Royal Borough of Kensington and Chelsea Pension Fund

September 30, 2019 Quarterly Report Confidential Quarterly Report-Q3'19

Table of Contents

Market Update 2

Summary 6

Diversification 7

Partnership Fund Program

Executive Summary 10

Performance and Portfolio Highlights 11

Detailed Schedule of Investments 19

Notes and Footnotes 33

Adams Street Partners has provided this report (the “Report”) to the recipient on a confidential basis for purposes of monitoring the recipient’s Adams Street Partners investments. This Report contains highly confidential information, including trade secret information, that is proprietary to Adams Street Partners and/or underlying funds and/or portfolio investments. In accepting the Report, the recipient agrees that it will (i) not copy, reproduce or distribute the Report, in whole or in part, to any person or party (including any employee of the recipient other than an employee or other representative directly involved in evaluating the recipient’s investments with, or monitored by, Adams Street Partners) without the prior written consent of Adams Street Partners, (ii) keep permanently confidential all information not already public contained herein, and (iii) use the Report solely for the purpose set forth above. Numbers in this report are based on Adams Street Partners’ calculations and have not been reviewed or approved by the relevant general partners.

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Market Update

During the three months ending September 30, public equity markets were relatively Record fundraising has manifested itself in record amounts of “dry powder”, the flat compared to the more volatile quarters of the prior 12 months. Developed term given to capital which has been committed to private equity investments but is markets globally (US and non-US) posted modestly positive returns in local currency not yet deployed. The total amount of dry powder recently surpassed $1 trillion, and terms, while emerging market equities generated negative returns. Trade and tariff receives much attention as an indicator of how the PE market may be overheated. disputes, combined with flat or weakening earnings outside the US, weighed on This is a fair observation in that fund structures typically put pressure on managers to investors. That said, all regional public equity markets were up for the first nine invest this capital in a limited time period. months of 2019, largely if not entirely erasing the meaningfully negative returns of the fourth quarter 2018. Investment Strategy

Private Markets Themes Our investment strategy reflects the late-cycle, full valuation environment that we believe defines today’s market. We maintain a disciplined approach when buying and When we look at the private markets from a high level we notice three main themes: selling, making use of the secondary PE market in addition to the healthy exit strong trailing performance, record fundraising and capital inflows, and high environment for selling privately held companies to non-PE buyers. The investments valuations. Indeed, private markets are prone to living in the virtuous cycle where that we make are defensive and thematic in nature, looking for companies that can strong performance attracts fresh capital, which then forces valuations higher by create value fundamentally. Most of these companies can be described as small and competing for the same deals. The higher valuations for a time deliver strong returns mid-sized companies that are growing. Our focus on fundamental value creation is to prior investors, which feeds the cycle. A common concern among market intentionally very distinct from strategies that simply add leverage to market returns. participants is that when the cycle breaks, returns could be modest, and risk could be Although such strategies have performed well recently, we know from experience significant. We share the view that we are late in the market cycle, however, we that they are wrought with risks that are difficult to identify until it is too late. believe many great investment opportunities are available. Within the buyout market, we favor small and mid-market buyout funds (which Historical investment performance shows very healthy returns for private equity (PE), Adams Street defines as being less than $1.5 billion in total fund size). We believe both on an absolute basis and relative to public equity markets. Specific performance smaller fund structures allow managers more opportunity to outperform and create will vary based on the time horizon and comparative indices selected, but faced with value. In addition, we see much of the dry powder overhang as being attributable to the choice of allocating capital to public or private markets it is not surprising that the prevalence of larger buyout funds. investors have chosen to put more capital to work in the asset class that has delivered better performance. Global PE fundraising data supports this notion. Somewhat counterintuitively, the dry powder overhang benefits investors on the smaller end by catalyzing transactions up market . When smaller funds sell to larger We believe the record fundraising is attributable to two sources. One is the tendency funds at high valuations, the benefits go to investors in the smaller funds. for good investment performance to attract new capital. The other is the fact that private markets still represent a small fraction of total investable assets globally. Within Venture Capital (VC) and Growth Equity strategies we observe similar high- Recent data shows private markets compriseing $5.8 trillion in total in a world with level trends: returns are strong, and fundraising is healthy. Our focus remains on roughly $15 trillion in negative yielding fixed income assets. Although record allocating capital to companies and managers who will create value through fundraising levels may be a reason for caution with regards to expected future innovation, regardless of how popular or unpopular the subclass may be. We see returns, we believe the market may be overlooking the ability of private markets to many of these opportunities today, but remain highly selective in a market with more accommodate more of this capital as they become a more prominent part of global and more managers knocking on our door looking to raise capital. We are particularly asset classes. excited about two trends in the growth and technology space. One is that the

Royal Borough of Kensington and Chelsea Pension Fund 2 Confidential Quarterly Report-Q3'19

Market Update innovation cycle continues to become shorter and shorter. Within technology, new ideas are coming about faster than ever and are moving from raw ideas to profitable enterprises in shorter periods of time. The second favorable trend is that companies are staying private longer. Since the 1990’s the amount of time for VC-backed companies to go from founding to exit has consistently increased.

So, while VC-backed companies are creating value more quickly and more efficiently, a greater proportion of the value being created is going to investors in the private markets. At Adams Street we believe that investors who can identify these opportunities and capture them in a disciplined manner will continue to benefit from these favorable market trends. Regardless of where we are investing, or if we are investing in funds or companies, we look to allocate capital to managers and companies who can create value through growth and margin expansion rather than the use of leverage or market returns. In today’s market we see many of these opportunities presented across four broad themes: technology, healthcare, consumer, and what we call the industrial re- revolution.

Introducing Our New Investor Portal and Website

As part of our brand evolution, Adams Street Partners will introduce a new investor portal with the release of our refreshed website this quarter. The portal is a dashboard-based platform which will give clients the ability to configure customized views through widgets, providing detailed information on investment portfolios and performance attribution. Additionally, clients will have the ability to download data and perform scenario analyses with just a couple of clicks. Once the new portal is released, an Adams Street investor relations professional will reach out to establish your account and provide training. You can expect to see refreshed client statements later this spring.

Thanks as always for the trust you place in Adams Street Partners.

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Market Update (Continued)

Summary of New Investments (Q4'19)

Primary Investments Green Equity Investors VIII — Green Equity Investors VIII is an opportunity to invest with a top large U.S. buyout firm with a leading consumer franchise and established Accel India VI — Accel India VI is an opportunity to back a leading early stage venture adjacencies in healthcare and business services. Leonard Green & Partners (“LGP”) investor in India that leverages a premier global franchise. Accel India will pursue will continue to invest in companies with market-leading franchises with defensible opportunities primarily at the early stages of a company’s life cycle (majority Seed competitive positions, best-in-class management teams, and attractive growth and Series A with occasional Series B rounds). profiles. Investments are expected to be made across a broad range of industries with a preference for companies providing services, including consumer, business, Aleph III — Aleph III is an opportunity to back a proven investor in building the go-to and healthcare services, as well as retail, distribution, and industrials. Series-A firm in Israel that has the potential to generate outsized returns. Aleph is an early stage venture capital fund that is becoming the go-to firm for Israeli Madison Dearborn Capital Partners VIII — Madison Dearborn Capital Partners VIII is entrepreneurs. Aleph is focused on making Series-A investments in areas of an opportunity to invest with an experienced team of seasoned investors competing innovation where Israeli companies have historically demonstrated thought leadership in the US mid to large cap segment with a well-established franchise, particularly in such as Big Data, Machine Learning, Machine Vision, Mobile, and IT. the Midwest. Madison Dearborn Capital Partners (“MDCP”) targets buyout and growth equity investments in middle market to large cap companies primarily in the DBAG Fund VIII A — DBAG Fund VIII A is an opportunity to invest in the most US. MDCP invests across five main industry verticals: basic industries, business & established franchise operating in the German mid-market with strong performance government software & services, financial & transaction services, health care, and across cycles. DBAG targets control buyout investments in mid-market companies, TMT services. active in the DACH region (Germany/Austria/Switzerland). The GP targets opportunities in several sectors where it has developed strong expertise, including Parthenon Investors VI — Parthenon Investors VI is an opportunity to invest with an industrials (both components and services), TMT, and Business Services. experienced team of proven investors in the middle market leveraging its industry expertise and intensive research-based sourcing model to find attractive opportunities DBAG Fund VIII B — DBAG Fund VIII B is an opportunity to invest in the most in its core verticals of business services, financial services, and healthcare services established franchise operating in the German mid-market with strong performance through a build-up strategy. The firm employs a research-based strategy that focuses across cycles. DBAG targets control buyout investments in mid-market companies, on identifying attractive industry niches to generate deal flow. By uncovering active in the DACH region (Germany/Austria/Switzerland). The GP targets undercapitalized niches and companies, PCP is typically the first institutional investor opportunities in several sectors where it has developed strong expertise, including and is able to drive significant operational change and growth through acquisitions. industrials (both components and services), TMT, and Business Services. Resolute Annex III — Resolute Annex III is an opportunity to invest with an EMG Iron Ore Phase 3 (Q4 19) Co-Investment — EMG Iron Ore Phase 3 is an established technology focused seed fund in the US. Resolute’s strategy is designed opportunity to invest in the River Mine located on Baffin Island in Northern Canada. It to maintain 10% - 15% ownership in top portfolio companies by strategically is one of the world’s largest reserve of the highest-grade iron ore. EMG originally deploying $5 million – $7 million per company during the earliest stages of company invested in the Company in 2011 and has invested through EMG Fund I, II and IV. development. Given the initial stage of investment, Resolute is focused on the quality The company is currently mining and shipping approx. 5 million tons per year and and vision of the founding team. The firm gains conviction through identifying high should generate approx. $350 million of EBITDA in 2019. The Company has quality individuals that are focused on large markets ready for technological commenced Phase III, with a scheduled completion in 2021 and a targeted increase disruption. While Resolute is focused exclusively on technology driven companies, in the shipping capacity up to 18 million tons per year. the firm will opportunistically invest across all end markets and sectors.

TA Select Opportunities Fund-A — TA Select Opportunities Fund-A is an opportunity

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Market Update (Continued) to invest in the inaugural select opportunities fund of an experienced, growth- focused on treatments for mitochondrial disorders. The Company’s first-in-class oriented buyout manager with expertise in services and technology-focused hormone technology was discovered in 2013 by its scientific co-founders, George businesses. TA invests in profitable, privately held companies in growth industries Schreiner and Sundeep Dugar, while doing research on antioxidants. During their including technology, business services, financial services, asset management, research, they discovered a new steroid hormone which mimics the benefits of healthcare, and consumer. TA Select Opportunities will invest in select independent, exercise on mitochondria. Epirium’s lead candidate will be a treatment administered third-party priced recapitalizations, or sales, of high-performing TA Main Fund to patients with Becker Muscular Dystrophy (BMD). companies.

Trivest Growth Investment Fund II — Trivest Growth Investment Fund II is an opportunity to invest with a well-established lower middle market private equity manager with a differentiated sourcing model that enables it to invest in growing companies at attractive prices. The Trivest Growth Investment Fund II (“TGIF”) will make non-control growth equity investments in companies where the owners do not want to sell control of their companies but are at an inflection point in their development and need capital. These investments will often have certain protections including the ability to trigger liquidity, board seats, minority investor rights, and a liquidity preference.

Secondary Investments

There were no new secondary investments made on behalf of Royal Borough of Kensington and Chelsea Pension Fund's portfolio this quarter.

Co-Investments

Citizen Energy III — Citizen III is an E&P platform formed to acquire, explore, and develop oil and natural gas assets in the Anadarko Basin. The Company will hold approximately 230K net acres across the STACK, MERGE and SCOOP plays in the Anadarko Basin.

Jaggaer — Jaggaer is a provider of supply chain management software. It offers a full suite of SaaS spend management solutions, including analytical and transaction tools with functionality for both direct (COGS) and indirect (SG&A) spend.

