Q2 2013 Preqin Private Equity Benchmarks: Buyout Benchmark Report

Preqin Private Equity Benchmarks: Buyout Benchmark Report

As of 30th June 2013

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

As of 30th June 2013

Report Produced on 12th March 2014

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

As of 30th June 2013

Report Produced on 12th March 2014

Median Benchmark - Buyout All Regions - As of 30th June 2013 ...... p4. Median Benchmark - Buyout North America - As of 30th June 2013 ...... p6. Median Benchmark - Buyout Equity Europe - As of 30th June 2013 ...... p8. Median Benchmark - Buyout Asia - As of 30th June 2013 ...... p10. Weighted Benchmark - Buyout All Regions - As of 30th June 2013 ...... p12. Pooled Benchmark - Buyout All Regions ...... p14. Horizon IRRs - As of 30th June 2013...... p16. List of Constituent Funds ...... p20.

Preqin Private Equity Benchmarks ® are calculated using performance information available from our online Performance Analyst database, the world’s most extensive, transparent database of private equity fund performance. Users of the online database have access to all of the underlying fund performance data used to calculate these benchmarks. With performance for over 6,700 private equity funds, the Performance Analyst online database is regularly updated and fully searchable. Further information can be found at www.preqin.com/pa.

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

The Preqin Buyout Market Benchmark is based on performance data for 939 buyout funds of vintages 1992 to 2013 as of 30th June 2013

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

A growing number of GPs have concluded that it is in their best interests to voluntarily share information on their partnerships: given that many prospective investors are seeing this information, it is better that they should have access to the most current and accurate figures possible. Even where data comes direct from the GP, however, our aim is still to show the net position for LPs, after management fees and carry. We are again very grateful to the significant number of GPs who now share data with us in this way; currently 800 GPs are contributing data on their funds. If you would like further details on contributing information on your firm please contact us at [email protected]. Q2 2013 Preqin Private Equity Benchmarks: Buyout Benchmark Report

Preqin Median Benchmarks: Buyout All Regions as of 30th June 2013

Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Called Dist Value Vintage Q1 Median Q3 Q1 Median Q3 Max Min Funds (%) (%) DPI (%) RVPI 2013 20 8.5 0.0 80.4 0.99 0.83 0.73 n/m n/m n/m n/m n/m 2012 39 17.0 0.0 94.9 1.12 1.00 0.83 n/m n/m n/m n/m n/m 2011 45 35.0 0.0 91.5 1.16 1.00 0.87 n/a n/a n/a n/a n/a 2010 40 54.4 1.4 104.1 1.32 1.13 1.02 20.0 9.2 4.0 42.5 -33.0 2009 33 71.3 17.0 102.6 1.46 1.23 1.08 19.1 11.5 6.6 88.5 -7.0 2008 80 82.5 26.0 97.7 1.53 1.25 1.13 18.7 10.6 4.9 40.0 -30.2 2007 94 90.9 33.3 88.6 1.51 1.36 1.16 15.9 10.2 5.8 43.0 -20.7 2006 82 93.4 61.7 78.4 1.61 1.38 1.18 13.7 8.3 4.3 28.0 -17.7 2005 78 97.3 86.9 62.4 1.69 1.48 1.22 16.3 10.2 5.8 68.0 -6.5 2004 35 97.5 138.0 49.0 2.32 1.82 1.60 29.0 17.0 9.8 79.9 -14.8 2003 34 99.5 134.8 30.0 2.58 1.79 1.34 33.3 16.4 9.6 57.0 -49.9 2002 24 97.2 171.4 13.3 2.25 1.86 1.42 31.6 20.7 13.1 52.1 -1.3 2001 29 98.0 194.0 7.2 2.79 2.10 1.77 40.3 29.1 13.8 94.0 -7.6 2000 62 97.4 175.2 8.2 2.37 1.90 1.55 26.2 18.4 11.8 34.6 -11.7 1999 37 98.5 159.1 0.3 2.05 1.71 1.39 18.6 12.8 6.4 35.6 -23.7 1998 50 99.1 157.3 0.0 1.90 1.59 1.27 17.8 9.5 3.9 31.9 -100.0 1997 46 100.0 149.9 0.0 2.11 1.50 1.06 15.2 8.1 1.4 84.0 -21.6 1996 25 99.1 154.4 0.0 2.18 1.54 0.90 21.3 10.7 0.5 147.4 -19.6 1995 24 100.0 164.7 0.0 2.30 1.67 1.08 28.7 12.7 1.5 59.9 -19.9 1994 30 100.0 193.1 0.0 2.31 1.93 1.50 35.0 18.4 11.4 58.0 -4.7 1993 18 100.0 215.1 0.0 3.26 2.15 1.24 30.2 19.1 7.7 58.0 0.8 1992 14 100.0 183.1 0.0 2.66 1.84 0.86 36.1 20.2 -6.1 41.4 -49.9

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout All Regions is calculated using data for 939 funds of vintages between 1992 and 2013 with performance as of 30th June 2013 and includes liquidated funds. Preqin holds performance data for 1,537 buyout funds. All returns are net of management fees, expenses and carry.

