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Intelligence | News | Features | LPs | Funds | Loans | Deals | People | Buyouts Beat | Current Buyouts | Video | Contact Us | Home Buyouts & PLACEMENT AGENTS Hot Story Cover Story Most Five Questions with popular Rich Lawson, CEO, Five Questions with Rich Lawson, CEO, HGGC HGGC CalPERS commits $100 mln to Blackstone +**&KHOGD¿QDOFORVHRQELOOLRQ TacOpps co- fund RQ0DUFKIRULWVVHFRQGIXQG6WHYH *HOVLDVNHG+**&&(25LFK/DZVRQ Danger ahead? LPs /HW¶VVHHVRPH¿UHZRUNV BUYOUTS & VCJ ¿YHTXHVWLRQV push pace of Deal roundup commitments Get your fully diligenced bids in early: Doug 6HYHUDOPDMRUOLPLWHG www.buyoutsnews.com May 4, 2015 • Issue 10 Ryder, Kirkland & Ellis The capital of tomorrow SDUWQHUV¿QDOL]SODQVWR BUYOUTS Vol. 28, No. 10, May 4, 2015 UDPSXSWKHLUFRPPLWPHQW Top News & Analysis SDFLQJLQUHFHQWO\ VHWWLQJWKHVWDJHIRU )RUPHU:/5RVVH[HFVXHV¿UPWRRSHQXS DQRWKHUEDQQHU\HDUIRU books -- WSJ IXQGUDLVLQJ%XWZLWK JHQHUDOSDUWQHUVFRPLQJ $IRUPHUH[HFXWLYHZLWK:/5RVV &RLVVXLQJWKH SEARCH THE ARCHIVE GO RIIWKHVWURQJHVW Sign In | Request Trial SULYDWHHTXLW\¿UPWRIRUFHLWWRRSHQLWVERRNVDQG HOME BUYOUTS VENTURE CAPITAL JOURNAL RESEARCH CENTER PE HUB MARKETPLACE Intelligence | News | Features | LPs | Funds | Loans | Deals | People | Buyouts Beat | Current Buyouts | Video | Contact Us | IXQGUDLVLQJ\HDUVLQFH Home Buyouts UHFRUGVWRKLPWKH:DOO6WUHHW-RXUQDOUHSRUWHG Hot Story Cover Story Most Five Questions with popular DIUHVKRXWSRXULQJ Rich Lawson, CEO, Five Questions with Rich Lawson, CEO, HGGC HGGC CalPERS commits $100 mln to Blackstone +**&KHOGD¿QDOFORVHRQELOOLRQ TacOpps co-investment fund RQ0DUFKIRULWVVHFRQGIXQG6WHYH RIFRPPLWPHQWVFRXOG *HOVLDVNHG+**&&(25LFK/DZVRQ Danger ahead? LPs /HW¶VVHHVRPH¿UHZRUNV ¿YHTXHVWLRQV push pace of Deal roundup commitments All eyes on Get your fully diligenced bids in early: Doug 6HYHUDOPDMRUOLPLWHG Ryder, Kirkland & Ellis SDUWQHUV¿QDOL]HGSODQVWR All eyes on GE Antares SXVKGU\SRZGHUOHYHOVWR UDPSXSWKHLUFRPPLWPHQW Top News & Analysis SDFLQJLQUHFHQWO\ VHWWLQJWKHVWDJHIRU MARKET )RUPHU:/5RVVH[HFVXHV¿UPWRRSHQXS DQRWKHUEDQQHU\HDUIRU books -- WSJ IXQGUDLVLQJ%XWZLWK JHQHUDOSDUWQHUVFRPLQJ Deal roundup $IRUPHUH[HFXWLYHZLWK:/5RVV &RLVVXLQJWKH XQFRPIRUWDEOHKHLJKWV RIIWKHVWURQJHVW SULYDWHHTXLW\¿UPWRIRUFHLWWRRSHQLWVERRNVDQG IXQGUDLVLQJ\HDUVLQFH UHFRUGVWRKLPWKH:DOO6WUHHW-RXUQDOUHSRUWHG DIUHVKRXWSRXULQJ RIFRPPLWPHQWVFRXOG GE Antares SXVKGU\SRZGHUOHYHOVWR Deal roundup XQFRPIRUWDEOHKHLJKWV 7KHIROORZLQJELGVPHUJHUVDFTXLVLWLRQVDQGGLVSRVDOV 7KHIROORZLQJELGVPHUJHUVDFTXLVLWLRQVDQGGLVSRVDOV ZHUHUHSRUWHGE\5HXWHUVDVRI*07

Digital Edition ZHUHUHSRUWHGE\5HXWHUVDVRI*07 27th Annual CalPERS commits $100 mln to Blackstone BUYOUTS EAST EXPAND YOUR www.buyoutsnews.com March 9, 2015 • Issue 6 NETWORKING AND TacOpps co-investment fund GET DEALS DONE AT BUYOUTS Vol. 28, No. 6, March 9, 2015 BUYOUTS EAST 2015! Danger ahead? Network Participate Schedule with in our 1:1 Investors panels meetings 32 LPs push pace of 7KH&DOLIRUQLD3XEOLF(PSOR\HHV¶5HWLUHPHQW6\VWHP Join us on March 24th -25th in Boston for 2+ days of unparalleled networking and intelligence. Whether you’re focused on fundraising or just looking to learn more about the trends taking shape, Buyouts East guarantees that you’ll meet more than 500 professionals in the biggest event of the year for senior decision-makers. Plus GPs, can customize their networking opportunities with LPs by participating in our exclusive ExecConnect private meeting commitments program: pre-arranged 1:1 meetings with LPs with mutual investment goals. Enrollment for ExecConnect is included with all GP tickets; and with more than 200 LPs attending, you’re sure to meet new investors eager to put money to work in the asset class.

Who attends Buyouts East? More than 200 of the top LPs in the industry. Don’t miss your chance to rub DOORFDWHGPLOOLRQWRLQYHVWDORQJVLGHWKH%ODFN- TIPVMEFSTXJUIJOȯVFOUJBMEFDJTJPONBLFSTXIPBSFMPPLJOHUPJOWFTUJOGVOETMJLFZPVST)FSFȎTBTBNQMFPGȮSNT 36

200+ who have previously attended to give you a sense of the types of companies you’ll meet this year: Danger ahead? LPs push pace of commitments INSTITUTIONAL INVESTORS • Alcatel-Lucent Investment • )BSCPVS7FTU • Northern Trust Management Corporation • )BSUGPSE*OWFTUNFOU.BOBHFNFOU$P • /:$0GȮDFPGUIF$PNQUSPMMFS • "SMJOHUPO'BNJMZ0GȮDF • )FXJUU&OOJT,OVQQ` • OCIF Capital Asia Co Ltd • ATP Partners • Indiana Public Retirement System • PAAMCO • Auda International • Invesco Private Capital • Pepperdine University VWRQH*URXS¶VWDFWLFDORSSRUWXQLWLHVSODWIRUPLQ-DQ- 250+ • BAML Capital Access Funds • J.P. Morgan Asset Management • Perot FUND • Bessemer Trust • Jordan Family Enterprises • PPM America Capital Partners MANAGERS • Carleton College • ,FOUVDLZ3FUJSFNFOU4ZTUFNT • Rockefeller Financial • Cornell University Endowment • Liberty Mutual • SCS Financial Services • Deutsche Private Equity • MainePERS • Soros Fund Management • DuPont Capital Management • Manulife Capital • Stepstone Global • Fisher Lynch Capital • Mass Mutual Financial Group • 5FYBT$IJMESFOȎT)PTQJUBM 150+ • Franklin Park • MetLife Investments • Texas Employees Retirement System DEAL AND FUND • GE Equity XDU\DFFRUGLQJWRWKHUHWLUHPHQWV\VWHP¶VPHHWLQJ INTERMEDIARIES • Morgan Creek Capital Management • The James Irvine Foundation • (FOTQSJOH'BNJMZ0GȮDFT • Alternative Investment • TIAA-CREF • Georgetown University Partners • TorreyCove Capital Partners • Grove Street Advisors • City Retirement Systems • UBS Financial Services Direct lenders accelerate into middle-market senior debt 5 • Guardian Life Company of • New York State Insurance Fund • 7BMMFZ'PSHF1SJWBUF&RVJUZ America • New York State Teachers’ Retirement • 7JTUB3JEHF$BQJUBM1BSUOFST SEC pursues cases of misallocated fees and expenses 8 • )BNJMUPO-BOF System • Wilshire Private Markets Carlyle offers fee discounts on $2 bln middle-market fund 18 PDWHULDOV Salveo Capital seeks to invest in legalized marijuana 25 SAVE BIG AND REGISTER NOW! 4QFBLXJUI#PC3BJEUUPȮOEPVUIPX Pritzker Group aims to at least double PE portfolio 38 +1 (646) 223-6246 | [email protected] http://events.SignUp4.com/BOE15

Michigan re-launches co-investment 7RUHDGDGLJLWDOFRS\ program to battle fees RIRXUODWHVWPDJD]LQH $IWHUDVL[\HDUKLDWXVWKH6WDWHRI0LFKLJDQ5H- click here WLUHPHQW6\VWHPVLVHYDOXDWLQJGLUHFWFRLQYHVW- PHQWVDQGVHFRQGDU\PDUNHWRSSRUWXQLWLHVWR )RUJHW\RXUSDVVZRUG ERRVWUHWXUQVDQGEULQJGRZQPDQDJHPHQWIHH RUZDQWWROHDUQPRUH FRVWVDFFRUGLQJWRDQLQYHVWPHQWUHSRUW DERXW%X\RXWV" Please click here to Digital Edition HPDLO%RE5DLGW KKR nears $2 billion deal for Air Medical ..5 &R/3LVLQDGYDQFHGWDONVWRDFTXLUH$LU 0HGLFDO*URXS+ROGLQJV,QFLQDGHDOWKDWFRXOG Fund Database Oil price volatility starts to draw blood 6 YDOXHWKH86KHOLFRSWHUDPEXODQFHFRPSDQ\DW DURXQGELOOLRQLQFOXGLQJGHEWSHRSOHIDPLOLDU 27th Annual ZLWKWKHPDWWHUWROG5HXWHUV Lindsay Goldberg produces anything but small potatoes for Idaho 19 BUYOUTS STATISTICS CalPERS commits $100 mln to Blackstone Thoma Bravo to exit Blue Coat in $2.4 bln sale to Bain EAST %DLQ&DSLWDOZLOOEHFRPHWKHVHFRQGSULYDWHHTXLW\ Performance data Caisse de dépôt pivots further toward direct investing 36 EXPAND YOUR ¿UPWRRZQ%OXH&RDW6\VWHPV,QF for more than 2,000 www.buyoutsnews.com March 9, 2015 • Issue 6 funds NETWORKING AND GET DEALS DONE AT BUYOUTS Vol. 28, No. 6, March 9, 2015 'RZQORDGWKHODWHVW TacOpps co-investment fund Advisory | Debt | Equities | Principal Investing macquarie.com/whiteboard BUYOUTS EAST 2015! /HW¶VVHHVRPH¿UHZRUNV ³5HWXUQV'DWDEDVH´WDEOH Talking Top Quartile with John Hill of First Reserve Corp 37 $KLJKSUR¿OHVH[XDOGLVFULPLQDWLRQWULDOKDSSHQ- IURPWKH5HODWHG)LOHVWDE Danger ahead? LQJULJKWQRZSLWWLQJ(OOHQ3DRDJDLQVWKHUIRUPHU EHORZWRVHHKRZPRUH Network Participate Schedule with in our 1:1 HPSOR\HU.OHLQHU3HUNLQV&DX¿HOG %\HUVKDV WKDQIXQGVKDYH Investors panels meetings WXUQHGDVSRWOLJKWRQZKDWPDQ\EHOLHYHLVDFXO- EHHQSHUIRUPLQJ

These examples may not be representative of every client’s experience. Past performance is not a guarantee of future performance or success. Macquarie Capital (USA) Inc. (Macquarie Capital) is a registered WXUHRIVH[LVPLQ6LOLFRQ9DOOH\ Top-performing co-investments target GPs’ ‘strike zone’ 54 LPs push pace of 7KH&DOLIRUQLD3XEOLF(PSOR\HHV¶5HWLUHPHQW6\VWHP Join us on March 24th -25th in Boston for 2+ days of unparalleled networking and intelligence. Whether you’re focused on broker-dealer and member of FINRA and SIPC. This document does not constitute an offer to sell or a solicitation of an offer to buy any securities. This document does not constitute and should not be interpreted fundraising or just looking to learn more about the trends taking shape, Buyouts East guarantees that you’ll meet more than 500 professionals in the biggest event of the year for senior decision-makers. as either an investment recommendation or advice, including legal, tax or accounting advice. Macquarie Capital is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth Plus GPs, can customize their networking opportunities with LPs by participating in our exclusive ExecConnect private meeting commitments program: pre-arranged 1:1 meetings with LPs with mutual investment goals. Enrollment for ExecConnect is included with all GP of Australia). Obligations of Macquarie Capital do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in tickets; and with more than 200 LPs attending, you’re sure to meet new investors eager to put money to work in the asset class. Who attends Buyouts East? More than 200 of the top LPs in the industry. Don’t miss your chance to rub page 2 respect of the obligations of Macquarie Capital. DOORFDWHGPLOOLRQWRLQYHVWDORQJVLGHWKH%ODFN- TIPVMEFSTXJUIJOȯVFOUJBMEFDJTJPONBLFSTXIPBSFMPPLJOHUPJOWFTUJOGVOETMJLFZPVST)FSFȎTBTBNQMFPGȮSNT 36

200+ who have previously attended to give you a sense of the types of companies you’ll meet this year: Danger ahead? LPs push pace of commitments INSTITUTIONAL INVESTORS • Alcatel-Lucent Investment • )BSCPVS7FTU • Northern Trust Management Corporation • )BSUGPSE*OWFTUNFOU.BOBHFNFOU$P • /:$0GȮDFPGUIF$PNQUSPMMFS • "SMJOHUPO'BNJMZ0GȮDF • )FXJUU&OOJT,OVQQ` • OCIF Capital Asia Co Ltd • ATP Private Equity Partners • Indiana Public Retirement System • PAAMCO • Auda International • Invesco Private Capital • Pepperdine University VWRQH*URXS¶VWDFWLFDORSSRUWXQLWLHVSODWIRUPLQ-DQ- 250+ • BAML Capital Access Funds • J.P. Morgan Asset Management • Perot Investments FUND • Bessemer Trust • Jordan Family Enterprises • PPM America Capital Partners MANAGERS • Carleton College • ,FOUVDLZ3FUJSFNFOU4ZTUFNT • Rockefeller Financial • Cornell University Endowment • Liberty Mutual • SCS Financial Services • Private Equity • MainePERS • Soros Fund Management • DuPont Capital Management • Manulife Capital • Stepstone Global MAQ134 Buyouts_8.5x11_02_M01.indd 1 4/13/15 12:13 PM • Fisher Lynch Capital • Mass Mutual Financial Group • 5FYBT$IJMESFOȎT)PTQJUBM 150+ • Franklin Park • MetLife Investments • Texas Employees Retirement System DEAL AND FUND XDU\DFFRUGLQJWRWKHUHWLUHPHQWV\VWHP¶VPHHWLQJ INTERMEDIARIES • GE Equity • Morgan Creek Capital Management • The James Irvine Foundation • (FOTQSJOH'BNJMZ0GȮDFT • Morgan Stanley Alternative Investment • TIAA-CREF • Georgetown University Partners • TorreyCove Capital Partners • Grove Street Advisors • Retirement Systems • UBS Financial Services Direct lenders accelerate into middle-market senior debt 5 • Guardian Life Insurance Company of • New York State Insurance Fund • 7BMMFZ'PSHF1SJWBUF&RVJUZ America • New York State Teachers’ Retirement • 7JTUB3JEHF$BQJUBM1BSUOFST SEC pursues cases of misallocated fees and expenses 8 • )BNJMUPO-BOF System • Wilshire Private Markets Carlyle offers fee discounts on $2 bln middle-market fund 18 PDWHULDOV Salveo Capital seeks to invest in legalized marijuana 25 SAVE BIG AND REGISTER NOW! 4QFBLXJUI#PC3BJEUUPȮOEPVUIPX Pritzker Group aims to at least double PE portfolio 38 +1 (646) 223-6246 | [email protected] http://events.SignUp4.com/BOE15

Michigan re-launches co-investment 7RUHDGDGLJLWDOFRS\ program to battle fees RIRXUODWHVWPDJD]LQH click here

$IWHUDVL[\HDUKLDWXVWKH6WDWHRI0LFKLJDQ5H- Buyers & Placement 2016Agents Guide to Secondary WLUHPHQW6\VWHPVLVHYDOXDWLQJGLUHFWFRLQYHVW- PHQWVDQGVHFRQGDU\PDUNHWRSSRUWXQLWLHVWR )RUJHW\RXUSDVVZRUG ERRVWUHWXUQVDQGEULQJGRZQPDQDJHPHQWIHH RUZDQWWROHDUQPRUH FRVWVDFFRUGLQJWRDQLQYHVWPHQWUHSRUW DERXW%X\RXWV" Please click here to HPDLO%RE5DLGW KKR nears $2 billion deal for Air Medical SECONDARY SIGN UP FOR YOUR..5 &R/3LVLQDGYDQFHGWDONVWRDFTXLUH$LU FREE 2 WEEK TRIAL TO BUYOUTS AT 0HGLFDO*URXS+ROGLQJV,QFLQDGHDOWKDWFRXOG Fund Database YDOXHWKH86KHOLFRSWHUDPEXODQFHFRPSDQ\DW DURXQGELOOLRQLQFOXGLQJGHEWSHRSOHIDPLOLDU BUYOUTSNEWS.COM/TRIALZLWKWKHPDWWHUWROG5HXWHUV TODAY! BUYERS Thoma Bravo to exit Blue Coat in $2.4 bln sale to Bain %DLQ&DSLWDOZLOOEHFRPHWKHVHFRQGSULYDWHHTXLW\ Performance data Listings start on page 5 ¿UPWRRZQ%OXH&RDW6\VWHPV,QF for more than 2,000 funds For nearly 30 years, Buyouts has been the most comprehensive'RZQORDGWKHODWHVW source of breaking news, editorial insight, /HW¶VVHHVRPH¿UHZRUNV ³5HWXUQV'DWDEDVH´WDEOH $KLJKSUR¿OHVH[XDOGLVFULPLQDWLRQWULDOKDSSHQ- IURPWKH5HODWHG)LOHVWDE industry analysis, and stockpiles of fundLQJULJKWQRZSLWWLQJ(OOHQ3DRDJDLQVWKHUIRUPHU data for GP’s, LPs, andEHORZWRVHHKRZPRUH Industry Professionals. HPSOR\HU.OHLQHU3HUNLQV&DX¿HOG %\HUVKDV WKDQIXQGVKDYH WXUQHGDVSRWOLJKWRQZKDWPDQ\EHOLHYHLVDFXO- EHHQSHUIRUPLQJ Buyouts gives you access to: WXUHRIVH[LVPLQ6LOLFRQ9DOOH\ n EXPERT ANALYSIS – Take advantage of trends in fundraising, deal-making and exits PLACEMENT n LITTLE KNOWN SOURCES OF FRESH CAPITAL – Broaden your fundraising efforts AGENTS n DATABASE OF COMMITMENTS BY MAJOR LPs – See how the market has trended over the last 5 years Listings start on page 27 n RETURN DATA ON OVER 2,000 FUNDS – Track fund performance and know how your fund compares

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Market Statistics 2 Secondary Firms, By Type of Investments Desired 49 Secondary Buyers Survey 3 Secondary Firms, By Geographic Preference 50 Placement Agents Survey 4 Secondary Firms, By Preferred Age of Fund Investments 51 Guide to Secondary Buyers 5 Placement Agents, By Other Services Offered 52 Guide to Placement Agents 27 Placement Agents, By Desired Type of Clients 53 Guide to Secondary Intermediaries 44 Placement Agents Index 46 Secondary Guide Index 47 Secondary Intermediaries Index 48

Research Editor: Junior Graphic Designer: Customer Service: President: The Guide to Secondary Paul Centopani Allison Brown [email protected] Jim Beecher Buyers and Placement Agents [email protected] (800) 455-5844 or [email protected] 2016 is published by Argosy (646) 356-4506 Creative Director: (646) 356-4509 (646) 356-4501 Group LLC. Entire contents Janet Yuen-Paldino M-F 9am-5pm EST copyright © 2016 by Argosy Editor-in-Chief: Buyouts Insider Group LLC. Reproduction in Lawrence Aragon Sales Associate: Kelley King Reprints: 9 East 38th Street any form is prohibited without [email protected] [email protected] PARS International 11th Floor the express written consent of (646) 356-4504 [email protected] New York, NY 10016 Argosy Group LLC. Executive Editor: (212) 221-9595 x426 www.Buyoutsnews.com David Toll Sales Director: Robert Raidt (646) 356-4509 [email protected] [email protected] Fax: (301) 287-2887 (646) 356-4507 (646) 356-4502 2 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 MARKET STATISTICS

SECONDARY FUNDRAISING, PRICING Top 8 Largest Secondary Funds to Close Over The Past 5 Years Rank Fund Name Firm Name Fund Size ($ Mil) Fund Size Target ($ Mil) Final Close 1 Ardian Secondary Fund VII Ardian France SA 14,000.00 14,000.00 2015 2016 2 Lexington Capital Partners VIII, L.P. Inc 10,100.00 10,000.00 2014 2015 3 AXA Secondary Fund VI LP Ardian France SA 10,000.00 7,000.00 2013 2014 4 AXA Secondary Fund V LP Ardian France SA 8,000.00 3,500.00 2010 2012 5 Coller International Partners VII, L.P. Coller Capital Ltd 7,150.00 5,500.00 2015 2015 6 Lexington Capital Partners VII, L.P. Lexington Partners Inc 7,000.00 6,000.00 2008 2011 7 Coller International Partners VI, L.P. Coller Capital Ltd 5,500.00 5,000.00 2012 2012 8 Strategic Partners Fund VI, L.P. Blackstone Group LP 4,400.00 4,400.00 2013 2014

Source: Thomson One, a product of Thomson Reuters

The secondary market had another positive year of growth, with cumulative worldwide committed capital from the past five years Secondary Fund Locations by Value ($B) rising to $98.9 billion, according to Thomson Reuters. That marked an increase of over $6 billion compared to last year. 0.9% Ardian France SA and Lexington Partners are the leaders, raising the four largest funds since 2011, according to Thomson Reuters. Region Amount Raised Ardian raised the largest fund with its 2015-vintage Ardian Secondary Americas $50.78 billion Fund VII. It closed this year by meeting its lofty $14 billion target. 47.8% Europe $47.28 billion The next four funds all beat their targets: Lexington Capital Partners 51.3% VIII grabbed $100 million above its $10 billion goal. Ardian’s AXA Asia $.85 billion Secondary Fund VI and V greatly outpaced their fundraising aims. Fund VI sought out $7 billion and wrapped up with $10 billion, while Fund V finished with $8 billion, more than doubling its $3.5 billion target. Coller Capital’s seventh flagship fund rounded out the top- five. Coller International Partners VII closed in 2015 with $7.15 billion in Source: Thomson One, a product of Thomson Reuters; Since 2011 commitments, over the $5.5 billion it set out for. Lexington, Coller, Blackstone Group, HarbourVest Partners and Number of Secondary Funds Raised by Size were the remaining firms that appeared in the top ten largest secondary funds, according to Thomson Reuters. 3% Fund Size (US$) No. of Funds Regionally, the Americas accounted for the majority of the capital 8% 1 billion + 21 raised over the last five years ($50.8 billion, 51.3 percent), but was 6% 29% 500 million - 1 billion 10 actually down nearly $2 billion and six percentage points from last 300 - 500 million 10 year’s break out, according to Thomson Reuters. Europe-based 100 - 300 million 19 secondary funds shot up to almost $47.3 billion, from $39.1 billion, and Europe’s market share rose to 47.8 from 42.1 percent. Asia sits 26% 50 - 100 million 4 in a distant third, remaining static at 0.9 percent with $850 million 14% 30 - 50 million 2 raised since 2011. Although it didn’t see any improvement, the region 0 - 30 million 6 is looked at as an area rich in potential. 14% The secondary space is top-heavy. Of the 72 funds that have been active over the last five years, 21 of them (29 percent) are bigger than Source: Thomson One, a product of Thomson Reuters; Since 2011 $1 billion, according to Thomson Reuters. Funds in the $100 million to $300 million range take the next biggest piece of the pie. This Fundraising has been on a general upward trend over the past group contains 19 funds, occupying 26 percent of the market. There couple years and 2016 should continue down that path, thanks in is a dearth of small vehicles, as there are only 12 funds with sub-$100 large part to the $14 billion Ardian raised this year. The year-to-date million values, comprising less than 17 percent total market share. sum has almost reached 2015’s total of $16.3 billion. Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 3 MARKET STATISTICS: SECONDARY BUYERS

Will we see an SEC enforcement action Which category of sellers will be the most against a restructuring this year? active in the next 18 months? 5% 2% Public pensions Definitely 15% 34% 22% Corporate Pensions Probably 39% Maybe Family offices No 24% Finance Companies/

Foundations/Endowments 39% 15% Wealthy investors 5% Source: Survey of 41 Secondary Buyers

Where do you anticipate deal volume ending up in 2016? Source: Survey of 41 Secondary buyers 2% Fundraising Statistics: Placement Agents 18% Better than 2015 Where do you anticipate buyout/mezzanine Worse than 2015 fundraising will close at the end of 2016? 20% About the same 60% Will Hit An All-Time High 60%

50% 48% 40% 40% Source: Survey of 45 Secondary Buyers 30%

How about 2017? 20%

7% 10% 12% 0% 0% 0% 27% Better than 2016 Far More Slightly More About The Slightly Less Far Less Than 2015 Than $228.1 Same As The Than $228.1 Than 2015 Worse than 2016 Billion $228.1 Billion Billion Raised In 2015 About the same 5% Source: Survey of 25 placement agents Will Hit An All-Time High 61% Also, what does your gut say about the buyout/mezzanine fundraising environment in 2017? Source: Survey of 44 Secondary buyers 70%

Who has the advantage in terms of setting prices right now? 60% 64%

50%

40% 25% The Seller 30% 32% 59% The Buyer 20% Neither. They are evenly matched 10% 4% 16% 0% 0% Far More More Than Even With Down From Than 2016 2016 2016 2016

Source: Survey of 44 Secondary buyers Source: Survey of 25 placement agents 4 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 FUNDRAISING STATISTICS: PLACEMENT AGENTS

Who has the most power to set LPA terms right now? How long are you advising clients it will take to complete their fundraising campaigns? 4%

27% 35% Limited Partners Less than a year 50% General Partners 1 to 1.5 years Neither. They are evenly matched 1.5 to 2 years

15% 69%

Source: Survey of 26 placement agents Source: Survey of 26 placement agents

How do you think first-time funds will fare What is the biggest hindrance to the private equity raising capital in 2016-2017? fundraising market during the next 18 months? 35% 33% 4% 30%

25% 27%

20% 38% Easier than last year Harder than last year 15% 13% 13% 13% About the same as last year 10% 58% 5%

0% Crowded Competition Regulation Time Market marketplace constraints of volatility Limited Partners

