 W. Grand Blvd., Suite 2125 [email protected] Contact(s) Detroit, MI 48202 Grant Leslie, Senior Research Analyst Richard Holbein, President Phone: 313-875-4300 | Fax: 313-875-4343 [email protected] [email protected] 144 Star View Drive Year founded 1985 Harlow Tripp, Analyst Rexburg, ID 83440 [email protected] Phone: 208-656-9933 | Fax: 208-359-0857 Number of private equity consultants on staff 4 Carolee Baldwin, Operations Manager Contact(s) [email protected] Susan M. Fasig, CFA, Managing Principal & Number of clients 45 Director, Alternative Investments Dollar value of private equity assets Year founded 1986 [email protected] managed by clients $3.9 billion

Sponsored By Sources of Capital 11 Dow Jones Private Equity Analyst

Services offered Contact(s) Asset Allocation Reviews John Weeda, Executive Director LP Capital Advisors LLC Cash Flow Forecasting [email protected] 520 Capital Mall, Suite 750 Fund Manager Searches Sacramento, CA 95814 Patrick McCullagh, Executive Director Phone: 916-231-3900 | Fax: 916-244-0428 Risk Management [email protected] Portfolio Monitoring www.lpcapitaladvisors.com Performance Evaluation Amy Newlan, Vice President [email protected] Education [email protected] Branch office(s) Pricing Year founded 2005 545 Boylston St., Second Floor Annual full retainer or project basis Number of private equity Boston, MA 02116 consultants on staff 200+ Phone: 617-830-2310 | Fax: 617-830-0207 Number of clients 100+ 310 S. Main St., Suite 1310 IKE & Partners Salt Lake City, UT 84101 Piazza A. Verdi, 23 Dollar value of private equity assets Phone: 801-521-3260 | Fax: 916-244-0428 managed by clients $225 billion La Spezia 19121 Italy Contact(s) Phone: 39-01-8777-0325 | Fax: 39-01-8725-6322 Services offered Donn Cox, Managing Director www.equitycapital.it | [email protected] Cash Flow Forecasting [email protected] Branch office(s) Portfolio Monitoring Performance Evaluation Michael Elio, Managing Director Piazza del Popolo, 18 [email protected] Rome 00187 Italy & Distribution Processing Phone: 39-06-3671-2837 Outstanding Commitment Monitoring Year founded 2004 Cash Flow Tracking & Forecasting Contact(s) Number of private equity Statement Reconciliation consultants on staff 31 Dr. Alessandra Marossa, Chief Executive Officer Pricing & Valuation Support Year founded 2004 Performance Analytics Number of clients 8 Geographic preferences Underlying Portfolio Company Monitoring, Dollar value of private equity assets Italy & Validation of Key Financial Limited managed by clients $76 billion Partnership Agreement Terms Services offered Geographic preferences Asset Allocation Reviews Itaventure Capital Partners New York, London, Luxembourg, Channel Cash Flow Forecasting Via Emilia, 88 Islands, Sydney, Chicago, San Francisco, Dallas Fund Manager Searches Rome, 00187 Italy Representative clients Risk Management Phone: 39-0187-770325 | Fax: 39-0187-770325 Pensions, Investment Managers Portfolio Monitoring www.privateequity.it Performance Evaluation [email protected] Education Contact(s) Lowery Asset Consulting LLC Geographic preferences Katia Mengozzi, Chief Financial Officer 20 N. Wacker Drive, Suite 1475 Global [email protected] Chicago, IL 60606 Pricing Year founded 1998 Phone: 312-759-2314 | Fax: 312-759-2324 Depends on client engagement www.lac-chicago.com | [email protected] Geographic preferences Italy Contact(s) William G. Lowery, President & CEO Meketa Investment Group Inc. Joseph D. Taiber, CFA, Executive Vice President 100 Lowder Brook Drive, Suite 1100 J.P. Morgan Private Equity & & Director, Alternative Investment Research Westwood, MA 02090 Property Services Phone: 781-471-3500 | Fax: 781-471-3411 Phillip J. Kosmala, CFA, Executive Vice www.meketagroup.com 1 Chase Manhattan Plaza President & Director, Manager Research Branch office(s) New York, NY 10001 Dorothy E. Bossung, Executive Vice President Phone: 212-552-4100 5796 Armada Drive, Suite 110 www.jpmorgan.com/visit/peps Services offered Carlsbad, CA 92008 [email protected] Asset Allocation Reviews Phone: 760-795-3450 | Fax: 760-795-3445 Fund Manager Searches Branch office(s) Contact(s) Portfolio Monitoring John A. Haggerty, CFA, Managing Principal & 60 Victoria Embankment Performance Evaluation London EC4Y 0JP England Director, Private Market Investments Phone: 44-20-7325-9566 Representative clients [email protected] Pensions, profit sharing plans, foundations, Kunal K. Shah, Associate Principal 259 George St. endowments, high-net-worth families Sydney 2000 Australia [email protected] Phone: 612-9250-4054 Year founded 1978 Number of private equity consultants on staff 10 Number of clients 28

