Attachment 3, Page 1 of 17

CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM (CalPERS)

1H 2014 PRIVATE EQUITY PROGRAM QUARTERLY PERFORMANCE REPORT

Attachment 3, Page 2 of 17 CalPERS Private Equity Performance Report – 1H 2014

INTRODUCTION

Private equity is a long-term asset class with performance results influenced by various factors. This report concentrates on several key exposures that contribute to performance results, including sector, geography, structure and vintage year. In addition, the broad industry trends highlighted herein may affect future performance results.

EXECUTIVE SUMMARY

Portfolio Highlights

 The PE Program underperformed the Policy Benchmark over the latest one, three, five, and ten-year periods. Despite trailing the Policy Benchmark over the latest ten-year period, the PE Program’s average annual return as of June 30, 2014 is above CalPERS’ expected return for the asset class and well above the actuarial rate of return.

 As has been noted in previous quarterly reports, including a public market index in the PE Program Policy Benchmark continues to result in questions about comparable performance results. Most private equity investors use this type of benchmark and the industry is attempting to develop an alternative that will be more readily understood and acceptable. In the interim, generally expect private equity to underperform rising public equity markets and outperform falling ones.

 The PE Program has been net cash flow positive (i.e., distributions received exceeded capital contributions made) since 2011.

 The Buyout strategy continues to be the largest proportion of the PE Program and was the largest contributor to performance over the latest three-year period due to valuation increases across the strategy.

 The United States, representing the largest geographic exposure of the portfolio had the most significant impact on performance results over the latest three-year period.

 Partnerships, representing the largest type of investment vehicle in the portfolio, had the most significant impact on performance results over the past three years.

 An analysis of the existing unfunded commitments shows that the PE Program’s general partners have significant “dry powder”, approximately a fourth of which is from the 2007-2008 vintage years.

 Although the PE Program is in its twenty-fourth year, the preponderance of value and performance are attributable to commitments made in the last ten years. More specifically, commitments made in the 2006-2008 vintage years currently represent the majority of aggregate value.

 The PE Program’s five largest general partner relationships represent approximately 36% of total exposure, which is defined as market value plus unfunded commitments.

Attachment 3, Page 3 of 17 CalPERS Private Equity Performance Report – 1H 2014

Industry Trends

 Fundraising activity globally increased modestly in the first half of 2014.

 Announced U.S. buyout deal volume exhibited an increase in Q2 2014 from the prior quarter and is on pace to exceed 2013 levels.

 Risk metrics in the leveraged buyout market increased during the second quarter of 2014 as both purchase price multiples and debt multiples increased.

 Venture capital investment activity continued to increase in the first half of 2014.

 Exit activity for venture capital investments continued to show strength in the first half of 2014.

 The outlook for distressed debt investment strategies continues to be mixed.

Attachment 3, Page 4 of 17 CalPERS Private Equity Performance Report – 1H 2014

OVERALL PRIVATE EQUITY PROGRAM PERFORMANCE

Performance vs. Policy Benchmarks

1 Year 3 Year 5 Year 10 Year

CalPERS’ PE Program1 20.0% 12.8% 18.7% 13.3% PE Program Policy Benchmark2 23.3% 14.5% 23.2% 15.4% State Street Private Equity Index (SSPEI)3 18.6% 11.5% 15.7% 12.5% Excess Return v. Policy Benchmark (3.3%) (1.7%) (4.5%) (2.1%) v. SSPEI 1.4% 1.3% 3.0% 0.8%

Source: Wilshire Associates, State Street, PCA

o Despite posting a very strong 20.0% return (above long-term expectations for the asset class), the PE Program underperformed the Policy Benchmark by 3.3% over the latest year. o Strong absolute five-year returns for the PE Program and the Policy Benchmark exhibit the continued recovery from the economic crisis in late 2008/early 2009, while the PE Program underperformed by 4.5%. o The PE Program has posted a return above the expected return for the asset class and above the actuarial rate of return over the latest ten-year period, despite trailing the Policy Benchmark by 210 basis points. o The PE Program outperformed the State Street Private Equity Index (a peer based, industry benchmark) over all periods evaluated.