Source: Survey of 26 Placement Agents Source: Survey of 15 Placement Agents

Where The Money Came From In 2015

Source of Capital by Investor Type Source of Capital by Geographic Location

0.8% 5.7% Public Pension Funds 3.2% United States 5.9% Corporate Pension Funds Canada 14.5% 20.0% Endowments/Foundations Latin/South America Banks Europe 2.5% Finance Companies Asia-Pacific 8.8% Insurance Companies 8.4% 31.3% 51.9% Australia/New Zealand Family Offices Africa 9.7% Wealthy Investors Middle East 15.7% Funds of Funds 9.9% Elsewhere Other Investors 7.4% 0.9% 0.1%

Source: Survey of 11 placement agents that raised $73.2 billion in 2015 Source: Survey of 11 placement agents that raised $73.2 billion in 2015 SECONDARY BUYERS 6 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO SECONDARY BUYERS

17CAPITAL What is the allocation to secondaries in the fund Preferred secondary investment range: Minimum of funds (as a percentage)? 10% (US$millions): 0.5 MAIN OFFICE Open or closed? Closed: Maximum (US$millions): 10 Preferred secondary investment range: Minimum 32 Grosvenor Gardens DESCRIPTION OF SERVICES London (US$millions): 1 SW1W 0DH Maximum (US$millions): 30 Preferred age of fund interests? UK DESCRIPTION OF SERVICES • 1-2 years: 17capital.com • 3-4 years: +44 (0) 20 7493 2462 Preferred age of fund interests? • 5-6 years: +44 (0) 20 7529 1908 • 1-2 years: • 7 years or older: • 3-4 years: Do you use leverage in your secondary deals? No PERSONNEL • 5-6 years: Preferred regions: Pierre-Antoine de Selancy • 7 years or older: • United States Managing Partner Do you use leverage in your secondary deals? Yes Preferred fund types: [email protected] Preferred regions: • Buyout funds • United States • funds Augustin Duhamel • Canada • Domestics funds Managing Partner • Europe • Stapled secondaries [email protected] • Asia-Pacific • Partial interests in funds (in which seller Robert de Corainville Preferred fund types: maintains a stake) Partner • Buyout funds [email protected] • Venture capital funds • Mezzanine funds Beate Pelz • Special situation funds ABBOTT CAPITAL MANAGEMENT, LLC Investor Relations Director • Infrastructure funds [email protected] • Domestics funds MAIN OFFICE • International funds SCOPE OF OPERATIONS 1290 Avenue of the Americas • Funds of funds 9th Floor Year group began doing secondary deals: 2008 • Stapled secondaries New York, New York 10104 • Partial interests in funds (in which seller DESCRIPTION OF SERVICES United States of America maintains a stake) www.abbottcapital.com 17Capital provides flexible short-to-medium term • Interest in private companies (secondary directs) 212-757-2700 financing for investors in private equity portfolios. • Syndicate participation 212-757-0835 General and Limited Partners can raise capital • Fund Recapitalizations for new investments or reduce their PE exposure, PERSONNEL while avoiding the constraints of debt financing Meredith Rerisi or a secondary sale. 17Capital can invest up Managing Director to €300 million in concentrated or diversified 747 CAPITAL [email protected] global portfolios, and has completed close to 30 MAIN OFFICE transactions in Europe and North America. The Martha Cassidy firm has an international team of 17 professionals 880 Third Avenue Director with both private equity and banking experience. 17th floor [email protected] 17Capital has €800 million AuM across 3 funds. New York, NY 10022 Thad Gray Preferred regions: USA Managing Director,CIO • United States www.747capital.com • Canada 212-747-7474 Jonathan Roth • Europe Managing Director, President PERSONNEL Katie Stokel Gijs van Thiel Managing Director, COO Managing Partner Matthew Smith [email protected] 50 SOUTH CAPITAL ADVISORS LLC Managing Director Joshua Sobeck MAIN OFFICE Tim Maloney Partner Affiliated company: Northern Trust Managing Director [email protected] 50 South LaSalle St. Leonard Pangburn Chicago, IL 60603 Marc der Kinderen Managing Director United States Managing Partner www.50southcapital.ntrs.com [email protected] Young Lee Managing Director PERSONNEL SCOPE OF OPERATIONS Jobst Klemme Adam Freda Year group began doing secondary deals: 2008 Director Senior Vice President Number of employees working on secondary [email protected] deals: 3 BRANCH OFFICE(S) Does your firm manage funds of funds? Yes Nick Lawler Abbott Capital Management (Europe), LLP Name of the newest through which Vice President 53 Davies Street you invest in secondaries: 747 Stuyvesant V [email protected] London Amount Secured (US$millions): 85 W1K 5JH Target (US$millions): 75 SCOPE OF OPERATIONS United Kingdom Open or closed? Closed: Year group began doing secondary deals: 2004 If closed, when did it happen? Q1 2016 SCOPE OF OPERATIONS Does your firm manage funds of funds? Yes What is the allocation to secondaries in the fund Open or closed? Closed: of funds (as a percentage)? up to 40% Year group began doing secondary deals: 1987 Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 7 GUIDE TO SECONDARY BUYERS

Number of employees working on secondary deals: 15 ADAMS STREET PARTNERS, LLC Tokyo Secondary capital invested in 2014 (US$millions): 56 Shin-Kokusai Bldg 4F, 4-1 Secondary capital invested in 2015 (US$millions): 109.1 MAIN OFFICE Marunouchi 3-chome Amount of secondary capital you expect to invest 1 N Wacker Dr Ste 2200 Chiyoda-ku in 2016 (US$millions): 50-100 Suite 2200 Tokyo Does your firm manage funds of funds? Yes Chicago, IL 60606 100 0005 Name of the newest fund of funds through which United States of America Japan you invest in secondaries: Abbott Capital Private www.adamsstreetpartners.com 245 Park Avenue Equity Investors 2015,L.P. (“AP 2015”) +1 (312) 553-7890 , New York 10019 Amount Secured (US$millions): 70.7 +1 (312) 553-7891 USA Target (US$millions): N/A Open or closed? Closed: PERSONNEL SCOPE OF OPERATIONS If closed, when did it happen? 06/30/2015 Jason S. Gull, CFA What is the allocation to secondaries in the fund Year group began doing secondary deals: 1986 Partner & Head of Secondary Investments of funds (as a percentage)? Up to 15% Number of employees working on secondary deals: 12 [email protected] Name of the newest dedicated secondary Secondary capital invested in 2014 (US$millions): 500 fund you are investing from: Abbott Secondary Jeffrey B. Akers Secondary capital invested in 2015 (US$millions): 520 Opportunities, L.P. (“ASO”) Partner Amount of secondary capital you expect to invest Open or closed? Open: [email protected] in 2016 (US$millions): 600 Preferred secondary investment range: Minimum Does your firm manage funds of funds? Yes Troy L. Barnett, CFA (US$millions): 1 Name of the newest fund of funds through which Partner Maximum (US$millions): 80 you invest in secondaries: Adams Street 2016 [email protected] annual fund program DESCRIPTION OF SERVICES Joseph P. Goldrick Amount Secured (US$millions): 300 Target (US$millions): 800 Abbott was founded in 1986, with an objective of Partner [email protected] Open or closed? Open: providing long-term continuity and accountability What is the allocation to secondaries in the fund to private equity portfolio management. Since its Gregory J. Holden of funds (as a percentage)? 20 founding, the firm has focused solely on private Partner Name of the newest dedicated secondary fund you equity investment and management, and builds [email protected] are investing from: Adams Street Global Secondary diversified portfolios of primary and secondary Pinal Nicum Fund 5, LP private equity investments across buyouts, growth Amount Secured (US$millions): 1050 equity, venture capital, and special situations Partner [email protected] Target (US$millions): 750 funds. Historically, Abbott had included secondary Open or closed? Closed: investments in its diversified portfolios of private J. Gary Fencik If closed, when did it happen? 05/01/2013 equity fund interests. With the implementation of Partner & Head of Business Development Preferred secondary investment range: Minimum this dedicated ASO strategy, Abbott will build on [email protected] (US$millions): 5 its broad knowledge of private equity investment Maximum (US$millions): 300 developed over 30 years, maintaining its focus Charlie Denison on smaller transactions where Abbott may have Principal DESCRIPTION OF SERVICES relationship or information advantages. ASO will [email protected] allow Abbott to pursue interests in fund managers Preferred age of fund interests? Kristof Van Overloop • 1-2 years: with which Abbott has invested previously, as well as Senior Associate fund managers that are new to Abbott’s platform. • 3-4 years: [email protected] • 5-6 years: Names of some of your institutional backers: BRANCH OFFICE(S) • 7 years or older: Abbott has a broad range of institutional investors, Do you use leverage in your secondary deals? No including: Public Pension Plans Corporate Pension London Preferred regions: Plans Endowments Foundations Taft-Hartley 75 Davies St • United States Preferred age of fund interests? 4th Floor • Canada • 3-4 years: London • Latin/South America • 5-6 years: W1K 5JN • Europe • 7 years or older: United Kingdom • Asia-Pacific Do you use leverage in your secondary deals? No Singapore • Australia/New Zealand Preferred regions: #14 02 Raffles City Tower • Africa • United States 250 North Bridge Rd • Middle East • Canada Singapore Preferred fund types: • Europe 179101 • Buyout funds • Asia-Pacific Singapore • Venture capital funds • Australia/New Zealand • Mezzanine funds Preferred fund types: Menlo Park • Special situation funds • Buyout funds 2500 Sand Hill Rd • Infrastructure funds • Venture capital funds Suite 100 • Domestics funds • Special situation funds Menlo Park, CA 94025 • International funds • Domestics funds United States of America • Funds of funds • International funds Beijing • Stapled secondaries • Funds of funds Level 24 Tower 3 China Commerce Central Pl • Partial interests in funds (in which seller • Stapled secondaries 77 Jianguo Rd maintains a stake) • Partial interests in funds (in which seller Chaoyang District • Interest in private companies (secondary directs) maintains a stake) Beijing • Syndicate participation • Interest in private companies (secondary directs) 100025 • Fund Recapitalizations • Syndicate participation China • Fund Recapitalizations 8 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO SECONDARY BUYERS

AKINA PARTNERS BRANCH OFFICE(S) ALTERNATIVE INVESTMENT MAIN OFFICE Allianz Capital Partners GmbH MANAGEMENT, LLC Theresienstrasse 6-8 Sihlstrasse 20 Munich MAIN OFFICE Zurich D-80333 757 Third Avenue ZH Germany 12th Floor 8021 New York, NY 10017 CH Allianz Capital Partners GmbH Singapore Branch 12 Marina View #14-01, Asia Square Tower 2 www.aim13.com www.akinapartners.com/home 212-557-6191 41442201625 Singapore 18961 212-937-3113 SCOPE OF OPERATIONS Singapore Year group began doing secondary deals: 2008 SCOPE OF OPERATIONS Number of employees working on secondary deals: 8 ANGELO GORDON & CO. Secondary capital invested in 2014 (US$millions): 80 Year group began doing secondary deals: 1999 Secondary capital invested in 2015 (US$millions): 98 Number of employees working on secondary deals: 21 MAIN OFFICE Amount of secondary capital you expect to invest Secondary capital invested in 2014 (US$millions): 100 Secondary capital invested in 2015 (US$millions): 100 245 Park Ave in 2016 (US$millions): 250 New York, New York 10017 Does your firm manage funds of funds? Yes Amount of secondary capital you expect to invest in 2016 (US$millions): 100 United States Name of the newest fund of funds through which 212-692-2152 you invest in secondaries: Euro Choice VI Does your firm manage funds of funds? No Amount Secured (US$millions): 184 Preferred secondary investment range: Minimum Target (US$millions): 300 (US$millions): 10 Maximum (US$millions): 150 Open or closed? Open: ARCIS GROUP If closed, when did it happen? mid summer 2016 DESCRIPTION OF SERVICES What is the allocation to secondaries in the fund MAIN OFFICE of funds (as a percentage)? 20% Preferred age of fund interests? Name of the newest dedicated secondary fund you • 1-2 years: 170-173 Piccadilly are investing from: Euro Choice Secondary II • 3-4 years: London Amount Secured (US$millions): 0 • 5-6 years: W1J 9EJ Target (US$millions): 250 • 7 years or older: United Kingdom Open or closed? Open: Do you use leverage in your secondary deals? No www.arcisgroup.com Preferred secondary investment range: Minimum Preferred regions: 44-20-7494 2110 (US$millions): 2.5 • United States 44-20-7494 2105 • Canada PERSONNEL DESCRIPTION OF SERVICES • Latin/South America Preferred age of fund interests? • Europe Arnaud Isnard • 1-2 years: • Asia-Pacific Managing Partner • 3-4 years: • Australia/New Zealand [email protected] Preferred fund types: Do you use leverage in your secondary deals? No Henri Isnard • Buyout funds Preferred regions: Managing Partner • Stapled secondaries • Europe [email protected] Preferred fund types: • Buyout funds Mark Burch • Infrastructure funds Managing Partner • Domestics funds ALPINVEST [email protected] • Funds of funds MAIN OFFICE Romain Bouché • Stapled secondaries Partner Jachthavenweg 118 [email protected] 1081 KJ Amsterdam Amsterdam Andrew Healey ALLIANZ CAPITAL PARTNERS Netherlands Director www.alpinvest.com [email protected] MAIN OFFICE +31 20 540 7575 Anne Rousseau 1633 Broadway +31 20 540 7500 Partner & CFO 42nd Floor BRANCH OFFICE(S) [email protected] New York, NY 10019 USA AlpInvest US Holdings, LLC BRANCH OFFICE(S) www.allianzcapitalpartners.com/en 299 Park Avenue 30 rue Galilée 212.938-0630 35th Floor Paris New York, NY 10171 75116 PERSONNEL USA France Martin Liebich 509 Madison Avenue Director Suite 1602 [email protected] New York, N.Y. 10022 Worth Groome U.S.A. Director SCOPE OF OPERATIONS [email protected] Year group began doing secondary deals: 1993 Number of employees working on secondary deals: 7 Secondary capital invested in 2014 (US$millions): 47 Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 9 GUIDE TO SECONDARY BUYERS

Secondary capital invested in 2015 (US$millions): 53 Philippe POLETTI Name of the newest dedicated secondary fund you Amount of secondary capital you expect to invest Member of the Executive Comittee and Head of Mid are investing from: ASF VII in 2016 (US$millions): 50 Cap Buyout Amount Secured (US$millions): 10800 Does your firm manage funds of funds? No [email protected] Open or closed? Closed: Name of the newest dedicated secondary fund you If closed, when did it happen? 04/01/2016 Franck NGUYEN are investing from: ESD Fund V Preferred secondary investment range: Minimum Senior Managing Director Amount Secured (US$millions): 175 (US$millions): 500 [email protected] Open or closed? Open: Maximum (US$millions): 3000 Preferred secondary investment range: Minimum Mark BENEDETTI (US$millions): 5 Managing Director DESCRIPTION OF SERVICES Maximum (US$millions): 100 [email protected] Preferred age of fund interests? DESCRIPTION OF SERVICES Vladimir COLAS • 1-2 years: Managing Director • 3-4 years: Preferred age of fund interests? [email protected] • 5-6 years: • 5-6 years: Do you use leverage in your secondary deals? Yes • 7 years or older: Jan Philipp SCHMITZ Preferred regions: Do you use leverage in your secondary deals? No Managing Director • United States Preferred regions: [email protected] • Canada • Europe Ingmar VALLANO • Europe Preferred fund types: Managing Director • Asia-Pacific • Buyout funds [email protected] Preferred fund types: • Venture capital funds • Buyout funds • Partial interests in funds (in which seller Marie-Victoire ROZE • Infrastructure funds maintains a stake) Managing Director • Interest in private companies (secondary directs) [email protected] Martin KESSI Managing Director ATLAS PEAK CAPITAL [email protected] MAIN OFFICE ARDIAN Xavier BELLOIR 400 Montgomery Street MAIN OFFICE Managing Director Suite 900 [email protected] 20 Place Vendôme San Francisco, CA 94104 PARIS BRANCH OFFICE(S) USA 75001 www.atlaspeakcap.com FRANCE ARDIAN UK 415-967-0485 www.ardian.com 1 Grafton Street +33 1 41 71 92 00 LONDON W1S 4FE PERSONNEL UNITED KINGDOM BEX CAPITAL Dominique SENEQUIER ARDIAN USA President 1370 Avenue of the Americas MAIN OFFICE [email protected] NEW-YORK, NY 10019 10 rue Chardin UNITED STATE OF AMERICA Paris Vincent GOMBAULT 75016 Member of the Executive Comittee and Head of ARDIAN GERMANY France Funds of Funds and Private Debt An der Welle 4 www.bexcapital.com [email protected] FRANKFURT-AM-MAIN D-60322 PERSONNEL Dominique GAILLARD GERMANY Member of the Executive Comittee and Head of Benjamin Revillon ARDIAN SWITZERLAND Direct Funds Managing Partner Bahnhofstrasse 20 [email protected] [email protected] ZURICH Benoît VERBRUGGHE 8001 SCOPE OF OPERATIONS Member of the Executive Comittee and Head of SWITZERLAND Ardian USA Year group began doing secondary deals: 2010 [email protected] ARDIAN BEIJING Number of employees working on secondary deals: 4 Unit 20-22, Level 47, China World Tower Secondary capital invested in 2014 (US$millions): 20 Mathias BURGHARDT No. 1 Jian Guo Men Wai Avenue Secondary capital invested in 2015 (US$millions): 35 Member of the Executive Comittee and Head of BEIJING Amount of secondary capital you expect to invest Infrastructure 100004 in 2016 (US$millions): 100 [email protected] PEOPLE’S REPUBLIC OF CHINA Name of the newest dedicated secondary fund you Olivier DECANNIERE SCOPE OF OPERATIONS are investing from: SB Partners Secondary Fund Member of the Executive Comittee and Head of Amount Secured (US$millions): 65 Ardian UK Year group began doing secondary deals: 1999 Target (US$millions): 40 [email protected] Number of employees working on secondary deals: 120 Open or closed? Open: Secondary capital invested in 2014 (US$millions): Preferred secondary investment range: Minimum Jérémie DELECOURT 10800 (US$millions): 1 Member of the Executive Comittee and Head of Secondary capital invested in 2015 (US$millions): 6000 Maximum (US$millions): 100 Corporate and International Development Amount of secondary capital you expect to invest [email protected] in 2016 (US$millions): 5000 Does your firm manage funds of funds? Yes 10 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO SECONDARY BUYERS

DESCRIPTION OF SERVICES Do you use leverage in your secondary deals? No Preferred regions: Preferred regions: • United States BEX Capital specifically invests in mature positions • United States • Canada in funds-of-funds and secondary funds through • Canada • Latin/South America separately managed accounts. Preferred fund types: • Europe Preferred age of fund interests? • Buyout funds • Asia-Pacific • 7 years or older: • Stapled secondaries • Australia/New Zealand Do you use leverage in your secondary deals? Yes • Partial interests in funds (in which seller • Africa Preferred regions: maintains a stake) • Middle East • United States Preferred fund types: • Canada • Buyout funds • Europe • Venture capital funds Preferred fund types: CBRE CAPITAL ADVISORS • Mezzanine funds • Funds of funds • Special situation funds MAIN OFFICE • Hedge funds 200 Pk Ave- East Mezz • Real estate funds New York, NY 10166 • Infrastructure funds BILLIONAIRE United States • Domestics funds 2126562558 • International funds MAIN OFFICE • Funds of funds 77 Harbor Drive SCOPE OF OPERATIONS • Stapled secondaries • Partial interests in funds (in which seller Suite #76 Year group began doing secondary deals: 2010 maintains a stake) Key Biscayne, FL 33149 Number of employees working on secondary deals: 6 • Interest in private companies (secondary directs) USA Does your firm manage funds of funds? No BillionaireFamilyOffice.com • Syndicate participation 503-789-7901 DESCRIPTION OF SERVICES • Fund Recapitalizations Advisory services Names of some of your institutional backers: CBRE Inc BOWSIDE CAPITAL Preferred regions: CEDAR SPRINGS CAPITAL MAIN OFFICE • United States MAIN OFFICE • Europe 211 King Street Preferred fund types: 3899 Maple Avenue Suite 204 • Real estate funds Suite 150 Charleston, SC 29401 • Funds of funds Dallas, TX 75219 U.S. • Partial interests in funds (in which seller United States www.bowsidecapital.com maintains a stake) cedarspringscapital.com 843-725-7500 • Interest in private companies (secondary directs) 469-802-3000 212-2124-0744 • Fund Recapitalizations PERSONNEL PERSONNEL Imran Hussain Christian H. M. Albert [email protected] Managing Partner CEBILE CAPITAL LLP SCOPE OF OPERATIONS [email protected] MAIN OFFICE Year group began doing secondary deals: 2014 SCOPE OF OPERATIONS 2 Berkeley Square Number of employees working on secondary deals: 3 Year group began doing secondary deals: 2009 London Secondary capital invested in 2014 (US$millions): 0 Number of employees working on secondary deals: 1 W1J 6EB Secondary capital invested in 2015 (US$millions): 15 Does your firm manage funds of funds? Yes United Kingdom Amount of secondary capital you expect to invest Name of the newest fund of funds through which www.cebile.com in 2016 (US$millions): 50 you invest in secondaries: Bowside Capital Fund +44-203-667-5000 Preferred secondary investment range: Minimum III, L.P. (US$millions): 10 Amount Secured (US$millions): 37.25 PERSONNEL Maximum (US$millions): 50 Target (US$millions): 35 Sunaina Sinha DESCRIPTION OF SERVICES Open or closed? Closed: Managing Partner If closed, when did it happen? 11/01/2014 [email protected] Preferred age of fund interests? Preferred secondary investment range: Minimum • 7 years or older: (US$millions): 1 SCOPE OF OPERATIONS Do you use leverage in your secondary deals? No Maximum (US$millions): 10 Preferred regions: Year group began doing secondary deals: 2012 • United States Number of employees working on secondary deals: 7 DESCRIPTION OF SERVICES • Canada Bowside Capital makes secondary purchases of LP DESCRIPTION OF SERVICES • Latin/South America interests in funds that meet its target criteria. These • Europe Advisor to buyers and sellers of private equity and funds must have less than $150 mm in committed • Asia-Pacific real asset secondaries. capital and make control acquisitions. We do not • Australia/New Zealand invest in debt, real estate, or venture funds. Preferred age of fund interests? • Africa • 1-2 years: • Middle East Preferred age of fund interests? • 3-4 years: Preferred fund types: • 1-2 years: • 5-6 years: • Buyout funds • 3-4 years: • 7 years or older: • Venture capital funds • 5-6 years: • Mezzanine funds • 7 years or older: • Special situation funds Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 11 GUIDE TO SECONDARY BUYERS

• Hedge funds COLLER CAPITAL COMMITTED ADVISORS • Real estate funds • Infrastructure funds MAIN OFFICE MAIN OFFICE • Domestics funds 33 Cavendish Square 9 rue Daru • International funds London Paris • Funds of funds W1G 0TT 75008 • Stapled secondaries UK France • Partial interests in funds (in which seller www.collercapital.com www.committedadvisors.com maintains a stake) +44 20 7631 8500 +33 1 72 28 35 30 • Interest in private companies (secondary directs) +44 20 7631 8555 • Syndicate participation PERSONNEL • Fund Recapitalizations PERSONNEL Daniel Benin Jeremy Coller Managing Partner Executive Chariman / CIO [email protected] [email protected] CIRCLEUP Barthelemy de Beaupuy Frank Morgan Managing Partner MAIN OFFICE President, Coller Capital Inc [email protected] [email protected] 818 Mission St. J.B. Stock San Francisco, CA 94103 David Plater Partner USA Partner [email protected] [email protected] Guillaume Valdant Luca Salvato Partner Partner [email protected] CM CAPITAL [email protected] MAIN OFFICE BRANCH OFFICE(S) Sebastien Burdel 525 University Ave Partner Committed Advisors North America Suite 200 [email protected] 915 Broadway Palo Alto, CA 94402 Suite 1108 Francois Aguerre www.cmcapitaladvisors.com New York, NY 10010 Partner 650-326-6480 [email protected] [email protected] Committed Advisors Asia PERSONNEL Michael Schad 52 Boat Quay Biren Bhandari Partner # 03-01 Associate Director [email protected] Singapore [email protected] Stephen Ziff 49841 Singapore SCOPE OF OPERATIONS Partner [email protected] [email protected] Does your firm manage funds of funds? No SCOPE OF OPERATIONS Preferred secondary investment range: Minimum Axel Hansing (US$millions): 1 Partner Year group began doing secondary deals: 2009 Maximum (US$millions): 20 [email protected] Number of employees working on secondary deals: 15 BRANCH OFFICE(S) Secondary capital invested in 2014 (US$millions): 150 DESCRIPTION OF SERVICES Secondary capital invested in 2015 (US$millions): 200 Preferred age of fund interests? Coller Capital Inc Amount of secondary capital you expect to invest • 1-2 years: 950 3rd Avenue in 2016 (US$millions): 200 • 3-4 years: New York, NY 10022 Name of the newest dedicated secondary fund you • 5-6 years: USA are investing from: Committed Advisors Secondary • 7 years or older: Coller Capital Inc Fund II Do you use leverage in your secondary deals? No Level 19 Amount Secured (US$millions): 575 Preferred regions: 8 Finance Street Open or closed? Closed: • United States Central Hong Kong If closed, when did it happen? 07/01/2013 • Canada Hong Kong Preferred secondary investment range: Minimum • Europe (US$millions): 1 • Asia-Pacific SCOPE OF OPERATIONS Maximum (US$millions): 150 Preferred fund types: Number of employees working on secondary deals: 180 DESCRIPTION OF SERVICES • Buyout funds Name of the newest dedicated secondary fund you • Venture capital funds are investing from: Coller International Partners Preferred age of fund interests? • Special situation funds VII (CIP VII) • 1-2 years: • Domestics funds Amount Secured (US$millions): 7150 • 3-4 years: • International funds Open or closed? Closed: • 5-6 years: • Stapled secondaries If closed, when did it happen? 12/01/2015 • 7 years or older: • Partial interests in funds (in which seller Preferred regions: maintains a stake) • United States • Interest in private companies (secondary directs) • Canada • Syndicate participation • Latin/South America • Fund Recapitalizations • Europe • Asia-Pacific • Australia/New Zealand • Africa • Middle East 12 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO SECONDARY BUYERS

