Guide to the Secondary Market

Transcription

1 PRIVATE EQUITY ANALYST Guide to the Secondary Market 2015 Edition Sponsored by:

2 Transforming the alternative asset industry by making risk more manageable and private equity transactions more efficient Portfolio Advisory (GPs & LPs) Qualified Matching Services (IRS ) Block Trading (Minimum $10 million) Transfer Administration (Issuer Services) Independent Portfolio Pricing (Topic 820) Risk Monitoring Analytics Independent Due Diligence Principal Investments SECURITIES OFFERED THROUGH NYPPEX, LLC. MEMBER FINRA SIPC. COPYRIGHT ALL RIGHTS RESERVED.

3 Guide to the Secondary Market 2015 Edition Editorial Laura Kreutzer, David Smagalla, Hillary Canada, Yuliya Chernova, Alec Macfarlane Research Brendan Hughes, Victoria Camporeale Bradley, Sean Curran Advertising Joseph Koskuba, James Lindquist Production and Design Tara S. Cooper, Heather Graham, Tim White Editorial Director Nicholas Elliott Tel or Dowjones.com/privatemarkets ISBN# / Guide to the Secondary Market published May 2015 by Dow Jones & Company, Inc., located at 1211 Avenue of the Americas, New York, New York Dow Jones & Co. is a News Corporation company. Cover Price: $195. Contact [email protected]. Copyright 2015 by Dow Jones & Company, 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 Dow Jones & Company, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Dow Jones & Company, Inc., its officers, employees, or agents may hold positions in any of the securities mentioned herein. Photo credits - cover: beboy/shutterstock.com; p3, p7: istockphoto.com/apcincy; p4: Akos Nagy/shutterstock.com; p11: gualtiero boffi/shutterstock.com; p13: istockphoto.com/ismagilov; p15: eyeidea/shutterstock.com; p16: Andrey Armyagov/shutterstock.com; p22: istockphoto.com/peopleimages; p27: istockphoto.com/ssuni; p28: istockphoto.com/mevan; p29: istockphoto.com/maxuser; p30: AFNR/shutterstock.com 55% recycled fiber 30% post consumer fiber

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5 Guide to the Secondary Market [ 3 ] Table of Contents I. Introduction II. III. Preface 4 By Laura Kreutzer, Assistant Managing Editor, Private Equity Secondary Market Goes Mainstream, as Deal Volume Hits New High 6 By Hillary Canada Strong Pricing Brings Sellers to the Table, but Will the Market Overheat? 16 By Laura Kreutzer Secondary Market Posts Record Year in 2014, Although Estimates Vary 22 By Laura Kreutzer Secondary Market Timeline 24 Deal Volume and Fundraising, Real Estate Secondary Volume Continues Growth Trajectory 26 By Hillary Canada Secondary Buyers Prepare for Wave of Energy Fund Sales 27 By Alec Macfarlane Buy-Side Broker Boom Brings Risks and Rewards to Secondary Market 28 By Laura Kreutzer Secondary Market Offers Seed Funds an Exit Option but Few May Use It 29 By Yuliya Chernova Secondary Funds Continue to Reap Rewards of Strong Exit Market 30 By David Smagalla Sponsored Article The Rise of Real Estate Secondaries 33 By Andrei Brougham of Greenhill Cogent Firm Listings Secondary Market Buyer Listings 34 Secondary Direct Manager Listings 58 Intermediary Firm Listings 62 Roughly two out of three survey respondents said they anticipated 2015 to be a record year for volume...but other respondents saw the blockbuster year in 2014 as an outlier, driven by those large portfolios, and didn t expect the same dynamics to materialize during Secondary Market Goes Mainstream, as Deal Volume Hits New High, p.6 IV. Appendixes A. Investors That Have Backed Secondary Funds 70 B. Secondary Market Buyer, Interests Sought 74 C. Secondary Market Buyer & Direct Manager, Geographic Preferences 76 D. Secondary Market Intermediary, Types of Clients Represented 78 E. Secondary Market Intermediary, Average Size of Deals Represented 79 V. Indexes Company Name 80 Contact Name 83

6 [ 4 ] Guide to the Secondary Market Preface When we last published this report a year ago, we marveled at how the secondary industry had taken on many of the same characteristics seen in the industry back in Pricing for certain portfolios, particularly buyout funds, had once again approached aggressive levels, in some cases even hitting 100% of a portfolio s underlying net asset value. At the same time, an abundance of capital available for secondary deals and free-flowing cheap debt to finance them drove an abundance of deal volume. It was hard to imagine the market could get any more ebullient. Yet, a year later, that s exactly what has happened. As 2015 progresses, however, the forces that helped drive secondary deal volume to record levels in 2014 also appear to be raising concerns among some buyers that the market is getting overheated. For the first time in a long time, more secondary buyers have begun to question whether the market has entered a bubble, particularly for what they commonly refer to as flow funds, or stakes in megabuyout funds. In this edition of the Dow Jones Guide to the Secondary Market, our survey results illustrate some of those emerging concerns, with some 94% of buyers surveyed characterizing the current market as a seller s market. At the same time, more than three-quarters of buyers in this year s survey say they feel pricing is too high. However, as the secondary market has diversified, buyers still point to pockets of deal flow where pricing is often less efficient, such as in general partner restructurings and in more complex transactions involving portfolios of direct stakes in companies or groups spinning out of large financial institutions. They also acknowledge that although strong pricing puts pressure on future returns, it also attracts more sellers to the market. Even a bubble may have its benefits. We hope that this edition of our secondary guide will help illuminate emerging trends in the market and also provide a useful resource for prospective sellers and GPs who want to identify possible buyers for certain types of assets. As always, we welcome your feedback on how we can improve the content for future editions. Sincerely, Laura Kreutzer Assistant Managing Editor, Private Equity Dow Jones & Co.

