PitchBook_Benchmarks_as_of_Q1_2020_with_preliminary_Q2_2020_data.pdf

PitchBook Benchmarks
P R I VAT E M A R K E T S D ATA
A S O F Q 1 2 0 2 0 ( W I T H P R E L I M I N A R Y Q 2 2 0 2 0)

SEATTLE | SAN FRANCISCO | NEW YORK | LONDON
2
Contents
Introduction 3
Methodology 3-4
Spotlight: Preliminary performance 5-7
Private capital 9-11
Horizon IRRs 10
Equal-weighted horizon IRRs 11
Private equity 12-21
IRRs by vintage 13-14
Multiples by vintage 15-18
PMEs by vintage 19-20
Quarterly return 21
Venture capital 22-31
Quarterly return 31
Real estate 32-41
Quarterly return 41
Real assets 42-51
Quarterly return 51
Private debt 52-61
Quarterly return 61
Funds of funds 62-63
Quarterly return 71
Secondaries 72-81
Quarterly return 91

3
PitchBook Benchmarks: Private Markets Data
Introduction
PitchBook Benchmarks aim to help both LPs and GPs better understand fund performance relative to broader asset
classes and other private market strategies. We present performance through several lenses—including internal rates of
return (IRRs) and cash multiples—to provide a holistic view for assessing performance within and between strategies, as
well as across vintage years. Furthermore, the returns of private market funds are measured relative to easily accessible
public market substitutes using a public market equivalent (PME) metric. This edition of our Benchmarks report includes
an analysis of the preliminary data that will be featured in this and future editions.
In this report, you’ll find detailed benchmark statistics across PE, VC, private debt, real estate, real assets, funds-of-funds,
and secondaries strategies. To easily access the supporting data in this PDF, along with benchmark statistics for a host of
other sub-strategies and geographies, be sure to download the four accompanying Excel data packs:
• Private equity
• Venture capital
• Real estate, real assets, and private debt
• Funds of funds and secondaries
As transparency is fundamental to our benchmarking efforts, subscribers to the PitchBook Platform can utilize the data
packs to gain direct access to all the underlying funds and performance metrics used to calculate our Benchmarks.
Our goal is to provide the most transparent, comprehensive and useful fund performance data for private market
professionals. We hope that our Benchmarks prove useful in your practice, and we welcome any and all feedback that
may arise as you make your way through our various benchmark groupings. Should there be any additional benchmark
categories or data points you would like to see included in the future, please contact us directly at benchmarks@
pitchbook.com.
Methodology
Fund classifications
Private equity
Buyout
Growth/expansion
Mezzanine
Restructuring/turnaround
Diversified PE
Venture capital
Real estate
Real estate core
Real estate core plus
Real estate value added
Real estate opportunistic
Real estate distressed
Private debt
Direct lending
Bridge financing
Distressed debt
Credit special situations
Infrastructure debt
Venture debt
Real estate debt
Funds of funds
Secondaries
Data composition
PitchBook’s fund returns data is primarily sourced from individual LP reports, serving as the baseline for our estimates of
activity across an entire fund. For any given fund, return profiles will vary for LPs due to a range of factors, including fee
discounts, timing of commitments and inclusion of co-investments. This granularity of LP-reported returns—all available
on the PitchBook Platform—provides helpful insight to industry practitioners but results in discrepancies that must be
addressed when calculating fund-level returns.
To be included in pooled calculations, a fund must have: (i) at least one LP report within two years of the fund’s vintage,
and (ii) LP reports in at least 45% of applicable reporting periods. To mitigate discrepancies among multiple LPs reporting,
the PitchBook Benchmarks (iii) determine returns for each fund based on data from all LP reports in a given period. For
periods that lack an LP report, (iv) a straight-line interpolation calculation is used to populate the missing data; interpolated
data is used for approximately 10% of reporting periods, a figure that has been steadily declining.
Beginning with the PitchBook Benchmarks with data as of Q4 2019, we expanded our dataset to include funds with a
reported IRR, even if the fund’s cash flow data does not meet the pooled calculation criteria.
We strive to maintain consistency from edition to edition of PitchBook Benchmarks, but fund classifications will change
occasionally, and new funds will be incorporated into the dataset as we gather additional information.
All returns data in this report is net of fees and carry.
Real assets
Infrastructure core
Infrastructure value added
Infrastructure opportunistic
Infrastructure greenfield
Energy
Timber
Metals/mining
Agriculture
Commitment pacing and cash flow models, as well as custom benchmarking analysis, can be made
available upon request for PitchBook clients.

4
Methodology
Definitions and calculation methodologies
Fund count: Represents how many funds are included in a given sample. Note that some funds in our dataset have a
reported IRR but lack sufficient cash flow information to be included in pooled calculations.
Median calculations: Shows the middle data point for a sample group.
Public market index returns: Instances where the return of a public market index is cited, we have calculated the
annualized return for the given period. All public indices are total return and denominated in US dollars.
Standard deviation: Calculates the dispersion of reported IRRs for a given peer group using the sample-based standard
deviation methodology.
Vintage year: The vintage year is based on the year that a fund makes its first capital call. If the year of the initial call
is unknown, the year of the final close is used as the vintage year. However, if a firm publicly declares via press release
or a notice on their website a fund to be of a particular vintage different than either of the first conditions, the firm’s
classification takes precedence.
Quarterly return: The percentage change in aggregate NAV is calculated for each group of funds in a sample, considering
contributions and distributions during the quarter. This makes the calculation tantamount to a quarterly compounded
growth rate.
Internal rate of return (IRR): IRR represents the rate at which an historical series of cash flows are discounted so that the
net present value of the cash flows equals zero. For pooled calculations, any remaining unrealized value in the fund is
treated as a distribution in the most recent reporting period. This explains why some vintages show high IRRs but low DPI
values.
Horizon IRR: Horizon IRR is a capital-weighted pooled calculation that shows the IRR for a certain range in time. For
example, the one-year horizon IRR figures in the report may show the IRR performance for the one-year period beginning
in Q2 2019 through the end of Q1 2020, while the three-year horizon IRR is for the period beginning in Q2 2017 through the
end of Q1 2020.
Quarterly IRR: Calculated as the aggregate percentage change in aggregate NAV for each
group of funds in a sample, considering contributions and distributions during the quarter. Interpolated and extended data
are not used in this calculation.
Distributions to paid-in (DPI) multiple: A measurement of the capital that has been distributed back to LPs as a proportion
of the total paid-in, or contributed, capital. DPI is also known as the cash-on-cash multiple or the realization multiple.
Remaining value to paid-in (RVPI) multiple: A measurement of the unrealized return of a fund as a proportion of the total
paid-in, or contributed, capital.
Total value to paid-in (TVPI) multiple: A measurement of both the realized and unrealized value of a fund as a proportion
of the total paid-in, or contributed, capital. Also known as the investment multiple, TVPI can be found by adding together
the DPI and RVPI of a fund.
Pooled calculations: Pooled calculations combine cashflow data from a group of funds to create a capital-weighted IRR
value. All cash flows and NAVs for each fund in the sample group (e.g. all private capital funds, 2004 vintage VC funds,
etc.) are aggregated in the calculation. For vintage-specific calculations, we begin the calculation in Q1 of the vintage year,
regardless of which quarter a fund first called capital. In cases where the sample has unrealized value, the ending NAV is
treated as a cash outflow in the last reporting period.
Equal-weighted pooled calculations: Using the same methodology as the pooled calculations, the equal-weighted version
expresses each fund’s cash flows and ending NAV as a ratio of fund size. The result is that each fund in these calculations
has an equal impact on the output, regardless of the fund size.
Public market equivalent (PME) calculations: PME metrics benchmark the performance of a fund (or group of funds)
against an index. A white paper detailing the calculations and methodology behind the PME benchmarks can be found
at pitchbook.com. PitchBook News & Analysis also contains several articles with PME benchmarks and analysis. All PME
figures are calculated using the Kaplan-Schoar PME method:
When using a KS-PME, a value greater than 1.0 implies outperformance of the fund over the public index (net of all fees).
Quarterly
percentage
change
NAV at end of quarter + distributions during the quarter - contributions during
the quarter
NAV at the beginning of the quarter
]
] - 1

PG 5
PitchBook Benchmarks 2020
0%
5%
10%
15%
20%
25%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019
Report as of date
Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
Rolling
one-year
horizon
IRR
Spotlight: Preliminary performance
Introduction
Private market funds are notorious for the significant lag in their performance reporting, requiring investors
in buyout, VC, and other private market fund strategies to assess returns on a different cycle from the more
liquid strategies in their portfolio. As a data provider, PitchBook is acutely aware of this issue. Naturally, some
funds and LPs report earlier than others, with many taking several months after a quarter closes to establish
final figures. In addition to the challenges associated with obtaining timely reporting on recent periods, new
historical data continues to be unearthed through our ongoing research processes. All of this leads to ongoing
shifts in historic performance figures that tend to diminish—but not disappear—over time.
When publishing the PitchBook Benchmarks, we have traditionally taken a conservative approach and waited
several months after a quarter ends prior to publishing performance figures to ensure a preponderance of
data is captured. To quantify this, we begin by assessing the total number of funds eligible for the PitchBook
Benchmarks. To be eligible for inclusion in pooled calculations such as horizon IRR, a fund must have sufficient
performance data in the PitchBook Platform, as detailed in the Methodology section. The completeness of
data for a given reporting period is expressed as a proportion of the aggregate capital held by funds with
up-to-date performance reports relative to the total amount of capital held in funds that meet the inclusion
criteria for PitchBook’s pooled benchmarks. In this edition, for example, we have captured 79.8% of NAV
across all private capital funds for the Q1 2020 reporting period.
Historically, we have based the publication of the PitchBook Benchmarks on expectations for when
performance data would be obtained for at least 80% of funds on a NAV basis. (For reference, other data
providers publish preliminary figures for a given period “when at least 50% of the number of active funds and
prior period’s NAVs have been updated.”). Even with our more conservative approach, however, we observe
some drift in the figures as more data is collected following the publication of PitchBook Benchmarks for a
given reporting period. While we aim to minimize this drift, we also recognize the market need for timely
private market performance data. To better serve this need, beginning in this edition of the PitchBook
Benchmarks, we will publish preliminary data for certain metrics when we have captured at least 60% of NAV
for all private capital funds (i.e. some strategies may have less than 60%, which will be noted).
The key question is how much data needs to be updated to provide an accurate picture of aggregate
performance for private market strategies. To assess the impact on changes in data composition, we
present the following analyses of PE funds to provide transparency into these preliminary figures and the
reasons behind the ever-changing nature of private market data. We begin by observing past publications
of PitchBook Benchmarks to see how the data shifted under the existing methodology. Then we present
an analysis conducted in recent months of Q1 and Q2 2020 private fund performance reporting amid the
heightened volatility of the pandemic.
Assessing changes in published PitchBook Benchmarks
Horizon IRR
The first step in determining what impact data collection has on performance is to isolate a metric to use.
Horizon IRR is a natural place to start because it is the main metric used to measure aggregate private market
fund performance and we publish it across multiple lookback periods, ranging from one to 20 years. The
shorter the lookback period, the more sensitive the calculation is to fluctuating data collection levels for a
single reporting period. As such, we used the one-year horizon IRR to assess the magnitude of changes to
Rolling one-year horizon IRR by publication of PB Benchmarks
Source: PitchBook

PG 6
aggregate metrics over time as we continue adding data to the PitchBook Platform and to help determine how
much data is needed to produce a reliable preliminary figure. Looking at performance data changes between
publications of the PitchBook Benchmarks, the one-year horizon IRR for a given period tends to shift 20bps
or less in either direction and has only moved by 50bps or more on four occasions across a 70-period sample.
We believe that, even in the cases of extreme shifts, the performance trendlines provide value to market
participants—particularly considering that the absolute value of the one-year IRR figure is above 10% in the
period being analyzed.
Quarterly IRR
We find that quarterly returns in private markets often tell an incomplete story due to annual audits on valuations
and the longer-term nature of the investment vehicles involved, which is why we default to the one-year horizon
IRR in assessing aggregate performance over short timeframes; however, quarterly assessments of performance
can be valuable in certain circumstances.1
Due to the short time period assessed in the calculation, quarterly IRR is
particularly sensitive to changes in the data and, therefore, provides the best litmus test for assessing the quality of
performance metrics as data is added.
The quarterly return for PE funds rarely changes by more than 30bps between previously published PitchBook
Benchmarks reports. We examine Q1 2019, which was a relatively benign quarter for performance and is far enough
in history to provide a sufficient sample for assessing changes in the data. When initially reported in the PitchBook
Benchmarks published as of Q1 2019, the quarterly pooled IRR for PE registered 4.52%. In the subsequent report,
that figure rose to 4.67% and has since risen as high as 4.87%, now sitting at 4.67% in this edition. We believe that
most periods will behave similarly, but the question is what happens in more extreme circumstances.
We have been publishing the PitchBook Benchmarks for less than three years and, as such, do not have a
significant history with which to assess the impact of performance changes during different market cycles and
times of heightened volatility. However, 2020 has provided a real-time case study to see how aggregate metrics
can change as more data is added during volatile and anomalous periods. To that end, in addition to assessing
figures previously published in the PitchBook Benchmarks, we have also been conducting intermittent assessments
of recent periods to gauge how performance changes at lower NAV thresholds.
Exploration of preliminary performance data
Given the extreme developments in Q1 2020, we believe this serves as a “black swan” event to consider how
performance figures will change in the most extreme circumstances as our platform collects more data. We initially
assessed performance data in Q1 2020 with 60% of anticipated NAV recorded in our database (i.e. Test 1). At that
time, the quarterly IRR registered as -4.29%. The IRR subsequently fell to -5.18% when we analyzed the data at the
Percentage of NAV captured in performance analysis Quarterly horizon IRR for Q1 2019 by publication of
PB Benchmarks
Source: PitchBook
Source: PitchBook
1: As detailed on the Methodology page, PitchBook extends and interpolates data for private market funds that meet the inclusion
criteria but are missing performance reports for certain periods. We do not use extended or interpolated data for the quarterly IRR,
however, as the calculation is only assessing returns for a single reporting period.
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Test
1
Test
2
Test
3
Q1
2020
Report as of date
4.52%
4.67% 4.57%
4.85%
4.59%
4.87%
4.69% 4.67%
As of date of fund returns data
Q1 2020 Q2 2020
Test 1 60% 14%
Test 2 75% 52%
Test 3 82% 59%
Q1 2020 report 84% 68%
Q1 2020 quarterly IRR at different data coverage levels
Source: PitchBook
60% NAV (Test 1) 75% NAV (Test 2) 82% NAV (Test 3) 84% NAV (Q1 2020 report)
% of NAV captured
-8.17%
-7.11%
-5.18%
-4.29%