Preferred fund types: CORRUM CAPITAL MANAGEMENT LLC NY, NY 10019 • Buyout funds USA • Venture capital funds MAIN OFFICE 212-965-2379 • Mezzanine funds 214 North Tryon Street • Special situation funds Suite 1950 • Hedge funds Charlotte, NC 28202 • Real estate funds USA DRUM CAPITAL MANAGEMENT • Infrastructure funds www.corrumcapital.com MAIN OFFICE • Domestics funds 704-330-7300 • International funds 704-330-7400 Four Stamford Plaza • Funds of funds 107 Elm Street, 10th Floor • Stapled secondaries PERSONNEL Stamford, CT 06902 • Partial interests in funds (in which seller Jason Cipriani www.drumcapital.com maintains a stake) Partner 203.391.7540 • Interest in private companies (secondary directs) [email protected] • Syndicate participation • Fund Recapitalizations John Fulton Managing Director [email protected] EASTON CAPITAL MAIN OFFICE SCOPE OF OPERATIONS COMMONFUND 767 Third Avenue MAIN OFFICE Year group began doing secondary deals: 2007 7th Floor Does your firm manage funds of funds? Yes New York City, New York 10017 15 Old Danbury Road DESCRIPTION OF SERVICES United States Wilton, CT 06897 www.eastoncapital.com USA Preferred regions: 2127020950 www.commonfund.org • United States 203-563-5000 • Canada SCOPE OF OPERATIONS • Latin/South America • Europe EKAGRATA INC. Year group began doing secondary deals: 1993 • Asia-Pacific Number of employees working on secondary deals: 50 Preferred fund types: MAIN OFFICE Does your firm manage funds of funds? Yes • Buyout funds Affiliated company: In Colour Capital Inc. Preferred secondary investment range: Minimum • Mezzanine funds 83 Aldershot Crescent (US$millions): no minimum • Special situation funds Toronto • Real estate funds DESCRIPTION OF SERVICES ON • Infrastructure funds M2P1M2 Preferred age of fund interests? • Syndicate participation Canada • 1-2 years: • Fund Recapitalizations www.ekagrata.com • 3-4 years: 416-862-6141 • 5-6 years: • 7 years or older: PERSONNEL Preferred regions: CROW HOLDINGS CAPITAL - INVESTMENT Prashant Pathak • United States PARTNERS President • Canada [email protected] • Latin/South America MAIN OFFICE Careu Kurtin • Europe 3819 Maple Avenue • Asia-Pacific Principal Dallas, Texas 75219 [email protected] • Australia/New Zealand United States • Africa crowholdingscapital-ip.com SCOPE OF OPERATIONS • Middle East 2146618154 Preferred fund types: Year group began doing secondary deals: 2005 • Buyout funds Number of employees working on secondary deals: 2 • Venture capital funds Secondary capital invested in 2014 (US$millions): 18 • Mezzanine funds Secondary capital invested in 2015 (US$millions): 5 • Special situation funds DAVIS CAPITAL, LLC Amount of secondary capital you expect to invest • Hedge funds MAIN OFFICE in 2016 (US$millions): 15-30 • Infrastructure funds Does your firm manage funds of funds? No • Domestics funds 200 S. Wacker Drive Amount Secured (US$millions): 10 • International funds 31st Floor Open or closed? Closed: • Funds of funds Chicago, IL 60606 Amount Secured (US$millions): 30 • Stapled secondaries USA Open or closed? Closed: • Partial interests in funds (in which seller 312-623-4100 Preferred secondary investment range: Minimum maintains a stake) (US$millions): 5 • Interest in private companies (secondary directs) Maximum (US$millions): 30 • Syndicate participation • Fund Recapitalizations DGZ CAPITAL DESCRIPTION OF SERVICES MAIN OFFICE Names of some of your institutional backers: All private family capital of the principals. Affiliated company: Capital Z Investment Partners Preferred age of fund interests? 142 West 57th Street • 5-6 years: 3rd Floor • 7 years or older: Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 13 GUIDE TO SECONDARY BUYERS

Do you use leverage in your secondary deals? No FORT WASHINGTON CAPITAL PARTNERS • International funds Preferred regions: • Partial interests in funds (in which seller • United States GROUP (“FW CAPITAL”) maintains a stake) • Canada MAIN OFFICE • Interest in private companies (secondary directs) • Asia-Pacific • Syndicate participation • Middle East 303 Broadway • Fund Recapitalizations Preferred fund types: Suite 1200 • Buyout funds Cincinnati, Ohio 45202 • Venture capital funds USA GALILEO GLOBAL SECURITIES • Special situation funds www.fwcapital.com • Real estate funds 513-361-7600 MAIN OFFICE 513-361-7605 • Infrastructure funds 10 Rockefeller Plaza PERSONNEL Suite 1001 New York, NY 10020 Joseph A. Woods United States ENDURANCE INVESTMENTS Managing Director, Head of Secondary Investments galileoglobaladvisors.com [email protected] MAIN OFFICE 212 332 6042 Paul D. Cohn Alonso de Cordova 5670 Managing Director Las Condes, Santiago [email protected] Region Metropolitana GOLDMAN, SACHS & CO. 7560875 Philip D. Johnson Chile Senior Investment Manager MAIN OFFICE [email protected] www.endinv.com 200 West Street +569 68402327 Christopher M. Mehlhorn New York, NY 10282 Senior Investment Analyst www.gs.com [email protected] 212-902-1000 EURO PRIVATE EQUITY SCOPE OF OPERATIONS PERSONNEL MAIN OFFICE Year group began doing secondary deals: 2003 Harold Hope Number of employees working on secondary deals: 4 Managing Director 5 chemin du Pavillon Secondary capital invested in 2014 (US$millions): 45.3 [email protected] Le Grand Saconnex Secondary capital invested in 2015 (US$millions): 80.5 Geneva Does your firm manage funds of funds? Yes Steve Lessar 1218 Name of the newest fund of funds through which Managing Director Switzerland you invest in secondaries: Fort Washington Private [email protected] Equity Investors IX, L.P. SCOPE OF OPERATIONS SCOPE OF OPERATIONS Target (US$millions): 300 Year group began doing secondary deals: 2010 Open or closed? Open: Year group began doing secondary deals: 1997 Does your firm manage funds of funds? Yes What is the allocation to secondaries in the fund Does your firm manage funds of funds? Yes Name of the newest fund of funds through of funds (as a percentage)? up to 20% Preferred secondary investment range: Minimum which you invest in secondaries: Euro-PE Select Name of the newest dedicated secondary fund you (US$millions): 1 Opportunities are investing from: Fort Washington Private Equity Maximum (US$millions): 1000 Opportunities Fund III, L.P. Amount Secured (US$millions): 140 DESCRIPTION OF SERVICES Target (US$millions): 110 Amount Secured (US$millions): 150 Open or closed? Closed: Target (US$millions): 150 As one of the largest and most established private If closed, when did it happen? Final close on Open or closed? Closed: equity investors in the market, Goldman Sachs’ January 2016 If closed, when did it happen? 05/01/2014 Alternative Investments & Manager Selection What is the allocation to secondaries in the fund Preferred secondary investment range: Minimum (AIMS) Group is an active investor on the secondary of funds (as a percentage)? 50% (US$millions): 5 market. Through our Vintage Funds, we have been Preferred secondary investment range: Minimum Maximum (US$millions): 30 acquiring traditional interests (US$millions): 3 and direct secondary investments for 20 years. We Maximum (US$millions): 50 DESCRIPTION OF SERVICES invest around the world and across all strategies Names of some of your institutional backers: in the illiquid markets, pursuing transactions that DESCRIPTION OF SERVICES Western and Southern Life Insurance Company; range in size from $1 million to over $1 billion. Preferred age of fund interests? City of Cincinnati Board of Trustees of Retirement; • 3-4 years: Kentucky Farm Bureau Mutual Insurance Co.; • 5-6 years: Brown-Forman Corporation; Bethesda, Inc. • 7 years or older: Preferred age of fund interests? GRIFFIN FINANCIAL GROUP • 1-2 years: Do you use leverage in your secondary deals? No MAIN OFFICE Preferred regions: • 3-4 years: • Europe • 5-6 years: 485 Madison Avenue Preferred fund types: • 7 years or older: 20th Floor • Buyout funds Do you use leverage in your secondary deals? No New York, NY 10022 • Venture capital funds Preferred regions: USA • Mezzanine funds • United States www.griffinfingroup.com • Infrastructure funds • Europe 646-254-6397 Preferred fund types: • Buyout funds PERSONNEL • Venture capital funds Paul Delaney • Special situation funds Senior Managing Director • Domestics funds [email protected] 14 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO SECONDARY BUYERS

Mitch Fenimore Maximum (US$millions): 150 China Senior Vice President HQ Capital Shanghai [email protected] DESCRIPTION OF SERVICES Suite 1578, 15/F Tower 2 Plaza 66 No. 1266 West Nanjing Road SCOPE OF OPERATIONS Preferred age of fund interests? • 5-6 years: Jing’An District, Shanghai Year group began doing secondary deals: 2008 Do you use leverage in your secondary deals? Yes 200040 Number of employees working on secondary deals: 6 Preferred regions: China Does your firm manage funds of funds? No • United States HQ Capital Tokyo • Canada East Tower, 4th Floor, Otemachi First Square DESCRIPTION OF SERVICES • Latin/South America 1-5-1 Otemachi, Chiyoda-ku We work with limited partners, corporate investors • Europe Tokyo and general partners seeking private equity • Asia-Pacific 100-0004 portfolio solutions through confidential, directly • Australia/New Zealand Japan negotiated transactions. Our focus is on both Preferred fund types: limited partnership interests, as well as direct • Buyout funds SCOPE OF OPERATIONS stakes in portfolio companies for firms who might • Venture capital funds Year group began doing secondary deals: 1992 be seeking liquidity, a rebalancing of their portfolio, • Mezzanine funds Number of employees working on secondary deals: 27 or to achieve other strategic objectives. • Infrastructure funds Secondary capital invested in 2014 (US$millions): 228 • Domestics funds Secondary capital invested in 2015 (US$millions): 110 • International funds Amount of secondary capital you expect to invest • Funds of funds in 2016 (US$millions): 200 HAMILTON LANE • Stapled secondaries Does your firm manage funds of funds? Yes • Partial interests in funds (in which seller Name of the newest fund of funds through which MAIN OFFICE maintains a stake) you invest in secondaries: Secondary allocation is • Fund Recapitalizations One Presidential Blvd invested through various HQ Capital PE vehicles 4th Floor Amount Secured (US$millions): 185 Bala Cynwyd, PA 19004 What is the allocation to secondaries in the fund USA of funds (as a percentage)? 20-30% www.hamiltonlane.com HQ CAPITAL PRIVATE EQUITY LLC Name of the newest dedicated secondary fund you 610 934 2222 MAIN OFFICE are investing from: Auda Secondary Fund III 610 617 9853 Amount Secured (US$millions): 332 1290 Avenue of the Americas Target (US$millions): 300 10th floor Open or closed? Closed: New York, NY 10104 If closed, when did it happen? 2013 HARBOURVEST PARTNERS, LLC USA Preferred secondary investment range: Minimum www.hqcapital.com (US$millions): 10 MAIN OFFICE +1-212-863-2300 Maximum (US$millions): 20 +1-212-593-2974 One Financial Center DESCRIPTION OF SERVICES Boston, MA 02111 PERSONNEL USA Preferred age of fund interests? www.harbourvest.com Tim Brody • 1-2 years: 617-348-3707 Managing Director • 3-4 years: 617-350-0305 [email protected] • 5-6 years: • 7 years or older: PERSONNEL Chris Lawrence Managing Director Preferred regions: Randall Miner [email protected] • United States Sales Enablement Manager • Canada Christian Munafo [email protected] • Latin/South America Managing Director • Europe SCOPE OF OPERATIONS [email protected] • Asia-Pacific Lucian Wu • Australia/New Zealand Year group began doing secondary deals: 1986 • Africa Number of employees working on secondary deals: 28 Managing Director [email protected] • Middle East Secondary capital invested in 2014 (US$millions): 1600 Preferred fund types: Secondary capital invested in 2015 (US$millions): 1800 BRANCH OFFICE(S) • Buyout funds Amount of secondary capital you expect to invest • Venture capital funds in 2016 (US$millions): 1500 HQ Capital (Deutschland) GmbH • Mezzanine funds Does your firm manage funds of funds? Yes Am Pilgerrain 17 • Special situation funds Name of the newest fund of funds through which Bad Homburg v.d. Höhe • Real estate funds you invest in secondaries: Fund X 61352 • Infrastructure funds Amount Secured (US$millions): 1720 Germany • Domestics funds Target (US$millions): 2000 HQ Capital (UK) Limited • International funds Open or closed? Open: 19 Eastbourne Terrace • Funds of funds What is the allocation to secondaries in the fund Paddington • Stapled secondaries of funds (as a percentage)? 20 London • Partial interests in funds (in which seller Name of the newest dedicated secondary fund you W2 6LG maintains a stake) are investing from: Dover IX United Kingdom • Interest in private companies (secondary directs) Amount Secured (US$millions): 2.55 HQ Capital Asia Limited • Syndicate participation Target (US$millions): 3.6 • Fund Recapitalizations Open or closed? Open: One Exchange Square Preferred secondary investment range: Minimum 8 Connaught Place, Suite 1704, 17/F (US$millions): 75 Hong Kong Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 15 GUIDE TO SECONDARY BUYERS

HSBC IFG COMPANIES • Asia-Pacific • Australia/New Zealand MAIN OFFICE MAIN OFFICE Preferred fund types: 78 St. James Street 825 Third Avenue • Buyout funds London 35th floor • Venture capital funds SW1A 1JB New York, NY 10022 • Hedge funds UK USA • Real estate funds www..com www.ifgcompanies.com • Domestics funds 44 207 860 5279 212/379-6213 • International funds • Funds of funds PERSONNEL • Stapled secondaries • Partial interests in funds (in which seller Corrine Glass maintains a stake) Managing Director IDINVEST PARTNERS • Interest in private companies (secondary directs) MAIN OFFICE DESCRIPTION OF SERVICES • Syndicate participation • Fund Recapitalizations 117 avenue des Champs Elysées Preferred regions: Paris • United States 75008 Preferred fund types: France • Buyout funds www.idinvest.com/en • Venture capital funds JIRA CAPITAL & CONSULT GMBH +33 (0) 1 58 18 56 56 • Mezzanine funds MAIN OFFICE +33 (0) 1 58 18 56 89 • Special situation funds Schusterweg 26 • Hedge funds Grasbrunn / Munich PERSONNEL • Real estate funds Bavaria Christophe Simon • Infrastructure funds 85630 Partner • Interest in private companies (secondary directs) Germany [email protected] • Syndicate participation www.jira-cc.com BRANCH OFFICE(S) +49 89 4398 7830 +49 89 4398 7831 Idinvest Partners 117 avenue des Champs Elysées INDUSTRY VENTURES PERSONNEL Paris MAIN OFFICE Alexander Jira 75008 Owner / Managing Partner France 30 Hotaling Place [email protected] 3rd Floor SCOPE OF OPERATIONS San Francisco, CA 94111 SCOPE OF OPERATIONS Year group began doing secondary deals: 2000 United States Year group began doing secondary deals: 2008 Number of employees working on secondary deals: 9 www.industryventures.com Number of employees working on secondary deals: 1 Secondary capital invested in 2014 (US$millions): 65 415-273-4201 Secondary capital invested in 2014 (US$millions): Secondary capital invested in 2015 (US$millions): 155 only intermediating Amount of secondary capital you expect to invest Does your firm manage funds of funds? No in 2016 (US$millions): 175 Preferred secondary investment range: Minimum Name of the newest dedicated secondary fund you JASPER RIDGE PARTNERS (US$millions): 5 are investing from: Idinvest Secondary Fund III Maximum (US$millions): 500 Amount Secured (US$millions): 300 MAIN OFFICE Target (US$millions): 450 2885 Sand Hill Road DESCRIPTION OF SERVICES Open or closed? Open: Suite 100 Preferred secondary investment range: Minimum Menlo Park, CA 94025 Working as intermediary in secondary transactions (US$millions): 0 USA - either on buy or sell side. Focus on clients in Maximum (US$millions): 100 www.jasperridge.com Western Europe. (650) 494-4800 Preferred age of fund interests? DESCRIPTION OF SERVICES • 1-2 years: Preferred age of fund interests? • 3-4 years: • 5-6 years: • 5-6 years: • 7 years or older: JENERATION CAPITAL • 7 years or older: Do you use leverage in your secondary deals? Yes Preferred regions: Preferred regions: MAIN OFFICE • United States • Europe 20/F One IFC • Canada Preferred fund types: 8 Finance Street • Europe • Buyout funds Hong Kong • Asia-Pacific • Venture capital funds Hong Kong • Africa • Mezzanine funds www.jenerationcapital.com Preferred fund types: • Stapled secondaries • Buyout funds • Partial interests in funds (in which seller SCOPE OF OPERATIONS • Venture capital funds maintains a stake) Year group began doing secondary deals: 2015 • Infrastructure funds • Interest in private companies (secondary directs) • International funds • Syndicate participation DESCRIPTION OF SERVICES • Funds of funds • Fund Recapitalizations • Interest in private companies (secondary directs) Preferred regions: • Syndicate participation • United States • Fund Recapitalizations • Latin/South America • Europe 16 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO SECONDARY BUYERS

KNIGHTSBRIDGE ADVISERS Partner London [email protected] W1J 8HA MAIN OFFICE United Kingdom Thomas Giannetti 125 Cambridgepark Drive Partner & CFO Lexington Partners Asia Limited Suite 400B [email protected] 15/F York House, The Landmark Cambridge, MA 2140 15 Queen’s Road Central USA Charles Grant Central knightsbridgeusa.com Partner Hong Kong 617-354-0042 [email protected] Lexington Partners Chile SpA 617-876-0204 Rebecca John 3477 Isidora Goyenechea Avenue Partner, Investor Relations 17th Floor, Suite 170 B [email protected] Las Condes, Santiago KRAIN REAL ESTATE Tom Newby Chile Partner SCOPE OF OPERATIONS MAIN OFFICE [email protected] Year group began doing secondary deals: 1990 1003 N Damen Ave Marshall Parke Number of employees working on secondary deals: 40 Chicago, IL 60622 Partner Secondary capital invested in 2014 (US$millions): 6400 USA [email protected] Secondary capital invested in 2015 (US$millions): 3100 www.krainrealestate.com Pål Ristvedt Name of the newest dedicated secondary fund 773-235-0111 Partner you are investing from: Lexington Capital Partners 773-572-0236 [email protected] VIII, L.P., Lexington Middle Market Investors III, L.P., Lexington Emerging Partners, L.P. John Rudge Amount Secured (US$millions): 11320 Partner Open or closed? Closed: [email protected] LANDMARK PARTNERS Preferred secondary investment range: Minimum MAIN OFFICE Lee Tesconi (US$millions): 1 Partner Maximum (US$millions): 2000 10 Mill Pond Lane [email protected] Simsbury, CT 06070 DESCRIPTION OF SERVICES Wilson Warren USA Lexington’s secondary acquisition funds acquire www.landmarkpartners.com Partner [email protected] diversified portfolios of private equity and 860-651-9760 alternative investments through secondary 860-651-8890 Victor Wu market transactions. Lexington Partners screens Partner BRANCH OFFICE(S) all transactions in the secondary market from [email protected] complex, multi-billion dollar portfolio acquisitions 681 Fifth Avenue Mark Andrew to single interest purchases, direct and co- 14th Floor Principal investment secondaries, and focuses on assets New York, NY 10022 [email protected] offering the most attractive risk-adjusted returns USA throughout the economic cycle. Lexington Partners Anthony Garton 265 Franklin Street has built a diversified global portfolio of private Principal, Investor Relations 18th Floor equity and alternative investments with meaningful [email protected] Boston, MA 02110 participation in each of the major sectors. USA Timothy Huang Lexington Partners has acquired secondary interests managed by over 640 sponsors. 52 Jermyn Street Principal London [email protected] Names of some of your institutional backers: SW1Y 6LX Jennifer Kheng Over 700 leading corporate and public pension United Kingdom Principal funds, sovereign wealth funds, insurance companies, [email protected] financial institutions, endowments, foundations and family offices from more than 30 countries. Daniel Klima Preferred age of fund interests? Principal • 1-2 years: LEXINGTON PARTNERS [email protected] • 3-4 years: MAIN OFFICE Jose Sosa del Valle • 5-6 years: • 7 years or older: 660 Madison Avenue Principal Preferred regions: 23rd Floor [email protected] • United States New York, NY 10065 • Canada United States BRANCH OFFICE(S) • Latin/South America www.lexingtonpartners.com Lexington Partners • Europe 212-754-0411 111 Huntington Avenue • Asia-Pacific Suite 3020 PERSONNEL • Australia/New Zealand Boston, MA 02199 Preferred fund types: Brent Nicklas United States • Buyout funds Managing Partner Lexington Partners • Venture capital funds [email protected] 3000 Sand Hill Road • Mezzanine funds Kirk Beaton Building 1, Suite 220 • Special situation funds Partner Menlo Park, CA 94025 • Hedge funds [email protected] United States • Real estate funds • Infrastructure funds Duncan Chapman Lexington Partners U.K. LLP 50 Berkeley Street • Domestics funds LP FirstOrder Ad VCJ+BOnws DR120715.pdf 1 12/7/15 12:42 PM

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MY

CY Lexington Partners is a leader in the global secondary market. Since CMY

K 1990, we have completed over 380 secondary transactions, acquiring more than 2,600 interests managed by over 600 sponsors with a total value in excess of $34 billion. For over 25 years, we have excelled at providing customized alternative investment solutions to banks, nancial institutions, pension funds, sovereign wealth funds, endowments, family of ces, and other duciaries seeking to reposition their private investment portfolios. Our unparalleled global sponsor relationships, capital resources, and reputation as a reliable counterparty are widely recognized, and we have skilled professionals to work with you in six locations. To make an inquiry, please call us or send an email to [email protected].

Innovative Directions in Alternative Investing

New York • Boston • Menlo Park • London • Hong Kong • Santiago

www.lexingtonpartners.com 18 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO SECONDARY BUYERS

• International funds • Mezzanine funds • Special situation funds • Funds of funds • Special situation funds • Infrastructure funds • Stapled secondaries • Hedge funds • Domestics funds • Partial interests in funds (in which seller • Infrastructure funds • International funds maintains a stake) • Domestics funds • Funds of funds • Interest in private companies (secondary directs) • International funds • Interest in private companies (secondary directs) • Syndicate participation • Funds of funds • Syndicate participation • Fund Recapitalizations • Stapled secondaries • Fund Recapitalizations • Partial interests in funds (in which seller maintains a stake) • Interest in private companies (secondary directs) LIGHTPATH CAPITAL • Syndicate participation MERCURY PARTNERS • Fund Recapitalizations MAIN OFFICE MAIN OFFICE 1453 Third Street Promenade 22 Industriestrasse Santa Monica, CA 90405 Zug U.S.A. MERCER INVESTMENT CONSULTING, LLC 6302 www.lightpathcapital.com MAIN OFFICE Switzerland 310.800.3269 www.mercuryp.com Affiliated company: Mercer Private Markets +41 22 346 89 90 3560 Lenox Road MANTRA INVESTMENT PARTNERS Suite 2400 PERSONNEL Atlanta, GA 30326 Rainer Busch MAIN OFFICE USA Managing Partner 37 rue des Acacias 404-442-3259 [email protected] Paris PERSONNEL 75017 SCOPE OF OPERATIONS France Michael Forestner Preferred secondary investment range: Minimum www.mantrainvest.com Co-CIO (US$millions): 5 +33 142 866 535 [email protected] Maximum (US$millions): 50 PERSONNEL Harry Leggat DESCRIPTION OF SERVICES Partner Fabrice Moyne [email protected] Preferred age of fund interests? Partner • 5-6 years: [email protected] SCOPE OF OPERATIONS • 7 years or older: Preferred regions: SCOPE OF OPERATIONS Year group began doing secondary deals: 2012 Number of employees working on secondary deals: 6 • United States Year group began doing secondary deals: 2008 Amount of secondary capital you expect to invest • Canada Number of employees working on secondary deals: 8 in 2016 (US$millions): 50 • Latin/South America Secondary capital invested in 2014 (US$millions): 20 Does your firm manage funds of funds? Yes • Europe Secondary capital invested in 2015 (US$millions): 45 Name of the newest fund of funds through Preferred fund types: Amount of secondary capital you expect to invest which you invest in secondaries: Mercer Private • Buyout funds in 2016 (US$millions): 100 Investment Partners IV, LP • Venture capital funds Name of the newest dedicated secondary fund Amount Secured (US$millions): 645 • Mezzanine funds you are investing from: Mantra Secondary Target (US$millions): 850 • Special situation funds Opportunities Open or closed? Open: • Domestics funds Amount Secured (US$millions): 100 What is the allocation to secondaries in the fund • International funds Target (US$millions): 100 of funds (as a percentage)? 10%-30% • Funds of funds Open or closed? Closed: Preferred secondary investment range: Minimum • Stapled secondaries If closed, when did it happen? 10/01/2015 (US$millions): 1 • Partial interests in funds (in which seller Preferred secondary investment range: Minimum Maximum (US$millions): 25 maintains a stake) (US$millions): 1 • Interest in private companies (secondary directs) Maximum (US$millions): 20 DESCRIPTION OF SERVICES • Syndicate participation • Fund Recapitalizations DESCRIPTION OF SERVICES Mercer Private Markets provides discretionary and non-discretionary advisory services to institutional Preferred age of fund interests? investors. Mercer acquires secondary interests in • 3-4 years: private market funds on behalf of discretionary • 5-6 years: pools of capital. MESIROW FINANCIAL PRIVATE EQUITY • 7 years or older: MAIN OFFICE Do you use leverage in your secondary deals? No Preferred age of fund interests? Preferred regions: • 5-6 years: 353 North Clark Street • United States • 7 years or older: Chicago, IL 60654 • Canada Do you use leverage in your secondary deals? No USA • Latin/South America Preferred regions: www.mesirowfinancial.com/privateequity • Europe • United States 312-595-6099 • Asia-Pacific • Canada 312-595-6211 • Australia/New Zealand • Europe • Africa • Asia-Pacific PERSONNEL Preferred fund types: • Middle East Marc Sacks Preferred fund types: • Buyout funds • Venture capital funds Chief Executive Officer • Buyout funds [email protected] • Venture capital funds • Mezzanine funds Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 19 GUIDE TO SECONDARY BUYERS