Buyout All Regions - Median Called, Distributions and Residual Value Ratios by Vintage as of 30th June 2013

200 175 150 125

% 100 75 50 25 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%)

Source: Preqin Performance Analyst

Buyout All Regions - Median Net IRRs and Quartile Boundaries by Vintage as of 30th June 2013

45 40 35 30 25 20 15 10

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

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout North America as of 30th June 2013

Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Vintage Called Dist Value Funds Q1 Median Q3 Q1 Median Q3 Max Min (%) (%) DPI (%) RVPI 2013 10 12.4 0.0 80.4 1.03 0.86 0.75 n/m n/m n/m n/m n/m 2012 23 18.5 0.0 98.0 1.13 1.01 0.91 n/m n/m n/m n/m n/m 2011 19 42.8 1.5 95.9 1.19 1.05 0.91 n/m n/m n/m n/m n/m 2010 28 55.6 2.2 104.3 1.38 1.13 1.04 22.9 9.4 4.2 42.5 -33.0 2009 15 71.5 20.1 102.6 1.55 1.29 1.20 20.4 12.0 10.2 88.5 6.6 2008 41 84.4 35.2 95.3 1.64 1.39 1.20 21.4 14.1 7.9 40.0 -30.2 2007 45 91.7 48.0 93.1 1.59 1.42 1.31 17.7 12.2 8.0 34.0 -3.0 2006 38 93.6 62.0 81.5 1.63 1.47 1.26 13.9 10.0 5.8 26.6 -17.7 2005 39 94.5 68.4 70.3 1.69 1.50 1.24 13.3 9.1 5.1 35.3 -6.5 2004 20 96.3 124.6 48.2 2.10 1.73 1.43 24.2 13.4 8.1 59.1 -14.8 2003 21 100.0 115.6 30.0 2.23 1.56 1.29 23.5 14.8 5.8 39.5 -49.9 2002 14 98.4 134.7 25.9 2.24 1.74 1.11 25.4 16.4 3.9 35.6 -1.3 2001 12 96.6 168.9 16.4 2.77 1.92 1.63 37.6 24.5 13.7 94.0 -7.6 2000 39 97.4 164.4 11.0 2.16 1.77 1.53 22.3 13.2 9.9 34.6 -7.6 1999 18 97.2 158.8 4.4 2.15 1.75 1.49 16.9 12.8 7.6 29.8 -23.7 1998 29 99.8 137.7 0.0 1.69 1.39 0.92 10.5 6.9 -2.0 23.0 -33.1 1997 26 100.0 142.7 0.0 1.91 1.43 1.06 14.9 6.8 0.9 23.3 -21.6 1996 17 98.7 125.0 0.0 2.09 1.26 0.75 18.8 6.3 -5.2 147.4 -19.6 1995 14 99.3 173.2 0.0 2.30 1.76 1.16 29.1 12.7 3.0 59.9 -8.6 1994 19 100.0 188.9 0.0 2.23 1.89 1.51 29.4 18.4 9.0 38.6 -1.4 1993 15 100.0 224.9 0.0 3.45 2.25 1.48 32.2 20.0 11.4 58.0 2.7 1992 10 100.0 137.1 0.0 2.66 1.37 0.67 36.1 20.2 -17.3 41.4 -49.9

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout North America is calculated using data for 512 funds of vintages between 1992 and 2013 with performance as of 30th June 2013 and includes liquidated funds. Preqin holds performance data for 923 North American buyout funds. All returns are net of management fees, expenses and carry.

Buyout North America - Median Called, Distributions and Residual Value Ratios by Vintage as of 30th June 2013

200 175 150 125

% 100 75 50 25 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

Source: Preqin Performance Analyst

Buyout North America - Median Net IRRs and Quartile Boundaries by Vintage as of 30th June 2013

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

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout Europe as of 30th June 2013

Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Vintage Called Dist Value Funds Q1 Median Q3 Q1 Median Q3 Max Min (%) (%) DPI (%) RVPI 2013 4 9.4 0.0 77.1 n/a 0.77 n/a n/m n/m n/m n/m n/m 2012 8 15.8 0.0 86.5 1.03 0.87 0.79 n/m n/m n/m n/m n/m 2011 17 33.4 0.0 85.0 1.06 0.90 0.80 n/m n/m n/m n/m n/m 2010 7 51.6 0.0 101.4 n/a 1.15 n/a n/a 10.2 n/a 23.3 5.0 2009 14 62.6 0.0 103.2 1.29 1.14 1.04 12.4 10.7 2.4 22.4 -6.7 2008 27 76.5 14.5 103.5 1.38 1.19 1.07 11.6 6.1 3.2 27.0 -9.1 2007 34 89.7 23.3 84.1 1.39 1.26 0.79 12.3 7.1 -1.9 43.0 -20.7 2006 32 92.5 53.3 71.5 1.56 1.28 1.01 10.4 7.6 1.0 28.0 -13.0 2005 25 99.0 90.1 60.9 1.93 1.34 1.14 23.9 10.2 4.2 68.0 0.0 2004 10 98.8 137.1 52.0 3.01 2.06 1.62 35.9 19.4 10.6 79.9 9.3 2003 13 98.6 190.0 30.2 2.67 2.26 1.78 42.2 29.5 17.6 57.0 -0.4 2002 10 96.2 177.7 6.7 2.86 1.95 1.58 48.9 25.3 16.3 52.1 13.1 2001 12 98.6 191.9 6.4 2.79 2.10 1.81 43.9 29.1 11.0 46.9 7.4 2000 20 98.6 220.0 1.1 2.67 2.25 1.72 32.1 25.8 17.8 33.2 -5.7 1999 18 99.3 163.4 0.0 2.01 1.64 1.29 19.4 13.0 6.3 35.6 -14.1 1998 13 96.9 182.5 0.0 2.21 1.84 1.63 19.0 15.9 9.4 31.3 5.3 1997 18 100.0 158.4 0.0 2.14 1.59 1.05 24.0 10.4 2.6 84.0 -1.9 1996 6 98.9 161.4 0.0 n/a 1.61 n/a n/a 17.2 n/a 22.9 8.1 1995 9 100.0 173.0 0.0 2.77 1.73 0.82 n/a 17.0 n/a 55.4 -19.9 1994 10 100.0 203.6 0.0 3.17 2.10 1.55 50.6 22.4 11.9 58.0 10.1 1992 4 100.0 202.1 0.0 n/a 2.03 n/a n/a 19.2 n/a 41.0 11.0 1992 12 100.0 193.3 0.0 2.28 1.94 1.46 40.3 15.9 7.3 53.6 4.8

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout Europe is calculated using data for 311 funds of vintages between 1991 and 2012 with performance as of 30th June 2013 and includes liquidated funds. Preqin holds performance data for 586 European buyout funds. All returns are net of management fees, expenses and carry.