Sponsored By 12 Sources of Capital Dow Jones Private Equity Analyst

Dollar value of private equity assets 201 17th St., Suite 300 Kevin Tatlow, CAIA, Senior Consultant, managed by clients $4.8 billion Atlanta, GA 30363 Private Markets Services offered Phone: 678-538-6678 | Fax: 678-538-6501 [email protected] Asset Allocation Reviews 250 E. Wisconsin Ave., Suite 1800 Claire Woolston, Consultant, Private Markets Cash Flow Forecasting Milwaukee, WI 53202 [email protected] Fund Manager Searches Phone: 414-289-7152 | Fax: 414-347-7877 Jeffrey Roberts, Senior Analyst Risk Management The Huntington Building [email protected] Portfolio Monitoring 925 Euclid Ave., Suite 647 Performance Evaluation Siddique Haq, Analyst Cleveland, OH 44115 [email protected] Education Phone: 216-589-9440 | Fax: 216-589-9460 Custom Portfolio Development Evan Rossman, Analyst Contact(s) [email protected] Geographic preferences Alan Glazer, Senior Principal Global [email protected] Year founded 1986 Pricing Daniel F. Dooley, Principal & COO Number of private equity consultants Depends on the services provided [email protected] on staff 5 consultants, 3 analysts Representative clients James P. Ross, Principal Number of clients 279 clients; Public Pensions, Taft-Hartley Pensions, [email protected] 93 with private equity investments and other institutions Larry Hennessy, Principal & CFO Dollar value of private equity assets [email protected] managed by clients $14.5 billion Mercer Investment Consulting Howard Korenthal, Principal Services offered 1166 Ave. of the Americas [email protected] Asset Allocation Reviews New York, NY 10036 Cash Flow Forecasting Ken Yager, Principal Fund Manager Searches Phone: 212-345-7000 | Fax: 212-345-7414 [email protected] www.merceric.com Risk Management Domenic Aversa, Principal Portfolio Monitoring Branch office(s) [email protected] Performance Evaluation 1981 McGill College Ave., Bureau 800 Year founded 1980 Education Montreal, QC H3A 3T5 Canada PE Plan Structure Phone: 514-285-1802 | Fax: 514-285-8831 Manager Search 1 Tower Place W., Tower Place NEPC LLC Special Projects London EC3R 5BU England 1 Main St., Eighth Floor Geographic preferences Phone: 44-20-7626-6000 | Fax: 44-20-7929-7445 Cambridge, MA 02142 U.S., Europe, Asia 155 N. Wacker Drive, 15th Floor Phone: 617-374-1300 | Fax: 617-374-1313 Pricing Chicago, IL 60606 www.nepc.com | [email protected] Retainer- and project-based Phone: 312-917-9900 | Fax: 312-917-8999 Branch office(s) Representative clients Contact(s) 300 River Place, Suite 4900 18 corporate clients, 19 endowment/ Andrew Kramer, Director, Marketing Detroit, MI 48207 foundation funds, 31 public funds, [email protected] Phone: 313-568-1401 | Fax: 313-568-1408 20 Taft-Hartley funds, 5 private trusts Year founded 1972 632 South Rainbow Blvd., Suite 105 Services offered Las Vegas, NV 89118 Asset Allocation Reviews Phone: 702-248-4121 | Fax: 702-248-6207 Pension Consulting Alliance Inc. Cash Flow Forecasting 900 Veterans Blvd., Suite 340 514 NW 11th Ave., Suite 203 Fund Manager Searches Redwood City, CA 94063 Portland, OR 97209 Risk Management Phone: 650-364-7000 | Fax: 650-364-7100 Phone: 503-226-1050 | Fax: 503-226-7702 Portfolio Monitoring www.pensionconsulting.com The Palladium Performance Evaluation 5113 Piper Station Drive, Suite 205 Branch office(s) Education Charlotte, NC 28277 15760 Ventura Blvd., Suite 700 Pricing Phone: 617-374-1300 | Fax: 617-374-1313 Encino, CA 91436 Hard dollar – fee for service Phone: 818-995-8713 | Fax: 818-990-7403 Contact(s) Sean Gill, CFA, CAIA, Partner, Alternative Assets 80 Broad St., Fifth Floor [email protected] New York, NY 10004 MorrisAnderson Phone: 212-504-2900 | Fax: 212-504-2901 William Monagle, CPA, Partner & Senior 55 W. Monroe St., Suite 2500 2052 N. Lincoln Park W., Suite 1602 Chicago, IL 60603 Strategist, Private Markets [email protected] Chicago, IL 60614 Phone: 312-254-0880 | Fax: 312-727-0180 Phone: 773-251-4889 | Fax: 312-245-0831 www.morrisanderson.com Eric Harnish, Senior Consultant & Director, 1487 Berriedale Court Branch office(s) Private Markets Research [email protected] Folsom, CA 95630 51 E. 42nd St., Suite 700 Phone: 916-294-7513 | Fax: 916-294-7514 New York, NY 10017 Phone: 212-867-6868 | Fax: 212-867-7831

Sponsored By Sources of Capital 13 Dow Jones Private Equity Analyst

Contact(s) Year founded 2002 SCM Strategic Capital Mike Moy, Managing Director Number of clients 55 [email protected] Management AG Services offered Kasernenstrasse 77b Tad Fergusson, CFA, Managing Director Asset Allocation Reviews [email protected] Zurich 8004 Switzerland Cash Flow Forecasting Phone: 41-43-499-49-49 | Fax: 41-43-499-49-50 Year founded 1988 Fund Manager Searches www.scmag.com | [email protected] Pricing Risk Management Portfolio Monitoring Branch office(s) Services are provided on a retainer 3/F Three Pacific Place, 1 Queen’s Road E. or project basis Performance Evaluation Education Hong Kong China Phone: 852-2855-6930 | Fax: 852-2855-6929 Pricing Prime Buchholz & Associates Inc. Fixed-fee and asset-based 1 Westferry Circus, Canary Wharf, Second Floor 25 Chestnut St. London E14 4HD England Portsmouth, NH 03801 Phone: 44-20-7099-2093 Phone: 603-433-1143 | Fax: 603-433-8661 Rogerscasey Contact(s) www.primebuchholz.com 1 Parklands Drive Mirjam Aeppli, Business Development Manager [email protected] Darien, CT 06820 [email protected] Branch office(s) Phone: 203-656-5900 | Fax: 203-656-2236 Stefan Hepp, Founder & CEO 10 Post Office Square, North Tower, Suite 580 www.rogerscasey.com [email protected] Boston, MA 02109 Branch office(s) Ralph Aerni, Chief Investment Officer 7 Piedmont Center 400 Galeria Parkway NW, Suite 1440 [email protected] 3525 Piedmont Road, Suite 300 Altanta, GA 30339-5993 Phone: 770-541-4848 | Fax: 770-541-4849 Jean-Claude Croset, CFO & COO Atlanta, GA 30305 [email protected] 30 W. Monroe St., Suite 910 Contact(s) Year founded 1996 Thomas Lupone, Principal Chicago, IL 60603-2405 [email protected] Phone: 312-575-1800 | Fax: 312-575-1960 Number of private equity consultants on staff 25 Jared Fuller, Senior Research Analyst 66 Long Wharf, Fourth Floor [email protected] Boston, MA 02110-3620 Number of clients >15 Phone: 857-233-0420 | Fax: 617-742-0185 Valentina Dingle, Director of Marketing Dollar value of private equity assets [email protected] 121 SW Salmon St., Suite 725 managed by clients $6.5 billion Portland, OR 97204-3215 Year founded 1988 Phone: 503-239-9590 | Fax: 503-241-7730 Services offered Asset Allocation Reviews Number of clients 260 Contact(s) Cash Flow Forecasting Services offered Alan Kosan, Managing Director Fund Manager Searches Asset Allocation Reviews [email protected] Risk Management Cash Flow Forecasting Donna Rosequist, Associate Director Portfolio Monitoring Fund Manager Searches [email protected] Performance Evaluation Risk Management Discretionary & Non-Discretionary Portfolio Monitoring Mallika Nair, Associate Consulting Mandates [email protected] Performance Evaluation Geographic preferences Education Year founded 1968 All countries/regions Special Projects Number of private equity Pricing Pricing consultants on staff 6 Upon request Asset-based fee Number of clients 15 Representative clients Dollar value of private equity assets Foundations, endowments, pensions managed by clients $1.7 billion Segal Advisors 333 W. 34th St. Services offered New York, NY 10001-2402 Rocaton Investment Advisors LLC Asset Allocation Reviews Phone: 212-251-5900 | Fax: 212-251-5290 601 Merritt 7 Cash Flow Forecasting www.segaladvisors.com Norwalk, CT 06851 Fund Manager Searches Risk Management Branch office(s) Phone: 203-621-1700 | Fax: 203-621-1799 116 Huntington Ave., Eighth Floor www.rocaton.com Portfolio Monitoring Performance Evaluation Boston, MA 02116 Contact(s) Education Phone: 617-424-7300 | Fax: 617-424-7390 David Katz, Partner Discretionary Account Management 1300 E. Ninth St., Suite 1900 [email protected] Geographic preferences Cleveland, OH 44114-1593 Carla Haugen, Partner Global Phone: 216-687-4400 | Fax: 216-687-4490 [email protected]