Direct Investments

Cardero Therapeutics, Inc. — Epirium is a clinical-stage pharmaceutical company

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Summary

Client Level — Key Program Metrics

Subscription Investment Amount Amount Market Value Distributions Total Value Gain Since Incep. Since Inception IRR Program Amount Commitments Drawn1 Undrawn2 (NAV)3 Received (D) (NAV + D) 3 Inception 3 Date Gross3, 4 Net3, 5

Partnership Fund Program $150,000,000 $146,528,652 $106,029,944 $45,059,900 $82,336,391 $94,126,242 $176,462,633 $70,432,689 Jan-07 14.67% 11.70%

Grand Total $150,000,000 $146,528,652 $106,029,944 $45,059,900 $82,336,391 $94,126,242 $176,462,633 $70,432,689 Jan-07 14.67% 11.70%

Client Level — Key Subscription Ratios Client Level — Q4'19 Activity

Committed / Drawn / Drawn / Distributions / Market Value / Total Value / Grand Total Program Subscription Subscription2 Committed2 Drawn3 Drawn 3 Drawn3, 6 Transaction Type Amount

Partnership Fund Program 98% 70% 72% 0.89x 0.78x 1.66x Subsequent Quarter Draws1 $3,287,025 Cumulative Draws1 $109,316,969 Grand Total 98% 70% 72% 0.89x 0.78x 1.66x Subsequent Quarter Distributions $4,870,336 Cumulative Distributions $98,996,578

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Diversification

The following pie charts depict total portfolio exposure, for all portfolios managed or otherwise monitored by Adams Street Partners in aggregate, by subclass and geography. Exposures are shown as a percentage of investment commitments and of market value. Partnership Subclass Partnership Geography Partnership Strategy

Partnership Subclass Partnership Geography Partnership Strategy

Royal Borough of Kensington and Chelsea Pension Fund 7 Confidential Quarterly Report-Q3'19

Diversification (Continued) The following chart depicts the time diversification of partnership investment commitments and partnership investment performance, both by vintage year. Also on the chart, the commitment bars are shaded to indicate the portion of the partnership investments that have been committed to each program.

Client Level — Partnership Time Diversification and Investment Performance, by Vintage Year and Program 7 Partnership IRR (%) Investment Commitments (in MM)

Royal Borough of Kensington and Chelsea Pension Fund 8 Partnership Fund Program – Royal Borough of Kensington and Chelsea Pension Fund

Royal Borough of Kensington and Chelsea Pension Fund 9 Confidential Partnership Fund Program-Q3'19

Executive Summary

Client Level — Key Fund Metrics

Subscription Investment Amount Amount Market Value Distributions Total Value Gain Since Inception Since Inception IRR Fund Amount Commitments Drawn1 Undrawn2 (NAV) 3 Received (D) (NAV + D) 3 Inception 3 Date Gross3, 4 Net3, 5 ASP 2007 US Fund $19,250,000 $19,138,401 $18,902,152 $895,125 $8,792,926 $25,260,107 $34,053,033 $15,150,881 Jan-07 14.11% 11.47% ASP 2007 Non-US Fund $12,250,000 $12,216,175 $11,703,396 $606,375 $5,429,725 $12,567,111 $17,996,836 $6,293,440 Jan-07 9.70% 7.63% ASP 2007 Direct Fund $3,500,000 $3,500,000 $3,453,384 $91,000 $2,251,050 $5,783,985 $8,035,035 $4,581,651 Jan-07 16.15% 11.92% Total 2007 ASP Subscription $35,000,000 $34,854,576 $34,058,932 $1,592,500 $16,473,701 $43,611,203 $60,084,904 $26,025,972 Jan-07 13.09% 10.32% ASP 2008 US Fund $17,500,000 $17,490,705 $16,634,579 $1,212,750 $10,275,612 $22,559,784 $32,835,396 $16,200,817 Jan-08 18.03% 15.16% ASP 2008 Non-US Fund $14,000,000 $14,027,966 $12,832,684 $1,213,800 $9,807,215 $11,796,505 $21,603,720 $8,771,036 Jan-08 13.07% 10.71% ASP 2008 Direct Fund $3,500,000 $3,500,000 $3,455,136 $87,850 $2,404,414 $5,940,981 $8,345,395 $4,890,259 Jan-08 20.52% 15.17% Total 2008 ASP Subscription $35,000,000 $35,018,671 $32,922,398 $2,514,400 $22,487,241 $40,297,270 $62,784,511 $29,862,113 Jan-08 16.80% 13.62% ASP 2012 Global Fund $30,000,000 $30,329,013 $25,108,614 $4,893,000 $28,153,388 $9,033,336 $37,186,724 $12,078,110 Feb-12 13.75% 10.95% ASP 2016 Global Fund $20,000,000 $21,449,571 $10,580,000 $9,420,000 $11,304,068 $1,184,433 $12,488,501 $1,908,501 Dec-16 20.63% 13.93% ASP 2018 Global Fund $30,000,000 $24,876,821 $3,360,000 $26,640,000 $3,917,993 $0 $3,917,993 $557,993 Oct-18 25.31%* 16.61%*

Partnership Fund Program Total $150,000,000 $146,528,652 $106,029,944 $45,059,900 $82,336,391 $94,126,242 $176,462,633 $70,432,689 Jan-07 14.67% 11.70%

Client Level — Key Subscription Ratios

Committed/ Drawn/ Drawn/ Distributions/ Market Value/ Total Value/ Fund Subscription Subscription2 Committed2 Drawn3 Drawn3 Drawn3, 6 2007 ASP Subscription 100% 95% 96% 1.28x 0.48x 1.76x 2008 ASP Subscription 100% 93% 93% 1.22x 0.68x 1.91x 2012 ASP Subscription 101% 84% 83% 0.36x 1.12x 1.48x 2016 ASP Subscription 107% 53% 49% 0.11x 1.07x 1.18x 2018 ASP Subscription 83% 11% 14% 0.00x 1.17x 1.17x Partnership Fund Program Total 98% 70% 72% 0.89x 0.78x 1.66x

Royal Borough of Kensington and Chelsea Pension Fund 10 Confidential Partnership Fund Program-Q3'19

Performance and Portfolio Highlights

The following chart depicts cash flows over time. Cash flows are at the client level, meaning they reflect transactions between Adams Street and Royal Borough of Kensington and Chelsea Pension Fund.

Client Level — Calendar Year Cash Flows and Net Cash Flows1 Cash Flows (in MM)

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Performance and Portfolio Highlights (Continued) The following chart depicts cumulative cash flows and market values over time. Cash flows are at the client level, meaning they reflect transactions between Adams Street and Royal Borough of Kensington and Chelsea Pension Fund.

Client Level — Cumulative Cash Flows and Market Values (NAVs)3 Values (in MM) Cash Flows and Market

Royal Borough of Kensington and Chelsea Pension Fund 12 Confidential Partnership Fund Program-Q3'19

Performance and Portfolio Highlights (Continued) The following charts depict portfolio exposure by subclass, strategy, geography, industry, public or private status, and by ASP’s internal, subjective rating. For the strategy pie, if applicable, Adams Street’s Direct Funds are categorized as primary investments. Every type of investment (primary, secondary, co-investment, and direct, if applicable) is included for every chart except the partnership ratings chart, which only includes partnerships. Partnership Subclass Partnership Strategy Partnership Geography

Partnership Portfolio Company Industry Partnership Portfolio Company Status Partnership Ratings

1 - Business Services 4 - Financial Services 7 - IT N/A – Not Available 3 – Average 2 - Consumer 5 - Healthcare 8 - Other 0 - Too Early To Tell 4 - Concerned With Progress 3 – Energy/Natural Resources 6 - Industrial 1 - Pleased With Performance 5 - Disappointed With Performance 2 - Pleased With Progress (Number of funds in bracket)

Royal Borough of Kensington and Chelsea Pension Fund 13 Confidential Partnership Fund Program-Q3'19

Performance and Portfolio Highlights (Continued) The following chart depicts the time diversification of partnership investment commitments and partnership investment performance, both by vintage year. Regarding the latter, both the since inception IRR of partnership investments (below the chart) and total value/drawn multiple of partnership investments (on the chart), are included. Also on the chart, the commitment bars are shaded to indicate the portion of the partnership investments that have been funded versus those that have yet to be funded.

Client Level — Partnership Time Diversification and Investment Performance, by Vintage Year Partnership Total 8 Value/Drawn (in MM) Investment Commitments

Vintage Year (IRR)7

Partnership Funded Partnership Unfunded Partnership Total Value/Drawn (TVPI)

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Performance and Portfolio Highlights (Continued) The following chart depicts intraperiod, annualized IRRs at the client level versus the MSCI All Country World Index (Total Return).

Client Level — Intraperiod IRRs and Public Market Equivalent (PME) Benchmark3, 9, 10

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Performance and Portfolio Highlights (Continued) The following chart depicts intraperiod, annualized IRRs at the partnership level. These IRRs are shown by subclass and in aggregate. The percentage of investment commitments in each subclass is also reflected.

Partnership Level — Intraperiod IRRs by Subclass11

Partnership IRRs

% of Investment Since Inception Commitments 1-Year 3-Year 5-Year 10-Year (2007)

All Private Equity 100.0% 10.4% 15.5% 15.0% 15.8% 14.5%

Venture Capital 33.2% 11.1% 16.8% 17.5% 17.8% 15.3%

Early/Seed 13.2% 17.3% 16.3% 17.1% 18.2% 15.5%

Late/Multi 20.0% 6.5% 17.1% 17.8% 17.5% 15.2%

Non-Venture Capital 66.8% 9.8% 14.4% 13.1% 14.3% 13.8%

Buyout 56.5% 13.2% 15.9% 15.4% 15.8% 15.4%

Small/Mid 31.1% 15.2% 15.7% 15.6% 14.6% 14.0%

Large/Mega 25.4% 9.6% 16.1% 15.1% 17.0% 16.8%

Energy 4.7% -7.4% 4.1% -4.3% 1.6% 1.1%

Debt/Credit 1.0% 53.4% 25.2% 14.4% 7.5% 5.7%

Other 4.6% -4.7% 9.7% 9.9% 10.8% 10.5%

Royal Borough of Kensington and Chelsea Pension Fund 16 Confidential Partnership Fund Program-Q3'19

Performance and Portfolio Highlights (Continued) The following data depicts portfolio exposure by company. If applicable, Adams Street’s Direct Funds and co-investments are excluded from this analysis.

Client Level — Top 10 Company Exposures by Unrealized Value Rank Company Unrealized Value % of Total Region Industry 1 Company A $1,547,620 1.6% United States Consumer 2 Company B $1,366,308 1.4% United States IT 3 Company C $911,867 0.9% United States IT 4 Company D $621,010 0.6% United States Financial Services 5 Company E $617,291 0.6% United States IT 6 Company F $573,119 0.6% The Americas Energy & Natural Resources 7 Company G $542,781 0.5% Asia Consumer 8 Company H $537,119 0.5% United States Consumer 9 Company I $502,886 0.5% United States IT 10 Company J $492,780 0.5% United States Business Services Total Top 10 $7,712,779 7.8%

The following chart lists the underlying partnerships that distributed the most, on behalf of Royal Borough of Kensington and Chelsea Pension Fund’s Partnership Fund Program portfolio, over the last twelve months (LTM). If applicable, Adams Street’s Direct Funds and co-investments are excluded from this analysis.