PG 7
75% NAV mark (i.e. Test 2), then fell once more to -7.11% when 82% of NAV had been captured (i.e. Test 3). At the
time of publish, with 84% of NAV captured, the quarterly IRR is -8.17%—another 100bps drop despite only a small
proportion of data being added.
The significant drop in performance as our platform accounts for more data in the Q1 2020 reporting period
is worth assessing further. Based on PitchBook’s research processes, there is no systematic reason why
data from underperforming funds would be captured later. Looking across prior time periods, we find that
performance has shifted both positively and negatively as we captured additional data. We believe that one
likely reason for the relatively large changes in Q1 2020 is that it took longer for GPs to properly underwrite
impaired assets. This begs the question of whether a similar phenomenon would be observed when markets
moved to the upside; if it takes longer to make significant writedowns, the assumption would be that it also
takes longer to make significant writeups.
Conveniently, Q2 2020 provided a case study for the opposite end of the spectrum, as it was the best quarter
in more than two decades for all major US equity indices. In Test 1, the quarterly IRR was 5.61% with only 14%
of NAV captured at the time. We expected significant swings due to the scant data in the initial assessment,
which materialized in subsequent observations. The quarterly return fell 377bps in Test 2 at 52% of NAV before
rebounding to 5.78% in Test 3 at 59% NAV, rising above the initial assessment. As of this edition, we have 68%
of NAV reported, and the quarterly IRR for Q2 2020 has improved markedly to 8.55%
Despite this drift, we believe there is value in providing certain performance figures on a more preliminary
basis. First, we believe that the shifts in Q1 and Q2 2020 are representative of the most extreme cases due
to the severe macroeconomic developments stemming from the COVID-19 pandemic. Not only was the
dispersion of returns between funds wide, but the absolute levels of performance were also outliers. Second,
we found that the shifts in performance occurred in both directions, and performance reported at lower NAV
thresholds still proved directionally accurate. So, while we expect movement in preliminary numbers, we
believe they still provide value to investors. Additionally, we will continue to focus on the one-year horizon IRR
and longer timeframes, which helps to mitigate the shifts of any single quarter.
Conclusion
We recognize that any shift in published performance data is not ideal, and there will always be a trade-off
between providing timely reporting and the most comprehensive picture possible. Our goal is to strike the correct
balance to provide investors with the most timely and reliable performance data possible. In that spirit, we will
begin to provide pooled metrics with less data than we have historically (i.e. ~80% of NAV), beginning with this
edition of PitchBook Benchmarks. Specifically, we will publish the quarterly IRR returns when 60% or more of NAV
is captured for private capital funds, with additional metrics and the most up-to-date data available to PitchBook
clients. To maintain transparency, we will include the exact percentage of expected NAV for which the calculation
accounts in the accompanying Excel packs. As always, we will continue to enhance our research processes and
review our publishing process for PitchBook Benchmarks to ensure industry professionals have access to the
most accurate and timely data possible. We welcome any comments or feedback at benchmarks@pitchbook.com.
Quarterly IRRs as reported at different points in time
Q2 2020 quarterly IRR at different data coverage levels
Source: PitchBook
Source: PitchBook
Q1 2018 Q2 2018 Q3 2018
Q4 2018
Q1 2019 Q2 2019 Q3 2019 Q4 2019
Q1 2020
Q2 2020
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Test 1 Test 2 Test 3 Q1 2020
Report as of date
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
Quarterly
IRR
5.61%
1.84%
5.78%
8.55%
14% NAV (Test 1) 52% NAV (Test 2) 59% NAV (Test 3) 68% NAV (Q1 2020 report)
% of NAV captured

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10
Horizon IRRs
P r i v a t e c a p i t a l
Strategy Q2 2020* Q1 2020 1-year 3-year 5-year 10-year 15-year 20-year
Private capital 5.48% -6.50% 2.02% 9.25% 9.77% 11.63% 10.14% 9.41%
Private equity 8.55% -8.17% 3.08% 10.91% 11.82% 13.27% 12.06% 11.11%
Venture capital 8.55% -1.30% 9.47% 14.02% 10.28% 12.49% 9.69% 6.08%
Real estate -0.78% 0.98% 5.17% 10.03% 10.64% 12.47% 6.60% 6.79%
Real assets 2.91% -9.26% -9.17% 1.47% 3.37% 5.00% 5.06% 5.32%
Private debt -0.15% -6.18% 1.03% 5.29% 4.84% 7.92% 7.78% 8.43%
Funds of funds -0.15% -1.81% 6.64% 11.40% 10.76% 9.90% 9.42% 8.24%
Secondaries -0.37% -3.29% 5.46% 11.37% 10.82% 12.61% 10.72% 10.93%
S&P 500 20.54% -19.60% -6.98% 5.03% 6.54% 10.49% 7.58% 4.83%
Russell 3000 22.03% -20.90% -9.13% 3.95% 5.60% 10.11% 7.50% 4.98%
Russell 2000 Growth 30.58% -25.76% -18.58% 0.22% 1.59% 8.80% 7.17% 3.62%
Morningstar US Real Assets 6.52% -10.55% -7.87% -0.12% -0.32% 2.48% 4.18% N/A
Bloomberg Barclays US Corporate High Yield 10.18% -12.68% -6.94% 0.80% 2.78% 5.64% 6.34% 6.53%
Source: PitchBook. Data as of March 31, 2020
Note: All public index values are CAGRs.
*For private fund strategies, these are preliminary quarterly returns.

11
Equal-weighted horizon IRRs
P r i v a t e c a p i t a l
Note: All public index values are CAGRs.
Strategy Q2 2020* Q1 2020 1-year 3-year 5-year 10-year 15-year 20-year
Private capital 2.84% -3.15% 3.87% 9.89% 9.65% 11.06% 9.73% 8.01%
Private equity 6.61% -6.82% 1.20% 10.32% 11.16% 11.96% 11.88% 9.99%
Venture capital 3.78% -2.74% 8.76% 13.14% 9.54% 11.80% 8.91% 4.97%
Real estate -1.14% 3.81% 7.50% 9.66% 10.81% 11.42% 7.12% 7.30%
Real assets -0.49% -7.55% -3.58% 3.05% 4.10% 5.60% 6.48% 7.05%
Private debt -0.07% -5.32% 0.30% 5.36% 4.87% 8.20% 7.63% 8.74%
Funds of funds 2.10% 2.57% 7.39% 12.53% 11.78% 11.74% 10.38% 9.43%
Secondaries 0.04% -0.83% 6.12% 9.68% 9.44% 12.06% 10.59% 10.28%
S&P 500 20.54% -19.60% -6.98% 5.03% 6.54% 10.49% 7.58% 4.83%
Russell 3000 22.03% -20.90% -9.13% 3.95% 5.60% 10.11% 7.50% 4.98%
Russell 2000 Growth 30.58% -25.76% -18.58% 0.22% 1.59% 8.80% 7.17% 3.62%
Morningstar US Real Assets 6.52% -10.55% -7.87% -0.12% -0.32% 2.48% 4.18% N/A
Bloomberg Barclays US Corporate High Yield 10.18% -12.68% -6.94% 0.80% 2.78% 5.64% 6.34% 6.53%
*For private fund strategies, these are preliminary quarterly returns.

13
IRRs by vintage
Vintage year Pooled IRR Equal-weighted pooled IRR Number of funds Top decile Top quartile Median IRR Bottom quartile Bottom decile Standard deviation Number of funds
Pre-1996 19.97% 10.45% 6 36.55% 29.00% 16.67% 9.71% -3.20% 18.74% 83
1996 11.96% 8.64% 23 24.89% 17.26% 6.70% 0.38% -6.53% 17.94% 36
1997 9.52% 7.05% 26 21.93% 13.28% 7.40% -0.29% -8.74% 20.14% 35
1998 6.52% 5.27% 42 19.93% 12.75% 7.63% 0.36% -9.71% 17.32% 60
1999 9.88% 11.23% 40 22.05% 16.76% 11.16% 5.01% -0.45% 10.74% 58
2000 15.94% 12.35% 52 29.44% 23.05% 12.73% 6.07% -1.95% 12.23% 69
2001 24.26% 20.23% 35 36.86% 29.42% 16.32% 9.42% 1.88% 17.69% 48
2002 20.43% 16.65% 36 35.77% 28.43% 17.40% 7.66% 5.07% 14.36% 46
2003 18.03% 15.08% 24 36.38% 23.90% 14.28% 7.48% -2.04% 22.93% 37
2004 11.79% 10.85% 50 33.12% 15.98% 9.63% 4.07% -3.73% 18.26% 58
2005 9.37% 9.17% 78 22.00% 13.42% 8.20% 3.73% -0.28% 13.71% 99
2006 7.35% 7.09% 116 16.56% 11.56% 7.90% 3.60% -1.06% 9.25% 149
2007 8.97% 9.48% 114 21.24% 15.93% 9.08% 4.15% -0.04% 10.13% 143
2008 12.36% 9.96% 115 21.95% 16.16% 10.00% 4.82% -3.82% 14.02% 135
2009 13.37% 14.05% 46 26.46% 22.00% 11.00% 8.34% 4.52% 48.13% 55
2010 12.16% 10.99% 65 26.99% 19.57% 12.06% 7.86% -2.28% 13.36% 70
Pooled IRRs IRR hurdle rates
P r i v a t e e q u i t y

14
IRRs by vintage
2011 13.57% 13.93% 82 29.58% 20.31% 13.52% 8.40% 3.11% 17.40% 88
2012 14.41% 12.62% 111 29.85% 19.23% 13.11% 7.92% 0.13% 13.58% 99
2013 12.01% 12.63% 96 25.86% 17.96% 12.88% 7.93% 5.21% 9.78% 88
2014 16.26% 14.93% 102 28.44% 19.54% 13.83% 7.99% 2.48% 12.92% 94
2015 13.64% 12.63% 125 26.05% 17.81% 11.24% 6.90% -0.31% 11.85% 108
2016 13.22% 14.81% 118 32.11% 21.68% 12.40% 5.84% -3.47% 15.21% 110
2017 10.45% 9.05% 123 25.94% 17.59% 8.26% 0.86% -13.93% 24.73% 103
2018 -1.28% 2.34% 125 24.59% 10.35% -4.60% -22.45% -43.72% 33.65% 75

15
Multiples by vintage
Pooled multiples Equal-weighted pooled multiples
Vintage year TVPI DPI RVPI TVPI DPI RVPI Number of funds
Pre-1996 1.69x 1.67x 0.02x 1.47x 1.40x 0.07x 6
1996 1.57x 1.57x 0.00x 1.40x 1.40x 0.00x 23
1997 1.58x 1.58x 0.00x 1.38x 1.38x 0.00x 26
1998 1.39x 1.38x 0.00x 1.28x 1.28x 0.00x 42
1999 1.53x 1.52x 0.00x 1.65x 1.64x 0.01x 40
2000 1.83x 1.81x 0.01x 1.71x 1.69x 0.02x 52
2001 2.17x 2.16x 0.01x 2.00x 1.98x 0.02x 35
2002 1.98x 1.96x 0.02x 1.78x 1.76x 0.02x 36
2003 1.87x 1.84x 0.02x 1.78x 1.74x 0.04x 24
2004 1.71x 1.66x 0.05x 1.64x 1.58x 0.06x 50
2005 1.56x 1.52x 0.05x 1.55x 1.49x 0.06x 78
2006 1.48x 1.41x 0.06x 1.43x 1.34x 0.09x 116
2007 1.50x 1.35x 0.15x 1.54x 1.40x 0.14x 114
2008 1.63x 1.50x 0.13x 1.52x 1.34x 0.18x 115
2009 1.62x 1.47x 0.15x 1.66x 1.46x 0.20x 46
2010 1.57x 1.21x 0.36x 1.56x 1.13x 0.43x 65