1 The net asset value of CalPERS’ PE Program portfolio is lagged one quarter with adjustments for current cash flows through the reporting period 2 Currently equals (67% FTSE US TMI + 33% FTSE AW x-US TMI) + 3% 1-quarter lagged from and since September 2011; the Wilshire 2500 ex-tob + 3% since July 2009; previous periods for the PE Program Policy Index are linked historically to the Custom Young Fund Index, the PE Program’s prior benchmark. The Custom Young Fund Index was composed of private equity holdings where write downs lagged the public markets declines in the reporting period. 3 Time-weighted return calculated by linking quarterly return, 1-quarter lagged

Attachment 3, Page 5 of 17 CalPERS Private Equity Performance Report – 1H 2014

NET ASSET VALUE CHANGE AND CASH FLOWS

PE Program Reported NAV Change PE Program Annual Cash Flows $36.0 $3.4 $10.0 $34.0 $8.0 $32.0 $31.4 $5.7 $31.5 $6.0 $30.0 $4.0 $28.0 $2.0

Billions $26.0 $8.9 $0.0 $24.0

Billions -$2.0 $22.0 -$4.0 $20.0 6/30/2013 Contributions Distributions Valuation 6/30/2014 -$6.0 Change -$8.0 -$10.0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 1H Year 14 Contributions Distributions Source: Private Edge PCA

o PE Program value increased $0.1 billion over the latest year despite strong net returns of capital from managers. This was due to a $5.7 billion increase in valuation, an 18.2% increase from the 2013 net asset value. The Program’s experience with manager valuations is that, on the whole, they have been consistently lower than the amount realized when the asset is sold. o Over the last three years ending June 30, 2014, the PE Program has received $24.1 billion in distributions while contributing $11.3 billion, resulting in a positive net cash flow of $12.8 billion. o Distributions from managers have been high due to more friendly credit markets resulting in material utilization of the dividend recap, and greater use of the IPO market. In addition, the PE Program’s sales of holdings on the secondary market in 2012 and proceeds received when investments in Apollo Global Management and The Carlyle Group were monetized in 2013, generated distributions and contributed to the positive net cash flows.

Attachment 3, Page 6 of 17 CalPERS Private Equity Performance Report – 1H 2014

PORTFOLIO STRATEGY COMPOSITION

PE Program Unfunded Commitments by Strategy: $10.9 B PE Program NAV by Strategy: $31.5 B

Credit Related Credit 13% Related 12%

Buyout Expansion 61% Capital 11% Expansion Buyout Capital 62% 17% Opportunistic 12% Venture Capital Venture Opportunistic 6% Capital Source: State Street Bank 4% 2% Source: State Street Bank Private Edge PCA

Target Strategy Allocations Strategy Target Range Actual Buyouts 60% 50%-70% 61% Credit Related 15% 10%-25% 12% Venture Capital 1% 0%-7% 6% Growth/Expansion 15% 5%-20% 17% Opportunistic 10% 0%-15% 4%

o All Strategy allocations are within target ranges. o Buyout is the greatest proportion of the PE Program’s unfunded commitments and will therefore continue to be its largest exposure prospectively.

Attachment 3, Page 7 of 17 CalPERS Private Equity Performance Report – 1H 2014

PORTFOLIO STRATEGY PERFORMANCE

PE Program One-Year Return Contribution* by Strategy Performance Summary: by strategy

