StepStone Atlantic Fund, L.P.

Private Equity and Infrastructure

Quarterly Monitoring Report

For the period ending December 31, 2020

Report Prepared For:

Important Information

This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or other services by StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP, StepStone Conversus LLC, Swiss Capital Alternative Investments AG and StepStone Group Europe Alternative Investments Limited or their subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document. This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consent of StepStone. While some information used in the presentation has been obtained from various published and unpublished sources considered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use. Thus, all such information is subject to independent verification by prospective investors.

The presentation is being made based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing in private market products. All expressions of opinion are intended solely as general market commentary and do not constitute investment advice or a guarantee of returns. All expressions of opinion are as of the date of this document, are subject to change without notice and may differ from views held by other businesses of StepStone.

All valuations are based on current values calculated in accordance with StepStone’s Valuation Policies and may include both realized and unrealized investments. Due to the inherent uncertainty of valuation, the stated value may differ significantly from the value that would have been used had a ready market existed for all of the portfolio investments, and the difference could be material. The long-term value of these investments may be lesser or greater than the valuations provided.

StepStone Group LP, its affiliates and employees are not in the business of providing tax, legal or accounting advice. Any tax-related statements contained in these materials are provided for illustration purposes only and cannot be relied upon for the purpose of avoiding tax penalties. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Each prospective investor is urged to discuss any prospective investment with its legal, tax and regulatory advisors in order to make an independent determination of the suitability and consequences of such an investment.

An investment involves a number of risks and there are conflicts of interest.

Each of StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP and StepStone Conversus LLC is an investment adviser registered with the Securities and Exchange Commission (“SEC”). StepStone Group Europe LLP is authorized and regulated by the Financial Conduct Authority, firm reference number 551580. StepStone Group Europe Alternative Investments Limited (“SGEAIL”) is an SEC Registered Investment Advisor and an Alternative Investment Fund Manager authorized by the Central Bank of Ireland and Swiss Capital Alternative Investments AG (“SCAI”) is an SEC Exempt Reporting Adviser and is licensed in Switzerland as an Asset Manager for Collective Investment Schemes by the Swiss Financial Markets Authority FINMA. Such registrations do not imply a certain level of skill or training and no inference to the contrary should be made.

In relation to Switzerland only, this document may qualify as "advertising" in terms of Art. 68 of the Swiss Financial Services Act (FinSA). To the extent that financial instruments mentioned herein are offered to investors by SCAI, the prospectus/offering document and key information document (if applicable) of such financial instrument(s) can be obtained free of charge from SCAI or from the GP or investment manager of the relevant collective investment scheme(s). Further information about SCAI is available in the SCAI Information Booklet which is available from SCAI free of charge.

All data is as of December 31, 2020 unless otherwise noted.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ACTUAL PERFORMANCE MAY VARY.

Table of Contents

I. Quarterly Update ...... 1 II. Market Update ...... 2 III. Portfolio Review ...... 5 IV. Performance Summary ...... 6 V. Investment Summaries ...... 15 VI. Footnotes ...... 53 VII. Quarterly Market Overview...... 54

Dear Limited Partner,

We are pleased to enclose the quarterly update for StepStone Atlantic Fund, L.P. (the “Fund”, “SSAF”, or “Partnership”) for the period ending December 31, 2020. I. Quarterly Update

StepStone Atlantic Fund, L.P. – Private Equity (“SSAF – PE”) was formed in August 2009 and made its first private equity investment in December 2009. During the quarter, the Fund committed $10.0 million to two new private equity investments, bringing cumulative commitments to $770.9 million in 85 total investments, of which 76 remain active. From inception through the current quarter, the Fund has contributed $678.6 million, or 88.0% of SSAF – PE’s commitments. The Fund’s private equity investments have a total value of $1.4 billion, which includes $539.3 million of distributions received by the underlying investments. SDCERS’ private equity return, net of all fees, expenses, and accrued carried interest, is equal to a net total value multiple of 2.01x and a net IRR of 19.0%(1).

During the quarter, SSAF – PE was written up $153.3 million, or 21.1%, driven by Altos Co-Investment (+28.2m; 438.6%), StepStone Tactical Growth Fund II (+21.4m; 35.7%), and Project Sumo (+16.7m; 49.6%).

StepStone Atlantic Fund, L.P. – Infrastructure (“SSAF – Infra”) was formed in December 2011 and made its first infrastructure investment in October 2009 (a transfer from the private equity portfolio). During the quarter, the Fund made one new infrastructure investment, bringing total commitments at $233.3 million in 28 total investments, of which 25 remain active. From inception through current quarter, the Fund has contributed $222.0 million, or 95.2% of the Partnership’s infrastructure commitments. The Fund’s infrastructure investments have a total value of $283.8 million, which includes $142.0 million of distributions received by the underlying investments. SDCERS’ infrastructure return, net of all fees, expenses, and accrued carried interest, is equal to a net total value multiple of 1.27x and a net IRR of 6.8%(1).

During the quarter, SSAF – Infra was written up $11.1 million, or 7.3%, primarily driven by Argonaut PE III ($2.9m; 15.8%), Project Sophia ($1.5m; NM), and Project Magellan ($1.5m; 13.3%).

The Fund (Private Equity and Infrastructure) has a total value of $1.7 billion, which includes $681.3 million of distributions, and was written up $164.4 million, or 18.8%, during the quarter. SDCERS’ return, net of all fees, expenses, and accrued carried interest, is equal to a net total value multiple of 1.8x and a net IRR of 16.3%.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 1

II. Market Update Global equity markets climbed higher in Q4, continuing its recovery from the COVID-19 pandemic that caused steep declines in Q1, and capping off one of the most tumultuous years in modern history. Most major asset classes experienced strong gains during the fourth quarter driven by the positive news of COVID-19 vaccine breakthroughs and optimism about a return to normalcy in the near future. Small cap and value stocks, non-US equity markets, and sectors such as energy and financials led the rally to finish the year. U.S. economic recovery was also positively impacted by the $900 billion government stimulus bill that passed in December and expectations of further economic support from the newly elected Biden administration. The weakened U.S. dollar from the U.S. Federal Reserve’s implementation of quantitative easing throughout 2020 boosted emerging market equities to post their strongest quarterly return in a decade.

Despite strong performance in many sectors, large parts of the U.S. economy continued to be negatively impacted by COVID-19- related restrictions and shutdowns, such as the hospitality, airline, entertainment, and restaurant industries. These struggling industries have contributed to sustained higher unemployment in the U.S. China’s economy continued to rebound from the pandemic at a quicker pace than the rest of the world and is expected to further expand in 2021. While Europe has struggled with high COVID-19 infection rates and restrictive lockdowns, the European Central Bank provided stimulus and ongoing bond buying support to keep equity markets afloat in Q4. Additionally, the European Union reached an agreement on its Brexit trade deal with the United Kingdom during the quarter.

All major global equities posted positive performance in Q4, led by the S&P 500 Total Return Index gaining 12.1%, followed by the MSCI Emerging Markets Index’s quarterly gain of 11.3%. These uplifts were driven by the weakened dollar and continued economic recoveries throughout the developing world. The MSCI Europe Index and MSCI Asia Index increased 9.6% and 9.1% respectively, for the fourth quarter. The strong fourth quarter returns for the S&P 500 Total Return Index helped drive annual returns of 18.4%. MSCI Asia Index and MSCI Emerging Markets Index experienced annual gains of 13.9% and 11.5%, respectively, while MSCI Europe increased 2.4% for the year as the continent struggled with sustained COVID-19 infection rates.

In the private markets, U.S. leveraged buyout (“LBO”) debt volume increased 91.1% quarter-over-quarter to $26.4 billion as sponsors closed new acquisitions before year-end. Despite the increase in volume in Q4, annual totals for 2020 were down 26% compared to 2019 driven by decreased volume in Q2 and Q3 of 2020. According to data from S&P, purchase price multiples for U.S. LBOs rose to near record highs at 12.0x EBITDA in the fourth quarter, up from 11.0x EBITDA in the prior quarter, and above the 5-year average of 10.8x. Average debt multiples of large corporate U.S. LBO loans increased to 6.1x from 5.3x over the quarter, above the 10-year average of 5.6x. Equity contributions for U.S. LBOs decreased almost 13% over the quarter to 42.3%, remaining slightly above the 10-year average of 41.8%.(1)

Global private equity fundraising totaled more than $665.4 billion in 2020, a decline of 17.6% from 2019 but still the second highest annual total on record as investors continued to allocate to the asset class. European-focused funds saw a decline in fundraising activity of more than 55.4% in 2020 compared to 2019 while Asian-focused funds totals were up 22.2%, and U.S.-focused funds were marginally lower by approximately 5% for the year. Dollars invested by private equity funds fell 10.0% quarter-over-quarter and were down 14.8% year-over-year. Buyout activity for the quarter decreased 12.9% quarter-over-quarter to $51.9 billion, while VC funding decreased 22.7% quarter-over-quarter to $72.4 billion. Companies operating in the Information Technology sector continue to account for a significant portion of the invested capital, with over 37.4% of the capital deployed in the fourth quarter.

There were 143 private equity-backed IPOs completed on the NYSE and NASDAQ that raised $66.4 billion during 2020, the largest annual amount raised since 2014. In the fourth quarter of 2020, there were 43 IPOs that raised $25.8 billion, the largest of which were completed by Airbnb, Inc. (NASDAQ: ABNB), which raised $3.8 billion, and DoorDash, Inc. (NYSE: DASH), which raised $3.4 billion. Together these deals represented 27.5% of the total value for all IPOs during the fourth quarter.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 2

Special purpose acquisition companies (“SPACs”) continued to be a popular route to go public in Q4. Specifically, 132 SPACs raised $39.2 billion during Q4 alone, bringing aggregate amounts raised in 2020 to the largest annual total on record with $83.3 billion raised in 248 SPACs at an average size of $336.0 million. Subsequent to year-end, the pace of SPACs has accelerated with $87.8 billion raised from 270 SPACs as of March 2021.(2)

M&A activity increased 126.7% quarter-over-quarter to $203.6 billion and was up 84.8% compared to the fourth quarter of 2020. The largest M&A deals of the quarter were the $20.9 billion purchase of Immunomedics, Inc. by Gilead Sciences, Inc. (NASDAQ: GILD) and the $19.1 billion purchase of Livongo Health, Inc. by Teladoc Health, Inc. (NYSE:TDOC). M&A activity for the year decreased 2.2% from the prior year, to $561.2 million.(3)

Quarter Review and Market Outlook - Secondaries

The secondary market momentum in the second half of 2020 is expected to continue into 2021, as both buyers and sellers have returned to the market accompanied by an increased focus on several emerging trends. Buyers are searching for quality and safety by selecting best-in-class GPs, recent fund vintages (post-2012), and COVID-resilient sectors (i.e., late-stage tech, healthcare, among others). Moreover, buyer selectivity has emerged as a dominant theme across all deal types, with mosaic solutions representing a post-GFC high 41% of volume.(4) These trends have helped bolster a growing sponsor-led market that has seen increased participation among first and second quartile GPs, which represented 73% of GP-led volume between 2018 and 2020.(5) Private equity buyout pricing has broadly stabilized at 89% of NAV, down from 93% in 2019. Notably, high- and low-bid spreads have widened up to 25%, as buyers are competing more aggressively for assets they know well. StepStone estimates that YE 2021 volume may reach as high as $100 billion, driven by the reemergence of LP-led deal flow towards historical levels combined with the continued rapid growth in sponsor-led transactions.

StepStone believes these market shifts favor StepStone’s secondary investment strategy of leveraging the firm’s information advantage in selecting high quality assets in GP-directed or relationship-driven transactions. In 2020, our secondaries platform deployed more than $1.2 billion across 20 closed transactions with high-quality sponsors, 19 of which were single manager transactions. Significantly, many transactions were either proprietary or limited processes where StepStone had advantaged information access and/or where the GP directed the transaction to StepStone as a preferred buyer. As GP involvement in the secondary market continues to grow, StepStone believes the value of our strategic capabilities will continue to benefit our secondaries platform and LPs.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 3

Quarter Review and Market Outlook – Venture Capital(6)

2020 was a banner year for US venture capital across multiple metrics, including annual fundraising activity. In 2020, US venture capital firms raised $73.6 billion for 321 funds, marking the highest number on record for capital raised in a single year in light of the number of funds raised decreasing 36%, year-over-year. While COVID-19 uncertainty still looms, US venture capitalists will start 2021 in a position of strength with $152 billion in dry powder to deploy into promising companies. Notable tailwinds which have enabled a healthy fundraising environment center around a strong IPO market, near-zero interest rates, and a large number of LPs presently being under allocated to venture capital. In aggregate, fundraising in 2020 posted tremendous figures however, the sentiment was not shared at all stages of the industry. In a COVID-19 fundraising environment, fund managers with strong track records and good LP relationships have been able to raise capital relatively easier than first-time funds or funds with less strong performance. In years prior, emerging funds, those that have raised three funds or less, accounted for nearly twice as many funds as well-established managers. However, in 2020 the ratio was much closer to 1:1 with emerging funds closing 159 funds compared to 162 for well-established managers.

In 2020, US venture capital deal value surpassed $150.0 billion, the highest amount ever recorded. In 2020, US venture capitalists invested $156.2 billion in 11,024 companies, representing a 13% increase in capital invested and a 10% decrease in deal count, year-over-year. Software, Pharma and Biotech have continued to accelerate resulting from the accelerated adoption of fintech, edtech, and telemedicine services. In 2020, deal value in Software, Pharma and Biotech totaled $77.6 billion, or 50% of total deal value. “Unicorns”, companies valued over $1.0 billion, were also significant contributors of deal value during the year, raising over $50.0 billion across 223 transactions, respective increases of 33% and 34%.

Angel and Seed investors swiftly adapted to a digital deal making environment, ending the year with a combined deal volume of $10.1 billion in 4,650 deals, representing an increase of 1% and a decrease of 11%, respectively. Compared to other stages, deal reporting with Angel & Seed investors tends to be delayed. Including estimates of deals not yet reported, the total number of deals is projected to beat 2019 activity. Most notably, pre-money valuations declined year-over-year while the median and average deal sizes reached new highs, suggesting that investors are requiring higher company ownership to compensate for the perceived higher risk. In 2020, Early stage venture capitalists invested $41.8 billion in 3,195 companies, year-over-year decreases of 11% and 20%, respectively. Although deal value failed to outpace the records set in 2018 and 2019, Early stage deal value exceeded $40 billion for the third consecutive year, showcasing resilience at the early stage of the industry despite a challenging start to the year. In 2020, Late stage investment deal value broke records with capital deployment exceeding $100 billion for the first time on record, representing 67% of total US VC deal value during the year. In 2020, Late stage venture capitalists invested $104.2 billion in 3,179 companies, marking year-over-year increases of 29% and 5%, respectively.

Similar to the record-breaking figures seen in US venture capital fundraising and investment deal value in 2020, US venture capital exit value also surpassed historical records. In 2020, VC-backed exits generated $290.1 billion across 928 liquidity events, marking a 13% increase in VC-backed exit value and a 17% decrease in the number of exits, year-over-year. Exits by way of IPO made up the largest portion of the exit value, comprising 77% of the total exit value, while only accounting for 11% of the total exit count.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 4

III. Portfolio Review

New Investments

Project Camp Private Equity Secondaries $5.0 million commitment StepStone completed a GP-led secondary transaction to acquire three Ampersand Capital Partners portfolio companies, held across the GP's 2006, 2011 and 2014 vintage funds.

Project Vertigo Private Equity Primary $5.0 million commitment StepStone invested into two funds managed by a global venture capital firm focused on healthcare and life sciences. The firm will focus on early-stage biotech companies in North America and Western Europe.

Project Sophia Infrastructure Secondaries $5.7 million commitment StepStone acquired an interest in China Ventures Fund I, a 2018 vintage fund managed by SoftBank Ventures Asia China. The Fund is diversified across several sectors, including transportation, remote power and software.

Contributions

During the quarter, the Fund called $14.6 million to meet the capital requirements of underlying investments and anticipated capital calls. Additionally, a portion was used to pay management fees and expenses related to the Fund.

Distributions

During the quarter, the Fund distributed $71.9 million from underlying investments.

StepStone continues to be optimistic about the market for private equity and infrastructure investments and is currently reviewing a number of investment opportunities. Should you have any questions or if we can provide any further information, please feel free to contact John Coelho at 858.558.9700.