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8 [ 6 ] Guide to the Secondary Market Secondary Market Goes Mainstream, as Deal Volume Hits New High By HILLARY CANADA In addition to being a record year for secondary volume, 2014 may be the year that finally smashed some lingering myths about the secondary market. What Percentage of Secondary Deals You Do is Due to: 50% 46% 45% The idea that the market would attract forced sellers has been fading for years, and all but completely disappeared during 2014 as limited partners, flush with cash from the record distributions of their general partners, shopped portfolios large and small as a way to refine their holdings. Meanwhile, the dynamics surrounding a nascent part of the market, general partner restructurings, slowly have started to shift. No longer the exclusive province of the lumbering zombie fund, restructurings and the selling of tail-end assets are slowly becoming more commonplace among wellperforming GPs, said industry experts Economic concerns of inexperienced investors/distressed 29% 24% 23% 25% Regulatory changes 20% 15% Their use as GP a portfolio recapitalizations management tool (or fund restructurings) 18% 20% 8% Other Those two trends, of portfolio management and of GPs seeking solutions for aging funds, are expected to drive deal flow in 2015, but secondary buyers polled by Dow Jones in our annual secondary survey were divided over whether secondary volume in 2015 would match or exceed 2014 levels. Deal value, which hit record levels in 2014 (see page 22 for the various volume estimates), was driven partly by roughly a dozen billion-dollar-plus transactions that came to market, including portfolios from General Electric Co. s GE Capital, Pennsylvania Public School Employees Retirement System and J.P. Morgan Chase & Co. Do You Expect This Year to Be a Record Year for Secondary Deal Volume? 100% 32% 34% 47% Mean Median Source: Guide to the Secondary Market, 2015 edition Roughly two out of three survey respondents said they anticipated 2015 to be a record year for volume as well, citing good pricing for sellers, more opportunities for GP restructurings and an aging set of funds in Asia potentially fueling supply. The survey reflected responses from 57 buyers, including some of the industry s largest players. Other respondents saw the blockbuster year in 2014 as an outlier, driven by those large portfolios, and didn t expect the same dynamics to materialize during Eric Zoller, partner and co-founder of secondary adviser Sixpoint Partners, said he was skeptical 2015 would be marked by the same amount of big ticket transactions. The exception may be in real estate secondaries, where Mr. Zoller and others said they anticipated increased activity and larger portfolios to manifest. 68% 66% 53% Pent-Up Demand The prevalence of large transactions meant that a handful of buyers accounted for a disproportionate percentage of deal volume, according to Mathieu Dréan, a managing partner at placement agent Triago Yes No Source: Guide to the Secondary Market, 2015 edition % Other players were equally eager to get deals done, said Mr. Dréan, adding those buyers in the market who didn t deploy as much capital as they would have liked in 2014 have greater incentive to make investments in 2015.

9 Roughly two out of three survey respondents said they anticipated 2015 to be a record year for volume...but other respondents saw the blockbuster year in 2014 as an outlier, driven by those large portfolios, and didn t expect the same dynamics to materialize during Guide to the Secondary Market [ 7 ]

10 [ 8 ] Guide to the Secondary Market For its part, Triago estimates transaction volume in 2015 will reach between $35 and $40 billion, but predicts fewer large transactions and a wider diversification of buyers. Roughly 44% of survey participants said they saw new competition for deals during 2014, from limited partners including family offices, endowments and foundations. The massive wave of distributions that has washed over LPs portfolios may serve to accelerate secondary buying among LPs as they seek to invest capital quickly. Through the first quarter, Mr. Dréan said Triago already had transacted with between 12 and 14 unique buyers a much higher figure than usual. In a given year, we usually end up transacting with 22 to 25 distinct buyers, he said, adding that interested buyers run the gamut from dedicated secondary funds, funds of funds, insurance companies, private offices and others. The big theme for all LPs these days is to try to optimize the deployment rate, said Mr. Dréan. They re eager to do secondary deals. They re clearing the deck of massive amounts of money. He added those types of buyers would stick primarily to simpler and smaller transactions. As it did in last year s survey, portfolio management remains the primary driver of secondary deal volume, accounting for an average of 46% of deal flow among this year s survey respondents, up from an average of 40% in a similar survey conducted last year. Many sellers are working on portfolio solutions, but are waiting for the year-end numbers or even the March 31 numbers to come through, said Benoît Verbrugghe, head of the U.S. office at Ardian. We think that [in] the second quarter, you will start to see new transactions coming in the market. Shifts in strategy, staffing changes and an overall appetite to rebalance were among the underlying motivators for some sellers in 2014, said Mr. Zoller. As these types of pruning transactions have become more commonplace, Triago calculated that the average portion of a portfolio that will end up in secondaries is close to 20%. Percentage of Funds Going to Small/Large Deals Median Percentage 100% Current Fund 70% 75% Stakes With NAVs Less Than $15M in Size Prior Fund Source: Guide to the Secondary Market, 2015 edition No sophisticated institutional investor today thinks about private equity commitments as just buy and hold, Wilson Warren, a partner at New York-based Lexington Partners told Private Equity Analyst in April. They know that they will have to do something actively with their portfolio over time, or the portfolio will end up being too disparate. Don t Bank On Financial Institutions Regulatory changes in the U.S. and Europe drove an average of about 29% of transactions, according to survey respondents, in line with last year s figures. But industry experts predict that well is close to running dry, as those financial institutions that continue to hold private equity assets on their balance sheets cling tightly to those investments. Banks and insurance companies have been creative in delaying sales in hopes that regulation would change, said Mr. Zoller. A two-year extension that gives banks until 2017 to comply with the Volcker rule in the U.S. means that such 50% 55% 8% Stakes With NAVs Larger Than $15M in Size Did You Participate in Any GP or Fund Restructuring Deals Over the Past Year? Do You See Competition From New Sources for Deals? 40% 60% Yes No 56% 44% Yes No Source: Guide to the Secondary Market, 2015 edition Source: Guide to the Secondary Market, 2015 edition