Buyout Europe - Median Called, Distributions and Residual Value Ratios by Vintage as of 30th June 2013

275 250 225 200 175 150 % 125 100 75 50 25 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%)

Source: Preqin Performance Analyst

Buyout Europe - Median Net IRRs and Quartile Boundaries by Vintage as of 30th June 2013

Net IRR since Inception (%) 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -10 Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: Buyout All Regions as of 30th June 2013

Weighted Fund IRR Max/Min (%) No. of Vintage Dist (%) Value (%) Funds Called (%) Multiple (X) IRR (%) Max Min DPI RVPI 2013 20 5.4 4.2 83.1 0.87 n/m n/m n/m 2012 39 18.1 1.7 94.6 0.96 n/m n/m n/m 2011 45 33.3 7.1 99.0 1.06 n/m n/m n/m 2010 40 54.6 10.2 103.5 1.14 9.0 42.5 -33.0 2009 33 74.2 26.7 99.0 1.26 11.6 88.5 -7.0 2008 80 81.9 35.0 95.3 1.30 11.5 40.0 -30.2 2007 94 92.1 41.7 87.5 1.29 8.2 43.0 -20.7 2006 82 97.3 54.7 75.0 1.30 5.7 28.0 -17.7 2005 78 97.6 87.5 71.6 1.59 12.3 68.0 -6.5 2004 35 94.6 153.9 45.9 2.00 21.7 79.9 -14.8 2003 34 102.4 151.1 43.3 1.94 19.4 57.0 -49.9 2002 24 98.6 172.6 23.5 1.96 24.2 52.1 -1.3 2001 29 97.3 208.0 12.4 2.21 28.1 94.0 -7.6 2000 62 98.1 175.9 11.2 1.87 16.2 34.6 -11.7 1999 37 98.6 135.8 3.4 1.39 6.2 35.6 -23.7 1998 50 98.1 150.3 2.5 1.55 6.0 31.9 -100.0 1997 46 103.9 152.0 0.6 1.53 9.2 84.0 -21.6 1996 25 98.5 143.0 5.1 1.48 7.9 147.4 -19.6 1995 24 98.9 174.6 0.6 1.75 15.7 59.9 -19.9 1994 30 102.1 197.1 0.8 1.98 29.3 58.0 -4.7 1993 18 98.3 240.4 0.1 2.40 23.1 58.0 0.8 1992 14 99.3 154.6 0.0 1.55 20.8 41.4 -49.9 1991 8 100.5 282.5 0.0 2.83 33.8 54.7 -0.5 1990 13 95.5 217.3 0.0 2.17 20.5 72.0 2.4

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: All Regions Buyout is calculated using data for 960 funds of vintages between 1990 and 2013 with performance as of 30th June 2013 and includes liquidated funds. Preqin holds performance data for 1,537 buyout funds. All returns are net of management fees, expenses and carry.

Buyout All Regions - Weighted IRRs by Vintage as of 30th June 2013

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

Source: Preqin Performance Analyst

Buyout All Regions - Weighted Multiples by Vintage as of 30th June 2013

3.0

2.5

2.0

1.5

1.0 Weighted Multiple (X) Weighted 0.5

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

Source: Preqin Performance Analyst

Preqin Pooled Benchmarks: Buyout All Regions

No. of Funds Weighted Fund Pooled Fund Vintage (Pooled) Called (%) Dist (%) DPI Value (%) RVPI Multiple (X) IRR (%) 2013 41 6.0 3.8 81.1 0.88 n/m 2012 49 19.1 2.4 90.7 0.93 n/m 2011 42 34.1 6.5 98.9 1.05 4.6 2010 37 56.3 10.7 93.9 1.04 6.1 2009 32 72.0 24.5 100.0 1.25 11.8 2008 62 81.8 34.7 95.8 1.31 12.9 2007 71 88.7 37.2 84.1 1.21 7.5 2006 61 96.7 52.5 76.5 1.29 5.2 2005 55 95.8 91.8 68.0 1.60 9.9 2004 29 92.6 119.1 31.3 1.51 15.5 2003 15 95.4 177.5 13.8 1.91 20.3 2002 23 100.2 163.8 27.7 1.92 24.7 2001 19 96.2 207.5 13.3 2.21 29.0 2000 38 85.2 188.3 9.0 1.97 18.2 1999 28 97.1 140.0 4.0 1.44 11.6 1998 42 97.2 137.3 3.4 1.42 7.6 1997 22 103.0 149.4 1.0 1.50 8.0 1996 18 97.1 154.1 4.6 1.59 7.8 1995 12 99.6 180.6 0.6 1.79 13.6 1994 16 97.0 204.1 1.4 2.05 23.5 1993 10 99.5 252.1 0.0 2.52 24.2 1992 6 106.9 186.3 0.0 1.86 9.9 1990 6 97.7 262.2 0.0 2.62 16.0

Source: Preqin Performance Analyst

Preqin Pooled Benchmarks: Buyout All Regions is calculated using cash ﬂ ow data for 726 buyout funds of vintages between 1990 and 2013. Preqin holds cash ﬂ ow data for more than 2,300 private equity funds. All returns are net of management fees, expenses and carry.