Best Regards,

Monte Brem Scott Hart John Coelho Johnny Randel Partner, Co-CEO Partner, Co-CEO Partner Partner, CFO

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 5

IV. Performance Summary

As of December 31, 2020, the Fund’s portfolio consisted of the following:

StepStone Atlantic Fund, L.P. (1)(3) Private Equity Infrastructure Total Capital Committed $ 770,898,658 $ 233,293,357 $ 1,004,192,015 Capital Contributed 678,598,616 222,021,159 900,619,775 Contributed as a % of Capital Committed 88.0% 95.2% 89.7% Number of Active Investments 76 25 101 Distributions 539,274,537 142,032,518 681,307,056 Distributions as a % of Capital Contributed 79.5% 64.0% 75.6% Market Value of Investments 828,960,899 141,782,304 970,743,203 Partnership Value as a % of Contributed 122.2% 63.9% 107.8% Market Value as of % of Total Market Value 85.4% 14.6% 100.0% Total Value of Investments $ 1,368,235,436 $ 283,814,822 $ 1,652,050,258

The table below provides a summary of the net performance of SDCERS’:

San Diego City Employees' Retirement System (3)(4) Private Equity Infrastructure Total Capital Called from SDCERS $ 615,960,280 $ 201,527,401 $ 817,487,681 (2) SDCERS' Unfunded - - 280,760,995 Distributions to SDCERS 481,551,949 126,829,715 608,381,664 SDCERS' Distributions as a % of Contributed 78.2% 62.9% 74.4% Estimated Market Value 753,636,184 128,899,052 882,535,236 Estimated MV as a % of Capital Contributed 122.4% 64.0% 108.0% Estimated MV as a % of Total MV 85.4% 14.6% 100.0% Total Distributions and Estimated Market Value $ 1,235,188,132 $ 255,728,767 $ 1,490,916,900

(4) Net Total Value Multiple (TVM) 2.01x 1.27x 1.82x (4) Net Internal Rate of Return (IRR) 19.0% 6.8% 16.3%

Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 6

The graphs below detail the sources of value generated from the Fund’s underlying portfolio investments from inception through December 31 2020:

StepStone Atlantic Fund Total Funded to Total Value

StepStone Atlantic Fund Private Equity Total Funded to Total Value

StepStone Atlantic Fund Infrastructure Total Funded to Total Value

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 7

Schedule of Investments

StepStone Atlantic Fund, L.P. As of December 31, 2020 # of Investment Type Investments Committed(1) Funded(2) Distributed Market Value Total Value TVM(3) IRR(3) Private Equity Secondaries 35 $ 190,196,712 $ 155,639,249 $ 123,251,290 $ 160,617,526 $ 283,868,816 1.82x 21.8% Active PE Secondaries 33 183,668,146 149,150,636 116,068,848 160,617,526 276,686,374 1.86x 23.5% Realized PE Secondaries 2 6,528,566 6,488,613 7,182,441 - 7,182,441 1.11x 2.8% Private Equity Seasoned Primaries 18 186,479,000 173,949,479 171,451,646 181,195,584 352,647,230 2.03x 19.5% Active PE Seasoned Primaries 16 156,479,000 149,065,672 126,022,372 181,195,584 307,217,956 2.06x 18.8% Realized PE Seasoned Primaries 2 30,000,000 24,883,807 45,429,274 - 45,429,274 1.83x 25.7% Private Equity Primaries 14 207,000,000 175,032,838 140,745,296 253,805,162 394,550,458 2.25x 22.4% Private Equity Co-Investments 18 187,222,946 173,977,049 103,826,306 233,342,627 337,168,933 1.94x 18.9% Active PE Co-Investments 13 152,292,946 138,876,495 68,957,466 233,342,627 302,300,093 2.18x 22.1% Realized PE Co-Investments 5 34,930,000 35,100,554 34,868,840 - 34,868,840 0.99x -0.3% Private Equity Subtotal 85 770,898,658 678,598,616 539,274,537 828,960,899 1,368,235,436 2.02x 20.6% Infrastructure Secondaries 13 $ 101,668,357 $ 90,043,565 $ 50,346,640 $ 73,442,317 $ 123,788,957 1.37x 11.7% Infrastructure Seasoned Primaries 3 35,000,000 35,798,464 14,016,442 32,358,566 46,375,008 1.30x 12.8% Infrastructure Primaries 2 17,500,000 17,426,761 10,724,676 1,278,715 12,003,391 0.69x -11.0% Infrastructure Co-Investments 10 79,125,000 78,752,369 66,944,760 34,702,705 101,647,466 1.29x 7.9% Active Infra Co-Investments 7 60,125,000 63,061,400 52,243,865 34,702,705 86,946,571 1.38x 8.7% Realized Infra Co-Investments 3 19,000,000 15,690,968 14,700,895 - 14,700,895 0.94x -9.8% Infrastructure Subtotal 28 233,293,357 222,021,159 142,032,518 141,782,304 283,814,822 1.28x 8.4% StepStone Atlantic Fund Gross Returns 113 $ 1,004,192,015 $ 900,619,775 $ 681,307,056 $ 970,743,203 $ 1,652,050,258 1.83x 18.4% Other Fund Net Assets/(Liabilities) (44,489,087) Total Partnership Value 926,254,116 (4) SDCERS Net Returns $ 817,487,681 $ 608,381,664 $ 882,535,236 $ 1,490,916,900 1.82x 16.3%

Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 8

Schedule of Investments

StepStone Atlantic Fund, L.P. As of December 31, 2020 Vintage Private Equity Secondaries Year Fund Strategy Committed(1) Funded(2) Distributed Market Value Total Value TVM(3) IRR(3) Active PE Secondaries ABRY Partners VI, L.P. 2008 Buyout $ 10,345,250 $ 10,950,975 $ 20,058,291 $ 179,429 $ 20,237,720 1.85x 21.1% Affinity Asia Pacific Fund III, L.P. 2007 Buyout 1,105,542 983,671 627,485 180,390 807,875 0.82x -5.0% Core Capital Partners II L.P. 2015 Buyout 742,094 766,706 278,494 339,863 618,357 0.81x -8.1% Crestview Partners III, L.P. 2013 Buyout 3,838,669 3,004,534 1,889,080 2,817,860 4,706,940 1.57x 18.7% Eureka II, L.P. 2006 Buyout 1,834,790 1,765,087 1,331,798 408,943 1,740,741 0.99x -0.4% FTVentures II & III 2001 Growth Equity 2,713,039 2,398,314 2,735,370 664,167 3,399,537 1.42x 17.8% Hancock Park Capital III, L.P. 2005 Buyout 4,676,095 4,624,664 661,842 443,751 1,105,593 0.24x -31.2% Hatteras Venture Partners V 2015 Venture Capital 5,999,973 3,294,453 1,317,855 7,838,700 9,156,555 2.78x 99.3% Northlane Capital Partners I, L.P. - IHAM 2014 Buyout 6,284,005 6,395,417 7,773,910 7,676,597 15,450,507 2.42x 52.3% Northlane Capital Partners I, LP 2003 Buyout 10,939,605 10,656,226 20,352,137 5,399,577 25,751,714 2.42x 81.3% Project Alice 2019 Venture Capital 3,849,921 3,353,772 52,769 11,264,657 11,317,426 3.37x 198.6% Project Camp 2020 Growth Equity 5,000,000 4,700,000 - 4,837,173 4,837,173 1.03x NM Project Cavaliers 2019 Buyout 10,500,000 9,386,221 1,359,001 14,871,369 16,230,370 1.73x 35.4% Project Cloud 2021 Distressed 15,000,000 - - - - NA NM Project Dolphin (HGGC I) 2002 Buyout 1,885,615 1,893,879 311,025 435,042 746,067 0.39x -19.1% Project Lion 2017 Growth Equity 6,159,384 4,935,648 890,796 4,273,755 5,164,551 1.05x 2.3% Project Pueblo 2019 Growth Equity 4,270,536 2,292,193 9,132 3,180,890 3,190,022 1.39x 25.5% Project Robin 2015 Growth Equity 1,266,548 562,735 - 1,144,987 1,144,987 2.03x NM Project Sail 2014 Buyout 3,599,200 3,598,569 281,485 4,793,224 5,074,709 1.41x 8.1% Project Sumo 2011 Growth Equity 21,207,258 20,827,184 278,403 50,321,341 50,599,744 2.43x 25.4% Project Talde 2005 Growth Equity 1,489,482 1,191,949 1,533,142 404,075 1,937,217 1.63x 56.6% Project Triangle 2012 Venture Capital 1,379,357 1,252,873 358,621 2,450,359 2,808,980 2.24x 44.1% Project Vanguard 2014 Venture Capital 9,613,799 9,159,688 9,530,297 15,132,374 24,662,671 2.69x NM Ridgemont Partners Secondary Fund I, L.P. 1999 Buyout 5,555,556 5,104,572 10,353,725 1,005,432 11,359,157 2.23x 40.6% Rosetta Capital IV, L.P. 2006 Venture Capital 3,420,142 3,533,241 146,012 2,271,555 2,417,567 0.68x -5.5% Signal Peak Technology Ventures, L.P. 2002 Venture Capital 2,514,286 2,514,286 8,251,035 2,847,713 11,098,748 4.41x 41.2% SilverStone II, LLC Series B (Bain IX) 2006 Buyout 3,694,150 3,618,929 6,480,124 333,736 6,813,860 1.88x 24.8% SilverStone II, LLC Series C (Excel Ventures I & II) 2008 Venture Capital 5,088,235 4,671,476 1,747,118 1,448,938 3,196,056 0.68x -7.1% SilverStone II, LLC Series E (Small Secondaries) 2006 Buyout 2,114,000 2,002,806 3,652,354 295,014 3,947,368 1.97x 43.3% SilverStone II, LLC Series G (KRG) 2005 Buyout 15,000,000 9,623,388 8,376,050 4,799,063 13,175,114 1.37x 9.5% SilverStone II, LLC Series H (Small Secondaries) 2017 Buyout 6,451,612 5,904,391 2,166,677 6,224,567 8,391,244 1.42x 25.4% SilverStone IV, LLC Series C (Small Secondaries) 2020 Buyout 2,880,038 782,683 6,967 2,293,488 2,300,455 2.94x NM Terra Firma Capital Partners III, L.P. 2006 Buyout 3,249,965 3,400,108 3,257,853 39,498 3,297,351 0.97x -0.6% PE Active Secondaries Subtotal $ 183,668,146 $ 149,150,636 $ 116,068,848 $ 160,617,526 $ 276,686,374 1.86x 23.5% Realized PE Secondaries Hummer Winblad Venture Partners V, L.P. 2000 Venture Capital 1,528,566 1,528,566 4,404,608 - 4,404,608 2.88x 47.3% Longworth Venture Partners II, L.P. 2001 Venture Capital $ 5,000,000 $ 4,960,047 $ 2,777,834 $ - $ 2,777,834 0.56x -36.1% PE Realized Secondaries Subtotal $ 6,528,566 $ 6,488,613 $ 7,182,441 $ - $ 7,182,441 1.11x 2.8% Private Equity Secondaries Total $ 190,196,712 $ 155,639,249 $ 123,251,290 $ 160,617,526 $ 283,868,816 1.82x 21.8%

Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 9

Schedule of Investments

StepStone Atlantic Fund, L.P. As of December 31, 2020

Vintage Private Equity Seasoned Primaries Year Fund Strategy Committed(1) Funded(2) Distributed Market Value Total Value TVM(3) IRR(3) Active PE Seasoned Primaries Accel-KKR Emerging Buyout Partners, L.P. 2020 Buyout $ 10,000,000 $ 1,239,674 $ - $ 1,107,560 $ 1,107,560 0.89x NM Clearlake Capital Partners II, L.P. 2009 Distressed 5,000,000 6,784,543 10,361,236 243,960 10,605,196 1.56x 15.1% Delos Investment Fund, L.P. 2014 Distressed 20,000,000 19,800,257 25,940,171 8,854,967 34,795,138 1.76x 19.4% DFJ Mercury Fund II, L.P. 2008 Venture Capital 10,000,000 10,218,219 4,552,710 11,299,133 15,851,843 1.55x 6.7% DN Capital – Global Venture Capital III L.P. 2012 Venture Capital 10,104,000 12,096,748 9,291,663 30,335,253 39,626,916 3.28x 36.9% Foundry Group Select Fund, L.P. 2013 Growth Equity 5,000,000 4,568,750 4,071,487 4,864,421 8,935,908 1.96x 20.2% HighBAR Partners II, L.P. 2009 Growth Equity 15,000,000 15,000,000 3,117,200 2,960,070 6,077,270 0.41x -19.4% Openspace Ventures, L.P. 2015 Venture Capital 6,875,000 6,844,548 4,437,850 16,956,286 21,394,136 3.13x 36.0% Ridgemont Equity Partners Fund I, L.P. 2011 Buyout 15,000,000 14,920,636 23,028,495 10,353,694 33,382,189 2.24x 25.0% Signal Peak II, L.P. 2014 Venture Capital 15,000,000 15,000,000 - 30,609,277 30,609,277 2.04x 19.2% SoftTech VC III, L.P. 2011 Venture Capital 10,000,000 9,250,000 21,020,577 15,661,030 36,681,607 3.97x 22.0% SoftTech VC Plus 2016 Venture Capital 4,000,000 4,002,266 2,524,766 4,592,283 7,117,049 1.78x 23.9% Tritium I, L.P. 2014 Growth Equity 10,000,000 10,935,738 15,984,684 6,202,703 22,187,387 2.03x 23.9% Valar Velocity Fund 1 LP 2019 Venture Capital 7,500,000 7,500,000 - 8,452,626 8,452,626 1.13x NM Vensana Capital I, L.P. 2018 Venture Capital 3,000,000 904,294 153,069 841,739 994,808 1.10x NM Vertical Venture Partners L.P. 2014 Venture Capital 10,000,000 10,000,000 1,538,462 27,860,582 29,399,044 2.94x 35.2% PE Active Seasoned Primaries Subtotal $ 156,479,000 $ 149,065,672 $ 126,022,372 $ 181,195,584 $ 307,217,956 2.06x 18.8% Realized PE Seasoned Primaries HGGC Fund II, L.P. 2014 Buyout $ 10,000,000 $ 9,152,701 $ 13,102,468 $ - $ 13,102,468 1.43x 13.3% One Rock Capital Partners, L.P. 2012 Buyout 20,000,000 15,731,106 32,326,806 - 32,326,806 2.05x 31.6% PE Realized Seasoned Primaries Subtotal $ 30,000,000 $ 24,883,807 $ 45,429,274 $ - $ 45,429,274 1.83x 25.7% Private Equity Seasoned Primaries Total $ 186,479,000 $ 173,949,479 $ 171,451,646 $ 181,195,584 $ 352,647,230 2.03x 19.5%

Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 10

Schedule of Investments

StepStone Atlantic Fund, L.P. As of December 31, 2020

Vintage Private Equity Primaries Year Fund Strategy Committed(1) Funded(2) Distributed Market Value Total Value TVM(3) IRR(3) PE Primary Investments Amplify Partners II, L.P. 2015 Venture Capital $ 9,000,000 $ 8,190,000 $ - $ 12,710,491 $ 12,710,491 1.55x 14.9% Clearlake Capital Partners III, L.P. 2012 Distressed 7,500,000 10,617,804 25,874,158 2,825,788 28,699,946 2.70x 40.2% Craft Ventures II 2019 Venture Capital 10,000,000 6,500,000 - 9,177,390 9,177,390 1.41x NM Littlejohn Fund IV, L.P. 2010 Distressed 10,000,000 10,834,841 15,937,445 3,657,297 19,594,742 1.81x 13.7% Millennium Technology Value Partners II, L.P. 2010 Secondaries 10,000,000 10,610,001 7,854,364 9,471,015 17,325,379 1.63x 8.6% Parallax Capital Fund, L.P. 2013 Buyout 12,500,000 13,355,859 16,999,391 3,480,227 20,479,618 1.53x 11.9% Project Vertigo 2021 Venture Capital 5,000,000 - - - - NA NM StepStone Tactical Growth Fund II, L.P. 2017 Growth Equity 40,000,000 37,473,734 10,823,801 76,981,550 87,805,351 2.34x 51.4% StepStone Tactical Growth Fund III, L.P. 2020 Growth Equity 25,000,000 3,750,000 - 5,475,515 5,475,515 1.46x NM StepStone Tactical Growth Fund, L.P. 2013 Growth Equity 40,000,000 44,535,551 50,231,233 64,699,503 114,930,736 2.58x 22.7% Trustbridge Partners IV L.P. 2011 Growth Equity 12,500,000 13,861,174 10,909,805 43,549,372 54,459,177 3.93x 21.4% Varsity Healthcare Partners III, L.P. 2019 Buyout 10,000,000 5,576,515 86 5,791,456 5,791,542 1.04x NM Versant Venture VI, L.P. 2017 Venture Capital 5,500,000 5,270,310 2,115,013 10,976,972 13,091,985 2.48x 48.2% Versant Venture VII, L.P. 2018 Venture Capital 10,000,000 4,457,050 - 5,008,586 5,008,586 1.12x 13.5% Private Equity Primaries Total $ 207,000,000 $ 175,032,838 $ 140,745,296 $ 253,805,162 $ 394,550,458 2.25x 22.4%

Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 11

Schedule of Investments

StepStone Atlantic Fund, L.P. As of December 31, 2020 Vintage Private Equity Co-Investments Year Fund Strategy Committed(1) Funded(2) Distributed Market Value Total Value TVM(3) IRR(3) Active PE Co-Investments Altos Co-Investment 2018 Growth Equity $ 4,500,000 $ 4,501,476 $ 24,425 $ 34,679,628 $ 34,704,053 7.71x 160.1% DFJ Mercury Silverstone Fund, L.P. 2011 Growth Equity 6,000,000 6,000,000 5,768,679 4,089,659 9,858,338 1.64x 14.0% Main Post Co-Investment 2017 Growth Equity 6,311,870 6,311,870 188,244 11,640,305 11,828,549 1.87x 20.7% Millennium Tech Value Partners II (Master) 2011 Direct Secondary 3,675,522 3,782,209 500,663 2,076,607 2,577,270 0.68x -4.6% Project Gaucho (Rincon) 2014 Venture Capital 7,496,821 7,410,880 109,763 15,263,663 15,373,426 2.07x 16.0% Siris Co-Investment 2015 Buyout 2,912,621 2,912,621 747,226 282,608 1,029,834 0.35x -29.9% StepStone Capital Partners III, L.P. 2014 Buyout 45,000,000 44,552,986 31,862,999 63,496,076 95,359,075 2.14x 27.7% StepStone Capital Partners IV, L.P. 2018 Buyout 35,000,000 21,928,117 697,299 32,689,261 33,386,560 1.52x 29.0% SunStone Co-Investment 2015 Growth Equity 13,479,383 13,620,389 18,678,596 23,051,678 41,730,274 3.06x 37.6% TDR Co-Investment 2016 Buyout 7,920,050 7,920,050 - 16,013,126 16,013,126 2.02x 15.8% Tritium Co-Investment 2014 Growth Equity 6,692,529 6,621,357 - 4,679,456 4,679,456 0.71x -5.4% Updata Co-Investment 2014 Growth Equity 9,593,050 9,603,441 - 24,843,975 24,843,975 2.59x 21.0% Vector Co-Investment 2015 Buyout 3,711,100 3,711,100 10,379,572 536,583 10,916,155 2.94x 24.2% PE Active Co-Investment Subtotal $ 152,292,946 $ 138,876,495 $ 68,957,466 $ 233,342,627 $ 302,300,093 2.18x 22.1% Realized PE Co-Investments Mercato Co-Investment 2013 Growth Equity $ 5,300,000 $ 5,300,000 $ 403,904 $ - $ 403,904 0.08x -92.9% Parallax Co-Investment #1 2013 Buyout 8,000,000 8,111,960 9,936,298 - 9,936,298 1.22x 79.2% Parallax Co-Investment #2 2014 Buyout 10,000,000 10,000,000 8,306,101 - 8,306,101 0.83x -4.4% SilverStone II, LLC Series F (Aerospace) 2013 Buyout 2,900,000 2,958,594 7,317,997 - 7,317,997 2.47x 18.8% Tritium Co-Investment - Warehouse 2014 Growth Equity 8,730,000 8,730,000 8,904,540 - 8,904,540 1.02x 5.3% PE Realized Co-Investment Subtotal $ 34,930,000 $ 35,100,554 $ 34,868,840 $ - $ 34,868,840 0.99x -0.3% Private Equity Co-Investment Total $ 187,222,946 $ 173,977,049 $ 103,826,306 $ 233,342,627 $ 337,168,933 1.94x 18.9%

Private Equity Total $ 770,898,658 $ 678,598,616 $ 539,274,537 $ 828,960,899 $ 1,368,235,436 2.02x 20.6%

Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 12

Schedule of Investments

StepStone Atlantic Fund, L.P. As of December 31, 2020 Vintage Infrastructure Investments Year Fund Strategy/Industry Committed(1) Funded(2) Distributed Market Value Total Value TVM(3) IRR(3) Infrastructure Secondary Investments Argonaut PE III 2012 Oil Field Services $ 20,000,000 $ 19,224,444 $ 7,892,323 $ 18,948,395 $ 26,840,718 1.40x 10.4% Denham Commodity Partners Fund IV, L.P. 2005 Metals & Mining 3,261,625 3,218,526 3,692,671 638,355 4,331,026 1.35x 8.3% Energy Capital Partners I, L.P. 2006 Diversified Energy & Power 2,499,978 2,672,825 1,139,834 53,325 1,193,159 0.45x -15.6% Gridiron Energy 2017 Power Generation 10,000,000 10,022,717 2,250,746 11,231,126 13,481,872 1.35x 9.5% Macquarie Greater China Infrastructure Fund L.P. 2011 Diversified Infrastructure 4,816,200 4,294,020 2,892,692 4,741,800 7,634,492 1.78x 12.0% Project Delta 2012 Power Generation 14,610,640 14,806,461 18,643,797 1,684,694 20,328,491 1.37x 13.5% Project East-End 2010 Diversified Infra. 4,987,606 3,983,582 3,968,918 2,748,385 6,717,303 1.69x 21.4% Project Ironside 2007 Industrials 4,228,220 3,672,971 837,884 3,368,562 4,206,446 1.15x 8.1% Project Magellan 2014 Telecom. 14,001,372 11,552,665 4,528,301 11,744,832 16,273,133 1.41x 21.3% Project Peggy 2017 Renewable Power Gen. 12,601,754 9,640,760 - 11,939,656 11,939,656 1.24x NM Project Sophia 2018 Venture Capital 5,695,527 2,526,178 430,584 3,625,371 4,055,955 1.61x NM Project Vortex 2013 Industrials 1,465,435 1,328,209 109,309 2,471,728 2,581,037 1.94x NM SilverStone I, LLC (Riverstone RAE II) 2008 Renewable Power Gen. 3,500,000 3,100,208 3,959,581 246,088 4,205,669 1.36x 9.8% Infra Secondaries Total $ 101,668,357 $ 90,043,565 $ 50,346,640 $ 73,442,317 $ 123,788,957 1.37x 11.7% Infrastructure Seasoned Primary Investments Eve One L.P. 2019 Automation/Electric Vehicles $ 15,000,000 $ 10,500,000 $ 325,714 $ 13,557,793 $ 13,883,507 1.32x NM Quinbrook Low Carbon Power Fund 2015 Renewable Power Gen. 10,000,000 15,714,431 6,622,470 12,194,648 18,817,118 1.20x 11.0% Stonepeak Infrastructure Fund, L.P. 2013 Diversified Infra. 10,000,000 9,584,033 7,068,258 6,606,125 13,674,383 1.43x 10.0% Infra Seasoned Primary Total $ 35,000,000 $ 35,798,464 $ 14,016,442 $ 32,358,566 $ 46,375,008 1.30x 12.8% Infrastructure Primary Investments EnCap Flatrock Midstream Fund II, L.P. 2012 O&G Midstream $ 7,500,000 $ 7,076,761 $ 10,024,676 $ 1,278,715 $ 11,303,391 1.60x 26.7% Sheridan Production Partners II-B, L.P. 2010 O&G Production 10,000,000 10,350,000 700,000 - 700,000 0.07x N/A Infra Primary Total $ 17,500,000 $ 17,426,761 $ 10,724,676 $ 1,278,715 $ 12,003,391 0.69x -11.0%

Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 13

Schedule of Investments

StepStone Atlantic Fund, L.P. As of December 31, 2020

Vintage Infrastructure Investments Year Fund Strategy/Industry Committed(1) Funded(2) Distributed Market Value Total Value TVM(3) IRR(3) Infrastructure Active Co-Investments Activate Capital Co-Investment 2017 Other Renewables $ 7,500,000 $ 7,500,000 $ 12,083,653 $ 2,816,098 $ 14,899,751 1.99x 27.7% AGR Co-Investment 2019 Agriculture 10,000,000 12,814,503 3,567,176 13,372,989 16,940,165 1.32x 33.1% AI Co-Investment 2016 Transp. - Marinas 13,125,000 13,125,000 35,158,690 1,451,486 36,610,176 2.79x 37.9% Clairvest Co-Investment 2014 Oil Field Services 7,000,000 7,000,000 - 443,805 443,805 0.06x -35.2% Denham Co-Investment 2014 Renewable Power Gen. 10,000,000 10,000,000 - 10,300,612 10,300,612 1.03x 0.5% GSO Co-Investment 2012 Credit w/ Royalty (O&G) 7,500,000 7,500,000 1,434,346 5,253 1,439,599 0.19x -50.4% Quinbrook Co-Investment 2019 Renewable Power Gen. 5,000,000 5,121,897 - 6,312,462 6,312,462 1.23x 20.7% Infra Active Co-Investments Subtotal $ 60,125,000 $ 63,061,400 $ 52,243,865 $ 34,702,705 $ 86,946,571 1.38x 8.7% Infrastructure Realized Co-Investments Activate Capital Co-Investment - Warehouse 2017 Other Renewables $ 7,500,000 $ 7,500,000 $ 8,032,192 $ - $ 8,032,192 1.07x 10.1% Riverstone Co-Investment 2012 O&G Midstream 4,000,000 4,006,680 6,665,476 - 6,665,476 1.66x 29.4% Warburg Co-Investment 2014 Oil & Gas E&P 7,500,000 4,184,288 3,227 - 3,227 0.00x -98.0% Infra Realized Co-Investments Subtotal $ 19,000,000 $ 15,690,968 $ 14,700,895 $ - $ 14,700,895 0.94x -9.8% Infra Co-Investments Total $ 79,125,000 $ 78,752,369 $ 66,944,760 $ 34,702,705 $ 101,647,466 1.29x 7.9%

Infrastructure Total $ 233,293,357 $ 222,021,159 $ 142,032,518 $ 141,782,304 $ 283,814,822 1.28x 8.4%

Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 14

V. Investment Summaries

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment ABRY Partners VI, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 10.3 Total Cont 11.0 11.0 11.0 Investment Type PE Secondaries Unfunded 1.1 Total Dist 20.1 20.1 20.1 Geography North America Vintage Year 2008 Current Value 0.2 0.2 0.2 Total Value 20.2 20.3 20.3 Investment Summary ABRY targets control-oriented investments in profitable companies IRR 21.1% 21.1% 21.1% operating primarily in the media and communications sector and DPI 1.8x 1.8x 1.8x located primarily in the US. ABRY VI will typically invest between $25.0 million to $150.0 million of equity per company. TVM 1.8x 1.9x 1.9x RVPI 0.0x 0.0x 0.0x

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Accel-KKR Emerging Buyout Partners, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 10.0 Total Cont 1.2 1.5 0.0 Investment Type PE Seasoned Primary Unfunded 8.8 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2020 Current Value 1.1 1.4 0.0 Total Value 1.1 1.4 0.0 Investment Summary Accel-KKR is a Menlo Park-based private equity firm targeting fast- IRR NM NM NM growing, profitable enterprise software and technology-enabled DPI 0.0x 0.0x N/A services companies with high levels of recurring revenue across a variety of vertical markets. TVM 0.9x 0.9x N/A RVPI 0.9x 0.9x N/A

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Activate Capital Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Other Renewables LP Commitment 7.5 Total Cont 7.5 7.5 7.5 Investment Type Infra Co-Investment Unfunded 0.0 Total Dist 12.1 12.1 9.1 Geography North America Vintage Year 2017 Current Value 2.8 2.3 5.2 Total Value 14.9 14.3 14.3 Investment Summary This company is a next-generation infrastructure manager focused IRR 27.7% 26.7% 28.6% on lower middle market, distributed renewable energy and DPI 1.6x 1.6x 1.2x resource efficiency projects. TVM 2.0x 1.9x 1.9x RVPI 0.4x 0.3x 0.7x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 15

(US $ in millions) REALIZED Investment Summary Key LP Statistics Investment Activate Capital Co-Investment - Warehouse Q4 2020 Q3 2020 Q4 2019 Asset Class Other Renewables LP Commitment 7.5 Total Cont 7.5 7.5 7.5 Investment Type Infra Co-Investment Unfunded 0.0 Total Dist 8.0 8.0 8.0 Geography North America Vintage Year 2017 Current Value 0.0 0.0 0.0 Total Value 8.0 8.0 8.0 Investment Summary This company is a next-generation infrastructure manager focused IRR 10.1% 10.1% 10.1% on lower middle market, distributed renewable energy and DPI 1.1x 1.1x 1.1x resource efficiency projects. TVM 1.1x 1.1x 1.1x RVPI 0.0x 0.0x 0.0x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Affinity Asia Pacific Fund III, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 1.1 Total Cont 1.0 1.0 1.0 Investment Type PE Secondaries Unfunded 0.1 Total Dist 0.6 0.6 0.4 Geography Asia Vintage Year 2007 Current Value 0.2 0.1 0.3 Total Value 0.8 0.8 0.7 Investment Summary StepStone negotiated the purchase of a $35m original commitment IRR -5.0% -6.8% -9.4% of Affinity Asia Pacific Fund III through a GP directed process. The DPI 0.6x 0.6x 0.4x purchase price equated to a 9% discount to 9/30/2014 Net Asset Value. TVM 0.8x 0.8x 0.7x RVPI 0.2x 0.1x 0.3x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment AGR Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Agriculture LP Commitment 10.0 Total Cont 12.8 10.0 10.0 Investment Type Infra Co-Investment Unfunded 0.0 Total Dist 3.6 3.6 0.0 Geography North America Vintage Year 2019 Current Value 13.4 10.5 9.9 Total Value 16.9 14.1 10.0 Investment Summary This company is a US cattle feeding business which provides feeder IRR 33.1% 41.5% 1.3% cattle supplies, commodities as well as animal health and DPI 0.3x 0.4x 0.0x nutrition expertise. TVM 1.3x 1.4x 1.0x RVPI 1.0x 1.0x 1.0x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 16

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment AI Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Transp. - Marinas LP Commitment 13.1 Total Cont 13.1 13.1 13.1 Investment Type Infra Co-Investment Unfunded 0.0 Total Dist 35.2 11.6 10.9 Geography North America Vintage Year 2016 Current Value 1.5 25.1 20.6 Total Value 36.6 36.7 31.5 Investment Summary This company is a US-based pure-play marina operator that is being IRR 37.9% 39.0% 39.5% formed through the acquisition of four marina portfolios. This DPI 2.7x 0.9x 0.8x creates a marina portfolio of 36 marinas across 14 states. TVM 2.8x 2.8x 2.4x RVPI 0.1x 1.9x 1.6x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Altos Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 4.5 Total Cont 4.5 4.5 3.0 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 0.0 0.0 0.0 Geography Global Vintage Year 2018 Current Value 34.7 6.4 3.0 Total Value 34.7 6.5 3.0 Investment Summary This company is a next-generation 3D gaming platform for kids and IRR 160.1% 23.5% 0.8% teens. DPI 0.0x 0.0x 0.0x TVM 7.7x 1.4x 1.0x RVPI 7.7x 1.4x 1.0x

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment Amplify Partners II, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 9.0 Total Cont 8.2 8.2 7.2 Investment Type PE Primary Unfunded 0.8 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2015 Current Value 12.7 11.9 10.3 Total Value 12.7 11.9 10.3 Investment Summary Amplify Partners is a seed and early stage VC firm led by Sunil IRR 14.9% 13.7% 15.5% Dhaliwal, formerly a Partner at Battery Ventures. Amplify targets DPI 0.0x 0.0x 0.0x capital efficient IT infrastructure start-ups and focuses on opportunities in cloud computing, big data, consumerization of IT, TVM 1.6x 1.5x 1.4x and development/operations. RVPI 1.6x 1.5x 1.4x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 17

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Argonaut PE III Q4 2020 Q3 2020 Q4 2019 Asset Class Oil Field Services LP Commitment 20.0 Total Cont 19.2 19.1 18.9 Investment Type Infra Secondaries Unfunded 0.4 Total Dist 7.9 5.8 5.8 Geography North America Vintage Year 2012 Current Value 18.9 18.1 23.9 Total Value 26.8 23.9 29.7 Investment Summary StepStone purchased a commitment in Argonaut Private Equity III. IRR 10.4% 7.3% 17.9% The Fund's assets consist of seven cash flowing U.S. middle-market DPI 0.4x 0.3x 0.3x companies that are primarily energy-related. TVM 1.4x 1.2x 1.6x RVPI 1.0x 0.9x 1.3x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Clairvest Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Oil Field Services LP Commitment 7.0 Total Cont 7.0 7.0 7.0 Investment Type Infra Co-Investment Unfunded 0.0 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2014 Current Value 0.4 0.2 1.2 Total Value 0.4 0.2 1.2 Investment Summary The company is a diversified specialty equipment rental and IRR -35.2% -42.5% -27.9% services company focused on the oil & gas industry in the United DPI 0.0x 0.0x 0.0x States. TVM 0.1x 0.0x 0.2x RVPI 0.1x 0.0x 0.2x

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment Clearlake Capital Partners II, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Distressed LP Commitment 5.0 Total Cont 6.8 6.8 6.8 Investment Type PE Seasoned Primary Unfunded 0.2 Total Dist 10.4 10.3 9.6 Geography North America Vintage Year 2009 Current Value 0.2 0.3 1.0 Total Value 10.6 10.6 10.5 Investment Summary The Fund targets companies that are undergoing complex financial, IRR 15.1% 15.0% 15.1% operational, or structural change, including bankruptcies, DPI 1.5x 1.5x 1.4x restructurings, turnarounds, and other corporate transitions, taking advantage of market dislocations and inefficiencies across TVM 1.6x 1.6x 1.6x business and credit cycles. RVPI 0.0x 0.0x 0.1x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 18