16
2011 1.65x 1.14x 0.51x 1.68x 1.13x 0.55x 82
2012 1.59x 0.96x 0.63x 1.52x 0.87x 0.65x 111
2013 1.41x 0.72x 0.69x 1.46x 0.72x 0.74x 96
2014 1.55x 0.67x 0.87x 1.52x 0.60x 0.91x 102
2015 1.32x 0.40x 0.92x 1.32x 0.38x 0.94x 125
2016 1.24x 0.22x 1.02x 1.29x 0.26x 1.03x 118
2017 1.13x 0.11x 1.02x 1.12x 0.17x 0.96x 123
2018 0.99x 0.07x 0.93x 1.02x 0.09x 0.93x 125

17
Vintage year Top decile Top quartile Median TVPI Bottom quartile Bottom decile Top decile Top quartile Median DPI Bottom quartile Bottom decile Number of funds
Pre-1996 1.82x 1.39x 0.96x 1.82x 1.20x 0.79x 6
1996 2.29x 1.83x 1.30x 0.89x 0.54x 2.29x 1.83x 1.30x 0.89x 0.54x 23
1997 2.01x 1.73x 1.44x 1.02x 0.77x 2.01x 1.73x 1.44x 1.02x 0.77x 26
1998 1.88x 1.57x 1.32x 0.93x 0.58x 1.88x 1.57x 1.30x 0.93x 0.58x 42
1999 2.38x 2.03x 1.61x 1.24x 0.99x 2.38x 1.96x 1.61x 1.23x 0.99x 40
2000 2.42x 2.10x 1.66x 1.32x 0.95x 2.42x 2.07x 1.63x 1.31x 0.85x 52
2001 2.93x 2.52x 2.01x 1.54x 1.28x 2.93x 2.52x 1.94x 1.54x 1.28x 35
2002 2.51x 2.16x 1.66x 1.33x 1.23x 2.50x 2.15x 1.66x 1.33x 1.21x 36
2003 3.04x 1.90x 1.67x 1.43x 0.80x 2.95x 1.90x 1.67x 1.39x 0.77x 24
2004 2.54x 1.99x 1.59x 1.27x 0.76x 2.54x 1.99x 1.57x 1.15x 0.75x 50
2005 2.29x 1.79x 1.47x 1.21x 0.91x 2.28x 1.74x 1.40x 1.12x 0.87x 78
2006 2.07x 1.65x 1.39x 1.18x 0.85x 1.93x 1.62x 1.35x 1.11x 0.58x 116
2007 2.27x 1.95x 1.48x 1.15x 0.90x 2.17x 1.81x 1.34x 0.99x 0.75x 114
2008 2.11x 1.85x 1.50x 1.19x 0.88x 1.99x 1.65x 1.32x 0.99x 0.65x 115
2009 2.44x 2.05x 1.58x 1.30x 0.96x 2.31x 1.84x 1.40x 1.12x 0.85x 46
2010 2.35x 2.00x 1.49x 1.18x 0.80x 1.80x 1.46x 1.17x 0.77x 0.43x 65
TVPI DPI
For RVPI data, please download the supplemental Excel pack

18
2011 2.56x 2.02x 1.51x 1.29x 1.04x 1.94x 1.42x 1.07x 0.61x 0.30x 82
2012 2.05x 1.82x 1.52x 1.18x 0.97x 1.51x 1.16x 0.79x 0.55x 0.35x 111
2013 1.90x 1.64x 1.41x 1.26x 1.07x 1.20x 0.99x 0.67x 0.38x 0.13x 96
2014 2.18x 1.68x 1.37x 1.17x 1.01x 1.31x 0.80x 0.48x 0.14x 0.04x 102
2015 1.76x 1.42x 1.25x 1.09x 0.93x 0.75x 0.53x 0.30x 0.13x 0.03x 125
2016 1.71x 1.46x 1.22x 1.05x 0.92x 0.62x 0.37x 0.16x 0.02x 0.00x 118
2017 1.38x 1.20x 1.09x 0.99x 0.84x 0.40x 0.19x 0.06x 0.00x 0.00x 123
2018 1.23x 1.12x 0.98x 0.87x 0.71x 0.24x 0.06x 0.00x 0.00x 0.00x 124
TVPI DPI

19
PMEs by vintage
Vintage year PitchBook Benchmark return (%) Index return (%) KS-PME PitchBook Benchmark return (%) Index return (%) KS-PME Number of funds
1996 11.96% 8.79% 1.40 11.96% 8.81% 1.37 23
1997 9.52% 8.10% 1.37 9.52% 8.20% 1.33 26
1998 6.52% 7.10% 1.30 6.52% 7.24% 1.25 42
1999 9.88% 6.32% 1.37 9.88% 6.66% 1.32 40
2000 15.94% 5.94% 1.49 15.94% 6.14% 1.45 52
2001 24.26% 6.81% 1.69 24.26% 7.05% 1.65 35
2002 20.43% 7.83% 1.47 20.43% 8.02% 1.44 36
2003 18.03% 9.95% 1.47 18.03% 10.14% 1.45 24
2004 11.79% 8.61% 1.32 11.79% 8.66% 1.31 50
2005 9.37% 8.71% 1.17 9.37% 8.73% 1.16 78
2006 7.35% 8.64% 1.00 7.35% 8.52% 0.99 116
2007 8.97% 8.30% 0.94 8.97% 8.18% 0.94 114
2008 12.36% 9.34% 0.98 12.36% 9.29% 0.98 115
2009 13.37% 15.24% 0.97 13.37% 15.20% 0.97 46
2010 12.16% 12.83% 0.95 12.16% 12.61% 0.96 65
S&P 500 Index Russell 3000 Index
Note: All public index values are CAGRs from the start of the respective vintage year.

20
PMEs by vintage
2011 13.57% 12.24% 1.02 13.57% 11.84% 1.03 82
2012 14.41% 13.08% 1.06 14.41% 12.71% 1.07 111
2013 12.01% 12.84% 1.01 12.01% 12.38% 1.03 96
2014 16.26% 11.11% 1.14 16.26% 10.43% 1.16 102
2015 13.64% 10.39% 1.04 13.64% 9.79% 1.05 125
2016 13.22% 14.14% 1.03 13.22% 13.88% 1.05 118
2017 10.45% 11.70% 1.00 10.45% 10.94% 1.01 123
2018 -1.28% 7.83% 0.92 -1.28% 7.04% 0.93 125

21
Quarterly return
Source: PitchBook
Quarter end 1-quarter return
Q1 2001 -6.40%
Q2 2001 0.45%
Q3 2001 -3.64%
Q4 2001 -3.97%
Q1 2002 -0.75%
Q2 2002 -2.87%
Q3 2002 -2.82%
Q4 2002 -0.29%
Q1 2003 0.15%
Q2 2003 5.94%
Q3 2003 4.02%
Q4 2003 9.59%
Q1 2004 9.18%
Q2 2004 0.26%
Q3 2004 2.73%
Q4 2004 13.60%
Q1 2005 2.08%
Q2 2005 8.41%
Q3 2005 7.69%
Q4 2005 10.31%
Q1 2006 4.17%
Q2 2006 5.66%
Q3 2006 4.41%
Q4 2006 12.66%
Q1 2007 5.41%
Q2 2007 8.87%
Q3 2007 4.38%
Q4 2007 3.18%
Q1 2008 0.07%
Q2 2008 -1.26%
Q3 2008 -8.27%
Q4 2008 -11.86%
Q1 2009 -7.76%
Q2 2009 4.32%
Q3 2009 5.09%
Q4 2009 7.71%
Q1 2010 2.80%
Q2 2010 1.34%
Q3 2010 4.77%
Q4 2010 7.75%
Q1 2011 5.25%
Q2 2011 4.57%
Q3 2011 -2.86%
Q4 2011 1.15%
Q1 2012 5.92%
Q2 2012 0.74%
Q3 2012 3.76%
Q4 2012 3.19%
Q1 2013 3.23%
Q2 2013 3.03%
Q3 2013 4.90%
Q4 2013 5.71%
Q1 2014 4.62%
Q2 2014 5.03%
Q3 2014 0.26%
Q4 2014 3.39%
Q1 2015 3.35%
Q2 2015 5.61%
Q3 2015 0.64%
Q4 2015 1.96%
Q1 2016 1.68%
Q2 2016 4.39%
Q3 2016 4.37%
Q4 2016 1.45%
Q1 2017 4.64%
Q2 2017 5.40%
Q3 2017 4.36%
Q4 2017 4.60%
Q1 2018 4.15%
Q2 2018 3.31%
Q3 2018 3.33%
Q4 2018 -0.86%
Q1 2019 4.67%
Q2 2019 3.03%
Q3 2019 3.27%
Q4 2019 4.89%
Q1 2020 -8.17%
Q2 2020* 8.55%
*Preliminary figure

23
IRRs by vintage
Pre-1996 61.44% 74.32% 3 68.45% 38.93% 16.91% 7.38% -0.47% 29.92% 66
1996 91.71% 143.96% 8 120.17% 81.05% 26.23% 8.91% 0.19% 56.99% 15
1997 5.93% 13.06% 15 126.88% 59.13% 18.75% 0.07% -5.15% 121.49% 22
1998 6.61% 5.21% 21 46.57% 14.70% 9.36% -7.55% -10.70% 35.84% 24
1999 -2.24% -3.29% 38 9.85% 5.27% -4.65% -12.40% -17.37% 13.05% 49
2000 -0.02% -1.25% 57 7.50% 3.69% -0.80% -5.78% -14.10% 10.78% 81
2001 4.84% 2.65% 36 14.33% 6.33% 1.80% -4.14% -15.14% 11.34% 47
2002 3.06% 2.87% 17 10.95% 7.50% 4.10% -6.15% -13.01% 11.19% 26
2003 5.84% 2.13% 19 14.15% 11.52% 2.29% -4.81% -18.81% 36.42% 30
2004 4.10% 6.19% 23 10.64% 6.46% -0.18% -10.89% -20.13% 17.26% 32
2005 7.10% 6.15% 33 14.36% 8.67% 3.72% 0.51% -7.90% 17.42% 47
2006 4.79% 3.55% 40 18.90% 11.00% 4.80% -3.80% -10.32% 13.14% 53
2007 11.34% 11.38% 48 25.55% 15.12% 8.90% 0.10% -9.80% 15.51% 62
2008 13.32% 9.39% 54 28.49% 20.07% 8.76% -0.68% -16.63% 23.53% 64
2009 9.68% 8.18% 21 30.03% 22.23% 11.78% 5.36% -0.52% 15.21% 30
2010 15.73% 16.94% 24 33.64% 22.67% 10.96% 3.05% -4.30% 16.73% 31
Ve n t u r e c a p i t a l

24
IRRs by vintage
2011 17.98% 16.45% 21 26.62% 21.50% 16.57% 6.42% -3.00% 12.36% 39
2012 16.10% 15.54% 20 53.17% 25.95% 16.47% 11.66% 3.24% 25.47% 24
2013 18.62% 13.62% 23 34.30% 30.74% 19.66% 12.44% 1.19% 19.00% 27
2014 19.50% 19.85% 37 30.18% 21.15% 16.28% 10.29% 3.49% 65.13% 38
2015 17.85% 16.11% 46 26.61% 19.33% 12.13% 7.00% 1.42% 11.29% 49
2016 20.89% 24.55% 53 40.45% 30.57% 21.56% 9.65% 4.60% 14.32% 50
2017 15.77% 18.60% 41 39.27% 23.91% 14.20% 7.55% 0.29% 20.15% 36
2018 8.37% 10.01% 48 28.16% 15.48% 4.10% -8.02% -12.27% 20.80% 38

25
Pre-1996 2.68x 2.68x 0.00x 2.98x 2.98x 0.00x 3
1996 3.44x 3.42x 0.02x 4.47x 4.44x 0.03x 8
1997 1.23x 1.23x 0.00x 1.41x 1.41x 0.00x 15
1998 1.32x 1.30x 0.02x 1.22x 1.20x 0.02x 21
1999 0.85x 0.77x 0.07x 0.79x 0.74x 0.04x 38
2000 1.00x 0.94x 0.06x 0.91x 0.87x 0.04x 57
2001 1.38x 1.33x 0.05x 1.20x 1.12x 0.08x 36
2002 1.18x 1.16x 0.02x 1.19x 1.10x 0.09x 17
2003 1.42x 1.36x 0.07x 1.13x 1.09x 0.04x 19
2004 1.31x 1.18x 0.14x 1.50x 1.33x 0.17x 23
2005 1.60x 1.39x 0.21x 1.52x 1.25x 0.27x 33
2006 1.33x 1.05x 0.27x 1.26x 0.94x 0.32x 40
2007 1.88x 1.44x 0.44x 1.90x 1.45x 0.45x 48
2008 1.90x 1.53x 0.37x 1.63x 1.22x 0.40x 54
2009 1.74x 1.02x 0.72x 1.60x 0.88x 0.72x 21
2010 2.04x 1.19x 0.85x 2.20x 1.32x 0.88x 24

