66 Private Equity Analyst February 2017 analysis European Private-Equity Funds Raised in 2016

Amt. (M) Total Amt. (M) Total Fund Name Raised Amt. (M) Fund Name Raised Amt. (M) Firm Location Target in ‘16 Raised Firm Location Target in ‘16 Raised

Cerea Capital II* $215.0 $161.3 $161.3 Buyouts/Corporate Finance Cerea Partenaire Gestion Paris

Buyouts & Acquisitions Charterhouse Capital Partners X $3,756.9 $877.7 $2,563.2 Charterhouse Capital Partners LLP London 21 Investimenti III $363.0 $132.2 $378.6 21 Partners SpA Treviso, Italy Sixth Cinven Fund LP $5,698.6 $7,526.4 $7,526.4 Cinven Ltd. London Abac Solutions I $413.8 $141.9 $348.4 Abac Solutions Manager Sarl Luxembourg Clessidra Capital Partners III $1,009.9 $115.2 $653.4 Clessidra SGR SpA Milan Abraaj Turkey Fund $500.0 $526.0 $526.0 Abraaj Group Dubai CMP German Opportunity Fund III N/A $268.8 $268.8 CMP Capital Management-Partners Berlin Abris CEE Mid-Market Fund III* $307.5 $92.5 $92.5 Abris Capital Partners Warsaw Columna Capital Fund I SCSp* N/A $13.4 $13.4 Columna Capital LLP London Alpha Private Equity Fund 7* $1,066.5 $358.5 $358.5 Alpha Private Equity Management Co. SARL CVC Capital Partners Strategic Luxembourg Opportunities Fund* $4,500.0 $4,400.0 $4,400.0 CVC Capital Partners Group Srl Luxembourg Apax IX $7,500.0 $9,000.0 $9,000.0 Apax Partners LLP London Deutsche Beteiligungs AG VII N/A $1,114.0 $1,114.0 Deutsche Beteiligungs AG Frankfurt Ardian LBO Fund VI N/A $5,024.6 $5,024.6 Ardian SAS Paris Elaghmore I LP $53.5 $76.2 $76.2 Elaghmore Partners LLP Newcastle, U.K. ARX CEE IV* $111.4 $60.2 $60.2 Arx Equity Partners Warsaw EQT Mid Market Europe Fund* $1,505.3 $1,225.3 $1,225.3 EQT Partners Stockholm Astorg VI $1,697.1 $2,271.8 $2,271.8 Astorg Partners Paris European Capital Private Debt LP N/A $509.1 $509.1 European Capital London BENCIS Buyout Fund V $440.8 $458.2 $458.2 Bencis Capital Partners Amsterdam European Private Equity Opportunities $56.9 $56.9 $56.9 Deutsche Beteiligungs AG Frankfurt Bridgepoint Development Capital III $755.8 $906.9 $906.9 Bridgepoint Advisers Group Ltd. London FSN Capital V LP $965.6 $1,103.4 $1,103.4 FSN Capital Partners AS Oslo Cabestan Capital 2 Fund $161.3 $184.1 $184.1 Edmond de Rothschild Investment Partners Paris Genesis Private Equity Fund III $80.9 $40.4 $89.8 Genesis Capital SRO Prague CBPE Capital Fund IX $643.6 $381.0 $645.5 CBPE Capital LLP London HgCapital 8 LP* $2,658.8 $2,540.2 $2,540.2 HgCapital London How to Read These Tables IK Investment Fund VIII $1,720.3 $2,041.5 $2,041.5 IK Investment Partners London Target is the minimum the investment firm set out to raise. Raised in ’16 is the amount on which closings were held during 2016. Industri Kapital Small Cap Fund $279.9 $190.3 $299.6 Total Raised is the amount closed in 2016 plus any prior years. IK Investment Partners London Funds Marked * are still open (i.e., expect to raise additional capital). All other funds have completed raising capital. Investindustrial VI LP $2,239.2 $2,188.0 $2,188.0 N/A means that the data was not available for the category. Investindustrial Advisors Ltd. Treviso, Italy Private Equity Analyst 67 analysis February 2017

Amt. (M) Total Fund Name Raised Amt. (M) Firm Location Target in ‘16 Raised

JZI Fund III LP $384.4 $175.3 $443.4 JZ Capital Partners London

Key Capital Partners II* N/A $15.1 $100.0 Key Capital Partners Leeds, U.K.