Client Level — Top 10 Distributing Funds (LTM) Rank Partnership Distribution Amount % of Total Vintage Year Subclass 1 Partnership A $886,846 5.6% 2008 Buyout 2 Partnership B $543,873 3.4% 2011 Buyout 3 Partnership C $538,411 3.4% 2008 Venture 4 Partnership D $405,814 2.5% 2011 Venture 5 Partnership E $301,680 1.9% 2014 Buyout 6 Partnership F $279,022 1.8% 2008 Other 7 Partnership G $248,141 1.6% 2013 Buyout 8 Partnership H $246,815 1.6% 2012 Buyout 9 Partnership I $242,683 1.5% 2012 Venture 10 Partnership J $238,587 1.5% 2012 Buyout Total Top 10 $3,931,872 24.7%

Royal Borough of Kensington and Chelsea Pension Fund 17 Confidential Partnership Fund Program-Q3'19

Performance and Portfolio Highlights (Continued) The following data depicts the top 5 and bottom 5 partnership contributors to IRR, both since inception (SI) and over the last twelve months (LTM). If applicable, Adams Street’s Direct Funds and co-investments are excluded from this analysis.

Client Level — Top and Bottom Contributors to IRR (SI)13 Vintage Contribution to Drawn/ Distributions/ Total Value/ Partnership Year Strategy Subclass IRR (SI) Committed Drawn (DPI) Drawn (TVPI) 1-Year IRR SI IRR Rating Project Tango 2009 Secondary Buyout 0.56% 91% 2.12x 2.47x 5.0% 25.5% 1 Partnership12 2011 Primary Venture 0.51% 95% 6.09x 12.81x -19.4% 50.6% 1 Partnership12 2008 Primary Venture 0.33% 98% 5.10x 7.22x -19.2% 29.2% 1 op 5 T Project Lighthouse 2009 Secondary Buyout 0.27% 99% 2.37x 2.53x 2.1% 26.1% 1 Project Noble 2009 Secondary Venture 0.24% 87% 2.47x 2.58x -19.4% 33.7% 1

Project Revival 2014 Secondary Energy -0.03% 103% 0.25x 0.43x -15.9% -22.7% 5

5 France Special Situations Fund I 2010 Primary Other -0.03% 120% 0.21x 0.86x -13.2% -5.3% 5 Clyde Blowers Capital Fund III 2012 Primary Buyout -0.03% 103% 0.21x 0.32x -76.7% -29.2% 5 12 Bottom Partnership 2009 Primary Energy -0.06% 100% 0.27x 0.33x -85.1% -28.5% 5 First Reserve Fund XII 2008 Primary Energy -0.07% 103% 0.46x 0.63x -17.2% -9.6% 5

Client Level — Top and Bottom Contributors to IRR (LTM)13

Vintage Contribution to Drawn/ Distributions/ Total Value/ Partnership Year Strategy Subclass IRR (LTM) Committed Drawn (DPI) Drawn (TVPI) 1-Year IRR SI IRR Rating Partnership12 2012 Primary Venture 0.90% 94% 1.14x 6.41x 117.4% 34.4% 2 Partnership12 2008 Primary Buyout 0.79% 104% 3.09x 3.09x 206.2% 23.8% 1 Cortec Group Fund V 2011 Primary Buyout 0.63% 102% 2.01x 4.02x 79.2% 31.2% 2 op 5 T Project Vittel 2019 Secondary Venture 0.49% 23% 2.58x 7.59x 658.8%* 658.8%* 0 TA Atlantic and Pacific VII-A 2014 Primary Buyout 0.42% 99% 1.10x 2.48x 48.1% 38.0% 2

Partnership12 2012 Primary Buyout -0.22% 114% 0.83x 1.60x -29.3% 13.3% 2 12 5 Partnership 2009 Primary Energy -0.23% 100% 0.27x 0.33x -85.1% -28.5% 5 Partnership12 2008 Primary Venture -0.28% 98% 5.10x 7.22x -19.2% 29.2% 1 12 Bottom Partnership 2009 Primary Venture -0.32% 98% 2.30x 3.32x -53.0% 20.3% 1 Partnership12 2011 Primary Venture -0.56% 95% 6.09x 12.81x -19.4% 50.6% 1

Royal Borough of Kensington and Chelsea Pension Fund 18 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Primary LBO Investments . HgCapital Mercury 2 $203,4760 Apr-18 LBO Non-US Developed Primary 24% 0.20x 2.35x 325.5% 0 4 Advantech Capital $74,863 Jan-16 LBO Emerging Markets Primary 93% 1.13x 3.40x 72.6% 2 TDR Capital III $669,837 Apr-14 LBO Non-US Developed Primary 74% 1.41x 3.03x 40.0% 1 TA Atlantic and Pacific VII-A $535,867 Jan-14 LBO US Primary 99% 1.10x 2.48x 38.0% 2 Parthenon Investors V $250,699 Jan-17 LBO US Primary 53% 0.01x 1.60x 37.3% 0 Waterland Private Equity Fund V $347,046 Aug-11 LBO Non-US Developed Primary 80% 2.02x 2.86x 35.8% 1 Odyssey Investment Partners Fund IV $486,364 Dec-08 LBO US Primary 71% 3.21x 3.47x 33.2% 1 TA XII-A $257,533 Feb-16 LBO US Primary 96% 0.23x 1.56x 32.7% 2 Cortec Group Fund V $330,513 Apr-11 LBO US Primary 102% 2.01x 4.02x 31.2% 2 Trivest V $355,813 May-13 LBO US Primary 90% 1.01x 1.97x 29.3% 2 Oakley Capital Private Equity III-B $159,604 Jun-16 LBO Non-US Developed Primary 63% 0.20x 1.54x 28.8% 2 Latour Capital I $151,998 Nov-12 LBO Non-US Developed Primary 100% 2.09x 2.56x 28.1% 1 Quadrant Private Equity No.4 $170,476 Apr-14 LBO Non-US Developed Primary 100% 1.30x 1.80x 27.6% 2 Centurium Capital Partners 2018 $388,026 Jul-18 LBO Emerging Markets Primary 35% 0.00x 1.39x 27.0% 0 Summit Partners Growth Equity Fund VIII-B $429,897 Jun-12 LBO US Primary 96% 1.71x 2.35x 26.6% 2 Clayton, Dubilier & Rice VIII $479,407 Jan-09 LBO US Primary 82% 2.58x 2.80x 26.4% 1 ASP CIV (2015) (a/k/a Harwood Private Equity IV, LP Coinvestment $158,459 Oct-15 LBO Non-US Developed Primary 10% 0.00x 3.09x 25.8% 0 Fund) Adams Street 2012 Developed Markets Co-Investment $323,229 Mar-12 LBO Non-US Developed Primary 100% 1.46x 1.89x 24.8%15 N/A Madison Dearborn Capital Partners VI $600,093 May-08 LBO US Primary 79% 1.84x 2.48x 23.6% 2 Clearview Capital Fund III $138,783 Sep-13 LBO US Primary 90% 0.81x 1.75x 23.3% 2 New Mountain Capital IV $599,339 Dec-14 LBO US Primary 91% 0.97x 1.80x 23.2% 2 TA Associates XI $548,615 Jul-10 LBO US Primary 98% 1.84x 2.49x 23.1% 2 Silversmith Capital I $160,464 Oct-15 LBO US Primary 98% 0.18x 1.58x 22.3% 3 WPEF VI Feeder $180,159 Jul-15 LBO Non-US Developed Primary 65% 0.29x 1.55x 21.3% 2 KV Asia Capital Fund I $255,528 Dec-12 LBO Emerging Markets Primary 83% 0.38x 2.02x 21.2% 2 Boyu Capital Fund IV $465,631 Feb-19 LBO Emerging Markets Primary 19% 0.00x 1.21x 21.1%* 0 J-Star No. 2 (Midwest Minato) $92,072 Aug-13 LBO Non-US Developed Primary 102% 1.22x 1.89x 20.6% 2 Clayton, Dubilier & Rice Fund X $383,785 Mar-18 LBO US Primary 40% 0.05x 1.20x 20.4% 0 Living Bridge 5 $366,256 Jul-12 LBO Non-US Developed Primary 91% 0.97x 2.21x 20.1% 1 Latour Capital II $378,733 Oct-15 LBO Non-US Developed Primary 76% 0.00x 1.31x 19.9% 0 ABRY Partners VI $326,868 Mar-08 LBO US Primary 89% 2.06x 2.08x 19.7% 1 CMC Capital Partners $151,789 Mar-14 LBO Emerging Markets Primary 98% 0.95x 1.92x 19.4% 2 Quadrant Private Equity III $199,798 Mar-11 LBO Non-US Developed Primary 99% 1.75x 1.81x 19.2% 2 VIP II-B $362,485 Jan-14 LBO Non-US Developed Primary 93% 0.87x 2.04x 19.0% 2 Adams Street 2016 Non-US Co-Investment $463,797 Apr-16 LBO Non-US Developed Primary 100% 0.17x 1.42x 19.0%15 N/A

Royal Borough of Kensington and Chelsea Pension Fund 19 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Eurazeo PME II $413,171. Mar-15 LBO Non-US Developed Primary 89% 1.10x 1.42x 18.8% 2 0 CMC Capital Partners II $182,894 Oct-16 LBO Emerging Markets Primary 96% 0.11x 1.36x 18.4% 2 4 Mainsail Partners III $164,772 Dec-12 LBO US Primary 93% 0.70x 1.90x 18.4% 3 Solix Co-Investment Scheme $286,723 Jan-15 LBO Non-US Developed Primary 96% 0.81x 1.83x 17.9% 3 Clayton, Dubilier & Rice Fund IX $424,576 Nov-13 LBO US Primary 102% 0.58x 1.56x 17.8% 2 STG IV $245,418 Apr-12 LBO US Primary 74% 0.86x 1.94x 17.5% 3 Adams Street 2012 US Co-Investment $1,062,141 Jun-12 LBO US Primary 100% 0.96x 1.80x 17.5%15 N/A HCI Equity Partners IV $168,746 Mar-14 LBO US Primary 106% 0.17x 1.66x 17.0% 2 ABRY Heritage Partners $256,787 Jul-16 LBO US Primary 44% 0.16x 1.30x 16.9% 0 Capitalworks Private Equity Fund II $108,175 Jul-13 LBO Emerging Markets Primary 82% 0.58x 1.47x 16.9% 2 Advent Global Private Equity VI-A $357,332 Jul-08 LBO Non-US Developed Primary 100% 1.95x 2.11x 16.8% 1 G Square Capital II $161,329 Dec-16 LBO Non-US Developed Primary 98% 0.00x 1.34x 16.6% 2 Summit Partners Europe Private Equity Fund $186,194 Jul-09 LBO Non-US Developed Primary 103% 1.57x 2.11x 16.3% 2 Olympus Growth Fund V $270,228 Jan-08 LBO US Primary 94% 2.01x 2.08x 15.9% 1 Genstar Capital Partners V $245,662 Jul-07 LBO US Primary 94% 2.06x 2.41x 15.9% 2 InvestIndustrial IV $363,832 Mar-08 LBO Non-US Developed Primary 96% 1.98x 1.98x 15.6% 1 Advent International GPE VII-E $456,562 Aug-12 LBO Non-US Developed Primary 94% 0.91x 1.76x 15.3% 2 CVC Capital Partners Asia Pacific IV $151,616 May-14 LBO Emerging Markets Primary 84% 0.40x 1.32x 15.3% 2 Polish Enterprise Fund VII $428,896 Sep-12 LBO Non-US Developed Primary 91% 1.01x 1.71x 15.1% 2 Casrev Fund II $74,088 Nov-15 LBO Emerging Markets Primary 100% 0.00x 1.34x 15.0% 2 Ascendent Capital Partners II $152,802 Sep-15 LBO Emerging Markets Primary 78% 0.13x 1.29x 14.9% 3 ChrysCapital VI $254,403 Jun-12 LBO Emerging Markets Primary 97% 1.03x 1.79x 14.8% 2 Advent International GPE VIII-H $208,637 Sep-16 LBO Non-US Developed Primary 87% 0.00x 1.25x 14.7% 0 New Horizon Capital IV $277,207 Feb-12 LBO Emerging Markets Primary 113% 1.00x 1.58x 14.6% 2 Berkshire Partners VIII $433,022 Aug-11 LBO US Primary 102% 0.97x 1.65x 14.5% 4 EQT VI $376,083 Jul-11 LBO Non-US Developed Primary 110% 1.47x 1.85x 13.9% 2 ABRY Partners VII $249,083 Aug-11 LBO US Primary 97% 1.37x 1.71x 13.8% 2 Altor Fund III $268,013 Jun-09 LBO Non-US Developed Primary 102% 1.65x 2.16x 13.8% 1 Symphony Technology Group III $183,777 Jul-07 LBO US Primary 109% 1.74x 2.21x 13.5% 4 Warburg Pincus Private Equity XI $535,446 May-12 LBO US Primary 100% 0.79x 1.65x 13.4% 2 New Mountain Partners III $206,399 Aug-07 LBO US Primary 93% 1.36x 2.13x 13.2% 3 CVC Capital Partners Asia Pacific III $380,823 Mar-08 LBO Non-US Developed Primary 83% 1.58x 1.73x 13.2% 3 G Square Capital I $424,874 Jan-11 LBO Non-US Developed Primary 127% 1.23x 1.91x 12.8% 1 Nordic Capital VIII Beta $364,858 Aug-13 LBO Non-US Developed Primary 106% 0.64x 1.52x 12.4% 3 BC European Capital IX $396,856 Sep-11 LBO Non-US Developed Primary 106% 1.05x 1.72x 12.3% 2 Welsh, Carson, Anderson & Stowe XI $486,364 Feb-09 LBO US Primary 100% 1.30x 1.64x 12.2% 3 Adams Street 2016 US Co-Investment $718,738 Mar-16 LBO US Primary 100% 0.06x 1.32x 12.0%15 N/A Renovo Capital II $149,460 Oct-14 LBO US Primary 64% 0.00x 1.25x 11.8% 2