Sponsored By 14 Sources of Capital Dow Jones Private Equity Analyst

330 N. Brand Blvd., Suite 500 Services offered Glendale, CA 91203-2308 Asset Allocation Reviews Towers Watson Phone: 818-956-6700 | Fax: 818-956-6790 Cash Flow Forecasting 875 Third Ave. New York, NY 10022 45 St. Clair Ave. W., Suite 802 Fund Manager Searches Risk Management Phone: 212-725-7550 | Fax: 212-644-7432 Toronto, ON M4V 1K9 Canada www.towerswatson.com Phone: 416-969-3960 | Fax: 416-961-2101 Portfolio Monitoring Performance Evaluation Branch office(s) Contact(s) State Street Private Equity Index 335 Madison Ave. John DeMairo, Chief Operating Officer & Geographic preferences New York, NY 10017 Senior Vice President Phone: 212-309-3400 | Fax: 212-309-0975 [email protected] Worldwide Pricing 1925 Century Park E., Suite 1500 Robert A. Liberto, Senior Vice President Los Angeles, CA 90067 [email protected] Client by client basis based on the scope of services provided Phone: 310-551-5600 | Fax: 310-551-5757 Lawrence Marino, CFA, Senior Vice President Services offered [email protected] Representative clients Fund of fund managers, pension funds, Asset Allocation Reviews Richard Ranallo, CFA, Senior Vice President endowments, sovereign wealth funds Fund Manager Searches [email protected] Risk Management Year founded 1969 Portfolio Monitoring Strategic Investment Performance Evaluation Pricing Fees are assessed on a project-to-project Solutions Inc. basis, on a retainer or by hourly time charges 333 Bush St., Suite 2000 Wainwright Investment San Francisco, CA 94104 Phone: 415-362-3484 Counsel LLC State Street Investment Analytics www.sis-sf.com 1 Boston Place State Street Financial Center, 1 Lincoln St. Boston, MA 02108 Contact(s) Phone: 617-531-3100 | Fax: 617-531-3140 Boston, MA 02111 Michael R. Beasley, Managing Director Phone: 617-786-3000 www.winvcounsel.com www.statestreet.com/analytics Barry Dennis, Managing Director [email protected] Branch office(s) John Meier, CFA, Managing Director Year founded 1994 20 Churchill Place, Canary Wharf Pete Keliuotis, CFA, Managing Director Services offered London E14 5HJ England Year founded 1994 Asset Allocation Reviews Phone: 44-20-3395-7000 Fund Manager Searches Pricing Portfolio Monitoring 525 Ferry Road Road, Crewe Toll Each client engagement is unique Edinburgh EH5 2AW Scotland Phone: 44-13-1315-2000 Yanni Partners Inc. Thomas R. Malthusstraat 1-3, Summit Strategies Group 310 Grant St., Suite 3000 Adam Smith Building 8182 Maryland Ave Pittsburgh, PA 15219 Amsterdam 1066 JR The Netherlands St. Louis, MO 63105 Phone: 412-232-1000 Phone: 31-20-708-5612 Phone: 314-727-7211 www.yannipartners.com www.summitstrategies.com 88 Phillip St., Aurora Place Contact(s) Sydney, NSW 2000 Australia Contact(s) David Hammerstein, CFA, Principal, Phone: 61-2-9240-7600 Chris Keller, Vice President Chief Strategist Contact(s) [email protected] [email protected] Christopher Ward, Business Development Year founded 1995 Year founded 1989 [email protected] Number of private equity Services offered Niels Hagemans, Business Development consultants on staff 7 Asset Allocation Reviews [email protected] Number of clients 65 Cash Flow Forecasting Year founded 1994 Fund Manager Searches Dollar value of private equity assets Portfolio Monitoring Number of private equity managed by clients $5 billion consultants on staff 50 Performance Evaluation Services offered Education Number of clients 100+ Asset Allocation Reviews Dollar value of private equity assets managed Cash Flow Forecasting by clients $300 billion in commitments Fund Manager Searches Risk Management Portfolio Monitoring Performance Evaluation Education

Sponsored By Sources of Capital 15 Dow Jones Private Equity Analyst

Guide To Placement Agents

–On-target, effective sales presentations and Acanthus Advisers LLP Ariane Capital Partners LLC accurate representation 10-12 Blandford St. 501 Candace Lane, Suite 100 –Entrepreneurial, personal, focused effort London W1U 4AY England Villanova, PA 19085 –Savvy translation of investor’s current Phone: 44-207-317-5850 | Fax: 44-207-317-5851 Phone: 610-525-0749 | Fax: 610-525-5618 allocation needs www.acanthus.eu.com | [email protected] www.arianepartners.com –Quicken inflow of Year founded 1998 [email protected] –Sensitivity to time constraints on investor and consultant/advisor communities Specialties Year founded 2000 Typically mid-market funds, ¤100 million Specialties Equitable compensation: to ¤1 billion, any stage. The firm specializes in advisory services for –Consultation retainer to create the product venture capital and small-cap buyout funds message and requisite materials for clear with goals of $100 million to $250 million or and efficient communication Almeida Capital Ltd. more. The firm is a FINRA registered broker/ –Marketing performance fees based Burleigh House, 357 Strand dealer focused on placement of private equity on production London WC2R 0HS England LP interest to institutions and family offices. Phone: 44-207-845-7575 | Fax: 44-207-845-7599 Sub-specialties include mezzanine, venture www.almeidacapital.com lending and funds of funds. Atlantic Bridge BV [email protected] Nieuwe Uitleg 10 Year founded 1999 Asset Management Group Inc. The Hague 2514 Netherlands Phone: 31-70-363-0223 | Fax: 31-84-746-1928 Specialties 60 Long Ridge Road www.atlantic-bridge.eu | [email protected] Fund placement for buyout, venture and Stamford, CT 06902 mezzanine funds up to $1 billion in size. Phone: 203-964-8300 | Fax: 203-487-7466 Year founded 2001 Fund-raising from European LP’s for brand www.amgplanning.com Specialties name and emerging private equity managers, [email protected] The firm specializes in insurance and based in the U.S. and Asia. Project Year founded 1989 pension funds in Scandinavia, the Benelux management of fund-raising campaigns for region, Germany and Switzerland. large brand name buyout groups, advising buyers and sellers on secondary transactions. Asset Management Services LLC 111 John St., Suite 2600 Atlantic-Pacific Capital Alternative Investment New York, NY 10006 102 Greenwich Ave., Second Floor Phone: 212-385-9482 | Fax: 212-385-9481 Greenwich, CT 06830 Source LLC www.assetmanllc.com | [email protected] Phone: 203-862-9182 | Fax: 203-622-0125 1601 Market St., Suite 2310 www.apcap.com Year founded 1989 Philadelphia, PA 19103 Year founded 1995 Phone: 215-751-0524 | Fax: 215-751-0545 Specialties www.altinsource.com | [email protected] The firm assists fund managers not well known in the North American institutional market Year founded 2000 AXON Partners AG place with strategic product development, Bahnhofplatz, P.O. Box 4640 Specialties presentation materials and establishing their Zug, 6300 Switzerland The firm provides full turn-key, LP investor base. diversification and top-off raises. The firm Phone: 41-41-729-07-00 | Fax: 41-41-729-07-01 The firm is in regular contact with thousands www.axonpartners.biz also provides specialized, fee-based of caretakers of assets who manage the asset Year founded 2004 consulting services such as pre-launch allocations for pension plans, endowments, preparation/positioning, Web site foundations, family offices, funds and funds enhancement, market analysis and of funds. strategic positioning. Banc of America Securities LLC Benefits the firm provides include: 600 Montgomery St. –Early introduction to new, outstanding San Francisco, CA 94111 managers Phone: 415-627-2000 | Fax: 415-627-2028 For U.S.-based firms, we have –Cost effective, customized ready-to-go www.bofasecurities.com verified that either the firms or at marketing team least one individual listed on their Web site are registered with either FINRA or the SEC.