Lion Capital Fund IV LP* $2,500.0 $7.9 $1,007.9 Lion Capital LLP London

Livingbridge 6 $906.9 $876.4 $876.4 Livingbridge London

Lonsdale Capital Partners I LP $171.8 $166.3 $166.3 Lonsdale Capital Partners LLP London

Maj Invest Equity 5 K/S* $273.8 $241.5 $241.5 Fondsmaeglerselskabet Maj Invest A/S Copenhagen

Mandarin Capital Partners II $505.3 $96.8 $239.2 Mandarin Capital Management SA Luxembourg

Marlin Heritage Europe LP $215.0 $362.0 $362.0 Marlin Management Co. LLC Hermosa Beach, Calif.

Mayfair Equity Partners I $545.2 $226.0 $569.3 Mayfair Equity Partners LLP London

MBO Capital IV $215.0 $264.7 $264.7 MBO Partenaires Paris

Montefiore Investment IV $376.3 $467.9 $467.9 Montefiore Investment Paris

N+1 Private Equity III LP* $483.8 $430.1 $430.1 N+1 Group Madrid

NorthEdge Capital II LP N/A $196.5 $453.5 NorthEdge Capital LLP Manchester, U.K.

Norvestor VII $565.5 $581.2 $581.2 Norvestor Equity AS Oslo

Oakley Capital Private Equity III LP* N/A $761.0 $761.0 Oakley Capital Ltd. London

Omnes Croissance 4* $237.6 $109.2 $211.9 Omnes Capital Paris

OpCapita Consumer Opportunities Fund II LP $376.3 $390.5 $390.5 OpCapita LLP London

Permira VI* $6,988.8 $7,017.9 $7,017.9 Permira Holdings Ltd. London

Piper Private Equity Fund VI* $67.5 $8.7 $8.7 Piper Private Equity London

Polaris Private Equity Fund IV $487.5 $45.3 $520.0 Polaris Equity Copenhagen

Quadrivio Private Equity Fund III* $302.5 $107.5 $107.5 Quadrivio SGR SpA Milan 68 Private Equity Analyst February 2017 analysis

Amt. (M) Total Amt. (M) Total Fund Name Raised Amt. (M) Fund Name Raised Amt. (M) Firm Location Target in ‘16 Raised Firm Location Target in ‘16 Raised

Realza Capital II Fund* $218.6 $139.2 $139.2 Aqua-Spark* $448.4 $3.9 $3.9 Realza Capital Madrid Aqua-Spark Utrecht, Netherlands

Segulah V LP $789.5 $57.6 $277.9 Ardian Expansion IV $698.9 $1,109.9 $1,109.9 Segulah Advisor AS Stockholm Ardian SAS Paris

Stirling Square Capital Partners Fund III $674.3 $107.5 $711.7 Armonia Italy Fund* $790.4 $222.0 $222.0 Stirling Square Capital Partners LLP London Armonia SGR SpA Rome

Summa Equity Fund I* $333.0 $328.3 $328.3 August Equity Partners IV LP* $340.1 $181.4 $181.4 Summa Equity AB Stockholm August Equity LLP London

Unigestion Direct Opportunities 2015* $215.0 $107.5 $107.5 Aurica III* $161.3 $111.0 $111.0 Unigestion SA Geneva Aurica Capital Desarrollo Barcelona

Vendis Capital II $181.5 $59.1 $200.3 Broadwell Tactical Opportunity Fund $1,000.0 $1,000.0 $1,000.0 Vendis Capital Diegem, Belgium Broadwell Capital Ltd. Saint Peter Port, U.K.