Royal Borough of Kensington and Chelsea Pension Fund 20 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Vitruvian Investment Partnership I $195,823. Apr-08 LBO Non-US Developed Primary 95% 2.11x 2.17x 10.9% 1 0 Atlantic and Pacific VI $122,831 May-08 LBO US Primary 99% 1.51x 1.71x 10.9% 3 4 CDH China Fund V $223,092 Nov-13 LBO Emerging Markets Primary 103% 0.39x 1.36x 10.7% 3 Crescent Capital Partners III $195,791 Jul-07 LBO Non-US Developed Primary 100% 1.71x 1.71x 10.6% 2 TPG Partners VI $598,223 Apr-08 LBO US Primary 96% 1.35x 1.60x 10.5% 3 New Mountain Partners V $436,527 Nov-17 LBO US Primary 43% 0.03x 1.11x 10.0% 0 Baring Vostok Fund V Supplemental Fund $56,364 Aug-12 LBO Emerging Markets Primary 65% 0.16x 1.24x 9.8% 4 Harwood Private Equity IV $156,957 Jul-15 LBO Non-US Developed Primary 87% 0.30x 1.28x 9.6% 2 Adams Street 2012 Emerging Markets Co-Investment $111,858 Feb-14 LBO Emerging Markets Primary 100% 0.01x 1.43x 9.3%15 N/A Adams Street 2018 US Co-Investment $641,901 Mar-18 LBO US Primary 100% 0.01x 1.07x 9.3%15 N/A ABRY Partners VIII $196,304 May-15 LBO US Primary 110% 0.38x 1.26x 9.2% 2 Warburg Pincus Private Equity X $368,493 Oct-07 LBO US Primary 100% 1.30x 1.70x 9.0% 3 Charterhouse Capital Partners IX $489,414 Jan-09 LBO Non-US Developed Primary 93% 1.30x 1.44x 9.0% 2 ChrysCapital Fund VII $229,424 Aug-16 LBO Emerging Markets Primary 96% 0.09x 1.13x 8.7% 2 CDH Supplementary Fund III $50,121 Mar-07 LBO Emerging Markets Primary 86% 1.67x 1.68x 8.6% 3 China Special Opportunities Fund III $101,543 Jan-11 LBO Emerging Markets Primary 100% 0.53x 1.57x 8.5% 3 Archer Capital 5 $233,191 Apr-12 LBO Non-US Developed Primary 105% 0.77x 1.62x 8.5% 3 ChrysCapital V $149,075 Aug-07 LBO Emerging Markets Primary 100% 1.50x 1.50x 8.4% 3 EQT V $215,844 Feb-07 LBO Non-US Developed Primary 99% 1.62x 1.66x 8.4% 3 Crescent Capital Partners IV $202,447 Jan-12 LBO Non-US Developed Primary 100% 0.75x 1.69x 8.3% 3 STG V $505,489 Jun-18 LBO US Primary 32% 0.00x 1.06x 8.0% 2 Piper Private Equity Fund V $246,760 Aug-11 LBO Non-US Developed Primary 92% 1.04x 1.64x 8.0% 2 CDH China Fund III $150,363 Feb-07 LBO Emerging Markets Primary 94% 1.64x 1.70x 8.0% 3 CDH China Fund IV $242,046 Jan-10 LBO Emerging Markets Primary 110% 1.12x 1.42x 8.0% 3 Navis Asia Fund V $194,027 Mar-07 LBO Non-US Developed Primary 101% 1.39x 1.69x 7.9% 3 Phoenix Equity Partners 2010 Fund $359,038 Jun-10 LBO Non-US Developed Primary 96% 1.40x 1.59x 7.8% 3 Palamon European Equity III 'A' $359,871 Aug-14 LBO Non-US Developed Primary 91% 0.54x 1.30x 6.9% 0 L Capital 3 $442,516 Jul-10 LBO Non-US Developed Primary 106% 0.88x 1.37x 6.7% 3 CX Partners Fund $239,820 Apr-09 LBO Emerging Markets Primary 112% 0.89x 1.37x 6.7% 4 Ascent India Fund III $357,660 May-10 LBO Emerging Markets Primary 102% 0.69x 1.40x 6.5% 4 Pacific Equity Partners IV $116,339 Jan-08 LBO Non-US Developed Primary 99% 1.38x 1.46x 6.1% 5 Baring Vostok Private Equity Fund V $88,069 Aug-12 LBO Emerging Markets Primary 108% 0.15x 1.21x 6.0% 4 Kelso Investment Associates VIII $245,662 Nov-07 LBO US Primary 94% 1.11x 1.32x 5.9% 4 Investindustrial Growth I $478,086 Apr-18 LBO Non-US Developed Primary 63% 0.00x 1.13x 5.7% 0 Enterprise Venture Fund I $105,406 Jan-09 LBO Emerging Markets Primary 88% 1.49x 1.49x 5.6% 4 Redview Capital $74,863 Jan-16 LBO Emerging Markets Primary 93% 0.15x 1.12x 5.6% 3 Nordic Capital VII $579,660 Apr-08 LBO Non-US Developed Primary 95% 1.63x 1.65x 5.4% 3 Providence Equity Partners VI $447,761 Mar-07 LBO US Primary 116% 1.07x 1.29x 4.9% 4

Royal Borough of Kensington and Chelsea Pension Fund 21 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Quadrant Private Equity No. 5 $132,416. Oct-16 LBO Non-US Developed Primary 93% 0.16x 1.25x 4.7% 2 0 Baring Vostok Private Equity Fund IV $161,349 May-07 LBO Emerging Markets Primary 116% 0.87x 1.27x 4.7% 4 4 Adams Street 2018 Non-US Co-Investment $478,734 Feb-18 LBO Non-US Developed Primary 91% 0.00x 1.04x 4.6%15 N/A Apax Europe VII - A $225,415 Jun-07 LBO Non-US Developed Primary 97% 1.34x 1.54x 4.6% 3 Fortress Investment Fund V $389,519 Jul-07 LBO US Primary 98% 0.98x 1.46x 4.3% 4 Segulah IV $219,076 Apr-08 LBO Non-US Developed Primary 107% 1.33x 1.47x 4.2% 3 Sterling Capital Partners III $214,954 Aug-07 LBO US Primary 102% 1.10x 1.22x 3.7% 5 Odyssey V $385,706 Jul-14 LBO US Primary 85% 0.00x 1.09x 3.7% 3 HCI Equity Partners V $310,823 May-18 LBO US Primary 36% 0.13x 1.03x 3.3% 0 Pacific Equity Partners Supplementary Fund IV $30,825 Jan-08 LBO Non-US Developed Primary 98% 1.32x 1.43x 3.1% 5 Altor Fund IV $395,646 Feb-15 LBO Non-US Developed Primary 61% 0.00x 1.13x 3.1% 0 Victoria South American Partners II $66,489 Mar-12 LBO Emerging Markets Primary 87% 0.27x 1.11x 3.1% 5 Da Vinci Private Equity II $147,170 Dec-13 LBO Emerging Markets Primary 99% 0.00x 1.13x 3.0% 4 Advent Latin American Private Equity Fund V $258,414 May-10 LBO Emerging Markets Primary 96% 0.50x 1.14x 2.6% 3 Turkish Private Equity Fund III $227,482 Jun-12 LBO Emerging Markets Primary 107% 0.15x 1.06x 1.5% 4 Nordic Capital CV116 $276,903 Apr-18 LBO Non-US Developed Primary 101% 0.17x 1.12x 1.2% 0 Northstar Equity Partners III $197,879 Jun-11 LBO Emerging Markets Primary 99% 0.23x 1.01x 0.1% 4 Industrial Opportunity Partners III $359,502 Oct-17 LBO US Primary 33% 0.00x 1.00x 0.1% 0 Halder-GIMV Germany II $363,316 Jun-08 LBO Non-US Developed Primary 103% 1.06x 1.06x -0.4% 5 Thoma Bravo XIII $767,474 Feb-19 LBO US Primary 36% 0.00x 0.99x -1.3%* 0 Tripod Capital China Fund II $262,783 Jan-10 LBO Emerging Markets Primary 88% 0.25x 0.85x -2.4% 4 Crescent Capital Partners V $348,581 May-15 LBO Non-US Developed Primary 87% 0.00x 1.02x -3.2% 2 GC Equity Partners Fund III $94,395 Jan-16 LBO Emerging Markets Primary 44% 0.05x 0.83x -6.6% 0 Sterling Capital Partners IV $245,418 Apr-12 LBO US Primary 106% 0.39x 0.81x -7.3% 5 ABRY Partners IX $981,369 Aug-19 LBO US Primary 15% 0.00x 0.92x -7.8%* 0 Water Street Healthcare Partners IV $256,787 Mar-18 LBO US Primary 31% 0.00x 0.92x -7.9% 0 Ethos Fund VI $211,548 Dec-11 LBO Emerging Markets Primary 117% 0.29x 0.81x -8.0% 5 Sterling Small Market Growth 2009 $219,446 Nov-10 LBO US Primary 120% 0.40x 0.73x -8.3% 5 WPEF VII Feeder $261,416 Dec-18 LBO Non-US Developed Primary 13% 0.00x 0.92x -11.5%* 0 Baring Vostok IV - Supplementary Fund $64,540 Oct-07 LBO Emerging Markets Primary 100% 0.14x 0.47x -11.5% 5 Atlantic Street Capital IV $505,489 Feb-19 LBO US Primary 11% 0.00x 0.86x -14.4%* 0 Gauge Capital II $256,787 Aug-17 LBO US Primary 42% 0.00x 0.83x -17.4% 4 Accel-KKR Growth Capital Partners III $341,527 Jul-19 LBO US Primary 6% 0.00x 0.74x -25.7%* 0 Oakley Capital IV-B SCSp $458,762 Apr-19 LBO Non-US Developed Primary 10% 0.00x 0.74x -27.8%* 0 Clyde Blowers Capital Fund III $210,411 Feb-12 LBO Non-US Developed Primary 103% 0.21x 0.32x -29.2% 5 Astorg VII $218,547 Jun-19 LBO Non-US Developed Primary 5% 0.00x 0.70x -32.3%* 0 Trivest Fund VI $383,556 Feb-19 LBO US Primary 5% 0.00x 0.60x -40.4%* 0 Accel-KKR Capital Partners III12 $497,418 Sep-08 LBO US Primary N/A N/A N/A N/A N/A