11 Leading the way in secondary investing LGT Capital Partners is a leading private equity fund of funds manager and secondary specialist with over USD 23 billion in commitments and is acquiring private equity interests actively and discretely. LGT Capital Partners provides portfolio management and liquidity solutions since 1997 and leads secondary investments in: Buyout and Venture Capital partnerships European, US and Asian assets Special situations (unfunded positions, direct secondaries) For further information please contact André Aubert ([email protected]) or Sascha Gruber ([email protected]) LGT Capital Partners Secondaries House of the Year 2014 Best Launch Alternative Fund of Funds LGT Capital Partners Crown Asia-Pacific Private Equity II Pfaeffikon New York Dublin London Vaduz Dubai Beijing Hong Kong Tokyo Sydney [email protected] Pfaeffikon, New York, Dublin, London, Dubai, Beijing, Hong Kong, Tokyo [email protected]

12 [ 10 ] Guide to the Secondary Market Select Secondary Funds in the Market or Recently Closed Fund Name Investing Firm Name Fund Region Target (M) LP Secondaries Total Amt. Closed (M) Adams Street 2013 Energy Fund LP Adams Street Partners U.S. $500.0 N/A Ant No. 2 Greater China Secondary Fund Ant Capital Partners Co. Asia/Pacific $150.0 N/A Ardian Secondary Fund VII LP Ardian Global $9,000.0 N/A AXA Secondary Fund VI LP Ardian Global $4,000.0 $6,000.0 Bowside Capital Fund III LP* Bowside Capital U.S. $35.0 $37.7 Capital Dynamics Secondaries Fund IV LP Capital Dynamics U.S. $500.0 $107.0 Coller International Partners VII LP Coller Capital Global N/A N/A European Secondary Development Fund V LP Arcis Group Western Europe $478.8 N/A DB Secondary Opportunities Fund III LP Deutsche Asset & Wealth Management Global N/A $1,650.0 Euro Choice Secondary Fund Akina Partners Europe Fort Washington Private Equity Fort Washington Investment Advisors U.S. $150.0 $150.0 Opportunities Fund III LP* Global Market Fonds Secondary V RWB PrivateCapital Emissionshaus AG Global N/A N/A Greenspring Secondaries Fund I LP* Greenspring Associates Global N/A $87.0 Idinvest Secondary Fund II* Idinvest Partners Western Europe $258.8 $283.9 Industry Ventures Partnership Holdings III LP* Industry Ventures U.S. $100.0 $170.0 Landmark Equity Partners XV LP* Landmark Partners Global $2,500.0 $3,250.0 Lexington Capital Partners VIII LP Lexington Partners Global $8,000.0 $10,100.0 Lexington Middle Market Investors III LP* Lexington Partners U.S. $750.0 $1,070.0 Mantra Secondary Opportunities Mantra Gestion Global $55.8 $59.2 Montauk TriGuard Fund VI LP* Montauk TriGuard U.S. $500.0 $500.0 Pantheon Global Infrastructure Fund II LP* Pantheon U.S. $700.0 $1,000.0 Pantheon Global Secondary Fund V LP Pantheon Global N/A $1,118.7 Partners Group Real Estate Secondary Partners Group Western Europe $750.0 N/A 2009 (Euro) SCA SICAR* Partners Group Secondary 2015 LP Partners Group Global $3,024.8 N/A Permal Private Equity Opportunities V Permal Group U.S. $500.0 $178.2 Pomona Capital VIII LP* Pomona Capital Global $1,300.0 $1,750.0 Segregated Fund I* Northleaf Capital Partners Global N/A $150.0 SL Capital Secondary Opportunities Fund II SL Capital Partners U.S. $200.0 $171.0 Stockwell Secondary Holdings LP* Stockwell Secondary Holdings LP U.S. $364.1 $364.1 Strategic Partners VI LP* Blackstone Group Global $3,500.0 $4,400.0 Unigestion Secondary Opportunity III Unigestion Global $340.2 N/A Secondary Direct/Portfolio 17Capital Fund 3 LP* 17Capital Western Europe ACG European Secondary Fund ACG Capital Eastern Europe/CIS $206.6 N/A Akkadian Ventures Annex III LP* Akkadian Ventures U.S. N/A $5.6 Akkadian Ventures III LP* Akkadian Ventures U.S. $35.0 $69.0 Azini 3 LLP* Azini Capital Partners U.S. N/A $100.0 Cipio Partners Fund VII Cipio Partners Western Europe $224.0 N/A Core Capital I LP* Core Capital Partners Western Europe $76.9 N/A European Secondary Opportunities II LP Seligman Private Equity Western Europe $103.2 $36.3 continued on next page >