Sponsored By 16 Sources of Capital Dow Jones Private Equity Analyst

managers including the sale or restructuring Beacon Hill Financial Corp. Bridge 1 of secondary interests in private equity funds 120 Water St. 6 Landmark Square, Suite 400 and portfolios of direct private equity Boston, MA 02109 Stamford, CT 06901 investments, and of Phone: 617-973-6900 | Fax: 617-973-9888 Phone: 203-359-5653 private equity fund management firms. www.beaconhillfinancial.com www.bridge1.us [email protected] Year founded 1982 Candela Capital Brittany Capital Group Inc. 17 E. Parade Specialties 666 Fifth Ave., 26th Floor Harrogate, North Yorkshire HG1 5LF England Alternative investments (LBOs, venture New York, NY 10103 Phone: 44-1423-560918 | Fax: 44-1423-560958 capital, corporate restructurings). Phone: 212-265-6047 | Fax: 212-265-6152 www.candela-capital.com www.britcap.com | [email protected] [email protected] Bel Air Securities LLC Year founded 1996 Year founded 2003 1999 Avenue of the Stars, Suite 2800 Specialties Specialties Los Angeles, CA 90067 The firm works with a wide variety of The firm specializes in venture capital, lower Phone: 310-229-1500 alternative investment fund sponsors including mid-market buyout and real assets. www.belair-llc.com | [email protected] spin-outs, , venture capital, Year founded 1997 mezzanine, primary and secondary , , SBIC, strategic alliance, Capstone Partners LP captive and hedge funds. 1 Galleria Tower Benedetto Gartland & Co. 13355 Noel Road, Suite 1050 Dallas, TX 75240 1330 Avenue of the Americas Brookvine New York, NY 10019 Phone: 972-980-5800 | Fax: 972-980-5801 Phone: 212-424-9700 | Fax: 212-262-8708 60 Moncur St., Suite 2 www.csplp.com | [email protected] www.bgg.com | [email protected] Woollahra, NSW 2025 Australia Year founded 2001 Phone: 61-2-9328-6445 | Fax: 61-2-9326-1311 Year founded 1988 www.brookvine.com | [email protected] Specialties In addition to its core fund-raising business, Specialties Year founded 2001 the firm also provides strategic planning and The firm specializes in placement agent consulting services on an ‘a la carte’ basis, services for domestic and international private investor relations services aimed at continuing equity, venture capital and hedge funds. Calyon active contact with potential investors as well La Defense Cedex as advising limited partners and general Bentley Associates LP 9 quai du President Paul Doumer partners on the sale or restructuring of Paris 92920 France secondary interests in private equity funds. 360 Lexington Ave., Third Floor Phone: 33-1-41-89-00-00 New York, NY 10017 www.calyon.com Phone: 212-972-8700 | Fax: 212-972-1820 Year founded 1985 Carver Cross Securities www.bentleylp.com | [email protected] P.O. Box 223 Year founded 2004 Specialties Bronxville, NY 10020 Within the corporate Specialties Phone: 212-292-7801 | Fax: 212-292-7805 division of the bank, the private placement www.carvercross.com | [email protected] The firm offers full, supplemental, partial or group, which is headquartered in Paris, sector-specific placements. It also provides leverages the network of the bank worldwide. Year founded 1993 services encompassing emerging managers, Before being presented to investors, spin-off funds, “top-offs” for all size funds and transactions undergo a thorough internal due real estate funds. diligence process and are subject to the Champlain Advisors LLC bank’s business committee approval. 43 Sherwood Place Greenwich, CT 06830 BerchWood Partners LLC Phone: 212-686-7949 | Fax: 212-686-7943 599 Lexington Ave., Suite 2750 & Co. www.champlainadvisors.com New York, NY 10022 3 Burlington Gardens [email protected] Phone: 212-201-3939 | Fax: 212-201-3920 London W1S 3EP England Year founded 2003 www.berchwoodpartners.com Phone: 44-207-439-7191 | Fax: 44-207-432-3749 Specialties Year founded 2000 www.campbell-lutyens.com The firm is an independently-owned provider [email protected] Specialties of global fund placement and investor The firm has no restrictions in terms of fund type Year founded 1988 relations advisory services to alternative or geography but will only take on a limited Specialties investment managers. Representative fund number of assignments from managers per year. The firm acts as a placement agent in raising strategies for domestic and international This allows the firm to provide comprehensive private equity funds from investors globally. It general partners include buyout, mezzanine, assistance to its clients from the pre-marketing also advises on other financial transactions energy, real assets, distressed and turnaround, phase through to the close of the fund and in the between private equity investors and niche and sector strategies, venture, funds of intervals between fund-raising periods. funds and hedge funds, among others.