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Clearlake Capital Partners III, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Distressed LP Commitment 7.5 Total Cont 10.6 10.5 10.5 Investment Type PE Primary Unfunded 3.0 Total Dist 25.9 25.4 23.0 Geography North America Vintage Year 2012 Current Value 2.8 3.0 4.9 Total Value 28.7 28.4 27.9 Investment Summary Clearlake III invests in distressed and special situations in small IRR 40.2% 40.2% 40.8% and medium sized companies undergoing complex financial, DPI 2.4x 2.4x 2.2x operational, or structural change. The Firm employs a sector-driven investment philosophy, focusing on business services, TVM 2.7x 2.7x 2.6x communications, and healthcare. RVPI 0.3x 0.3x 0.5x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Core Capital Partners II L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 0.7 Total Cont 0.8 0.8 0.8 Investment Type PE Secondaries Unfunded 0.0 Total Dist 0.3 0.3 0.3 Geography Europe Vintage Year 2015 Current Value 0.3 0.3 0.5 Total Value 0.6 0.6 0.8 Investment Summary StepStone purchased a £10m commitment in Core Capital II, a newly IRR -8.1% -9.3% 1.7% established vehicle consisting of assets transferred from Core DPI 0.4x 0.4x 0.4x Capital I and new primary capital via a GP‐directed process. The transfer price of the assets equated to a 23% discount. TVM 0.8x 0.8x 1.0x RVPI 0.4x 0.4x 0.7x

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Craft Ventures II Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 10.0 Total Cont 6.5 4.6 2.6 Investment Type PE Primary Unfunded 3.5 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2019 Current Value 9.2 4.9 2.3 Total Value 9.2 4.9 2.3 Investment Summary Craft Ventures is an early stage venture capital firm focused on IRR NM NM NM technology. The firm's second fund will invest in early stage DPI 0.0x 0.0x 0.0x companies operating across two primary themes of ubiquitous computing and the internet of money. TVM 1.4x 1.1x 0.9x RVPI 1.4x 1.1x 0.9x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 19

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment Crestview Partners III, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 3.8 Total Cont 3.0 2.9 2.6 Investment Type PE Secondaries Unfunded 1.5 Total Dist 1.9 1.8 1.8 Geography North America Vintage Year 2013 Current Value 2.8 2.5 2.1 Total Value 4.7 4.3 3.8 Investment Summary StepStone purchased a $10.0 million original commitment to a IRR 18.7% 16.5% 18.6% “friends and family” Special Purpose Vehicle that invests alongside DPI 0.6x 0.6x 0.7x Crestview Partners III, L.P., a 2013 vintage year, $3.1 billion middle market buyout fund. The “friends and family” vehicle does not pay TVM 1.6x 1.5x 1.5x management fees or carried interest. RVPI 0.9x 0.8x 0.8x

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment Delos Investment Fund, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Distressed LP Commitment 20.0 Total Cont 19.8 19.7 19.2 Investment Type PE Seasoned Primary Unfunded 0.9 Total Dist 25.9 23.5 23.5 Geography North America Vintage Year 2014 Current Value 8.9 10.2 9.7 Total Value 34.8 33.8 33.2 Investment Summary Delos will target investments in companies with approximately $10- IRR 19.4% 19.0% 20.3% 30 million of EBITDA, specifically in the Chemicals, Packaging, DPI 1.3x 1.2x 1.2x Industrials, and Consumer industries. TVM 1.8x 1.7x 1.7x RVPI 0.4x 0.5x 0.5x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Denham Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Renewable Power Gen. LP Commitment 10.0 Total Cont 10.0 10.0 10.0 Investment Type Infra Co-Investment Unfunded 0.0 Total Dist 0.0 0.0 0.0 Geography Latin America Vintage Year 2014 Current Value 10.3 10.4 14.9 Total Value 10.3 10.4 14.9 Investment Summary The company is an investment platform focusing on the IRR 0.5% 0.7% 8.8% development, construction, and operation of renewable energy DPI 0.0x 0.0x 0.0x assets in Brazil. TVM 1.0x 1.0x 1.5x RVPI 1.0x 1.0x 1.5x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 20

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment Denham Commodity Partners Fund IV, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Metals & Mining LP Commitment 3.3 Total Cont 3.2 3.2 3.2 Investment Type Infra Secondaries Unfunded 0.0 Total Dist 3.7 3.7 3.7 Geography North America Vintage Year 2005 Current Value 0.6 0.5 0.5 Total Value 4.3 4.2 4.2 Investment Summary The Fund invests in businesses and real assets related to natural IRR 8.3% 7.8% 8.0% resources, metals & mining, power, and carbon or energy DPI 1.1x 1.1x 1.1x infrastructure. The Firm has offices in North America, South America and Europe, and will invest on a global basis. TVM 1.3x 1.3x 1.3x RVPI 0.2x 0.2x 0.2x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment DFJ Mercury Fund II, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 10.0 Total Cont 10.2 10.2 10.2 Investment Type PE Seasoned Primary Unfunded 0.0 Total Dist 4.6 4.6 4.6 Geography North America Vintage Year 2008 Current Value 11.3 9.9 10.2 Total Value 15.9 14.5 14.8 Investment Summary The Fund will target early-stage information technology, clean tech, IRR 6.7% 5.5% 6.3% and life sciences companies in Texas and the Central U.S. The Fund DPI 0.4x 0.4x 0.4x will have a target deal-size of $0.5 million to $5 million. TVM 1.6x 1.4x 1.4x RVPI 1.1x 1.0x 1.0x

(US $ in millions) PERFORM ↑ Investment Summary Key LP Statistics Investment DFJ Mercury Silverstone Fund, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 6.0 Total Cont 6.0 6.0 6.0 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 5.8 5.8 5.8 Geography North America Vintage Year 2011 Current Value 4.1 3.4 3.7 Total Value 9.9 9.2 9.4 Investment Summary Co-investment vehicle established to invest alongside DFJ Mercury IRR 14.0% 12.8% 14.2% (the General Partner) in a portfolio of the firm’s most mature and DPI 1.0x 1.0x 1.0x promising portfolio companies, which will be raising capital in the next year. TVM 1.6x 1.5x 1.6x RVPI 0.7x 0.6x 0.6x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 21

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment DN Capital – Global Venture Capital III L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 10.1 Total Cont 12.1 12.0 11.8 Investment Type PE Seasoned Primary Unfunded 0.3 Total Dist 9.3 9.3 9.2 Geography Europe Vintage Year 2012 Current Value 30.3 17.2 16.0 Total Value 39.6 26.5 25.2 Investment Summary DN Capital III invests in the software and digital media industries IRR 36.9% 27.4% 29.8% targeting both early stage and expansion/late stage investments. DPI 0.8x 0.8x 0.8x The fund will primarily invest in the U.K., the U.S., Germany, and the Nordic Countries. TVM 3.3x 2.2x 2.1x RVPI 2.5x 1.4x 1.4x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment EnCap Flatrock Midstream Fund II, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class O&G Midstream LP Commitment 7.5 Total Cont 7.1 7.1 7.0 Investment Type Infra Primary Unfunded 2.3 Total Dist 10.0 9.7 9.6 Geography North America Vintage Year 2012 Current Value 1.3 1.6 2.6 Total Value 11.3 11.3 12.2 Investment Summary EnCap Flatrock II will seek to make investments up to $175 million IRR 26.7% 26.9% 30.3% in midstream oil and gas companies. The Fund will leverage the DPI 1.4x 1.4x 1.4x collective experience of the dedicated midstream team, which has significant operational and engineering experience, in addition to TVM 1.6x 1.6x 1.7x principal investment experience in the space. RVPI 0.2x 0.2x 0.4x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Energy Capital Partners I, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Diversified Energy & PowerLP Commitment 2.5 Total Cont 2.7 2.7 2.7 Investment Type Infra Secondaries Unfunded 0.0 Total Dist 1.1 1.1 1.1 Geography North America Vintage Year 2006 Current Value 0.1 0.0 0.1 Total Value 1.2 1.2 1.2 Investment Summary The Fund invests in assets in the North American fossil fuel & IRR -15.6% -16.2% -16.3% renewable power generation, electric & gas transmission, gas DPI 0.4x 0.4x 0.4x storage and related markets. The Funds equity commitments range in size from $50 million to $360 million. TVM 0.4x 0.4x 0.4x RVPI 0.0x 0.0x 0.0x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 22

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Eureka II, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 1.8 Total Cont 1.8 1.8 1.8 Investment Type PE Secondaries Unfunded 0.1 Total Dist 1.3 1.3 1.1 Geography North America Vintage Year 2006 Current Value 0.4 0.4 0.7 Total Value 1.7 1.7 1.8 Investment Summary Eureka is a small market private equity firm based in Philadelphia, IRR -0.4% -0.9% 1.0% Pennsylvania, that has been making private equity investments DPI 0.8x 0.8x 0.6x since 1999. Eureka’s investment strategy is focused on making small growth and buyout investments in companies principally located on TVM 1.0x 1.0x 1.0x the East Coast. RVPI 0.2x 0.2x 0.4x

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Eve One L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Automation/Electric VehiclesLP Commitment 15.0 Total Cont 10.5 10.5 7.5 Investment Type Infra Seasoned Primary Unfunded 4.5 Total Dist 0.3 0.0 0.0 Geography Asia Vintage Year 2019 Current Value 13.6 12.5 9.0 Total Value 13.9 12.5 9.0 Investment Summary Eve One is a China-focused fund that will target growth stage IRR NM NM NM investments within the autonomous driving and electronic vehicle DPI 0.0x 0.0x 0.0x sub-sectors. TVM 1.3x 1.2x 1.2x RVPI 1.3x 1.2x 1.2x

(US $ in millions) OUTPERFORM ↑ Investment Summary Key LP Statistics Investment Foundry Group Select Fund, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 5.0 Total Cont 4.6 4.6 4.5 Investment Type PE Seasoned Primary Unfunded 0.4 Total Dist 4.1 4.1 4.0 Geography North America Vintage Year 2013 Current Value 4.9 4.3 4.0 Total Value 8.9 8.4 8.0 Investment Summary Foundry Group is a Boulder-based venture capital firm targeting IRR 20.2% 19.2% 20.0% early stage investments in U.S. technology companies. The four DPI 0.9x 0.9x 0.9x senior professionals at Foundry have worked together since 2001 at Mobius Venture Capital. The fund’s objective is to invest in the TVM 2.0x 1.8x 1.8x growth stage rounds of Foundry’s best performing portfolio RVPI 1.1x 0.9x 0.9x companies.

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 23

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment FTVentures II & III Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 2.7 Total Cont 2.4 2.4 2.4 Investment Type PE Secondaries Unfunded 0.3 Total Dist 2.7 2.7 2.7 Geography North America Vintage Year 2001 Current Value 0.7 0.7 0.7 Total Value 3.4 3.3 3.4 Investment Summary StepStone completed a secondary purchase in two assets, IRR 17.8% 17.4% 19.1% FTVentures II and FTVentures III. FTV Capital is a growth equity firm DPI 1.1x 1.1x 1.1x focused on the Technology, Financial Services, and Software industries. TVM 1.4x 1.4x 1.4x RVPI 0.3x 0.3x 0.3x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Gridiron Energy Q4 2020 Q3 2020 Q4 2019 Asset Class Power Generation LP Commitment 10.0 Total Cont 10.0 10.0 10.0 Investment Type Infra Secondaries Unfunded 0.3 Total Dist 2.3 2.1 2.0 Geography North America Vintage Year 2017 Current Value 11.2 11.1 11.1 Total Value 13.5 13.2 13.1 Investment Summary StepStone participated in a transaction led by LS Power whereby a IRR 9.5% 9.5% 11.7% newly-created vehicle (Gridiron Energy, LLC) purchased the DPI 0.2x 0.2x 0.2x remaining five key power generation assets held in LS Power II. TVM 1.3x 1.3x 1.3x RVPI 1.1x 1.1x 1.1x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment GSO Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Credit w/ Royalty (O&G) LP Commitment 7.5 Total Cont 7.5 7.5 7.5 Investment Type Infra Co-Investment Unfunded 0.0 Total Dist 1.4 1.4 1.4 Geography North America Vintage Year 2012 Current Value 0.0 0.0 0.5 Total Value 1.4 1.4 1.9 Investment Summary The Fund was formed to invest alongside GSO Capital Partners in IRR -50.4% N/A -26.4% the oil and liquids rich formations of Cleveland and Tonkawa in DPI 0.2x 0.2x 0.2x Oklahoma. The Fund invested in the preferred interest and the overriding royalty finance portion of the deal. TVM 0.2x 0.2x 0.3x RVPI 0.0x 0.0x 0.1x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 24

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Hancock Park Capital III, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 4.7 Total Cont 4.6 4.6 4.6 Investment Type PE Secondaries Unfunded 0.0 Total Dist 0.7 0.7 0.7 Geography North America Vintage Year 2005 Current Value 0.4 0.4 0.4 Total Value 1.1 1.1 1.1 Investment Summary StepStone purchased a secondary commitment in Hancock Park IRR -31.2% -32.7% -36.9% Associates III, a 2005 vintage year, small buyout fund. Hancock Park DPI 0.1x 0.1x 0.1x Associates was founded in 1986 in Los Angeles focuses on consumer businesses in North America, primarily in Manufacturing TVM 0.2x 0.2x 0.2x and retail. RVPI 0.1x 0.1x 0.1x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Hatteras Venture Partners V Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 6.0 Total Cont 3.3 3.3 2.6 Investment Type PE Secondaries Unfunded 3.2 Total Dist 1.3 1.1 0.8 Geography North America Vintage Year 2015 Current Value 7.8 6.7 5.5 Total Value 9.2 7.9 6.2 Investment Summary StepStone acquired an LP interest in Hatters Venture Partners V, a IRR 99.3% 99.2% 171.9% 2015 vintage early stage healthcare VC fund, through a proprietary DPI 0.4x 0.3x 0.3x process. TVM 2.8x 2.4x 2.4x RVPI 2.4x 2.0x 2.1x

(US $ in millions) REALIZED Investment Summary Key LP Statistics Investment HGGC Fund II, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 10.0 Total Cont 9.2 9.2 9.2 Investment Type PE Seasoned Primary Unfunded 0.0 Total Dist 13.1 13.1 13.1 Geography North America Vintage Year 2014 Current Value 0.0 0.0 0.0 Total Value 13.1 13.1 13.1 Investment Summary HGGC is a middle-market buyout firm focused on building a IRR 13.3% 13.3% 13.3% portfolio of 10 to 14 investments. HGGC specializes in Information DPI 1.4x 1.4x 1.4x Services, Consumer, and Industrial sectors. TVM 1.4x 1.4x 1.4x RVPI 0.0x 0.0x 0.0x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 25

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment HighBAR Partners II, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 15.0 Total Cont 15.0 15.0 15.0 Investment Type PE Seasoned Primary Unfunded 0.0 Total Dist 3.1 3.1 3.1 Geography North America Vintage Year 2009 Current Value 3.0 3.3 6.6 Total Value 6.1 6.4 9.7 Investment Summary HighBAR is a Palo Alto-based emerging technology private equity IRR -19.4% -18.7% -10.1% manager targeting control investments in software companies that DPI 0.2x 0.2x 0.2x have proven technology and revenue but are in need of capital, operational leverage and strategic refocusing. TVM 0.4x 0.4x 0.6x RVPI 0.2x 0.2x 0.4x

(US $ in millions) REALIZED ↑ Investment Summary Key LP Statistics Investment Hummer Winblad Venture Partners V, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 1.5 Total Cont 1.5 1.5 1.5 Investment Type PE Secondaries Unfunded 0.0 Total Dist 4.4 4.4 4.4 Geography North America Vintage Year 2000 Current Value 0.0 0.0 0.0 Total Value 4.4 4.4 4.4 Investment Summary StepStone was able to complete a secondary in Hummer Winblad V, IRR 47.3% 47.3% 47.3% which includes highly sought after assets in MuleSoft and Birst. DPI 2.9x 2.9x 2.9x TVM 2.9x 2.9x 2.9x RVPI 0.0x 0.0x 0.0x

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment Littlejohn Fund IV, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Distressed LP Commitment 10.0 Total Cont 10.8 10.8 10.8 Investment Type PE Primary Unfunded 0.5 Total Dist 15.9 15.9 15.9 Geography North America Vintage Year 2010 Current Value 3.7 2.9 2.7 Total Value 19.6 18.8 18.6 Investment Summary The Fund is a leading special situations investor with a long-term IRR 13.7% 13.2% 13.3% track record making control investments in middle market DPI 1.5x 1.5x 1.5x companies underperforming their potential, undergoing a fundamental change in capital structure, strategy, or operations. TVM 1.8x 1.7x 1.7x RVPI 0.3x 0.3x 0.3x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 26

