2013 Fundraising Page 1 of 3 January 2014

Fig. 1: 10 Largest Funds to Hold a Final Close in Q4 2013 Fig. 3: Quarterly Global Fundraising, Q1 2009 - Q4 2013

Fund Firm Type Final Size (mn) Firm Country Fund Focus 400 345 346 350 343 Carlyle Partners VI Carlyle Group 13,000 USD US North America 324 Brookfi eld Infrastructure Fund II Brookfi eld Asset Management Infrastructure 7,000 USD Canada Global 300 267 No. of Funds Lone Star Real Estate Fund III Lone Star Funds Real Estate 7,000 USD US Global 257 247 250 226 224 227 213 219 215 EIG Energy Fund XVI EIG Global Energy Partners Infrastructure 6,000 USD US Global 210202 204 200 186 187 192 Fund VIII Nordic Capital Buyout 3,500 EUR Sweden 166 Aggregate 150 144 Capital AXA LBO Fund V Ardian Buyout 2,410 EUR France Europe 118 Raised ($bn) 95 95 105 95 87 95 85 98 MBK Partners III MBK Partners Buyout 2,670 USD South Korea 100 79 77 84 76 86 83 59 66 70 66 Olympus Growth Fund VI Olympus Partners Buyout 2,301 USD US Global 50

Trilantic Capital Partners V North America Trilantic Capital Partners Buyout 2,187 USD UK North America 0 NB Secondary Opportunities Fund III Neuberger Berman Secondaries 2,000 USD US Global Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013

Fig. 2: Breakdown of Q4 2013 Fundraising by Type and Geography Fig. 4: Geographic Split of Funds Closed in Q4 2013

Global North America Europe Asia Rest of World 100 89 Aggregate Aggregate Aggregate Aggregate Aggregate 90 Type of Fund No. of No. of No. of No. of No. of Capital Capital Capital Capital Capital Funds Funds Funds Funds Funds 80 Raised ($bn) Raised ($bn) Raised ($bn) Raised ($bn) Raised ($bn) 70 Buyout 29 37.3 18 22.2 9 11.9 2 3.2 0 0.0 65 No. of Funds 60 Distressed PE 9 4.1 4 1.7 2 1.3 3 1.1 0 0.0 50 7 1.2 4 0.2 2 1.0 0 0.0 1 0.0 42 Growth 16 4.7 5 1.1 5 2.2 4 0.9 2 0.6 40 Aggregate Capital Infrastructure 14 18.7 6 15.8 4 0.3 1 0.2 3 2.4 30 25 Raised ($bn) 21 20 Mezzanine 4 2.4 2 1.4 2 1.0 0 0.0 0 0.0 14 11 10 Natural Resources 6 2.5 4 1.9 1 0.2 0 0.0 1 0.4 4 Real Estate 32 23.3 19 13.5 5 4.6 7 5.0 1 0.2 0 North America Europe Asia Rest of World Secondaries 3 2.8 1 2.0 2 0.8 0 0.0 0 0.0 Fund Focus Venture (All Stages) 40 6.3 24 4.6 6 0.8 4 0.3 6 0.6 Other 6 1.4 2 0.5 4 0.9 0 0.0 0 0.0

2013 Fundraising Carlyle Partners VI was the largest fund to close in the Q4 2013, having raised $13bn, and it accounts for almost 60% of capital North America-focused private equity funds raised $266bn in 2013 secured by North America-focused funds closed in the quarter. compared with $200bn throughout 2012. CVC European Partners VI was the largest fund to close throughout Capital raised for funds targeting regions outside of Europe and 2013, raising €10.5bn ($14bn) in capital commitments. North America totalled $61bn in 2013, down from $86bn the year before. 2013 Private Equity Fundraising Page 2 of 3 January 2014

Fig. 5: Top 10 Largest Funds to Hold a Final Close in 2013 Fig. 7: Funds on the Road over Time, January 2008 - January 2014

Fund Firm Type Final Size (mn) Firm Country Fund Focus 2500

CVC European Equity Partners VI CVC Capital Partners Buyout 10,500 EUR UK Europe 2084 1949 1933 1956 1993 Carlyle Partners VI Carlyle Group Buyout 13,000 USD US North America 2000 1845 1624 Private Equity XI Warburg Pincus Balanced 11,213 USD US Global 1561 1619 No. of Funds 1500 on Road Silver Lake Partners IV Silver Lake Buyout 10,300 USD US North America 1304 Apax VIII Buyout 5,800 EUR UK Global 1000 888 Aggregate Natural 758 797 808 760 750 Riverstone Global Energy and Power Fund V Riverstone Holdings 7,713 USD US Global 705 699 723 Target ($bn) Resources 607 V Cinven Buyout 5,300 EUR UK Europe 500 Brookfi eld Infrastructure Fund II Brookfi eld Asset Management Infrastructure 7,000 USD Canada Global Lone Star Real Estate Fund III Lone Star Funds Real Estate 7,000 USD US Global 0 KKR Asia Fund II Buyout 6,000 USD US Asia Jul-13 Jan 13 Apr-13 Jan-14 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Oct-13