Wiseequity IV N/A $231.2 $231.2 Carlyle Innovation Partners LP* N/A $151.6 $151.6 Wise SGR SpA Milan Carlyle Group Washington

Co-Investment Funds CORDET Direct Lending* N/A $215.0 $215.0 Cordet Capital Partners LLP Reading, U.K. Access Co-Investment Fund Buyout Europe $206.4 $167.5 $255.2 Access Capital Partners Paris Emergence ETI* $112.4 $67.4 $67.4 Turenne Capital Partenaires SA Paris Adinan (MEF) Co-Investment LP* N/A $87.4 $87.4 Mid Europa Partners LLP London Endeit Fund II N/A $19.4 $136.9 Endeit Capital Amsterdam Adveq Europe Co-Investments $121.0 $109.7 $109.7 Adveq Management AG Zurich EOS Private Equity Fund* $158.8 $58.2 $58.2 EOS Investment Management Ltd. London CEP IV Coinvestment LP* N/A $11.1 $220.5 Carlyle Group Washington Foresight Regional Fund* $90.7 $57.4 $57.4 Foresight Group London CETP III Coinvestment LP* N/A $51.7 $634.2 Carlyle Group Washington G Square Capital II LP* $322.6 $253.7 $253.7 G Square Capital London Hermes GPE PEC III Co-Investment Fund* N/A $150.0 $150.0 Hermes GPE LLP London German Access Fund LP N/A $275.3 $275.3 DB Private Equity London Inflexion Supplemental Fund IV $377.9 $332.9 $332.9 Inflexion Private Equity Partners LLP London GHO Capital Partners Fund I $676.3 $275.3 $712.5 GHO Capital Partners LLP London Limerston Capital AP Co-Investment N/A $7.4 $7.4 Limerston Capital LLP London Holland Venture Entrepreneurs Fund III $61.8 $59.1 $59.1 Holland Venture Partners B.V. Amsterdam Partners Group Direct Equity 2016 (USD) A LP* N/A $89.0 $89.0 Partners Group AG Baar, Switzerland Inflexion Enterprise Fund IV $377.9 $332.9 $332.9 Inflexion Private Equity Partners LLP London Diversified Private Equity Kalysta Capital Fund II (Mauritius) N/A $11.4 $11.4 Adveq Specialized Investments N/A $347.3 $347.3 CIM Fund Services Ltd. Port Louis, Mauritius Adveq Management AG Zurich Karmijn Kapitaal II LP N/A $99.9 $99.9 Albion VCTs Top Up Offers $23.7 $54.4 $54.4 Karmijn Kapitaal Amsterdam Albion Ventures LLP London MCH Iberian Capital Fund IV* $335.9 $222.0 $222.0 Apposite Healthcare Fund II* $188.9 $105.8 $105.8 MCH Private Equity SL Madrid Apposite Capital LLP London Monterro 2 N/A $141.9 $141.9 Aqua-Spark Cooperatieve* $448.4 $17.3 $17.3 Monterro AB Stockholm Aqua-Spark Utrecht, Netherlands Pamplona TMT Fund I LP $1,000.0 $1,000.0 $1,000.0 Pamplona Capital Management LLP London Private Equity Analyst 69 analysis February 2017

Amt. (M) Total Amt. (M) Total Fund Name Raised Amt. (M) Fund Name Raised Amt. (M) Firm Location Target in ‘16 Raised Firm Location Target in ‘16 Raised

Private Equity Opportunities Fund III SCS* $446.3 $217.0 $217.0 The Panoramic Growth Equity Fund II $75.6 $98.2 $98.2 SwanCap Partners GmbH Munich Panoramic Growth Equity LLP London

Priveq Investment V AB N/A $264.8 $264.8 Three Hills Capital Fund II $161.3 $222.8 $222.8 Priveq Investment Stockholm Three Hills Capital Partners London