22.0% 1 Year 3 Year 5 Year 10 Year 20.0% PE Program 20.0% 12.8% 18.7% 13.3% 18.0% Buyout 19.5% 13.0% 17.6% 16.7% 16.0% Credit Related 18.5% 15.5% 29.0% 15.1% 14.0% Expansion Capital 21.5% 11.6% 16.8% 9.2% 12.0% Venture Capital 21.9% 9.8% 9.6% 6.4% 10.0% Opportunistic 7.5% 4.9% 12.8% 6.2% Source: State Street 8 0% Bank 6 0% 4 0% 2 0% 0 0% Total Buyout Credit Related Expansion Venture Opportunistic Capital Capital * Sector return weighted by proportion of NAV Source: State Street Bank PCA

o All major strategies of the PE Program contributed positive results over the last twelve months. o Expansion Capital, representing 17% of the Program, was the second largest contributor to results for the year followed by Credit Related, which is 12% of the Program. o Buyout strategy (with a 13.0% return) was a large factor in generating returns over the last three years due to its significant allocation in the PE Program. o Credit Related and Expansion Capital strategies were also large contributors, posting strong returns of 15.5% and 11.6%, respectively, over the same time period. o Buyout strategy has generated attractive results over the longer ten-year period, posting an average annual return of 16.7%.

Attachment 3, Page 8 of 17 CalPERS Private Equity Performance Report – 1H 2014

PORTFOLIO GEOGRAPHIC COMPOSITION AND PERFORMANCE

PE Program NAV by Geography: $31.5 B PE Program Unfunded Commitments by Geography: $10.9 B

Europe Europe 13% 19%

Emerging Asia 9% Emerging Asia Other 8% Emerging United States 68% Markets Other Emerging Other 2% Markets United States Developed 4% 75% Markets Other 1% Developed Markets Source: State Street Bank PCA Source: StateStreet Private Edge 1%

PE Program One-Year Return Contribution* by Geography Performance Summary: by geography

22.0% 1 Year 3 Year 5 Year 10 Year 20.0% PE Program 20.0% 12.8% 18.7% 13.3% 18.0% United States 20.6% 14.0% 19.9% 13.1% 16.0% International- Developed World 18.6% 9.9% 13.6% 15.0% 14.0% 12.0% International- Emerging Markets 11.8% 7.7% 16.0% 13.5% Source: State Street Bank 10.0% 8 0% 6 0% 4 0% 2 0% 0 0% Total United States Europe Emerging Other Other Asia Emerging Developed Markets Markets * Geographicreturn weighted by proportion of NAV Source: State Street Bank PCA

o Approximately 75% of the PE Program’s net asset value (NAV) is inside the United States (based on the location of the investment firm) with 14% invested in developed markets (primarily Europe at 13%) and 11% in emerging markets (primarily Asia at 9%). o Performance results were positive across all major geographic sectors.

Attachment 3, Page 9 of 17 CalPERS Private Equity Performance Report – 1H 2014

PORTFOLIO STRUCTURE COMPOSITION AND PERFORMANCE

PE Program NAV by Structure: $31.5 B PE Program Unfunded Commitments by Structure: $10.9 B

Fund of Funds 12% Partnerships 86% Co- Partnerships Investments / Fund of Funds 83% Directs 12% 4% Secondaries Secondaries 1% 1% Co- Investments / Directs Source: State Street Bank 1%

Source: State Street Bank, PrivateEdge, PCA

PE Program One-Year Return Contribution* by Structure Performance Summary: by Structure

22 0% 1 Year 3 Year 5 Year 10 Year 20 0% PE Program 20.0% 12.8% 18.7% 13.3% 18 0% Partnerships 20.0% 13.5% 19.6% 13.6% 16 0% Fund of Funds 15.6% 9.0% 8.8% 7.8% 14 0% Co-Investment / Directs 23.1% 9.0% 23.6% 21.5% 12 0% Secondaries 11.0% 7.2% 11.2% 12.5% 10 0% Source: State Street Bank 8 0% 6 0% 4 0% 2 0% 0 0% Total Partnerships Fund of Funds Co-Investments / Secondaries Directs * Sector return weighted by proportion of NAV Source: State Street Bank PCA

o Approximately 83% of the PE Program’s NAV is invested in Partnership structures, with Fund of Funds representing an additional 12%, followed by Co-Investments / Directs at 4% and secondaries at 1%. o Partnerships are expected to receive the vast majority of unfunded commitments at 86%. o Performance results are net positive across all structures over the latest year. o Partnerships, representing the largest structure of the portfolio, had the most significant impact on performance results.