Bob DeBolt PERSONNEL MILLENNIUM TECHNOLOGY VALUE Chief Investment Officer [email protected] Stephen Harris PARTNERS Managing Principal Ryan Fedronich [email protected] MAIN OFFICE Senior Vice President 32 Avenue of the Americas [email protected] Michael Cuneo Managing Principal 17th Floor [email protected] New York, NY 10013 SCOPE OF OPERATIONS US Year group began doing secondary deals: 2009 SCOPE OF OPERATIONS www.mtvlp.com Number of employees working on secondary deals: 7 646-521-7800 Amount of secondary capital you expect to invest Year group began doing secondary deals: 2002 646-521-7878 in 2016 (US$millions): 50 Number of employees working on secondary deals: 2 Preferred secondary investment range: Minimum Secondary capital invested in 2014 (US$millions): 0.6 (US$millions): 1 Secondary capital invested in 2015 (US$millions): 1.3 Maximum (US$millions): 150 Amount of secondary capital you expect to invest in 2016 (US$millions): 1.5 MORGAN STANLEY DESCRIPTION OF SERVICES Does your firm manage funds of funds? Yes MAIN OFFICE Name of the newest fund of funds through which Mesirow Financial Private Equity develops you invest in secondaries: Diversified Private Equity 522 Fifth Avenue partnership fund portfolios of leading private Investors IV, LP New York, NY 10036 equity managers in the U.S. and Europe. These Amount Secured (US$millions): 3.2 USA portfolios are well diversified to include buyout, Target (US$millions): 3.2 www.ms.com growth equity, venture capital and mezzanine debt Open or closed? Closed: 212-296-6908 managers, in addition to opportunistically targeting If closed, when did it happen? 2014 SCOPE OF OPERATIONS secondary purchases. What is the allocation to secondaries in the fund Preferred age of fund interests? of funds (as a percentage)? 100 Year group began doing secondary deals: 2010 • 1-2 years: Name of the newest dedicated secondary fund Number of employees working on secondary deals: 6 • 3-4 years: you are investing from: Diversified Private Equity Secondary capital invested in 2014 (US$millions): 553 • 5-6 years: Investors IV, LP Secondary capital invested in 2015 (US$millions): 22 • 7 years or older: Amount Secured (US$millions): 3.2 Amount of secondary capital you expect to invest Preferred regions: Target (US$millions): 3.2 in 2016 (US$millions): 50 • United States Open or closed? Closed: Does your firm manage funds of funds? Yes • Canada If closed, when did it happen? 2014 Name of the newest fund of funds through which • Latin/South America Preferred secondary investment range: Minimum you invest in secondaries: gESOF • Europe (US$millions): 0.05 Amount Secured (US$millions): 750 • Asia-Pacific Maximum (US$millions): 2 Target (US$millions): 1 bn • Australia/New Zealand Open or closed? Closed: Preferred fund types: DESCRIPTION OF SERVICES If closed, when did it happen? 01/01/2016 • Buyout funds While we purchase from a broad spectrum of What is the allocation to secondaries in the fund • Venture capital funds sellers we are particularly facile in helping general of funds (as a percentage)? 80% • Mezzanine funds partners bring their funds to a close. DESCRIPTION OF SERVICES • Special situation funds • Partial interests in funds (in which seller Preferred age of fund interests? Preferred regions: maintains a stake) • 5-6 years: • United States • Interest in private companies (secondary directs) • 7 years or older: Preferred fund types: • Syndicate participation Do you use leverage in your secondary deals? No • Buyout funds • Fund Recapitalizations Preferred regions: • Special situation funds • United States • Stapled secondaries • Canada • Latin/South America • Europe MICROVENTURES • Asia-Pacific MAIN OFFICE Preferred fund types: MUSTANG CAPITAL PARTNERS LLC • Buyout funds MAIN OFFICE 2905 San Gabriel St • Venture capital funds Suite 212 • Mezzanine funds 4643 S. Ulster Street Austin, TX 78705 • Special situation funds STE. 700 USA • Real estate funds Denver, CO 80237 www.microventures.com • Domestics funds USA 415-426-7832 • International funds www.mustangcapital.com • Funds of funds 303-298-1490 • Partial interests in funds (in which seller SCOPE OF OPERATIONS maintains a stake) MIDCOAST CAPITAL, LLC • Interest in private companies (secondary directs) Year group began doing secondary deals: 2003 MAIN OFFICE • Syndicate participation Does your firm manage funds of funds? Yes • Fund Recapitalizations Name of the newest fund of funds through which Affiliated company: Diversified Private Equity you invest in secondaries: Far View Capital LLLP Investors Open or closed? Open: 1430 Pheasant Run Circle What is the allocation to secondaries in the fund Yardley, PA 19067 of funds (as a percentage)? 80 USA Preferred secondary investment range: Minimum www.midcoastcapital.com (US$millions): 1 610-322-8800 Maximum (US$millions): 200 20 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO SECONDARY BUYERS

DESCRIPTION OF SERVICES NORTHLEAF CAPITAL PARTNERS OXIS CAPITAL INC. Preferred age of fund interests? MAIN OFFICE MAIN OFFICE • 1-2 years: • 3-4 years: 79 Wellington Street West 150 East 69th Street • 5-6 years: Toronto New York, NY 10021 • 7 years or older: Ontario 212-375-6147 Do you use leverage in your secondary deals? No M5K1N9 917-591-2680 Canada Preferred regions: SCOPE OF OPERATIONS • United States www.northleafcapital.com • Canada +1 866 964 4141 Year group began doing secondary deals: 2014 • Latin/South America +1 416 304 0195 Number of employees working on secondary deals: 2 • Europe Does your firm manage funds of funds? No • Asia-Pacific • Australia/New Zealand DESCRIPTION OF SERVICES • Africa OMAHA BEACH CAPITAL We sell secondary interests in liquidating portfolios. Preferred fund types: MAIN OFFICE Often when the portfolios are controlled by a Receiver. • Venture capital funds • Special situation funds 20801 Biscayne Blvd Preferred regions: • Infrastructure funds Aventura, Florida 33180 • United States • Domestics funds United States • International funds www.omahabeachcapital.com • Stapled secondaries 786-923-0256 • Interest in private companies (secondary directs) PANTHEON SCOPE OF OPERATIONS • Syndicate participation MAIN OFFICE Year group began doing secondary deals: 10 Number of employees working on secondary deals: 2 Norfolk House Secondary capital invested in 2015 (US$millions): 25 31 St. James’s Square NORGESINVESTOR OPPORTUNITIES Amount of secondary capital you expect to invest London in 2016 (US$millions): 25 SW1Y 4JR MAIN OFFICE Does your firm manage funds of funds? Yes United Kingdom P.O. Box 1863 Vika Name of the newest fund of funds through which you www.pantheon.com Oslo invest in secondaries: Omaha Beach Partners, LP +44 20 7484 6200 Norsk Amount Secured (US$millions): 24 +44 20 7484 6201 124 Target (US$millions): 33 Norway Open or closed? Open: www.norgesinvestor.com What is the allocation to secondaries in the fund 011-4722019335 of funds (as a percentage)? 80% Preferred secondary investment range: Minimum MAIN OFFICE (US$millions): 1 Maximum (US$millions): 10 Zugerstrasse 57 NORTH SKY CAPITAL Baar DESCRIPTION OF SERVICES Zug MAIN OFFICE Preferred age of fund interests? 6341 33 South Sixth Street • 3-4 years: Switzerland Suite 4646 • 5-6 years: www.partnersgroup.com Minneapolis, Minnesota 55402 Do you use leverage in your secondary deals? No +41 41 784 60 00 United States Preferred regions: + 41 41 784 60 01 www.northskycapital.com • United States BRANCH OFFICE(S) 612-435-7158 • Canada 612-435-7159 • Latin/South America Partners Group • Europe The Grace Building Preferred fund types: 1114 Avenue of the Americas, 37th Floor • Buyout funds New York, New York 10036 NORTHERN TRUST • Special situation funds USA • Domestics funds Partners Group MAIN OFFICE • Funds of funds 71 Robinson Road, Level 13-01 50 South LaSalle Street • Stapled secondaries 68895 Chicago, IL 60603 • Partial interests in funds (in which seller Singapore United States maintains a stake) www.northerntrust.com/asset-management/ • Interest in private companies (secondary directs) united-states/services/alternative-investments/ private-equity PATHWAY CAPITAL MANAGEMENT, LP 312-557-0805 OXFORD PARTNERS INC MAIN OFFICE MAIN OFFICE 2211 Michelson Drive Ninth Floor 2900 Charlevoix Drive SE Irvine, CA 92612 Suite 360 USA Grand Rapids, MI 49546 www.pathwaycapital.com www.oxfordpartners.com 949-622-1000 616-575-6575 949-622-1010 Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 21 GUIDE TO SECONDARY BUYERS

PERSONNEL New York, New York 10004 platform of secondary market funds and primary United States fund-of-funds has grown to include commingled Pete Veravanich patriarchpartners.com vehicles, separately managed accounts and Director 212-825-0550 direct co-investments. We leverage our extensive [email protected] knowledge of the marketplace, experience in BRANCH OFFICE(S) various economic cycles, access to quality private equity managers and expertise in evaluating Pathway Capital Management, LP PERMAL CAPITAL MANAGEMENT managers and investment opportunities to provide The Gardens Office Park II our global client-base with thoughtful and dynamic 1300 Division Road, Suite 305 MAIN OFFICE solutions to achieve their investment goals. West Warwick, RI 2893 Affiliated company: Legg Mason USA Preferred age of fund interests? The Prudential Tower • 3-4 years: Pathway Capital Management (UK) Limited 800 Boylston Street, Suite 1325 • 5-6 years: 15 Bedford Street Boston, MA 02199 • 7 years or older: London United States Do you use leverage in your secondary deals? No WC2E 9HE www.permalcapital.com Preferred regions: United Kingdom 617-587-5300 • United States Pathway Capital Management (UK) Limited 617-587-5301 • Canada • Europe Level 8, Two Exchange Square PERSONNEL 8 Connaught Place Preferred fund types: Central Red Barrett • Buyout funds Hong Kong President and CEO • Venture capital funds [email protected] • Domestics funds SCOPE OF OPERATIONS • International funds Mike D’Agostino Year group began doing secondary deals: 1999 • Funds of funds Managing Director • Stapled secondaries Number of employees working on secondary deals: 7 [email protected] Amount of secondary capital you expect to invest • Interest in private companies (secondary directs) in 2016 (US$millions): 150 Rob Di Geronimo • Syndicate participation Does your firm manage funds of funds? Yes Managing Director Name of the newest fund of funds through which [email protected] you invest in secondaries: PPEF Investors 8 Adriaan Zur Muhlen Amount Secured (US$millions): 400 Managing Director PINEBRIDGE INVESTMENTS LLC Open or closed? Closed: [email protected] MAIN OFFICE If closed, when did it happen? 03/28/2016 What is the allocation to secondaries in the fund Aaron Bright 399 Park Avenue of funds (as a percentage)? Up to 20% Principal 4th Floor Name of the newest dedicated secondary fund [email protected] New York, NY 10022 USA you are investing from: Pathway Opportunistic SCOPE OF OPERATIONS Secondaries Fund, LP www.pinebridge.com Target (US$millions): 200 Year group began doing secondary deals: 2001 646-857 8000 Open or closed? Open: Number of employees working on secondary deals: 18 646-328-2872 Preferred secondary investment range: Minimum Secondary capital invested in 2014 (US$millions): 343.3 (US$millions): 3 Secondary capital invested in 2015 (US$millions): 123.7 Maximum (US$millions): 150 Amount of secondary capital you expect to invest in 2016 (US$millions): 150 PORTFOLIO ADVISORS DESCRIPTION OF SERVICES Does your firm manage funds of funds? Yes MAIN OFFICE Preferred age of fund interests? Name of the newest fund of funds through which • 1-2 years: you invest in secondaries: Permal Private Equity 9 Old Kings Highway South • 3-4 years: Holdings V (“PPEH V”) Darien, CT 06820 • 5-6 years: Amount Secured (US$millions): 93.5 United States • 7 years or older: Target (US$millions): 250 www.portfolioadvisorsllc.com Do you use leverage in your secondary deals? No Open or closed? Closed: 203-662-3456 Preferred regions: If closed, when did it happen? 12/31/2009 203-662-0013 • United States What is the allocation to secondaries in the fund • Canada of funds (as a percentage)? 20% PERSONNEL • Latin/South America Name of the newest dedicated secondary fund Hugh Perloff • Europe you are investing from: Permal Private Equity Managing Director • Asia-Pacific Opportunities V (“PPEO V”) [email protected] • Australia/New Zealand Amount Secured (US$millions): 337 Preferred fund types: Target (US$millions): 450 Patrick Gerbracht • Buyout funds Open or closed? Open: Senior Vice President • Venture capital funds Preferred secondary investment range: Minimum [email protected] • Special situation funds (US$millions): 1 Ben Hur Maximum (US$millions): 100 Senior Vice President DESCRIPTION OF SERVICES [email protected] PATRIARCH PARTNERS Permal Capital Management is a private equity investment specialist with over 20 years of MAIN OFFICE dedicated experience and $2.1 billion in committed 1 Broadway capital as of December 31, 2015. Since inception 5th Floor in 1994, we have focused on opportunities at the smaller end of the market. The Firm’s investment 22 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO SECONDARY BUYERS

BRANCH OFFICE(S) PROVAL INVEST ROC PARTNERS Portfolio Advisors, LLC MAIN OFFICE MAIN OFFICE Brandschenkestrasse 4 Zurich 1c King Street Level 25 8001 London 60 Wyndham Street Switzerland London Central sw6 2hj Hong Kong Portfolio Advisors (Hong Kong) Limited UK www.rocp.com 33/F, Alexandra House provalinvest.com 852 5804 9001 18 Chater Road, Central +44 203 290 4802 Hong Kong China RUBICON VENTURE CAPITAL MAIN OFFICE SCOPE OF OPERATIONS RECIPROCAL CAPITAL 25 Taylor St Year group began doing secondary deals: 2002 MAIN OFFICE San Francisco, California 94102 Number of employees working on secondary deals: 12 United States Secondary capital invested in 2014 (US$millions): 400 80 Broad Street www.rubicon.vc Secondary capital invested in 2015 (US$millions): 400 5th Floor 6504756877 Amount of secondary capital you expect to invest New York, NY 10004 in 2016 (US$millions): 400 USA PERSONNEL Does your firm manage funds of funds? Yes www.reciprocalcapital.com Andrew Romans Name of the newest fund of funds through which 917-288-3834 you invest in secondaries: Portfolio Advisors General Partner Private Equity Fund VIII SCOPE OF OPERATIONS [email protected] Open or closed? Closed: If closed, when did it happen? 03/31/2016 Year group began doing secondary deals: 2015 Name of the newest dedicated secondary fund you Number of employees working on secondary deals: 1 are investing from: Portfolio Advisors Secondary Preferred secondary investment range: Minimum SAINTS CAPITAL (US$millions): 10 Fund III MAIN OFFICE Target (US$millions): 1000 DESCRIPTION OF SERVICES Open or closed? Open: 2020 Union Street Preferred secondary investment range: Minimum Reciprocal Capital is a specialist investment San Francisco, CA 94123 (US$millions): 5 company focused on private equity secondaries www.saintscapital.com Maximum (US$millions): 400 and co-investments. Reciprocal works closely with 4157732080 leading institutional investors, general partners DESCRIPTION OF SERVICES and advisors. Preferred age of fund interests? Preferred age of fund interests? • 5-6 years: • 1-2 years: SAVANO CAPITAL PARTNERS • 7 years or older: • 3-4 years: MAIN OFFICE Do you use leverage in your secondary deals? No • 5-6 years: Preferred regions: • 7 years or older: 901 S Bond St • United States Do you use leverage in your secondary deals? Yes STE 400 • Canada Preferred regions: Baltimore, MD 21231 • Europe • United States USA • Asia-Pacific • Canada www.brownsavano.com Preferred fund types: • Latin/South America 410-537-5400 • Buyout funds • Europe • Venture capital funds • Asia-Pacific • Mezzanine funds • Australia/New Zealand • Funds of funds • Africa SEQUENTIAL ADVISORS LP • Middle East Preferred fund types: MAIN OFFICE • Buyout funds 1 River Road PRIVATE ADVISORS • Venture capital funds Cos Cob, CT 06807 • Mezzanine funds USA MAIN OFFICE • Special situation funds sequentialadvisors.com 901 East Byrd Street • Infrastructure funds 203-717-1600 Suite 1400 • Domestics funds Richmond, VA 23219 • International funds USA • Funds of funds www.privateadvisors.com • Stapled secondaries SL CAPITAL PARTNERS 804-289-6000 • Partial interests in funds (in which seller 804-289-6001 maintains a stake) MAIN OFFICE • Interest in private companies (secondary directs) 1 George Street • Syndicate participation Edinburgh • Fund Recapitalizations EH2 2LL UK www.slcapital.com 00-44-131-245-0055 00-44-131-245-6105 Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 23 GUIDE TO SECONDARY BUYERS

SPEAKGLOBAL, LTD. Preferred fund types: Amount Secured (US$millions): 460.4 • Buyout funds Target (US$millions): 450 MAIN OFFICE • Venture capital funds Open or closed? Closed: Affiliated company: SpeakGlobal, Inc. • Special situation funds If closed, when did it happen? 04/01/2013 27-6-202 Tanigami Nishimachi • Real estate funds Preferred secondary investment range: Minimum Kita-ku • Infrastructure funds (US$millions): 5 Kobe • Domestics funds Maximum (US$millions): 100 • International funds Hyogo DESCRIPTION OF SERVICES 651-1246 • Stapled secondaries Japan • Partial interests in funds (in which seller StepStone targets transactions in the secondary www.speakglobal.co.jp maintains a stake) market that the Firm deems to be less competitive 078-583-5070 • Syndicate participation and/or where it is believed that StepStone has 078-583-5070 • Fund Recapitalizations a distinct advantage over other buyers. These include proprietary and negotiated transactions; single interest or single manager transactions; smaller transactions that trade outside of the SPECTRA INVESTMENTS STAFFORD CAPITAL PARTNERS brokered market; transactions where GPs seek to further a relationship with StepStone and where MAIN OFFICE MAIN OFFICE we are therefore the preferred replacement limited Rua Padre Garcia Velho n73 cj81 Affiliated company: Stafford Private Equity Inc partner; spin-out transactions where StepStone Sao Paulo 700 Larkspur Landing Circle represents a differentiated and attractive limited Sao Paulo Suite 267 partner; and transactions where StepStone has an 05421-030 Larkspur, CA 94939 information advantage over other potential buyers. Brasil USA Names of some of your institutional backers: www.spectrainvest.com staffordcp.com Representative client types include public pensions, +55-11-3588-1177 415-481-0899 superannuation funds, international corporates, endowments, foundations, family offices and high PERSONNEL net worth/private banking platforms. Ricardo Kanitz Preferred age of fund interests? Partner STAR MOUNTAIN CAPITAL • 3-4 years: [email protected] MAIN OFFICE • 5-6 years: Do you use leverage in your secondary deals? No Rafael Bassani 135 E. 57th Street Preferred regions: Partner 25th Floor • United States [email protected] New York, NY 10022 • Canada Renato Abissamra United States • Latin/South America Partner www.starmountaincapital.com • Europe [email protected] 212-810-9044 • Asia-Pacific • Australia/New Zealand SCOPE OF OPERATIONS Preferred fund types: Year group began doing secondary deals: 2012 • Buyout funds Number of employees working on secondary deals: 3 STEPSTONE GROUP LP • Venture capital funds • Special situation funds Secondary capital invested in 2014 (US$millions): 10 MAIN OFFICE Secondary capital invested in 2015 (US$millions): 30 • Real estate funds Amount of secondary capital you expect to invest 885 Third Avenue • Infrastructure funds in 2016 (US$millions): 100 17th Floor • Domestics funds Does your firm manage funds of funds? Yes New York, NY 10022 • International funds Name of the newest fund of funds through which USA • Funds of funds you invest in secondaries: Spectra III www.stepstoneglobal.com • Stapled secondaries Amount Secured (US$millions): 120 212.351.6100 • Partial interests in funds (in which seller Target (US$millions): 400 212.351.6101 maintains a stake) • Interest in private companies (secondary directs) Open or closed? Open: PERSONNEL What is the allocation to secondaries in the fund • Syndicate participation of funds (as a percentage)? 50% Thomas Bradley • Fund Recapitalizations Preferred secondary investment range: Minimum Partner, Co-head of Secondaries (US$millions): 1 [email protected] Maximum (US$millions): 50 Mark Maruszewski STRATEGIC PARTNERS FUND SOLUTIONS DESCRIPTION OF SERVICES Partner, Co-head of Secondaries [email protected] MAIN OFFICE Spectra is an investor in Latin American Private Equity. We do primaries, secondaries and co-invest. SCOPE OF OPERATIONS Affiliated company: 345 Park Avenue Names of some of your institutional backers: Year group began doing secondary deals: 2009 NY, NY 10154 BNP Paribas, Banco Bradesco, Banco Fator, Banco Number of employees working on secondary deals: 20 USA Daycoval, Sabesprev, Secondary capital invested in 2014 (US$millions): 400 www.blackstone.com/businesses/aam/strategic-partners Preferred age of fund interests? Secondary capital invested in 2015 (US$millions): 375 • 3-4 years: Amount of secondary capital you expect to invest • 5-6 years: in 2016 (US$millions): 400 • 7 years or older: Does your firm manage funds of funds? No Do you use leverage in your secondary deals? No Name of the newest dedicated secondary fund Preferred regions: you are investing from: StepStone Secondary • Latin/South America Opportunities Fund II 24 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO SECONDARY BUYERS

STRATIM CAPITAL TRAVELLER CAPITAL ADVISORS Katrin Brökelmann Advisor MAIN OFFICE MAIN OFFICE [email protected] 333 Bush Street 3879 Maple Avenue Tina Sodhi Suite 2250 Ste 300 Partner San Francisco, California 94104 Dallas, Texas 75219 [email protected] United States www.travellercapital.com www.stratimcapital.com 214-702-5123 Virginie Bourel 4156745800 Partner PERSONNEL [email protected] Drew Crichton David Lanchner Managing Member External Head of Communications T CAPITAL PARTNERS, LLC [email protected] [email protected] MAIN OFFICE SCOPE OF OPERATIONS SCOPE OF OPERATIONS Concord, MA USA Year group began doing secondary deals: 2013 Year group began doing secondary deals: 1994 www.tcapitalpartners.com Name of the newest dedicated secondary fund you 857-209-8516 are investing from: Traveller Capital Partners II, LP DESCRIPTION OF SERVICES Target (US$millions): 25 PERSONNEL Founded in 1992 as one of the first private equity Open or closed? Open: fund placement agents, we have completed over Thayer Swartwood Preferred secondary investment range: Minimum 150 fundraisings on five continents and advised Managing Member (US$millions): 0.1 on the transfer of more than 1,600 secondary [email protected] Maximum (US$millions): 2.5 positions in private equity funds. Triago has also undertaken 40 strategic advisory mandates for GPs DESCRIPTION OF SERVICES and LPs looking to launch, boost, or restructure Preferred age of fund interests? PE fund operations. The hallmarks of our service TMT CAPITAL PARTNERS, LLC • 5-6 years: are alignment with client interests, independence, • 7 years or older: creativity and confidentiality MAIN OFFICE Do you use leverage in your secondary deals? No Preferred regions: 680 North Lake Shore Drive Preferred regions: • United States Suite 1619 • United States • Canada Chicago, IL 60611 Preferred fund types: • Latin/South America United States of America • Buyout funds • Europe www.tmtcapital.com • Venture capital funds • Asia-Pacific 773-220-5910 • Mezzanine funds • Australia/New Zealand • Special situation funds PERSONNEL • Africa • Middle East Thomas M. Turmell Preferred fund types: Managing Director TRIAGO • Buyout funds [email protected] MAIN OFFICE • Venture capital funds • Mezzanine funds 499 Park Avenue • Special situation funds New York, New York 10022 • Hedge funds TOP CAPITAL ADVISORS USA • Real estate funds www.triago.com • Infrastructure funds MAIN OFFICE +1 (212) 593-4994 • Domestics funds 63 Main Street +1 (212) 593-0180 • International funds • Funds of funds Suite 202 PERSONNEL Southampton, NY 11968 • Stapled secondaries USA Antoine Drean • Partial interests in funds (in which seller www.topcapitaladvisors.com Chairman maintains a stake) +1-631-287 6035 [email protected] • Interest in private companies (secondary directs) • Fund Recapitalizations Victor Quiroga Founding Partner TOP TIER CAPITAL PARTNERS [email protected] TYTO CAPITAL PARTNERS Mathieu Drean MAIN OFFICE Managing Partner MAIN OFFICE 600 Montgomery Street [email protected] 65 Locust Avenue Suite 480 Nicolas de Nazelle New Canaan, CT 06840 San Francisco, CA 94111 Managing Partner United States USA [email protected] www.tytocapital.com www.ttcp.com 2032041295 415-835-7500 Anna Chambers 415-835-7501 Partner [email protected] Fabian Mourgue D’Algue Partner & Corporate Secretary [email protected] Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 25 GUIDE TO SECONDARY BUYERS

UNIGESTION SA What is the allocation to secondaries in the fund PERSONNEL of funds (as a percentage)? 100 MAIN OFFICE Name of the newest dedicated secondary fund you David Wachter are investing from: VCFA Venture Partners V Managing Director 8C Avenue de Champel [email protected] Geneva Amount Secured (US$millions): 250 PO Box 387, 1211 Target (US$millions): 250 Steve Wertheimer Switzerland Open or closed? Closed: Managing Director www.unigestion.com If closed, when did it happen? 2015 [email protected] +41 22 704 41 11 Preferred secondary investment range: Minimum (US$millions): 5 Todd Miller Maximum (US$millions): 70 Managing Director [email protected] UNIVERSITY OF FLORIDA INVESTMENT DESCRIPTION OF SERVICES Alison Killilea Founded in 1982, VCFA Group pioneered the Managing Director CORPORATION concept of secondary purchases of limited [email protected] MAIN OFFICE partnership interests, providing liquidity to Blake Heston investors in private equity. Over the years, VCFA 4510 NW 6th Place Managing Director Group and then the secondary industry have both [email protected] Second Floor grown in size and significance. To date, VCFA Group Gainesville, FL 32607 has raised nine funds totaling over $730 million Katie Stitch USA dedicated to the purchase of interests in venture Managing Director www.ufico.ufl.edu capital, and mezzanine funds, [email protected] 352-392-5917 as well as direct interests in operating companies. 352-334-8077 Bob Migliorino VCFA also leads complex transactions and fund Managing Director restructurings. [email protected] Preferred age of fund interests? • 5-6 years: SCOPE OF OPERATIONS UNIVERSITY OF ROCHESTER • 7 years or older: Year group began doing secondary deals: 2001 MAIN OFFICE Do you use leverage in your secondary deals? No Preferred regions: Number of employees working on secondary deals: 20 110 Office Park • United States Secondary capital invested in 2014 (US$millions): 150 Pittsford, NY 14534 Preferred fund types: Secondary capital invested in 2015 (US$millions): 200 USA • Buyout funds Amount of secondary capital you expect to invest www.rochester.edu/endowment • Venture capital funds in 2016 (US$millions): 250 585 275 3311 • Mezzanine funds Name of the newest dedicated secondary fund you • Partial interests in funds (in which seller are investing from: W Capital Partners III, LP maintains a stake) Amount Secured (US$millions): 750 • Interest in private companies (secondary directs) Target (US$millions): 750 VCFA GROUP • Syndicate participation Open or closed? Closed: • Fund Recapitalizations If closed, when did it happen? 2013 MAIN OFFICE Preferred secondary investment range: Minimum (US$millions): 15 509 Madison Ave Maximum (US$millions): 100 Suite 1400 NY, NY 10022 VENTURENET CAPITAL GROUP DESCRIPTION OF SERVICES USA www.vcfa.com MAIN OFFICE W Capital Partners is a leading provider of shareholder liquidity. W Capital has been a 212-838-5577 30724 Benton Road Suite C 302#592 pioneer in the direct secondary market since 212-838-7614 Winchester, CA 92596 2001. The firm has grown to manage $2 billion in USA capital and completed over 90 direct secondary PERSONNEL www.vntrnet.com transactions with many of the leading worldwide 951-236-8473 Dayton Carr private equity firms, venture firms, financial Founder institutions and individual investors. As a [email protected] provider of secondary exits to shareholders, W Edward Hortick Capital gives companies more time, flexibility and Managing Director VINTAGE INVESTMENT PARTNERS capital to execute their growth plans. W Capital [email protected] MAIN OFFICE provides direct investors an exit for highly illiquid investments in order to generate distributions to David Tom 12 Abba Eban Ave limited partners, reallocate resources into new Managing Director Herzliya strategic areas and eliminate follow-on capital [email protected] Israel requirements for portfolio companies. Deena Seelendfreund www.vintage-ip.com +972 9 954 8464 Do you use leverage in your secondary deals? No CFO Preferred regions: [email protected] • United States Steve Taubman • Canada Managing Director W CAPITAL PARTNERS • Europe [email protected] Preferred fund types: MAIN OFFICE • Partial interests in funds (in which seller SCOPE OF OPERATIONS maintains a stake) 400 Park Avenue • Interest in private companies (secondary directs) Year group began doing secondary deals: 1982 New York, NY 10022 Number of employees working on secondary deals: 5 • Syndicate participation www.wcapgroup.com • Fund Recapitalizations Does your firm manage funds of funds? No 212-561-5240 26 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO SECONDARY BUYERS