Buyout All Regions - Pooled IRRs by Vintage

5 Pooled IRR since Inception (%)

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

Source: Preqin Performance Analyst

Horizon IRRs by Fund Type as of 30th Jun 2013

Horizon All Private Equity Buyout Venture Capital Fund of Funds Mezzanine Distressed PE 1 Year to Jun 2013 13.8 13.5 6.5 7.9 10.4 23.8 3 Years to Jun 2013 15.2 16.1 9.0 11.1 12.1 14.7 5 Years to Jun 2013 6.9 8.0 1.7 5.3 5.5 14.9 10 Years to Jun 2013 21.7 25.5 4.5 8.2 12.2 25.0

Source: Preqin Performance Analyst

Horizon IRRs by Fund Type as of 30th Jun 2013

10 Horizon IRR (%)

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

Rolling One-Year Horizon IRRs by Fund Type

All Buyout Venture Capital Fund of Funds Mezzanine Real Estate 1 Year to Dec 2000 10.1 3.6 38.1 -1.3 14.0 11.4 1 Year to Dec 2001 -2.7 -3.2 -34.3 -5.2 13.8 7.8 1 Year to Dec 2002 -9.1 -4.0 -31.6 -23.2 -2.1 6.7 1 Year to Dec 2003 17.5 24.3 -6.0 -15.1 6.8 14.9 1 Year to Dec 2004 25.0 30.3 7.1 7.5 20.4 19.8 1 Year to Dec 2005 27.0 29.7 4.5 16.9 13.6 60.8 1 Year to Dec 2006 29.1 32.3 15.8 17.9 31.7 42.6 1 Year to Dec 2007 26.0 30.7 21.3 23.2 18.8 13.5 1 Year to Dec 2008 -27.6 -31.0 -16.2 -12.0 4.0 -39.9 1 Year to Dec 2009 13.8 16.7 5.0 0.2 2.3 -25.3 1 Year to Dec 2010 18.8 22.6 10.9 13.3 8.6 4.7 1 Year to Dec 2011 9.2 8.4 8.4 7.8 15.7 14.6 1 Year to Dec 2012 12.9 15.1 7.0 8.7 10.0 6.5 1 Year to Jun 2013 13.8 13.5 6.5 7.9 10.4

Source: Preqin Performance Analyst

Rolling One-Year Horizon IRRs by Fund Type

-20 Horizon IRR (%)

-40

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

Source: Preqin Performance Analyst

Rolling Three-Year Horizon IRRs by Fund Type

All Buyout Venture Capital Fund of Funds Mezzanine Real Estate 3 Years to Dec 2000 14.9 11.7 62.4 21.9 16.8 3.2 3 Years to Dec 2001 10.6 4.0 87.3 8.9 12.2 7.3 3 Years to Dec 2002 -4.9 -4.9 -17.6 -13.1 1.2 7.4 3 Years to Dec 2003 4.3 6.0 -19.0 -10.6 5.4 8.6 3 Years to Dec 2004 10.2 15.8 -8.5 -4.5 7.2 12.5 3 Years to Dec 2005 23.0 27.8 3.0 8.3 12.6 23.4 3 Years to Dec 2006 26.2 30.4 8.6 20.3 19.0 38.0 3 Years to Dec 2007 30.2 34.4 14.3 23.5 21.1 36.9 3 Years to Dec 2008 11.3 14.1 5.4 7.0 26.5 0.0 3 Years to Dec 2009 0.3 0.2 0.3 1.3 6.5 -18.3 3 Years to Dec 2010 0.8 0.9 -0.7 0.8 3.4 -12.2 3 Years to Dec 2011 13.9 15.7 7.0 8.0 9.3 -2.6 3 Years to Dec 2012 13.3 15.3 8.9 10.4 10.0 6.4 3 Years to Jun 2013 15.2 16.1 9.0 11.1 12.1

Source: Preqin Performance Analyst

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

All Buyout Venture Capital Fund of Funds Mezzanine Real Estate

Source: Preqin Performance Analyst

Performance Analyst is the most comprehensive, detailed source of private equity performance data available today. Preqin’s team of analysts collect and monitor data from a number of different sources, including from GPs themselves, in order to provide the most comprehensive private equity performance data available. All of our performance data conforms to the same standardized metrics, with all data representing net-to-LP returns. We currently hold transparent net-to-LP performance data for over 6,500 private equity funds of all types and geographic focus. In terms of aggregate value, this represents around 70% of all capital ever raised. This high level of coverage enables us to produce the most meaningful benchmarking and comparative tools available in the industry.