26
2011 2.21x 1.11x 1.10x 2.13x 0.92x 1.21x 21
2012 2.06x 0.75x 1.31x 2.03x 0.52x 1.51x 20
2013 1.86x 0.52x 1.34x 1.61x 0.39x 1.22x 23
2014 1.89x 0.30x 1.59x 1.84x 0.27x 1.57x 37
2015 1.55x 0.23x 1.32x 1.49x 0.21x 1.28x 46
2016 1.45x 0.10x 1.35x 1.58x 0.14x 1.44x 53
2017 1.24x 0.06x 1.19x 1.34x 0.08x 1.27x 41
2018 1.08x 0.03x 1.05x 1.11x 0.09x 1.02x 48

27
Pre-1996 2.13x 2.13x 3
1996 4.15x 1.90x 1.41x 4.15x 1.82x 1.40x 8
1997 2.43x 1.71x 1.14x 0.87x 0.64x 2.43x 1.71x 1.14x 0.87x 0.64x 15
1998 1.80x 1.68x 1.23x 0.69x 0.47x 1.80x 1.68x 1.23x 0.69x 0.47x 21
1999 1.67x 1.10x 0.69x 0.39x 0.20x 1.39x 0.99x 0.69x 0.36x 0.20x 38
2000 1.47x 1.18x 0.92x 0.62x 0.37x 1.43x 1.13x 0.88x 0.55x 0.30x 57
2001 1.81x 1.48x 1.20x 0.77x 0.30x 1.81x 1.40x 1.09x 0.69x 0.26x 36
2002 1.77x 1.72x 1.18x 0.68x 0.50x 1.75x 1.61x 1.18x 0.57x 0.34x 17
2003 1.73x 1.45x 1.16x 0.61x 0.42x 1.73x 1.40x 1.08x 0.61x 0.42x 19
2004 1.84x 1.55x 1.02x 0.59x 0.34x 1.72x 1.21x 0.79x 0.42x 0.10x 23
2005 2.34x 1.73x 1.25x 1.07x 0.62x 2.04x 1.62x 1.05x 0.85x 0.44x 33
2006 2.19x 1.59x 1.25x 0.67x 0.46x 1.65x 1.34x 0.95x 0.50x 0.26x 40
2007 2.90x 2.27x 1.74x 0.97x 0.43x 2.56x 1.80x 1.30x 0.50x 0.13x 48
2008 2.78x 1.97x 1.42x 0.86x 0.25x 2.42x 1.66x 0.77x 0.39x 0.20x 54
2009 2.30x 1.97x 1.58x 1.12x 0.86x 1.52x 1.13x 0.86x 0.37x 0.27x 21
2010 3.40x 2.43x 1.79x 1.23x 0.78x 2.50x 1.39x 1.08x 0.55x 0.41x 24
TVPI DPI

28
2011 3.44x 2.94x 2.05x 1.37x 1.04x 1.47x 1.27x 0.81x 0.48x 0.21x 21
2012 2.65x 2.20x 1.72x 1.26x 0.97x 0.99x 0.73x 0.41x 0.12x 0.00x 20
2013 2.33x 1.92x 1.60x 1.31x 0.78x 1.15x 0.46x 0.24x 0.11x 0.00x 23
2014 2.45x 2.10x 1.68x 1.30x 1.10x 0.57x 0.41x 0.15x 0.04x 0.00x 37
2015 1.92x 1.69x 1.41x 1.20x 1.05x 0.68x 0.23x 0.06x 0.00x 0.00x 46
2016 2.05x 1.65x 1.34x 1.18x 1.02x 0.40x 0.16x 0.00x 0.00x 0.00x 53
2017 1.60x 1.38x 1.22x 1.10x 0.99x 0.17x 0.09x 0.01x 0.00x 0.00x 41
2018 1.26x 1.12x 1.02x 0.92x 0.85x 0.19x 0.00x 0.00x 0.00x 0.00x 48
TVPI DPI

29
PMEs by vintage
1996 91.71% 8.79% 2.65 91.71% 6.89% 2.80 8
1997 5.93% 8.10% 1.08 5.93% 6.80% 1.07 15
1998 6.61% 7.10% 1.18 6.61% 6.28% 1.12 21
1999 -2.24% 6.32% 0.73 -2.24% 6.77% 0.72 38
2000 -0.02% 5.94% 0.72 -0.02% 4.59% 0.66 57
2001 4.84% 6.81% 0.91 4.84% 7.07% 0.83 36
2002 3.06% 7.83% 0.87 3.06% 8.12% 0.80 17
2003 5.84% 9.95% 0.92 5.84% 10.83% 0.87 19
2004 4.10% 8.61% 0.83 4.10% 8.30% 0.78 23
2005 7.10% 8.71% 0.91 7.10% 8.60% 0.87 33
2006 4.79% 8.64% 0.78 4.79% 7.92% 0.75 40
2007 11.34% 8.30% 1.01 11.34% 8.06% 0.99 48
2008 13.32% 9.34% 1.01 13.32% 9.33% 1.01 54
2009 9.68% 15.24% 0.81 9.68% 15.06% 0.84 21
2010 15.73% 12.83% 1.09 15.73% 11.92% 1.17 24
S&P 500 Index Russell 2000 Growth

30
PMEs by vintage
2011 17.98% 12.24% 1.24 17.98% 10.01% 1.36 21
2012 16.10% 13.08% 1.18 16.10% 10.89% 1.31 20
2013 18.62% 12.84% 1.26 18.62% 10.61% 1.40 23
2014 19.50% 11.11% 1.29 19.50% 7.19% 1.42 37
2015 17.85% 10.39% 1.16 17.85% 7.19% 1.27 46
2016 20.89% 14.14% 1.18 20.89% 13.19% 1.29 53
2017 15.77% 11.70% 1.08 15.77% 8.54% 1.17 41
2018 8.37% 7.83% 0.99 8.37% 2.43% 1.06 48
S&P 500 Index Russell 2000 Growth

31
Quarterly return
Source: PitchBook
Q1 2001 -10.85%
Q2 2001 -9.74%
Q3 2001 -13.57%
Q4 2001 -11.46%
Q1 2002 -7.88%
Q2 2002 -12.31%
Q3 2002 -9.33%
Q4 2002 -10.41%
Q1 2003 -7.86%
Q2 2003 -1.45%
Q3 2003 -2.54%
Q4 2003 5.15%
Q1 2004 -2.49%
Q2 2004 0.79%
Q3 2004 -0.87%
Q4 2004 3.34%
Q1 2005 -1.85%
Q2 2005 0.26%
Q3 2005 4.88%
Q4 2005 2.60%
Q1 2006 2.94%
Q2 2006 0.76%
Q3 2006 1.72%
Q4 2006 6.91%
Q1 2007 2.47%
Q2 2007 5.31%
Q3 2007 2.80%
Q4 2007 3.73%
Q1 2008 2.55%
Q2 2008 -2.16%
Q3 2008 -3.14%
Q4 2008 -8.88%
Q1 2009 -3.43%
Q2 2009 -0.29%
Q3 2009 0.51%
Q4 2009 3.41%
Q1 2010 1.42%
Q2 2010 -0.19%
Q3 2010 3.95%
Q4 2010 6.28%
Q1 2011 4.48%
Q2 2011 4.90%
Q3 2011 -0.19%
Q4 2011 1.71%
Q1 2012 4.24%
Q2 2012 1.05%
Q3 2012 -0.09%
Q4 2012 2.02%
Q1 2013 2.16%
Q2 2013 4.44%
Q3 2013 5.16%
Q4 2013 7.49%
Q1 2014 5.83%
Q2 2014 3.71%
Q3 2014 2.53%
Q4 2014 6.88%
Q1 2015 4.69%
Q2 2015 6.19%
Q3 2015 0.24%
Q4 2015 2.46%
Q1 2016 -3.26%
Q2 2016 -0.04%
Q3 2016 3.00%
Q4 2016 0.72%
Q1 2017 2.59%
Q2 2017 2.00%
Q3 2017 4.24%
Q4 2017 3.00%
Q1 2018 6.17%
Q2 2018 6.42%
Q3 2018 3.67%
Q4 2018 1.77%
Q1 2019 6.01%
Q2 2019 2.81%
Q3 2019 1.54%
Q4 2019 5.96%
Q1 2020 -1.30%
Q2 2020* 8.55%
*Preliminary figure

33
IRRs by vintage
Pre-1996 22.30% 20.05% 8.91% 8.64% 5
1996 10.02% 7.45% 5 11.07% 8.94% 6.06% 4.77% 7
1997 13.89% 11.45% 5 16.19% 10.33% 4.60% 7.19% 8
1998 4.86% 5.49% 8 11.62% 9.23% 7.24% 2.93% -1.72% 6.08% 10
1999 11.82% 9.16% 2 18.10% 11.04% 10.40% 7.49% 5
2000 16.01% 14.45% 13 27.61% 19.78% 15.05% 5.05% 3.46% 10.79% 14
2001 28.06% 24.32% 2 24.14% 16.88% 10.64% 9.67% 8
2002 8.58% 15.92% 3 26.67% 15.17% 9.80% 1.64% -8.00% 19.38% 11
2003 7.71% 8.58% 4 65.58% 18.97% 12.32% 5.60% 2.74% 53.49% 17
2004 3.47% 5.16% 9 12.03% 7.74% 4.50% 0.33% -2.49% 16.88% 20
2005 0.51% -0.57% 26 9.72% 4.06% 1.57% -4.70% -9.45% 19.09% 36
2006 -2.26% -3.13% 32 6.60% 4.36% -0.94% -7.80% -16.05% 16.01% 55
2007 2.68% 1.39% 50 12.82% 10.60% 5.39% -1.66% -11.99% 11.40% 69
2008 6.09% 6.04% 39 16.03% 11.70% 7.70% 1.60% -4.90% 11.07% 61
2009 8.04% 7.08% 21 21.66% 17.90% 10.25% 3.80% -8.20% 13.21% 29
2010 9.19% 9.36% 26 20.21% 18.25% 12.18% 8.52% 4.35% 7.60% 36
R e a l e s t a t e

34
IRRs by vintage
2011 15.47% 15.29% 32 24.15% 20.00% 14.69% 11.74% 6.61% 8.37% 38
2012 13.98% 12.60% 46 22.42% 15.57% 11.58% 8.29% 5.40% 7.65% 52
2013 13.30% 11.71% 50 22.46% 16.46% 12.03% 9.32% 3.64% 12.81% 54
2014 12.61% 12.44% 49 17.62% 13.34% 11.50% 8.85% 5.60% 6.29% 47
2015 11.58% 11.92% 76 20.06% 15.05% 11.13% 7.51% 5.43% 7.34% 67
2016 11.29% 11.81% 58 21.67% 13.57% 10.42% 7.45% 2.98% 9.01% 55
2017 19.65% 18.09% 59 18.78% 11.39% 8.50% 5.07% 1.27% 10.35% 55
2018 15.79% 16.76% 66 15.81% 10.63% 3.65% -5.41% -25.61% 21.98% 56
R e a l e s t a t e

35
R e a l e s t a t e
Pre-1996
1996 1.47x 1.47x 0.00x 1.49x 1.49x 0.00x 5
1997 1.71x 1.71x 0.00x 1.58x 1.58x 0.00x 5
1998 1.21x 1.21x 0.00x 1.25x 1.25x 0.00x 8
1999 1.91x 1.91x 0.00x 1.66x 1.65x 0.00x 2
2000 1.75x 1.75x 0.00x 1.68x 1.67x 0.01x 13
2001 1.89x 1.88x 0.01x 1.78x 1.77x 0.01x 2
2002 1.23x 1.21x 0.02x 1.51x 1.37x 0.14x 3
2003 1.25x 1.24x 0.01x 1.28x 1.26x 0.02x 4
2004 1.20x 1.15x 0.05x 1.34x 1.24x 0.11x 9
2005 1.03x 0.99x 0.04x 0.97x 0.91x 0.05x 26
2006 0.85x 0.76x 0.09x 0.80x 0.71x 0.09x 32
2007 1.16x 1.12x 0.04x 1.07x 1.03x 0.04x 50
2008 1.27x 1.18x 0.09x 1.28x 1.21x 0.07x 39
2009 1.35x 1.22x 0.13x 1.33x 1.21x 0.12x 21
2010 1.36x 1.13x 0.23x 1.42x 1.17x 0.25x 26

36
R e a l e s t a t e
2011 1.67x 1.37x 0.30x 1.67x 1.40x 0.27x 32
2012 1.57x 1.24x 0.33x 1.49x 1.16x 0.33x 46
2013 1.42x 1.02x 0.40x 1.39x 0.95x 0.44x 50
2014 1.37x 0.79x 0.59x 1.44x 0.67x 0.77x 49
2015 1.29x 0.57x 0.72x 1.34x 0.55x 0.79x 76
2016 1.23x 0.31x 0.92x 1.28x 0.36x 0.92x 58
2017 1.27x 0.36x 0.91x 1.28x 0.37x 0.91x 59
2018 1.14x 0.18x 0.96x 1.17x 0.20x 0.97x 66