PSC Fund III* $580.1 $181.4 $181.4 Industry Focused Pollen Street Capital London AnaCap Financial Partners III LP $1,226.9 $161.3 $1,070.0 Sprints Capital International II LP* N/A $30.2 $30.2 AnaCap Financial Partners LLP London Sprints Capital Management Ltd. London Capenergie III* $221.1 $172.0 $172.0 Taste of Italy Fund* $276.1 $54.4 $221.8 Omnes Capital Paris IDeA Capital Funds SGR SpA Milan NTR Wind Fund $268.8 $87.4 $268.8 The Causeway Capital Partners I LP* N/A $53.8 $53.8 NTR PLC Dublin Causeway CGP Ltd. Dublin The NextEnergy NextPower II* N/A $166.5 $166.5 UBS Oncology Impact Fund N/A $471.0 $471.0 NextEnergy Capital Ltd. London UBS AG Zurich Real Assets UCL Technology Fund* N/A $75.6 $75.6 Albion Ventures LLP London Allianz Renewable Energy Fund 2* $333.0 $210.9 $210.9 Allianz Global Investors GmbH Munich YFM Equity Partners 2016 Fund* N/A $29.3 $29.3 YFM Private Equity Ltd. Leeds, U.K. Antin Infrastructure Partners Fund III $3,367.1 $3,865.9 $3,865.9 Antin Infrastructure Partners SAS Paris Zubr Capital Fund I $50.0 $50.0 $50.0 Zubr Capital Minsk, Belarus Archmore Infrastructure Debt Platform N/A $635.9 $635.9 UBS Global Asset Management Ltd. London Expansions & Growth Ardian Infrastructure Fund IV N/A $2,849.3 $2,849.3 Alcedo IV $198.0 $209.7 $209.7 Ardian SAS Paris Alcedo SGR Treviso, Italy Blue Water Energy Fund II LP* $1,000.0 $885.0 $885.0 Amundi Private Equity Fund* $268.5 $146.0 $146.0 Blue Water Energy LLP London Amundi SA Paris CD Capital Natural Resources Fund III LP $400.0 $122.0 $355.0 CVC Capital Partners Growth Investors LP $750.0 $321.0 $1,000.0 CD Capital (UK) Ltd. London CVC Capital Partners Group Srl Luxembourg Eurofideme 3 $272.6 $389.9 $389.9 ERES III $279.9 $317.7 $317.7 Mirova Paris Edmond de Rothschild Investment Partners Paris Fondo Italiano per l’Efficienza Energetica* $161.3 $96.5 $96.5 FPCI Crescendo* $138.7 $44.5 $44.5 Fondo Italiano per l’Efficienza Isatis Capital Paris Energetica SGR S.p.A. Turin, Italy

Gilde Healthcare IV $215.0 $277.5 $277.5 Greenstone Resources II LP* $300.0 $165.0 $165.0 Gilde Healthcare Partners Utrecht, Netherlands Greenstone Management Ltd. London

Idinvest Partners Growth Fund II* $376.3 $264.7 $264.7 InfraVia European Fund III* $1,119.6 $460.1 $460.1 Idinvest Partners Paris OFI InfraVia Paris

Intera Fund III Ky $268.8 $268.5 $268.5 Kildare Partners European Fund II* $2,400.0 $1,140.0 $1,140.0 Intera Equity Partners Oy Helsinki Kildare Partners London

Mobeus Equity Partners IV LP* $149.1 $103.6 $103.6 Macquarie European Infrastructure Fund V $2,688.0 $4,462.6 $4,462.6 Mobeus Equity Partners LLP London Macquarie Infrastructure and Real Assets Sydney

Phoenix Equity Partners 2015 LP* $771.4 $377.9 $377.9 Petroleum Equity Fund I* $250.0 $30.0 $30.0 Phoenix Equity Partners Ltd. London Petroleum Equity LLP London

Synova Capital Fund III LP $211.6 $377.9 $377.9 Quercus European Renewables* $537.6 $161.1 $161.1 Synova Capital LLP London Quercus Investment Partners LLP London 70 Private Equity Analyst February 2017 analysis

Amt. (M) Total Amt. (M) Total Fund Name Raised Amt. (M) Fund Name Raised Amt. (M) Firm Location Target in ‘16 Raised Firm Location Target in ‘16 Raised

Resonance Industrial Water Infrastructure N/A $300.0 $300.0 Resonance Asset Management LLP London Funds of Funds

Sole Shipping Special Opportunities Fund II N/A $2.1 $2.1 Access Capital Fund Infrastructure* N/A $139.8 $139.8 Sole Shipping AS Oslo Access Capital Partners Paris

Restructuring/Distressed Debt Access Capital Fund VII Growth Buy-out Europe* $554.9 $368.3 $368.3 Access Capital Partners Paris AnaCap Credit Opportunities III LP $625.1 $674.6 $674.6 AnaCap Financial Partners LLP London Adveq Europe VI $376.3 $496.1 $496.1 Adveq Management AG Zurich Apollo European Principal Finance Fund III (Dollar) LP* N/A $1,523.7 $1,523.7 Altamar VIII $547.2 $445.6 $580.8 Apollo Investment Corp. New York Altamar Capital Partners SL Madrid