Sponsored By Sources of Capital 17 Dow Jones Private Equity Analyst

Chatsworth Securities LLC Year founded 1986 Cygnus Capital Partners Ltd. 95 E. Putnam Ave. Specialties Brook St., Mayfair Greenwich, CT 06830 The firm has expertise in private equity, London W1K 5EH England Phone: 203-629-2612 | Fax: 203-629-2375 hedge funds, infrastructure funds and real Phone: 44-203-178-3575 | Fax: 44-207-990-8668 www.chatsworthgroup.com estate funds. Additionally, it works with www.cygnus-capital.com [email protected] proprietary Citi alternative asset managers [email protected] through Citi Alternative Investments. Year founded 1996 Year founded 2002 Specialties Specialties The firm’s specialties include institutional Continental Capital Partners Ltd. The firm introduces buyout, venture and real quality limited partnerships, equity and CCP House, 8 Wilfred St. estate managers to investors across Europe, related financings. It focuses its services on London SW1E 6PL England the U.S. and the Middle East. Experienced areas including financial services, asset Phone: 44-207-630-2010 | Fax: 44-207-630-2011 senior-level executives deliver a full spectrum management, insurance and banking, hedge www.ccpltd.net | [email protected] of fund-raising services, or undertake ‘top-up’ funds, Internet/Intranet, health, medical Year founded 1996 and geographically focused mandates. devices, technology, and real estate. It has relationships with institutional investors Specialties including pension funds, fund of funds, The firm’s specialties include private DC Placement Advisors GmbH consultants, brokerage firms, mutual funds, acquisitions and specialist disposals, bespoke Bergerbreite 4 major insurance companies and banks capital-raising and discreet equity placement. Munich 81929 Germany located primarily in North America. Phone: 49-89-998-87-79-0 Fax: 49-89-998-87-78-9 CP Eaton Partners LLC www.dcpla.com | [email protected] CIBC Private Equity 131 Rowayton Ave. Year founded 2008 Funds Group Rowayton, CT 06853 Phone: 203-831-2970 | Fax: 203-831-2976 161 Bay St., Brookfield Place, P.O. Box 500 www.cpeaton.com | [email protected] Toronto, ON M5J 2S8 Canada Deloitte LLP Phone: 416-594-7000 | Fax: 416-594-8037 Year founded 1983 Stonecutter Court, 1 Stonecutter St. www.cibcwm.com Specialties London EC4A 4TR England Year founded 1993 The firm is an independent placement agent Phone: 44-20-7936-3000 | Fax: 44-20-7583-1198 with offices in North America, Europe and www.deloitte.co.uk Specialties Asia. It raises institutional capital across a range Year founded 2003 Highly disciplined cross-functional teams of alternative strategies including venture to provide industry expertise, focused capital, private equity, hedge funds, energy, Specialties market intelligence and creative financial infrastructure, real estate and increasingly, The firm offers fund placement services to solutions to meet the unique business emerging markets such as China and India. buyout, venture capital, mezzanine and challenges of its clients. special situations funds. The 10-member Fund Placement Advisory group is based across Private Fund Group three offices. Circadian Partners LLC 11 Madison Ave. The firm provides fund placement services to a 22 Oak Drive New York, NY 10010 limited selection of funds. The agency’s selection Riverside, CT 06878 Phone: 212-325-2000 | Fax: 212-325-6665- criteria are not dependent on fund size or type. Phone: 203-570-7950 | Fax: 203-547-6257 www.creditsuisse.com www.circadianpartners.com The firm would represent first-time funds only [email protected] Year founded 1994 in exceptional situations. The agency has an international focus, although to date, all funds Year founded 1971 Specialties The firm offers placement agent and advisory represented have been European. The firm Specialties services to domestic and international direct believes that the maturing and improving of The firm specializes in venture, buyout, investment firms focused on a wide range of the private equity market has altered client and funds-of-funds with extensive non-U.S. alternative investment fund strategies including needs and consequently provides advisory as as well as U.S. investor relationships. leveraged , distressed securities, venture well as full placement mandates. capital, secondary funds and hedge funds. Citigroup Global Markets Inc. Denning & Co. 388 Greenwich St. Cue Capital LP 1 California St., Suite 2800 New York, NY 10013 800 5th Ave., 18th Floor San Francisco, CA 94111 Phone: 212-816-6342 | Fax: 646-862-9843 New York, NY 10065 Phone: 415-399-3939 | Fax: 415-399-3942 www.citigroup.com Phone: 212-317-1330 | Fax: 212-317-1335 www.denningandcompany.com www.cuecapital.net [email protected] Year founded 2003 Year founded 2001 Specialties Fund-raising for private equity and venture capital funds worldwide.

Sponsored By 18 Sources of Capital Dow Jones Private Equity Analyst

Deutsche Banc Securities Inc. Edinburgh Financial Fidequity Financial 31 W. 52nd St. General & Holdings Services Ltd. New York, NY 10019 3A Charlotte Square 58 Grosvenor St. Phone: 212-469-5000 Edinburgh EH2 4DR Scotland London W1K 3JB England www.db.com Phone: 44-131-225-6661 | Fax: 44-131-556-6651 Phone: 44-20-7183-3186 | Fax: 44-207-665-6650 Year founded 1996 Year founded 1979 www.fidequity.com | [email protected] Year founded 2007 Deutsche Bank Private Equity Private Funds Group Specialties The firm focuses on private middle markets Taunusanlage 12 10 Hill St. Frankfurt D-60262 Germany and has a bias towards bold and iconoclastic London W1J 5NQ England specialist fund managers. Phone: 49-69-910-00 | Fax: 49-69-910-34-227 Phone: 44-20-7268-2700 | Fax: 44-20-7268-2710 Year founded 1996 www.evercore.com Specialties Specialties First American Fund Services The firm makes direct private equity placements The firm focuses exclusively on capital 111 John St., Suite 2600 of common and convertible securities. raising assignments for a select number of New York, NY 10038 private equity fund sponsors across a wide Phone: 212-385-0786 | Fax: 212-385-9483 variety of alternative asset classes, which [email protected] include buyout, co-investment, distressed, DeWaay Financial Network LLC Year founded 2003 13001 University Ave. real estate, credit/mezzanine, energy/ Clive, IA 50325 infrastructure and venture capital. With Specialties Phone: 515-273-1300 a distinct due diligence and selection Energy, biotech/life science, IT www.dewaayfinancial.net process, the firm concentrates on building partnerships with the highest quality GPs, Year founded 2006 advising and executing on all aspects of Fitzgibbon Toigo Associates LLC fund-raising. 412 Park St. Upper Montclair, NJ 07043 Diversus Investment Phone: 973-746-4944 | Fax: 973-746-2121 Advisers Pty. Ltd. Far Hills Group LLC www.fitzgibbontoigo.com Level 23, Westfield Tower 1 1180 Ave. of the Americas, 18th Floor [email protected] 520 Oxford St., Bondi Junction New York, NY 10036 Year founded 2002 Sydney, NSW 2022 Australia Phone: 212-840-7779 | Fax: 212-840-1233 Phone: 61-2-9513-8844 | Fax: 61-2-9513-8845 www.farhills.com | [email protected] Specialties www.diversusinvestment.com The firm’s subsidiary, Fitzgibbon Toigo & Co. Year founded 1990 LLC, is an NASD broker-dealer focused Year founded 2007 Specialties exclusively as placement agent for The firm specializes in the global placement alternative investments (private equity, of alternative investment products to real estate, hedge funds). Duff & Phelps Corp. institutional investors. The firm has placed 55 E. 52nd St., 31st Floor 37 different investment vehicles totaling in New York, NY 10055 excess of $15 billion in capital. Investors Fortress Group Inc. Phone: 212-871-2000 include endowments, foundations, corporate 3379 Peachtree Road NE, Suite 272 www.duffandphelps.com pensions and family offices. The firm is Atlanta, GA 30326 Year founded 1995 experienced in niche and mid-size funds. Phone: 404-869-4600 | Fax: 404-869-4601 www.fortressgroupinc.com Specialties The firm specializes in raising private equity Farrell Marsh & Co. Year founded 1998 and mezzanine funds between $75 million Specialties and $250 million in total committed capital. 41 W. Putnam Ave., Third Floor Greenwich, CT 06830 The firm is entirely focused on raising Phone: 203-861-2236 | Fax: 203-861-2240 private equity and other alternative asset E.L.K. Capital Advisors LLC www.farrellmarsh.com funds, including buyout, venture and [email protected] special situation strategies, as well as 1033 Skokie Blvd., Suite 450 funds of funds. Fortress Group has Northbrook, IL 60062 Year founded 1990 extensive U.S. and European distribution Phone: 847-919-3544 Specialties networks, is a registered broker-dealer www.elkcapitaladvisors.com The firm focuses on a wide range of private and a member FINRA. Year founded 2005 equity strategies including buyout, venture capital, secondary, and sector-specific funds, Specialties private real estate funds and -of- The firm selectively represents owners of fund strategies. The firm has also represented closely held private businesses and real numerous emerging manager funds. estate portfolios seeking private capital or contemplating recapitalization alternatives.