37
Pre-1996
1996 1.58x 1.46x 1.13x 1.58x 1.46x 1.13x 5
1997 1.50x 1.42x 1.27x 1.50x 1.41x 1.27x 5
1998 1.39x 1.31x 1.21x 1.39x 1.30x 1.18x 8
1999 1.66x 1.66x 2
2000 2.57x 1.65x 1.46x 1.22x 1.13x 2.57x 1.65x 1.46x 1.19x 1.10x 13
2001 1.76x 1.75x 2
2002 1.38x 1.38x 3
2003 1.36x 1.30x 1.21x 1.36x 1.26x 1.15x 4
2004 1.91x 1.17x 1.02x 1.60x 1.11x 0.93x 9
2005 1.39x 1.15x 0.99x 0.71x 0.49x 1.39x 1.13x 0.96x 0.65x 0.35x 26
2006 1.41x 1.07x 0.73x 0.45x 0.34x 1.25x 1.03x 0.66x 0.36x 0.22x 32
2007 1.63x 1.37x 1.14x 0.83x 0.42x 1.61x 1.32x 1.08x 0.74x 0.41x 50
2008 1.72x 1.58x 1.37x 1.05x 0.59x 1.69x 1.50x 1.23x 1.00x 0.47x 39
2009 2.02x 1.51x 1.34x 1.17x 0.61x 1.79x 1.50x 1.31x 0.98x 0.50x 21
2010 1.80x 1.60x 1.50x 1.26x 1.07x 1.64x 1.54x 1.33x 0.97x 0.55x 26
TVPI DPI
R e a l e s t a t e

38
2011 2.26x 1.89x 1.58x 1.35x 1.22x 2.01x 1.78x 1.32x 1.17x 0.82x 32
2012 1.89x 1.53x 1.43x 1.36x 1.18x 1.66x 1.43x 1.15x 0.94x 0.62x 46
2013 1.62x 1.55x 1.45x 1.21x 1.11x 1.54x 1.27x 1.00x 0.56x 0.39x 50
2014 1.88x 1.54x 1.36x 1.27x 1.16x 1.25x 1.02x 0.60x 0.29x 0.16x 49
2015 1.56x 1.40x 1.29x 1.15x 1.07x 1.12x 0.82x 0.39x 0.15x 0.07x 76
2016 1.52x 1.32x 1.20x 1.11x 1.00x 0.63x 0.47x 0.27x 0.07x 0.02x 58
2017 1.41x 1.22x 1.11x 1.02x 0.92x 0.69x 0.33x 0.11x 0.04x 0.00x 59
2018 1.31x 1.12x 1.02x 0.94x 0.80x 0.45x 0.18x 0.04x 0.00x 0.00x 66
TVPI DPI
R e a l e s t a t e

39
PMEs by vintage
1996 10.02% 8.79% 1.14 10.02% 5.66% 1.10 5
1997 13.89% 8.10% 1.42 13.89% 5.92% 1.30 5
1998 4.86% 7.10% 1.23 4.86% 6.19% 0.82 8
1999 11.82% 6.32% 1.72 11.82% 6.50% 1.05 2
2000 16.01% 5.94% 1.54 16.01% 6.83% 1.15 13
2001 28.06% 6.81% 1.55 28.06% 6.39% 1.39 2
2002 8.58% 7.83% 0.97 8.58% 6.32% 0.98 3
2003 7.71% 9.95% 1.03 7.71% 5.99% 0.96 4
2004 3.47% 8.61% 0.88 3.47% 5.23% 0.88 9
2005 0.51% 8.71% 0.71 0.51% 4.69% 0.77 26
2006 -2.26% 8.64% 0.50 -2.26% 4.30% 0.61 32
2007 2.68% 8.30% 0.65 2.68% 4.04% 0.89 50
2008 6.09% 9.34% 0.76 6.09% 3.19% 1.07 39
2009 8.04% 15.24% 0.79 8.04% 4.86% 1.17 21
2010 9.19% 12.83% 0.86 9.19% 3.39% 1.21 26
S&P 500 Index Morningstar US Real Assets
R e a l e s t a t e

40
PMEs by vintage
2011 15.47% 12.24% 1.05 15.47% 1.98% 1.58 32
2012 13.98% 13.08% 1.05 13.98% 1.38% 1.49 46
2013 13.30% 12.84% 1.04 13.30% 1.25% 1.35 50
2014 12.61% 11.11% 1.01 12.61% 1.64% 1.30 49
2015 11.58% 10.39% 0.99 11.58% 1.22% 1.23 76
2016 11.29% 14.14% 0.99 11.29% 3.07% 1.19 58
2017 19.65% 11.70% 1.12 19.65% 2.12% 1.25 59
2018 15.79% 7.83% 1.05 15.79% 1.93% 1.14 66
R e a l e s t a t e

41
Quarterly return
R e a l e s t a t e
Source: PitchBook
Q1 2001 4.40%
Q2 2001 1.41%
Q3 2001 0.28%
Q4 2001 1.32%
Q1 2002 2.11%
Q2 2002 1.30%
Q3 2002 0.36%
Q4 2002 -0.90%
Q1 2003 -2.17%
Q2 2003 0.92%
Q3 2003 4.90%
Q4 2003 9.72%
Q1 2004 -4.22%
Q2 2004 4.74%
Q3 2004 0.76%
Q4 2004 19.10%
Q1 2005 -3.52%
Q2 2005 5.24%
Q3 2005 9.65%
Q4 2005 13.74%
Q1 2006 2.49%
Q2 2006 6.94%
Q3 2006 10.34%
Q4 2006 19.83%
Q1 2007 3.26%
Q2 2007 0.82%
Q3 2007 1.64%
Q4 2007 6.72%
Q1 2008 -4.83%
Q2 2008 -4.31%
Q3 2008 -8.76%
Q4 2008 -16.70%
Q1 2009 -24.18%
Q2 2009 -13.96%
Q3 2009 -7.71%
Q4 2009 -6.12%
Q1 2010 -7.00%
Q2 2010 7.10%
Q3 2010 3.00%
Q4 2010 7.27%
Q1 2011 6.02%
Q2 2011 3.95%
Q3 2011 0.51%
Q4 2011 0.62%
Q1 2012 4.19%
Q2 2012 0.24%
Q3 2012 4.85%
Q4 2012 1.98%
Q1 2013 3.55%
Q2 2013 4.58%
Q3 2013 0.96%
Q4 2013 7.10%
Q1 2014 3.54%
Q2 2014 3.32%
Q3 2014 2.82%
Q4 2014 4.47%
Q1 2015 1.90%
Q2 2015 4.77%
Q3 2015 2.53%
Q4 2015 1.58%
Q1 2016 2.56%
Q2 2016 1.49%
Q3 2016 3.17%
Q4 2016 1.14%
Q1 2017 3.49%
Q2 2017 3.59%
Q3 2017 3.90%
Q4 2017 2.59%
Q1 2018 1.98%
Q2 2018 2.93%
Q3 2018 1.34%
Q4 2018 0.88%
Q1 2019 5.67%
Q2 2019 1.37%
Q3 2019 2.82%
Q4 2019 0.75%
Q1 2020 0.98%
Q2 2020* -0.78%
*Preliminary figure

43
IRRs by vintage
Pre-1996 18.01% 18.01% 1 20.00% 14.70% 7.52% 12.20% 5
1996 10.66% 8.02% 3
1997 15.71% 12.04% 2 18.63% 12.84% 3.22% 15.96% 4
1998 16.47% 18.18% 3 26.00% 20.23% 11.46% 13.89% 4
1999 25.42% 25.42% 1 14.70% 8.96% 3
2000 22.67% 1
2001 49.72% 49.72% 1 48.10% 1
2002 31.17% 34.54% 3 36.05% 16.02% 3
2003 28.95% 29.47% 2 28.20% 4.14% 3
2004 23.22% 20.81% 4 19.99% 12.87% 9.75% 20.98% 8
2005 7.56% 8.10% 10 18.42% 13.00% 3.32% 0.97% -2.16% 9.64% 11
2006 -0.42% -0.68% 12 8.54% 8.01% -0.46% -6.13% -14.50% 14.44% 12
2007 4.88% 4.27% 20 13.13% 11.39% 2.92% -0.37% -10.86% 23.01% 24
2008 5.19% 5.21% 20 16.50% 9.00% 4.71% -1.36% -12.87% 11.19% 21
2009 1.33% 3.34% 14 14.46% 11.01% 2.60% -10.68% -20.62% 18.64% 14
2010 5.45% 5.22% 22 12.27% 8.64% 4.93% -2.38% -16.24% 23.92% 24
R e a l a s s e t s

44
IRRs by vintage
2011 4.98% 4.22% 25 15.05% 8.49% 5.28% -1.20% -11.55% 11.72% 22
2012 4.19% 5.59% 28 20.57% 10.83% 8.50% 4.92% -14.19% 24.24% 27
2013 7.46% 6.74% 26 13.84% 11.76% 4.86% -0.83% -10.32% 8.99% 20
2014 4.45% 5.15% 46 23.79% 13.15% 7.45% -1.03% -6.95% 13.20% 44
2015 3.87% 7.61% 38 18.58% 13.25% 8.40% 1.08% -4.30% 38.48% 26
2016 8.23% 8.31% 44 17.90% 12.83% 8.36% 2.21% -6.89% 67.51% 36
2017 5.81% 2.51% 36 14.71% 5.44% -3.91% -28.05% -38.83% 28.04% 24
2018 0.05% 2.26% 41 13.19% 7.00% 1.29% -17.74% -29.18% 18.26% 25
R e a l a s s e t s

45
R e a l a s s e t s
Pre-1996 2.47x 2.47x 0.00x 2.47x 2.47x 0.00x 1
1996
1997 2.54x 2.09x 0.45x 2.89x 1.97x 0.92x 2
1998 1.97x 1.95x 0.02x 2.13x 2.12x 0.01x 3
1999 2.59x 2.47x 0.12x 2.59x 2.47x 0.12x 1
2000
2001 2.84x 2.84x 0.00x 2.84x 2.84x 0.00x 1
2002 1.91x 1.91x 0.00x 1.98x 1.98x 0.00x 3
2003 2.32x 2.30x 0.02x 2.41x 2.39x 0.03x 2
2004 1.75x 1.75x 0.00x 1.77x 1.77x 0.00x 4
2005 1.46x 1.38x 0.07x 1.51x 1.41x 0.10x 10
2006 0.98x 0.90x 0.07x 0.97x 0.88x 0.09x 12
2007 1.23x 1.14x 0.08x 1.24x 1.11x 0.14x 20
2008 1.29x 1.10x 0.19x 1.31x 0.94x 0.37x 20
2009 1.06x 0.78x 0.28x 1.16x 0.76x 0.41x 14
2010 1.30x 0.79x 0.51x 1.32x 0.66x 0.65x 22

46
R e a l a s s e t s
2011 1.23x 0.73x 0.50x 1.22x 0.64x 0.58x 25
2012 1.16x 0.66x 0.49x 1.24x 0.67x 0.56x 28
2013 1.29x 0.50x 0.78x 1.25x 0.54x 0.71x 26
2014 1.12x 0.37x 0.75x 1.16x 0.37x 0.79x 46
2015 1.08x 0.31x 0.77x 1.20x 0.34x 0.86x 38
2016 1.15x 0.25x 0.91x 1.18x 0.36x 0.81x 44
2017 1.08x 0.17x 0.91x 1.04x 0.15x 0.88x 36
2018 1.00x 0.12x 0.88x 1.03x 0.14x 0.89x 41

47
Pre-1996 2.47x 2.47x 1
1996
1997 2.88x 1.97x 2
1998 1.92x 1.92x 3
1999 2.59x 2.47x 1
2000
2001 2.84x 2.84x 1
2002 2.07x 2.07x 3
2003 2.41x 2.39x 2
2004 1.91x 1.74x 1.60x 1.91x 1.74x 1.60x 4
2005 2.38x 1.70x 1.38x 1.09x 0.92x 2.19x 1.70x 1.29x 1.05x 0.90x 10
2006 1.45x 1.16x 0.95x 0.75x 0.60x 1.45x 1.01x 0.89x 0.56x 0.50x 12
2007 1.93x 1.58x 1.12x 0.96x 0.86x 1.74x 1.44x 1.03x 0.88x 0.46x 20
2008 2.17x 1.78x 1.05x 0.86x 0.54x 1.82x 1.36x 0.71x 0.52x 0.35x 20
2009 2.00x 1.34x 1.17x 0.78x 0.47x 1.29x 1.02x 0.61x 0.34x 0.21x 14
2010 1.99x 1.71x 1.32x 0.93x 0.66x 1.35x 0.91x 0.62x 0.31x 0.22x 22
TVPI DPI
R e a l a s s e t s