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List of Constituent Funds

1818 Fund II Astorg II CapStreet III CVC Capital Partners Asia Pacifi c III Francisco Partners III 1995 Riverside Capital Appreciation Audax Private Equity Fund Capvis Equity I CVC European Equity Partners I Fremont Partners III Fund Audax Private Equity Fund II Capvis Equity II CVC European Equity Partners II Friedman Fleischer & Lowe Capital 1998 Riverside Capital Appreciation Audax Private Equity Fund III Capvis Equity III CVC European Equity Partners IV Partners III Fund Audax Private Equity Fund IV Carlyle Asia Partners II Tandem Fund Frontenac IX Private Capital 2000 Riverside Capital Appreciation Augur Financial Opportunity Fund Carlyle Asia Partners III CVC European Equity Partners V Frontenac VI Fund August Equity Partners I Carlyle Europe Partners Darwin Private Equity I Frontenac VII 2003 Riverside Capital Appreciation Aurora Equity Partners II Carlyle Europe Partners II DeltaPoint Capital III Frontenac VIII Fund Aurora Equity Partners III Carlyle Europe Partners III DeltaPoint Capital IV Frontenac X Private Capital 2008 Riverside Capital Appreciation Avista Capital Partners Carlyle Europe Technology Partners II Deutsche European Partners IV FS Equity Partners III Fund V Avista Capital Partners II Carlyle Global Financial Services Diamond Castle Partners IV FSN Capital I 3i 94 LMBO Plan Avista Capital Partners III Partners Direct Capital III FSN Capital II 3i Europe Partners III AXA Expansion I Carlyle Japan Partners Direct Capital IV FSN Capital III 3i Europe Partners IV AXA Expansion II Carlyle Mexico Partners DKB Emerging Europe GEAM International Private Equity 3i Europe Partners V AXA LBO Fund I Carlyle Partners III DLJ Merchant Banking Partners II Fund 3i UK Investment Partners AXA LBO Fund II Carlyle Partners IV Doughty Hanson & Co II GEAM International Private Equity 3i UK Investment Partners II AXA LBO Fund III Carlyle Partners V Doughty Hanson & Co IV Fund II A&M Capital Fund I AXA LBO Fund IV Carlyle Partners VI Doughty Hanson & Co V GED Sur ABRY V Axcel II Castle Harlan Australian Mezzanine Duke Street Capital IV GEM Benelux ABRY VI Axcel III Partners I USA Duke Street Capital V GEM Benelux II Accel - KKR Company Axcel IndustriInvestor Castle Harlan Australian Mezzanine Duke Street Capital VI Generation Capital Partners Accel-KKR Capital Partners IV Axcel IV Partners II Worldwide ECI 5 GenNx360 Capital Partners ACON Equity Partners III Azalea Fund II Castle Harlan III ECI 6 GI Partners II ACON Latin America Opportunities Azalea Fund III Castle Harlan Partners IV ECI 7 GI Partners III Fund Bain Capital Asia Castle Harlan V ECI 8 Gilbert Global Equity Partners Acon-Bastion Partners II Bain Capital Asia II Catterton Partners VI-B ECI 9 Gilde Buyout Fund I Actera Partners Bain Capital Europe III CBPE Capital Fund VII EdgeStone Capital Equity Fund II Gilde Buyout Fund II Actera Partners II Bain Capital Fund IX CBPE Capital Fund VI EdgeStone Capital Equity Fund III Gilde Buyout Fund III Advent Central & Eastern Europe IV Bain Capital Fund VIII CBPE Capital Fund VIII Egeria Private Equity Fund II Gilde Buyout Fund IV Advent Global Private Equity II Bain Capital Fund X CCMP Capital Investors II Egeria Private Equity Fund III Glencoe Capital Michigan Advent Global Private Equity IV Bain Capital VIII-E CEA Capital Partners USA Elevation Partners Opportunities Fund Advent Global Private Equity IV-A Baird Capital Partners I Centerview Partners I Elysian Capital I Glencoe Capital Partners I - Pledge Advent Global Private Equity V Baird Capital Partners II Centre Investors III & Affi liates Emerging Europe Growth Fund II Fund Advent Global Private Equity VI Baird Capital Partners III Centre Investors IV & Affi liates EMX Capital I Glencoe Capital Partners II Advent Global Private Equity VII Baird Capital Partners IV Centre Investors V & Affi liates EMX Capital I – Intl Glencoe Capital Partners III Advent Latin American Fund III Baird Capital Partners V Century Park Capital Partners Encore Consumer Capital Fund Golder Thoma Cressey Rauner IV Advent Latin American Fund IV Baker Communications Century Park Capital Partners II Endeavour Capital Fund III Golder Thoma Cressey Rauner IX Advent Latin American Fund V Banc Fund III CHAMP Buyout II Endeavour Capital Fund IV Golder Thoma Cressey Rauner V Advent VII Banc Fund VI CHAMP Buyout III Endeavour Capital Fund V Golder Thoma Cressey Rauner VI AEA 1997 Investment Program Banc Fund VII CHAMP I Endeavour Capital Fund VI Golder Thoma Cressey Rauner VIII Affi nity Asia Pacifi c Fund II Banc Fund VIII CHAMP Ventures Investments Trust Enhanced Equity Fund Golder Thoma Cressey Rauner X Affi nity Asia Pacifi c Fund III Baring Vostok Private Equity Fund IV VII Enhanced Equity Fund II Goode Consumer Fund I Affi nity Asia Pacifi c Fund IV Bastion Capital Fund I Change Capital Fund II Eos Capital Partners III Gores Capital Partners Agri-Vie Fund BC European Cap IX Change Capital Funds Eos Capital Partners IV Gores Small Capitalisation Partners Aheim Unternehmer-Fonds I BC European Cap V Charlesbank Equity Partners IV EQT Danmark Graham Partners Investments II AIG Indian Sectoral Equity BC European Cap VI Charlesbank Equity Partners V EQT Finland Granville Private Equity Fund VI Alpha Private Equity Fund 2 BC European Cap VII Charlesbank Equity Partners VI EQT Greater China II Granville Private Equity I Alpha Private Equity Fund 3 BC European Cap VIII Charlesbank Equity Partners VII EQT I Graphite Capital Partners V Altaris Health Partners II Beacon Group III - Focus Value Fund Chart Capital Partners II EQT II Graphite Capital Partners VII Altor 2003 Fund Beecken