Sponsored By Sources of Capital 19 Dow Jones Private Equity Analyst

Forum Capital Partners LLC Guggenheim Partners LLC Jefferies Fund Placement Group 2 Grand Central Tower 227 W. Monroe 20 Grosvenor Place, Third Floor 140 E. 45th St., 23rd Floor Chicago, IL 60606 London, SW1X 7HN England New York, NY 10017 Phone: 312-827-0100 Phone: 44-207-838-7600 | Fax: 44-207-838-7684 Phone: 212-290-1787 | Fax: 212-290-1763 www.guggenheimpartners.com www.helix-associates.com www.forumcp.com | [email protected] Year founded 2000 Year founded 1993 Year founded 2001 Specialties Specialties Specialties The firm has been actively involved in the The firm follows a non-hierarchical approach The firm specializes in identifying private fund placement of private equity, hedge funds and to its business and all members of the team managers with excellent track records who may real estate investment funds to institutional contribute toward the success of a fund-raising. not yet be well known to the institutional investors since 2000. The Private Funds Group Typically, one managing director and one vice investor marketplace. The firm frequently raises capital for the firm’s internal and, on a president will lead on a particular fund. invests its own capital alongside the institutional select basis, external private equity, hedge However, the other members of the team will investors that commit to the funds it raises to and real estate funds that are non-competing support them as and when required – ensure an alignment of interests. with the firm’s proprietary strategies. Fund- particularly, in the preparation of due diligence raising assignments typically target a mix of materials; contacting investors; and working institutional investors (corporate and public with investors who are evaluating the offerings. Global Private Equity SAS pension funds, foundations and endowments, 71 Ave. des Champs-Elysees insurance companies, banks, and fund of fund Paris 75008 France managers) and smaller, more private investors. Jim Manley Associates Phone: 33-1-56-43-60-90 | Fax: 33-1-56-43-60-99 23 Park Place W., Suite A www.global-private-equity.com Cranbury, NJ 08512 [email protected] Hamilton Miller Investments LLC Phone: 609-409-6850 | Fax: 609-409-6854 Year founded 2000 5350 S. Roslyn St., Suite 350 Year founded 2000 Greenwood Village, CO 80111 Specialties Phone: 303-768-8896 | Fax: 303-768-9020 The firm specializes in representing www.hamiltonmiller.com Knight Capital Partners European funds worldwide, as well as [email protected] U.S. funds outside the U.S. market. 545 Washington Blvd. Year founded 1997 Jersey City, NJ 07310 Phone: 201-222-9400 | Fax: 201-557-6853 www.knight.com Greenhill Fund Placement Harken Capital Advisers LLC Year founded 2006 Advisory Group 100 Federal St., Suite 1900 300 Park Ave. Boston, MA 02110 Specialties New York, NY 10022 Phone: 617-493-7333 Private equity, venture capital, distressed, Phone: 212-389-1610 | Fax: 212-389-1810 www.harkencapital.com real assets, fund of funds and hedge funds www.greenhill.com Year founded 2007 Year founded 1998 Lazard Private Fund Specialties The firm brings a focused approach and Hunnicutt & Co. LLC Advisory Group Ltd. commitment to independence in 110 E. 59th St., 32nd Floor 30 Rockefeller Plaza concentrating on a limited number of high- New York, NY 10022 New York, NY 10020 quality general partners, which allows it to Phone: 212-752-0200 | Fax: 212-752-3022 Phone: 212-632-1978 | Fax: 212-632-6655 provide access to a diversified, institutional [email protected] [email protected] global limited partner base. Year founded 1988 Year founded 2003 Specialties Griffin Financial Group LLC Emerging hedge fund managers seeking LB Group LLC access to institutional investors; Centre City Executive Center 274 Riverside Ave. niche investment strategies. 607 Washington St. Westport, CT 06880 Reading, PA 19603 Phone: 203-293-4507 Phone: 610-478-2105 Year founded 2008 www.go2griffin.com International Private Equity Ltd. Squirrels Chase, Crossfield Place Year founded 2001 Weybridge, Surrey KY13 ORG England Specialties Phone: 44-193-282-1123 | Fax: 44-193-282-1374 Liability Solutions Ltd. 17c Curzon St. Placement agent services, secondary investment Year founded 1990 advisory, co-investment advisory, transaction London W1J 5HU England services and portfolio company services Specialties Phone: 44-207-659-6950 | Fax: 44-207-659-6969 The firm has a diversified investor contact www.liabsol.com | [email protected] base from Europe, Asia, and the United Year founded 2001 States, with a few clients in the Middle East.