WILLOWRIDGE PARTNERS Names of some of your institutional backers: N/A Preferred age of fund interests? MAIN OFFICE • 3-4 years: 122 East 42nd Street • 5-6 years: 37th Floor • 7 years or older: New York, NY 10017 Do you use leverage in your secondary deals? No United States Preferred regions: www.willowridge.com • United States 212-369-4700 • Latin/South America 212-369-5661 • Europe • Asia-Pacific PERSONNEL • Australia/New Zealand • Middle East Jerrold Newman Preferred fund types: Partner • Buyout funds [email protected] • Venture capital funds Luisa Hunnewell • Mezzanine funds Partner • Special situation funds [email protected] • Real estate funds • Infrastructure funds James O’Mara • Domestics funds Partner • International funds [email protected] • Funds of funds Lawrence Fang • Stapled secondaries Principal • Partial interests in funds (in which seller [email protected] maintains a stake) • Interest in private companies (secondary directs) Michael Kenny • Syndicate participation Controller • Fund Recapitalizations [email protected] Christopher Kim Associate [email protected] Andrew Goon Associate [email protected] William Wang Associate [email protected] SCOPE OF OPERATIONS Year group began doing secondary deals: 1995 Number of employees working on secondary deals: 9 Secondary capital invested in 2014 (US$millions): 154 Secondary capital invested in 2015 (US$millions): 100 Amount of secondary capital you expect to invest in 2016 (US$millions): 150 Name of the newest dedicated secondary fund you are investing from: Amberbrook VII, LP Amount Secured (US$millions): 500 Target (US$millions): 450 Open or closed? Closed: If closed, when did it happen? Q1 2016 Preferred secondary investment range: Minimum (US$millions): 0.5 Maximum (US$millions): 25 DESCRIPTION OF SERVICES Willowridge Partners, LLC is a leading independent investment manager dedicated to the purchase of interests in venture capital, buyout, mezzanine and other private equity funds from existing investors seeking liquidity. Since 1995, we have completed over 300 transactions and have acquired stakes in over 550 separate funds. Our ability to execute transactions quickly, professionally and privately has been recognized by both selling limited partners and the general partners of funds we acquire. Willowridge manages approximately $900 million of committed capital focused solely on private equity secondaries. PLACEMENT AGENTS 28 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO PLACEMENT AGENTS

ACALYX ADVISORS Other services: Andrew Strachan • Investor relations advisory services Partner MAIN OFFICE • Co-investment placement [email protected] • Direct investment placement 275 Madison Ave Duncan Taylor • Advice on partnership terms and conditions 14th Floor Consultant New York, NY 10016 [email protected] www.acalyx.com +1 212 235 0870 James Ridout ALEXANDER KING ADVISORS Senior Associate PERSONNEL [email protected] MAIN OFFICE Jennifer Rinehart Partner 4 Embarcadero Center, Suite 1400 [email protected] San Francisco, CA 94111 415-439-0014 APEX EXIT ADVISORS LLC Lina Russo Partner PERSONNEL MAIN OFFICE [email protected] Reginal King 11175 Cicero Drive Sally Gibb Managing Partner Suite 100 Partner [email protected] Alpharetta, GA 30022 [email protected] www.apexexit.com DESCRIPTION OF SERVICES 678-242-5250 Jane Sutherland Partner Alexander King Advisors is a deconstructed, escort [email protected] agnostic, focused merchant banking firm. Desired types of clients: Joe McDonald • Buyout funds ARIANE CAPITAL PARTNERS LLC Partner • Venture capital funds MAIN OFFICE [email protected] • Mezzanine funds 830 South Valley Forge Road Jack Tucker • Hedge funds Suite 100 Partner • Real estate funds Devon, PA 19333 [email protected] • Infrastructure funds • Secondary funds www.arianepartners.com Victory Marvin • First-time funds 610-525-0749 Associate • International funds [email protected] • Funds of funds SCOPE OF OPERATIONS Karl VanderWoude • Private debt funds Placement professionals employed worldwide: Six Associate Other services: Desired number of clients at one time: 4 to 5 [email protected] • Investor relations advisory services Year group began placing funds: 1999 • Private equity secondary sales advising BRANCH OFFICE(S) • Co-investment placement • Direct investment placement Acalyx Advisors • Due diligence ASANTE CAPITAL GROUP 25 Taylor St • M&A Advisory San Francisco, CA 94102 MAIN OFFICE SCOPE OF OPERATIONS 25 Old Burlington Street London Placement professionals employed worldwide: 8 W1S 3AN Desired number of clients at one time: 3 ALLEN PARTNERS UK Year group began placing funds: 2015 MAIN OFFICE www.asantecapital.com Amount raised from new investors (excluding Level 11, 1 O’Connell Street +44 203 696 4700 re-ups) since inception (U.S. $ Millions): Amount Sydney raised from new investors (excluding re-ups) in New South Wales PERSONNEL 2015 (U.S. $ Millions): Representative clients: 2000 Buyout firms: American Industrial Partners Encore Warren Hibbert Australia Consumer Capital Managing Partner www.allenpartners.com.au [email protected] DESCRIPTION OF SERVICES +61 2 9222 7100 Fraser van Rensburg Acalyx is a highly selective independent firm PERSONNEL Managing Partner specializing in advisory, private placement and [email protected] Craig Gribble investor relations for leading alternative asset Managing Partner Alka Patel management firms around the globe. [email protected] Partner, CFO Preferred minimum fund size (U.S. $ Millions): 200 [email protected] Preferred maximum fund size (U.S. $ Millions): 5000 Nicholas Allen Desired types of clients: Co-Founder & Partner Nick Palairet • Buyout funds [email protected] Director [email protected] • Venture capital funds Scott Riedel • Mezzanine funds Partner Reyno Norval • Infrastructure funds [email protected] Vice President • Secondary funds [email protected] • First-time funds Tom Pascarella • International funds Partner Simon Gold • Private debt funds [email protected] Vice President [email protected] Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 29 GUIDE TO PLACEMENT AGENTS

Laura Cullingworth SCOPE OF OPERATIONS Paris Vice President 75008 [email protected] Placement professionals employed worldwide: 33 France Desired number of clients at one time: 6 to 8 www.axonia-partners.com Catherine Brogan Year group began placing funds: 1995 +33 1 71 18 15 00 Vice President Amount raised from new investors (excluding re- +33 1 71 18 15 01 [email protected] ups) since inception (U.S. $ Millions): 62102 James Lumby Amount raised from new investors (excluding re- SCOPE OF OPERATIONS ups) in 2015 (U.S. $ Millions): 6067 Associate Placement professionals employed worldwide: 8 [email protected] Representative clients: Buyout firms: CIVC Partners Fund V, L.P. Desired number of clients at one time: 6 Matthew Pearse Representative clients: Mezzanine firms: Falcon Year group began placing funds: 2006 Associate Strategic Partners V DESCRIPTION OF SERVICES [email protected] Representative clients: Other firms: Catalyst Preferred minimum fund size (U.S. $ Millions): 75 Charlotte Salasky Fund Limited Partnership V NovaQuest Pharma Preferred maximum fund size (U.S. $ Millions): 500 Associate Opportunities Fund IV BCP Energy Services Fund Desired types of clients: [email protected] Growth Capital Partners Fund IV Mercer Real Estate Partners II Starcrest China Real Estate • Buyout funds Ricardo Felix Fund II Please see www.apcap.com for others. • Venture capital funds Associate • Mezzanine funds [email protected] DESCRIPTION OF SERVICES • International funds Other services: Kelly Pfingst APC takes a highly focused and integrated approach • Investor relations advisory services Associate with its project management and its distribution • Private equity secondary sales advising [email protected] teams for each mandate. APC efficiently leverages its global network of institutional investors with its • Direct investment placement Charlotte Dunley 2:1 ratio of distribution professionals to number of • M&A Advisory Analyst mandates. The project management team manages [email protected] the overall process and proactively advises the Alessandro Fiorotto manager with real time feedback from distribution Analyst professionals and investors. Importantly, APC only BATTERY EAST GROUP [email protected] represents 6-8 non competing mandates at one time. MAIN OFFICE Preferred minimum fund size (U.S. $ Millions): 300 SCOPE OF OPERATIONS Preferred maximum fund size (U.S. $ Millions): 3000 1 Ferry Building, Suite 255 San Francisco, CA 94129 Placement professionals employed worldwide: 20 Desired types of clients: www.batteryeast.com Desired number of clients at one time: 10 • Mezzanine funds 415-528-7301 Year group began placing funds: 2010 • Real estate funds • Infrastructure funds DESCRIPTION OF SERVICES • First-time funds • Private debt funds Desired types of clients: Other services: BESPOKE PARTNERS • Buyout funds • Investor relations advisory services • Venture capital funds • Private equity secondary sales advising MAIN OFFICE • Infrastructure funds • Co-investment placement 1350 Columbia St #703 • First-time funds • Direct investment placement San Diego, CA 92101 • International funds • Due diligence www.bespokepartners.com • Private debt funds • Advice on partnership terms and conditions 8583566730 Other services: • structuring • Direct investment placement BIONX HOLDINGS ATLANTIC TRUST ASCENDANT CAPITAL LLC MAIN OFFICE MAIN OFFICE MAIN OFFICE 333 E79th Street, Suite 2v Affiliated company: CIBC New York, New York 10075 13413 Galleria Circle 100 Federal Street United states Building Q, Suite 150 Boston, MA 2110 347-353-5569 Austin, TX 78738 atlantictrust.com www.ascendant-cap.com 617 357 9600 877-410-1250 BREAKWATER ADVISORY PTY LTD 512-758-7872 AXIOM CAPITAL MANAGEMENT MAIN OFFICE MAIN OFFICE Level 11, 2 Bulletin Place Sydney 780 Third Avenue, 43rd Floor NSW ATLANTIC PACIFIC CAPITAL New York, New York 10017 2000 MAIN OFFICE 2129310844 Australia www.breakwateradvisory.com.au 102 Greenwich Avenue +61 2 8916 6386 2nd Floor Greenwich, CT 06830 www.apcap.com AXONIA PARTNERS 203-862-9182 MAIN OFFICE 203-861-5492 20 rue Royale 30 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO PLACEMENT AGENTS

BRIDGE 1 ADVISORS Nansie Bernard DESCRIPTION OF SERVICES President & Managing Partner MAIN OFFICE [email protected] CH Advisors is a Swiss based Private Equity Placement Boutique firm, regulated by Finma with required 1 Westmere Avenue SCOPE OF OPERATIONS distribution license. CH Advisors advises and assists Rowayton, CT 06853 fund raisings for funds (all segments: VC, Growth, www.bridge1.us Placement professionals employed worldwide: 2 Mezzanine, Buyout, Distress, Special Situations, etc.), 203 299-0018 Year group began placing funds: 1999 fund of funds, select direct companies incl. deal-by- Amount raised from new investors (excluding re- SCOPE OF OPERATIONS deal situations where it can bring a clear value add ups) since inception (U.S. $ Millions): 3500 having worked on the buy& sell side. The investor Desired number of clients at one time: 2 Amount raised from new investors (excluding re- coverage is predominantly European; with key Year group began placing funds: 1993 ups) in 2015 (U.S. $ Millions): 116.7 strength in the German speaking market. CH Advisors DESCRIPTION OF SERVICES is familiar with the different regulatory frameworks in Europe and support its clients to find the right ways to Centenium Advisors works with investment managers do marketing. We differentiate from others providing BRIDGE HAVEN to raise capital from US institutional investors. a full service, including strategic advising, marketing Centenium Advisors provides marketing/capital- material compositions and brush-ups, presentation MAIN OFFICE raising services and serves as a nexus for institutional coaching- in particular soft factors and eye on national 452 Fifth Avenue, 23rd Floor investors and vanguard investment managers. The particularities, etc., we are multilingual in Swiss New York, NY 10018 Firm’s success is based upon integrity, diligence and German, German, English, Spanish and French. CH www.bridgehavenllc.com professionalism. Its principals are noted for their Advisors works with select cooperation partners on a 646 481 4013 accessibility and responsiveness and the Firm is noted case by case basis, based on the needs of our clients. for its superior client service. Preferred minimum fund size (U.S. $ Millions): 50 Desired types of clients: Preferred maximum fund size (U.S. $ Millions): 1000 • Buyout funds Desired types of clients: • Venture capital funds • Buyout funds BRIGHT HARBOR ADVISORS • Mezzanine funds • Mezzanine funds • Hedge funds MAIN OFFICE • International funds • Timber and farmland partnerships • Private debt funds 1271 Avenue of the Americas, 43rd Floor • Real estate funds Other services: New York, NY 10020 • Infrastructure funds • Investor relations advisory services www.brightharboradvisors.com • Secondary funds • Private equity secondary sales advising 6462784759 • First-time funds • Co-investment placement • International funds • Direct investment placement • Funds of funds • Due diligence • Private debt funds • Advice on partnership terms and conditions CAPSTONE PARTNERS • Long-only equity and strategies • Carried interest structuring MAIN OFFICE • Presentation Coaching, Professional One Galleria Tower Referencing, Strategic Advisory 13355 Noel Road, Suite 1050 CERES GROUP Dallas, TX 75240 www.csplp.com MAIN OFFICE 972-980-5800 50 Federal St CKJ CAPITAL PARTNERS, LLC Boston, MA 02110 MAIN OFFICE www.theceresgroup.com 14785 Berlin Turnpike 8572549717 CASTLING INVESTMENT GROUP Purcellville, VA 20132 www.ckjcapital.com MAIN OFFICE (571) 257-4247 2 IFC 21st floor, 10 Gukjegeumyung-ro CH ADVISORS PERSONNEL Youngdeungpo-gu Seoul MAIN OFFICE Jennifer Johnson Managing Director 1111111 Herrliberg/Zuerich [email protected] South Korea Zuerich 821030207949 8704 SCOPE OF OPERATIONS Switzerland www.chadvisors.ch Desired number of clients at one time: 2 +41 76 581 0647 Year group began placing funds: 2015 CENTENIUM ADVISORS LLC Representative clients: Venture capital firms: PERSONNEL Healthcare Sector VC/Growth Equity Fund MAIN OFFICE Representative clients: Funds of Funds firms: Anja Cavigilli Emerging Market Private Equity Fund of Funds 420 Lexington Avenue Managing Partner Suite 2216 +41 76 581 0647 New York, NY 10170 DESCRIPTION OF SERVICES www.centeniumadv.com SCOPE OF OPERATIONS CKJ Capital Partners provides capital raising and 212-542-5020 consulting services to alternative asset managers Placement professionals employed worldwide: 2, 212-542-5030 seeking institutional investment capital. The firm is in addition up to 10 from cooperation partners a boutique placement agent representing a select Desired number of clients at one time: 3 to 4 PERSONNEL number of alternative asset managers with unique Year group began placing funds: 2013 Paul Weissman strategies, experienced management and a track Chief Executive Officer record of success over multiple market cycles. The [email protected] firm accepts two full time fund raising clients at a Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 31 GUIDE TO PLACEMENT AGENTS

time targeting large institutional investors only. Natasha Koprivica 617-598-0450 Preferred minimum fund size (U.S. $ Millions): 150 Executive Director - North America Preferred maximum fund size (U.S. $ Millions): 1500 [email protected] Desired types of clients: Philippe Jurgensen • Buyout funds Strategic Advisory Board Member CRAIG-GREENE & CO • Venture capital funds MAIN OFFICE • Mezzanine funds Philippe Villette • Timber and farmland partnerships Strategic Advisory Board Member Kemp House • Real estate funds SCOPE OF OPERATIONS 152 City Road • Infrastructure funds London • Secondary funds Placement professionals employed worldwide: 9 EC1V 2NX • International funds Desired number of clients at one time: 5 United Kingdom • Funds of funds Year group began placing funds: 2007 www.craig-Greene.com Other services: Amount raised from new investors (excluding re- 07428 796 373 • Investor relations advisory services ups) since inception (U.S. $ Millions): 2500 • Co-investment placement Amount raised from new investors (excluding re- • Due diligence ups) in 2015 (U.S. $ Millions): 400 Representative clients: Buyout firms: LBO France Representative clients: Hedge Fund firms: Ayaltis Representative clients: Funds of Funds firms: MAIN OFFICE COCHRAN EDWARDS CAPITAL PARTNERS Capital Dynamics Paradeplatz 8 Representative clients: Other firms: Groupama AM Zürich MAIN OFFICE DESCRIPTION OF SERVICES Switzerland 800 Fifth Avenue www.credit-suisse.com Suite 4100 Cohen Brothers raises capital for global, regional 41 844 33 88 44 Seattle, WA 98104 and local asset management leaders in North US America and Europe. Local presence in Europe (five BRANCH OFFICE(S) www.CochranEdwardsCapital.com/ offices), North America & the Middle East, extensive 11 Madison Avenue 206-486-0909 industry expertise, long term investor relationships, New York, New York 10010 206-984-5491 knowledgeable senior personnel trained at first tier global firms, entrepreneurial business model differentiate Cohen Brothers from the competition and give it a significant advantage in its services. CYGNUS CAPITAL PARTNERS LIMITED COHEN BROTHERS Cohen Brothers is a trophy mandate originator and winner: given the strong experience of our staff, we MAIN OFFICE MAIN OFFICE are very active on customized investment solutions 84 Brook Street that we originate ourselves from discussions with LPs 44, avenue de la grande armée London or from international tenders that we track. Aside our Paris W1K 5EH fund placement assignments, we are active on raising 75017 UK capital for equity and debt co-investments and on the France www.cygnus-capital.com secondary market of fund interests. www.cohenbrothers.eu +44 207 993 8006 +33 1 45 74 16 85 Preferred minimum fund size (U.S. $ Millions): 1000 PERSONNEL PERSONNEL Desired types of clients: Lance Whitehead Robert Cohen • Buyout funds Managing Director CEO • Venture capital funds [email protected] [email protected] • Mezzanine funds • Real estate funds SCOPE OF OPERATIONS Florence Vuillaume • Infrastructure funds CFO • Private debt funds Placement professionals employed worldwide: 4 [email protected] Internet funds Desired number of clients at one time: 3 Year group began placing funds: 2002 Nathan Baruch Other services: • Investor relations advisory services Amount raised from new investors (excluding re- Executive Director - Nordics ups) in 2015 (U.S. $ Millions): 300 [email protected] • Private equity secondary sales advising • Co-investment placement DESCRIPTION OF SERVICES Filip Stenberg • Direct investment placement Executive Director - Nordics • Due diligence Cygnus Capital Partners introduces talented and [email protected] • M&A Advisory experienced PE, RE, infrastructure and private debt fund managers to institutional and family Raoul de Vaucelles Global selection of best in class managers by office investors throughout Europe, the Middle East Executive Director - French speaking world strategy, fund marketing documentation and Asia. We also place direct investments and [email protected] secondary investments globally Alex Novotny Preferred minimum fund size (U.S. $ Millions): 500 Executive Director - Global THE COSINE GROUP Preferred maximum fund size (U.S. $ Millions): 1000 [email protected] Desired types of clients: MAIN OFFICE Dirk Koppedraaijer • Buyout funds Executive Director - Benelux Affiliated company: Victory Park • Timber and farmland partnerships [email protected] 699 Boylston Street, 10th Floor • Real estate funds Boston, MA 02116 • Infrastructure funds André Cohen www.tcosg.com • Secondary funds Executive Director - Israel 617-598-0446 • Private debt funds [email protected] 32 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO PLACEMENT AGENTS

Other services: PERSONNEL Other services: • Investor relations advisory services • Investor relations advisory services • Private equity secondary sales advising Damon Fisher • Co-investment placement • Co-investment placement Managing Partner • Direct investment placement • Direct investment placement [email protected] • Due diligence Joe Silver • Advice on partnership terms and conditions Managing Partner • Carried interest structuring [email protected] DE LUNA PARTNERS Dan Epstein MAIN OFFICE Managing Partner [email protected] EMPIRE CAPITAL ADVISORS 4 Orinda Way MAIN OFFICE Suite 100A Jennifer Hunt Orinda, CA 94563 Partner 805 Third Avenue www.delunapartners.com [email protected] New York, NY 10022 925-253-1600 Tamara Christian 4243540610 Partner SCOPE OF OPERATIONS [email protected] Placement professionals employed worldwide: 6 DELAQUILA FAMILY OFFICES Louie Ucciferri Desired number of clients at one time: 25 Chief Compliance Officer Year group began placing funds: 2001 MAIN OFFICE [email protected] Amount raised from new investors (excluding re- 111 Booth Terrace Jean Grossman ups) since inception (U.S. $ Millions): 250 Bennington, VT 05201 Office Manager 815.751.5707 [email protected] BRANCH OFFICE(S) EPIC PRIVATE EQUITY 30 N. LaSalle St MAIN OFFICE DENNING AND COMPANY Suite 3000 Chicago, IL 60602 Audrey House MAIN OFFICE 16-20 Ely Place 1 California Street SCOPE OF OPERATIONS London Suite 2800 Placement professionals employed worldwide: 5 EC1N 6SN San Francisco, California 94111 Desired number of clients at one time: 5 to 6 UK www.denningandcompany.com Year group began placing funds: 2009 www.epicpe.com 4153992943 Representative clients: Buyout firms: Edgewater +44 20 7269 8860 Funds Brentwood Associates JLL Partners Levine Leichtman Transom Capital Group Representative clients: Venture capital firms: DISTINCT CAPITAL PARTNERS INC Northgate Capital MAIN OFFICE Representative clients: Hedge Fund firms: 400 MAIN OFFICE Capital Birch Grove 2910 South Sheridan Way Representative clients: Other firms: Shoreline 40 E 52 Street Oakville Capital Goldentree Asset Management NY, NY 10055 Ontario United Kingdom L6J 7J8 DESCRIPTION OF SERVICES www.evercore.com/Investment-Banking/Private- Canada EdgeLine Capital Partners represents leading Capital-Advisory www.distinctcapitalpartners.com alternative investment management firms and PERSONNEL 416-953-1150 partnerships. Our clients include private equity, real estate, and absolute return strategies in both Nigel Dawn the U.S. and abroad. Our diligence in underwriting Global Head of Private Capital Advisory managers and strategies, combined with our [email protected] detailed understanding of investors’ interest and Nicolas Lanel their decision making process, results in long term MAIN OFFICE European Head of Private Capital Advisory successful relationships. A key tenet of our success [email protected] 131 Rowayton Ave is establishing a direct line of communication Norwalk, CT 06853 between general partners and their investors. Rodney Reid www.eatonpartnersllc.com Preferred minimum fund size (U.S. $ Millions): 250 Managing Director 203-831-2970 Preferred maximum fund size (U.S. $ Millions): 2000 [email protected] Desired types of clients: Jarret Vitully • Buyout funds Managing Director • Venture capital funds [email protected] EDGELINE CAPITAL PARTNERS • Mezzanine funds Sameer Shamsi MAIN OFFICE • Hedge funds • Real estate funds Managing Director Affiliated company: EDGELINE CAPITAL, LLC • Secondary funds [email protected] 11726 San Vicente Blvd., Suite 610 • First-time funds Nishant Bakaya Los Angeles, California 90401 • International funds Managing Director www.edgelinecapital.com • Funds of funds [email protected] 310-442-0595 • Private debt funds 310-442-0597 Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 33 GUIDE TO PLACEMENT AGENTS