Fig. 6: Breakdown of 2013 Fundraising by Type and Geography Fig. 8: Average Time Taken for Funds to Acheive a Final Close by Year of Fund Close Global North America Europe Asia Rest of World 20 Type of Fund Aggregate Aggregate Aggregate Aggregate Aggregate No. of No. of No. of No. of No. of 18.0 17.9 18.2 Capital Capital Capital Capital Capital 18 Funds Funds Funds Funds Funds 16.7 Raised ($bn) Raised ($bn) Raised ($bn) Raised ($bn) Raised ($bn) 16.1 16 Balanced 10 14.6 3 1.1 0 0.0 5 1.5 2 1.8 14.4 14 Buyout 141 149.2 78 73.4 43 58.8 10 13.7 10 3.1 12 11.2 11.5 Distressed PE 42 32.5 24 27.4 5 3.1 11 1.7 2 0.3 10 Fund of Funds 66 12.1 38 5.8 11 2.9 12 3.2 5 0.2 8 Growth 73 15.4 15 2.6 15 4.0 27 6.0 16 2.9 6 Infrastructure 47 38.4 11 17.2 19 12.8 9 3.2 8 5.2 4 Mezzanine 34 15.5 24 13.6 7 1.8 2 0.2 1 0.0 Average No. of Months in Market Average 2 Natural Resources 25 27.1 19 25.3 3 1.1 0 0.0 3 0.7 0 Real Estate 159 74.0 105 50.7 25 10.8 22 10.7 7 1.7 2006 2007 2008 2009 2010 2011 2012 2013 Secondaries 17 13.6 10 9.9 5 3.4 1 0.1 1 0.2 Year of Final Close Venture 196 26.5 119 19.9 28 3.3 28 1.8 21 1.5 Other 45 12.5 28 19.3 11 2.4 2 0.2 4 0.8

Fundraising Market at Present

A record 2,084 private equity funds are in market as of January 2014, seeking to raise an aggregate $750bn. This compares to the 1,949 funds seeking $797bn in commitments as of the start of 2013.

A further $33bn was raised through 147 private equity funds holding interim closes throughout Q4 2013. 2013 Private Equity Fundraising Page 3 of 3 January 2014

Fig. 9: Annual Fundraising by Region, 2007 - 2013 Fig. 10: Investors’ Intentions for Their Private Equity Allocations,

Preqin Investor Survey Q4 2013

800 100% alternative assets. intelligent data. 10% 8% 700 90% 37 37 80% Preqin provides information, products and services to private 600 85 75 Rest of World equity firms, funds of funds, investors, placement agents, law 70% Decrease Allocation 500 53% firms, advisors and other professionals across the following 168 53% 176 Asia 60% 18 areas: 400 42 28 50% Maintain Allocation 15 59 Europe • Fund Performance 300 27 104 32 23 60 40% 51 94 • Fundraising 91 72 Increase Allocation 200 380 398 60 North America 30% • Buyout Deals

266 Proportion of Respondents • Deals 100 201 20% 36% 39% 182 162 173 Aggregate Capital Raised ($bn) • Fund Manager Profiles 10% 0 • Investor Profiles 2007 2008 2009 2010 2011 2012 2013 0% • Fund Terms and Conditions Year of Final Close Next 12 Months Longer Term • Compensation and Employment

Fig. 11: Regions Investors View as Presenting the Best Opportunities Current Investor Attitudes Available as: in the Current Financial Climate, Preqin Investor Survey Q4 2013 • Online Database Services • Hard Copy Publications 70% Ninety percent of investors plan to maintain or increase their • Tailored Data Downloads 59% allocations to private equity in 2014, according to Preqin’s survey of 60% 54% investors undertaken in December 2013. For more information and to register for a demo, please visit:

50% Fifty-nine percent of investors feel that Europe presents the best www.preqin.com/privateequity 40% investment opportunities in the current fi nancial climate. Preqin’s new Research Center Premium provides users with 30% access to complimentary live data, league tables and 22% research. For further information and to signup, please visit: 20%

Proportion of Respondents 11% www.preqin.com/research 10%

0% Europe North America Asia Rest of World

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