Ares Capital Europe III $2,150.4 $2,774.6 $2,774.6 Ardian Secondary Fund VII Primary LP N/A $1,600.0 $3,200.0 Ares Management LLC Los Angeles Ardian SAS Paris

Black Toro Capital Fund II* $385.2 $26.9 $173.2 ATP Private Equity Partners V K/S N/A $776.9 $1,881.2 Black Toro Capital LLP Barcelona ATP Private Equity Partners Copenhagen

BNP Paribas European SME Debt Fund $561.2 $562.0 $562.0 Crown Europe Middle Market III N/A $537.6 $537.6 BNP Paribas Private Equity SAS Paris LGT Capital Partners Ltd. Pfaeffikon, Switzerland

CVC Global Special Situations Fund $645.1 $721.4 $721.4 Danske Private Equity Partners VI $894.2 $104.3 $753.4 CVC Capital Partners Group Srl Luxembourg Danske Private Equity Copenhagen

EQT Mid-Market Credit Fund $605.0 $193.5 $576.1 eQ PE VIII North LP N/A $175.8 $175.8 EQT Partners Stockholm eQ Asset Management Ltd. Helsinki

Equita Private Debt Fund* $161.3 $71.0 $71.0 Euro-PE Select Opportunities $145.5 $139.8 $139.8 Equita SIM SpA Milan Euro Private Equity Paris

Hayfin SOF II USD LP* $1,612.8 $79.1 $79.1 Fundexi IV $268.8 $352.6 $352.6 Hayfin Capital Management LLP London BNP Paribas Private Equity SAS Paris

Idea CCR - Corporate Credit Recovery* N/A $289.6 $289.6 Galdana Venture Fund* $181.5 $47.3 $47.3 IDeA Capital Funds SGR SpA Milan Altamar Capital Partners SL Madrid

North East Microloan Fund N/A $11.3 $11.3 Galdana Ventures Fund $181.5 $222.0 $275.7 Rivers Capital Partners Ltd. Galdana Ventures Barcelona Newcastle Upon Tyne, U.K. Golding Private Debt SICAV VIII $265.7 $444.1 $444.1 PVE European Distressed Fund 2* N/A $0.4 $36.9 Golding Capital Partners GmbH Munich Sciens Capital Management New York Partners Group Client Access 21 LP Inc.* N/A $2.9 $2.9 Sofiproteol Dette Privee* $215.0 $111.4 $111.4 Partners Group AG Baar, Switzerland Tikehau Capital Partners Paris Partners Group Client Access 22 LP Inc.* N/A $2.8 $2.8 Tees Valley Catalyst Fund* N/A $15.1 $15.1 Partners Group AG Baar, Switzerland FW Capital Newcastle Upon Tyne, U.K. Qualitas Fund of Fund N/A $67.4 $67.4 The Pemberton European Qualitas Equity Partners Madrid Mid-Market Debt Fund I $1,512.4 $720.2 $1,324.9 Funds of Funds Total $5,923.3 Pemberton Capital Advisors LLP London

UK Private Debt Fund* $529.0 $279.6 $279.6 Muzinich & Co. Inc. New York

Ver Capital Credit Partners Italia V* $161.3 $55.8 $55.8 Ver Capital SGR Milan

Buyouts/Corporate Finance Total $93,895.2 Private Equity Analyst 71 analysis February 2017

Amt. (M) Total Amt. (M) Total Fund Name Raised Amt. (M) Fund Name Raised Amt. (M) Firm Location Target in ‘16 Raised Firm Location Target in ‘16 Raised

SL Capital Secondary Opportunities Fund III* $400.0 $212.9 $212.9 Mezzanine SL Capital Partners LLP Edinburgh

Mezzanine (Captive) Unigestion Secondaries Opportunities IV* $322.6 $198.7 $198.7 Unigestion SA Geneva Capzanine Fund IV $322.6 $393.4 $393.4 Capzanine Paris Secondary Direct/Portfolio