(US $ in millions) REALIZED Investment Summary Key LP Statistics Investment Longworth Venture Partners II, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 5.0 Total Cont 5.0 5.0 5.0 Investment Type PE Secondaries Unfunded 0.0 Total Dist 2.8 2.8 2.8 Geography North America Vintage Year 2001 Current Value 0.0 0.0 0.0 Total Value 2.8 2.8 2.8 Investment Summary The Fund focuses on early-stage technology companies in growth IRR -36.1% -36.1% -36.1% markets, including internet, media, software, and wireless sectors. DPI 0.6x 0.6x 0.6x The Fund seeks to be the first institutional money in at low initial pre-money valuations. TVM 0.6x 0.6x 0.6x RVPI 0.0x 0.0x 0.0x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Macquarie Greater China Infrastructure Fund L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Diversified InfrastructureLP Commitment 4.8 Total Cont 4.3 4.3 4.3 Investment Type Infra Secondaries Unfunded 0.5 Total Dist 2.9 2.9 2.1 Geography Asia Vintage Year 2011 Current Value 4.7 4.4 6.1 Total Value 7.6 7.3 8.2 Investment Summary The Fund targets infrastructure assets in China and Southeast Asia, IRR 12.0% 11.3% 15.4% with a focus on toll roads, airports, renewable energy plants, water DPI 0.7x 0.7x 0.5x and wastewater plants, ports, and railways. TVM 1.8x 1.7x 1.9x RVPI 1.1x 1.0x 1.4x

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment Main Post Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 6.3 Total Cont 6.3 6.3 5.0 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 0.2 0.2 0.1 Geography North America Vintage Year 2017 Current Value 11.6 9.3 6.6 Total Value 11.8 9.4 6.7 Investment Summary The company operates as a technical hunting apparel and outdoor IRR 20.7% 14.2% 10.8% gear brand providing direct-to-consumer products at or below the DPI 0.0x 0.0x 0.0x cost of competing brands. The co-investment was alongside Main Post Partners, a private equity firm that targets North American TVM 1.9x 1.5x 1.3x growth equity investments. RVPI 1.8x 1.5x 1.3x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 27

(US $ in millions) REALIZED Investment Summary Key LP Statistics Investment Mercato Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 5.3 Total Cont 5.3 5.3 5.3 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 0.4 0.4 0.4 Geography North America Vintage Year 2013 Current Value 0.0 0.0 0.0 Total Value 0.4 0.4 0.4 Investment Summary The company is a technology-enabled healthcare distribution IRR -92.9% -92.9% -92.9% business headquartered in Sandy, Utah. Mercato Partners, the DPI 0.1x 0.1x 0.1x equity sponsor of the deal, is a private equity firm focused on growth equity investments in the lower middle market. TVM 0.1x 0.1x 0.1x RVPI 0.0x 0.0x 0.0x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Millennium Tech Value Partners II (Master) Q4 2020 Q3 2020 Q4 2019 Asset Class Direct Secondary LP Commitment 3.7 Total Cont 3.8 3.8 3.7 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 0.5 0.5 0.5 Geography Europe Vintage Year 2011 Current Value 2.1 2.4 2.5 Total Value 2.6 2.9 3.0 Investment Summary The Fund was formed to lead a co-investment in a privately-held IRR -4.6% -3.4% -2.6% market leader in commodities ETF products based in the United DPI 0.1x 0.1x 0.1x Kingdom. TVM 0.7x 0.8x 0.8x RVPI 0.5x 0.6x 0.7x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Millennium Technology Value Partners II, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Secondaries LP Commitment 10.0 Total Cont 10.6 10.6 10.4 Investment Type PE Primary Unfunded 4.4 Total Dist 7.9 7.4 5.8 Geography North America Vintage Year 2010 Current Value 9.5 9.1 8.2 Total Value 17.3 16.5 14.0 Investment Summary The Fund targets direct secondary and value-centric investments at IRR 8.6% 8.1% 5.8% compelling prices in best-of-breed, late-stage technology and DPI 0.7x 0.7x 0.6x growth companies. Its strategy allows the fund to invest later in companies' development, often at better prices and structures than TVM 1.6x 1.6x 1.3x traditional venture firms. RVPI 0.9x 0.9x 0.8x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 28

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Northlane Capital Partners I, L.P. - IHAM Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 6.3 Total Cont 6.4 6.4 6.4 Investment Type PE Secondaries Unfunded 0.0 Total Dist 7.8 7.5 7.5 Geography North America Vintage Year 2014 Current Value 7.7 7.2 5.5 Total Value 15.5 14.8 13.0 Investment Summary StepStone acquired a pro rata share of Ares' capital commitment to IRR 52.3% 52.7% 54.0% American Capital Equity III. As part of this transaction, the team DPI 1.2x 1.2x 1.2x managing ACE III spun out of Ares to form an Independent GP, Northlane Capital Partners. TVM 2.4x 2.3x 2.0x RVPI 1.2x 1.1x 0.9x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Northlane Capital Partners I, LP Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 10.9 Total Cont 10.7 10.7 10.7 Investment Type PE Secondaries Unfunded 0.1 Total Dist 20.4 20.2 20.2 Geography North America Vintage Year 2003 Current Value 5.4 4.9 3.4 Total Value 25.8 25.1 23.6 Investment Summary ACE III is a middle market buyout Fund focused on lower mid- IRR 81.3% 81.4% 81.7% market U.S. companies with between $5 million and $25 million of DPI 1.9x 1.9x 1.9x EBITDA. The Fund is expected to make seven to ten investments at approximately $25 million - $100 million each. TVM 2.4x 2.4x 2.2x RVPI 0.5x 0.5x 0.3x

(US $ in millions) REALIZED Investment Summary Key LP Statistics Investment One Rock Capital Partners, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 20.0 Total Cont 15.7 15.7 15.7 Investment Type PE Seasoned Primary Unfunded 0.0 Total Dist 32.3 32.3 32.3 Geography North America Vintage Year 2012 Current Value 0.0 0.0 0.0 Total Value 32.3 32.3 32.3 Investment Summary One Rock Capital Partners is a US Small Buyout Fund focused on IRR 31.6% 31.6% 31.6% lower-middle market companies primarily in the manufacturing and DPI 2.1x 2.1x 2.1x industrial services sectors. TVM 2.1x 2.1x 2.1x RVPI 0.0x 0.0x 0.0x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 29

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Openspace Ventures, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 6.9 Total Cont 6.8 6.8 6.7 Investment Type PE Seasoned Primary Unfunded 0.1 Total Dist 4.4 4.4 2.5 Geography Asia Vintage Year 2015 Current Value 17.0 14.6 17.3 Total Value 21.4 19.0 19.8 Investment Summary NSI Ventures is an early-stage venture capital firm focusing on IRR 36.0% 34.0% 44.0% Series A and B equity investments in technology companies DPI 0.6x 0.6x 0.4x throughout Southeast Asia. TVM 3.1x 2.8x 3.0x RVPI 2.5x 2.1x 2.6x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Parallax Capital Fund, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 12.5 Total Cont 13.4 13.3 13.2 Investment Type PE Primary Unfunded 0.3 Total Dist 17.0 6.2 6.2 Geography North America Vintage Year 2013 Current Value 3.5 11.3 12.4 Total Value 20.5 17.5 18.5 Investment Summary Parallax I will make control investments in underperforming IRR 11.9% 8.1% 11.5% software companies that are established with a proven product, an DPI 1.3x 0.5x 0.5x existing customer base, and recurring revenue streams that are experiencing some challenges financially, operationally, or in TVM 1.5x 1.3x 1.4x products and services they deliver. RVPI 0.3x 0.8x 0.9x

(US $ in millions) REALIZED Investment Summary Key LP Statistics Investment Parallax Co-Investment #1 Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 8.0 Total Cont 8.1 8.1 8.1 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 9.9 9.9 9.9 Geography North America Vintage Year 2013 Current Value 0.0 0.0 0.0 Total Value 9.9 9.9 9.9 Investment Summary The company is one of the premier providers of digital identity IRR 79.2% 79.2% 79.2% authentication services to the United States (“U.S.”) federal DPI 1.2x 1.2x 1.2x government, U.S. state governments, U.S. Department of Defense, and global financial institutions. TVM 1.2x 1.2x 1.2x RVPI 0.0x 0.0x 0.0x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 30

(US $ in millions) REALIZED Investment Summary Key LP Statistics Investment Parallax Co-Investment #2 Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 10.0 Total Cont 10.0 10.0 10.0 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 8.3 8.3 8.3 Geography North America Vintage Year 2014 Current Value 0.0 0.0 0.0 Total Value 8.3 8.3 8.3 Investment Summary StepStone invested alongside Parallax Capital Partners in a IRR -4.4% -4.4% -4.4% company that is an established software company providing video DPI 0.8x 0.8x 0.8x compression technology. TVM 0.8x 0.8x 0.8x RVPI 0.0x 0.0x 0.0x

(US $ in millions) OUTPERFORM ↑ Investment Summary Key LP Statistics Investment Project Alice Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 3.8 Total Cont 3.4 3.3 3.2 Investment Type PE Secondaries Unfunded 0.5 Total Dist 0.1 0.0 0.0 Geography Asia Vintage Year 2019 Current Value 11.3 6.2 4.0 Total Value 11.3 6.2 4.0 Investment Summary StepStone invested into a new vehicle formed to acquire 12 select IRR 198.6% NM NM unrealized assets managed by Blackbird Ventures, a Sydney-based DPI 0.0x 0.0x 0.0x Australian investment manager. TVM 3.4x 1.9x 1.2x RVPI 3.4x 1.9x 1.2x

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Project Camp Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 5.0 Total Cont 4.7 0.0 0.0 Investment Type PE Secondaries Unfunded 0.3 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2020 Current Value 4.8 0.0 0.0 Total Value 4.8 0.0 0.0 Investment Summary StepStone completed a GP-led secondary transaction to acquire IRR NM NM NM three Ampersand Capital Partners portfolio companies, held across DPI 0.0x N/A N/A the GP TVM 1.0x N/A N/A RVPI 1.0x N/A N/A

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 31

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Project Cavaliers Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 10.5 Total Cont 9.4 9.5 8.8 Investment Type PE Secondaries Unfunded 1.4 Total Dist 1.4 0.0 0.0 Geography North America Vintage Year 2019 Current Value 14.9 15.6 12.6 Total Value 16.2 15.6 12.6 Investment Summary A single-manager secondary transaction comprising (i) a purchase IRR 35.4% 37.9% 50.5% of a strip of interests in four portfolio companies managed by DPI 0.1x 0.0x 0.0x Rockbridge Equity (ii) a primary commitment to the managers second fund. TVM 1.7x 1.6x 1.4x RVPI 1.6x 1.6x 1.4x

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Project Cloud Q4 2020 Q3 2020 Q4 2019 Asset Class Distressed LP Commitment 15.0 Total Cont 0.0 0.0 0.0 Investment Type PE Secondaries Unfunded 15.0 Total Dist 0.0 0.0 0.0 Geography Global Vintage Year 2021 Current Value 0.0 0.0 0.0 Total Value 0.0 0.0 0.0 Investment Summary StepStone invested in an opportunistic secondary investment IRR NM NM NM targeting sub-investment grade, mezzanine and equity tranches of DPI N/A N/A N/A collateralized loan obligations (“CLOs”), through a bespoke strategic partnership with a best-in-class partner. TVM N/A N/A N/A RVPI N/A N/A N/A

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment Project Delta Q4 2020 Q3 2020 Q4 2019 Asset Class Power Generation LP Commitment 14.6 Total Cont 14.8 14.8 14.8 Investment Type Infra Secondaries Unfunded 0.6 Total Dist 18.6 18.6 18.5 Geography North America Vintage Year 2012 Current Value 1.7 1.6 2.2 Total Value 20.3 20.2 20.7 Investment Summary StepStone purchased a portfolio of four limited partnership IRR 13.5% 13.5% 14.3% interests with a 75% deferred payment (paid 12/31/12) at a discount DPI 1.3x 1.3x 1.2x of 15% to 9/30/11 Net Asset Value. The Funds are managed by three private equity managers that specialize in power generation and TVM 1.4x 1.4x 1.4x transmission. RVPI 0.1x 0.1x 0.2x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 32

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Project Dolphin (HGGC I) Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 1.9 Total Cont 1.9 1.9 1.9 Investment Type PE Secondaries Unfunded 0.1 Total Dist 0.3 0.2 0.2 Geography North America Vintage Year 2002 Current Value 0.4 0.5 0.5 Total Value 0.7 0.7 0.8 Investment Summary StepStone purchased a commitment in Huntsman Gay Capital IRR -19.1% -20.7% -22.0% Partners I, a 2008 vintage, $1.1 billion middle-market fund that DPI 0.2x 0.1x 0.1x includes three attractive remaining assets. The purchase also included a de minimis investment into Pacific Community Ventures TVM 0.4x 0.4x 0.4x II. RVPI 0.2x 0.3x 0.3x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Project East-End Q4 2020 Q3 2020 Q4 2019 Asset Class Diversified Infra. LP Commitment 5.0 Total Cont 4.0 4.0 4.0 Investment Type Infra Secondaries Unfunded 0.6 Total Dist 4.0 3.5 2.8 Geography North America Vintage Year 2010 Current Value 2.7 3.1 4.0 Total Value 6.7 6.6 6.8 Investment Summary StepStone made a secondary purchase of six funds, Aetos Capital IRR 21.4% 21.4% 25.9% Asia II, IDFC Private Equity III, 3i India Infrastructure, Arsenal Capital DPI 1.0x 0.9x 0.7x Partners II, Arcturus Capital Ventures Fund, and Housatonic Equity Investors V. Over 75% of the exposure is to Infrastructure and Real TVM 1.7x 1.7x 1.7x Assets. RVPI 0.7x 0.8x 1.0x

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment Project Gaucho (Rincon) Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 7.5 Total Cont 7.4 7.4 7.4 Investment Type PE Co-Investment Unfunded 0.1 Total Dist 0.1 0.1 0.1 Geography North America Vintage Year 2014 Current Value 15.3 14.1 13.8 Total Value 15.4 14.2 13.9 Investment Summary StepStone and Rincon Venture Partners together created an IRR 16.0% 14.9% 17.4% opportunity to invest in a structured transaction comprising direct DPI 0.0x 0.0x 0.0x exposure to two of Rincon’s most promising Fund I and Fund II portfolio companies as well as a seasoned primary commitment to TVM 2.1x 1.9x 1.9x Rincon Venture Partners III. RVPI 2.1x 1.9x 1.9x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 33

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Project Ironside Q4 2020 Q3 2020 Q4 2019 Asset Class Industrials LP Commitment 4.2 Total Cont 3.7 3.5 3.2 Investment Type Infra Secondaries Unfunded 0.7 Total Dist 0.8 0.7 0.4 Geography North America Vintage Year 2007 Current Value 3.4 3.0 2.9 Total Value 4.2 3.7 3.3 Investment Summary StepStone closed on the acquisition of a single-manager secondary IRR 8.1% 4.1% 3.4% transaction including LP interests in The Resolute Fund II and a DPI 0.2x 0.2x 0.1x primary commitment in The Resolute Fund IV. The transaction offers exposure to logistics and maritime services. TVM 1.1x 1.1x 1.0x RVPI 0.9x 0.9x 0.9x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Project Lion Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 6.2 Total Cont 4.9 4.9 4.7 Investment Type PE Secondaries Unfunded 1.5 Total Dist 0.9 0.2 0.0 Geography Asia Vintage Year 2017 Current Value 4.3 4.6 4.9 Total Value 5.2 4.8 4.9 Investment Summary A single-manager secondary transaction comprising (i) a seasoned IRR 2.3% -1.7% 3.8% primary commitment to a 2017 vintage vehicle pursuing Asian DPI 0.2x 0.0x 0.0x growth equity consumer investments and (ii) a no-fee, no-carry co- investment in a China-based fitness company. TVM 1.0x 1.0x 1.0x RVPI 0.9x 0.9x 1.0x

(US $ in millions) OUTPERFORM ↑ Investment Summary Key LP Statistics Investment Project Magellan Q4 2020 Q3 2020 Q4 2019 Asset Class Telecom. LP Commitment 14.0 Total Cont 11.6 11.3 10.5 Investment Type Infra Secondaries Unfunded 3.1 Total Dist 4.5 3.5 2.2 Geography Global Vintage Year 2014 Current Value 11.7 11.1 10.7 Total Value 16.3 14.5 12.9 Investment Summary StepStone acquired LP interests in a single-manager transaction IRR 21.3% 17.1% 21.0% with Providence Equity Partners through a GP-led tender offer. The DPI 0.4x 0.3x 0.2x transaction includes the purchase of interests in Providence Equity Partners VII, a co-investment and a primary commitment to TVM 1.4x 1.3x 1.2x Providence Equity Partners VIII. The transaction offers exposure to RVPI 1.0x 1.0x 1.0x wireless telecommunication, data centers and real assets.