Royal Borough of Kensington and Chelsea Pension Fund 22 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Accel-KKR Capital Partners IV12 $245,418. Jun-13 LBO US Primary N/A N/A N/A N/A N/A 0 Accel-KKR Capital Partners V12 $372,045 Jan-17 LBO US Primary N/A N/A N/A N/A N/A 4 Accel-KKR Capital Partners VI $388,837 N/A LBO US Primary 0% 0.00x 0.00x N/A 0 Accel-KKR Growth Capital Partners II12 $121,114 Feb-15 LBO US Primary N/A N/A N/A N/A N/A ACP Investment Fund12 $227,686 Sep-10 LBO US Primary N/A N/A N/A N/A N/A ACP Investment Fund II12 $289,280 Jan-14 LBO US Primary N/A N/A N/A N/A N/A ACP Investment Fund III12 $409,027 Apr-17 LBO US Primary N/A N/A N/A N/A N/A Advantech Capital II12 $259,731 Jun-18 LBO Emerging Markets Primary N/A N/A N/A N/A N/A AEA Investors Fund VII $544,189 Oct-19 LBO US Primary 0% 0.00x 0.00x N/A 0 Affinity Asia Pacific Fund IV12 $634,346 Mar-13 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Affinity Asia Pacific Fund V12 $259,731 Dec-18 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Altor Fund V (No. 1) AB $349,272 May-19 LBO Non-US Developed Primary 0% 0.00x N/A N/A 0 Arcline Capital Partners $544,372 Nov-19 LBO US Primary 0% 0.00x 0.00x N/A 0 Astorg IV12 $174,867 Oct-07 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Astorg V12 $382,913 Jan-11 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Bain Capital Asia Fund12 $64,540 Oct-07 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Bain Capital Asia Fund II12 $206,413 Jul-12 LBO Emerging Markets Primary N/A N/A N/A N/A N/A Bain Capital Asia Fund III12 $149,283 May-16 LBO Emerging Markets Primary N/A N/A N/A N/A N/A Bain Capital Asia Fund IV $310,420 N/A LBO Emerging Markets Primary 0% 0.00x 0.00x N/A 0 Bain Capital Europe Fund III12 $363,102 Jul-08 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Bain Capital Europe Fund III - GS12 $127,650 Jun-09 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Bain Capital Fund X12 $207,868 Jan-08 LBO US Primary N/A N/A N/A N/A N/A Bain Capital X Coinvestment Fund12 $10,582 Jul-08 LBO US Primary N/A N/A N/A N/A N/A Berkshire Fund IX Coinvestment Fund12 $253,857 May-18 LBO US Primary N/A N/A N/A N/A N/A Birch Hill Equity Partners IV12 $443,801 Nov-10 LBO US Primary N/A N/A N/A N/A N/A Boyu Capital Fund II12 $134,818 Sep-14 LBO Emerging Markets Primary N/A N/A N/A N/A N/A BOYU Capital Fund III12 $174,955 Apr-17 LBO Emerging Markets Primary N/A N/A N/A N/A N/A CVC Capital Partners Asia V $504,433 N/A LBO Emerging Markets Primary 0% 0.00x 0.00x N/A 0 DBAG Fund VI12 $383,195 Oct-13 LBO Non-US Developed Primary N/A N/A N/A N/A N/A DBAG Fund VII12 $151,623 Mar-17 LBO Non-US Developed Primary N/A N/A N/A N/A N/A DBAG Fund VII B12 $28,881 Mar-17 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Flexpoint Fund IV-A12 $650,194 N/A LBO US Primary N/A N/A N/A N/A N/A Flexpoint Overage Fund IV-A12 $216,731 N/A LBO US Primary N/A N/A N/A N/A N/A G Square Capital III $663,657 N/A LBO Non-US Developed Primary 0% 0.00x 0.00x N/A 0 GENUI Fund II GmbH & Co. KG $646,918 Dec-19 LBO Non-US Developed Primary 0% 0.00x 0.00x N/A 0 Housatonic Equity Investors VI12 $320,928 Mar-16 LBO US Primary N/A N/A N/A N/A N/A Housatonic Equity V12 $199,726 Jul-10 LBO US Primary N/A N/A N/A N/A N/A IDG-Accel China Capital12 $237,031 Sep-08 LBO Emerging Markets Primary N/A N/A N/A N/A N/A

Royal Borough of Kensington and Chelsea Pension Fund 23 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 IDG-Accel China Capital II12 $59,657. Dec-11 LBO Emerging Markets Primary N/A N/A N/A N/A N/A 0 Industrial Opportunity II12 $246,102 Jul-12 LBO US Primary N/A N/A N/A N/A N/A 4 InvestIndustrial III Build-Up12 $178,477 Jan-10 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Investindustrial V12 $456,733 May-12 LBO Non-US Developed Primary N/A N/A N/A N/A N/A InvestIndustrial VII12 $510,058 Sep-19 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Marlin Equity III12 $274,307 Jul-10 LBO US Primary N/A N/A N/A N/A N/A Oak HC/FT Partners12 $587,798 Oct-14 LBO US Primary N/A N/A N/A N/A N/A Plemont Co-Investment No. 1 - Solix II12 $255,080 Jun-17 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Renovo Capital Fund III $427,721 N/A LBO US Primary 0% 0.00x 0.00x N/A 0 RoundTable Healthcare Partners III12 $197,988 Oct-10 LBO US Primary N/A N/A N/A N/A N/A RoundTable Healthcare Partners IV12 $145,740 Sep-15 LBO US Primary N/A N/A N/A N/A N/A RoundTable Healthcare Partners V12 $680,465 Aug-19 LBO US Primary N/A N/A N/A N/A N/A Serent Capital Fund I12 $276,400 Apr-08 LBO US Primary N/A N/A N/A N/A N/A Serent Capital II12 $263,566 Jul-14 LBO US Primary N/A N/A N/A N/A N/A Silversmith Capital Partners II-A12 $414,996 Apr-18 LBO US Primary N/A N/A N/A N/A N/A SK Capital IV-A12 $320,928 Feb-15 LBO US Primary N/A N/A N/A N/A N/A Sun Capital Partners V12 $161,554 May-07 LBO US Primary N/A N/A N/A N/A N/A TA XIII-A $699,907 Dec-19 LBO US Primary 0% 0.00x 0.00x N/A 0 TDR Capital IV $315,694 Nov-18 LBO Non-US Developed Primary 2% 0.00x N/A N/A 0 The Resolute Fund IV12 $333,823 Dec-18 LBO US Primary N/A N/A N/A N/A N/A Water Street Healthcare Partners II12 $486,143 Sep-08 LBO US Primary N/A N/A N/A N/A N/A Water Street Healthcare Partners III12 $242,481 Apr-13 LBO US Primary N/A N/A N/A N/A N/A

Primary LBO Investments Total $64,348,876 71% 0.92x 1.62x 13.8%

Primary VC Investments Vision Plus Capital Fund II $181,812 Oct-17 VC Emerging Markets Primary 67% 0.00x 1.49x 40.1% 2 Battery Ventures XI-A Side Fund $58,862 Jun-16 VC US Primary N/A N/A N/A 40.0% 0 Battery Ventures XI-A $127,018 Jun-16 VC US Primary 80% 0.14x 2.00x 36.8% 0 Battery Ventures VIII Side Fund $58,441 Sep-08 VC US Primary 100% 2.57x 2.81x 30.1% 2 Abingworth Bioventures VI $418,665 Oct-12 VC Non-US Developed Primary 100% 1.79x 2.47x 27.2% 2 Battery Ventures IX $353,152 Jan-11 VC US Primary 98% 1.57x 3.00x 24.7% 2 Battery Ventures X Side Fund $66,844 Jul-13 VC US Primary 91% 1.18x 2.35x 23.7% 0 Adams Street 2018 Direct Venture/Growth (Pship) $3,000,000 Feb-18 VC US Primary 10% 0.00x 0.87x 23.1%17 N/A Source Code Fund III $181,812 Aug-17 VC Emerging Markets Primary 85% 0.00x 1.29x 22.3% 2 New Enterprise Associates 15 $454,186 Mar-15 VC US Primary 90% 0.24x 1.75x 21.4% 2 Adams Street 2016 Direct Venture/Growth (Pship) $2,000,000 May-16 VC US Primary 71% 0.00x 1.14x 18.2%17 N/A Battery Ventures VIII $233,142 Sep-07 VC US Primary 100% 2.22x 2.62x 17.4% 2 Summit Partners Venture Capital Fund III-B $162,360 Jul-12 VC US Primary 100% 1.10x 2.01x 17.1% 2

Royal Borough of Kensington and Chelsea Pension Fund 24 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 New Enterprise Associates 14 $535,446. May-12 VC US Primary 94% 0.96x 2.16x 17.1% 2 0 Prime Technology Ventures III $126,021 Sep-07 VC Non-US Developed Primary N/A N/A N/A 16.9% 1 4 SBCVC Fund III $296,289 Jun-08 VC Emerging Markets Primary 100% 1.35x 2.18x 15.5% 2 Adams Street 2008 Direct (Pship) $3,500,000 Jan-08 VC US Primary 97% 1.74x 2.45x 15.3%17 N/A Trustbridge Partners IV $119,315 May-11 VC Emerging Markets Primary 109% 0.39x 2.21x 13.8% 3 Monashees Capital VI $45,809 Aug-12 VC Emerging Markets Primary 100% 0.96x 2.92x 13.7% 2 Trust Bridge Partners III $238,546 Apr-09 VC Emerging Markets Primary 100% 1.24x 1.96x 13.6% 3 CRV XVII $218,109 Mar-18 VC US Primary 41% 0.00x 1.11x 13.6% 0 New Enterprise Associates 13 $386,914 May-09 VC US Primary N/A N/A N/A 13.6% 2 Abingworth Bioventures V $243,094 Feb-07 VC Non-US Developed Primary N/A N/A N/A 13.0% 1 Adams Street 2007 Direct (Pship) $3,500,000 Jan-07 VC US Primary 97% 1.70x 2.36x 12.0%17 N/A Kalaari Capital Partners II $99,733 Feb-12 VC Emerging Markets Primary N/A N/A N/A 11.4% 2 Battery Ventures X $155,970 Jun-13 VC US Primary 91% 0.39x 1.53x 11.1% 0 SBCVC Fund IV $119,315 Jun-11 VC Emerging Markets Primary 102% 0.27x 1.72x 10.9% 4 Adams Street 2012 Direct (Pship) $3,000,000 Feb-12 VC US Primary 89% 0.45x 1.23x 10.0%17 N/A Austin Ventures X $309,238 Sep-08 VC US Primary N/A N/A N/A 9.8% 3 Abingworth Bioventures V Co-Invest Growth Equity Fund $80,592 Jul-08 VC Non-US Developed Primary N/A N/A N/A 9.0% 3 Keytone Ventures II $211,548 Jan-11 VC Emerging Markets Primary 98% 0.08x 1.62x 8.4% 4 CDH China Venture Partners II $254,888 May-08 VC Emerging Markets Primary 105% 0.89x 1.61x 7.6% 3 Ignition Venture Partners IV $30,677 Sep-07 VC US Primary 95% 1.07x 1.41x 7.1% 3 Foundation Capital VI $88,819 Jul-08 VC US Primary N/A N/A N/A 5.5% 5 Split Rock Partners II $333,736 Jan-09 VC US Primary 99% 0.80x 1.29x 5.4% 5 Prime Ventures IV $532,647 Feb-13 VC Non-US Developed Primary 97% 0.10x 1.25x 4.1% 0 Ignition Growth Capital I $30,677 Sep-07 VC US Primary N/A N/A N/A 3.2% 4 Ignition Venture Partners V $210,923 Feb-13 VC US Primary N/A N/A N/A 2.3% 5 GGV Fund VII Plus $38,884 May-19 VC Emerging Markets Primary 22% 0.00x 1.00x 0.3%* 0 Keytone Ventures $177,773 Jul-08 VC Emerging Markets Primary 99% 0.41x 0.95x -0.6% 4 NFX Capital Fund II $583,256 Sep-19 VC US Primary 4% 0.00x 0.93x -6.5%* 0 GGV Fund VII $155,535 Jan-19 VC Emerging Markets Primary 19% 0.00x 0.91x -9.1%* 0 Accel Growth12 $276,367 Apr-09 VC US Primary N/A N/A N/A N/A N/A Accel Growth Fund IV12 $265,004 Feb-17 VC US Primary N/A N/A N/A N/A N/A Accel Growth Fund V12 $406,494 Mar-19 VC US Primary N/A N/A N/A N/A N/A Accel Growth II12 $126,369 Dec-11 VC US Primary N/A N/A N/A N/A N/A Accel Growth III12 $329,120 Jun-14 VC US Primary N/A N/A N/A N/A N/A Accel India Venture Fund II12 $59,637 Nov-08 VC Emerging Markets Primary N/A N/A N/A N/A N/A Accel India Venture Fund III12 $33,244 Nov-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A Accel Leaders Fund12 $66,967 Mar-17 VC US Primary N/A N/A N/A N/A N/A Accel Leaders Fund II12 $135,498 Jun-19 VC US Primary N/A N/A N/A N/A N/A