Siparex Intermezzo $121.0 $112.4 $112.4 ICG Strategic Secondaries Fund II LP* $1,000.0 $367.0 $367.0 Siparex Group Lyon, France Intermediate Capital Group PLC London

Mezzanine (Third-Party) Keyhaven Secondaries Fund II LP* $330.2 $12.9 $22.9 Keyhaven Capital Partners Ltd. London Beechbrook Mezzanine III* $268.8 $112.2 $112.2 Beechbrook Capital LLP London Stafford Infrastructure Secondaries Fund II* $268.8 $182.4 $182.4 Stafford Capital Partners Sydney CapMan Nest Capital Fund* N/A $107.5 $107.5 CapMan Group Helsinki SwanCap Opportunities Fund III* $430.1 $223.1 $223.1 SwanCap Partners GmbH Munich CIC Mezzanine 4 N/A $322.2 $322.2 CIC Mezzanine Gestion Paris Verdane Capital IX $199.4 $355.6 $355.6 Verdane Capital Advisors Oslo MML Capital Partners Fund VI LP $438.3 $286.0 $501.4 MML Capital Partners LLP London Secondary & Other Total $20,452.0

Park Square Capital Partners III LP $1,252.5 $1,205.3 $1,304.2 Park Square Capital LLP London Venture Capital UK SME Credit Fund* $234.3 $151.2 $151.2 Beechbrook Capital LLP London Early-Stage Venture Capital

Mezzanine Total $2,690.1 500 Startups Istanbul LP* $15.0 $6.3 $6.3 500 Startups Management Co. LLC Mountain View, Calif.

Secondary & Other Accel London V $500.0 $500.0 $500.0 Accel Palo Alto, Calif. Bridge Financing Anthemis Venture Fund I LP* $100.0 $60.0 $60.0 Inveready Venture Finance I SCR $26.6 $8.9 $17.6 Anthemis Group SA London Inveready Technology Investment Group Barcelona Barcamper Ventures* $55.7 $33.5 $33.5 Kreos Capital V N/A $430.1 $430.1 Primomiglio SGR SPA Milan Kreos Capital London BeAble Innvierte KETS Fund FCR* $43.0 $35.5 $35.5 LP Secondaries BEABLE SL Madrid AlpInvest Secondaries Fund VI* $2,000.0 $1,500.0 $1,500.0 BioGeneration Ventures III* $53.8 $27.8 $27.8 AlpInvest Partners BV Amsterdam BioGeneration Ventures BV Naarden, Netherlands Ardian Secondary Fund VII LP $9,000.0 $10,800.0 $10,800.0 Blueyard Capital Fund $120.0 $120.0 $120.0 Ardian SAS Paris BY Capital Management GmbH Berlin Crown Global Secondaries IV* $2,500.0 $2,500.0 $2,500.0 Bullnet Capital III* $43.0 $45.2 $45.2 LGT Capital Partners Ltd. Pfaeffikon, Switzerland Bullnet Gestion SGECR SA Madrid European Secondary Development Fund V LP $478.8 $145.2 $310.9 BY Capital 1 GmbH & Co. KG $111.0 $111.0 $111.0 Arcis Group London BY Capital Management GmbH Berlin Idinvest Secondary Fund III* $388.4 $390.5 $390.5 Caixa Capital BioMed II* $48.3 $21.5 $21.5 Idinvest Partners Paris Caixa Capital Risc SGECR Barcelona Pantheon Global Secondary Fund V* $2,500.0 $436.8 $1,733.8 Capinvest 21 Seed Venture Fund I N/A $1.0 $1.0 Pantheon Ventures (UK) LLP London Capinvest 21 Tyumen, Russia Partners Group Secondary 2015 LP $3,024.8 $2,688.0 $2,688.0 Partners Group AG Baar, Switzerland 72 Private Equity Analyst February 2017 analysis

Amt. (M) Total Amt. (M) Total Fund Name Raised Amt. (M) Fund Name Raised Amt. (M) Firm Location Target in ‘16 Raised Firm Location Target in ‘16 Raised

Cherry Ventures II N/A $161.3 $161.3 La Fabrique des Formats Fund* N/A $2.2 $2.2 Cherry Ventures GmbH Berlin La Fabrique des Formats Incubation SAS Paris