48
2011 1.74x 1.42x 1.30x 0.90x 0.62x 1.26x 0.95x 0.57x 0.32x 0.13x 25
2012 1.70x 1.50x 1.29x 1.08x 0.71x 1.31x 0.93x 0.60x 0.28x 0.10x 28
2013 1.65x 1.57x 1.34x 0.99x 0.71x 1.02x 0.72x 0.40x 0.30x 0.16x 26
2014 1.52x 1.37x 1.21x 0.98x 0.70x 0.67x 0.46x 0.31x 0.15x 0.04x 46
2015 1.51x 1.33x 1.21x 0.99x 0.84x 0.64x 0.45x 0.22x 0.10x 0.00x 38
2016 1.53x 1.30x 1.17x 1.05x 0.85x 0.77x 0.39x 0.21x 0.11x 0.01x 44
2017 1.35x 1.15x 0.92x 0.79x 0.65x 0.32x 0.15x 0.04x 0.00x 0.00x 36
2018 1.30x 1.12x 0.98x 0.82x 0.71x 0.24x 0.13x 0.06x 0.00x 0.00x 41
TVPI DPI
R e a l a s s e t s

49
PMEs by vintage
1996
1997 15.71% 8.10% 2.03 15.71% 5.92% 1.40 2
1998 16.47% 7.10% 1.87 16.47% 6.19% 1.22 3
1999 25.42% 6.32% 1.76 25.42% 6.50% 1.58 1
2000
2001 49.72% 6.81% 2.35 49.72% 6.39% 2.09 1
2002 31.17% 7.83% 1.46 31.17% 6.32% 1.42 3
2003 28.95% 9.95% 1.74 28.95% 5.99% 1.70 2
2004 23.22% 8.61% 1.53 23.22% 5.23% 1.39 4
2005 7.56% 8.71% 1.10 7.56% 4.69% 1.08 10
2006 -0.42% 8.64% 0.69 -0.42% 4.30% 0.77 12
2007 4.88% 8.30% 0.82 4.88% 4.04% 1.00 20
2008 5.19% 9.34% 0.73 5.19% 3.19% 1.05 20
2009 1.33% 15.24% 0.62 1.33% 4.86% 0.93 14
2010 5.45% 12.83% 0.70 5.45% 3.39% 1.15 22
R e a l a s s e t s

50
PMEs by vintage
2011 4.98% 12.24% 0.74 4.98% 1.98% 1.15 25
2012 4.19% 13.08% 0.75 4.19% 1.38% 1.10 28
2013 7.46% 12.84% 0.87 7.46% 1.25% 1.22 26
2014 4.45% 11.11% 0.84 4.45% 1.64% 1.07 46
2015 3.87% 10.39% 0.85 3.87% 1.22% 1.04 38
2016 8.23% 14.14% 0.94 8.23% 3.07% 1.12 44
2017 5.81% 11.70% 0.94 5.81% 2.12% 1.06 36
2018 0.05% 7.83% 0.89 0.05% 1.93% 0.99 41
R e a l a s s e t s

51
Quarterly return
R e a l a s s e t s
Source: PitchBook
Q1 2001 -2.91%
Q2 2001 6.09%
Q3 2001 -3.58%
Q4 2001 -3.70%
Q1 2002 11.35%
Q2 2002 -0.30%
Q3 2002 -1.87%
Q4 2002 1.14%
Q1 2003 -3.03%
Q2 2003 5.01%
Q3 2003 1.34%
Q4 2003 10.98%
Q1 2004 4.82%
Q2 2004 3.72%
Q3 2004 0.98%
Q4 2004 27.04%
Q1 2005 17.43%
Q2 2005 34.76%
Q3 2005 11.52%
Q4 2005 2.44%
Q1 2006 2.67%
Q2 2006 12.39%
Q3 2006 6.50%
Q4 2006 7.26%
Q1 2007 3.43%
Q2 2007 4.03%
Q3 2007 9.53%
Q4 2007 9.94%
Q1 2008 1.37%
Q2 2008 2.67%
Q3 2008 6.27%
Q4 2008 -9.08%
Q1 2009 -2.49%
Q2 2009 -0.83%
Q3 2009 3.51%
Q4 2009 3.31%
Q1 2010 -0.40%
Q2 2010 -1.07%
Q3 2010 4.24%
Q4 2010 8.98%
Q1 2011 5.01%
Q2 2011 3.89%
Q3 2011 -1.82%
Q4 2011 4.31%
Q1 2012 1.78%
Q2 2012 -1.47%
Q3 2012 0.35%
Q4 2012 1.84%
Q1 2013 3.65%
Q2 2013 -0.50%
Q3 2013 2.84%
Q4 2013 1.34%
Q1 2014 3.69%
Q2 2014 6.52%
Q3 2014 3.67%
Q4 2014 -4.48%
Q1 2015 -1.20%
Q2 2015 2.40%
Q3 2015 -3.10%
Q4 2015 0.44%
Q1 2016 -2.47%
Q2 2016 5.13%
Q3 2016 2.65%
Q4 2016 4.46%
Q1 2017 3.71%
Q2 2017 2.52%
Q3 2017 1.67%
Q4 2017 2.13%
Q1 2018 2.93%
Q2 2018 2.78%
Q3 2018 5.27%
Q4 2018 -2.17%
Q1 2019 1.40%
Q2 2019 -0.63%
Q3 2019 -0.23%
Q4 2019 -0.67%
Q1 2020 -9.26%
Q2 2020* 2.91%
*Preliminary figure

53
IRRs by vintage
Pre-1996 18.55% 13.05% 7.99% 20.80% 8
1996 6.01% 6.01% 1 5.40% 1
1997 10.82% 16.50% 3 35.20% 21.68% 8.45% 23.08% 5
1998 10.66% 6.56% 2
1999 11.58% 11.00% 2 10.52% 2.01% 2
2000 8.01% 0.83% 4 16.26% 7.25% 0.55% 14.06% 6
2001 27.52% 29.86% 3 27.32% 24.49% 21.79% 3.41% 4
2002 17.50% 22.65% 4 17.02% 15.73% 10.50% 27.28% 6
2003 13.24% 13.44% 8 20.60% 12.53% 8.85% 7.39% 6.16% 7.60% 10
2004 8.26% 10.18% 4 14.94% 10.69% 7.15% 13.89% 7
2005 6.04% 5.78% 7 8.49% 4.93% 2.98% 6.26% 8
2006 6.77% 5.50% 13 8.90% 6.58% 3.20% 0.32% -2.40% 6.54% 15
2007 6.82% 6.44% 20 12.94% 9.39% 6.92% 2.22% 1.74% 5.65% 22
2008 14.62% 14.02% 17 21.84% 15.38% 11.63% 7.88% 4.34% 13.83% 23
2009 8.15% 7.20% 12 12.60% 11.49% 8.74% 4.00% 1.50% 7.72% 12
2010 10.47% 11.15% 20 17.72% 13.59% 9.90% 7.83% 6.71% 4.54% 27
P r i v a t e d e b t

54
IRRs by vintage
2011 8.63% 9.71% 15 13.00% 9.67% 7.70% 6.83% 4.80% 4.10% 21
2012 6.87% 7.11% 30 13.82% 11.17% 8.40% 2.81% 1.50% 5.41% 31
2013 5.26% 6.13% 36 11.52% 8.66% 7.42% 5.35% 3.79% 3.59% 34
2014 4.83% 5.47% 39 12.05% 9.73% 8.03% 7.04% 1.90% 7.19% 35
2015 5.64% 5.76% 57 11.40% 8.89% 7.46% 5.32% 2.50% 7.66% 51
2016 4.39% 7.21% 48 12.20% 10.85% 7.57% 5.24% -3.65% 20.09% 31
2017 7.15% 7.37% 65 16.24% 10.85% 8.00% 5.44% 2.36% 10.40% 56
2018 1.96% 1.46% 52 11.24% 8.47% 4.38% -1.80% -24.23% 21.61% 38

55
Pre-1996
1996 1.45x 1.45x 0.00x 1.45x 1.45x 0.00x 1
1997 1.69x 1.69x 0.00x 2.18x 2.18x 0.00x 3
1998
1999 1.49x 1.48x 0.01x 1.48x 1.45x 0.03x 2
2000 1.26x 1.26x 0.00x 1.03x 1.03x 0.00x 4
2001 2.07x 2.07x 0.00x 2.14x 2.14x 0.00x 3
2002 1.71x 1.71x 0.00x 1.80x 1.79x 0.00x 4
2003 1.86x 1.77x 0.09x 1.95x 1.86x 0.08x 8
2004 1.33x 1.32x 0.01x 1.46x 1.45x 0.01x 4
2005 1.35x 1.34x 0.02x 1.30x 1.26x 0.04x 7
2006 1.52x 1.35x 0.17x 1.38x 1.23x 0.16x 13
2007 1.35x 1.31x 0.03x 1.32x 1.28x 0.03x 20
2008 1.70x 1.65x 0.05x 1.67x 1.61x 0.06x 17
2009 1.36x 1.29x 0.07x 1.29x 1.20x 0.09x 12
2010 1.47x 1.37x 0.10x 1.43x 1.32x 0.11x 20

56
2011 1.42x 1.14x 0.28x 1.43x 1.22x 0.21x 15
2012 1.28x 1.05x 0.23x 1.29x 0.98x 0.31x 30
2013 1.17x 0.87x 0.31x 1.20x 0.85x 0.35x 36
2014 1.17x 0.60x 0.57x 1.18x 0.63x 0.55x 39
2015 1.14x 0.46x 0.68x 1.15x 0.49x 0.66x 57
2016 1.07x 0.30x 0.78x 1.13x 0.37x 0.76x 48
2017 1.11x 0.20x 0.91x 1.11x 0.23x 0.87x 65
2018 1.02x 0.12x 0.90x 1.02x 0.16x 0.85x 52

57
Pre-1996
1996 1.45x 1.45x 1
1997 1.49x 1.49x 3
1998
1999 1.48x 1.44x 2
2000 1.32x 1.09x 0.79x 1.32x 1.09x 0.79x 4
2001 1.88x 1.88x 3
2002 1.89x 1.70x 1.60x 1.88x 1.70x 1.60x 4
2003 1.98x 1.54x 1.47x 1.68x 1.49x 1.43x 8
2004 1.70x 1.65x 1.40x 1.70x 1.64x 1.38x 4
2005 1.47x 1.34x 1.25x 1.47x 1.34x 1.14x 7
2006 1.73x 1.43x 1.19x 1.10x 0.93x 1.64x 1.36x 1.18x 1.10x 0.92x 13
2007 1.69x 1.51x 1.26x 1.14x 1.05x 1.69x 1.51x 1.24x 1.08x 0.96x 20
2008 2.47x 1.81x 1.53x 1.33x 1.16x 2.44x 1.72x 1.51x 1.29x 1.09x 17
2009 1.62x 1.47x 1.31x 1.12x 1.05x 1.62x 1.44x 1.21x 1.05x 0.88x 12
2010 1.74x 1.51x 1.38x 1.25x 1.22x 1.64x 1.47x 1.30x 1.16x 0.96x 20
TVPI DPI

58
2011 1.76x 1.55x 1.37x 1.24x 1.14x 1.60x 1.40x 1.13x 1.05x 0.90x 15
2012 1.61x 1.44x 1.25x 1.13x 1.05x 1.36x 1.24x 1.04x 0.87x 0.46x 30
2013 1.38x 1.29x 1.19x 1.10x 0.97x 1.13x 1.06x 0.91x 0.77x 0.46x 36
2014 1.46x 1.26x 1.19x 1.08x 0.99x 1.03x 0.79x 0.65x 0.31x 0.26x 39
2015 1.29x 1.23x 1.16x 1.09x 1.01x 0.81x 0.69x 0.48x 0.28x 0.16x 57
2016 1.29x 1.15x 1.12x 1.00x 0.92x 0.74x 0.48x 0.30x 0.11x 0.04x 48
2017 1.28x 1.14x 1.09x 1.06x 0.93x 0.52x 0.35x 0.18x 0.10x 0.03x 65
2018 1.11x 1.08x 1.03x 0.96x 0.90x 0.43x 0.19x 0.07x 0.02x 0.00x 51
TVPI DPI

59
PMEs by vintage
1996 6.01% 8.79% 1.36 6.01% 6.88% 1.05 1
1997 10.82% 8.10% 1.54 10.82% 6.69% 1.37 3
1998
1999 11.58% 6.32% 1.76 11.58% 6.68% 1.19 2
2000 8.01% 5.94% 1.19 8.01% 6.93% 0.94 4
2001 27.52% 6.81% 1.60 27.52% 7.31% 1.42 3
2002 17.50% 7.83% 1.28 17.50% 7.78% 1.19 4
2003 13.24% 9.95% 1.34 13.24% 8.14% 1.24 8
2004 8.26% 8.61% 1.14 8.26% 7.08% 1.04 4
2005 6.04% 8.71% 1.16 6.04% 6.93% 0.91 7
2006 6.77% 8.64% 0.92 6.77% 7.12% 0.85 13
2007 6.82% 8.30% 0.99 6.82% 6.77% 0.86 20
2008 14.62% 9.34% 1.07 14.62% 7.57% 1.00 17
2009 8.15% 15.24% 0.81 8.15% 10.63% 0.95 12
2010 10.47% 12.83% 0.87 10.47% 6.98% 1.12 20
S&P 500 Index Bloomberg Barclays US Corporate High Yield