Royal Borough of Kensington and Chelsea Pension Fund 25 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Accel London III12 $357,819. Aug-09 VC Non-US Developed Primary N/A N/A N/A N/A N/A 0 Accel London IV12 $102,026 Apr-14 VC Non-US Developed Primary N/A N/A N/A N/A N/A 4 Accel London V12 $129,547 Aug-16 VC Non-US Developed Primary N/A N/A N/A N/A N/A Accel London VI12 $272,063 Jun-19 VC Non-US Developed Primary N/A N/A N/A N/A N/A Accel X12 $122,706 Jan-08 VC US Primary N/A N/A N/A N/A N/A Accel XI12 $80,876 Sep-11 VC US Primary N/A N/A N/A N/A N/A Accel XII12 $164,560 Apr-14 VC US Primary N/A N/A N/A N/A N/A Accel XIII12 $111,620 Nov-16 VC US Primary N/A N/A N/A N/A N/A AH Annex Fund12 $98,257 Apr-11 VC US Primary N/A N/A N/A N/A N/A AH Bio Fund II12 $372,341 May-18 VC US Primary N/A N/A N/A N/A N/A AH Parallel Fund III12 $66,056 Jul-12 VC US Primary N/A N/A N/A N/A N/A AH Parallel Fund IV12 $146,276 May-14 VC US Primary N/A N/A N/A N/A N/A AH Parallel Fund V12 $110,592 Jul-17 VC US Primary N/A N/A N/A N/A N/A Aleph12 $90,147 Aug-13 VC Non-US Developed Primary N/A N/A N/A N/A N/A Aleph II12 $175,059 Jun-17 VC Non-US Developed Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund I12 $109,722 Jul-09 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund II12 $245,642 Nov-10 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund III12 $242,958 Feb-12 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund IV12 $292,551 Apr-14 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund V12 $222,016 Jun-17 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz LSV Fund I12 $388,837 May-19 VC US Primary N/A N/A N/A N/A N/A August Capital V12 $209,560 Feb-09 VC US Primary N/A N/A N/A N/A N/A August Capital V Special Opportunities12 $121,635 Mar-11 VC US Primary N/A N/A N/A N/A N/A August Capital VI12 $131,162 Aug-12 VC US Primary N/A N/A N/A N/A N/A August Capital VI Special Opportunities12 $109,302 Jul-13 VC US Primary N/A N/A N/A N/A N/A Bain Capital Venture Coinvestment Fund12 $105,928 Apr-15 VC US Primary N/A N/A N/A N/A N/A Bain Capital Venture Fund 200912 $274,256 Jul-09 VC US Primary N/A N/A N/A N/A N/A Bain Capital Venture Fund 201212 $210,563 Sep-12 VC US Primary N/A N/A N/A N/A N/A Bain Capital Venture Fund 201412 $325,933 Oct-14 VC US Primary N/A N/A N/A N/A N/A Balderton Capital IV12 $357,819 Jan-09 VC Non-US Developed Primary N/A N/A N/A N/A N/A Banyan Capital Fund II12 $49,909 Apr-15 VC Emerging Markets Primary N/A N/A N/A N/A N/A Benchmark Capital Partners VI12 $207,192 Jan-08 VC US Primary N/A N/A N/A N/A N/A Benchmark Capital Partners VII12 $219,022 Feb-11 VC US Primary N/A N/A N/A N/A N/A Benchmark Capital Partners VIII12 $119,556 Feb-14 VC US Primary N/A N/A N/A N/A N/A Charles River Partnership XVI12 $408,038 May-15 VC US Primary N/A N/A N/A N/A N/A Charles River Ventures XIII12 $26,919 Jun-07 VC US Primary N/A N/A N/A N/A N/A Charles River Ventures XIV12 $159,380 Jun-09 VC US Primary N/A N/A N/A N/A N/A Charles River Ventures XV12 $202,571 May-12 VC US Primary N/A N/A N/A N/A N/A

Royal Borough of Kensington and Chelsea Pension Fund 26 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 DCM IX12 $349,223. Nov-18 VC Emerging Markets Primary N/A N/A N/A N/A N/A 0 DCM Ventures China Fund VIII12 $183,596 Jun-16 VC Emerging Markets Primary N/A N/A N/A N/A N/A 4 Essex Woodlands Health Ventures Fund VIII12 $319,525 Nov-08 VC US Primary N/A N/A N/A N/A N/A Harrison Metal Capital II12 $98,258 Jul-10 VC US Primary N/A N/A N/A N/A N/A Harrison Metal Capital III12 $105,280 Dec-12 VC US Primary N/A N/A N/A N/A N/A Harrison Metal V12 $308,145 Apr-18 VC US Primary N/A N/A N/A N/A N/A Homebrew Ventures I12 $45,860 Jun-13 VC US Primary N/A N/A N/A N/A N/A IDG China Venture Capital Fund IV12 $144,648 Jul-14 VC Emerging Markets Primary N/A N/A N/A N/A N/A IDG-Accel China Growth Fund II12 $126,179 Dec-07 VC Emerging Markets Primary N/A N/A N/A N/A N/A IDG-Accel China Growth Fund III12 $59,657 Jun-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A Index Ventures Growth Fund I12 $342,011 Feb-08 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures Growth Fund II12 $204,360 Sep-11 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures Growth IV12 $155,839 Nov-18 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures IV12 $117,349 Apr-07 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures Life VI12 $85,240 May-12 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures V12 $207,244 Jun-09 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures VI12 $248,986 Apr-12 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures VII12 $355,794 Apr-14 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures VIII12 $238,099 Mar-16 VC Non-US Developed Primary N/A N/A N/A N/A N/A IVP II-A12 $62,146 Dec-12 VC Emerging Markets Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XII12 $208,270 Mar-09 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XIII12 $187,203 Feb-09 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XIV12 $98,257 Dec-10 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XV12 $82,302 May-12 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XVI12 $87,765 Jul-14 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XVIII12 $390,640 Feb-19 VC US Primary N/A N/A N/A N/A N/A KPCB China Fund12 $53,626 May-07 VC Emerging Markets Primary N/A N/A N/A N/A N/A KPCB China Fund II12 $33,244 Nov-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A KPCB Digital Growth Fund12 $393,027 Dec-10 VC US Primary N/A N/A N/A N/A N/A KPCB Digital Growth Fund II12 $117,485 Sep-14 VC US Primary N/A N/A N/A N/A N/A KPCB Digital Growth III12 $199,565 Apr-17 VC US Primary N/A N/A N/A N/A N/A KPCB Green Growth Fund12 $344,796 Feb-09 VC US Primary N/A N/A N/A N/A N/A LC Fund IV12 $237,031 May-08 VC Emerging Markets Primary N/A N/A N/A N/A N/A LC Fund V12 $119,315 Jun-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A LC Fund VI12 $152,221 May-14 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners China I12 $105,602 Feb-08 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners China II12 $56,343 Apr-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners China III12 $175,645 Jun-14 VC Emerging Markets Primary N/A N/A N/A N/A N/A

Royal Borough of Kensington and Chelsea Pension Fund 27 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Matrix Partners India II12 $49,714. Oct-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A 0 Matrix Partners India II Extension12 $19,886 Jul-16 VC Emerging Markets Primary N/A N/A N/A N/A N/A 4 Matrix Partners IX12 $296,000 Oct-10 VC US Primary N/A N/A N/A N/A N/A Matrix Partners X12 $142,150 Nov-13 VC US Primary N/A N/A N/A N/A N/A Medicxi III12 $377,023 N/A VC Non-US Developed Primary N/A N/A N/A N/A N/A Mosaic Ventures II $311,470 Dec-19 VC Non-US Developed Primary 0% 0.00x 0.00x N/A 0 New Enterprise Associates 1612 $329,847 May-17 VC US Primary N/A N/A N/A N/A N/A Pitango Venture Capital Fund V12 $157,723 Aug-07 VC Non-US Developed Primary N/A N/A N/A N/A N/A Pitango Venture Capital Fund VI12 $385,126 Oct-12 VC Non-US Developed Primary N/A N/A N/A N/A N/A Redpoint Omega Fund12 $122,400 Feb-07 VC US Primary N/A N/A N/A N/A N/A Redpoint Omega II12 $153,266 Aug-12 VC US Primary N/A N/A N/A N/A N/A Redpoint Ventures IV12 $287,647 Jul-10 VC US Primary N/A N/A N/A N/A N/A Redpoint Ventures V12 $171,375 Apr-13 VC US Primary N/A N/A N/A N/A N/A Resolute IV12 $359,502 Feb-19 VC US Primary N/A N/A N/A N/A N/A RPEV I-B12 $70,455 Aug-12 VC Emerging Markets Primary N/A N/A N/A N/A N/A U.S. Venture Partners X12 $276,105 Sep-08 VC US Primary N/A N/A N/A N/A N/A Venrock Associates VII12 $268,378 Jan-15 VC US Primary N/A N/A N/A N/A N/A Venrock V12 $98,736 Apr-07 VC US Primary N/A N/A N/A N/A N/A Venrock VI12 $246,523 Jan-11 VC US Primary N/A N/A N/A N/A N/A Versant Venture Capital IV12 $386,914 Oct-08 VC US Primary N/A N/A N/A N/A N/A Wing Ventures12 $38,258 Aug-13 VC US Primary N/A N/A N/A N/A N/A