Petty O’Keefe II Charterhouse Capital Partners IX EQT III Graphite Private Equity Partnership Altor Fund II Beecken Petty O’Keefe III Charterhouse Capital Partners V EQT IV Green Equity Investors II Altor Fund III Behrman Capital II Charterhouse Capital Partners VI EQT V Green Equity Investors III Altra FCP I Behrman Capital III Charterhouse Capital Partners VIII EQT VI Green Equity Investors IV Altra Investments Behrman Capital IV Charterhouse Equity Partners II Equistone European Fund IV Green Equity Investors V Altra Private Equity Fund II Behrman Capital PEP Chequers Capital XVI Equistone Partners Europe Fund Green Equity Investors VI AM Invest Morocco Berkshire Fund III Chicago Growth Partners Equistone Partners Europe Fund II Greenhill Capital Partners III American Industrial Partners Capital Berkshire Fund IV Chicago Growth Partners II Equistone Partners Europe Fund III Greenstone Partners Private Capital Fund V Berkshire Fund V CHS Private Equity V Equity Partners Fund No.3 Fund I American Industrial Partners Fund II Berkshire Fund VI Ciclad 2 EquiVest I Gresham III Fund American Securities Partners II Berkshire Fund VII Ciclad 3 EquiVest II Gresham IV Fund American Securities Partners VI Berkshire Fund VIII Ciclad 4 Erhvervsinvest II Grey Mountain Partners II AMP Pencarrow Fund Bertram Growth Capital II Ciclad 5 Ethos Private Equity Fund IV Gridiron Capital Fund II Anacacia Partnership I Bertram Growth Equity Partners I CID Capital Opportunity Fund Euroknights III Gryphon Partners 3.5 Anacacia Partnership II BG Media Investors Cinven I Euroknights IV Gryphon Partners I AP Cayman Partners II Birch Hill Equity Partners IV Cinven II Euroknights V Gryphon Partners II Apax Europe V Blackstone Capital Partners II Cinven III Euroknights VI Gryphon Partners III Apax Europe VI Blackstone Capital Partners III Cinven IV Evercore Capital Partners II Gryphon Partners III-C Annex Fund Apax Europe VII Blackstone Capital Partners V Cinven V Evergreen Pacifi c Partners II GS Capital Partners II Apax France VII Blackstone Capital Partners VI CITIC Capital China Partners Excellere Partners I Halder Investments III Apax France VIII Blackstone Communications Partners I CIVC Partners Fund IV Excellere Partners II Halder Investments IV Apax US VII Blue Sage Capital Fund I Clayton Dubilier & Rice VI Exponent Private Equity Partners Halder-Gimv Germany Fund Apax VIII Boston Ventures IV Clayton Dubilier & Rice VII Exponent Private Equity Partners II Halder-Gimv Germany II Apollo Investment Fund III Boston Ventures V Clayton Dubilier & Rice VIII Exxel Capital Partners VI Halyard Capital Fund II Apollo Investment Fund IV Boston Ventures VI Clessidra Capital Partners Falfurrias Capital Partners Hampshire Equity Partners II Apollo Investment Fund V Bowmark Capital Partners III Clessidra Capital Partners II Fenway Partners Capital Fund Hancock Park Capital II Apollo Investment Fund VI Bowmark Capital Partners IV Cobalt Investment Capital Fenway Partners Capital Fund II Hancock Park Capital III Apollo Investment Fund VII Brazos Equity Fund III Code Hennessy & Simmons II FIMI Opportunity Fund I Harbert Australian Private Equity Fund Aquiline Co-Invest I Brentwood Associates Buyout II Code Hennessy & Simmons III FIMI Opportunity Fund II Harbert Private Equity Fund II Aquiline Financial Services Fund Bridgepoint Europe I Code Hennessy & Simmons IV FIMI Opportunity Fund III Harbinger Private Equity Fund I Aquiline Financial Services Fund II Bridgepoint Europe III Commerce Street Financial Partners FIMI Opportunity Fund IV Harbour Group Investment III Arcadia Beteiligungen II Bridgepoint Europe IV Compass Partners European Equity FIMI Opportunity Fund V HarbourVest 2007 Direct Fund Archer Capital Fund I Brockway Moran & Partners Consilium Private Equity Fund Flexpoint Fund HarbourVest International II Direct Archer Capital Fund II Bruckmann Rosser Sherrill & Co Constellation III German Asset Light Forstmann Little Debt & Equity HarbourVest International III Direct Archer Capital Fund III Bruckmann Rosser Sherrill II SICAV-FIS Buyout V HarbourVest Partners 2013 Direct Archer Capital Fund IV Brynwood Partners V Corinthian Capital I Forstmann Little Debt & Equity Buyout Fund Archer Capital Fund V Butler France Private Equity II Corpfi n Capital III VI HarbourVest Partners IV Direct Archer Capital Growth Fund 1 Calera Capital IV Cortec Group Fund II Forstmann Little Debt & Equity Buyout Harren Investors II Archer Capital Growth Fund 2 Caltius Equity Partners II Court Square Capital Partners II VII Harvest Partners III Ares Corporate Opportunities Fund Calvert Street Capital Partners III Court Square Capital Partners III Forstmann Little Equity V Harvest Partners IV Ares Corporate Opportunities Fund II Calvert Street Fund I Credit Suisse First Boston Eq Partners Forstmann Little Equity VI Harvest Partners V Ares Corporate Opportunities Fund III Calvert Street Fund II Credit Suisse First Boston Intl Equity Fortress Investment Fund V Harvest Partners VI Ares Corporate Opportunities Fund IV Candover 1994 Crescent Capital Partners IV Fourth Causeway Development HCI Equity Partners III Arsenal Capital Partners Candover 1997 Cressey & Co. Fund IV Capital Fund Healthcare Equity Partners Arsenal Capital Partners II Candover 2005 Crestview Partners Fox Paine Capital Fund Heartland Industrial Partners Arsenal Capital Partners III CapMan Buyout VIII Crestview Partners II Fox Paine Capital Fund II Hellman & Friedman III Asia Direct CapMan Buyout X CVC Asia Fund I Francisco Partners Hellman & Friedman IV Asian Corporate Finance Fund CapStreet II CVC Capital Partners Asia Pacifi c II Francisco Partners II Hellman & Friedman V