13 Guide to the Secondary Market [ 11 ] BANKS AND INSURANCE COMPANIES HAVE BEEN CREATIVE IN DELAYING SALES IN HOPES THAT REGULATION WOULD CHANGE. Eric Zoller, partner and co-founder of secondaries adviser Sixpoint Partners institutions have even more runway to delay a sale. Meanwhile, in early 2015, bank regulators issued guidance on the Volcker rule that appears to allow foreign banks operating in the U.S. more leeway to hold onto certain types of private equity investments. That said, banks that have held onto assets may have an incentive to sell that s driven more by the generous pricing available than by looming regulatory threats, said Mr. Dréan. It s a good time to rationalize assets and cash out, he said. A group of European lenders, including Standard Chartered PLC, HSBC Holdings PLC and Unicredit SpA, were among those who sold large private equity fund portfolios or initiated plans to do so last year. Perhaps the highest-profile transaction in the bank space last year came as J.P. Morgan agreed to sell roughly half its stake in buyout arm One Equity Partners to Lexington Partners and AlpInvest Partners. J.P. Morgan had said its plan to spin off One Equity wasn t in response to regulatory pressure, but rather was a reflection of the firm s uneven returns and uncertainty over where the unit fit within the bank, The Wall Street Journal reported. Lexington also was behind a deal to buy a substantial portion of a $1.5 billion commitment Citigroup Inc. made to a fund managed by Metalmark Capital. Citigroup moved to shed its ownership stake in Metalmark in late One secondary buyer estimated the remaining value of bank-held private equity assets in the U.S. and Europe at roughly $50 billion. That has dwindled from 2014, when professionals estimated that there were between $60 billion and $85 billion of assets left to sell. Clearly a lot of banks have sold at this point, said Stephen Sloan, a managing partner at secondary intermediary Greenhill Cogent. We don t expect them to be a growing part of the market, though they do still have assets to sell. Select Secondary Funds in the Market or Recently Closed (cont.) Fund Name Investing Firm Name Fund Region Target (M) Total Amt. Closed (M) Secondary Direct/Portfolio (cont.) Founders Circle Capital I LLC* Founders Circle U.S. N/A $160.0 Founders Circle Capital Opportunity Fund I LLC* Founders Circle U.S. N/A $35.0 Headlands Capital Secondary Fund II Headlands Capital Global N/A $80.0 Inveni Secondaries Fund II Follow On Ky* Inveni Capital Western Europe $12.5 N/A Inveni Secondaries Fund II Ky* Inveni Capital Western Europe $81.9 N/A Inveni Secondaries Fund III Ky* Inveni Capital Western Europe $77.5 N/A Jasper Ridge Private Opportunities LP* Jasper Ridge Partners U.S. $177.5 $177.5 JDPT Partners Group (Secondary) LP* Partners Group Western Europe $100.0 N/A Leerink Revelation Healthcare Fund I Leerink Revelation Partners U.S. $175.0 $167.7 Lombard Odier Secondary Fund II Lombard Odier Darier Hentsch & Cie Western Europe $25.0 N/A *Fund held final closing. Sources: Dow Jones LP Source, Guide to the Secondary Market, 2015 edition

14 [ 12 ] Guide to the Secondary Market What Percentage of Secondary Assets Purchased Last Year Fell Outside of Traditional PE or VC? 9% 6% 3%3% 6% 9% 4% 8% 4% None 1% to 10% 3% 57% 16% 59% 23% 62% 11% to 20% 21% to 30% 20% 9% 31% to 40% 41% to 50% More Than 50% Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition Buyers Become Sellers Premium pricing also inspired some historical buyers, including funds of funds, to sell portfolios, allowing them to return cash more expediently to their own limited partners. Private Advisors, Adams Street Partners, HarbourVest Partners and Pantheon were among the funds of funds that opted to explore options on the secondary market during the past 18 months. [Funds of funds] have a view on pricing for most assets they own, and if someone in the market is pricing it materially higher, they re willing to sell, said Greenhill Cogent Managing Director Brian Mooney. Canada Pension Plan Investment Board, one of the industry s most prominent secondary buyers, is among those taking advantage of favorable pricing, exploring the potential sale of a portfolio of stakes valued at between $1 billion and $1.5 billion, Private Equity Analyst reported in April. Percentage of Funds Going to U.S./Non-U.S. Deals Median Percentage 100% % 70% 35% 35% Restructurings Gain Popularity Despite challenges posed by trying to engineer a fund restructuring, the number of such transactions and the number of buyers willing to attempt them continue to increase. Landmark Partners estimates that the number of restructurings increased 35% year-over-year in 2014, with the dollar volume of those transactions rising by 140%, according to Partner Ian Charles. Although GP restructurings accounted for an average of 20% of deal volume among this year s survey respondents, some 60% of our survey respondents said they had participated in a general partner or fund restructuring in So-called zombie funds are becoming a smaller part of the market, said Mr. Charles. Funds with brand-name GPs are now being restructured to provide early, attractive liquidity for LPs who want it, and better alignment and incentives for LPs that want to stay in the fund and GPs that want to improve dynamics around a predecessor fund, he said. Landmark led one such deal for a 2006-vintage fund managed by Intermediate Capital Group, a credit specialist that focuses on North America and Europe. A portion of the fund s existing investors opted to roll over proceeds into the deal, which was financed in part by a small syndicate of investors Landmark assembled. ICG is in the market seeking 2.5 billion for a new mezzanine fund, Private Equity Analyst reported in January. HarbourVest, Morgan Stanley Alternative Investment Partners and Coller Capital are among the other investors which tackled restructurings and financed spinouts during the past 24 months, according to data provider Preqin Ltd. 0 U.S. Deals Current Fund Prior Fund Source: Guide to the Secondary Market, 2015 edition Non-U.S. Deals 8% Yann Robard, who heads secondaries and co-investments at the Canada Pension Plan Investment Board, said these types of deals, which he calls GP solutions, carry some of the same myths and stigmas the traditional secondary market battled in the 1990s.