Lea Lazaric Calvert PERSONNEL equity, private credit, real estate and real assets. Managing Director Preferred minimum fund size (U.S. $ Millions): 250 [email protected] Paul Buckley Managing Partner Preferred maximum fund size (U.S. $ Millions): 10000 BRANCH OFFICE(S) [email protected] Desired types of clients: • Buyout funds London Brian Price • Venture capital funds 15 Stanhope Gate Principal • Mezzanine funds London [email protected] • Hedge funds W1K1LN David Breuner • Timber and farmland partnerships United Kingdom Partner • Real estate funds [email protected] • Infrastructure funds EXCELSIOR CAPITAL PARTNERS • Secondary funds Michael Henningsen • First-time funds MAIN OFFICE Partner • International funds 3 West 57th Street, [email protected] • Private debt funds 10th Floor Martin Donnelly Special Situations & Sector-focussed funds New York, NY 10019 Partner Other services: 2035240437 [email protected] • Investor relations advisory services • Private equity secondary sales advising PERSONNEL BRANCH OFFICE(S) • Co-investment placement Brian Bode First Avenue • Direct investment placement Managing Member Swan House • Due diligence [email protected] 17 - 19 Stratford Place • Advice on partnership terms and conditions London SCOPE OF OPERATIONS W1C 1BQ Placement professionals employed worldwide: 3 United Kingdom Desired number of clients at one time: 2 to 3 First Avenue FIRST LINE ADVISORS LLC Year group began placing funds: 2011 Grace Building, 34th Floor MAIN OFFICE Amount raised from new investors (excluding re- 1114 Avenue of the Americas Affiliated company: First Line Strategy LLC ups) since inception (U.S. $ Millions): 1300 New York,New York NY 10036 Lexington, MA 2421 Amount raised from new investors (excluding re- United States ups) in 2015 (U.S. $ Millions): 150 www.firstlinestrategy.com First Avenue 201-977-4852 DESCRIPTION OF SERVICES 50 California Street 25th Floor, Suite 2550 Excelsior Capital Partners provides custom services San Francisco, CA 94111 in placement and materials preparation for real United States estate and real asset sponsors. Brian Bode, its FOCUSPOINT PRIVATE CAPITAL GROUP First Avenue managing member, has previous experience with MAIN OFFICE the UBS Investment Bank and Atlantic Pacific Suite 1218, 100QRC Capital, along with internal capital raising positions 100 Queen’s Road Central Affiliated company: FPCG LLC for two vertically integrated real estate operators. Hong Kong 280 Park Avenue, 35th Floor Excelsior specializes in representing experienced Hong Kong New York, NY 10017 real estate sponsors with defined and defendable First Avenue www.fpcgllc.com 212-887-1137 investment strategies, strong prior track records Suite 506b 212-887-1186 and stable / growing investment teams. While 95 Pitt Street these clients have compelling investment Sydney PERSONNEL platforms, they often do not yet have broad New South Wales acceptance from institutional investors NSW 2000 David Conrod Preferred minimum fund size (U.S. $ Millions): 250 Australia CEO Preferred maximum fund size (U.S. $ Millions): 750 [email protected] SCOPE OF OPERATIONS Desired types of clients: Gaurang Vyas • Timber and farmland partnerships Placement professionals employed worldwide: 60 Senior Managing Director • Real estate funds Desired number of clients at one time: 15 [email protected] • Infrastructure funds Year group began placing funds: 2006 Robert Mortimer Other services: Amount raised from new investors (excluding re- Managing Principal • Investor relations advisory services ups) since inception (U.S. $ Millions): 10578 • Co-investment placement Amount raised from new investors (excluding re- Cheryl Rogers • Advice on partnership terms and conditions ups) in 2015 (U.S. $ Millions): 1089 Managing Principal DESCRIPTION OF SERVICES Christina Bartnikowski Director of Corporate Development FIRSTavenue is a leading independent global [email protected] FIRST AVENUE advisory and capital placement business MAIN OFFICE focused on private funds and private companies. DESCRIPTION OF SERVICES FIRSTavenue covers the significant investors in FocusPoint has established distribution, origination, Swan House the developed world and the developing world. and project management teams that have 17 - 19 Stratford Place FIRSTavenue is differentiated by the breadth and successfully raised capital in private markets for over London depth of its reach through five global offices and 20 years. Since 2010, FocusPoint has participated W1C 1BQ benefits from a large team of former pension with General Partner clients and closed on over United Kingdom consultants on staff. FIRSTavenue’s clients include $4 billion for a variety of third-party fundraising www.firstavenue.com the leading GPs and management teams across assignments. We incorporate a rigorous due diligence 44 207 016 6600 the key private market and industry sectors: private 34 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO PLACEMENT AGENTS

process to identify and select managers that address GLOBAL CAPITAL INNOVATION CORP GRIFFIN FINANCIAL GROUP specific opportunities throughout all market cycles. We seek to form long-term partnerships with our MAIN OFFICE MAIN OFFICE institutional clients by carefully selecting managers Toronto 485 Madison Avenue who offer distinctive and compelling investment Ontario 20th Floor strategies. FocusPoint’s distribution capability directly M2P 1H9 New York, NY 10022 extends to endowments, foundations, corporate and Canada USA public pension funds, ultra-high net worth families, www.globalcapitalinnovation.com www.griffinfingroup.com sovereign wealth funds, and other institutional 416-221-9036 646-254-6397 investors throughout North America, Europe, Middle East, and Asia. PERSONNEL Desired types of clients: Paul Delaney • Buyout funds GLOVEROCK CAPITAL LLC Senior Managing Director • Venture capital funds [email protected] • Mezzanine funds MAIN OFFICE Mitch Fenimore • Hedge funds 701 5th Ave Senior Vice President • Timber and farmland partnerships Suite 4200 [email protected] • Real estate funds Seattle, Washington 98104 • Infrastructure funds USA SCOPE OF OPERATIONS • Secondary funds www.gloverock.com • First-time funds 415-694-2562 Placement professionals employed worldwide: 6 • International funds Desired number of clients at one time: 2 • Funds of funds PERSONNEL Year group began placing funds: 2008 Amount raised from new investors (excluding re- • Private debt funds Vanessa Maren ups) since inception (U.S. $ Millions): 1000 Other services: Managing Director • Investor relations advisory services Amount raised from new investors (excluding re- • Co-investment placement BRANCH OFFICE(S) ups) in 2015 (U.S. $ Millions): 300 • Direct investment placement Representative clients: Buyout firms: DFW Capital • Due diligence GloveRock Capital LLC Partners Resilience Capital Partners Hamilton • Advice on partnership terms and conditions 445 Park Avenue, 9th Floor Robinson Capital Partners Signet Capital Partners • Carried interest structuring New York, NY 10022 Silver Oak Services Partners Quad Partners [email protected] Champlain Capital Partners SCOPE OF OPERATIONS Representative clients: Venture capital firms: Dolphin Equity Partners Sightline Partners FORTRESS GROUP INC Placement professionals employed worldwide: 1 Desired number of clients at one time: 2 DESCRIPTION OF SERVICES MAIN OFFICE Year group began placing funds: 2010 Griffin acts as placement agent for private equity 3379 Peachtree Road N.E., Suite 272 Representative clients: Buyout firms: Strongly funds including buyouts, venture capital, mezzanine, Atlanta, Georgia 30326 differentiated lower middle-market buyouts special situations, fund of funds and real estate. fortressgroupinc.com DESCRIPTION OF SERVICES We are dedicated to helping fund sponsors raise 404-869-4600 capital as effectively and efficiently as possible 404-869-4601 We are a full-service firm offering a consultative through our relationships with institutional investors approach to fundraising from being actively involved located in the United States, Europe, the Middle in preparing offering materials to coaching clients East and Asia. We deliver customized execution thoroughly for investor meetings. Alignment of to meet client needs, including full service global FOUR WOOD CAPITAL PARTNERS, LLC client and investor interests during a capital raise placement, targeted and top-off assignments and is key to our business philosophy as we believe it administrative services only mandates. Griffin MAIN OFFICE is the foundation for a healthy, long-term LP-GP offers the advantages of a boutique combined with relationship. We offer a highly personalized service 1278 S. Beverly Glen Blvd direct access to the resources and relationships of a and seamless execution with the full attention of the Los Angeles, CA 90024 full service regional investment bank. Managing Director at all times during the capital www.fourwoodcapital.com Preferred minimum fund size (U.S. $ Millions): 150 raise. Our professional experience is multi-faceted 310.699.5334 Preferred maximum fund size (U.S. $ Millions): 750 and comprises investment management, business Desired types of clients: PERSONNEL development, , and structured • Buyout funds finance experience across the globe, enabling us to Matthew J. Kessler • Venture capital funds quickly grasp, evaluate and successfully articulate • Mezzanine funds Managing Director a fund’s investment strategy while positioning it [email protected] • Timber and farmland partnerships competitively to qualified investors. • Secondary funds Preferred minimum fund size (U.S. $ Millions): 100 • First-time funds Preferred maximum fund size (U.S. $ Millions): 400 • International funds Desired types of clients: • Funds of funds GARIBALDI CAPITAL ADVISORS • Buyout funds • Private debt funds MAIN OFFICE • Secondary funds Other services: • International funds • Investor relations advisory services Affiliated company: Garibaldi Capital Advisors LTD • Private debt funds • Private equity secondary sales advising 210 - 415 West Cordova Other services: • Co-investment placement Vancouver • Investor relations advisory services • Direct investment placement BC - British Columbia • Private equity secondary sales advising • Due diligence V6B 1E5 • Co-investment placement • Advice on partnership terms and conditions Canada • Direct investment placement • M&A Advisory www.garibaldicapital.com • Due diligence 6043073772 • Advice on partnership terms and conditions Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 35 GUIDE TO PLACEMENT AGENTS

HARKEN CAPITAL SECURITIES Ken Freeman BRANCH OFFICE(S) Managing Director MAIN OFFICE [email protected] Hycroft Advisors - San Francisco 101 California Street 101 Federal Street Charles Woodworth Suite 2710 19th Floor Managing Director San Francisco, CA 94111 Boston, MA 02110 [email protected] United States harkencapital.com 617-342-7333 Angela Stanley Hycroft Advisors - Dallas Managing Director 3819 Maple Avenue PERSONNEL [email protected] Dallas, TX 75219 United States Don Nelson Managing Director Hycroft Advisors - London [email protected] 14 Curzon Street HCP & COMPANY London Fred Malloy MAIN OFFICE W1J 5HN Managing Director United Kingdom [email protected] 200 W Madison Nick Hatch Suite 970 DESCRIPTION OF SERVICES Managing Director Chicago, Illinois 60606 Hycroft is a New York-based firm that operates [email protected] United States as a specialty investment bank focused on the www.hcpcompany.com Scott Holley alternative investments market. The firm provides 3126974611 solutions for general partners and institutional Managing Director 3126974598 [email protected] investors worldwide. Hycroft provides a wide range of services globally to a substantial and Derek Larson diverse client base, including private equity firms, Associate hedge funds, institutional investment managers, [email protected] HUDSON PARTNERS SECURITIES LLC sovereign wealth funds, corporate and public MAIN OFFICE pension plans, financial institutions and high net SCOPE OF OPERATIONS worth individuals. 6 Landmark Square Placement professionals employed worldwide: 5 Desired types of clients: 3rd floor Desired number of clients at one time: 3 • Buyout funds Stamford, CT 06901 Year group began placing funds: 2008 • Venture capital funds USA Amount raised from new investors (excluding re- • Mezzanine funds www.hudson-llc.com ups) since inception (U.S. $ Millions): 1010 • Timber and farmland partnerships 203-569-1919 Amount raised from new investors (excluding re- • Secondary funds 203-569-1924 ups) in 2015 (U.S. $ Millions): 309 • First-time funds Representative clients: Other firms: Omega Funds • International funds V Global Energy Capital III Hunting Dog Capital III • Private debt funds Ampersand 2014 HYCROFT ADVISORS Other services: DESCRIPTION OF SERVICES • Investor relations advisory services MAIN OFFICE • Private equity secondary sales advising Alternatives Fund Placement Agent Secondary Advisory • Co-investment placement Preferred minimum fund size (U.S. $ Millions): 100 299 Park Avenue • Direct investment placement Preferred maximum fund size (U.S. $ Millions): 500 Sixth Floor Desired types of clients: New York, NY 10171 • Buyout funds United States • Venture capital funds www.hycroftadvisors.com INCUBATION CAPITAL PARTNERS • Mezzanine funds 212-235-2470 MAIN OFFICE • Growth Equity PERSONNEL Other services: 350 N Lasalle St, Suite 800 • Investor relations advisory services Scott Myers Chicago, IL 60654 • Private equity secondary sales advising Chairman and CEO www.incucap.com • Co-investment placement [email protected] 312-640-2774 • Direct investment placement Christopher Cooke • Advice on partnership terms and conditions Managing Director [email protected] Neil Horn INEO CAPITAL HARPETH FUND ADVISORS Managing Director MAIN OFFICE [email protected] MAIN OFFICE 2127 Brickell Avenue, Apt 1802 Ajay Sharma Miami, FL 33129 Affiliated company: Harpeth Securities Managing Director 2039794805 3100 West End Ave, Suite 710 [email protected] Nashville, Tennessee 37203 PERSONNEL www.harpethcapital.com/harpeth-fund-advisors Patrick Shattenkirk Mark Sirinyan 6152969850 Managing Director [email protected] Managing Partner PERSONNEL [email protected] Terry Wetterman George C. Gaines, Jr. Managing Director SCOPE OF OPERATIONS Managing Director [email protected] Placement professionals employed worldwide: 1 [email protected] Year group began placing funds: 2007 36 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO PLACEMENT AGENTS

Amount raised from new investors (excluding re- (212) 632-6000 Other services: ups) since inception (U.S. $ Millions): 5000 • Private equity secondary sales advising Amount raised from new investors (excluding re- PERSONNEL ups) in 2015 (U.S. $ Millions): 500 William Riddle DESCRIPTION OF SERVICES Managing Director, Global Head of Private Fund Advisory Group LIBERTY GLOBAL PARTNERS Private equity fund placement services william.riddle@.com Desired types of clients: MAIN OFFICE Holcombe Green • Buyout funds 225 Franklin Street Managing Director, Global Head of Secondary • First-time funds 26th Floor Advisory • International funds Boston, MA 02110 [email protected] Other services: liberty-global.com • Investor relations advisory services Pablo de la Infiesta 1(617) 451-9595 • Co-investment placement Managing Director, European Head • Direct investment placement [email protected] • Due diligence J. Michael Sutka • Advice on partnership terms and conditions Managing Director M2O PRIVATE FUND ADVISORS LLC [email protected] MAIN OFFICE James Jacobs 12 Water Street, Suite 200 JEFFERIES PRIVATE CAPITAL GROUP Managing Director White Plains, NY 10601 MAIN OFFICE BRANCH OFFICE(S) www.m2ollc.com 914-368-7050 Affiliated company: Jefferies LLC 50 Stratton Street 520 Madison Avenue 5th Floor New York, NY 10022 London www.jefferies.com W1J 8LL MERCURY CAPITAL ADVISORS 212-284-2300 United Kingdom MAIN OFFICE PERSONNEL 190 S. LaSalle Street, 31st Floor Chicago, Illinois 60603 225 Liberty Street Kelli Roiter United States 36th Floor Global Head New York, NY 10281 1 Raffles Place [email protected] USA Tower One, #11-01 www.mercurycapitaladvisors.com Alexander Apponyi Singapore 6467868100 European Head 48616 [email protected] Singapore PERSONNEL Colin Hannaway SCOPE OF OPERATIONS Michael Ricciardi Managing Director Managing Partner, Head of Firm Placement professionals employed worldwide: 49 [email protected] [email protected] Year group began placing funds: 2003 Peter Coroneos Amount raised from new investors (excluding re- Alan Pardee Senior Vice President ups) since inception (U.S. $ Millions): 50481 Managing Partner & Co-Founder [email protected] Amount raised from new investors (excluding re- [email protected] ups) in 2015 (U.S. $ Millions): 3239 Patrick Morrow Enrique Cuan Vice President DESCRIPTION OF SERVICES Managing Partner & Co-Founder [email protected] [email protected] Lazard’s Private Fund Advisory Group is a leading David Ingraldi global private fund placement agent and secondary BRANCH OFFICE(S) Associate market advisor. Our fund raising practice is [email protected] Mercury Capital Advisors consistent with Lazard’s approach of delivering 303 Wyman Street highly experienced senior level execution capabilities BRANCH OFFICE(S) Suite 300 and offers the strength of the leading independent Waltham, MA 02451 LLC (Headquarters) investment bank, whose franchise is based on advice USA 520 Madison Avenue, 8th Floor and relationships. Senior professionals manage all New York, NY 10022 aspects of the fund raising process and we focus Mercury Capital Advisors Jefferies International Limited (European on a limited number of assignments to maximize 580 California Street, Suite 1200 Headquarters) our effectiveness. Members of our team have been San Francisco, CA 94104 Vintners Place involved in more than 200 private fundraising USA 68 Upper Thames Street assignments and our experienced global investor London Mercury Capital Advisors coverage professionals have generated commitments 1001 North 19th Street, Suite 1200 EC4V 3BJ from more than 1,000 institutional investors. United Kingdon Arlington, VA 22209 Desired types of clients: USA • Buyout funds Mercury Capital Advisors LLP • Venture capital funds 1 Knightsbridge Green LAZARD FRERES & CO LLC • Mezzanine funds London • Timber and farmland partnerships SW1X 7QA MAIN OFFICE • Real estate funds United Kingdom • Infrastructure funds 30 Rockefeller Plaza • First-time funds Mercury Capital Advisors LLC New York, New York 10112 • International funds Yurakucho Denki Building North Tower 12F www.lazard.com • Private debt funds 1-7-1, Yurakucho, Chiyoda-ku Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 37 GUIDE TO PLACEMENT AGENTS

Tokyo • Private equity secondary sales advising Hussein Khalifa 100-0006 • Co-investment placement Founding Partner Japan • Direct investment placement [email protected] • Due diligence Office 09 Gate Village Ophir Shmuel • Advice on partnership terms and conditions Building 4 Level 3 Managing Director • Carried interest structuring Dubai [email protected] Dubai International Financial Centre • M&A Advisory PO Box 113355 Dennis Kwan United Arab Emirates Managing Director [email protected] 1 Fullerton Road #02-01 One Fullerton MOELIS & COMPANY BRANCH OFFICE(S) Singapore MAIN OFFICE MVision Private Equity Advisers Limited 04913 399 Park Avenue Connaught House Singapore New York, NY 10022 1-3 Mount Street SCOPE OF OPERATIONS www.moelis.com London 212-883-3800 W1K 3NB Placement professionals employed worldwide: 39 212-880-4260 United Kingdom Desired number of clients at one time: 16 to 18 Year group began placing funds: 2009 SCOPE OF OPERATIONS MVision Private Equity Advisers LLC Amount raised from new investors (excluding re- 1 Market, Spear Tower Placement professionals employed worldwide: 15 ups) since inception (U.S. $ Millions): 17000 36th Floor Desired number of clients at one time: 6 to 10 Representative clients: Other firms: Five Point San Francisco, CA 94105 Year group began placing funds: 2014 Capital Partners - $450,000,000 Oversubscribed USA Representative clients: Buyout firms: Nautic Partners VII - $600,000,000 Providence MVision Strategic (Asia) Limited Representative clients: Venture capital firms: Debt Fund III - $1,750,000,000 Oversubscribed Suite 11-13 Representative clients: Mezzanine firms: GenNx360 - $535,400,000 Five Point and GSO 72/F The Center Representative clients: Hedge Fund firms: - $200,000,000 Madison International Liquidity 99 Queen’s Road Central Representative clients: Funds of Funds firms: Fund V, LP - $825,000,000 Oversubscribed Hong Kong Representative clients: Other firms: Normandy Real Estate Fund III, LP and Co- Central Investments - $350,000,000 Appian Natural DESCRIPTION OF SERVICES +852 3965 3191 Resources Fund I - $375,000,000 Oversubscribed MVision Private Equity Advisers Limited Forest City - $400,000,000 & $2,100,000,000 Desired types of clients: • Buyout funds AMP Tower Level 34 SSG Capital Partners III - $915,000,000 50 Bridge Street Oversubscribed • Venture capital funds • Mezzanine funds Sydney DESCRIPTION OF SERVICES • Timber and farmland partnerships NSW • Real estate funds 2000 The firm was founded by the former leadership of • Infrastructure funds Australia the Merrill Lynch Private Funds Group, where they • Secondary funds received industry-wide accolades as Best Placement SCOPE OF OPERATIONS • First-time funds Agent in North America, Best Placement Agent • International funds Placement professionals employed worldwide: 50 in Europe, and Best Placement Agent in Asia. At • Private debt funds Year group began placing funds: 2001 Mercury, we continue that tradition of excellence. Other services: Representative clients: Buyout firms: • Affinity With offices in New York, London, Boston, Dubai, San • Investor relations advisory services Equity Partners • American Industrial Partners • Francisco, Washington, D.C., Tokyo, and Singapore • Private equity secondary sales advising • • CHAMP Private Equity • and a preferred distribution partner with branches in • Co-investment placement FFL • Monomoy Capital Partners • Chile, Peru, Brazil, and Colombia, Mercury Capital • Direct investment placement • Sycamore Partners • Tailwind Capital Group • Advisors has deep relationships with a broad range of • Due diligence Waterland the world’s pre-eminent institutional investors. These • Advice on partnership terms and conditions Representative clients: Venture capital firms: • include sovereign wealth funds, corporate and public • Carried interest structuring Abingworth • Focus Ventures • Keytone Ventures • pension plans, insurance companies, endowments, • M&A Advisory Sofinnova Partners family offices, foundations, funds of funds, and consultants. The firm has nearly 300 years of DESCRIPTION OF SERVICES collective distribution and origination experience, and includes senior level positions in investment banking, Founded in 2001, MVision is widely recognized as , high yield, legal, consulting MVISION PRIVATE EQUITY ADVISERS LLC one of the world’s leading independent international and alternative investing disciplines. advisory firms, focusing on raising capital for Private MAIN OFFICE Equity, Real Estate, Real Assets, Credit and Direct Preferred minimum fund size (U.S. $ Millions): 300 41 Madison Ave transactions in both the developed and emerging Preferred maximum fund size (U.S. $ Millions): 10000 40th Floor markets. MVision has a long-standing reputation Desired types of clients: New York, NY 10010 for working with winners – the firm’s clients are • Buyout funds www.mvision.com current and future market leaders across the globe. • Venture capital funds 212-616-6850 MVision firmly believes that fund-raising is far more • Mezzanine funds 212-616-6860 than a one-time event; it continues to assist clients • Hedge funds with the on-going task of funding and growing their • Timber and farmland partnerships PERSONNEL businesses effectively, managing issues such as • Real estate funds Olivia Jack positioning, growth and performance. The MVision • Infrastructure funds 0207 491 8500 team of over 50 professionals provides a global • Secondary funds [email protected] service to clients covering institutional investors • International funds worldwide. Together the team represents 22 • Private debt funds Mounir Guen nationalities, speak 22 languages and operate out Other services: CEO of offices in London, New York, San Francisco, Hong • Investor relations advisory services [email protected] Kong and Sydney. The depth of the team’s expertise 38 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO PLACEMENT AGENTS

across all areas of the market allows their clients PERSONNEL a senior team with an average of over 15 years of privileged access to the strategic industry insights global alternative asset and distribution experience, vital to achieving success. Daniel Prendergast Park Hill knows the investment preferences of the CEO Desired types of clients: world’s biggest institutional investors. Along with our • Buyout funds Brian D. Levine rigorous engagement model and global relationships, • Venture capital funds Partner our breadth enables us to customize high-quality solutions for the needs of our clients. • Mezzanine funds Joseph M. Herman • Real estate funds Partner • Infrastructure funds • Secondary funds Sean J. Keene • First-time funds Partner PEX GLOBAL • International funds George J. Eberle MAIN OFFICE • Private debt funds Partner Other services: 575 Lexington Avenue, 4th floor • Investor relations advisory services Michael A. Caiati New York, NY 10022 • Private equity secondary sales advising Partner www.pexglobal.com • Due diligence Joseph Nagae 212 588 9000 • Advice on partnership terms and conditions Partner • Advising on co-investments; Advising on direct investments Frank Schmitz Partner PG BOOLE, LLC Robert Schoder MAIN OFFICE Partner NEAR EARTH LLC 18 North Main Street Michael Stark Sherborn, MA 01770 MAIN OFFICE Partner www.linkedin.com/pub/phil-boole/0/b66/41a 243 Tresser Boulevard, 17th Floor Patrick Daly 617-763-3541 Stamford, Connecticut 06903 Partner PERSONNEL www.nearearthllc.com Peter Mayer (203) 355-3627 Partner Philip Boole Managing Principal Alexander Moomjy [email protected] Partner SCOPE OF OPERATIONS NGP ENERGY CAPITAL MANAGEMENT Lawrence Thuet MAIN OFFICE Partner Placement professionals employed worldwide: one Desired number of clients at one time: 1 or 2 Affiliated company: NGP Energy Capital BRANCH OFFICE(S) Year group began placing funds: 2004 Management Chicago Amount raised from new investors (excluding re- 5221 N. O’Connor Blvd., Suite 1100 200 West Madison Street ups) since inception (U.S. $ Millions): 1500 Irving, Texas 75039 Suite 3800 Representative clients: Buyout firms: Actis www.ngpenergycapital.com Chicago, IL 60606 Representative clients: Venture capital firms: 9724321440 USA Ascent Venture Partners Representative clients: Funds of Funds firms: San Francisco Arcano 101 California Street Suite 3200 DESCRIPTION OF SERVICES OUTSOURCING XPERTS San Francisco, CA 94111 PG Boole’s focus is investor relations / fundraising MAIN OFFICE USA with North American LPs and their consultants. Affiliated company: Big deals in ABC, GF, The London As a small operation, we provide our clients 100% Masterpiece One Curzon Street of our time and attention. This focus mitigates Golf Course Road London distraction from other client engagements and Gurgaon W1J5HD allows the time and attention that a challenging Haryana UK fundraising requires. 122009 Hong Kong Desired types of clients: India One International Finance Centre • Buyout funds www.bigdeals.in No. 1 Harbour View Street • Venture capital funds 0091 124-2703255 Central • Mezzanine funds 0091-124-2703001 Hong Kong • Timber and farmland partnerships Sydney • Infrastructure funds One O’Connell Street • Secondary funds Sydney • Funds of funds PARK HILL GROUP NSW 2000 • Private debt funds MAIN OFFICE Australia Other services: • Investor relations advisory services Affiliated company: PJT Partners DESCRIPTION OF SERVICES • Co-investment placement 280 Park Avenue • Direct investment placement 15th Floor Park Hill provides global alternative asset advisory New York, New York 10017 and fundraising services across four specialized United States verticals. Our platform includes deep expertise parkhillgroup.com in private equity, real estate and hedge funds, as 212-364-6099 well as secondary advisory services. Leveraging Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 39 GUIDE TO PLACEMENT AGENTS

PINNACLE TRUST PARTNERS, LLC Representative clients: Buyout firms: AEA Desired number of clients at one time: 10 to 14; Investors, LLC Corsair Capital, LLC Oaktree Capital includes real estate, infrastructure and debt MAIN OFFICE Management, LLC RFE Investment Partners Year group began placing funds: 2001 Affiliated company: PTP Securities, LLC Representative clients: Venture capital firms: Representative clients: Buyout firms: Enfoca; Next 540 Hopmeadow Street Greenspring Associates, Inc Capital; North Haven; MTS; THL; Wellspring; Simsbury, CT 06070 Representative clients: Mezzanine firms: Representative clients: Venture capital firms: Updata www.pinnacletrustpartners.com Newstone Capital Partners, LLC Northstar Capital Representative clients: Mezzanine firms: CRG (860) 264-1595 Partners, LLC Representative clients: Hedge Fund firms: None (860) 264-1596 Representative clients: Hedge Fund firms: Representative clients: Funds of Funds firms: DoubleLine Capital L.P. Axiom Asia PERSONNEL Representative clients: Funds of Funds firms: RCP Representative clients: Other firms:Alcion; Benson Advisors, LLC Swiss Re Elliot; Calmwater; Hammes; CarVal; North Haven Attilio A. Albani, Jr. Representative clients: Other firms: Alinda Capital Infrastructure; Silk Road Founder, Chief Executive Officer & Managing Partners, LLC AMP Capital Investors Limited Partner Intermediate Capital Group, Inc Westport Capital DESCRIPTION OF SERVICES [email protected] Partners, LLC is an independent, global Kevin P. Newman DESCRIPTION OF SERVICES placement advisory firm that partners exclusively Executive Vice President & Senior Advisor with leading managers of alternative investment [email protected] Pinnacle Trust Partners LLC, founded in 2004, products seeking to raise capital from sophisticated Michael J. Dunham is a leading independent placement agent for institutional investors. Founded in 2001, it is Partner alternative investments. Since then, we have distinguished by its long history of successfully [email protected] helped our General Partners raise over $26 billion executing fundraising mandates ranging from of capital across 35 funds, while receiving 350 established funds to niche strategies and top-tier John D. Livingston commitments from institutional investors. Pinnacle emerging managers. Our clients Partner offers project evaluation, pre-marketing services, have enjoyed exposure to over $51 billion of private [email protected] placement services, as well as closing and post- equity, credit, real estate, infrastructure, venture Brian J. Newman closing assistance. We have successfully completed capital, and special situations fund products. Partner structuring and placement assignments for a Preferred minimum fund size (U.S. $ Millions): 200 [email protected] diverse range of asset classes, including Buyouts, Preferred maximum fund size (U.S. $ Millions): None Credit Strategies, Distressed Strategies, Funds Carol M. Barbour Desired types of clients: of Private Equity, Hedge Funds, Infrastructure, • Buyout funds Managing Director Mezzanine Financing and Real Estate. [email protected] • Venture capital funds Preferred minimum fund size (U.S. $ Millions): 200 • Mezzanine funds Gaetano A. Albani Preferred maximum fund size (U.S. $ Millions): 3000 • Timber and farmland partnerships Managing Director & Chief Administrative Officer Desired types of clients: • Real estate funds [email protected] • Buyout funds • Infrastructure funds Matthew L. Evans, CFA • Venture capital funds • Secondary funds Vice President • Mezzanine funds • First-time funds [email protected] • Hedge funds • International funds • Timber and farmland partnerships • Private debt funds Isaac S.Fernandez, CAIA • Real estate funds Other services: Vice President • Infrastructure funds • Private equity secondary sales advising [email protected] • Secondary funds • Co-investment placement Casey C. Peters • First-time funds Assistant Vice President • International funds [email protected] • Funds of funds • Private debt funds PURSANT Sara F. Lavery Other services: Analyst • Investor relations advisory services MAIN OFFICE [email protected] • Private equity secondary sales advising 300 Knightsbridge Parkway Karen L. Lancaster • Co-investment placement Lincolnshire, Illinois 60069 Executive Assistant • Direct investment placement www.pursant.com [email protected] • Advice on partnership terms and conditions Janice B. O’Connor Executive Assistant REDE PARTNERS [email protected] PROBITAS PARTNERS MAIN OFFICE BRANCH OFFICE(S) MAIN OFFICE 7 Portman Mews South Pinnacle Trust Partners, LLC 425 California Street, Suite 2300 London 143 Rowayton Avenue San Francisco, CA 94104 W1H 6AY Rowayton, CT 6853 www.probitaspartners.com United Kingdom [email protected] 415-402-0700 www.rede-partners.com SCOPE OF OPERATIONS PERSONNEL +44 20 7952 2486 Placement professionals employed worldwide: 13 Craig Marmer Desired number of clients at one time: 7 to 10 Managing Director Year group began placing funds: 2005 [email protected] Amount raised from new investors (excluding re- ups) since inception (U.S. $ Millions): 26000 SCOPE OF OPERATIONS Placement professionals employed worldwide: 40 40 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO PLACEMENT AGENTS