Attachment 3, Page 10 of 17 CalPERS Private Equity Performance Report – 1H 2014

PORTFOLIO VINTAGE YEAR COMPOSITION AND PERFORMANCE

Commitments and Total Value by Vintage Year PE Program 3-Year Return: By Vintage Year 18 000.0 30%

16 000.0 25% 14 000.0 20% 12 000.0 15% 10 000.0

8 000.0 10% 3-Year Return

$ Millions$ 6 000.0 5% 4 000.0 0% 2 000.0 -5% 0 0 99/00 01/02 03/04 05/06 07/08 09/10 11 Vintage Year Funded Commitments Unfunded Commitments Market Value Distributions 3-Year Return (Time Weighted) (size of "bubble" represents the relative NAV for the vintage years) Source: Private Edge Source: State Street Bank PCA

PE Program Unfunded Commitments by Maturity

Post Investment Period 28% Expiring 15%

2015 1%

2019 2016 15% 7%

2017 11% 2018 23% Source: State Street Bank Private Edge PCA

4 o The PE Program currently has $57.5 billion in active commitments , $10.9 billion of unfunded commitments, and $31.5 billion in market value. o The majority of active commitments and market value are currently represented by the 2006 to 2008 vintage years at $31.9 billion and $22.4 billion, respectively and are driving performance results. o The majority of unfunded commitments are expected to be deployed within the next several years.

4 Active commitments only include commitments that have drawn capital as of the reporting date.

Attachment 3, Page 11 of 17 CalPERS Private Equity Performance Report – 1H 2014

ANNUAL COMMITMENT ACTIVITY AND MANAGER CONCENTRATION

PE Program Commitment Activity: fiscal year 2013/2014 Largest PE Program Relationships by Net Committed Capital Partnership/Firm Commitment ($M) Sector Relationship Firm Investments Total Exposure ($M) % of Program CVC Capital Partners VI $667 Buyout Existing The Carlyle Group 32 $3,772 9% Cerberus CP Partners 600 Opportunistic Existing Blackstone Group 16 3,651 9% Apollo VIII 500 Buyout Existing Apollo Investment Management 14 2,585 6% First Reserve XIII L.P. 400 Buyout Existing TPG Capital 17 2,525 6% Five Co-Investments 361 Co-Investments Existing Grove Street Advisors 4 1,848 4% Permira V, L.P. 312 Buyout Existing Source: State Street Bank Private Edge PCA Blackstone Tactical Opps 300 Opportunistic Existing Onex Partners IV, L.P. 300 Buyout New Trident VI, L.P. 250 Buyout Graduate* Lindsay Goldberg IV, L.P. 250 Buyout Graduate* CDH Fund V, L.P. 200 Buyout Existing Patria Fund V 175 Buyout Graduate* Tailwind II 150 Buyout Existing Source: CalPERS, PCA *former fund of fund relationship

o The PE Program committed approximately $4.5 billion across 17 opportunities from July 1, 2013 through June 30, 2014. o PE Program’s five largest relationships, based on total exposure (defined as cost plus unfunded commitments) represent approximately 34% of total exposure with capital allocated across over 80 investments (partnerships and direct investments) and targets multiple strategies and geographies.

Attachment 3, Page 12 of 17 CalPERS Private Equity Performance Report – 1H 2014

PRIVATE EQUITY MARKET OVERVIEW

Commitments to U.S. Private Equity Partnerships Commitments to Non-U.S. Private Equity $350 $350

$300 $300

$250 $250

$200 $200 $150

Billions $150 Billions

$100 $100 $50 $50 $0 $0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H 14 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H 14 Year Year Buyouts Venture Mezzanine Secondary and Other Fund-of-funds Asia Private Equity Fundraising European Fund Private Equity Fundraising Source: Private Equity Analystthrough March 2014 Source: Thomson Reuters

Announced and Disclosed U.S. Quarterly LBO Deal Value* Average U.S. Purchase Price Multiples 80 12.0 70 10.0 9.7x 9.2x 9.1x 8.8x 8.8x 60 8.4x 8.4x 8.5x 8.7x 7.7x 8.0 7.3x 50

