We believe in transparency which is why we love sharing information. Our first fund, CCMFI was a 1BN USD Fund-of-Funds investing into venture capital funds. These venture funds were usually between $30MM and $150MM in size. Typically CCMFI would take a LP position of $5MM-$50MM per venture capital fund. Other facts about CCMFI: - $250MM in commitments to venture capital funds year 1 - Fully global: U.S based venture funds made up about half of the total geography covered - At certain times over 60% of the GP fund managers can or have been female - CCM took a small % of ownership in smaller investments to help secure them or speed up launch Inside includes more information on the CCM's view on european venture, emerging markets, early stage investing, and the VC fund diligence process. If you are a fund manager and raising please email you fund information to info@cachettecapital.com www.cachettecapital.com

1. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY
CCMFI was designed for and with institutional investors
in mind looking to gain global access in competitive
early stage and seed stage venture capital funds.
Our philosophy is to invest in the best and fastest growing areas in
which we have a strategic advantage. Most members of CCMFI have
experience building companies, raising venture capital for those
companies, and raising venture capital for venture funds
themselves and consider our leading advantage in understanding
fund investment quality at the granular level.
When optimized, fund-of-funds for venture capital can help
investors diversify risk, gain access otherwise unknown, and assist
with innovation. The Partnership has been established to take
advantage of historical timing of innovation, the stabilization and
application of venture capital, and the rise of potential and
opportunities for investment primarily focused in the
United States and Europe.
Investment Strategy
and Process
V E N T U R E PA RT N E R S I , L P

2. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 9 -
- 9 -
INVESTMENT OBJECTIVES
The objectives of CCMFI are to capitalize on emerging markets, create repeatable
processes for accessing innovation, and diversifying risk strategies on a portfolio scale.
Accessing Innovation
Since institutional investors are often looking for particular ideas to
partner with or learn about, CCMFI garners a large “net” of access to
early stage information. CCMFI seeks to invest into the world’s
leading venture capital funds, many of which have already vetted tens of thousands of
startups to select only a few worthy of investment. CCMFI’s portfolio at any time can
have data on hundreds if not thousands of potential startups and technologies.
Capitalizing on Emerging Markets
As venture capital as an asset class stabilizes and expands, certain regions
and industries that are under-exposed to venture capital present remarkable
opportunities for early stage investors not only to get in “early,” but to have
chance to shape the growth and scale of these early-stage ventures. This can
mean more affordably-priced venture capital rounds than traditionally available.
Diversifying Risk
CCMFI evaluates venture capital funds on a diligent level in order
to understand every fund’s quality, health, and “star life.” By evaluating
and calculating various risk points as well as optimal risk exposure,
CCMFI seeks to take the risk of one venture fund investment position and
counter-balance it across dozens of venture capital fund investment positions.

3. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 10 -
MARKET OPPORTUNITY
We believe several market and industry conditions make a fund of fund specializing in
global early venture capital funds ideally timed.
2012 2013 2014 2015 2016 2017
4.1
4.6
8.6
13.2
14.4
19.1
1,838
25
20
15
10
5
0
3600
3000
2400
1800
1200
600
2,247
2,837
3,20
3,449
CapitalInvested($B)
#ofDeals
capital invested ($BN) and # deals in europe
number of $bn eu companies founded since 2010
source: state of european tech 2017, atomico
Recent data in KPMG’s
venture capital report
suggests there are almost
100 “unicorn” companies,
or companies which have
raised venture capital and
have a valuation size of
over $1 billion - and are
still privately-held.

4. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 11 -
Access to Innovation
There is a common myth that “most startups fail;” however, historical data does not
support this. Of the hundreds of venture capital funds that were reviewed by CCMFI,
many had shutdown rates ranging from 0% to 30%.
Shutdowns can be cheaper and more efficient than acquisitions, allowing further capital
to fund a more promising startup and thus yield positive returns for funds as a whole.
While understanding shutdown rates are related to past performance and not necessari-
ly indicative of profitability and future outcomes, CCMFI aims to keep an overall shut-
down rate of 10% or less as a portfolio at any given time. CCMFI plans to invest in 20-25
venture capital funds, which will have, on average, 20-25 investments each.
VC FUND VC FUND VC FUND VC FUND VC FUND VC FUND
VENTURE CAPITAL
500K + COMPANIES
Cachette Capital Management
FAMILY OFFICES PENSION FUNDS INDIVIDUALS FOUNDATIONS
Cachette Capital Management
1204 Broadway, 4th Floor
New York, New York 10001
cachettecapital.com
info@cachettecapital.com office | +1 (347) 454 4180
Venture Knowledge Scarcity
One thing that is apparent with all this growth of capital infusing itself into Europe is
actual venture capital expertise: knowledge on how to build and scale companies,
reasonable valuations, standard reporting metrics. If 150+ U.S-based venture capital
firms have placement in Europe, surely it’s time for European venture funds to start to
emerge.

5. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 12 -
- 12 -
Unlimited Possibilities
CCMFI believes the dissonance between the data that has been collected, reported,
and known about the potential of European venture capital serves as a new space and
mechanism for investing monies across Europe.
Venture Capital is a Highly Competitive Field
The average startup in the U.S has a 3/100 chance of receiving venture capital funding.
Of those 100, it’s usually professional startups actively seeking venture capital, not
necessarily the businesses most deserving of venture capital. The chances of being
venture funded for a European startup are even lower than the U.S with data showing
the predominance of European startups having revenues early on in business life be-
cause of lack of access to capital, making the quality of viable European startups higher
than the U.S which is a benefit to active investors in this space.
Early-Stage Venture Capital As a Path to Innovation
Because of the competitiveness of early-stage venture funding, CCMFI investing into the
best venture capital funds, of which have already vetted and invested into some of the
world’s more promising early stage companies, positions CCMFI as a lead investor into
all early stage venture capital in a diversified and global manner.
1.74.8
10
28
101
1. VC Considers the
investment
2. Meets the
management team
3. Reviews with VC
Partners
4. Exercices due
diligence
typical venture capital flow for companies

6. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 13 -
Europe in Particular
While a certain heartbeat of venture capital originates from Silicon Valley, there are
several flourishing industries in need of venture capital outside of the Americas; further
data shows that venture capital investing is on the rise in Europe with no signs of
slowing down. In 2016, there were 150+ U.S venture funds investing into Europe - when
only five years earlier there had been nearly one third of that present. The latest
numbers by Atomico’s European State of European Tech 2017
reflect the steady rise of venture capital being invested into
Europe.
Capitalizing on Emerging Markets
CCMFI believes in the practice of globalization and that com-
merce can quickly spread across regions internationally at
record paces not seen in the historic past. Bearing in mind the
importance of global synergy CCMFI believes that certain
areas are “ripe” for growth and present unique and undervalued opportunities for
venture capital investing. Without explicitly identifying those areas, one can see how
regional placement can present lower startup valuations and thus present greater
opportunities for venture capital funds that have access to those regions.
Investing into
Early Stage
capital funds
gives better
access to
reasonably priced
investments.

7. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 14 -
- 14 -
Undervalued Areas Within Europe
Looking at Europe and venture capital trends, some areas have identified themselves as
ripe for innovation and only missing capital, or with capital but missing innovation. In
this way, undervalued areas can be exploited for opportunistic investing. The EDF
Startup Report of 2017 ranked Netherlands ranked #1 in Access to Talent, Framework and
Thought Leadership - yet scored #8 in access to capital.
For the full report see, EDF Startup Nation Scorecard 2016 http://bit.ly/2nqVO1f
United Kingdom
Germany
France
Sweden
Spain
Netherlands
Russia
Switzerland
Ireland
Finland
Denmark
Belgium
Romania
Italy
Norway
Lithuania
Iceland
Turkey
Estonia
Luxembourg
Poland
Portugal
Cyprus
Croatia
Austria
Ukraine
Greece
Czech Republic
Hungary
Rest of Europa
02 .5 5 7.5
CAPITAL INVESTED ($B)
2017 (YTD)
10 12.5 15 17.5
2012 - 2016
Market
Opportunity
Emerging
capital invested by country

8. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 15 -
Venture Capital Outlook for Europe
When looking at the macro-European scale, Netherlands places in the top first
quartile of countries who receive capital, yet expressed in several surveys there was not
“enough” capital. Several areas of Europe have yet to be fully explored or capitalized. For these
reasons, CCMFI believes that there are ample opportunities in several regions that are not fully
apparent yet because they are still emerging and growing.
Current Investor Sources in Europe
When reviewing where venture capital currently comes from in Europe, there are several trends
that we believe are likely to change in the coming years: one of them being governmental
funding for venture capital.
vc funds raised by lp type and region
Venture Knowledge Scarcity
One thing that is apparent with all this growth of capital infusing itself into Europe is actual
venture capital expertise: knowledge on how to build and scale companies, reasonable
valuations, standard reporting metrics. If 150+ U.S based venture capital firms had placement in
Europe surely its time for European venture funds to start to emerge.
Furthermore if we look at where venture capital in Europe is coming from compared to the U.S
we see several themes:
• European pension funds are underexposing themselves to venture capital the way that
U.S firms have figured out how to leverage
• Europe has a stronger relationship with its corporate investors than the U.S does
• European governmental funding is nearly double the U.S, and likely not to carry with it
the venture capital expertise needed to properly manage or optimize investment
opportunities
Opportunity

9. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 16 -
- 16 -
If we look at venture capital in Europe compared to the U.S we see several themes:
• European pension funds are underexposing themselves to venture capital while
American pension funds are leveraging venture capital
• Europe has a stronger relationship with corporate investors, offering vital
conditions for venture capital-funded startups to expand into larger markets
• European governmental funding is nearly double the U.S and likely not to carry
with it the venture capital expertise needed to properly manage or optimize
investment opportunities. Venture capital backed by governmental agencies in
Europe is expected to decline rapidly over time.
We believe that the overall ecosystems around venture capital and startups in Europe pose
immense opportunities for early-stage investors.
70-80% of all venture capital for startups comes
directly or indirectly from the government. That
percentage should be much lower. We have no
investment funds investing from small to large,
which will need to be involved beginning to end
for startups.
Prince Constantijn, Startup Delta
Netherlands

10. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 17 -
Diversifying Risk and Opportunistic Investments
The concept behind CCMFI is to provide investors with a large range of positions with the
mechanism of one fund. Considerations around fund portfolio strategy take into account:
• Monte Carlo simulations
• Power of Diversification
• Law of Distributed Returns
• The value of Cash-on-Cash as more relevant than NPV
Other specific criteria used to address risk are applied to venture capital on an asset-class
level, venture capital-fund level, and startups within those venture capital funds as
“micro-investments.”
Opportunistic Investments
The approaches described herein are those that the Manager primarily expects the Designated
Managers to employ on behalf of the Underlying Funds, but the Manager generally intends to
invest opportunistically in seeking to achieve CCMFI’s investment objective and, therefore,
retains the right to continue to develop and invest in additional strategies within venture capital
over time. The Manager recognizes that any particular strategy may be incapable of remaining
profitable indefinitely. Accordingly, the Manager may allocate and re-allocate capital between or
among strategies and/or Designated Managers, including, without limitation, between or among
Designated Managers employing strategies focused on public markets, on the one hand, and
private markets, on the other hand, as dictated by opportunity.
Venture Capital as an Asset Class
is High Performing
Historically, returns for venture capital
as an asset class are in the top
quartile by percentage compared to
other asset classes.

11. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 18 -
- 18 -
Expected Returns Compared to Other investments
Since some funds are earlier stage or shorter in term, some investments can be
expected to pay back dividends before others. There are no guarantees there will be any
returns; however CCMFI takes into consideration diversifying its revenues as well as investments
out in our overall vision of a healthy and well-performing fund.
Higher Returns Expected Based Upon Fund Size
Historically, the smaller the venture capital fund. the better the returns for investors can be.
CCMFI works hard on finding small to medium sized funds with the best opportunities available
to our investors. Funds that are under $400MM can often be difficult to access for large institu-
tional investors.
Early-Stage Venture Funds Outperform Later Stage
Although early-stage capital can
have a higher standard of
deviation, risk can be managed
through diversification. Early-stage
funds traditionally perform better
than later-stage venture capital
funds.
Understanding Venture Capital On The Micro Level
Since most of CCMFI has experience building startups, CCMFI intends to invest into venture
capital funds that invest into startups operating in the areas CCMFI members’ expertise. This
means that not only are the underlying investments comprised of investments that are known to
CCMFI, but investments in which CCMFI can hopefully influence a positive outcome on the start-
up level as well, enhancing venture fund’s ability to manage their own portfolios well.
CONFIDENTIAL © CACHETTE CAPITAL MANAGEMENT 2017
Early stage Venture Capital Outperforms later stag
● Early stage outperformed later stage by roughly 800 basis points since 1969
● Late stage is exposed to down rounds, and reliant on less frequent, outsized
● Although early stage standard deviation is higher, can manage risk through
diversification: Average early stage fund invests in 25-75 companies
A fund of early stage funds could include 500+ companies
3
3
CONFIDENTIAL © Cachette Capital Management 2017

12. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 19 -
Thoughtful Investments on
a Portfolio Level
Taking into account venture
capital fund size and industry position,
CCMFI also intends to review all poten-
tial investments on a holistic level to
be sure there is enough diversity and
that the portfolio is performing as
expected.
Investment Selection Criteria
There are several core areas of
measurement CCMFI uses for
evaluating the eligibility of a
venture capital investment
opportunity. Because the fund
is designed to diversify risk,
CCMFI often evaluates stability
against potential upside of
early-stage risk. Besides looking
at funds and business that
focus on providing some sort of
“good” or benefit to society,
CCMFI also takes into account
several investment narratives
that support the fund’s greater
vision.
Example of Deployment Planning
$100M $100M - $400M $400M - $1B $1B
25%
20%
1%5
%10
5%
%0

13. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 20 -
- 20 -
The General Partner will invest the assets of the Partnership with Designated Managers by
becoming an investor in Underlying Funds and/or by placing assets in a managed account with a
Designated Manager. By pooling the funds invested by the Partners in the Partnership, Partners
will be able to obtain the potential benefit of having their investment diversified among the
various Designated Managers selected by the Manager to an extent they may not otherwise be
able to achieve.
Venture Fund High Level Criteria
Given the landscape of more venture
capital needed in Europe as well as
venture capital expertise,CCMFI
plans not only to get access to
European venture dealflow but the
best dealflow possible. When
investigating investment opportuni-
ties, CCMFI heavily weighs the
following criteria on investment
opportunities (venture funds):
• Fund size of $30MM-$150MM focused on Early Stage venture
• Emerging managers or emerging markets: economic gains vs. present political stability
• Preference for software or technology scalable businesses
• Shutdown rate: previous indicators of “failures” or investments that shut down
• Star life: when the fund is projected to start paying dividends vs. other potential investments in the fund vs.
maximum benefit to CCMFI
• Co-investors: co-investment cross check so that CCMFI is not over-exposed to any one investment position at
any given time
• Access to innovation as related to any CCMFI investors and
priorities
The Partnership’s investment objective is to generate long-term
capital appreciation by investing in and employing strategies
focused on early-stage and innovative venture capital firms investing
in the consumer web and software industries.
6
8
39
200 VC Firms
500 + VC Firms
1.2%
Qualified For
Potential Investments
Diligence
Potential Diligence
Funds Available

14. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 21 -
Venture Fund Dealflow
CCMFI plans initially to invest in 20-25 venture capital funds, which will have on
average 20-25 investments themselves, equating to almost 700+ startups or “micro-invest-
ments.” To meet the demands of six potentially worthy venture fund investments, CCMFI ana-
lyzed and considered nearly 300 venture funds. By the time CCMFI’s last investment is made,
the fund expects it will have vetted or throughly investigated more than 1000 venture
capital funds.
Venture Fund Diligence
Of the more than 300 venture funds examined by CCMFI, 74 funds were inbound or referred
within the CCMFI network:
While the number of venture funds raising capital changes each year, CCMFI expects the annual
inbound funds to continue to expand.
CCMFI performs rigorous diligence to measure the health and state of a venture fund without
hampering its ability to function or generate revenues. Once a fund is found to be be a fit on a
high level, CCM performs and tracks other traditional forms of diligence.

15. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 22 -
- 22 -
Venture Fund Diligence Checklist
Initial Phone Screening
Fund pitchdeck review
In-person meeting with firm
Additional fund materials requested
Diligence screening specific to fund
Fund Quality Check | investments sizes, outcomes, current portfolio companies
Screening with CCMFI advisory board member
CCMFI GP in-person meeting with fund GP
Background check | social media, references, vendors, investments, cross-check of co-investments
Subscription documents reviewed
Investment reviewed against overall CCMFI fund portfolio
Capital call schedule reviewed and if a fit for CCMFI:
Capital call schedule examined against fund portfolio and cashflow
Potential investment reviewed by Investment Advisory Board

16. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 23 -
Characteristics of Underlying Funds
and Partnership Investments
The General Partner has identified several core target attributes of potential Underlying Funds in
which it will seek to make an investment.
Such Underlying Funds will typically be the first (or “debut”) fund of a Designated Manager and
will focus on investing in early-stage portfolio companies (i.e., Series A and Series B rounds) in
the U.S. and/or in Europe or emerging markets. Such target funds will also typically be moder-
ately sized, with approximately One Hundred Fifty Million Dollars ($150,000,000) (or less) in
commitments.
The Partnership expects that the size of its initial investment in each Underlying Fund will range
from Five Million Dollars ($5,000,000) to Twenty-Five Million Dollars ($25,000,000), although the
General Partner, in its sole and absolute discretion, may elect to make larger or smaller initial
investments. The Manager will typically invest in Underlying Funds that are taxed as pass-
through entities for U.S. federal income tax purposes.
Temporary Investments
In addition, the Manager may, from time to time, cause some of the Partnership’s assets to be
held in cash and/or cash equivalents pending an allocation to Designated Managers, to pay
expenses, or to fund reserves.
THERE CAN BE NO ASSURANCES THAT THE INVESTMENT OBJECTIVE OF THE PARTNERSHIP WILL BE ACHIEVED.
THE PARTNERSHIP’S INVESTMENT PROGRAM INVOLVES SUBSTANTIAL RISKS, INCLUDING THE RISK OF A
COMPLETE LOSS OF CAPITAL.

17. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 24 -
w w w . c a c h e t t e c a p i t a l . c o m
Thank you!
Merci
Vielen Danke
vriendelijke Groeten
Gracias