15 Guide to the Secondary Market [ 13 ] THERE S STILL A LOT OF ADVERSE SELECTION IN THE MARKET...The deals are complex and there s a lot of conflict involved, but if you can construct a solution that allows the LPs to have an option that s better than the status quo, then it can be a win for everyone. Brian Mooney, managing director at Greenhill Cogent There was skepticism, and it was vulture-like from time to time, but that has completely disappeared now, he said, adding that as more these transactions take place, the industry will get more comfortable with them. Although restructurings are becoming more commonplace, industry experts agreed their complexity can be off-putting and such deals can still take unexpected turns. HarbourVest, for example, agreed earlier this year to buy stakes in two Doughty Hanson funds, committing an additional 65 million to a planned fund. Doughty Hanson, plagued by departures and meager returns, announced in April it was abandoning efforts to raise a new fund and would focus solely on managing out its remaining assets, Dow Jones sister publication Private Equity News reported. For anyone to be successful in the fund restructuring space, they ve got to have creativity, flexibility and partner with right kind of manager who has a good relationship with LPs and can balance the needs and objectives of everyone involved, said Mr. Charles. There s still a lot of adverse selection in the market, said Mr. Mooney of Greenhill Cogent. The deals are complex and there s a lot of conflict involved, but if you can construct a solution that allows the LPs to have an option that s better than the status quo, then it can be a win for everyone. Additionally, it would appear that in complicated transactions such as restructurings, size matters. In smaller restructurings, people are hesitant to get involved. It s the same amount of work, the execution risk is higher, and the payoff isn t as great, said Mr. Zoller. The overall percentage of deals being evaluated is higher, but the overall number of deals being executed is probably low, Mr. Zoller added. More and more are getting done, but the amount is less than people think.

16 [ 14 ] Guide to the Secondary Market Deals From Further Afield Even as secondary buyers vie for more typical fund portfolios, they are looking increasingly beyond traditional private equity to pick up interests in other asset classes, including infrastructure, credit, natural resources and real estate. This year, 21% of survey respondents saw more than one-fifth of the assets they purchased last year fall outside of typical private equity or venture capital, up from 15% of survey respondents the previous year and 12% of respondents to a similar survey in One asset class that experienced growth in secondary volume last year was real estate, which accounted for an estimated 10% of total secondary deal volume for the year, according to a report by Greenhill Cogent. (For more on the environment for real estate secondaries, see the article on page 26.) Although the locales of sellers and fund stakes are slowly widening, survey respondents predicted a majority of their fund would be used to purchase U.S. stakes. Respondents predicted they would invest a median of 35% of their current fund in non-u.s. deals, roughly the same percentage as their prior funds, according to the survey data. That figure also is in line with the results from last year s survey. Industry participants largely expect volume in the U.K., Japan, Brazil, Latin America and Australia to stay the same year over year. Japan was home to one of the dozen giant portfolios that hit the market in 2015, as Mizuho Financial Group agreed to sell a portfolio of about $1 billion worth of stakes to Lexington Partners. How Long Did It Take You to Raise Your Last Fund? 23% 32% 5% 2015* 41% 33% 2014 *Numbers do not add to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition 0-1 year 1 year 1-2 years 2 years Respondents were nearly equally divided over whether volume would increase, decrease or stay the same in Eastern Europe and Russia, which has been plagued by low oil prices and sanctions stemming from its conflict with Ukraine. Nearly a third of investors expected some increase in activity in the Middle East. Abu Dhabi Investment Authority reportedly was shopping a portfolio valued at roughly $2 billion in 2014, Bloomberg Businessweek reported. A Fundraising Bonanza Secondary buyers are well capitalized to take advantage of portfolios coming to market, after a robust year for fundraising. Lexington recently wrapped up its latest core secondary fund with $10.1 billion, ranking it as the largest such fund ever raised. In 2014, meanwhile, several of the industry s biggest names, including Ardian, Blackstone Group s Strategic 5% 19% 43% Select Secondary Deals, Transaction Selling Institution Type Size (M) Status Aberdeen International Inc. Direct Portfolio $29 Landmark Partners bought the portfolio in 2014 California Public Employees Fund Portfolio N/A The pension system hired UBS AG to help sell fund stakes as Retirement System it seeks to reduce the number of relationships in its portfolio Canada Pension Plan Investment Board Fund Portfolio $1,500 Recently came to market Citigroup Inc. Fund Portfolio $1,200 Bank sold remaining stakes in funds managed by Metalmark Capital to Lexington Partners Diamond Castle Holdings Restructuring/ N/A Goldman Sachs Asset Management and Intermediate Capital Group Stapled Secondary funded a restructuring of the Diamond Castle Partners IV LP in late 2014 Fleming Family & Partners Fund Portfolio $140 Coller Capital purchased the portfolio in early 2015 GE Capital Fund Portfolio $1,300 Ardian purchased the portfolio in 2014 Magnum Capital LPs Restructuring/ N/A In 2014, HarbourVest Partners and five others bought stakes in the Stapled Secondary firm s 2007-vintage fund and pledged fresh capital to its new fund Mizuho Financial Group Fund Portfolio $1,000 Lexington Partners purchased the portfolio in late 2014 Montana Board of Investments Fund Portfolio approx. $126 Pension system disclosed it had sold eight fund stakes but did not reveal the identity of the buyers New Mexico State Fund Portfolio N/A In late 2014, the council said it was considering the sale of stakes Investment Council in 25 funds managed by 15 different GP Pennsylvania Public School Fund Portfolio $1,750 Ardian purchased the portfolio in late 2014 Employees Retirement System State of Wisconsin Investment Board Fund Portfolio $203 In 2014, the board said it was considering the sale of some $203 million in legacy fund stakes Sources: Dow Jones Private Equity Analyst, Dow Jones Private Equity News

17 Guide to the Secondary Market [ 15 ] How Do You Expect Secondary Deal Volume to Trend in the Following Regions? 100% 0 61% 39% United Kingdom 50% 50% Continental Europe 39% 26% 35% Eastern Europe/Russia 70% 30% 8% Japan 46% 54% Asia (Ex. Japan) 74% 26% Australia/ New Zealand 74% 26% Brazil 83% 17% Latin America (Ex. Brazil) 59% 59% 9% 5% 32% 36% Middle East Africa Increase Decrease Stay the Same Source: Guide to the Secondary Market, 2015 edition Partners unit and Landmark Partners, built up large war chests, driving total secondary fundraising to $23.91 billion for the year, up nearly 38% from $17.30 billion a year earlier, according to data provider Dow Jones LP Source, which, like the publisher of this supplement, is owned by Dow Jones. Strong performance generated by private equity has helped create a welcoming environment for those secondary firms pitching new funds. Roughly 70% of respondents to our survey described their most recent fundraising as very easy or fairly easy, with around the same percentage completing their funds in about a year or less. As more large players, including Ardian, Coller Capital and Partners Group, seek capital in 2015, however, some industry professionals have expressed doubts about the ability of firms to buy quality assets at competitive prices. Others argue the amount of capital available to buy secondary stakes is still a fraction of the overall amount of assets available for purchase. There s only two years of buying power held by secondary buyers, said an executive at one large secondary firm. Laura Kreutzer contributed to this report. Raising Your Last Fund Was: 27% 3% 13% 38% 10% Very Easy Fairly Easy 57% 52% Somewhat Difficult Very Difficult Source: Guide to the Secondary Market, 2015 edition