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 34

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Project Peggy Q4 2020 Q3 2020 Q4 2019 Asset Class Renewable Power Gen. LP Commitment 12.6 Total Cont 9.6 9.6 0.0 Investment Type Infra Secondaries Unfunded 3.0 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2017 Current Value 11.9 11.3 0.0 Total Value 11.9 11.3 0.0 Investment Summary StepStone completed a GP-led and directed transaction comprising IRR NM NM NM an LP interest in Riverstone Pattern Energy II and a commitment to DPI 0.0x 0.0x N/A Riverstone Pattern Energy III. Both funds will invest alongside CPPIB in the aggregation of Pattern Energy’s 4.4GW operating portfolio and TVM 1.2x 1.2x N/A development pipeline of wind energy assets, creating one of the RVPI 1.2x 1.2x N/A world’s largest privately‐owned renewable power producers.

(US $ in millions) OUTPERFORM ↑ Investment Summary Key LP Statistics Investment Project Pueblo Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 4.3 Total Cont 2.3 2.3 2.4 Investment Type PE Secondaries Unfunded 1.6 Total Dist 0.0 0.0 0.0 Geography Global Vintage Year 2019 Current Value 3.2 2.7 2.5 Total Value 3.2 2.7 2.5 Investment Summary StepStone invested into a special purpose vehicle formed to IRR 25.5% 15.5% 10.2% acquire seven portfolio companies owned by Providence Strategic DPI 0.0x 0.0x 0.0x Growth, alongside of a primary staple commitment in PSGE I. TVM 1.4x 1.2x 1.0x RVPI 1.4x 1.2x 1.0x

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Project Robin Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 1.3 Total Cont 0.6 0.5 0.0 Investment Type PE Secondaries Unfunded 0.7 Total Dist 0.0 0.0 0.0 Geography EMEA Vintage Year 2015 Current Value 1.1 0.6 0.0 Total Value 1.1 0.6 0.0 Investment Summary StepStone acquired an interest in Fortissimo Capital Fund IV, a 2015 IRR NM NM NM vintage Israeli growth equity fund focused on technology-enabled DPI 0.0x 0.0x N/A businesses, in a GP-restricted process. TVM 2.0x 1.1x N/A RVPI 2.0x 1.1x N/A

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 35

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Project Sail Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 3.6 Total Cont 3.6 3.6 3.5 Investment Type PE Secondaries Unfunded 0.2 Total Dist 0.3 0.1 0.1 Geography North America Vintage Year 2014 Current Value 4.8 4.9 4.8 Total Value 5.1 5.0 4.9 Investment Summary StepStone completed a secondary purchase in two assets, Salient IRR 8.1% 8.0% 9.7% Solutions and Bridge Growth Partners I. Bridge Growth Partners is a DPI 0.1x 0.0x 0.0x buy-out firm focused on the Technology and Financial Service industries. TVM 1.4x 1.4x 1.4x RVPI 1.3x 1.4x 1.4x

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Project Sophia Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 5.7 Total Cont 2.5 0.0 0.0 Investment Type Infra Secondaries Unfunded 2.8 Total Dist 0.4 0.0 0.0 Geography Asia Vintage Year 2018 Current Value 3.6 0.0 0.0 Total Value 4.1 0.0 0.0 Investment Summary StepStone acquired an interest in China Ventures Fund I, a 2018 IRR NM NM NM vintage fund managed by SoftBank Ventures Asia China. The Fund is DPI 0.2x N/A N/A diversified across several sectors, including transportation, remote power and software. TVM 1.6x N/A N/A RVPI 1.4x N/A N/A

(US $ in millions) OUTPERFORM ↑ Investment Summary Key LP Statistics Investment Project Sumo Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 21.2 Total Cont 20.8 20.8 20.2 Investment Type PE Secondaries Unfunded 0.4 Total Dist 0.3 0.3 0.3 Geography North America Vintage Year 2011 Current Value 50.3 33.6 33.9 Total Value 50.6 33.9 34.2 Investment Summary StepStone purchased a commitment in Spindletop Healthcare IRR 25.4% 14.3% 19.3% Capital, a 2011 vintage, North American-based growth equity Fund DPI 0.0x 0.0x 0.0x that specializes in the healthcare sector. TVM 2.4x 1.6x 1.7x RVPI 2.4x 1.6x 1.7x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 36

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Project Talde Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 1.5 Total Cont 1.2 1.2 1.1 Investment Type PE Secondaries Unfunded 0.1 Total Dist 1.5 1.5 1.4 Geography Europe Vintage Year 2005 Current Value 0.4 0.3 0.3 Total Value 1.9 1.8 1.7 Investment Summary StepStone purchased a commitment in Talde Capital II, a 2006 IRR 56.6% 55.7% 57.5% vintage, Spanish lower middle market fund, as well as a DPI 1.3x 1.3x 1.3x commitment to Talde I. TVM 1.6x 1.6x 1.5x RVPI 0.3x 0.3x 0.3x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Project Triangle Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 1.4 Total Cont 1.3 1.3 1.3 Investment Type PE Secondaries Unfunded 0.1 Total Dist 0.4 0.3 0.2 Geography North America Vintage Year 2012 Current Value 2.5 1.8 1.9 Total Value 2.8 2.1 2.1 Investment Summary Stepstone completed a late-stage venture focused secondary IRR 44.1% 30.4% 48.7% transaction comprising seven underlying Funds: Foundation Capital DPI 0.3x 0.2x 0.2x III, Foundation Capital Leadership Fund, Foundation Capital V, Foundation Capital VI, Foundation Capital VII, Foundation Capital TVM 2.2x 1.7x 1.7x VIII and Charles River Ventures Fund XIII. RVPI 2.0x 1.4x 1.5x

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Project Vanguard Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 9.6 Total Cont 9.2 9.1 0.0 Investment Type PE Secondaries Unfunded 10.0 Total Dist 9.5 5.6 0.0 Geography EMEA Vintage Year 2014 Current Value 15.1 18.9 0.0 Total Value 24.7 24.5 0.0 Investment Summary StepStone acquired a strip of late-stage venture/growth equity IRR NM NM NM assets from Qumra Capital I, L.P., an Israeli-based 2014 vintage DPI 1.0x 0.6x N/A venture fund. The portfolio comprises numerous high-quality, high- growth software businesses with significant upside potential. TVM 2.7x 2.7x N/A RVPI 1.7x 2.1x N/A

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 37

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Project Vertigo Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 5.0 Total Cont 0.0 0.0 0.0 Investment Type PE Primary Unfunded 5.0 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2021 Current Value 0.0 0.0 0.0 Total Value 0.0 0.0 0.0 Investment Summary StepStone invested into two funds managed by a global venture IRR NM NM NM capital firm focused on healthcare and life sciences. The firm will DPI N/A N/A N/A focus on early stage biotech companies in North America and Western Europe. TVM N/A N/A N/A RVPI N/A N/A N/A

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Project Vortex Q4 2020 Q3 2020 Q4 2019 Asset Class Industrials LP Commitment 1.5 Total Cont 1.3 1.3 0.0 Investment Type Infra Secondaries Unfunded 0.2 Total Dist 0.1 0.0 0.0 Geography North America Vintage Year 2013 Current Value 2.5 2.1 0.0 Total Value 2.6 2.1 0.0 Investment Summary StepStone acquired an interest in Clayton, Dubiler & Rice Fund IX, a IRR NM NM NM 2013 vintage buyout fund focused on companies in North America DPI 0.1x 0.0x N/A and Western Europe. TVM 1.9x 1.6x N/A RVPI 1.9x 1.6x N/A

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Quinbrook Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Renewable Power Gen. LP Commitment 5.0 Total Cont 5.1 4.2 3.0 Investment Type Infra Co-Investment Unfunded 0.0 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2019 Current Value 6.3 5.3 3.2 Total Value 6.3 5.3 3.2 Investment Summary A co-investment opportunity alongside Quinbrook Infrastructure IRR 20.7% 25.9% 9.7% Partners into their US wind development platform and an operating DPI 0.0x 0.0x 0.0x wind portfolio. TVM 1.2x 1.3x 1.1x RVPI 1.2x 1.3x 1.1x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 38

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Quinbrook Low Carbon Power Fund Q4 2020 Q3 2020 Q4 2019 Asset Class Renewable Power Gen. LP Commitment 10.0 Total Cont 15.7 15.4 13.4 Investment Type Infra Seasoned Primary Unfunded 0.3 Total Dist 6.6 6.6 6.6 Geography North America Vintage Year 2015 Current Value 12.2 11.3 7.7 Total Value 18.8 17.9 14.3 Investment Summary The Fund will target $1.0 billion commitments to build upon the IRR 11.0% 9.8% 4.7% founders' previous experience of acquiring and developing DPI 0.4x 0.4x 0.5x renewable energy assets in the US, the UK, and Australia. TVM 1.2x 1.2x 1.1x RVPI 0.8x 0.7x 0.6x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Ridgemont Equity Partners Fund I, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 15.0 Total Cont 14.9 14.9 14.9 Investment Type PE Seasoned Primary Unfunded 1.0 Total Dist 23.0 23.0 22.7 Geography North America Vintage Year 2011 Current Value 10.4 10.3 11.1 Total Value 33.4 33.4 33.8 Investment Summary Ridgemont Equity Partners is a Charlotte-based private equity firm IRR 25.0% 25.3% 26.8% that specializes in middle market buyout and growth equity DPI 1.5x 1.5x 1.5x investments. The Firm focuses on investments of $25 million to $100 million. TVM 2.2x 2.2x 2.3x RVPI 0.7x 0.7x 0.7x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Ridgemont Partners Secondary Fund I, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 5.6 Total Cont 5.1 5.1 5.1 Investment Type PE Secondaries Unfunded 0.2 Total Dist 10.4 10.4 10.2 Geography North America Vintage Year 1999 Current Value 1.0 1.0 1.1 Total Value 11.4 11.4 11.3 Investment Summary The fund is a secondary comprised of buyout and growth capital IRR 40.6% 40.7% 40.9% transactions focusing within the consumer the consumer & retail, DPI 2.0x 2.0x 2.0x financial services, and healthcare industries. TVM 2.2x 2.2x 2.2x RVPI 0.2x 0.2x 0.2x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 39

(US $ in millions) REALIZED Investment Summary Key LP Statistics Investment Riverstone Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class O&G Midstream LP Commitment 4.0 Total Cont 4.0 4.0 4.0 Investment Type Infra Co-Investment Unfunded 0.0 Total Dist 6.7 6.7 6.7 Geography North America Vintage Year 2012 Current Value 0.0 0.0 0.0 Total Value 6.7 6.7 6.7 Investment Summary The Riverstone Co-Investment is principally engaged in the IRR 29.4% 29.4% 29.4% management of coal, natural resource properties, and the gathering DPI 1.7x 1.7x 1.7x and processing of natural gas in the United States. TVM 1.7x 1.7x 1.7x RVPI 0.0x 0.0x 0.0x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Rosetta Capital IV, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 3.4 Total Cont 3.5 3.5 3.5 Investment Type PE Secondaries Unfunded 0.0 Total Dist 0.1 0.1 0.0 Geography Europe Vintage Year 2006 Current Value 2.3 3.4 4.5 Total Value 2.4 3.6 4.5 Investment Summary Rosetta Capital IV is a structured secondary transaction involving 13 IRR -5.5% 0.2% 4.4% healthcare assets owned by a Swedish drug and medical device DPI 0.0x 0.0x 0.0x incubator. TVM 0.7x 1.0x 1.3x RVPI 0.6x 1.0x 1.3x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Sheridan Production Partners II-B, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class O&G Production LP Commitment 10.0 Total Cont 10.4 10.4 10.4 Investment Type Infra Primary Unfunded 0.0 Total Dist 0.7 0.7 0.7 Geography North America Vintage Year 2010 Current Value 0.0 0.0 0.0 Total Value 0.7 0.7 0.7 Investment Summary The Fund targets investments into oil and gas properties in the U.S. IRR N/A N/A N/A with the goal of providing investors attractive, relatively low risk DPI 0.1x 0.1x 0.1x returns, strong cash distributions, and long-term exposure to oil and gas prices. The Fund will acquire a diverse portfolio of mature, TVM 0.1x 0.1x 0.1x predictable oil and gas producing properties within various U.S. RVPI 0.0x 0.0x 0.0x basins.

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 40

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment Signal Peak II, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 15.0 Total Cont 15.0 15.0 14.9 Investment Type PE Seasoned Primary Unfunded 0.0 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2014 Current Value 30.6 25.2 24.6 Total Value 30.6 25.2 24.6 Investment Summary Signal Peak Ventures II is a seed and early stage venture capital IRR 19.2% 14.7% 17.7% fund based in Utah, that targets investments in the information DPI 0.0x 0.0x 0.0x technology industry. TVM 2.0x 1.7x 1.6x RVPI 2.0x 1.7x 1.6x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Signal Peak Technology Ventures, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 2.5 Total Cont 2.5 2.5 2.5 Investment Type PE Secondaries Unfunded 0.0 Total Dist 8.3 8.3 8.3 Geography North America Vintage Year 2002 Current Value 2.8 2.8 2.6 Total Value 11.1 11.1 10.9 Investment Summary The Fund is an early-stage venture firm that targets information IRR 41.2% 41.4% 41.8% technology and life sciences companies headquartered in the Rocky DPI 3.3x 3.3x 3.3x Mountain region. The Fund will target deals between $1 million and $10 million in size. TVM 4.4x 4.4x 4.3x RVPI 1.1x 1.1x 1.0x

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment SilverStone I, LLC (Riverstone RAE II) Q4 2020 Q3 2020 Q4 2019 Asset Class Renewable Power Gen. LP Commitment 3.5 Total Cont 3.1 3.1 3.1 Investment Type Infra Secondaries Unfunded 0.8 Total Dist 4.0 3.9 3.1 Geography North America Vintage Year 2008 Current Value 0.2 0.3 1.4 Total Value 4.2 4.2 4.4 Investment Summary The entity is a secondary investment vehicle established to acquire IRR 9.8% 10.0% 11.9% an interest in Riverstone/Carlyle Renewable and Alternative Energy DPI 1.3x 1.3x 1.0x Fund II, L.P. (“RAE II”), a 2008 vintage $3.4 billion private equity buyout fund established to invest in renewable energy companies TVM 1.4x 1.4x 1.4x on a global basis. RVPI 0.1x 0.1x 0.5x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 41

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment SilverStone II, LLC Series B (Bain IX) Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 3.7 Total Cont 3.6 3.6 3.6 Investment Type PE Secondaries Unfunded 0.1 Total Dist 6.5 6.5 6.5 Geography North America Vintage Year 2006 Current Value 0.3 0.3 0.3 Total Value 6.8 6.8 6.8 Investment Summary The Fund, managed by StepStone Group, was formed for the IRR 24.8% 24.8% 24.8% purpose of acquiring a secondary partnership interest in Bain DPI 1.8x 1.8x 1.8x Capital Fund IX and Bain IX Co-investment. Bain Capital is a global large/mega buyout manager specializing in operational value-add TVM 1.9x 1.9x 1.9x and carve-outs. RVPI 0.1x 0.1x 0.1x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment SilverStone II, LLC Series C (Excel Ventures I & II) Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 5.1 Total Cont 4.7 4.7 4.7 Investment Type PE Secondaries Unfunded 0.4 Total Dist 1.7 1.7 1.7 Geography North America Vintage Year 2008 Current Value 1.4 1.4 1.4 Total Value 3.2 3.1 3.2 Investment Summary The Fund targets healthcare-focused companies specifically IRR -7.1% -7.7% -7.9% biotech, pharma, devices, diagnostics, IT and services. The Fund is DPI 0.4x 0.4x 0.4x a vehicle formed to capture a secondary purchase of Excel I and a primary commitment to Fund II. TVM 0.7x 0.7x 0.7x RVPI 0.3x 0.3x 0.3x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment SilverStone II, LLC Series E (Small Secondaries) Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 2.1 Total Cont 2.0 2.0 2.0 Investment Type PE Secondaries Unfunded 0.1 Total Dist 3.7 3.7 3.7 Geography North America Vintage Year 2006 Current Value 0.3 0.3 0.3 Total Value 3.9 3.9 4.0 Investment Summary SilverStone II – E is a $21 million secondary vehicle design to make IRR 43.3% 43.3% 44.0% small commitments to various strategies and geographies. As of DPI 1.8x 1.8x 1.8x 3/31/13, the vehicle has made 7 investments totaling $2.4 million in committed capital. TVM 2.0x 2.0x 2.0x RVPI 0.1x 0.1x 0.2x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 42

(US $ in millions) REALIZED Investment Summary Key LP Statistics Investment SilverStone II, LLC Series F (Aerospace) Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 2.9 Total Cont 3.0 3.0 3.0 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 7.3 7.3 7.3 Geography Latin America Vintage Year 2013 Current Value 0.0 0.0 0.0 Total Value 7.3 7.3 7.3 Investment Summary SilverStone II, Series F is an aggregation vehicle created to invest in IRR 18.8% 18.8% 18.8% a North American aerospace maintenance, repair and overhaul DPI 2.5x 2.5x 2.5x company. SilverStone II, Series F is strictly a flow-through vehicle and no fees will be realized by StepStone in connection to this TVM 2.5x 2.5x 2.5x vehicle. RVPI 0.0x 0.0x 0.0x