Hellman & Friedman VI KSL Capital Partners Supplemental II Nordic Capital Fund VIII Rhone Partners IV TPG Asia V Hellman & Friedman VII Latin America PE Growth Fund II Novo Tellus PE Fund 1 Ridgemont Equity Partners Fund I TPG Asia VI Heritage Fund I Leeds Equity Partners V Oak Hill Capital Partners II Ripplewood Partners TPG Partners II Heritage Fund II Lehman Brothers Merchant Banking Oak Hill Capital Partners III Riverlake Equity Partners Fund II TPG Partners IV Heritage Fund III II Oaktree Power Opportunities Fund III Riverlake Partners Fund I TPG Partners V Herkules Private Equity Fund I Levine Leichtman Capital Partners OCM/GFI Power Opportunities Fund Riverside Asia Fund I TPG Partners VI Herkules Private Equity Fund II Levine Leichtman Capital Partners III Olympus Growth Fund II Riverside Asia-Pacifi c Fund II Trident Fund V Herkules Private Equity Fund III Levmark Capital Olympus Growth Fund IV Riverside Central Europe Fund Trident Private Equity Fund I HEV III LGV 3 Private Equity Fund Olympus Growth Fund V Riverside Europe Fund II Trident Private Equity Fund II HgCapital 5 LHV Capital I Onex Partners Riverside Europe Fund III Trident Private Equity Fund III HgCapital 6 Liberty Partners Pool I Onex Partners II Riverside Europe Fund IV Trilantic Capital Partners III Hickory Liberty Partners Pool IV Onex Partners III Riverside Micro-Cap Fund I Trilantic Capital Partners IV Hicks, Muse, Tate & Furst Equity Lightyear Fund Pacifi c Equity Partners Fund I Riverside Micro-Cap Fund II Trilantic Capital Partners IV Europe Fund II Lightyear Fund II Pacifi c Equity Partners Fund II Riverside Partners IV Triton Fund III Hicks, Muse, Tate & Furst Equity Lightyear Fund III Pacifi c Equity Partners Fund III Riverside Partners V Triumph Connecticut Fund III Linden Capital Partners Pacifi c Equity Partners Fund IV Rizvi Opportunistic Equity Fund Trivest Fund II Hicks, Muse, Tate & Furst Europe Linden Capital Partners II Pacifi c Equity Partners Rizvi Opportunistic Equity Fund II Trumpet Investors Fund I Lindsay Goldberg - Fund I Supplementary Fund II RJD Private Equity Fund II TSG Capital Fund II High Road Capital Partners Lindsay Goldberg - Fund II PAG Asia I RLH Investors II TSG Capital Fund III Highcrest Partners Fund Lindsay Goldberg - Fund III PAI Europe III RLH Investors III Turkish Private Equity Fund II HitecVision Private Equity VI Linsalata Capital Partners Fund VI PAI Europe V Roark Capital Partners III Unitas Opportunity Fund III HMTF Equity Fund V Linsalata Capital Partners III PAI LBO Fund Royal London Private Equity Fund US Equity Partners I Hony Capital Fund III Lion Capital Fund II Palatine Private Equity II Royalton Capital Investors II V4C Eastern Europe II Hony Capital Fund V Lion Capital Fund III Palladium Equity Partners III RRJ Capital Master Fund II Vaaka Partners Buyout I HSBC Private Equity European Litorina Kapital Fund IV Palladium Equity Partners IV Seaport Capital Partners II Vaaka Partners Buyout II HSBC Private Equity Partnership Littlejohn Fund I Paragon Private Equity Fund I Seaport Capital Partners III Valor Equity Partners Fund I Scheme Littlejohn Fund II Parthenon Investors Seaport Capital Partners IV Valor Equity Partners Fund II Huntsman Gay Capital Partners Littlejohn Fund IV Parthenon Investors II SEAVI Advent Equity IV VDCapital I&F I LLR Equity Partners II Parthenon Investors III SEAVI Advent Equity V Veritas Capital Fund II I&FI II LLR Equity Partners III Parthenon Investors IV Segulah I Veritas Capital Fund IV ICV Partners II LNK Partners I Patria Brazilian Private Equity Segulah II Vestar Capital Partners II ILP I LNK Partners II Fund III Segulah III Vestar Capital Partners III ILP II Lombard Nogales Radio Partners Pátria Brazilian Private Equity Segulah IV Vestar Capital Partners IV ILP III Lone Star CRA Fund Fund IV Seidler Equity Partners IV Vestar Capital Partners V ILP Investment Vehicle Lone Star New Markets Fund Perfectis I Sentica Buyout III Vestar Capital Partners VI Imperial Capital Acquisition Fund II Lone Star Opportunities Fund V Perfectis II Sentica Kasvurahasto II Vestor Partners Imperial Capital Acquisition Fund III - Longreach Capital Partners 1 Permira Europe I Sentica Terveysteknologia I Victoria South American Partners I High Net Worth Longreach Capital Partners 2 Permira Europe II Sentinel Capital Partners IV Vista Equity Fund II Imperial Capital Acquisition Fund Lovell Minnick Equity Partners Permira Europe III Service Equity Partners Vista Equity Fund III III - Institutional Lovell Minnick Equity Partners II Permira France II Short Vincent Partners II Vista Equity Partners Fund IV Imperial Capital Acquisition Fund IV Lovell Minnick Equity Partners III Permira German Buyouts 1992 Silver Lake Partners Vista Foundation Fund I Imperial Capital Leveraged Madison Dearborn Capital Partners I Permira IV Silver Lake Partners II Vitruvian Investment Partnership I Acquisition Fund Madison Dearborn Capital Partners II Permira UK III Silver Lake Partners III Volga River One Capital Partners IMR Fund Madison Dearborn Capital Partners Perseus 2000 Expansion Fund Silver Lake Sumeru Waterland Private Equity Fund I India Value Fund II III Phildrew Ventures Fifth Fund Sinergia con Imprenditori Waterland Private Equity Fund II India Value Fund III Madison Dearborn Capital Partners Phildrew Ventures Fourth Fund Sorenson Capital Waterland Private Equity Fund III India Value Fund IV IV Phildrew Ventures Third Fund Sorenson Capital Partners II Waterland Private Equity Fund IV Industri Kapital 1994 Fund Madison Dearborn Capital Partners Phoenix Equity Partners III South America Growth Fund Waterland Private Equity Fund V Industri Kapital 1997 Fund VI Phoenix Equity Partners IV South Eastern Europe Fund Wellspring Capital Partners II Industri Kapital 2000 Fund Magnum Capital Platinum Equity Capital Partners Southeast Europe Equity Fund II Wellspring Capital Partners III Industri Kapital 2004 Fund Main Capital Partners II Fund I Southern Cross Latin