60
PMEs by vintage
2011 8.63% 12.24% 0.82 8.63% 6.04% 1.07 15
2012 6.87% 13.08% 0.81 6.87% 6.04% 1.04 30
2013 5.26% 12.84% 0.83 5.26% 5.01% 0.99 36
2014 4.83% 11.11% 0.81 4.83% 4.62% 0.98 39
2015 5.64% 10.39% 0.88 5.64% 5.10% 1.00 57
2016 4.39% 14.14% 0.89 4.39% 8.21% 0.99 48
2017 7.15% 11.70% 0.95 7.15% 4.53% 1.03 65
2018 1.96% 7.83% 0.93 1.96% 4.09% 0.98 52
S&P 500 Index Bloomberg Barclays US Corporate High Yield

61
Quarterly return
Source: PitchBook
Q1 2001 1.98%
Q2 2001 5.82%
Q3 2001 1.02%
Q4 2001 -0.74%
Q1 2002 3.06%
Q2 2002 1.35%
Q3 2002 -1.83%
Q4 2002 1.32%
Q1 2003 3.13%
Q2 2003 7.51%
Q3 2003 -2.24%
Q4 2003 10.28%
Q1 2004 7.71%
Q2 2004 7.65%
Q3 2004 4.48%
Q4 2004 17.96%
Q1 2005 5.35%
Q2 2005 -4.69%
Q3 2005 6.23%
Q4 2005 2.58%
Q1 2006 3.68%
Q2 2006 6.02%
Q3 2006 1.89%
Q4 2006 11.11%
Q1 2007 2.81%
Q2 2007 8.57%
Q3 2007 0.15%
Q4 2007 0.29%
Q1 2008 -2.03%
Q2 2008 -1.36%
Q3 2008 -8.08%
Q4 2008 -17.53%
Q1 2009 -4.43%
Q2 2009 10.40%
Q3 2009 12.54%
Q4 2009 6.96%
Q1 2010 6.27%
Q2 2010 1.60%
Q3 2010 3.15%
Q4 2010 8.41%
Q1 2011 2.89%
Q2 2011 2.60%
Q3 2011 -4.71%
Q4 2011 1.42%
Q1 2012 -1.09%
Q2 2012 2.18%
Q3 2012 4.16%
Q4 2012 3.29%
Q1 2013 4.69%
Q2 2013 2.28%
Q3 2013 2.81%
Q4 2013 1.97%
Q1 2014 2.16%
Q2 2014 2.31%
Q3 2014 2.55%
Q4 2014 0.12%
Q1 2015 6.12%
Q2 2015 -1.27%
Q3 2015 -0.45%
Q4 2015 -1.19%
Q1 2016 2.13%
Q2 2016 0.53%
Q3 2016 4.65%
Q4 2016 1.47%
Q1 2017 2.28%
Q2 2017 2.57%
Q3 2017 1.80%
Q4 2017 4.38%
Q1 2018 2.29%
Q2 2018 2.77%
Q3 2018 -0.23%
Q4 2018 -0.17%
Q1 2019 1.43%
Q2 2019 1.94%
Q3 2019 1.46%
Q4 2019 2.63%
Q1 2020 -6.18%
Q2 2020* -0.15%
*Preliminary figure

63
IRRs by vintage
Pre-1996 31.09% 18.68% 10.23% 1.81% 1.00% 16.55% 12
1996 14.24% 1
1997 -4.47% -4.76% 2 10.85% 0.38% -7.65% 12.07% 7
1998 7.86% 7.64% 3 11.24% 7.90% 4.03% 8.92% 9
1999 5.39% 4.68% 8 16.66% 11.96% 4.26% 2.32% -1.31% 6.78% 19
2000 5.60% 6.37% 9 16.21% 11.00% 6.72% 3.73% 1.20% 5.80% 21
2001 10.76% 8.17% 9 16.74% 13.01% 10.26% 7.28% 4.59% 5.20% 26
2002 7.79% 6.15% 4 11.00% 9.57% 8.79% 5.67% 4.14% 3.62% 17
2003 7.72% 5.72% 6 10.11% 9.02% 7.74% 5.66% 2.44% 3.45% 17
2004 8.12% 8.04% 10 11.26% 10.21% 7.41% 6.01% 4.18% 3.96% 34
2005 6.89% 6.54% 18 10.81% 8.76% 6.95% 5.18% 3.20% 12.61% 46
2006 8.10% 7.77% 35 11.60% 9.87% 7.16% 5.51% 2.83% 3.78% 64
2007 8.77% 8.06% 37 13.44% 11.09% 8.90% 6.03% 2.35% 5.35% 70
2008 3.86% 10.63% 40 17.36% 14.81% 11.80% 8.58% 2.68% 6.35% 67
2009 12.52% 13.11% 30 18.52% 16.02% 13.09% 9.27% 7.68% 5.11% 40
2010 11.47% 11.80% 32 15.29% 14.32% 11.69% 9.23% 7.02% 4.54% 42
F u n d s o f f u n d s

64
IRRs by vintage
2011 12.63% 13.88% 44 19.29% 16.85% 13.85% 11.24% 7.18% 6.34% 51
2012 13.79% 14.02% 36 18.21% 16.40% 11.07% 8.96% 6.36% 5.57% 32
2013 13.62% 12.02% 47 20.64% 17.09% 13.25% 9.21% 5.87% 5.81% 34
2014 12.91% 12.49% 49 21.97% 16.93% 12.69% 9.56% 7.11% 5.67% 47
2015 15.28% 13.77% 46 21.45% 16.85% 13.85% 8.81% 5.66% 6.61% 37
2016 13.39% 12.24% 40 20.24% 15.17% 11.62% 6.38% 2.24% 7.01% 34
2017 8.22% 11.07% 27 21.19% 12.30% 5.39% 2.30% -4.30% 10.46% 23
2018 3.24% 4.18% 28 29.87% 13.60% 6.35% -1.52% -9.48% 14.94% 18

65
Pre-1996
1996
1997 0.54x 0.31x 0.23x 0.53x 0.32x 0.21x 2
1998 1.48x 1.48x 0.01x 1.51x 1.50x 0.01x 3
1999 1.34x 1.33x 0.01x 1.30x 1.29x 0.01x 8
2000 1.34x 1.30x 0.03x 1.38x 1.35x 0.03x 9
2001 1.65x 1.55x 0.10x 1.57x 1.38x 0.18x 9
2002 1.44x 1.39x 0.05x 1.33x 1.30x 0.03x 4
2003 1.60x 1.52x 0.09x 1.41x 1.33x 0.08x 6
2004 1.55x 1.40x 0.15x 1.60x 1.38x 0.22x 10
2005 1.46x 1.31x 0.16x 1.46x 1.25x 0.21x 18
2006 1.60x 1.34x 0.26x 1.59x 1.35x 0.24x 35
2007 1.62x 1.27x 0.35x 1.54x 1.24x 0.30x 37
2008 1.23x 0.89x 0.33x 1.72x 1.13x 0.60x 40
2009 1.75x 1.06x 0.69x 1.79x 1.20x 0.59x 30
2010 1.68x 0.99x 0.68x 1.73x 0.91x 0.82x 32

66
2011 1.64x 0.78x 0.87x 1.76x 0.80x 0.96x 44
2012 1.68x 0.57x 1.11x 1.68x 0.62x 1.06x 36
2013 1.53x 0.41x 1.11x 1.49x 0.37x 1.11x 47
2014 1.44x 0.29x 1.15x 1.45x 0.35x 1.10x 49
2015 1.38x 0.23x 1.15x 1.35x 0.24x 1.11x 46
2016 1.28x 0.15x 1.13x 1.25x 0.13x 1.12x 40
2017 1.11x 0.07x 1.03x 1.16x 0.08x 1.08x 27
2018 1.03x 0.05x 0.98x 1.04x 0.06x 0.98x 28

67
Pre-1996
1996
1997 0.53x 0.32x 2
1998 1.56x 1.56x 3
1999 1.47x 1.24x 1.14x 1.46x 1.21x 1.14x 8
2000 1.57x 1.50x 1.21x 1.57x 1.48x 1.12x 9
2001 1.70x 1.49x 1.47x 1.70x 1.44x 1.27x 9
2002 1.46x 1.40x 1.28x 1.41x 1.38x 1.27x 4
2003 1.61x 1.53x 1.27x 1.48x 1.46x 1.22x 6
2004 1.84x 1.65x 1.54x 1.49x 1.45x 1.57x 1.51x 1.39x 1.30x 1.23x 10
2005 1.79x 1.60x 1.49x 1.36x 1.20x 1.66x 1.40x 1.26x 1.15x 0.87x 18
2006 1.88x 1.77x 1.61x 1.40x 1.28x 1.71x 1.48x 1.30x 1.19x 1.11x 35
2007 1.92x 1.82x 1.54x 1.25x 1.01x 1.63x 1.40x 1.31x 1.01x 0.82x 37
2008 2.31x 2.07x 1.69x 1.46x 1.04x 1.60x 1.39x 1.12x 0.91x 0.51x 40
2009 2.26x 1.99x 1.75x 1.57x 1.38x 1.72x 1.47x 1.15x 0.92x 0.71x 30
2010 2.31x 1.86x 1.62x 1.45x 1.27x 1.34x 1.09x 0.89x 0.73x 0.61x 32
TVPI DPI

68
2011 2.30x 1.89x 1.65x 1.40x 1.21x 1.11x 0.98x 0.79x 0.66x 0.35x 44
2012 2.26x 2.03x 1.51x 1.38x 1.26x 1.15x 0.78x 0.54x 0.34x 0.24x 36
2013 1.96x 1.64x 1.46x 1.21x 1.06x 0.72x 0.49x 0.31x 0.17x 0.10x 47
2014 1.87x 1.58x 1.37x 1.20x 1.16x 0.76x 0.32x 0.24x 0.17x 0.04x 49
2015 1.66x 1.51x 1.34x 1.19x 1.07x 0.45x 0.33x 0.18x 0.06x 0.02x 46
2016 1.47x 1.35x 1.20x 1.11x 1.00x 0.26x 0.13x 0.08x 0.01x 0.00x 40
2017 1.36x 1.21x 1.13x 1.04x 0.98x 0.17x 0.13x 0.04x 0.01x 0.00x 27
2018 1.19x 1.09x 1.01x 0.97x 0.90x 0.14x 0.01x 0.00x 0.00x 0.00x 28
TVPI DPI

69
PMEs by vintage
1996
1997 -4.47% 8.10% 0.33 -4.47% 8.20% 0.31 2
1998 7.86% 7.10% 1.25 7.86% 7.24% 1.21 3
1999 5.39% 6.32% 1.05 5.39% 6.66% 1.02 8
2000 5.60% 5.94% 0.99 5.60% 6.14% 0.97 9
2001 10.76% 6.81% 1.12 10.76% 7.05% 1.10 9
2002 7.79% 7.83% 1.05 7.79% 8.02% 1.03 4
2003 7.72% 9.95% 1.05 7.72% 10.14% 1.04 6
2004 8.12% 8.61% 1.02 8.12% 8.66% 1.01 10
2005 6.89% 8.71% 0.93 6.89% 8.73% 0.92 18
2006 8.10% 8.64% 0.88 8.10% 8.52% 0.87 35
2007 8.77% 8.30% 0.86 8.77% 8.18% 0.86 37
2008 3.86% 9.34% 0.61 3.86% 9.29% 0.62 40
2009 12.52% 15.24% 0.96 12.52% 15.20% 0.96 30
2010 11.47% 12.83% 0.93 11.47% 12.61% 0.94 32

70
PMEs by vintage
2011 12.63% 12.24% 0.99 12.63% 11.84% 1.01 44
2012 13.79% 13.08% 1.07 13.79% 12.71% 1.09 36
2013 13.62% 12.84% 1.06 13.62% 12.38% 1.08 47
2014 12.91% 11.11% 1.04 12.91% 10.43% 1.06 49
2015 15.28% 10.39% 1.08 15.28% 9.79% 1.10 46
2016 13.39% 14.14% 1.03 13.39% 13.88% 1.05 40
2017 8.22% 11.70% 0.98 8.22% 10.94% 0.99 27
2018 3.24% 7.83% 0.94 3.24% 7.04% 0.95 28