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment SilverStone II, LLC Series G (KRG) Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 15.0 Total Cont 9.6 9.3 9.3 Investment Type PE Secondaries Unfunded 5.4 Total Dist 8.4 7.2 6.5 Geography North America Vintage Year 2005 Current Value 4.8 4.5 3.8 Total Value 13.2 11.6 10.3 Investment Summary Silverstone II, Series G is a special purpose vehicle to acquire a IRR 9.5% 7.0% 3.8% secondary, comprised of 163 underlying funds, with the top 30 DPI 0.9x 0.8x 0.7x representing 70% of portfolio NAV. TVM 1.4x 1.3x 1.1x RVPI 0.5x 0.5x 0.4x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment SilverStone II, LLC Series H (Small Secondaries) Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 6.5 Total Cont 5.9 5.8 5.4 Investment Type PE Secondaries Unfunded 0.7 Total Dist 2.2 1.1 0.4 Geography North America Vintage Year 2017 Current Value 6.2 6.6 6.3 Total Value 8.4 7.7 6.7 Investment Summary Silverstone II, Series H is a special purpose vehicle created to IRR 25.4% 23.1% 31.7% acquire small secondary investments. DPI 0.4x 0.2x 0.1x TVM 1.4x 1.3x 1.2x RVPI 1.1x 1.1x 1.2x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 43

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment SilverStone IV, LLC Series C (Small Secondaries) Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 2.9 Total Cont 0.8 0.4 0.0 Investment Type PE Secondaries Unfunded 2.1 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2020 Current Value 2.3 1.6 0.0 Total Value 2.3 1.6 0.0 Investment Summary Silverstone IV, Series C is a special purpose vehicle created to IRR NM NM NM acquire small secondary investments. DPI 0.0x 0.0x N/A TVM 2.9x 3.8x N/A RVPI 2.9x 3.8x N/A

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Siris Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 2.9 Total Cont 2.9 2.9 2.9 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 0.7 0.7 0.7 Geography North America Vintage Year 2015 Current Value 0.3 0.9 0.0 Total Value 1.0 1.6 0.7 Investment Summary The company provides collaborative software that enables IRR -29.9% -15.8% -64.5% business users to connect, share ideas, and manage projects via DPI 0.3x 0.3x 0.3x cloud technologies. TVM 0.4x 0.6x 0.3x RVPI 0.1x 0.3x 0.0x

(US $ in millions) OUTPERFORM ↑ Investment Summary Key LP Statistics Investment SoftTech VC III, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 10.0 Total Cont 9.3 9.3 9.3 Investment Type PE Seasoned Primary Unfunded 0.8 Total Dist 21.0 11.6 11.6 Geography North America Vintage Year 2011 Current Value 15.7 20.7 19.7 Total Value 36.7 32.3 31.3 Investment Summary The Fund targets early stage investments in capital efficient, IRR 22.0% 20.5% 21.5% consumer internet start-ups primarily social media, e-commerce DPI 2.3x 1.3x 1.3x and gaming companies. The Fund invests between $0.2 million to $1.0 million per deal initially and invests follow-on capital with TVM 4.0x 3.5x 3.4x companies while partnering with leading VC firms and angels. RVPI 1.7x 2.2x 2.1x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 44

(US $ in millions) OUTPERFORM ↑ Investment Summary Key LP Statistics Investment SoftTech VC Plus Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 4.0 Total Cont 4.0 4.0 4.0 Investment Type PE Seasoned Primary Unfunded 0.0 Total Dist 2.5 1.4 1.4 Geography North America Vintage Year 2016 Current Value 4.6 4.9 4.8 Total Value 7.1 6.3 6.2 Investment Summary SoftTech VC Plus is a Bay Area-based seed stage venture capital IRR 23.9% 20.2% 25.3% firm that targets investments in consumer internet and enterprise DPI 0.6x 0.3x 0.3x software companies, primarily in California and New York. TVM 1.8x 1.6x 1.5x RVPI 1.1x 1.2x 1.2x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment StepStone Capital Partners III, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 45.0 Total Cont 44.6 44.0 43.1 Investment Type PE Co-Investment Unfunded 6.6 Total Dist 31.9 28.0 25.1 Geography North America Vintage Year 2014 Current Value 63.5 57.2 50.8 Total Value 95.4 85.2 76.0 Investment Summary StepStone formed StepStone Capital Partners III to invest primarily IRR 27.7% 25.4% 25.8% in buyout co-investments alongside high quality GPs. The Fund will DPI 0.7x 0.6x 0.6x focus on a variety of sectors and has a global focus with a lean toward North American deals. TVM 2.1x 1.9x 1.8x RVPI 1.4x 1.3x 1.2x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment StepStone Capital Partners IV, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 35.0 Total Cont 21.9 20.7 18.5 Investment Type PE Co-Investment Unfunded 13.8 Total Dist 0.7 0.7 0.2 Geography North America Vintage Year 2018 Current Value 32.7 27.6 21.3 Total Value 33.4 28.3 21.5 Investment Summary StepStone formed StepStone Capital Partners IV to invest primarily IRR 29.0% 23.7% 19.6% in buyout co-investments alongside high conviction GPs. The Fund DPI 0.0x 0.0x 0.0x will focus on a variety of sectors and has a global focus with a lean toward North American deals. TVM 1.5x 1.4x 1.2x RVPI 1.5x 1.3x 1.2x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 45

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment StepStone Tactical Growth Fund II, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 40.0 Total Cont 37.5 35.4 28.2 Investment Type PE Primary Unfunded 7.5 Total Dist 10.8 4.3 3.6 Geography North America Vintage Year 2017 Current Value 77.0 60.0 36.0 Total Value 87.8 64.3 39.6 Investment Summary StepStone formed StepStone Tactical Growth Fund II (“STGF II”) to IRR 51.4% 38.1% 27.9% invest in secondaries, co-investments, and opportunistic primaries DPI 0.3x 0.1x 0.1x in the venture capital, growth equity and technology special situations sectors. TVM 2.3x 1.8x 1.4x RVPI 2.1x 1.7x 1.3x

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment StepStone Tactical Growth Fund III, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 25.0 Total Cont 3.8 0.0 0.0 Investment Type PE Primary Unfunded 21.3 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2020 Current Value 5.5 0.0 0.0 Total Value 5.5 0.0 0.0 Investment Summary StepStone formed StepStone Tactical Growth Fund III (“STGF III”) to IRR NM NM NM invest in secondaries, co-investments, and opportunistic primaries DPI 0.0x N/A N/A in the venture capital, growth equity and technology special situations sectors. TVM 1.5x N/A N/A RVPI 1.5x N/A N/A

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment StepStone Tactical Growth Fund, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 40.0 Total Cont 44.5 44.4 44.3 Investment Type PE Primary Unfunded 2.5 Total Dist 50.2 46.4 26.0 Geography North America Vintage Year 2013 Current Value 64.7 60.8 65.0 Total Value 114.9 107.2 91.0 Investment Summary StepStone formed StepStone Tactical Growth Fund (“STGF”) to invest IRR 22.7% 21.8% 20.1% in secondaries, co-investments, and opportunistic primaries in the DPI 1.1x 1.0x 0.6x venture capital, growth equity and technology special situations sectors. TVM 2.6x 2.4x 2.1x RVPI 1.5x 1.4x 1.5x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 46

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Stonepeak Infrastructure Fund, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Diversified Infra. LP Commitment 10.0 Total Cont 9.6 9.5 9.5 Investment Type Infra Seasoned Primary Unfunded 1.3 Total Dist 7.1 7.0 7.0 Geography North America Vintage Year 2013 Current Value 6.6 6.5 6.7 Total Value 13.7 13.6 13.7 Investment Summary The Fund will target middle market projects within the water, IRR 10.0% 10.3% 11.7% utilities, energy, power, and transportation sectors. The Fund will DPI 0.7x 0.7x 0.7x seek to invest between US$50 million and US$200 million in greenfield and brownfield opportunities. TVM 1.4x 1.4x 1.4x RVPI 0.7x 0.7x 0.7x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment SunStone Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 13.5 Total Cont 13.6 13.6 13.6 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 18.7 18.7 7.3 Geography North America Vintage Year 2015 Current Value 23.1 21.7 16.1 Total Value 41.7 40.4 23.4 Investment Summary StepStone completed a co-investment alongside TC Growth Partners IRR 37.6% 38.0% 23.7% in a SaaS and tech-enabled services company that offer usability DPI 1.4x 1.4x 0.5x testing and user experience research for websites and mobile applications. TVM 3.1x 3.0x 1.7x RVPI 1.7x 1.6x 1.2x

(US $ in millions) PERFORM Investment Summary Key LP Statistics Investment TDR Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 7.9 Total Cont 7.9 7.9 7.9 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 0.0 0.0 0.0 Geography Europe Vintage Year 2016 Current Value 16.0 14.1 16.7 Total Value 16.0 14.1 16.7 Investment Summary The company operates as a vehicle leasing, and fleet and vehicle IRR 15.8% 13.4% 21.7% management company worldwide. The co-investment was DPI 0.0x 0.0x 0.0x alongside TDR Capital, a private equity firm based in London, United Kingdom, that focuses on middle-market buyout TVM 2.0x 1.8x 2.1x investments. RVPI 2.0x 1.8x 2.1x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 47

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Terra Firma Capital Partners III, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 3.2 Total Cont 3.4 3.4 3.4 Investment Type PE Secondaries Unfunded 0.0 Total Dist 3.3 2.9 2.8 Geography Europe Vintage Year 2006 Current Value 0.0 0.4 0.6 Total Value 3.3 3.3 3.4 Investment Summary Terra Firma is a European buyout GP investing in large-cap IRR -0.6% -0.6% -0.2% companies with an increasing focus on renewable energy. The DPI 1.0x 0.9x 0.8x secondary was purchased at a discount to June 30, 2012, Net Asset Value of €32.0 million. TVM 1.0x 1.0x 1.0x RVPI 0.0x 0.1x 0.2x

(US $ in millions) UNDERPERFORM Investment Summary Key LP Statistics Investment Tritium Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 6.7 Total Cont 6.6 6.6 6.6 Investment Type PE Co-Investment Unfunded 0.1 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2014 Current Value 4.7 5.7 6.5 Total Value 4.7 5.7 6.5 Investment Summary The company provides online commerce technology and logistics IRR -5.4% -2.5% -0.4% services for retail and consumer brands, e-commerce and DPI 0.0x 0.0x 0.0x multichannel companies, and direct selling/direct response companies internationally. TVM 0.7x 0.9x 1.0x RVPI 0.7x 0.9x 1.0x

(US $ in millions) REALIZED Investment Summary Key LP Statistics Investment Tritium Co-Investment - Warehouse Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 8.7 Total Cont 8.7 8.7 8.7 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 8.9 8.9 8.9 Geography North America Vintage Year 2014 Current Value 0.0 0.0 0.0 Total Value 8.9 8.9 8.9 Investment Summary The company provides online commerce technology and logistics IRR 5.3% 5.3% 5.3% services for retail and consumer brands, e-commerce and DPI 1.0x 1.0x 1.0x multichannel companies, and direct selling/direct response companies internationally. TVM 1.0x 1.0x 1.0x RVPI 0.0x 0.0x 0.0x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 48

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Tritium I, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 10.0 Total Cont 10.9 10.7 10.0 Investment Type PE Seasoned Primary Unfunded 1.5 Total Dist 16.0 3.5 3.5 Geography North America Vintage Year 2014 Current Value 6.2 17.0 11.6 Total Value 22.2 20.5 15.1 Investment Summary Tritium is a small buyout firm focused on three sectors: (i) Supply IRR 23.9% 22.8% 17.3% Chain and Logistics, (ii) Internet and Media, and (iii) Financial and DPI 1.5x 0.3x 0.3x Business Services. TVM 2.0x 1.9x 1.5x RVPI 0.6x 1.6x 1.2x

(US $ in millions) OUTPERFORM ↑ Investment Summary Key LP Statistics Investment Trustbridge Partners IV L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 12.5 Total Cont 13.9 13.8 13.7 Investment Type PE Primary Unfunded 0.5 Total Dist 10.9 8.6 6.6 Geography Asia Vintage Year 2011 Current Value 43.5 40.5 25.9 Total Value 54.5 49.0 32.5 Investment Summary The Fund will concentrate on providing growth capital to private IRR 21.4% 20.3% 15.2% companies in the fast-growing domestic sectors of the Chinese DPI 0.8x 0.6x 0.5x economy with a primary focus on companies with a proven track record of profitability and growth. TVM 3.9x 3.5x 2.4x RVPI 3.1x 2.9x 1.9x

(US $ in millions) PERFORM ↓ Investment Summary Key LP Statistics Investment Updata Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Growth Equity LP Commitment 9.6 Total Cont 9.6 9.6 9.6 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2014 Current Value 24.8 24.4 26.3 Total Value 24.8 24.4 26.3 Investment Summary The co-investment is in a tech-enabled services company providing IRR 21.0% 21.7% 28.1% live, remote receptionist services. The company is currently growing DPI 0.0x 0.0x 0.0x revenue at a 40% compound annual growth rate and has never raised any institutional capital. TVM 2.6x 2.5x 2.7x RVPI 2.6x 2.5x 2.7x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 49

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Valar Velocity Fund 1 LP Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 7.5 Total Cont 7.5 7.5 7.5 Investment Type PE Seasoned Primary Unfunded 0.0 Total Dist 0.0 0.0 0.0 Geography Europe Vintage Year 2019 Current Value 8.5 8.3 7.7 Total Value 8.5 8.3 7.7 Investment Summary Valar Velocity is a financial technology VC fund raised to invest in IRR NM NM NM Valar Ventures’ best performing late stage companies. DPI 0.0x 0.0x 0.0x TVM 1.1x 1.1x 1.0x RVPI 1.1x 1.1x 1.0x

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Varsity Healthcare Partners III, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 10.0 Total Cont 5.6 3.6 1.3 Investment Type PE Primary Unfunded 4.4 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2019 Current Value 5.8 3.3 1.1 Total Value 5.8 3.3 1.1 Investment Summary Varsity Healthcare III is a US-based small buyout fund that will IRR NM NM NM invest in the healthcare services sector. DPI 0.0x 0.0x 0.0x TVM 1.0x 0.9x 0.9x RVPI 1.0x 0.9x 0.9x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Vector Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Buyout LP Commitment 3.7 Total Cont 3.7 3.7 3.7 Investment Type PE Co-Investment Unfunded 0.0 Total Dist 10.4 10.3 0.0 Geography North America Vintage Year 2015 Current Value 0.5 0.5 7.4 Total Value 10.9 10.8 7.4 Investment Summary The company is a provider of talent management and HR software IRR 24.2% 24.1% 16.1% for large and medium enterprises. The company’s systems are used DPI 2.8x 2.8x 0.0x for various HR functions such as recruiting, training, compliance and compensation plan management. TVM 2.9x 2.9x 2.0x RVPI 0.1x 0.1x 2.0x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 50

(US $ in millions) TOO EARLY TO TELL Investment Summary Key LP Statistics Investment Vensana Capital I, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 3.0 Total Cont 0.9 0.8 0.2 Investment Type PE Seasoned Primary Unfunded 2.1 Total Dist 0.2 0.2 0.0 Geography North America Vintage Year 2018 Current Value 0.8 0.7 0.2 Total Value 1.0 0.9 0.2 Investment Summary Vensana Capital is the medical device platform of Versant Venture IRR NM NM NM Management, a global venture capital firm focused on the DPI 0.2x 0.2x 0.0x healthcare sector. TVM 1.1x 1.1x 0.9x RVPI 0.9x 0.9x 0.9x

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Versant Venture VI, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 5.5 Total Cont 5.3 5.3 4.6 Investment Type PE Primary Unfunded 0.2 Total Dist 2.1 1.2 0.0 Geography Global Vintage Year 2017 Current Value 11.0 9.5 7.1 Total Value 13.1 10.7 7.1 Investment Summary Versant Ventures is a global venture capital firm focused on IRR 48.2% 40.7% 34.4% healthcare and life sciences. The sixth Fund is focused on early DPI 0.4x 0.2x 0.0x stage biotech companies in North America and Western Europe. TVM 2.5x 2.0x 1.6x RVPI 2.1x 1.8x 1.6x

(US $ in millions) PERFORM ↑ Investment Summary Key LP Statistics Investment Versant Venture VII, L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 10.0 Total Cont 4.5 3.3 1.5 Investment Type PE Primary Unfunded 5.5 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2018 Current Value 5.0 3.3 1.2 Total Value 5.0 3.3 1.2 Investment Summary Versant Ventures is a global venture capital firm focused on IRR 13.5% NM NM healthcare and life sciences. The firm's seventh fund will focus on DPI 0.0x 0.0x 0.0x early stage biotech companies in North America and Western Europe. TVM 1.1x 1.0x 0.8x RVPI 1.1x 1.0x 0.8x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 51