6.0 40 Billions ($) 30 4.0 TEV/EBITDA 20 2.0 10

0.0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H 14 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 Year Source: S&P Capital IQ * Total deal size (both equity and debt). Source: Thomson Reuters Buyouts

Attachment 3, Page 13 of 17 CalPERS Private Equity Performance Report – 1H 2014

U.S. Purchase Price Multiples: Large vs Middle Market Average Debt Multiples 12.0 7.0 6.0x 6.0 5.6x 10.0 5.3x 5.0x 5.1x 5.1x 4.8x 4.9x 5.0 4.6x 4.6x 8.0 4.0 3.7x 6.0 3.0 TEV/EBITDA

Debt/EBITDA 4.0 2.0 1.0 2.0

0.0 0.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H 14 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H 14 Year Large LBOs Middle Market LBOs Source: S&P Capital IQ Source: S&P CapitalIQ

Equity Contribution Average European Purchase Price Multiples 12.0 60% 10.3x 10.4x 10.0 9.7x 9.3x 9.2x 9.5x 9.4x 8.8x 8.9x 8.7x 50% 8.0 7.7x 40%

6.0 30%

TEV/EBITDA 4.0 20%

2.0 10% % Equity Contribution

0.0 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H 14 *Transaction size of €500M or more Year Source: S&P Capital IQ 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H 14 Year Source: S&P Capital IQ

Attachment 3, Page 14 of 17 CalPERS Private Equity Performance Report – 1H 2014

Dividend/Stock Repurchase Loan Volume Average European Debt Multiples 100 90 7.0 6.1x 80 5.5x 6.0 5.2x 5.2x 70 5.0x 4.6x 4.7x 5.0 4.4x 4.5x 4.6x 60 4.0x 50 4.0 40

Billions ($) ($) Billions 3.0 30 Debt/EBITDA 2.0 20 10 1.0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H 14 0.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H 14

Source: S&P CapitalIQ Year Source: S&P Capital IQ LCD Bank of America Merrill Lynch

U.S. High-Yield and Leveraged Loan Market Size

110 Leveraged Loan Index $1,800 100 $1,600 90 $1,400 $1,200 80 $1,000 $800 70 Billions ($) $600 Avg. Bid Level Bid Avg. 60 $400 $200 50 $0 Jul-14 Jul-13 Jul-12 Jul-11 Jul-10 Jul-09 Jul-08 Apr-14 Apr-13 Apr-12 Apr-11 Apr-10 Apr-09 Apr-08 Jan-14 Jan-13 Jan-12 Jan-11 Jan-10 Jan-09 Jan-08 Oct-13 Oct-12 Oct-11 Oct-10 Oct-09 Oct-08 Year Source: Loan Syndications and Trading Association (LSTA) High Yield Leveraged Loan Source: Credit Suisse Leveraged Finance Market Update

Attachment 3, Page 15 of 17 CalPERS Private Equity Performance Report – 1H 2014

Quarterly U.S. Venture Capital Deal Volume* Quarterly U.S. Venture Capital M&A Activity $14 000 1 200 1 126 1 088 1 058 1 115 141 1 022 1 067 136 138 138 1 023 1 000 1 000 132 160 $12 000 987 948 985 Number Companies of Number 944 907 923 1 000 891 911 887 118 115 $20 113114 140 826 107 108 109 103 $10 000 767 Number Companies of Number $18 95 120 765 800 93 93 91 91 94 680 $16 82 $8 000 78 100 $14 74 600 80 $6 000

$12 Billions ($) Billions ($) $10 60 400 $4 000 $8 40 $6 200 20 $2 000 $4 $2 0 $0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 $0 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14

* Only includes equity portion of deal value Source Thomson Reuters Source: Thomson Reuters

Quarterly U.S. Venture Capital IPO Activity

60 $20 48 Number Companies of Number $18 50 42 $16 $14 40

$12 27 30 23 24 $10 21 Billions ($) 17 $8 15 16 20 12 13 $6 10 11 10 11 9 88 7 10 $4 4 2 $2 0 0 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14