71
Quarterly return
Source: PitchBook
Q1 2001 -10.12%
Q2 2001 -5.57%
Q3 2001 -10.00%
Q4 2001 -9.49%
Q1 2002 -6.99%
Q2 2002 -5.84%
Q3 2002 -7.21%
Q4 2002 -5.03%
Q1 2003 -8.48%
Q2 2003 4.02%
Q3 2003 0.27%
Q4 2003 -5.66%
Q1 2004 4.42%
Q2 2004 1.90%
Q3 2004 4.93%
Q4 2004 6.27%
Q1 2005 1.91%
Q2 2005 5.87%
Q3 2005 5.71%
Q4 2005 8.02%
Q1 2006 4.51%
Q2 2006 6.31%
Q3 2006 4.66%
Q4 2006 8.82%
Q1 2007 0.15%
Q2 2007 11.55%
Q3 2007 4.09%
Q4 2007 3.66%
Q1 2008 9.82%
Q2 2008 -1.93%
Q3 2008 -6.39%
Q4 2008 -10.74%
Q1 2009 -2.07%
Q2 2009 -5.09%
Q3 2009 5.35%
Q4 2009 2.68%
Q1 2010 5.53%
Q2 2010 0.24%
Q3 2010 3.94%
Q4 2010 2.74%
Q1 2011 3.81%
Q2 2011 5.41%
Q3 2011 -1.83%
Q4 2011 -0.17%
Q1 2012 5.42%
Q2 2012 0.93%
Q3 2012 -0.43%
Q4 2012 3.19%
Q1 2013 2.46%
Q2 2013 3.25%
Q3 2013 2.87%
Q4 2013 3.99%
Q1 2014 2.49%
Q2 2014 6.51%
Q3 2014 1.25%
Q4 2014 2.88%
Q1 2015 3.11%
Q2 2015 6.18%
Q3 2015 2.23%
Q4 2015 0.31%
Q1 2016 1.49%
Q2 2016 1.36%
Q3 2016 3.78%
Q4 2016 0.55%
Q1 2017 3.26%
Q2 2017 3.85%
Q3 2017 3.35%
Q4 2017 1.79%
Q1 2018 5.20%
Q2 2018 5.19%
Q3 2018 3.45%
Q4 2018 1.23%
Q1 2019 2.99%
Q2 2019 3.58%
Q3 2019 1.46%
Q4 2019 2.83%
Q1 2020 -1.81%
Q2 2020* -0.15%
*Preliminary figure

73
IRRs by vintage
Pre-1996 33.58% 28.69% 18.86% 12.84% 9
1996 18.56% 18.56% 1 31.48% 16.00% 3
1997 16.60% 16.60% 1 16.60% 1
1998 8.97% 11.56% 3 8.02% 5.38% 4.39% 8.35% 7
1999 7.33% 5.52% 3 11.25% 8.36% 0.85% 7.34% 7
2000 15.09% 14.35% 3 20.75% 16.10% 10.02% 8.36% 4
2001 14.21% 16.14% 2 21.37% 18.01% 15.45% 6.16% 4
2002 16.04% 18.05% 4 22.86% 21.03% 19.07% 14.83% 6
2003 37.90% 37.90% 1 24.60% 17.93% 13.82% 8.63% 7
2004 9.86% 8.43% 6 10.31% 9.00% 6.00% 10.33% 7
2005 5.92% 5.02% 9 6.85% 6.39% 4.52% 2.98% -4.50% 5.04% 12
2006 6.18% 7.63% 9 14.09% 10.98% 6.79% 3.88% 2.00% 4.64% 10
2007 4.28% 8.01% 11 12.53% 8.00% 7.50% 5.05% -0.09% 8.91% 13
2008 11.13% 11.44% 16 25.45% 13.57% 11.80% 9.21% 5.03% 8.18% 15
2009 11.55% 11.35% 10 21.40% 16.11% 11.70% 8.92% 8.40% 6.96% 11
2010 11.80% 11.04% 6 19.05% 16.60% 12.23% 7.89% 2.81% 6.43% 12
S e c o n d a r i e s

74
IRRs by vintage
2011 14.23% 12.86% 11 18.09% 16.89% 13.66% 9.78% 8.08% 4.42% 14
2012 12.54% 12.45% 12 18.88% 18.71% 14.67% 11.55% 8.17% 4.43% 12
2013 10.08% 9.21% 15 18.00% 15.61% 13.60% 11.03% 5.06% 12.42% 15
2014 14.69% 13.78% 13 26.64% 17.90% 13.80% 12.00% 10.65% 6.60% 13
2015 15.37% 21.55% 10 18.00% 15.80% 12.88% 14.74% 9
2016 19.80% 19.76% 15 40.50% 27.44% 23.71% 18.29% 13.50% 17.71% 15
2017 17.98% 13.64% 16 23.86% 20.64% 16.00% 12.28% 1.16% 10.87% 15
2018 31.85% 22.57% 12 102.28% 69.93% 28.30% 24.60% 10.63% 38.23% 11

75
Pre-1996
1996 1.55x 1.55x 0.00x 1.55x 1.55x 0.00x 1
1997 1.59x 1.59x 0.00x 1.59x 1.59x 0.00x 1
1998 1.33x 1.33x 0.00x 1.35x 1.35x 0.00x 3
1999 1.24x 1.24x 0.00x 1.19x 1.19x 0.00x 3
2000 1.64x 1.64x 0.00x 1.62x 1.62x 0.00x 3
2001 1.55x 1.54x 0.02x 1.62x 1.61x 0.01x 2
2002 1.51x 1.50x 0.00x 1.53x 1.53x 0.00x 4
2003 1.84x 1.84x 0.00x 1.84x 1.84x 0.00x 1
2004 1.45x 1.39x 0.06x 1.37x 1.32x 0.05x 6
2005 1.34x 1.30x 0.04x 1.29x 1.25x 0.04x 9
2006 1.36x 1.27x 0.09x 1.50x 1.34x 0.16x 9
2007 1.19x 1.10x 0.09x 1.36x 1.27x 0.09x 11
2008 1.55x 1.39x 0.17x 1.57x 1.36x 0.21x 16
2009 1.54x 1.36x 0.18x 1.52x 1.29x 0.23x 10
2010 1.46x 1.35x 0.11x 1.49x 1.25x 0.24x 6

76
2011 1.55x 1.27x 0.28x 1.54x 1.11x 0.42x 11
2012 1.50x 1.11x 0.39x 1.44x 1.00x 0.44x 12
2013 1.37x 0.90x 0.48x 1.33x 0.73x 0.60x 15
2014 1.32x 0.62x 0.71x 1.41x 0.59x 0.82x 13
2015 1.29x 0.33x 0.96x 1.42x 0.78x 0.63x 10
2016 1.37x 0.32x 1.05x 1.37x 0.37x 1.00x 15
2017 1.22x 0.28x 0.94x 1.19x 0.26x 0.93x 16
2018 1.16x 0.11x 1.05x 1.17x 0.16x 1.01x 12

77
Pre-1996
1996 1.55x 1.55x 1
1997 1.59x 1.59x 1
1998 1.32x 1.32x 3
1999 1.26x 1.25x 3
2000 1.74x 1.74x 3
2001 1.63x 1.61x 2
2002 1.58x 1.54x 1.49x 1.58x 1.54x 1.49x 4
2003 1.84x 1.84x 1
2004 1.61x 1.40x 1.30x 1.50x 1.35x 1.24x 6
2005 1.41x 1.30x 1.26x 1.34x 1.27x 1.26x 9
2006 1.82x 1.40x 1.27x 1.32x 1.26x 1.15x 9
2007 1.71x 1.53x 1.36x 1.26x 0.87x 1.54x 1.34x 1.31x 1.11x 0.83x 11
2008 1.78x 1.63x 1.52x 1.40x 1.36x 1.68x 1.46x 1.38x 1.20x 0.96x 16
2009 1.83x 1.70x 1.50x 1.33x 1.07x 1.70x 1.48x 1.36x 1.17x 0.75x 10
2010 1.61x 1.46x 1.41x 1.38x 1.27x 1.12x 6
TVPI DPI

78
2011 1.88x 1.63x 1.53x 1.38x 1.29x 1.35x 1.23x 1.09x 0.99x 0.92x 11
2012 1.67x 1.54x 1.44x 1.32x 1.29x 1.26x 1.21x 1.06x 0.84x 0.70x 12
2013 1.55x 1.45x 1.38x 1.21x 1.13x 1.05x 0.89x 0.75x 0.58x 0.34x 15
2014 1.61x 1.37x 1.31x 1.26x 1.21x 0.98x 0.79x 0.53x 0.46x 0.29x 13
2015 1.66x 1.54x 1.35x 1.29x 1.20x 1.35x 1.08x 0.72x 0.42x 0.21x 10
2016 1.63x 1.46x 1.34x 1.21x 1.14x 0.82x 0.45x 0.30x 0.15x 0.09x 15
2017 1.36x 1.31x 1.15x 1.09x 1.04x 0.42x 0.36x 0.24x 0.08x 0.01x 16
2018 1.36x 1.33x 1.20x 1.13x 1.07x 0.30x 0.28x 0.12x 0.01x 0.00x 12
TVPI DPI

79
PMEs by vintage
1996 18.56% 8.79% 1.28 18.56% 8.81% 1.26 1
1997 16.60% 8.10% 1.36 16.60% 8.20% 1.35 1
1998 8.97% 7.10% 1.27 8.97% 7.24% 1.24 3
1999 7.33% 6.32% 1.23 7.33% 6.66% 1.20 3
2000 15.09% 5.94% 1.38 15.09% 6.14% 1.34 3
2001 14.21% 6.81% 1.20 14.21% 7.05% 1.18 2
2002 16.04% 7.83% 1.23 16.04% 8.02% 1.21 4
2003 37.90% 9.95% 1.57 37.90% 10.14% 1.55 1
2004 9.86% 8.61% 1.11 9.86% 8.66% 1.10 6
2005 5.92% 8.71% 0.93 5.92% 8.73% 0.92 9
2006 6.18% 8.64% 0.91 6.18% 8.52% 0.90 9
2007 4.28% 8.30% 0.80 4.28% 8.18% 0.79 11
2008 11.13% 9.34% 0.90 11.13% 9.29% 0.89 16
2009 11.55% 15.24% 0.90 11.55% 15.20% 0.90 10
2010 11.80% 12.83% 0.94 11.80% 12.61% 0.95 6

80
PMEs by vintage
2011 14.23% 12.24% 1.00 14.23% 11.84% 1.01 11
2012 12.54% 13.08% 0.97 12.54% 12.71% 0.98 12
2013 10.08% 12.84% 0.95 10.08% 12.38% 0.97 15
2014 14.69% 11.11% 1.06 14.69% 10.43% 1.07 13
2015 15.37% 10.39% 1.08 15.37% 9.79% 1.09 10
2016 19.80% 14.14% 1.14 19.80% 13.88% 1.16 15
2017 17.98% 11.70% 1.08 17.98% 10.94% 1.10 16
2018 31.85% 7.83% 1.11 31.85% 7.04% 1.12 12

81
Quarterly return
Source: PitchBook
Q1 2001 -3.14%
Q2 2001 -3.73%
Q3 2001 1.63%
Q4 2001 -3.31%
Q1 2002 4.07%
Q2 2002 2.13%
Q3 2002 -6.34%
Q4 2002 -4.65%
Q1 2003 -3.16%
Q2 2003 1.78%
Q3 2003 0.69%
Q4 2003 13.75%
Q1 2004 -2.14%
Q2 2004 5.37%
Q3 2004 6.15%
Q4 2004 7.15%
Q1 2005 6.08%
Q2 2005 2.75%
Q3 2005 4.60%
Q4 2005 1.91%
Q1 2006 8.30%
Q2 2006 4.55%
Q3 2006 4.07%
Q4 2006 6.26%
Q1 2007 3.93%
Q2 2007 11.96%
Q3 2007 9.28%
Q4 2007 4.13%
Q1 2008 2.47%
Q2 2008 -2.99%
Q3 2008 1.56%
Q4 2008 -6.32%
Q1 2009 -8.71%
Q2 2009 -4.07%
Q3 2009 0.07%
Q4 2009 0.59%
Q1 2010 1.28%
Q2 2010 6.68%
Q3 2010 6.15%
Q4 2010 6.36%
Q1 2011 6.80%
Q2 2011 5.52%
Q3 2011 4.64%
Q4 2011 -3.92%
Q1 2012 4.04%
Q2 2012 2.86%
Q3 2012 4.94%
Q4 2012 2.02%
Q1 2013 3.24%
Q2 2013 3.49%
Q3 2013 1.87%
Q4 2013 4.92%
Q1 2014 3.71%
Q2 2014 3.31%
Q3 2014 3.71%
Q4 2014 2.88%
Q1 2015 2.45%
Q2 2015 6.72%
Q3 2015 1.65%
Q4 2015 0.06%
Q1 2016 0.15%
Q2 2016 3.15%
Q3 2016 1.29%
Q4 2016 2.96%
Q1 2017 3.56%
Q2 2017 4.03%
Q3 2017 3.48%
Q4 2017 3.67%
Q1 2018 2.53%
Q2 2018 6.91%
Q3 2018 3.76%
Q4 2018 0.76%
Q1 2019 2.47%
Q2 2019 5.25%
Q3 2019 1.16%
Q4 2019 3.68%
Q1 2020 -3.29%
Q2 2020* -0.37%
*Preliminary figure

82
Secondaries
COPYRIGHT © 2020 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced
in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping,
and information storage and retrieval systems—without the express written permission of PitchBook Data,
Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness
cannot be guaranteed. Nothing herein should be construed as investment advice, a past, current or future
recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security.
This material does not purport to contain all of the information that a prospective investor may wish to
consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.

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