Primary VC Investments Total $43,107,434 79% 0.98x 2.09x 15.9%

Primary ENR Investments Energy & Minerals Group Fund IV $335,406 Mar-16 ENR US Primary 92% 0.33x 1.43x 16.3% 2 Energy & Minerals Group Fund II $358,461 Jun-11 ENR US Primary 99% 0.98x 1.91x 14.6% 2 HitecVision V $289,675 Apr-08 ENR Non-US Developed Primary 107% 1.18x 1.60x 13.3% 3 NGP Midstream and Resources $122,306 Jun-07 ENR US Primary 104% 1.88x 2.03x 13.3% 2 HitecVision VII $352,294 May-14 ENR Non-US Developed Primary 71% 0.46x 1.37x 13.2% 0 EMG Ascent 2016 Equity $14,945 Mar-16 ENR US Primary 100% 0.00x 1.55x 13.2% 3 Natural Gas Partners IX $245,717 Oct-07 ENR US Primary 99% 1.44x 1.47x 10.8% 3 Energy & Minerals Group Fund V $581,659 May-19 ENR US Primary 46% 0.00x 1.09x 9.0%* 0 NGP Natural Resources XI $306,135 Nov-14 ENR US Primary 92% 0.26x 1.19x 8.2% 3 HitecVision VI $350,043 Dec-11 ENR Non-US Developed Primary 94% 0.19x 1.35x 6.9% 4 Warburg Pincus Energy $527,937 Jul-14 ENR US Primary 77% 0.11x 1.15x 6.1% 4 HitecVision Assets Solutions $119,025 Mar-10 ENR Non-US Developed Primary 93% 0.29x 1.31x 5.0% 4 NGP Natural Resources X $252,533 Jan-12 ENR US Primary 98% 0.74x 1.04x 1.3% 4 Energy & Minerals Group Fund III $451,095 Jan-14 ENR US Primary 96% 0.10x 0.79x -5.4% 4

Royal Borough of Kensington and Chelsea Pension Fund 28 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 First Reserve Fund XII $844,024. Aug-08 ENR US Primary 103% 0.46x 0.63x -9.6% 5 0 EMG Iron Ore Holdco12 $39,398 May-19 ENR US Primary N/A N/A N/A N/A N/A 4 Resource Capital V12 $438,980 Nov-09 ENR US Primary N/A N/A N/A N/A N/A Resource Capital VI12 $230,428 Jun-13 ENR US Primary N/A N/A N/A N/A N/A

Primary ENR Investments Total $5,860,062 90% 0.47x 1.10x 2.6%

Primary DC Investments TA Subordinated Debt Fund III $164,584 Nov-10 DC US Primary 97% 1.39x 1.68x 14.8% 2 Caltius Partners IV $479,407 Oct-08 DC US Primary 106% 1.09x 1.09x 3.6% 4 Indigo Capital V $235,145 Jul-07 DC Non-US Developed Primary 97% 1.22x 1.25x 1.0% 4 Adams Street 2018 US Private Credit Investment12 $94,547 Nov-18 DC US Primary N/A N/A N/A N/A18 N/A Alchemy Special Opportunities Fund II12 $218,550 Jul-10 DC Non-US Developed Primary N/A N/A N/A N/A N/A

Primary DC Investments Total $1,192,233 101% 1.05x 1.28x 7.2%

Primary OTHER Investments Quantum Luxembourg Opportunity Feeder Fund SCSp $263,087 Oct-14 OTH Non-US Developed Primary 74% 1.06x 1.93x 28.9% 2 Oakley Capital Private Equity II-B $370,507 Nov-13 OTH Non-US Developed Primary 98% 1.54x 1.94x 26.2% 1 OCM Opportunities Fund VIIb $145,170 Jun-08 OTH US Primary 90% 1.71x 1.71x 16.8% 2 ABRY Senior Equity III $245,465 Aug-10 OTH US Primary 93% 1.62x 1.66x 16.7% 1 ABRY Senior Equity IV $131,783 Oct-12 OTH US Primary 99% 0.92x 1.61x 14.7% 2 Banc Fund VIII $726,620 Apr-08 OTH US Primary 100% 1.57x 2.19x 13.5% 2 OCM Opportunities Fund VII $145,183 Mar-07 OTH US Primary 100% 1.35x 1.35x 7.3% 4 Alchemy Plan (Entity D) $31,166 Jan-08 OTH Non-US Developed Primary 103% 1.90x 1.90x 6.9% 3 Saints Capital VI $245,662 Apr-08 OTH US Primary 99% 1.20x 1.36x 6.6% 4 AnaCap Financial Partners II $360,686 Sep-08 OTH Non-US Developed Primary 117% 1.06x 1.46x 5.4% 3 France Special Situations Fund I $446,146 Jul-10 OTH Non-US Developed Primary 120% 0.21x 0.86x -5.3% 5 France Special Situations Fund II $354,307 Jun-14 OTH Non-US Developed Primary 90% 0.00x 0.86x -9.8% 0 Quantum Opportunity Fund II12 $372,431 Feb-18 OTH Non-US Developed Primary N/A N/A N/A N/A N/A Vision Capital Partners VII12 $179,014 May-10 OTH Non-US Developed Primary N/A N/A N/A N/A N/A

Primary OTHER Investments Total $4,017,228 88% 1.02x 1.47x 9.2%

Secondary Investments Project Vittel $222,711 Apr-19 VC US Secondary 23% 2.58x 7.59x 658.8%* 0 Project Gotham $53,196 Aug-10 LBO US Secondary 60% 2.42x 2.42x 80.0% 1 Project Domain $82,875 Sep-18 VC Non-US Developed Secondary 54% 0.01x 1.71x 77.7% 2 Project Omni $174,755 May-19 VC US Secondary 127% 0.28x 1.78x 77.6%* 0 Project Patriot A $291,818 Jan-09 LBO US Secondary 98% 3.02x 3.02x 73.0% 1 Project Basalt $15,828 Mar-17 VC US Secondary 88% 0.57x 1.61x 64.2% 2 Project Burnham $84,333 Mar-18 LBO US Secondary 88% 0.26x 1.81x 64.2% 2

Royal Borough of Kensington and Chelsea Pension Fund 29 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Project Stenson $110,401. Jun-18 LBO US Secondary 97% 0.55x 1.64x 58.4% 2 0 Project Knox $41,646 Apr-17 DIV US Secondary 92% 0.54x 1.44x 56.8% 2 4 Project Runner $44,619 Mar-16 LBO US Secondary 94% 1.54x 2.58x 51.2% 1 Project Zinc $399,077 Feb-09 DIV US Secondary 90% 3.37x 3.52x 49.2% 1 Project Robert $75,476 Jun-14 OTH Non-US Developed Secondary 100% 2.27x 2.37x 47.0% 1 Project Mugatu $12,649 Jul-08 VC US Secondary 100% 1.82x 1.82x 46.4% 1 Project Apple $324,066 Jun-09 DIV US Secondary 93% 2.74x 2.87x 41.8% 1 Project Meadowlark $135,358 Jun-16 LBO US Secondary 105% 1.40x 2.02x 41.0% 1 Project Red Wing $91,137 Jun-09 LBO US Secondary 93% 2.38x 2.39x 40.3% 1 Project Mountain $110,794 Mar-17 LBO US Secondary 82% 0.88x 1.66x 37.9% 2 Project Oval $51,361 Jun-19 LBO US Secondary 113% 0.06x 1.34x 34.4%* 0 Project Noble $825,162 Jan-09 DIV US Secondary 87% 2.47x 2.58x 33.7% 1 Project Rapids $167,647 Dec-14 DIV US Secondary 86% 1.44x 1.75x 32.3% 1 Project Dynamite $44,207 Dec-14 LBO US Secondary 79% 1.48x 1.52x 27.9% 1 Project Nature $118,933 Jul-12 LBO Non-US Developed Secondary 94% 2.42x 2.49x 27.9% 1 Project Mayfly B $650,677 Sep-18 DIV US Secondary 76% 0.22x 1.25x 27.9% 2 Project Benz $90,917 Jan-17 LBO Non-US Developed Secondary 91% 0.32x 1.69x 26.4% 3 Project Bruin $52,890 Dec-16 LBO US Secondary 92% 0.81x 1.36x 26.1% 2 Project Lighthouse $837,937 Jan-09 DIV US Secondary 99% 2.37x 2.53x 26.1% 1 Project Tango $1,979,590 Jan-09 DIV US Secondary 91% 2.12x 2.47x 25.5% 1 Project Naya $111,123 Nov-18 VC Emerging Markets Secondary 64% 0.01x 1.25x 25.4%* 0 Project Cascade $121,889 Sep-12 LBO US Secondary 89% 1.66x 1.73x 25.3% 1 Project Ball $72,129 Jan-18 DIV Non-US Developed Secondary 82% 0.01x 1.35x 23.7% 3 Project Port $17,046 May-16 ENR US Secondary 94% 0.82x 1.36x 22.6% 2 Project Preakness $62,453 Dec-14 LBO US Secondary 89% 1.37x 1.75x 22.0% 1 Project Salsa II $62,941 Mar-07 DIV US Secondary 97% 1.50x 1.50x 22.0% 1 Project Octavian $190,193 Jan-09 DIV US Secondary 93% 2.42x 2.48x 21.9% 1 Project Advent $258,039 Aug-09 LBO Non-US Developed Secondary 100% 2.46x 2.66x 21.8% 1 Project Patriot B $130,682 Jan-09 DIV US Secondary 99% 2.20x 2.44x 21.7% 1 Project Amsterdam $331,404 Nov-08 LBO Non-US Developed Secondary 93% 2.41x 2.41x 21.6% 1 Project Soledad $38,112 Jun-19 LBO US Secondary 140% 0.00x 1.21x 21.0%* 0 Project Primrose $128,807 Apr-16 OTH Non-US Developed Secondary 81% 0.01x 1.75x 20.4% 2+ Project Sherman $709,926 Jan-09 LBO US Secondary 87% 1.64x 2.07x 20.2% 1 Project Patriot II $145,724 Jul-09 LBO US Secondary 98% 2.09x 3.06x 20.2% 1 Project Eiffel $18,043 Apr-14 LBO Non-US Developed Secondary 99% 1.25x 1.36x 18.7% 1 Project Mayfly A $152,403 Sep-18 LBO US Secondary 99% 0.00x 1.18x 18.6% 3 Project Skipjack $328,396 Dec-10 LBO US Secondary 100% 1.50x 1.54x 18.3% 1 Project Lantern $7,159 Jun-17 ENR US Secondary 101% 0.54x 1.35x 18.3% 3