18 [ 16 ] Guide to the Secondary Market Strong Pricing Brings Sellers to the Table, but Will the Market Overheat? their equity by adding debt to their deals or layering it onto their funds. In addition, secondary buyers have more money than ever to spend, thanks to several consecutive years of robust fundraising. In 2014, secondary buyers raised a total of $23.91 billion for new funds, surpassing the $17.30 billion raised a year earlier but falling short of the $26.33 billion record amount raised in 2012, according to Dow Jones LP Source, a data provider that, like this publication, is owned by Dow Jones. At the same time, institutional investors, including pension funds such as the Canada Pension Plan Investment Board and sovereign wealth funds such as the Abu Dhabi Investment Authority, have stepped up their secondary buying activity. The confluence of strong performance, cheap debt and ample capital has helped create one of the strongest seller s markets the secondary industry has ever seen, according to the latest Dow Jones survey of secondary buyers. Among this year s survey respondents, 94% characterized the current market as a seller s market, roughly in line with buyer sentiment in There s nobody that needs to sell, so there s no pressure for transactions to happen, said Brian Mooney, a managing director with intermediary Greenhill Cogent. Buyers have to price to a level where they can convince people to sell. By LAURA KREUTZER Secondary deal volume hit a record level for the second year in a row in 2014 as strong pricing brought more sellers to the negotiating table. And while secondary buyers and intermediaries expect strong pricing will continue to drive deal flow in 2015, many say they will tread carefully. You ve got to be very disciplined and like what you see and, even then, you have to lean into it a little bit, said a senior executive at one large secondary investor. The lack of distressed sellers in the market and competition among buyers for deals has driven pricing to a level that concerns many buyers. Overall, 78% of buyers in our survey feel that pricing is too high in the current market, the highest percentage of buyers that felt that way about pricing in at least the past five years of this survey. How Would You Classify the Current Market? 100% 94% 83% 53% 92% Many of the forces that helped drive pricing and deal volume in 2014 remain in place as 2015 unfolds. Favorable exit conditions, including strong public-market performance, have helped private equity and venture capital funds generate strong returns over the past 12 months. An abundance of cheap debt has also given secondary buyers more firepower and boosted returns on 0 6% 2015 A Buyer s Market 17% 2014 Source: Guide to the Secondary Market, 2015 edition A Seller s Market 47% % 2007

19 WHAT COUNTS IS NOT JUST WHAT YOU DO, BUT HOW YOU DO IT. At Ardian, we strive to deliver quality investment performance from the $50bn of assets we manage or advise for clients. We do this with a relentless focus on generating returns that are durable and sustainable in the long term. The value created and results achieved is shared with our investors, but also our partners, investee companies and their employees. That makes a difference. more information on Excellence. Entrepreneurship. Loyalty. Paris, London, New York, Frankfurt, Zurich, Singapore, Milan, Beijing, Luxembourg, Jersey As of December 2014, Ardian has $50bn of assets under management

20 [ 18 ] Guide to the Secondary Market Secondary Transactions Are Priced: 100% 0 Too High 22% 78% 2015 Too Low As this report was going to press, buyers were pricing assets off of valuations as of either Sept. 30 or 2014 yearend, with the anticipation that March 31 valuations would be higher, according to buyers and intermediaries. When the market turns, then you ll assume that the NAVs will be lower, said Kelly DePonte, a managing director at placement agent Probitas Partners. If you re a secondary player that s investing to make a profit, you ve got to be getting a bit more gun-shy right now. Because of the lack of distressed-driven transactions, sellers have no problem walking away from deals if buyers can t match their price expectations. Among this year s survey respondents, 79% said a seller had walked away from a deal over price concerns, a drop from the 88% of respondents to last year s survey that saw a seller walk away. 29% *Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition 3% 69% 2014* On Average, About Right 55% 45% % Public pension funds were the most likely to walk away from a deal over pricing, with 38% of survey respondents indicating they lost deals from public pensions over pricing, followed closely by endowments and foundations at 35%. Banks and insurance companies were the least likely in our survey to walk away from a deal with secondary buyers over pricing. The public pension plans wanted to test the pricing in the market to see how much they could get from the positions, but they were also loath to take a loss, said Mr. DePonte of Probitas Partners. They weren t necessarily committed. They were price shopping. Secondary buyers in our survey were more likely to pay up for buyout funds than venture funds, keeping with a trend also seen in last year s survey. Among survey respondents, 62% said they paid more on average for buyout funds than they did the previous year, compared with 42% of respondents that paid more on average for venture funds. Both fund types saw a higher percentage of survey respondents pay more this year than those buyers responding to a similar survey last year. Average high bids for buyout funds hit 95% of a fund s underlying net asset value during the second half of 2014, according to a pricing analysis from Greenhill Cogent. That is down slightly from the 100% of NAV that average high bids hit during the first half of 2014 but still below the premiums to NAV that average high bids for buyout funds hit in By contrast, average high bids for venture funds were only 80% of NAV during the second half of 2014, compared with 82% of NAV during the first half. On average, 24% of survey respondents in our survey paid prices for buyout funds that were equal to those funds underlying NAV, compared with only 11% of respondents that paid par for buyout fund interests in last year s survey. Percentage of Sellers That Walked Away Over Pricing, by Seller Type Has a Seller Walked Away From a Deal Over Price Concerns? 100% 100% 21% 12% 14% 65% 77% 77% 73% 62% 73% 79% 88% 86% 0 35% Endowments/ Banks/ Foundations Financial Institutions 23% 23% 27% Insurance Cos. Corporate Pensions 38% Public Pensions 27% 8% Other* 0 Yes 2015 No % 2013 Yes No Source: Guide to the Secondary Market, 2015 edition *Includes family offices, funds of funds, general partners and high-net-worth individuals. Source: Guide to the Secondary Market, 2015 edition