Sponsored By 20 Sources of Capital Dow Jones Private Equity Analyst

Lincoln International Mercury Capital Advisors Park Hill Group 500 W. Madison, Suite 3900 4 World Financial Center, 27th Floor 345 Park Ave., 15th Floor Chicago, IL 60661 New York, NY 10080 New York, NY 10154 Phone: 312-580-8339 | Fax: 312-580-8317 Phone: 212-449-0035 | Fax: 212-449-2165 Phone: 212-583-5799 | Fax: 212-583-5639 www.lincolninternational.com www.mercapadvisors.com www.parkhillgroup.com [email protected] [email protected] [email protected] Year founded 1996 Year founded 2009 Year founded 2005 Specialties Specialties and senior debt The firm assists private equity, real estate, infrastructure, venture, distressed and other Patronus Capital Advisors LLC third-party funds in raising capital from a 123 Columbia Turnpike, Suite 202B Mallory Capital Group global set of institutional and ultra high-net- Florham Park, NJ 07928 19 Old King’s Highway S., Suite 14 worth investors. The groups also Phone: 973-635-1959 | Fax: 973-635-4019 Darien, CT 06820 assist general partner clients in other related www.patronuscap.com Phone: 203-655-1571 | Fax: 203-662-3682 activities such as fund-raising advisory, Year founded 2006 co-investment placements and other areas. www.mallorycapital.com Specialties [email protected] Small & medium-sized private equity funds; Year founded 1995 MNB Nick Beteiligungen GmbH buyouts, venture capital, mezzanine, distressed and special situations. Also other Specialties Fuerstenbergerstraße 158 The firm specializes in raising investment alternative investment strategies, secondaries Frankfurt 60322 Germany and co-investments funds globally from institutional and private Phone: 49-69-955-28-60 | Fax: 49-69-955-28-666 investors for sponsors of a broad spectrum of www.nick-partner.de | [email protected] investment strategies. Core areas of focus include buyout; venture capital; growth Year founded 1998 Poalim Capital Markets equity; mezzanine; distressed debt and Specialties Arlov Tower, 46 Rothschild Blvd. operational turnround; industry specific The firm focuses on German-speaking countries. Tel Aviv 66883 Israel funds; real estate; and funds of funds. The Phone: 972-3-567-5333 | Fax: 972-3-567-5760 firm markets to its investor relationships with www.pcm.co.il | [email protected] public and private pension funds, Monument Group Year founded 1990 superannuation funds, sovereigns, 500 Boylston St., Suite 1650 endowments, foundations, insurance Boston, MA 02116 companies, unions, investment and Phone: 617-423-4700 | Fax: 617-423-4701 Potomac Fund Management commercial banks, strategic corporate www.monumentgroup.com 21 N. Hanson St., Suite 203 investors, family offices, funds of funds and [email protected] Easton, MD 21601 their respective advisors. The firm, a Year founded 1994 Phone: 410-820-8961 registered broker-dealer with the U.S. www.potomacfund.com Securities and Exchange Commission and a Specialties [email protected] FINRA member, combines over 35 years of Alternative investments such as buyouts, investment banking expertise and a venture capital, oil & gas, distressed debt, real Year founded 1987 customized execution approach for every estate and mezzanine limited partnerships. Specialties client. Senior professionals of the firm The firm specializes in offering risk managed remain involved throughout the entire fund- dynamic asset allocation investment services raising process. The firm represents a limited MVision Private Equity to individuals and small businesses. number of clients at any one time to minimize Advisers Ltd. conflicts of interest. Connaught House, 1-3 Mount St. London W1K 3NB England Principle Advisory Services Pty. Ltd. Matrix Private Funds Group Phone: 44-207-491-8500 | Fax: 44-207-491-8700 www.mvision.com | [email protected] Level 2, 175 Macquarie St. 1 Vine St. Year founded 2001 Sydney, NSW 2000 Australia London W1J 0AH England Phone: 61-2-9231-8888 | Fax: 61-2-9231-8899 Phone: 44-203-206-7000 | Fax: 44-203-206-7001 www.principleadvisory.com www.matrixgroup.co.uk [email protected] Palomar Private Equity Ltd. Year founded 2001 Seefeldstraße 215 Year founded 1988 Specialties Zurich 8021 Switzerland The firm specializes in designing offerings Specialties Phone: 41-44-226-58-88 | Fax: 41-44-226-58-89 for and raising capital from Australian The firm provides comprehensive advisory and www.plmrpe.com | [email protected] and New Zealand institutional investors, fund-raising services to international private Year founded 2003 with a particular focus on private equity, equity, real estate and environmental funds. venture capital and infrastructure funds.

Sponsored By Sources of Capital 21 Dow Jones Private Equity Analyst

Specialties Probitas Partners Inc. Shannon Advisors LLC The firm focuses on private equity fund- 425 California St., Suite 2300 851 Bryant Ave. raising for buyout, infrastructure, resources San Francisco, CA 94104 Winnetka, IL 60093 and real estate funds and private placements Phone: 415-402-0700 | Fax: 415-402-0052 Year founded 2009 together with financial advisory services on www.probitaspartners.com structured financing. [email protected] Silverfern Group Inc. Year founded 2001 Stanwich Advisors LLC Specialties 150 E. 52nd St., 32nd Floor The firm is active in all areas of private equity New York, NY 10022 1 Dock St. fund placement, including opportunistic real Phone: 212-209-8860 | Fax: 212-209-8861 Stamford, CT 06902 estate, and is also experienced in secondary www.silfern.com Phone: 203-406-1099 | Fax: 203-406-1098 www.stanwichadvisors.com sales as an agent. Specialties [email protected] The firm is experienced in the world of private equity fund-raising, combining the Year founded 2002 Quince Hill Partners LLC global distribution typical of a large financial Specialties 1601 Connecticut Ave. NW, Suite 801 institution with hands-on, focused attention. The firm is an independent registered broker- Washington, DC 20009 The firm offers both project management and dealer whose sole business is raising capital Phone: 202-265-9490 | Fax: 202-265-9479 distribution services. for alternative investment opportunities. Year founded 2002 The firm provides hands-on execution for a limited number of clients. Specialties Somerset Capital Ltd. The firm specializes in real estate, health care Walsingham House, 35 Seething Lane and telecommunications. London EC3N 4AN England Stephens Inc. Phone: 44-20-74-88-4555 111 Center St., Rock Lake Associates Fax: 44-20-72-65-0238 Little Rock, AR 72201 www.som-cap.com | [email protected] Phone: 501-377-2000 | Fax: 501-377-2674 Baarerstrasse 2 Zug CH 6300 Switzerland Year founded 1999 Year founded 1998 Phone: 41-4-17-23-10-16 | Fax: 41-4-17-23-10-11 Specialties In 2005, the firm established the family office www.rock-lake.com | [email protected] Stonebridge Partners Year founded 2009 roundtable to bring together family office managers and principals from across Europe 81 Main St., Suite 505 Specialties and internationally with an interest in private White Plains, NY 10601 The firm is an independent investment bank markets. Through this, and other dealings, the Phone: 914-682-2700 | Fax: 914-682-0834 that specializes in international private firm has established working relationships www.stonebridgepartners.com placements. Clients include alternative asset with over 100 large European family offices, Year founded 1986 managers who invest in private equity, venture including around half of the Forbes top 50 capital, real estate and technology projects in European family offices, as well as numerous Specialties Europe, North America, the Middle East and additional large family offices in the U.S., Stonebridge focuses on obtaining capital Asia. Investors include insurance companies, Middle East and Asia. commitments from institutional investors in pension funds, foundations, trusts, commercial the U.S., primarily academic institutions and and private banks, investment companies and other long-term investors. The firm specializes family offices. The firm is regulated by the U.K. Source Capital Group Inc. in acquiring family-owned manufacturing Securities and Futures Authority and is P.O. Box 857 companies prior to these companies being authorized to offer financial advisory services Far Hills, NJ 07931 broadly auctioned off by investment banks. throughout the European Economic Area and, Phone: 908-306-1551 | Fax: 908-781-5731 It also specializes in dramatically improving together with its associates, in North America. www.sourcegroupprivateequity.com small companies, and putting the systems, [email protected] controls and management in place to help them significantly grow. Rowe Capital Partners Year founded 1997 622 Valencia Drive Specialties Boulder City, NV 89005 The firm specializes in foreign and Touchstone Group LLC Phone: 702-293-4227 domestic venture capital, biotechnology, 330 Madison Ave., Sixth Floor [email protected] buyouts and distressed debt. New York, NY 10017 Year founded 2001 Phone: 215-542-9502 | Fax: 775-521-1664 www.touchstonegroupllc.com Specialties Stable Capital Advisors Inc. Year founded 2002 The firm specializes in private placements, 1250 Rene-Levesque Blvd. W., 38th Floor private equity, public equity, venture capital Montreal, QC H3B 4W8 Canada Specialties and fixed income. It also provides institutional Phone: 514-933-8620 | Fax: 514-397-1893 Institutional investors, endowments, direct placement via fund of funds, www.stablecapital.com foundations, pension funds and family offices. consultants and advisors. [email protected] Year founded 1994