Royal Borough of Kensington and Chelsea Pension Fund 30 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Project Habanero $130,935. Sep-17 LBO US Secondary 99% 0.50x 1.26x 17.1% 2 0 Project Western $699,765 Dec-16 DIV US Secondary 91% 0.71x 1.31x 17.0% 2 4 Project Everest $873,284 Sep-08 VC US Secondary 99% 1.84x 2.04x 16.8% 1 Project Tape $94,447 Apr-13 LBO Non-US Developed Secondary 102% 1.28x 1.59x 16.2% 1 Project Warhol $184,063 Apr-08 LBO US Secondary 100% 1.52x 1.52x 15.5% 1 Project Lafayette $14,259 Jul-14 LBO Emerging Markets Secondary 108% 0.78x 1.63x 15.4% 3 Project Hickory $160,761 Mar-14 LBO US Secondary 105% 1.34x 1.53x 15.1% 1 Project Dock $207,630 Apr-16 DIV US Secondary 96% 0.36x 1.35x 14.9% 2 Project Apax $203,016 Jul-09 LBO Non-US Developed Secondary 96% 1.91x 2.18x 14.9% 1 Project Centurion $935,555 Jun-08 LBO US Secondary 95% 1.66x 1.82x 13.5% 1 Project Starter A $396,113 Apr-18 DIV US Secondary 98% 0.29x 1.16x 13.2% 2 Project Impact $539,228 Jun-19 LBO US Secondary 99% 0.00x 1.13x 13.1%* 0 Project Elysees $210,938 Dec-16 LBO Non-US Developed Secondary 91% 0.39x 1.26x 13.1% 2 Project Tang $103,285 Dec-18 LBO Emerging Markets Secondary 64% 0.09x 1.13x 12.8%* 2 Project Tavern $121,058 Dec-16 LBO Non-US Developed Secondary 100% 0.53x 1.25x 12.7% 3+ Project Peregrina $203,264 Jun-16 OTH Non-US Developed Secondary 101% 0.53x 1.32x 12.7% 2 Project Twin Cities $1,045,143 May-07 VC US Secondary 99% 1.59x 1.60x 11.9% 1 Project Sand $18,224 Mar-17 LBO US Secondary 93% 0.20x 1.23x 10.9% 3 Project Sunshine $349,334 Oct-16 DIV US Secondary 94% 0.40x 1.23x 10.6% 2 Project Synthesis $119,015 Dec-18 LBO US Secondary 65% 0.00x 1.09x 8.8%* 0 Project Pinctada $131,382 Feb-15 OTH Non-US Developed Secondary 100% 0.60x 1.26x 7.4% 3 Project Nico $82,888 Jul-12 LBO Emerging Markets Secondary 63% 1.19x 1.24x 7.4% 5 Project Paddington $46,350 Dec-17 LBO US Secondary 101% 0.41x 1.09x 7.1% 3 Project Persian $168,721 Sep-14 OTH Non-US Developed Secondary 103% 0.63x 1.25x 7.0% 3- Project Cavendish $1,120,119 Feb-18 OTH Non-US Developed Secondary 105% 0.15x 1.10x 6.6% 3 Project Kane $47,195 Jul-17 LBO Non-US Developed Secondary 72% 0.63x 1.06x 6.4% 3 Project Anagram $197,205 Dec-17 LBO US Secondary 86% 0.00x 1.10x 6.2% 3 Project Mallet $625,376 Sep-16 LBO US Secondary 77% 0.42x 1.13x 6.1% 3 Project Treble $580,241 Oct-08 DIV US Secondary 96% 1.23x 1.25x 5.5% 5 Project Tycoon $209,967 Aug-08 LBO US Secondary 97% 1.16x 1.19x 4.8% 5 Project Sundial $41,485 Jun-09 LBO Emerging Markets Secondary 114% 0.82x 1.25x 4.7% 4 Project Engineer $163,993 Apr-07 DIV US Secondary 96% 1.22x 1.23x 4.6% 5 Project Harald $17,739 Sep-16 ENR Non-US Developed Secondary 53% 0.29x 1.13x 4.3% 3 Project Masterpiece $110,528 Mar-08 DIV US Secondary 99% 1.17x 1.18x 4.1% 5 Project Crimson II $1,254,636 Mar-08 DIV US Secondary 92% 1.17x 1.21x 4.1% 5 Project Plutus $136,731 Jul-17 DIV Non-US Developed Secondary 93% 0.00x 1.09x 4.1% 3 Project Barley $310,237 May-08 LBO US Secondary 97% 1.13x 1.16x 3.9% 5 Project Heinz $118,208 Dec-13 LBO Non-US Developed Secondary 95% 0.81x 1.34x 3.6% 3-

Royal Borough of Kensington and Chelsea Pension Fund 31 Confidential Partnership Fund Program-Q3'19

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Project Tiger $81,485. Apr-08 LBO US Secondary 100% 1.11x 1.11x 3.5% 5 0 Project Bayside $167,646 Jun-19 LBO US Secondary 77% 0.00x 1.03x 3.3%* 0 4 Project Radio $53,316 Sep-19 LBO US Secondary 85% 0.00x 1.02x 2.5%* 0 Project Marwad $200,086 Mar-18 LBO Emerging Markets Secondary 88% 0.00x 1.03x 2.2% 3 Project Great Lakes $145,158 Dec-07 DIV US Secondary 100% 1.07x 1.07x 2.1% 5 Project Symphony $72,460 Nov-13 LBO Non-US Developed Secondary 95% 0.90x 1.02x 1.6% 5 Project Etoile $665,879 Apr-19 LBO Non-US Developed Secondary 117% 0.00x 1.04x 1.4%* 0 Project Winnebago $200,127 Jul-14 LBO Non-US Developed Secondary 92% 1.04x 1.19x 1.3% 5 Project Waban $75,876 Jun-08 VC US Secondary 95% 0.83x 1.08x 1.2% 5 Project Iniesta $84,532 Apr-17 LBO Non-US Developed Secondary 90% 0.29x 0.99x 0.3% 4 Project Stanley $196,140 Sep-18 DIV US Secondary 66% 0.00x 1.00x -0.1% 2 Project Altitude $428,904 Sep-19 LBO US Secondary 151% 0.00x 1.00x -0.1%* 0 Project Meiji $209,041 Aug-13 LBO Non-US Developed Secondary 95% 0.88x 1.00x -0.2% 5 Project Warring $287,164 Oct-17 LBO Emerging Markets Secondary 97% 0.15x 0.99x -0.3% 3 Project Jumper $427,927 Sep-18 LBO US Secondary 84% 0.13x 0.99x -0.7% 3 Project Venice $548,073 Sep-19 LBO Non-US Developed Secondary 53% 0.00x 0.99x -1.2%* 0 Project Colonel $67,779 Oct-18 LBO US Secondary 91% 0.39x 0.95x -5.4%* 3 Project Blackhawk $22,016 Sep-07 VC US Secondary 100% 0.78x 0.81x -5.4% 5 Project Racer $218,695 May-14 DIV US Secondary 93% 0.64x 0.86x -5.8% 5 Project Athena $121,498 Aug-07 LBO Non-US Developed Secondary 99% 0.70x 0.73x -6.8% 5 Project Silver $382,542 Jun-08 DIV Emerging Markets Secondary 99% 0.81x 0.81x -7.7% 5 Project Cyprus $129,750 Aug-17 ENR US Secondary 96% 0.05x 0.86x -8.5% 3 Project Shell 2 $47,428 Oct-07 OTH Non-US Developed Secondary 98% 0.63x 0.67x -8.9% 5 Project Next Steps $103,602 Jun-07 VC Non-US Developed Secondary 100% 0.55x 0.65x -9.0% 5 Project Bergen $26,436 Oct-14 ENR Non-US Developed Secondary 102% 0.21x 0.60x -11.2% 5 Project Interstate $168,127 Sep-13 LBO US Secondary 100% 0.43x 0.63x -11.5% 5 Project Emerald $40,870 Jan-08 VC US Secondary 100% 0.61x 0.61x -12.0% 5 Project Harbor $348,108 Sep-12 ENR US Secondary 90% 0.48x 0.59x -16.0% 0 Project Tiger II $127,364 Aug-07 LBO Emerging Markets Secondary 99% 0.50x 0.56x -16.3% 5 Project Revival $230,492 Aug-14 ENR US Secondary 103% 0.25x 0.43x -22.7% 5 Project Moose $111,255 May-14 ENR US Secondary 102% 0.24x 0.39x -22.9% 5 Project Tartan $64,190 Dec-13 LBO Non-US Developed Secondary 100% 0.00x 0.01x -61.1% 5

Secondary Investments Total $28,002,819 93% 1.10x 1.57x 16.3%

Total $146,528,652 79% 0.96x 1.72x 14.5%

Royal Borough of Kensington and Chelsea Pension Fund 32 Confidential Quarterly Report-Q3'19

Notes and Footnotes

Important Notes, Footnotes, and Definitions The actual performance of any limited partnership is not known until the final liquidation of the partnership, typically over 10 to 12 years. Until the liquidation takes place, the performance shown herein is only an interim estimated return and is subject to changes.

1Includes offshore feeder expense draws. 2Excludes offshore feeder expense draws. 3Includes impact of expense draws and reflects offshore feeder value. 4Client Gross IRR is the since inception IRR of the Adams Street Partners fund to the client, which is net of fees, carried interest and expenses charged by the fund’s underlying general partners and gross of Adams Street Partners’ fees, carried interest and expenses. 5Client Net IRR is the since inception IRR of the Adams Street Partners fund to the client, which is net of fees, carried interest and expenses charged by the fund’s underlying general partners and net of Adams Street Partners’ fees, carried interest and expenses. Client-level net IRRs for the 2015 Global Program funds and all subsequently formed commingled funds reflect the use of the fund’s capital call credit line (or, in the case of an Adams Street Global Fund, capital call credit lines of the underlying Adams Street funds) and are calculated using limited partner capital call dates, rather than the earlier dates on which the investment was made using the line of credit. The use of such dates generally results in higher net IRR calculations, and the related differences in net IRR figures could be material. 6Client Total Value to Drawn is defined as (market value of the client’s interest in the Adams Street Partners fund + distributions to the client from the Adams Street Partners fund) / amount drawn from the client by the Adams Street Partners fund. Client-level net multiples for the 2015 Global Program funds and all subsequently formed commingled funds reflect the use of the fund’s capital call credit line (or, in the case of an Adams Street Global Fund, capital call credit lines of the underlying Adams Street funds) and are calculated using limited partner capital call dates, rather than the earlier dates on which the investment was made using the line of credit. The use of such dates generally results in higher net multiple calculations, and the related differences in net multiple figures could be material. 7Partnership level vintage year composite IRRs are net of fees, carried interest and expenses charged to the underlying private equity funds, but are gross of Adams Street Partners’ fees, carried interest and expenses, which reduce returns to investors. There can be no guarantee that unrealized investments will ultimately be liquidated at the values reflected in this return data. These returns may not be linked. Performance for vintage years later than 2016 is not shown because performance early in a fund’s life is not generally meaningful due to fee drag and immature investments. 8Partnership Total Value to Drawn is defined as (market value of the partnership(s) + distributions from the partnership(s) to the investing Adams Street Partners fund) / amount drawn by the partnership(s) from the investing Adams Street Partners fund. 9Client IRR is net of fees, carried interest and expenses (including interest expense related to capital call lines of credit, if any) charged by Adams Street Partners as well as underlying general partners. 10Public Market Equivalent (PME) is calculated using the MSCI All Country World Index (Total Return) and is based on the cash flows from the Adams Street Partners fund to the client. During some periods in which Adams Street Partners investments outperformed the benchmark by a substantial margin, PME could not be calculated because the tracking position in the underlying benchmark index would have resulted in a short position. In these cases, the PME is calculated using the "Direct Alpha" PME methodology (Gredil, Griffiths, Stucke, "Benchmarking Private Equity: The Direct Alpha Method," 2014). Mathematically, Direct Alpha PME is equal to the IRR of the future value of the cash flows underlying the IRR calculation, where future value is based on the return of the benchmark index, less the IRR of the actual value of the cash flows. 11This is an aggregate IRR of the fund’s portfolio investments, which is net of fees, carried interest and expenses charged to the portfolio investments by the applicable general partners, and is gross of Adams Street Partners’ fees, carried interest and expenses, which reduce returns to investors. The aggregate IRR includes unrealized investments that may not ultimately be liquidated at the values reflected therein. The aggregate IRR of the fund’s portfolio investments is not to be confused with the gross or net IRR of the fund. 12Please note, partnership performance information is not provided due to confidentiality agreements with the relevant general partner. 13IRRs are provided for individual partnerships and, if applicable, secondary investments that consist of one or more partnerships. IRRs are since inception and are net of general partner fees, carried interest and expenses, but are gross of Adams Street Partners’ fees, carried interest and expenses. 14ASP Rating Key: 0 Too early to tell 1 Pleased with performance 2 Pleased with progress 3 Average 4 Concerned with progress 5 Disappointed with performance + Positive trend - Negative trend N/A Not Applicable

Royal Borough of Kensington and Chelsea Pension Fund 33 Confidential Quarterly Report-Q3'19

Notes and Footnotes

15Aggregate portfolio company performance of co-investments in the indicated Adams Street fund. 16In April 2018, Nordic Capital Fund VII rolled over its portfolio of nine unlisted companies into Nordic Capital CV1, a continuation vehicle set up by the manager for existing investors. Although Nordic Capital CV1 is a separate legal entity, its portfolio and terms are an extension of Nordic Capital Fund VII. 17Aggregate portfolio company performance of direct investments in the indicated Adams Street fund. 18Aggregate portfolio company performance of private credit investments in the indicated Adams Street fund.

* Change in value over amount invested. Internal rates of return are not calculated for investments less than one year old.

Royal Borough of Kensington and Chelsea Pension Fund 34