21 Guide to the Secondary Market [ 19 ] Among this year s survey respondents, 11% said they paid prices for venture funds that were equal to or above the underlying NAVs for those funds. By contrast, all of the buyers that responded to a similar survey last year said they paid less than NAV for venture fund stakes. Secondary buyers and intermediaries say improved performance among venture capital funds over the past 18 months, thanks partly to large infusions of capital from late-stage investors and a favorable environment for venture-backed IPOs, has helped lure some buyers back to the space. For the 12 months through Sept. 30, venture funds generated a 24.5% pooled end-to-end net return, outpacing the 18.1% produced by private equity funds over the same period, according to data from consultant Cambridge Associates. Now that prices are higher on the buyout side, you see more secondary buyers try to tap into new markets, so more are looking into venture to stay away from high pricing in the buyout markets, said the head of secondary investments at one global fund of funds. High Prices Lower Return Expectations Stiff competition and high pricing for deals has forced some buyers to lower their future return expectations, although perhaps not as much as buyers did in last year s survey. Among this year s survey respondents, 14% said they expect the internal rate of return of their current fund to be In the Past Year, on Average Did You Pay More for Secondary Deals? 100% 0 Yes 38% 62% 2015 LBO No 45% 56% 2014* *Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition lower than their prior fund, while 86% projected that the IRR would be roughly the same. Among participants in last year s survey, 22% said they anticipated lower returns from their current fund. The average expected return from secondary funds across all survey respondents remains fairly high at 20%, 58% 42% VC 63% 37% PRIVATE EQUITY SMALL MARKET SPECIALISTS Primary Funds of Funds Secondary Funds Customized Private Equity Portfolios Co-Investments BOSTON The Prudential Tower 800 Boylston Street, Suite 1325 Boston, MA T NEW YORK 900 Third Avenue, 27th Floor New York, NY T

22 [ 20 ] Guide to the Secondary Market In the Past Year, Did You Pay Below, Equal or Above NAV for Deals? 100% 0 Below 24% 76% 2015 LBO Equal Source: Guide to the Secondary Market, 2015 edition 4% 11% 7% 2014 Above 2015 compared with a 19% average expected return among buyers who responded to last year s survey. Continued high exit volume, combined with an abundance of cheap debt allowing buyers to enhance the returns on their equity investments, may be boosting more buyers confidence that they can still meet return expectations, even in a pricey market environment. Others, however, are taking steps to adapt to what they expect will be a more challenging return environment going forward. VC 89% 89% 100% 2014 We ve seen leverage at the smaller end of the market not just the 50-to-100 fund portfolios but the five-to-20 fund portfolios, he said. Secondary buyers can employ leverage in several different ways. Some may borrow from a third-party lender to help fund the purchase of a secondary portfolio, much in the way a buyout firm may use debt to help finance the purchase of a portfolio company. The debt helps enhance the return on the secondary buyer s equity investment in a deal, although early cash flows generated by the portfolio often end up servicing the debt before they get distributed back to the secondary fund and its investors. Adding debt to a transaction can also enhance a firm s buying power, allowing it to fund a deal on its own rather than having to split a transaction among multiple buyers, according to intermediaries. Among respondents in this year s survey, 9% said they had employed debt in transactions. Far more of the buyers in our survey, 31%, employed debt at the fund level as a cash management tool. Blackstone Group s Strategic Partners Fund Solutions unit and Lexington Partners both have used debt at the fund level to manage cash flows. Layering debt onto a secondary fund allows a firm to finance early deals outside of a fund s balance sheet so that investors that commit to later closings of a fund don t benefit from early deals at the expense of investors that signed on earlier in the fund s life. Debt facilities at the fund level tend to have lower interest rates than those that are placed on individual portfolios because they are typically perceived as less risky. Net IRR Expected From Future Funds SL Capital Partners, for one, recently lowered the proposed hurdle rate, the return threshold a fund must reach before a sponsoring firm can start pocketing profits from the fund, for its newest secondary pool to 12%, according to a recent report from sister publication Private Equity Analyst. Although 12% is still relatively high, it is modestly lower than the 14% hurdle the firm set on its first secondary fund, a $146 million vehicle closed in % % 20% Debt Goes Mainstream Buyers and intermediaries say more secondary buyers than ever are turning to the debt markets in their quest to maintain high returns in a competitive pricing environment. Leverage is very much a strategic decision at the moment, said Gregg Kantor, who works on the fund finance team at Investec Bank PLC, adding that even secondary firms that haven t previously used leverage have started to educate themselves and their senior partners about its use. There s a mindset shift. 0 17% Mean (%) Median (%) Is This IRR Higher, Lower or the Same as That of Past Funds, on Average? 14% Higher Lower 8% He added that secondary buyers and the limited partners that back them have become more comfortable with the use of leverage in secondary deals and funds, even in smaller transactions. 86% Source: Guide to the Secondary Market, 2015 edition Same