RIVER STREET CAPITAL Desired types of clients: Ben Wiley • Venture capital funds Partner MAIN OFFICE • Hedge funds Werner Albeseder 39 Broadway, Suite 3300 • Secondary funds Partner, Middle East & Central European Affiliate • First-time funds New York, NY 10006 Matt Thornton • Funds of funds www.riverstreetcap.com Managing Director 212-588-0300 Direct Late-Stage Secondaries Other services: Shawn Schestag PERSONNEL • Investor relations advisory services Managing Director • Private equity secondary sales advising Helge Petermann Bobby Farina • Co-investment placement Managing Director Director • Direct investment placement [email protected] Colin Dinneen SCOPE OF OPERATIONS Director Year group began placing funds: 2012 Andrew Gulotta SETTER CAPITAL INC Director DESCRIPTION OF SERVICES MAIN OFFICE Sean Joffe We provide specialist advice on secondary 77 Bloor Street West Vice President transactions and the restructuring of private equity Suite 1901 Ryan Carey fund investments, direct investments and fund Toronto Vice President managers. We also provide advisory services to Ontario primary funds and private companies who are M5S 1M2 Mike Devlin seeking to raise capital. Canada Associate Desired types of clients: www.settercapital.com Ben Newman • Buyout funds (416) 964-9555 Associate • Venture capital funds (416) 964-0699 • Mezzanine funds Kristy Hogan • Infrastructure funds Associate • Secondary funds Dan DiSalvio • First-time funds SHANNON ADVISORS Analyst • International funds • Funds of funds MAIN OFFICE Lea Peragallo Office Manager and Head of Administration • Private debt funds 272 E. Deerpath Road Other services: Suite 206 BRANCH OFFICE(S) • Investor relations advisory services Lake Forest, IL 60045 • Private equity secondary sales advising (847) 864-4382 Sixpoint Partners Chicago • Co-investment placement One South Wacker Drive, Suite 3230 • Direct investment placement PERSONNEL Chicago, Illinois 60606 [email protected] • Due diligence Tim O’Gara • M&A Advisory Founder and Partner Sixpoint Partners San Francisco [email protected] 155 Sansome Street, Suite 810 San Francisco, California 94104 SEAFRONT CAPITAL Kevin McGrath [email protected] Partner MAIN OFFICE [email protected] SCOPE OF OPERATIONS 100 Drake’s Landing Road, STE 260 David Sullivan Placement professionals employed worldwide: 16 Greenbrae, California 94901 Partner Desired number of clients at one time: 4 to 6 www.seafrontcap.com [email protected] Year group began placing funds: 2008 +1 415 967 1965 Anjali Bidani Amount raised from new investors (excluding re- PERSONNEL Operations Manager ups) since inception (U.S. $ Millions): 7100 [email protected] Amount raised from new investors (excluding re- Andrew Dude ups) in 2015 (U.S. $ Millions): 1700 Director Hugh Reams [email protected] [email protected] DESCRIPTION OF SERVICES Garrett Paul Sixpoint Partners is a leading global investment Managing Partner bank focused on a diversified set of services and [email protected] solutions for the middle-market private equity SIXPOINT PARTNERS industry. The firm’s core areas of focus include (i) SCOPE OF OPERATIONS MAIN OFFICE primary fund placement, (ii) secondaries advisory and (iii) co-investment placement across a wide Year group began placing funds: 2014 830 Third Avenue, 8th Floor range of industries, strategies and geographies. DESCRIPTION OF SERVICES New York, NY 10022 Sixpoint Partners is known for its direct, results- www.sixpointpartners.com driven style and works together with its clients to Seafront Capital focuses on sourcing investments 212-751-8690 deliver solutions that prove valuable in the long in late-stage technology companies and other run. Sixpoint is headquartered in New York with opportunistic venture capital deal flow, while PERSONNEL additional offices in Chicago and San Francisco as providing liquidity solutions to early private Eric Zoller well as Abu Dhabi and Singapore. shareholders. We will act as fund manager or Founder & Partner broker depending on each unique situation. Preferred minimum fund size (U.S. $ Millions): 200 Larry Smith Preferred maximum fund size (U.S. $ Millions): 1500 Preferred minimum fund size (U.S. $ Millions): 5 Partner Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 41 GUIDE TO PLACEMENT AGENTS

Desired types of clients: Preferred minimum fund size (U.S. $ Millions): 200 to private equity firms and investors globally. • Buyout funds Preferred maximum fund size (U.S. $ Millions): 2000 Stanwich Advisors utilizes its seasoned fund • Mezzanine funds Desired types of clients: placement and secondary advisory team to provide • Infrastructure funds • Buyout funds senior, hands-on execution for a limited number • Secondary funds • Venture capital funds of clients each year. Stanwich Advisors offers • First-time funds • Mezzanine funds its clients an extensive range of fund placement • International funds • Timber and farmland partnerships and secondary advisory services. Since 1996, the • Private debt funds • Real estate funds Stanwich Advisors team has raised in excess of Other services: • Infrastructure funds $20 billion for more than 40 private equity funds • Investor relations advisory services • Secondary funds from leading institutional investors based in North • Private equity secondary sales advising • First-time funds America, Europe, Asia, Australia, and the Middle • Co-investment placement • International funds East. Stanwich Advisors’ secondary private equity • Direct investment placement • Private debt funds practice was founded to provide market-leading • Due diligence Other services: advisory services to our clients. The Stanwich • Advice on partnership terms and conditions • Investor relations advisory services Advisors professionals have completed secondary • Carried interest structuring • Private equity secondary sales advising private equity transactions across all major private • M&A Advisory • Co-investment placement equity geographies. We have wide experience with • Direct investment placement a variety of transaction types, including single • Due diligence Limited Partner interest deals, complex portfolio • Advice on partnership terms and conditions transactions and fund restructurings. SNOWBRIDGE ADVISORS • Carried interest structuring Preferred minimum fund size (U.S. $ Millions): 200 Preferred maximum fund size (U.S. $ Millions): MAIN OFFICE 2000 Affiliated company: Sagent Advisors Desired types of clients: 299 Park Avenue, 13th Floor STANWICH ADVISORS • Buyout funds • Venture capital funds New York, New York 10171 MAIN OFFICE www.snowbridgellc.com • Infrastructure funds 212-904-9192 One Dock Street, Suite 600 • First-time funds Stamford, CT 06902 • Private debt funds PERSONNEL www.stanwichadvisors.com Other services: • Investor relations advisory services Tom Boyle 203-406-1099 • Private equity secondary sales advising Partner PERSONNEL • Co-investment placement [email protected] • Due diligence Charles R. Daugherty Kathleen Burke • Advice on partnership terms and conditions Managing Partner Partner • Carried interest structuring [email protected] [email protected] Timothy P. Cohan Karen Christofferson Partner Partner [email protected] [email protected] STONEPINE ADVISORS LLC Augustine (Gus) A. Long Scott Gregory MAIN OFFICE Partner Partner [email protected] 200 Middlefield Road, Suite 104 [email protected] Menlo Park, CA 94025 Lanna McCarthy Mark Schroeder www.stonepineadvisors.com Managing Director Managing Partner 650-866-5051 [email protected] [email protected] Lauren A. Seaver Colleen Sellers Managing Director Partner [email protected] [email protected] STONINGTON CAPITAL ADVISORS, LLC Chris Ragazzo Mary Strother MAIN OFFICE Managing Director Partner 136 Madison Avenue, Suite 545 [email protected] [email protected] New York, New York 10016 www.stoningtoncapital.com Devin Bostick SCOPE OF OPERATIONS 646-863-6431 Analyst Placement professionals employed worldwide: 14 [email protected] Desired number of clients at one time: 4-6 PERSONNEL Year group began placing funds: 2003 SCOPE OF OPERATIONS Justin Garrod Amount raised from new investors (excluding re- Managing Partner Placement professionals employed worldwide: 8 ups) since inception (U.S. $ Millions): 20000 [email protected] Representative clients: Buyout firms - J. F. Lehman DESCRIPTION OF SERVICES & Co. - Southern Cross Group - Axxon Group - Dana Pawlicki Snowbridge Advisors is an independent placement Altra Investments - Clearspring Capital - Aquiline Managing Partner advisory firm focused on private funds. We provide Capital Partners [email protected] Representative clients: Venture capital firms - strategic advisory and capital raising execution Ed Eiland Artiman Ventures - Court Square - M/C Partners to a select number of alternative asset managers Partner each year. With experience securing capital DESCRIPTION OF SERVICES [email protected] commitments from institutional and high net worth investors around the globe, Snowbridge Stanwich Advisors, LLC is a leading independent SCOPE OF OPERATIONS assists fund managers with placement, strategic investment bank that focuses exclusively on Placement professionals employed worldwide: 5 positioning and franchise building. providing capital raising and advisory services Desired number of clients at one time: 4 42 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 GUIDE TO PLACEMENT AGENTS

Year group began placing funds: 2012 Stephen Dreskin Victor Quiroga Amount raised from new investors (excluding re- Managing Director Founding Partner ups) since inception (U.S. $ Millions): 350 [email protected] [email protected] Amount raised from new investors (excluding re- Ian D’Costa Mathieu Drean ups) in 2015 (U.S. $ Millions): 150 Managing Director Managing Partner Representative clients: Buyout firms: Southfield [email protected] [email protected] Capital Advisors Representative clients: Venture capital firms: Merlin Schulze Nicolas de Nazelle Mercato Partners Managing Director Managing Partner [email protected] [email protected] DESCRIPTION OF SERVICES SCOPE OF OPERATIONS Anna Ferguson Fund and Direct Investment Placement services for Partner private equity firms. Placement professionals employed worldwide: 5 [email protected] Desired number of clients at one time: 2 to 3 Preferred minimum fund size (U.S. $ Millions): 150 Fabian Mourgue d’Algue Preferred maximum fund size (U.S. $ Millions): 1000 Year group began placing funds: 2002 Amount raised from new investors (excluding re- Partner & Corporate Secretary Desired types of clients: [email protected] • Buyout funds ups) since inception (U.S. $ Millions): 4600 • Venture capital funds Representative clients: Buyout firms: Aqua Capital Katrin Brökelmann • Mezzanine funds EDG Partners HealthEdge Investment Partners Advisor • Timber and farmland partnerships Representative clients: Venture capital firms: [email protected] Cultivian Sandbox BlueRun Ventures • Real estate funds Tina Sodhi • Infrastructure funds DESCRIPTION OF SERVICES partner • Secondary funds [email protected] • First-time funds Touchstone Group is an independent full-service • International funds placement agent founded in 2002. We represent Virginie Bourel • Private debt funds fund managers in private equity and other illiquid Partner Other services: alternative investment strategies targeting a broad [email protected] spectrum of institutional investors. Our global • Investor relations advisory services David Lanchner perspective and experience, together with our New • Private equity secondary sales advising External Head of Communications York City headquarters, makes us an ideal partner • Co-investment placement [email protected] • Direct investment placement for US, European, Latin American, Asian, and African • Advice on partnership terms and conditions fund managers who wish to access institutional BRANCH OFFICE(S) • Carried interest structuring investors and professional family offices within our geographic coverage. Touchstone’s professionals have Triago Europe extensive buy-side experience, having been executives 1 Boulevard de la Madeleine within large financial institutions, principals in Paris STORMHARBOUR SECURITIES LP investment management firms, and consultants 75001 to major pension funds. We understand the needs France MAIN OFFICE of institutional investors and the alternative asset Triago Middle East & Asia 140 East 45th Street, 33rd Floor managers in which they choose to invest. DIFC – Emirates Financial Towers NY, NY 10017 Preferred minimum fund size (U.S. $ Millions): 150 Dubai www.stormharbour.com Preferred maximum fund size (U.S. $ Millions): 1000 PO Box 506681 Desired types of clients: United Arab Emirates • Buyout funds SCOPE OF OPERATIONS • Venture capital funds TOP CAPITAL ADVISORS • Mezzanine funds Placement professionals employed worldwide: 18 • Infrastructure funds Desired number of clients at one time: 6 per year MAIN OFFICE • First-time funds Year group began placing funds: 1992 • International funds 63 Main Street, Suite 202 DESCRIPTION OF SERVICES Southampton, NY 11968 • Private debt funds www.topcapitaladvisors.com Other services: Founded in 1992 as one of the first private equity +1-631-287 6035 • Investor relations advisory services fund placement agents, we have completed over 150 • Co-investment placement fundraisings on five continents and advised on the • Due diligence transfer of more than 1,600 secondary positions in • Advice on partnership terms and conditions private equity funds. Triago has also undertaken 40 TOUCHSTONE GROUP, LLC strategic advisory mandates for GPs and LPs looking to launch, boost, or restructure PE fund operations. MAIN OFFICE The hallmarks of our service are alignment with client 1120 Avenue of the Americas, 4th Floor TRIAGO AMERICAS interests, independence, creativity and confidentiality. New York, NY 10036 MAIN OFFICE Desired types of clients: www.touchstonegroupllc.com • Buyout funds 212-362-2424 499 Park Avenue • Venture capital funds New York, New York 10022 • Mezzanine funds PERSONNEL www.triago.com • Timber and farmland partnerships +1 212 593 4994 Timothy Cunningham • Real estate funds +1 212 593 0180 President • Infrastructure funds [email protected] PERSONNEL • Secondary funds • First-time funds Gregg Solomon Antoine Drean • International funds Managing Director Founder & Chairman • Funds of funds [email protected] [email protected] • Private debt funds Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 43 GUIDE TO PLACEMENT AGENTS

Other services: • Private equity secondary sales advising • Strategic Advisory for GPs and LPs

TROY FUNDS GROUP MAIN OFFICE 225 Franklin Street Boston, MA 02110 www.troyfundsgroup.com 617-901-2517

UBS MAIN OFFICE 1285 Avenue of the Americas, 15th - 18th Floors New York, New York 10019 www..com

UNITED HEALTHCARE CAPITAL MAIN OFFICE 12600 Deerfield Pkwy Atlanta, GA 30004 unitedhealthcarecapital.com 800-581-5290 770-220-19992

VISTA MAR PARTNERS MAIN OFFICE Affiliated company: Tobin and Company 1201 Gandy Blvd. N. #22781 St. Petersburg, Florida 33742 www.VistaMarPartners.com 8135792829

YOUNG AMERICA CAPITAL LLC MAIN OFFICE 141 East Boston Post Road Mamaroneck, New York 10543 www.yacapital.com 914-777-0100 914-698-4395

ZIEGLER MAIN OFFICE 735 North Water St, Suite 1000 Milwaukee, WI 53202 www.ziegler.com 414-978-6400 414-978-6550 SECONDARY INTERMEDIARIES Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 45 GUIDE TO SECONDARY INTERMEDIARIES

AXON PARTNERS HEDGEBAY SECURITIES Patrick Daly Partner MAIN OFFICE MAIN OFFICE Peter Mayer 111 Buckingham Palace Road 62 Post Road West Partner 3rd Floor Westport, CT 06880 London SW1W 0SR USA Alexander Moomjy www.axonpartners.biz/secondary.htm www.hedgebay.com Partner 44 20 7340 8729 203.227.1987 Lawrence Thuet UK Partner BRANCH OFFICE(S) BRANCH OFFICE(S) Hedgebay Trading Corp. BRANCH OFFICE(S) AXON Partners AG Suite 205A, Saffrey Square Chicago Bahnhofplatz Bay Street 200 West Madison Street P.O. Box Nassau Suite 3800 CH-6302 Zug Bahamas Chicago, IL 60606 Switzerland 242.356.4147 USA San Francisco 101 California Street Suite 3200 & CO. INC. MOZAIC CAPITAL ADVISORS San Francisco, CA 94111 MAIN OFFICE MAIN OFFICE USA 630 Fifth Avenue 500 Boylston Street London 25th Floor Suite 1150 One Curzon Street New York, NY 10111 Boston, MA 02116 London United States of America USA W1J5HD http://www.campbell-lutyens.com/ www.mozaiccapital.comss UK 212 223 8448 617-329-6100 Hong Kong 212 214 0558 One International Finance Centre PERSONNEL No. 1 Harbour View Street BRANCH OFFICE(S) Christine Patrinos Central Campbell Lutyens & Co. Ltd Partner Hong Kong 3 Burlington Gardens [email protected] Sydney London W1S 3EP One O’Connell Street United Kingdom Sydney Campbell Lutyens Asia Pacific Ltd NSW 2000 Suite 819, Jardine House PARK HILL GROUP Australia 1 Connaught Place MAIN OFFICE Central Hong Kong 280 Park Avenue 15th Floor SETTER CAPITAL INC New York, New York 10017 United States MAIN OFFICE CEBILE CAPITAL parkhillgroup.com 77 Bloor Street West 212-364-6099 Suite 1901 MAIN OFFICE PERSONNEL Toronto 2 Berkeley Square Ontario London Daniel Prendergast M5S 1M2 W1J 6EB CEO Canada United Kingdom Brian D. Levine www.settercapital.com www.cebile.com Partner (416) 964-9555 +44-203-667-5000 (416) 964-0699 Joseph M. Herman PERSONNEL Partner Sunaina Sinha Sean J. Keene Managing Partner Partner [email protected] George J. Eberle Partner Michael A. Caiati GREENHILL & CO. Partner MAIN OFFICE Joseph Nagae Partner 300 Park Avenue New York, NY 10022 Frank Schmitz United States Partner www.greenhill.com Robert Schoder 212 389 1500 Partner 212 389 1700 Michael Stark Partner 46 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 PLACEMENT AGENT INDEX

Acalyx Advisors 28 Gloverock Capital LLC 34 Alexander King Advisors 28 Griffin Financial Group 34 Allen Partners 28 Harken Capital Securities 35 Apex Exit Advisors LLC 28 Harpeth Fund Advisors 35 Ariane Capital Partners LLC 28 HCP & Company 35 Asante Capital Group 28 Hudson Partners Securities LLC 35 Ascendant Capital LLC 29 Hycroft Advisors 35 Atlantic Pacific Capital 29 Incubation Capital Partners 35 Atlantic Trust 29 Ineo Capital LLC 35 Axiom Capital Management 29 Jefferies Private Capital Group 36 Axonia Partners 29 Lazard Freres & Co LLC 36 Battery East Group 29 Liberty Global Partners 36 Bespoke Partners 29 M20 Private Fund Advisors LLC 36 Bionx Holdings 29 Mercury Capital Advisors 36 Breakwater Advisory Pty Ltd 30 Moelis & Company 37 Bridge 1 Advisors 30 MVision Pirvate Equity Advisers LLC 37 Bridge Haven 30 Near Earth LLC 38 Bright Harbor Advisors 30 NGP Energy Capital Management 38 Capstone Partners 30 Outsourcing Xperts 38 Castling Investment Group 30 Oxis Capital Inc 38 Centenium Advisors LLC 30 Park Hill Group 38 Ceres Group 30 Pex Global 38 CH Advisors 30 PG Boole LLC 38 CKJ Capital Partners, LLC 30 Pinnacle Trust Partners LLC 39 Cochran Edwards Capital Partners 31 Probitas Partners 39 Cohen Brothers 31 Pursant 39 The Cosine Group 31 Rede Partners 39 Craig-Green & Co 31 River Street Capital 40 Credit Suisse 31 Seafront Capital 40 Cygnus Capital Partners Limited 31 Setter Capital Inc 40 De Luna Partners 32 Shannon Advisors 40 Delaquila Family Offices 32 Sixpoint Partners 40 Denning and Company 32 Snowbridge Advisors 41 Distinct Capital Partners Inc 32 Stanwich Advisors 41 Eaton Partners 32 Stonepine Advisors LLC 41 Edgeline Capital Partners 32 Stonington Capital Advisors, LLC 41 Empire Capital Advisors 32 Stormharbour Securities LP 42 Epic Private Equity 32 Top Capital Advisors 42 Evercore 32 Touchstone Group, LLC 42 Excelsior Capital Partners 33 Triago Americas 42 First Avenue 33 Troy Funds Group 43 First Line Advisors LLC 33 UBS 43 FocusPoint Private Capital Group 33 United Health Care Capital 43 Fortress Group Inc 34 Vista Mar Partners 43 Four Wood Capital Partners, LLC 34 Young America Capital LLC 43 Garibaldi Capital Advisors 34 Ziegler 43 Global Capital Innovation Corp 34 Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 47 SECONDARY GUIDE INDEX

17Capital 6 Knightsbridge Advisers 16 50 South Capital Advisors LLC 6 Krain Real Estate 16 747 Capital 6 Landmark Partners 16 Abbott Capital Management 6 Lexington Partners 16 Adams Street Partners, LLC 7 Lightpath Capital 18 Akina Ltd 8 Mantra Investment Partners 18 Allianz Capital Partners 8 Mercer Investment Consulting 18 AlpInvest 8 Mercury Partners 18 Alternative Investment Management, LLC 8 Mesirow Financial Private Equity 18 Angelo Gordon & Co. 8 Microventures 19 Arcis Group 8 Midcoast Capital, LLC 19 ARDIAN 9 Millennium Technology Value Partners 19 Atlas Peak Capital 9 Morgan Stanley 19 Bex Capital 9 Mustang Capital Partners, LLC 19 Billionaire Family Office 10 NorgesInvestor Opportunites 20 Bowside Capital 10 Northern Sky Capital 20 CBRE Capital Advisors 10 Northern Trust 20 Cebile Capital LLP 10 Northleaf Capital Partners 20 Cedar Springs Capital 10 Omaha Beach Capital, LLC 20 Circleup 11 Oxford Partners 20 CM Capital 11 Oxis Capital Inc 20 Coller Capital 11 Pantheon 20 Committed Advisors 11 Partners Group 20 Commonfund 12 Pathway Capital Management, LP 20 Corrum Capital Management LLC 12 Patriarch Partners 21 Crow Holdings Capital – Investment Partners 12 Permal Capital Mangement 21 Davis Capital, LLC 12 Pinebridge Investments LLC 21 DGZ Capital 12 Portfolio Advisors 21 Drum Capital Management 12 Private Advisors 22 Easton Capital 12 Proval Invest 22 Ekagrata Inc. 12 Reciprocal Capital 22 Endurance Investments 13 ROC Partners 22 Euro Private Equity 13 Rubicon Venture Capital 22 Fort Washington Capital Partners 13 Saints Capital 22 Galileo Global Securities 13 Savano Capital Partners 22 Goldman Sachs & Co 13 Sequential Advisors 22 Griffin Financial Group 13 SL Capital Partners 22 Hamilton Lane 14 Speakglobal, Ltd. 23 HarbourVest Partners, LLC 14 Spectra Investments 23 HQ Capital Private Equity LLC 14 Stafford Capital Partners 23 HSBC 15 Star Mountain Capital 23 Idinvest Partners 15 Stepstone Group LP 23 IFG Companies 15 Strategic Partners Fund Solutions 23 Industry Ventures 15 Stratim Capital 24 Jasper Ridge Partners 15 T Capital Partners, LLC 24 Jeneration Capital 15 TMT Capital Partners, LLC 24 Jira Capital & Consult GMBH 15 Top Capital Advisors 24 48 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 SECONDARY GUIDE INDEX

Top Tier Capital Partners 24 University of Rochester 25 Traveller Capital Advisors 24 VCFA Group 25 Triago 24 Venturenet Capital Group 25 TYTO Capital Partners 24 Vintage Investment Partners 25 Unigestion SA 25 W Capital Partners 25 University of Florida Investment Corporation 25 Willowridge Partners 26

SECONDARY INTERMEDIARIES INDEX

Axon Partners 44 Hedgebay Securities 44 Campbell Lutyens & Co. Inc. 44 Mozaic capital Advisors 44 Cebile Capital 44 Park Hill Group 44 Greenhill & Co 44 Setter Capital Inc 44 Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 49 INDICES: SECONDARY BUYERS

SECONDARY BUYERS, BY TYPE OF INVESTMENT DESIRED Buyout funds Buyout funds capital Venture funds Mezzanine funds situation Special Hedge funds funds Real estate funds Infrastructure funds Domestic funds International Funds of funds secondaries Stapled in interests Partial seller (in which funds a stake) maintains in private Interest (secondary companies directs) participation Syndicate Recapitalizations Fund

50 South Capital Advisors LLC X X X X X X X X X X X X X 747 Capital X X X X X Abbott Capital Management, LLC X X X X X X X X X X X Adams Street Partners, LLC X X X X X X X X X X X X X Akina Partners X X X X X X Allianz Capital Partners X X ARCIS Group X X X X ARDIAN X X BEX Capital X Bowside Capital X X X CBRE Capital Advisors X X X X X Cebile Capital LLP X X X X X X X X X X X X X X X Cedar Springs Capital X X X X X X X X X X X X X X X CM Capital X X X X X X X X X X Committed Advisors X X X X X X X X X X X X X X X Commonfund X X X X X X X X X X X X X X Corrum Capital Management LLC X X X X X X X Ekagrata Inc. X X X X X Euro Private Equity X X X X Fort Washington Capital Partners Group X X X X X X X X X ("FW Capital") HarbourVest Partners, LLC X X X X X X X X X X HQ Capital Private Equity LLC X X X X X X X X X X X X X X Idinvest Partners X X X X X X X X IFG Companies X X X X X X X X X Jeneration Capital X X X X X X X X X X X X JIRA CAPITAL & CONSULT GMBH X X X X X X X X Lexington Partners X X X X X X X X X X X X X X X Mantra Investment Partners X X X X X X X X X X X X X X Mercer Investment Consulting, LLC X X X X X X X X X X X Mercury Partners X X X X X X X X X X X X Mesirow Financial Private Equity X X X X X X X X MidCoast Capital, LLC X X X X X X X X X X X X Morgan Stanley X X X Mustang Capital Partners LLC X X X X X X X X Omaha Beach Capital X X X X X X X Oxis Capital Inc. X Pathway Capital Management, LP X X X Permal Capital Management X X X X X X X X Portfolio Advisors X X X X Reciprocal Capital X X X X X X X X X X X X X Spectra Investments X X X X X X X X X X X StepStone Group LP X X X X X X X X X X X X X Traveller Capital Advisors X X X X Triago X X X X X X X X X X X X X X VCFA Group X X X X X X X W Capital Partners X X X X Willowridge Partners X X X X X X X X X X X X X X 50 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 INDICES: SECONDARY BUYERS