Collector Ventures LP* N/A $11.5 $11.5 Medicxi Ventures I $225.8 $225.8 $225.8 NFT Ventures Stockholm Medicxi Ventures London

CRB Bio II $38.4 $4.5 $41.8 National Technology Initiative Fund* N/A $119.8 $119.8 Cross Road Biotech Madrid Russian Venture Company Moscow

Creandum IV N/A $193.5 $193.5 NEOVIA Venture Fund N/A $5.6 $5.6 Creandum Stockholm NEOVIA Venture Sain-Nolff, France

Daphni Purple $112.4 $168.6 $168.6 North East Angel Fund N/A $4.5 $16.2 daphni SAS Paris Rivers Capital Partners Ltd. Newcastle Upon Tyne, U.K. Digital Space Ventures Fund I $50.0 $50.0 $50.0 Digital Space Ventures London Northzone VIII $322.6 $334.7 $334.7 Northzone Ventures AS Oslo Discovery Park Technology Investment Fund $7.6 $7.6 $7.6 Narec Capital Ltd. London Pan-European VC fund $32.3 $32.3 $32.3 Backed VC Clerkenwell, U.K. e.ventures Europe $150.0 $150.0 $150.0 e.ventures San Francisco Partech Entrepreneur II $96.8 $43.0 $110.1 Partech Ventures Paris eCapital IV Technologies Fonds* $107.5 $43.0 $43.0 eCAPITAL entrepreneurial Partners AG Point Nine Annex $12.9 $13.4 $13.4 Muenster, Germany Point Nine Management GmbH Berlin

Enterprise Capital Fund $53.2 $53.2 $53.2 Polytech Ecosystem Ventures Fund* N/A $39.9 $39.9 Entrepreneur First Investment Manager LLP Polytech Ventures SA Ecublens, Switzerland London Programma 101 Fund $66.4 $36.7 $80.3 Entrepreneur First Next Stage LP $5.1 $5.1 $5.1 P101 Srl Milan Entrepreneur First Investment Manager LLP London r24 Ventures $21.5 $21.2 $21.2 rent24 GmbH Berlin Fondo di Capitale di Rischio $11.2 $10.8 $10.8 Societa’ Finanziaria Regione Runa Capital II $150.0 $60.0 $135.0 Sardegna SpA Cagliari, Italy Runa Capital Moscow

GM&C Life Sciences Fund* $68.1 $46.9 $46.9 Santander InnoVentures Fund* $100.0 $100.0 $200.0 Catapult Ultimate Holdings Ltd. Santander InnoVentures London Melton Mowbray, U.K. SEED Capital III $121.9 $50.4 $119.1 Groupe PSA Fund N/A $111.4 $111.4 SEED Capital Management I/S PSA Peugeot Citroen Paris Lyngby, Denmark

ICT Fund II N/A $19.3 $19.3 Seraphim Space Fund* $100.0 $62.5 $62.5 LAUNCHub Ventures Sofia, Bulgaria Seraphim Capital LLP London

Index Ventures VIII LP $500.0 $550.0 $550.0 Straightforward Capital Fund Ky N/A $10.8 $10.8 Index Ventures Geneva Straightforward Capital Management Oy Helsinki Italian Venture Fund I* $113.1 $69.9 $69.9 Invitalia Ventures SGR Rome System.One Venture Capital Fund N/A $9.2 $9.2 System.One Management GmbH & Co. KG Karma Ventures Fund I* $64.5 $43.0 $43.0 Berlin Karma Ventures Tallinn, Estonia UNIIQ N/A $24.5 $24.5 KEEN Venture Partners Fund LP* N/A $95.3 $95.3 InnovationQuarter The Hague Keen Venture Partners London University Bridge Fund $66.6 $66.6 $66.6 Kibo Venture Innvierte Open Future FCR-PYME* $107.5 $79.2 $79.2 Atlantic Bridge Ventures Dublin Kibo Ventures Partners SGEIC SA Madrid Private Equity Analyst 73 analysis February 2017

Amt. (M) Total Amt. (M) Total Fund Name Raised Amt. (M) Fund Name Raised Amt. (M) Firm Location Target in ‘16 Raised Firm Location Target in ‘16 Raised