Source Thomson Reuters

Attachment 3, Page 16 of 17 CalPERS Private Equity Performance Report – 1H 2014

Appendix 1: PE Program Relationships by Total Exposure (Market Value Plus Unfunded Commitments)

Firm Total Exposure ($M) % of Program Firm (continued) Total Exposure ($M) % of Program CARLYLE GROUP 3,820 9% WELSH AND CARSON AND ANDERSON 274 1% APOLLO MANAGEMENT 3,795 9% THL EQUITY ADVISORS 273 1% BLACKSTONE GROUP 3,499 8% BIRCH HILL EQUITY PARTNERS 261 1% TPG CAPITAL 2,491 6% SAIF PARTNERS 260 1% CVC CAPITAL PARTNERS 1,673 4% ARCLIGHT 248 1% KKR AND CO. 1,558 4% PALLADIUM 244 1% ADVENT INTERNATIONAL 1,341 3% OAKTREE CAPITAL MANAGEMENT 243 1% SILVER LAKE 1,158 3% FRANCISCO PARTNERS 242 1% CERBERUS 1,128 3% THE RESOLUTE FUND 231 1% CALIFORNIA EMERGING VENTURES 1,004 2% RIVERWOOD CAPITAL LLC 203 <1% 57 STARS 925 2% CDH INVESTMENTS 198 <1% CFIG 913 2% WAYZATA OPPORTUNITIES FUND 195 <1% YUCAIPA 908 2% KPS 195 <1% OAK HILL CAPITAL PARTNERS 890 2% AUDAX GROUP 165 <1% HELLMAN AND FRIEDMAN CAPITAL PART 728 2% INSIGHT CAPITAL 162 <1% STANDARD LIFE 641 2% POLISH ENTERPRISE 154 <1% FIRST RESERVE 639 2% AISLING CAPITAL 152 <1% HEALTH EVOLUTION PARTNERS 628 1% LIME ROCK 150 <1% PERMIRA 575 1% CLES S IDRA CAPITAL 147 <1% BRIDGEPOINT CAPITAL 536 1% WELLSPRING CAPITAL MANAGEMENT 143 <1% ARES MANAGEMENT LLC 522 1% HUNTSMAN GAY CAPITAL 139 <1% TOW ERBROOK CAPITAL PARTNERS 509 1% ESSEX WOODLANDS HEALTH VENTURES 139 <1% NEW MOUNTAIN CAPITAL LLC 486 1% LION CAPITAL 136 <1% GREEN EQUITY INVESTORS 481 1% LEVINE LEICHTMAN CAPITAL PARTNERS 135 <1% RIVERSTONE LLC 460 1% CLEARW ATER CAPITAL 132 <1% RIVERSTONE GLOBAL ENERGY 455 1% GRANITE GLOBAL VENTURES 112 <1% KMCP 446 1% MAGNUM CAPITAL 110 <1% ASIA ALTERNATIVE ASSETS 445 1% CLARUS VENTURES 110 <1% MHR 414 1% TRITON PARTNERS 101 <1% HAMILTON LANE 405 1% AFFINITY EQUITY PARTNERS 101 <1% KHOSLA VENTURES 382 1% EM ALTERNATIVES 100 <1% MADISON DEARBORN PARTNERS 336 1% PAGASI 89 <1% W LR RECOVERY 331 1% BARING 86 <1% PROVIDENCE EQUITY PARTNERS 327 1% SAGEVIEW CAPITAL LLC 82 <1% AVENUE CAPITAL PARTNERS 291 1% W CAPITAL PARTNERS 81 <1% CAPITAL DYNAMICS 280 1% VANTAGEPOINT VENTURE PARTNERS 77 <1% COLLER CAPITAL 279 1% KLINE HAWKES CALIFORNIA 73 <1% OTHER 595 1%

Attachment 3, Page 17 of 17 CalPERS Private Equity Performance Report – 1H 2014

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