(US $ in millions) OUTPERFORM Investment Summary Key LP Statistics Investment Vertical Venture Partners L.P. Q4 2020 Q3 2020 Q4 2019 Asset Class Venture Capital LP Commitment 10.0 Total Cont 10.0 10.0 10.0 Investment Type PE Seasoned Primary Unfunded 0.0 Total Dist 1.5 1.5 1.5 Geography North America Vintage Year 2014 Current Value 27.9 29.6 25.4 Total Value 29.4 31.1 27.0 Investment Summary Vertical Venture Partners is a Santa Clara-based seed stage venture IRR 35.2% 40.2% 45.1% capital firm that targets investments in enterprise IT companies DPI 0.2x 0.2x 0.2x serving vertical markets. TVM 2.9x 3.1x 2.7x RVPI 2.8x 3.0x 2.5x

(US $ in millions) REALIZED Investment Summary Key LP Statistics Investment Warburg Co-Investment Q4 2020 Q3 2020 Q4 2019 Asset Class Oil & Gas E&P LP Commitment 7.5 Total Cont 4.2 4.2 4.2 Investment Type Infra Co-Investment Unfunded 0.0 Total Dist 0.0 0.0 0.0 Geography North America Vintage Year 2014 Current Value 0.0 0.0 0.0 Total Value 0.0 0.0 0.0 Investment Summary The company is an oil and gas exploration company and IRR -98.0% -98.0% N/A participates in wells as a non‐operating working interest partner, DPI 0.0x 0.0x 0.0x typically owning between 10% and 20% of a single well. TVM 0.0x 0.0x 0.0x RVPI 0.0x 0.0x 0.0x

Note: IRR – Internal Rate of Return; DPI - Distributions to Paid-in capital; TVM - Total Value Multiple; RVPI - Residual Value to Paid-in capital. These are not considered meaningful. Fund rating based on IRR performance relative to PrivateIQ benchmark. 'Outperform' indicates top quartile, 'Perform' indicates second quartile and 'Underperform' indicates third/fourth quartile.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 52

VI. Footnotes

Quarterly Update (1) With the combining of the Private Equity and Infrastructure programs, the underlying calculations are considered estimates based upon an approved methodology. Total figures and returns are actual amounts generated by SDCERS’ investment in the Fund. Investor net returns include management fees, allocable expenses and carried interest, as applicable, at the Fund level. Net IRRs and multiples for SDCERS’ Fund interests are reflective of investments made in respect of private equity and infrastructure investments across the Fund’s SSAF 2009, 2011, 2012 and 2014 Series. Please note that for purposes of the respective net IRR and multiple calculations, Fund-level management fees and expenses are actual paid amounts allocated across private equity and infrastructure investments based on original commitment amounts related to investments. The calculations also reflect carried interest that has been allocated across private equity and infrastructure investments based on the net gains achieved on the respective strategies. Additional information on the calculation methodology described above is available upon request. For the four individual investment series, the net returns are: SSAF 2009 is 13%; SSAF 2011 is 4%; SSAF 2012 is 15%; and SSAF 2014 is 23%. Market Update (1) S&P U.S. LBO Review, Q4 2020. (2) www.spacinsider.com. (3) Capital IQ Transaction Screening Report as of February 26, 2021. (4) Greenhill (January 2021). (5) Source of GP-Led transactions is based on data from StepStone Private Markets Intelligence (“SPI”) and Preqin for the period 2018-2020. Quartile ranking was assessed using a comparison of the latest available performance for the investments transacted relative to the Private IQ benchmarks for investments of the same vintage. Analysis was completed using transaction data available as of January 2021. (6) Q4 2020 Venture Monitor report by Pitchbook and NVCA, January 13, 2021. Performance Summary (1) Gross figures Includes 1% GP commitment from StepStone. (2) Management fees paid to StepStone Group LP are not considered to be inside of the partnership’s commitment and thus do not affect the unfunded amount. (3) This report reflects a reallocation of several investments from Private Equity to their proper category of Infrastructure. The transferred investments are: Denham IV, Energy Capital I, SilverStone I, EnCap Flatrock II, and Sheridan II-B. (4) With the combining of the Private Equity and Infrastructure programs, the underlying calculations are considered estimates based upon an approved methodology. Total figures and returns are actual amounts generated by SDCERS’ investment in the Fund. Investor net returns include management fees, allocable expenses and carried interest, as applicable, at the Fund level. Net IRRs and multiples for SDCERS’ Fund interests are reflective of investments made in respect of private equity and infrastructure investments across the Fund’s SSAF 2009, 2011, 2012 and 2014 Series. Please note that for purposes of the respective net IRR and multiple calculations, Fund-level management fees and expenses are actual paid amounts allocated across private equity and infrastructure investments based on original commitment amounts related to investments. The calculations also reflect carried interest that has been allocated across private equity and infrastructure investments based on the net gains achieved on the respective strategies. Additional information on the calculation methodology described above is available upon request. For the four individual investment series, the net returns are: SSAF 2009 is 13%; SSAF 2011 is 4%; SSAF 2012 is 15%; and SSAF 2014 is 23%. Schedule of Investments (1) For secondary investments, Commitment represents total exposure, calculated as the total purchase price of the interest, plus the remaining commitment assumed as of the pricing date. (2) Funded includes additional fees and expenses associated with the investment in the underlying partnerships. (3) Net IRR and TVM are net of management fees and expenses related to the underlying partnership investments (but before taxes or withholdings incurred by the limited partners directly or indirectly through payments or withholdings by any StepStone-managed vehicle). IRR performance for primary investments held less than two years and secondary and co-investments held less than one year are not meaningful. IRR and TVPI for certain vehicles may have been impacted by Stepstone’s or the underlying GPs’ use of subscription-backed credit facilities by such vehicles. Reinvested/recycled amounts increase contributed capital. (4) Investor net returns include management fees, allocable expenses and carried interest, as applicable, at the Fund-level.

Q4 2020 San Diego City Employees’ Retirement System - Private Equity and Infrastructure 53

VII. Quarterly Market Overview

For the Quarter Ending December 31, 2020

Executive Summary

Global equity markets climbed higher in Q4, continuing its recovery from the COVID-19 pandemic that caused steep declines in Q1, and capping off one of the most tumultuous years in modern history. Most major asset classes experienced strong gains during the fourth quarter driven by the positive news of COVID-19 vaccine breakthroughs and optimism about a return to normalcy in the near future. Small cap and value stocks, non-US equity markets, and sectors such as energy and financials led the rally to finish the year. U.S. economic recovery was also positively impacted by the US$900 billion government stimulus bill that passed in December and expectations of further economic support from the newly elected Biden administration. The weakened U.S. dollar from the U.S. Federal Reserve’s implementation of quantitative easing throughout 2020 boosted emerging market equities to post their strongest quarterly return in a decade.

Despite strong performance in many sectors, large parts of the U.S. economy continued to be negatively impacted by COVID- 19-related restrictions and shutdowns, such as the hospitality, airline, entertainment, and restaurant industries. These struggling industries have contributed to sustained higher unemployment in the U.S. China’s economy continued to rebound from the pandemic at a quicker pace than the rest of the world and is expected to further expand in 2021. While Europe has struggled with high COVID-19 infection rates and restrictive lockdowns, the European Central Bank provided stimulus and ongoing bond buying support to keep equity markets afloat in Q4. Additionally, the European Union reached an agreement on its Brexit trade deal with the United Kingdom during the quarter.

All major global equities posted positive performance in Q4, led by the S&P 500 Total Return Index gaining 12.1%, followed by the MSCI Emerging Markets Index’s quarterly gain of 11.3%. These uplifts were driven by the weakened dollar and continued economic recoveries throughout the developing world. The MSCI Europe Index and MSCI Asia Index increased 9.6% and 9.1% respectively, for the fourth quarter. The strong fourth quarter returns for the S&P 500 Total Return Index helped drive annual returns of 18.4%. MSCI Asia Index and MSCI Emerging Markets Index experienced annual gains of 13.9% and 11.5%, respectively, while MSCI Europe increased 2.4% for the year as the continent struggled with sustained COVID-19 infection rates.

In the private markets, U.S. leveraged buyout (“LBO”) debt volume increased 91.1% quarter-over-quarter to US$26.4 billion as sponsors closed new acquisitions before year-end. Despite the increase in volume in Q4, annual totals for 2020 were down 26% compared to 2019 driven by decreased volume in Q2 and Q3 of 2020. According to data from S&P, purchase price multiples for U.S. LBOs rose to near record highs at 12.0x EBITDA in the fourth quarter, up from 11.0x EBITDA in the prior quarter, and above the 5-year average of 10.8x. Average debt multiples of large corporate U.S. LBO loans increased to 6.1x from 5.3x over the quarter, above the 10-year average of 5.6x. Equity contributions for U.S. LBOs decreased almost 13% over the quarter to 42.3%, remaining slightly above the 10-year average of 41.8%.(1)

Global private equity fundraising totaled more than US$665.4 billion in 2020, a decline of 17.6% from 2019 but still the second highest annual total on record as investors continued to allocate to the asset class. European-focused funds saw a decline in fundraising activity of more than 55.4% in 2020 compared to 2019 while Asian-focused funds totals were up 22.2%, and U.S.- focused funds were marginally lower by approximately 5% for the year. Dollars invested by private equity funds fell 10.0% quarter-over-quarter and were down 14.8% year-over-year. Buyout activity for the quarter decreased 12.9% quarter-over- quarter to US$51.9 billion, while VC funding decreased 22.7% quarter-over-quarter to US$72.4 billion. Companies operating in the Information Technology sector continue to account for a significant portion of the invested capital, with over 37.4% of the capital deployed in the fourth quarter.

Q3 2020 San Diego City Employees’ Retirement System – Market Overview 55

There were 143 private equity-backed IPOs completed on the NYSE and NASDAQ that raised US$66.4 billion during 2020, the largest annual amount raised since 2014. In the fourth quarter of 2020, there were 43 IPOs that raised US$25.8 billion , the largest of which were completed by Airbnb, Inc. (NASDAQ: ABNB), which raised US$3.8 billion, and DoorDash, Inc. (NYSE: DASH), which raised US$3.4 billion. Together these deals represented 27.5% of the total value for all IPOs during the fourth quarter.

Special purpose acquisition companies (“SPACs”) continued to be a popular route to go public in Q4. Specifically, 132 SPACs raised US$39.2 billion during Q4 alone, bringing aggregate amounts raised in 2020 to the largest annual total on record with US$83.3 billion raised in 248 SPACs at an average size of US$336.0 million. Subsequent to year-end, the pace of SPACs has accelerated with US$87.8 billion raised from 270 SPACs as of March 2021.(2)

M&A activity increased 126.7% quarter-over-quarter to US$203.6 billion and was up 84.8% compared to the fourth quarter of 2020. The largest M&A deals of the quarter were the US$20.9 billion purchase of Immunomedics, Inc. by Gilead Sciences, Inc. (NASDAQ: GILD) and the US$19.1 billion purchase of Livongo Health, Inc. by Teladoc Health, Inc. (NYSE:TDOC). M&A activity for the year decreased 2.2% from the prior year, to US$561.2 million.(3)

(1) S&P U.S. LBO Review, Q4 2020. (2) SPACInsider.com. (3) Capital IQ Transaction Screening Report as of February 26, 2021.

Q4 2020 San Diego City Employees’ Retirement System – Market Overview 56

Capital Markets Overview Public Equity Markets Driven by COVID-19 vaccine breakthrough news, global market climbed higher for the third consecutive quarter since the start of the Pandemic in Q1. Despite increased volatility, the S&P 500 posted strong gains. General market optimism strengthened with hope of a return to normalcy sometime in 2021. Emerging Markets also experienced their strongest quarterly return in a decade due to the weakened dollar and continued economic recoveries throughout the developing world.

The following table shows the returns of four major MSCI indices, as well as the S&P 500 and the S&P 500 Total Return Index, over various time horizons through December 31, 2020. Returns for time periods greater than one year are annualized. All indices built on their sharp gains from previous quarter, led by the S&P 500 Total Return of 12.1%.

The referenced indices are shown for general market comparisons and are not meant to represent any particular fund. An investor cannot directly invest in an index. Moreover, indices do not reflect commissions or fees that may be charged to an investment product based on the index, which may materially affect the performance data presented.

Q4 2020 San Diego City Employees’ Retirement System – Market Overview 57

The following table shows the quarterly and annual returns of the S&P 500 Total Return and each GIC sector for the period ending December 31, 2020. All 11 GIC sectors were up during the fourth quarter, led by Energy, Financials and Industrials, rising 27.8%, 23.2% and 15.7%, respectively.

Q4 2020 San Diego City Employees’ Retirement System – Market Overview 58

Debt Markets

During the fourth quarter of 2020, US LBO new loan issuance totaled US$26.4 billion, representing an increase of 91.1% from the prior quarter, an increase of 10.4% from the fourth quarter of 2019, and a 23.9% increase from the 10-year quarterly average of US$21.3 billion. The following chart shows the quarterly volume of US LBO new loan issuance for the past ten years.

The weighted average purchase price multiple for US LBO deals decreased slightly to 11.4x total enterprise value (“TEV”) to EBITDA during the year from 11.5x EBITDA in the prior year, as continued low interest rates and high growth expectations keep prices elevated. The average debt multiple of large corporate US LBO loans decreased during the year to 5.7x EBITDA from 5.8x EBITDA in the prior year, while equity contributions for US LBOs decreased from 45.6% to 43.0%. The following chart compares purchase price multiples and equity contribution percentages for US LBO deals.

Q4 2020 San Diego City Employees’ Retirement System – Market Overview 59

Private Equity Market Overview All Private Equity SPAC Review During the year, there were 248 SPACs which raised over US$83 billion, or an average of US$336 million per SPAC, representing the largest annual total on record. Subsequent to year-end, SPAC listings have accelerated with almost US$88 billion raised from 270 SPACs as of March 2021.

Over 50% of US IPO market vs 25% in 2019 and 17% in 2018

Source: www.spacinsider.com as of December 2, 2020.

Cash Flow Activity Private equity investors experienced a shift in net cash flows throughout Q4 as distributions picked up relative to contributions, including October and December where the distribution-to-contribution ratio was 1.1x.

Source: StepStone Portfolio Analytics & Reporting (“SPAR”). SPAR data are updated continuously; values are subject to change.

Q4 2020 San Diego City Employees’ Retirement System – Market Overview 60

Private Equity Performance Similar to the public markets, private equity returns for Q4 2020 continued to rebound for the third consecutive quarter from the Q1 2020 lows as shown in the chart below, with all sectors showing positive returns based on data received thus far in Q4.

Source: StepStone Portfolio Analytics & Reporting (“SPAR”). SPAR data are updated continuously; values are subject to change. Based on Q2 NAVs reported as of December 1, 2020.

Q4 2020 San Diego City Employees’ Retirement System – Market Overview 61

Fundraising Global private equity fundraising totaled US$665.4 billion in 2020, representing a decrease of 18.2%, year-over-year. For the year, US-focused funds represented 68.7% of total dollar amount raised during the year, well above the 10-year average of 62.4%. Funds raised in Europe, Asia, and the rest of world made up 16.0%, 9.4% and 5.9%, respectively, of global fundraising for the quarter. By strategy, Buyout funds raised US$464.2 billion, or 69.8% of the total amount raised for the year, a decrease of 24.2% compared to the prior year. Venture Capital funds raised US$119.5 billion in 2020, an increase of 22.1% compared to the prior year. The charts below depict annual private equity fundraising activity by geography and strategy.

Q4 2020 San Diego City Employees’ Retirement System – Market Overview 62

Investment Activity Private equity funds invested US$428.2 billion globally during 2020, representing a year-over-year increase of 18.5% over the prior year. The average investment size during the year was US$23.2 million, an increase of 16.8% compared to the average investment size of US$19.9 million in 2019.

The graphs below depict the percentage of invested capital by industry and geography for the fourth quarter of 2020 and over the last ten years. Companies operating in the Information Technology sector continue to account for a significant portion of the invested capital, with over 37.4% of the capital deployed in the fourth quarter. Geographically, investment activity in EMEA was above its 10-year average, comprising 27.6% of total capital invested in the fourth quarter while investments in the Asia/Pacific region represented 16.9% of total capital invested during the quarter, significantly less than its 10-year average of 25.6%.

Q4 2020 San Diego City Employees’ Retirement System – Market Overview 63

Exit Environment In 2020, the number of private equity-backed IPOs increased by 73.6% compared to the prior year, with US$66.4 billion raised in 143 IPOs. The largest IPOs of the year were completed by Airbnb, Inc. (NASDAQ: ABNB), which raised US$3.8 billion, and DoorDash, Inc. (NYSE: DASH), which raised US$3.4 billion. The graph below shows the amount raised and the number of IPOs on the NYSE and NASDAQ.

The number of private equity-backed Mergers and Acquisitions (“M&A”) decreased by 2.2% during 2020 compared to the prior year. In 2020, there were 1,636 private equity backed M&A deals totaling US$561.2 billion. The largest M&A deals of the year were the US$83.6 billion purchase of Sprint Corporation by T-Mobile US, Inc. (NADAQ: TMUS) and the US$20.9 billion purchase of Immunomedics, Inc. by Gilead Sciences, Inc. (NASDAQ: GILD) Together these deals represented 18.6% of the total value for all deals during the year. The graph below shows the deal value and the number of M&A deals.

Q4 2020 San Diego City Employees’ Retirement System – Market Overview 64