V-Bio Ventures Fund I N/A $14.0 $83.3 HealthCap VII LP* $220.0 $160.4 $160.4 V-Bio Ventures Ghent, Belgium HealthCap Venture Capital Stockholm

West Web Valley 1* N/A $37.8 $37.8 iBionext Growth Fund* $107.5 $51.3 $51.3 West Web Valley SAS Guipavas, France iBionext SAS Paris

Ysios BioFund II $138.0 $82.5 $147.4 Intesa Sanpaolo Quadrivio Fund* $129.0 $75.3 $75.3 Ysios Capital Partners SGECR SA Barcelona Quadrivio SGR SpA Milan

Late-Stage Venture Capital Ireland Atlantic Bridge Fund $107.5 $107.5 $107.5 Atlantic Bridge Ventures Dublin Abingworth Clinical Co-Development Fund $100.0 $105.0 $105.0 Abingworth Management Inc. London K-Fund 1* $111.6 $111.6 $111.6 Korelya Capital SAS Paris Anterra Capital Food and Agriculture Technology Fund* N/A $125.0 $125.0 Life Sciences Partners V $236.7 $83.2 $296.3 Anterra Capital Amsterdam Life Sciences Partners BV Amsterdam

Partech Growth $500.4 $33.3 $470.9 Medicxi Growth I LP* N/A $21.2 $21.2 Partech Ventures Paris Medicxi Ventures London

Rocket Internet Capital Partners SCS* $500.0 $421.5 $421.5 Nextech Oncology IV $100.0 $24.0 $64.0 Rocket Internet AG Berlin Nextech Invest Ltd. Zurich

Sistema Venture Capital Fund* N/A $154.2 $154.2 SEP V N/A $325.2 $325.2 JSFC Sistema Venture Capital Moscow Scottish Equity Partners LLP Glasgow

Multistage Venture Capital SET Fund II* $129.4 $64.5 $64.5 Chrysalix SET Amsterdam Abingworth Bioventures VII LP* $400.0 $115.5 $115.5 Abingworth Management Inc. London Social Impact Ventures Fund I $42.3 $31.6 $43.7 Social Impact Ventures NL Amsterdam ACT Republic and Northern Ireland Fund* $107.5 $75.3 $75.3 ACT Venture Capital Ltd. Dublin Statoil Energy Ventures $200.0 $200.0 $200.0 Statoil ASA Stavanger, Norway Almi Invest GreenTech Fund N/A $75.8 $75.8 ALMI Invest AB Ostersund, Sweden Swanlaab Giza Innvierte I FCR* N/A $43.0 $43.0 Swanlaab Venture Factory SGEIC SA Alven Capital V $215.0 $268.5 $268.5 Alcobendas, Spain Alven Capital SA Paris Tech Transfer UPV FCR* $7.6 $6.5 $6.5 APIA VISTA FPCI* $92.8 $58.1 $58.1 Clave Mayor SGECR SA Pamplona, Spain Apax Partners LLP London TGFS - Technologiegruenderfonds Sachsen* N/A $69.2 $69.2 Cambridge Cluster Fund* N/A $33.4 $112.4 CFH Beteiligungsgesellschaft mbH Cambridge Innovation Capital PLC Leipzig, Germany Cambridge, U.K. The Brain Tumour Fund* $75.0 $12.7 $12.7 Capricorn Sustainable Chemistry Fund* $111.4 $53.7 $53.7 NeoMed Management AS Oslo Capricorn Venture Partners NV Leuven, Belgium UniCredit Equity Venture Opportunities* N/A $215.0 $215.0 UniCredit SpA Milan Endeavour Medtech Growth LP N/A $268.8 $268.8 Endeavour Vision SA Geneva Via Venture Partners Fond III K/S $144.1 $149.7 $149.7 Via Venture Partners Hellerup, Denmark EQT Ventures Fund $546.5 $608.6 $608.6 EQT Ventures Stockholm Venture Capital Total $8,522.5

Forbion Capital Fund III $189.4 $97.8 $214.0 Grand Total $131,483.1 Forbion Capital Partners Naarden, Netherlands

Green Growth Fund II $265.7 $43.0 $177.9 Alpina Partners London