Sponsored By 22 Sources of Capital Dow Jones Private Equity Analyst

Transparent Capital Ltd. Trinity Group Ltd. Veritage Group LLC Saint Helena House Friars Lane 22 Upper Grosvenor St. 4 Megonko Road Richmond, Surrey TW9 1NP England London W1K 7PE England Natick, MA 01760 Phone: 44-207-052-0099 | Fax: 44-207-052-0066 Phone: 44-207-491-7555 | Fax: 44-207-491-7562 Phone: 617-598-0808 | Fax: 617-598-0809 Year founded 2002 www.trinity-group.co.uk www.veritagegroup.com [email protected] Specialties Year founded 1996 An independently owned global placement Year founded 1998 Specialties services firm for alternative investment funds Specialties Venture capital funds, specialized buyout and hedge funds. The firm also offers advisory The firm specializes in the placement of private funds and non-U.S. funds services on investor communication and equity funds and similar assets with an emphasis reporting and advises on and on placement in Europe and the Middle East. other incentive programs. William Blair & Co. LLC 222 W. Adams St. UBS Investment Bank Chicago, IL 60606 Triago 299 Park Ave. Phone: 312-236-1600 1, Boulevard de la Madeleine New York, NY 10171 www.williamblair.com | [email protected] Paris 75001 France Phone: 212-821-3000 | Fax: 212-821-4200 Year founded 2006 Phone: 33-1-4703-0110 | Fax: 33-1-4703-0699 www.ibb..com www.triago.com | [email protected] Year founded 1998 Year founded 1992 Specialties Specialties The firm’s approach is tailored to the needs of The firm raises private equity funds, arranges its clients, with an emphasis on understanding secondary transfers of private equity fund each general partner’s specific issues and interests and helps LPs and GPs make requirements in order to raise the optimal strategic moves. amount of capital from the most appropriate investor base, while ensuring the general partner’s time is used efficiently.

New World Order Continued from page 7

include Norway’s , pension funds in South America and Australia’s superannuation schemes. In Were you oversubscribed? (all funds) the U.S., the Wyoming Retirement System is receiving an education on the asset class this year, while newer investors 14.9 such as Maine Public Employees Retirement System, Arizona State Retirement System and Teachers’ Retirement No System of Oklahoma have plenty of capital to deploy. Yes

But most investors that already have big allocations to 85.1 private equity are expected to continue to be sparing in their commitments to the asset class. A number of pension funds have asset allocation studies on the drawing board, Source: Dow Jones Private Equity Analyst which may ultimately impact how they commit to the asset class. Banks are largely out of the picture. Many questions Did you use a placement agent? (all funds) remain on how active foundations and endowments will be, with some predicting their participation in private equity will be largely as sellers of secondary stakes in 2010. 23.5 No “People who got excited a few years ago still have a lot of undrawn commitments, so they’ll have to lie in that bed Yes for the next few years,” said TIFF’s Douvos. “People got 76.5 further out over their skis than they anticipated. It will be tough to manage their exposure dynamically as we all work off this backlog of undrawn commitments.” Source: Dow Jones Private Equity Analyst

Copyright © 2010 Dow Jones & Company, Inc. All rights reserved. Dow Jones Private Equity Analyst Sources of Capital was published in April 2010. Dow Jones & Company is a News Corporation Company. Copying and redistribution prohibited without permission of the publisher. This publication is designed to provide factual information with respect to the subject matter covered but its accuracy cannot be guaranteed. Dow Jones is not a registered investment adviser, and under no circumstances shall any of the information provided herein be construed as a buy or sell recommendation or investment advice of any kind. Photo Credit – Cover: ©iStock.com/Steve Johnson Sources of Capital 23 Dow Jones Private Equity Analyst

Placement Agent Ranking Due to differences in the methods of record-keeping by the placement agents and the confidentiality of some data, it is not always possible to collect the same information from each placement agent for this ranking. Additionally, the level of work involved to place a buyout fund which may have fewer limited partners and larger commitment amounts is not necessarily the same as for a venture capital fund that may have more limited partners but smaller amounts. In order to make these rankings more informative, we are including as much information as possible from the placement agents willing to disclose their information. The rankings are sorted based on total amount raised in 2009 by each placement agent, but please consider the impact of the data within the table, and the types of funds being placed, when reviewing the information. Placement agents who didn’t respond aren’t included in the ranking.

Total Client Total Firm Total Raised Funds Raised Raised in From New Total # Firm Name/Location Phone in 2009 (M) 2009 (M) LPs (M) Funds %VC %LBO %Other

1 Atlantic-Pacific Capital Inc. Greenwich, Conn. 203-861-5460 $8,521 $4,778 $3,500 9 0% 33% 67%

2 Campbell Lutyens Co. London 44-20-7439-7191 $6,659 $2,078 $862 7 14% 14% 72%

3 Trinity Group Ltd. London 44-20-7491-7555 $6,000 $163 $71 7 0% 70% 30%

4 Lazard Freres & Co. New York 212-632-6000 $4,563 $2,999 $2,064 8 0% 63% 37%

5 DC Placement Advisors GmbH Munich 49-89-9988-7790 $3,300 $70 $70 2 0% 20% 80%

6 Probitas Partners Inc. San Francisco 415-402-0700 $3,077 $3,077 $1,500 6 15% 30% 55%

7 Triago Paris 33-1-47-03-01-10 $2,835 $1,680 $1,010 6 17% 50% 33%

8 Champlain Advisors LLC Greenwich, Conn. 212-686-7949 $2,681 $2,681 N/A 3 33% 34% 33%

9 Fortress Group Inc. Atlanta 404-869-4600 $1,760 $1,760 $1,760 6 10% 0% 90%

10 Mallory Capital Group Darien, Conn. 203-655-1571 $1,015 $565 $385 4 12% 0% 88%

11 Denning & Co. San Francisco 415-399-3939 $901 N/A N/A 1 30% 0% 70%

12 Acanthus Advisers LLP London 44-20-7313-5850 $835 $425 N/A 3 0% 100% 0%

13 C.P. Eaton Partners LLC Rowayton, Conn. 203-831-2970 $827 $816 $827 3 0% 0% 100%

14 Knight Capital Partners Jersey City, N.J. 201-222-9400 $800 $300 $200 3 25% 25% 50%

15 Cygnus Capital Partners Ltd. London 44-20-7993-8006 $600 $120 $60 4 0% 85% 15%

16 Stanwich Advisors LLC Stamford, Conn. 203-406-1099 $520 $520 $450 3 16% 34% 50%

17 Candela Capital Harrogate, England 44-14-2356-0918 $500 $200 $200 2 0% 50% 50%

18 Harken Capital Advisers LLC Boston 617-342-7333 $400 $20+ $5 1 75% 25% 0%

19 Chatsworth Securities LLC Greenwich, Conn. 203-629-2612 $90 $90 $90 1 0% 0% 100%

20 Ariane Capital Partners Villanova, Pa. 610-525-0749 $70 $70 $30 2 100 0% 0%

Source: Dow Jones LPSource

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