SECONDARY BUYERS, GEOGRAPHIC PREFERENCE OF INVESTMENTS United States Canada Latin/South America Europe Asia-Pacific Australia/ New Zealand Africa East Middle

17Capital X X X 50 South Capital Advisors LLC X X X X 747 Capital X Abbott Capital Management, LLC X X X X X Adams Street Partners, LLC X X X X X X X X Akina Partners X Allianz Capital Partners X X X X X X ARCIS Group X ARDIAN X X X X BEX Capital X X X Bowside Capital X X CBRE Capital Advisors X X Cebile Capital LLP X X X X X X X X Cedar Springs Capital X X X X X X X X CM Capital X X X X Committed Advisors X X X X X X X X Commonfund X X X X X X X X Corrum Capital Management LLC X X X X X Ekagrata Inc. X X X X Euro Private Equity X Fort Washington Capital Partners Group ("FW Capital") X X HarbourVest Partners, LLC X X X X X X HQ Capital Private Equity LLC X X X X X X X X Idinvest Partners X IFG Companies X Jeneration Capital X X X X X JIRA CAPITAL & CONSULT GMBH X X X X X Lexington Partners X X X X X X Mantra Investment Partners X X X X X X X X Mercer Investment Consulting, LLC X X X X Mercury Partners X X X X Mesirow Financial Private Equity X X X X X X MidCoast Capital, LLC X X X X X Morgan Stanley X Mustang Capital Partners LLC X X X X X X X Omaha Beach Capital X X X X Oxis Capital Inc. X Pathway Capital Management, LP X X X X X X Permal Capital Management X X X Portfolio Advisors X X X X Reciprocal Capital X X X X X X X X Spectra Investments X StepStone Group LP X X X X X X Traveller Capital Advisors X Triago X X X X X X X X VCFA Group X W Capital Partners X X X Willowridge Partners X X X X X X Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 51 INDICES: SECONDARY BUYERS

SECONDARY BUYERS, BY PREFERRED AGE OF FUND INVESTMENTS Firm Name 1-2 years 3-4 years 5-6 years 7 years or older 50 South Capital Advisors LLC X X X X 747 Capital X X X X Abbott Capital Management, LLC X X X Adams Street Partners, LLC X X X X Akina Partners X X Allianz Capital Partners X X X X ARCIS Group X X ARDIAN X X X BEX Capital X Bowside Capital X X X X Cebile Capital LLP X X X X Cedar Springs Capital X CM Capital X X X X Committed Advisors X X X X Commonfund X X X X Ekagrata Inc. X X Euro Private Equity X X X Fort Washington Capital Partners Group ("FW Capital") X X X X HarbourVest Partners, LLC X HQ Capital Private Equity LLC X X X X Idinvest Partners X X JIRA CAPITAL & CONSULT GMBH X X X X Lexington Partners X X X X Mantra Investment Partners X X X Mercer Investment Consulting, LLC X X Mercury Partners X X Mesirow Financial Private Equity X X X X MidCoast Capital, LLC X X Mustang Capital Partners LLC X X X X Omaha Beach Capital X X Pathway Capital Management, LP X X X X Permal Capital Management X X X Portfolio Advisors X X Reciprocal Capital X X X X Spectra Investments X X X StepStone Group LP X X Traveller Capital Advisors X X VCFA Group X X Willowridge Partners X X X 52 | BUYOUTS | VCJ Guide To Secondary Buyers & Placement Agents 2016 INDICES: PLACEMENT AGENTS

PLACEMENT AGENTS, OTHER SERVICES OFFERED Firm Name Firm advisory relations Investor services sales secondary equity Private advising placement Co-investment placement investment Direct Due diligence and terms on partnership Advice conditions structuring interest Carried advice Tax Advisory M&A Other

Acalyx Advisors X X X X Alexander King Advisors X X X X X X Asante Capital Group X Atlantic Pacific Capital X X X X X X X AXONIA PARTNERS X X X X CH Advisors X X X X X X X Presentation Coaching, Professional Referencing, Strategic Advisory CKJ Capital Partners, LLC X X X Cohen Brothers X X X X X X Global selection of best in class managers by strategy, fund marketing documentation Cygnus Capital Partners Limited X X X X EDGELINE CAPITAL PARTNERS X X X X X X Excelsior Capital Partners X X X FocusPoint Private Capital Group First Avenue X X X X X X FocusPoint Private Capital Group X X X X X X GloveRock Capital LLC X X X X X X Griffin Financial Group X X X X X X X Harken Capital Securities X X X X X Hycroft Advisors X X X X Ineo Capital X X X X X Lazard Freres & Co LLC X Mercury Capital Advisors X X X X X X X X Moelis & Company X X X X X X X X Mvision Private Equity Advisers X X X X Advising on co-investments; Advising on direct investments PG Boole, LLC X X X Pinnacle Trust Partners, LLC X X X X X Probitas Partners X X River Street Capital X X X X X X Seafront Capital X X X X Sixpoint Partners X X X X X X X X Snowbridge Advisors X X X X X X X Stanwich Advisors X X X X X X Stonington Capital Advisors, LLC X X X X X X Touchstone Group, LLC X X X X Triago Americas X Strategic Advisory for GPs and LPs Guide To Secondary Buyers & Placement Agents 2016 BUYOUTS | VCJ | 53 INDICES: PLACEMENT AGENTS

PLACEMENT AGENTS, DESIRED CLIENT TYPES Firm Name Firm funds Buyout funds capital Venture funds Mezzanine Hedge funds and farmland Timber partnerships funds Real estate funds Infrastructure funds Secondary funds First-time funds International Funds of funds funds debt Private Other

Acalyx Advisors X X X X X X X X

Alexander King Advisors X X X X X X X X X X X

Asante Capital Group X X X X X X

Atlantic Pacific Capital X X X X X

AXONIA PARTNERS X X X X

Centenium Advisors LLC X X X X X X X X X X X X Long-only equity and hedge fund strategies

CH Advisors X X X X

CKJ Capital Partners, LLC X X X X X X X X X

Cohen Brothers X X X X X X Internet funds

Cygnus Capital Partners Limited X X X X X X

EDGELINE CAPITAL PARTNERS X X X X X X X X X X

Empire Capital Advisors X X X X X

Excelsior Capital Partners X X X

FocusPoint Private Capital Group

First Avenue X X X X X X X X X X X Special Situations & Sector-focussed funds

FocusPoint Private Capital Group X X X X X X X X X X X X

GloveRock Capital LLC X X X X

Griffin Financial Group X X X X X X X X X

Harken Capital Securities X X X Growth Equity

Hycroft Advisors X X X X X X X X

Ineo Capital X X X

Lazard Freres & Co LLC X X X X X X X X X

Mercury Capital Advisors X X X X X X X X X X

Moelis & Company X X X X X X X X X X

Mvision Private Equity Advisers X X X X X X X X X

PG Boole, LLC X X X X X X X X

Pinnacle Trust Partners, LLC X X X X X X X X X X X X

Probitas Partners X X X X X X X X X X

River Street Capital X X X X X X X X X

Seafront Capital X X X X X Direct Late-Stage Secondaries

Sixpoint Partners X X X X X X X

Snowbridge Advisors X X X X X X X X X X

Stanwich Advisors X X X X X X X

Stonington Capital Advisors, LLC X X X X X X X X X X

Touchstone Group, LLC X X X X X X X

Triago Americas X X X X X X X X X X X A Guide to INSIGHT INTO EMERGING VENTURE TRENDS, ACCESS TO INDUSTRY Company-Wide LUMINARIES, EXPERT AND IN-DEPTH ANALYSIS OF CRITICAL ISSUES Access to Buyouts via IP

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Intelligence | News | Features | LPs | Funds | Loans | Deals | People | Buyouts Beat | Current Buyouts | Video | Contact Us | Home Buyouts & PLACEMENT AGENTS Hot Story Cover Story Most Five Questions with popular Rich Lawson, CEO, Five Questions with Rich Lawson, CEO, HGGC HGGC CalPERS commits $100 mln to Blackstone +**&KHOGD¿QDOFORVHRQELOOLRQ TacOpps co-investment fund RQ0DUFKIRULWVVHFRQGIXQG6WHYH *HOVLDVNHG+**&&(25LFK/DZVRQ Danger ahead? LPs /HW¶VVHHVRPH¿UHZRUNV BUYOUTS & VCJ ¿YHTXHVWLRQV push pace of Deal roundup commitments Get your fully diligenced bids in early: Doug 6HYHUDOPDMRUOLPLWHG www.buyoutsnews.com May 4, 2015 • Issue 10 Ryder, Kirkland & Ellis The capital of tomorrow SDUWQHUV¿QDOL]HGSODQVWR BUYOUTS Vol. 28, No. 10, May 4, 2015 UDPSXSWKHLUFRPPLWPHQW Top News & Analysis SDFLQJLQUHFHQWO\ VHWWLQJWKHVWDJHIRU )RUPHU:/5RVVH[HFVXHV¿UPWRRSHQXS DQRWKHUEDQQHU\HDUIRU books -- WSJ IXQGUDLVLQJ%XWZLWK JHQHUDOSDUWQHUVFRPLQJ $IRUPHUH[HFXWLYHZLWK:/5RVV &RLVVXLQJWKH SEARCH THE ARCHIVE GO RIIWKHVWURQJHVW Sign In | Request Trial SULYDWHHTXLW\¿UPWRIRUFHLWWRRSHQLWVERRNVDQG HOME BUYOUTS VENTURE CAPITAL JOURNAL RESEARCH CENTER PE HUB MARKETPLACE Intelligence | News | Features | LPs | Funds | Loans | Deals | People | Buyouts Beat | Current Buyouts | Video | Contact Us | IXQGUDLVLQJ\HDUVLQFH Home Buyouts UHFRUGVWRKLPWKH:DOO6WUHHW-RXUQDOUHSRUWHG Hot Story Cover Story Most Five Questions with popular DIUHVKRXWSRXULQJ Rich Lawson, CEO, Five Questions with Rich Lawson, CEO, HGGC HGGC CalPERS commits $100 mln to Blackstone +**&KHOGD¿QDOFORVHRQELOOLRQ TacOpps co-investment fund RQ0DUFKIRULWVVHFRQGIXQG6WHYH RIFRPPLWPHQWVFRXOG *HOVLDVNHG+**&&(25LFK/DZVRQ Danger ahead? LPs /HW¶VVHHVRPH¿UHZRUNV ¿YHTXHVWLRQV push pace of Deal roundup commitments All eyes on Get your fully diligenced bids in early: Doug 6HYHUDOPDMRUOLPLWHG Ryder, Kirkland & Ellis SDUWQHUV¿QDOL]HGSODQVWR All eyes on GE Antares SXVKGU\SRZGHUOHYHOVWR UDPSXSWKHLUFRPPLWPHQW Top News & Analysis SDFLQJLQUHFHQWO\ VHWWLQJWKHVWDJHIRU MARKET )RUPHU:/5RVVH[HFVXHV¿UPWRRSHQXS DQRWKHUEDQQHU\HDUIRU books -- WSJ IXQGUDLVLQJ%XWZLWK JHQHUDOSDUWQHUVFRPLQJ Deal roundup $IRUPHUH[HFXWLYHZLWK:/5RVV &RLVVXLQJWKH XQFRPIRUWDEOHKHLJKWV RIIWKHVWURQJHVW SULYDWHHTXLW\¿UPWRIRUFHLWWRRSHQLWVERRNVDQG IXQGUDLVLQJ\HDUVLQFH UHFRUGVWRKLPWKH:DOO6WUHHW-RXUQDOUHSRUWHG DIUHVKRXWSRXULQJ RIFRPPLWPHQWVFRXOG GE Antares SXVKGU\SRZGHUOHYHOVWR Deal roundup XQFRPIRUWDEOHKHLJKWV 7KHIROORZLQJELGVPHUJHUVDFTXLVLWLRQVDQGGLVSRVDOV 7KHIROORZLQJELGVPHUJHUVDFTXLVLWLRQVDQGGLVSRVDOV ZHUHUHSRUWHGE\5HXWHUVDVRI*07

Digital Edition ZHUHUHSRUWHGE\5HXWHUVDVRI*07 27th Annual CalPERS commits $100 mln to Blackstone BUYOUTS EAST EXPAND YOUR www.buyoutsnews.com March 9, 2015 • Issue 6 NETWORKING AND TacOpps co-investment fund GET DEALS DONE AT BUYOUTS Vol. 28, No. 6, March 9, 2015 BUYOUTS EAST 2015! Danger ahead? Network Participate Schedule with in our 1:1 Investors panels meetings 32 LPs push pace of 7KH&DOLIRUQLD3XEOLF(PSOR\HHV¶5HWLUHPHQW6\VWHP Join us on March 24th -25th in Boston for 2+ days of unparalleled networking and intelligence. Whether you’re focused on fundraising or just looking to learn more about the trends taking shape, Buyouts East guarantees that you’ll meet more than 500 professionals in the biggest event of the year for senior decision-makers. Plus GPs, can customize their networking opportunities with LPs by participating in our exclusive ExecConnect private meeting commitments program: pre-arranged 1:1 meetings with LPs with mutual investment goals. Enrollment for ExecConnect is included with all GP tickets; and with more than 200 LPs attending, you’re sure to meet new investors eager to put money to work in the asset class.

Who attends Buyouts East? More than 200 of the top LPs in the industry. Don’t miss your chance to rub DOORFDWHGPLOOLRQWRLQYHVWDORQJVLGHWKH%ODFN- TIPVMEFSTXJUIJOȯVFOUJBMEFDJTJPONBLFSTXIPBSFMPPLJOHUPJOWFTUJOGVOETMJLFZPVST)FSFȎTBTBNQMFPGȮSNT 36

200+ who have previously attended to give you a sense of the types of companies you’ll meet this year: Danger ahead? LPs push pace of commitments INSTITUTIONAL INVESTORS • Alcatel-Lucent Investment • )BSCPVS7FTU • Northern Trust Management Corporation • )BSUGPSE*OWFTUNFOU.BOBHFNFOU$P • /:$0GȮDFPGUIF$PNQUSPMMFS • "SMJOHUPO'BNJMZ0GȮDF • )FXJUU&OOJT,OVQQ` • OCIF Capital Asia Co Ltd • ATP Private Equity Partners • Indiana Public Retirement System • PAAMCO • Auda International • Invesco Private Capital • Pepperdine University VWRQH*URXS¶VWDFWLFDORSSRUWXQLWLHVSODWIRUPLQ-DQ- 250+ • BAML Capital Access Funds • J.P. Morgan Asset Management • Perot Investments FUND • Bessemer Trust • Jordan Family Enterprises • PPM America Capital Partners MANAGERS • Carleton College • ,FOUVDLZ3FUJSFNFOU4ZTUFNT • Rockefeller Financial • Cornell University Endowment • Liberty Mutual • SCS Financial Services • Deutsche Bank Private Equity • MainePERS • Soros Fund Management • DuPont Capital Management • Manulife Capital • Stepstone Global • Fisher Lynch Capital • Mass Mutual Financial Group • 5FYBT$IJMESFOȎT)PTQJUBM 150+ • Franklin Park • MetLife Investments • Texas Employees Retirement System DEAL AND FUND • GE Equity XDU\DFFRUGLQJWRWKHUHWLUHPHQWV\VWHP¶VPHHWLQJ INTERMEDIARIES • Morgan Creek Capital Management • The James Irvine Foundation • (FOTQSJOH'BNJMZ0GȮDFT • Morgan Stanley Alternative Investment • TIAA-CREF • Georgetown University Partners • TorreyCove Capital Partners • Grove Street Advisors • New York City Retirement Systems • UBS Financial Services Direct lenders accelerate into middle-market senior debt 5 • Guardian Life Insurance Company of • New York State Insurance Fund • 7BMMFZ'PSHF1SJWBUF&RVJUZ America • New York State Teachers’ Retirement • 7JTUB3JEHF$BQJUBM1BSUOFST SEC pursues cases of misallocated fees and expenses 8 • )BNJMUPO-BOF System • Wilshire Private Markets Carlyle offers fee discounts on $2 bln middle-market fund 18 PDWHULDOV Salveo Capital seeks to invest in legalized marijuana 25 SAVE BIG AND REGISTER NOW! 4QFBLXJUI#PC3BJEUUPȮOEPVUIPX Pritzker Group aims to at least double PE portfolio 38 +1 (646) 223-6246 | [email protected] http://events.SignUp4.com/BOE15

Michigan re-launches co-investment 7RUHDGDGLJLWDOFRS\ program to battle fees RIRXUODWHVWPDJD]LQH $IWHUDVL[\HDUKLDWXVWKH6WDWHRI0LFKLJDQ5H- click here WLUHPHQW6\VWHPVLVHYDOXDWLQJGLUHFWFRLQYHVW- PHQWVDQGVHFRQGDU\PDUNHWRSSRUWXQLWLHVWR )RUJHW\RXUSDVVZRUG ERRVWUHWXUQVDQGEULQJGRZQPDQDJHPHQWIHH RUZDQWWROHDUQPRUH FRVWVDFFRUGLQJWRDQLQYHVWPHQWUHSRUW DERXW%X\RXWV" Please click here to Digital Edition HPDLO%RE5DLGW KKR nears $2 billion deal for Air Medical ..5 &R/3LVLQDGYDQFHGWDONVWRDFTXLUH$LU 0HGLFDO*URXS+ROGLQJV,QFLQDGHDOWKDWFRXOG Fund Database Oil price volatility starts to draw blood 6 YDOXHWKH86KHOLFRSWHUDPEXODQFHFRPSDQ\DW DURXQGELOOLRQLQFOXGLQJGHEWSHRSOHIDPLOLDU 27th Annual ZLWKWKHPDWWHUWROG5HXWHUV Lindsay Goldberg produces anything but small potatoes for Idaho 19 BUYOUTS STATISTICS CalPERS commits $100 mln to Blackstone Thoma Bravo to exit Blue Coat in $2.4 bln sale to Bain EAST %DLQ&DSLWDOZLOOEHFRPHWKHVHFRQGSULYDWHHTXLW\ Performance data Caisse de dépôt pivots further toward direct investing 36 EXPAND YOUR ¿UPWRRZQ%OXH&RDW6\VWHPV,QF for more than 2,000 www.buyoutsnews.com March 9, 2015 • Issue 6 funds NETWORKING AND GET DEALS DONE AT BUYOUTS Vol. 28, No. 6, March 9, 2015 'RZQORDGWKHODWHVW TacOpps co-investment fund Advisory | Debt | Equities | Principal Investing macquarie.com/whiteboard BUYOUTS EAST 2015! /HW¶VVHHVRPH¿UHZRUNV ³5HWXUQV'DWDEDVH´WDEOH Talking Top Quartile with John Hill of First Reserve Corp 37 $KLJKSUR¿OHVH[XDOGLVFULPLQDWLRQWULDOKDSSHQ- IURPWKH5HODWHG)LOHVWDE Danger ahead? LQJULJKWQRZSLWWLQJ(OOHQ3DRDJDLQVWKHUIRUPHU EHORZWRVHHKRZPRUH Network Participate Schedule with in our 1:1 HPSOR\HU.OHLQHU3HUNLQV&DX¿HOG %\HUVKDV WKDQIXQGVKDYH Investors panels meetings WXUQHGDVSRWOLJKWRQZKDWPDQ\EHOLHYHLVDFXO- EHHQSHUIRUPLQJ

These examples may not be representative of every client’s experience. Past performance is not a guarantee of future performance or success. Macquarie Capital (USA) Inc. (Macquarie Capital) is a registered WXUHRIVH[LVPLQ6LOLFRQ9DOOH\ Top-performing co-investments target GPs’ ‘strike zone’ 54 LPs push pace of 7KH&DOLIRUQLD3XEOLF(PSOR\HHV¶5HWLUHPHQW6\VWHP Join us on March 24th -25th in Boston for 2+ days of unparalleled networking and intelligence. Whether you’re focused on broker-dealer and member of FINRA and SIPC. This document does not constitute an offer to sell or a solicitation of an offer to buy any securities. This document does not constitute and should not be interpreted fundraising or just looking to learn more about the trends taking shape, Buyouts East guarantees that you’ll meet more than 500 professionals in the biggest event of the year for senior decision-makers. as either an investment recommendation or advice, including legal, tax or accounting advice. Macquarie Capital is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth Plus GPs, can customize their networking opportunities with LPs by participating in our exclusive ExecConnect private meeting commitments program: pre-arranged 1:1 meetings with LPs with mutual investment goals. Enrollment for ExecConnect is included with all GP of Australia). Obligations of Macquarie Capital do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in tickets; and with more than 200 LPs attending, you’re sure to meet new investors eager to put money to work in the asset class. Who attends Buyouts East? More than 200 of the top LPs in the industry. Don’t miss your chance to rub page 2 respect of the obligations of Macquarie Capital. DOORFDWHGPLOOLRQWRLQYHVWDORQJVLGHWKH%ODFN- TIPVMEFSTXJUIJOȯVFOUJBMEFDJTJPONBLFSTXIPBSFMPPLJOHUPJOWFTUJOGVOETMJLFZPVST)FSFȎTBTBNQMFPGȮSNT 36

200+ who have previously attended to give you a sense of the types of companies you’ll meet this year: Danger ahead? LPs push pace of commitments INSTITUTIONAL INVESTORS • Alcatel-Lucent Investment • )BSCPVS7FTU • Northern Trust Management Corporation • )BSUGPSE*OWFTUNFOU.BOBHFNFOU$P • /:$0GȮDFPGUIF$PNQUSPMMFS • "SMJOHUPO'BNJMZ0GȮDF • )FXJUU&OOJT,OVQQ` • OCIF Capital Asia Co Ltd • ATP Private Equity Partners • Indiana Public Retirement System • PAAMCO • Auda International • Invesco Private Capital • Pepperdine University VWRQH*URXS¶VWDFWLFDORSSRUWXQLWLHVSODWIRUPLQ-DQ- 250+ • BAML Capital Access Funds • J.P. Morgan Asset Management • Perot Investments FUND • Bessemer Trust • Jordan Family Enterprises • PPM America Capital Partners MANAGERS • Carleton College • ,FOUVDLZ3FUJSFNFOU4ZTUFNT • Rockefeller Financial • Cornell University Endowment • Liberty Mutual • SCS Financial Services • Deutsche Bank Private Equity • MainePERS • Soros Fund Management • DuPont Capital Management • Manulife Capital • Stepstone Global MAQ134 Buyouts_8.5x11_02_M01.indd 1 4/13/15 12:13 PM • Fisher Lynch Capital • Mass Mutual Financial Group • 5FYBT$IJMESFOȎT)PTQJUBM 150+ • Franklin Park • MetLife Investments • Texas Employees Retirement System DEAL AND FUND XDU\DFFRUGLQJWRWKHUHWLUHPHQWV\VWHP¶VPHHWLQJ INTERMEDIARIES • GE Equity • Morgan Creek Capital Management • The James Irvine Foundation • (FOTQSJOH'BNJMZ0GȮDFT • Morgan Stanley Alternative Investment • TIAA-CREF • Georgetown University Partners • TorreyCove Capital Partners • Grove Street Advisors • New York City Retirement Systems • UBS Financial Services Direct lenders accelerate into middle-market senior debt 5 • Guardian Life Insurance Company of • New York State Insurance Fund • 7BMMFZ'PSHF1SJWBUF&RVJUZ America • New York State Teachers’ Retirement • 7JTUB3JEHF$BQJUBM1BSUOFST SEC pursues cases of misallocated fees and expenses 8 • )BNJMUPO-BOF System • Wilshire Private Markets Carlyle offers fee discounts on $2 bln middle-market fund 18 PDWHULDOV Salveo Capital seeks to invest in legalized marijuana 25 SAVE BIG AND REGISTER NOW! 4QFBLXJUI#PC3BJEUUPȮOEPVUIPX Pritzker Group aims to at least double PE portfolio 38 +1 (646) 223-6246 | [email protected] http://events.SignUp4.com/BOE15

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$IWHUDVL[\HDUKLDWXVWKH6WDWHRI0LFKLJDQ5H- Buyers & Placement 2016Agents Guide to Secondary WLUHPHQW6\VWHPVLVHYDOXDWLQJGLUHFWFRLQYHVW- PHQWVDQGVHFRQGDU\PDUNHWRSSRUWXQLWLHVWR )RUJHW\RXUSDVVZRUG ERRVWUHWXUQVDQGEULQJGRZQPDQDJHPHQWIHH RUZDQWWROHDUQPRUH FRVWVDFFRUGLQJWRDQLQYHVWPHQWUHSRUW DERXW%X\RXWV" Please click here to HPDLO%RE5DLGW KKR nears $2 billion deal for Air Medical SECONDARY SIGN UP FOR YOUR..5 &R/3LVLQDGYDQFHGWDONVWRDFTXLUH$LU FREE 2 WEEK TRIAL TO BUYOUTS AT 0HGLFDO*URXS+ROGLQJV,QFLQDGHDOWKDWFRXOG Fund Database YDOXHWKH86KHOLFRSWHUDPEXODQFHFRPSDQ\DW DURXQGELOOLRQLQFOXGLQJGHEWSHRSOHIDPLOLDU BUYOUTSNEWS.COM/TRIALZLWKWKHPDWWHUWROG5HXWHUV TODAY! BUYERS Thoma Bravo to exit Blue Coat in $2.4 bln sale to Bain %DLQ&DSLWDOZLOOEHFRPHWKHVHFRQGSULYDWHHTXLW\ Performance data Listings start on page 5 ¿UPWRRZQ%OXH&RDW6\VWHPV,QF for more than 2,000 funds For nearly 30 years, Buyouts has been the most comprehensive'RZQORDGWKHODWHVW source of breaking news, editorial insight, /HW¶VVHHVRPH¿UHZRUNV ³5HWXUQV'DWDEDVH´WDEOH $KLJKSUR¿OHVH[XDOGLVFULPLQDWLRQWULDOKDSSHQ- IURPWKH5HODWHG)LOHVWDE industry analysis, and stockpiles of fundLQJULJKWQRZSLWWLQJ(OOHQ3DRDJDLQVWKHUIRUPHU data for GP’s, LPs, andEHORZWRVHHKRZPRUH Industry Professionals. HPSOR\HU.OHLQHU3HUNLQV&DX¿HOG %\HUVKDV WKDQIXQGVKDYH WXUQHGDVSRWOLJKWRQZKDWPDQ\EHOLHYHLVDFXO- EHHQSHUIRUPLQJ Buyouts gives you access to: WXUHRIVH[LVPLQ6LOLFRQ9DOOH\ n EXPERT ANALYSIS – Take advantage of trends in fundraising, deal-making and exits PLACEMENT n LITTLE KNOWN SOURCES OF FRESH CAPITAL – Broaden your fundraising efforts AGENTS n DATABASE OF COMMITMENTS BY MAJOR LPs – See how the market has trended over the last 5 years Listings start on page 27 n RETURN DATA ON OVER 2,000 FUNDS – Track fund performance and know how your fund compares

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