America Wellspring Capital Partners V Industri Kapital 2007 Fund Mainsail Partners II Platinum Equity Capital Partners Fund II Welsh Carson Anderson & Stowe IX Industrial Opportunity Partners I Mandarin Capital Partners I Fund II Southern Cross Latin America Welsh Carson Anderson & Stowe VI Infl exion 2003 Buyout Fund Markstone Capital Partners Polaris II Fund III Welsh Carson Anderson & Stowe VII Infl exion 2006 Buyout Fund MBK Partners II Polaris III Southern Cross Latin America Welsh Carson Anderson & Stowe Infl exion 2010 Buyout Fund MBK Partners III Polish Enterprise Fund Fund IV VIII Innova/3 Middle Market Fund II Polish Enterprise Fund IV Southern Cross Latin America Welsh Carson Anderson & Stowe X Innova/5 Middle Market Fund III Polish Enterprise Fund V Private Equity Fund Welsh Carson Anderson & Stowe XI Innova/98 Middle Market Fund IV Polish Enterprise Fund VI Southvest Fund V Whippoorwill Vega Partners III Insight Equity I Midinvest Fund I Polish Enterprise Fund VII Spectrum Equity Investors Whitman Heffernan & Rhein Fund II Insight Equity II Midinvest Fund II Polish Private Equity Fund I & II Spectrum Equity Investors II Whitney VI Intervale Capital Fund I MidOcean Partners Portobello Capital Fund I Spectrum Equity Investors IV Wicks Capital Partners IV Intervale Capital Fund II MidOcean Partners Fund III Portobello Capital Fund II Spectrum Equity Investors V William E Simon & Sons II Investcorp Technology Partners III Milestone 2007 Pragma Capital Spectrum Equity Investors VI Willis Stein & Partners Irving Place Capital Partners II Monitor Clipper I Pragma Capital II Spire Capital Partners II Wind Point Partners III Italian Private Equity Fund III Monitor Clipper IA Primary Capital I Sports Capital Partners Wind Point Partners IV J-STAR Number One Investment Monitor Clipper Partners II Primary Capital II Steadfast Capital I Wind Point Partners V Limited Partnership Monitor Clipper Partners III Primary Capital III Steadfast Capital II Wind Point Partners VI JAFCO MBO 1 Montagu III ProA Capital Iberian Buyout Fund I Steadfast Capital III Wind Point Partners VII JC Flowers II Montagu IV Procuritas Capital Investors II Sterling Capital Partners III Windjammer Senior Equity Fund III JLL Partners Fund III Monument Capital Partners II Procuritas Capital Investors III Sterling Capital Partners IV Windward Capital Partners II JLL Partners Fund V Morgan Grenfell Equity Partners II Procuritas Capital Investors IV Sterling Group Partners III Wingate Partners II Jordan Resolute Fund Morgan Stanley Global Emerging Procuritas Capital Investors V Stonehenge Opportunity Fund WPG Corporate Development Jordan Resolute Fund II Markets Private Inv Progress-Lovell Minnick Ventures Stonehenge Opportunity Fund II Associates V Joseph Littlejohn & Levy Fund II Morgan Stanley Private Equity Asia Progressio Investimenti I Stonington Capital Appreciation 1994 Wynnchurch Capital Partners I JP Morgan Partners Global Investors Fund II Progressio Investimenti II Summer Street Capital II Wynnchurch Capital Partners II Juggernaut Capital Partners II Morgan Stanley Private Equity Asia Prospect Poland Fund Summer Street Capital III Wynnchurch Capital Partners III JW Childs Equity Partners III Fund III Providence Equity Partners III Symphony Technology Group III Xenon V Kairos Partners Private Equity Fund Murray Johnstone Private Acquisition Providence Equity Partners V Syntegra Capital Fund I Yucaipa American Alliance Fund I KCPS Buyout Fund I I Providence Equity Partners VI Syntegra Capital Fund II Yucaipa American Alliance Fund II Kelso Investment Associates VI Murray Johnstone Private Acquisition Providence Equity Partners VII Syntegra Capital Fund III Zeus Private Equity Fund I Kidd Kamm Equity Partners II Providence Growth Investors T3 Partners II ZM Capital Kings Park Capital I MUST 3 Providence Media Partners TA / Advent VIII Kirtland Capital Partners MUST 4 Prudential Private Equity III TA IX KKR E2 Investors - Annex Fund Nautic Partners V QCM Private Equity Fund TA X KKR European Fund Nautic Partners VI Quad-C Partners V TA XI KKR European Fund II Navis Asia Fund V Quad-C Partners VII Tailwind Capital Partners KKR European Fund III Navis Asia Fund VI Quadrangle Capital Partners Terra Firma Capital Partners I KKR Fund 1993 New England Growth Fund I Quadrangle Capital Partners II Terra Firma Capital Partners III KKR Fund 1996 New England Growth Fund II Quadrant Capital Fund II Texas Growth Fund - 1991 Trust KKR Fund 2006 New Mountain Partners Quadrant Capital Fund III Texas Growth Fund - 1995 Trust KKR Millennium Fund New Mountain Partners II Quadrant Private Equity No 1 Texas Growth Fund II - 1998 Trust KKR North American XI Fund New Mountain Partners III Quadrant Private Equity No. 3 Texas Pacifi c Group Partners Knox Investment Partners Fund III Newbridge Asia II Quadrant Private Equity No.2 Thayer Equity Investors V Knox Investment Partners Fund IV Newbridge Asia III Quadriga Capital Private Equity Thoma Bravo Fund IX Kohlberg Investors II Newbridge Asia IV Fund II Thoma Bravo Fund X Kohlberg Investors III Newbridge Investment Partners Quadriga Capital Private Equity Thoma Cressey Fund VI Kohlberg Investors IV Next Capital Fund III Thoma Cressey Fund VII Kohlberg Investors V Next Capital II Quadriga Capital Private Equity Thoma Cressey Fund VIII Kohlberg Investors VI Nixen I Fund IV Thomas H Lee IV Kohlberg Investors VII NiXEN II Relativity Fund Thomas H Lee V KRG Capital Fund I Noor Kuwait LBO Fund Reliant Equity Partners Thomas H Lee VI KRG Capital Fund II Nordic Capital Fund III Reservoir Capital Investment Thompson Street Capital Partners II KRG Capital Fund III Nordic Capital Fund IV Partners 2008 Thompson Street Capital Partners III KRG Capital Fund IV Nordic Capital Fund V RFE Investment Partners V Ticonderoga KI KSL Capital Partners II Nordic Capital Fund VI Rhone Capital Fund II TowerBrook Investors II KSL Capital Partners III Nordic Capital Fund VII Rhone Partners III TowerBrook Investors III