23 Guide to the Secondary Market [ 21 ] The risk the bank is taking is that the [limited partners] do not comply with capital calls, said Pierre-Antoine de Selancy, a managing partner at 17Capital, which raised some 500 million for its third fund in late It s a very different risk from lending to someone for a portfolio and using that portfolio as collateral. But firms that don t use leverage say all this debt could come back to haunt buyers in the event of a market downturn. If the exit market becomes more difficult, you have fewer distributions and your net asset values correct because they re linked to the public markets, said Wouter Moerel, head of secondaries at AlpInvest Partners. Then you could get into covenant issues with your debt. One final form of leverage used in secondary transactions comes in the form of deferred payments or seller financing. Secondary buyers may agree to pay a portion of the portfolio sale up front and defer the remainder of the payment one or even two years later. Doing so often helps buyers bid more for a portfolio when the seller is particularly sensitive to pricing, especially if the buyer expects the portfolio to generate distributions in the near term. Distributions can be used to help fund the deferred portion of the payment for the deal. GPs Flex Their Muscles As more limited partners turn to the secondary market to actively shed certain fund relationships in their portfolios, general partners managing those funds are demanding a greater say over who buys into their funds. Amid stiff competition for deals, some GPs may even demand prospective buyers of their fund stakes pony up additional capital to back a new fund or new investments, often called a stapled secondary transaction. Among this year s survey respondents, 31% backed at least one stapled secondary deal in 2014, including 8% that invested in two or more stapled secondary deals. By contrast, only 16% of those same buyers had backed at least one stapled secondary in The growing popularity of general partner or fund restructurings may also be driving growth of stapled secondary deals, as secondary investors in restructuring How Many Stapled Secondaries Did You Do? 23% 4% 4% In % 4% 12% Source: Guide to the Secondary Market, 2015 edition In More Than Three deals typically provide capital for new deals or a new fund in addition to purchasing stakes in older portfolios. Stapled secondaries can be risky, however, since it is often harder to determine how well the general partner will do with future investments than it is to assess a portfolio of deals the firm has already backed. But so far, it is a risk that many buyers seem willing to take. A More Rational Mindset? Although pricing has remained strong into 2015, buyers and intermediaries say a softening in the U.S. economy or a public market correction could prompt buyers to price bids more conservatively and potentially take some momentum out of the market. One of the reasons pricing is so high is that people anticipate that distributions and values will continue to go up, said Brent Nicklas, managing partner and chief executive of Lexington Partners, which in April wrapped up its eighth fund at its $10.1 billion cap. The moment that changes, you re going to see the bid-ask gap open up. Others, however, say they see little chance of a market correction anytime soon. Financial markets have very short memories, and the only way they move is because there s something big happening, said Mr. Moerel of AlpInvest. Are people going to be become more rational? I think something big needs to happen, and right now there s nothing on the horizon. 84% Do You Use Debt at the Fund Level? Do You Use Debt to Finance Secondary Deals? 9% 69% 31% Yes No 91% Yes No Source: Guide to the Secondary Market, 2015 edition Source: Guide to the Secondary Market, 2015 edition

24 [ 22 ] Guide to the Secondary Market Secondary Market Posts Record Year in 2014, Although Estimates Vary By LAURA KREUTZER Although many intermediaries and secondary buyers agreed that 2014 was a record year for deal volume, they disagreed over the size of that volume. Historically, tracking secondary deal volume has been tricky, given that investors and the general partners they backed often want to keep the fact they are selling stakes on the secondary market out of the public eye. Although still an imperfect science, secondary deals are shedding the stigma once attached to them and more sellers are bringing portfolios, particularly large ones, to market, which means measuring deal volume has gotten easier. Estimates of total transaction volume in 2014 among some half-dozen firms ranged from a little more than $35 billion made by New York-based Lexington Partners to north of $49 billion by Toronto-based intermediary Setter Capital. Methodologies for capturing and measuring data differ, with some organizations tracking deals they observe in the market, including deals that they are aware of, even if they aren t directly connected to them. Others may use a combination of buyer surveys, observed transactions and their own analysis. For example, Setter Capital bases its volume numbers largely on a regular survey of secondary buyers and makes estimates based on the firm s own analysis of buyers and sellers in the market. Even these estimates, however, leave some types of transactions underrepresented, including the volume of private securities of venture-backed companies trading on platforms, such as those owned by SharesPost Inc. and SecondMarket Inc., or trades between two institutional limited partners that involve only a single fund stake. As more investors turn to the secondary market to manage their portfolios, and as firms that track the market continue to hone their data gathering techniques, deal volume estimates ultimately may start to converge around a slightly narrower band of numbers, according to intermediaries. n Select Estimates of Secondary Deal Volume, 2014 vs $50B $ $42.00 $35.14 $36.50 $36.00 $36.00 $ $27.50 $23.35 $24.50 $ Greenhill Cogent Lexington Partners NYPPEX Inc. Setter Capital Triago UBS AG N/A Source: Dow Jones Private Equity Analyst

25 This announcement appears as a matter of record only We are pleased to announce the closing of Landmark Equity Partners XV $3,250,000,000 Formed to acquire interests in established private equity funds through secondary market transactions. Landmark specializes in secondary market transactions of private equity, real estate and real asset investments. Since 1989 Landmark has completed over 460 transactions and acquired interests in over 1,700 partnerships managed by over 670 general partners. In excess of $14.9 billion has been committed to the Landmark Funds. 10 Mill Pond Lane Simsbury, CT Landmark Partners 265 Franklin Street, 18 th Floor Boston, MA Landmark Partners Europe 52 Jermyn Street London, SW1 6lX +44 (0) Landmark Partners Europe is authorized and regulated by the Financial Conduct Authority Fifth Avenue New York, NY This is not an offer to sell or a solicitation of an offer to purchase interests of any investment vehicle managed or advised by Landmark or any of its affiliates (a Fund ) or any other security. Any such offer or solicitation shall be made only pursuant to a final confidential private placement memorandum relating to such Fund (as amended or supplemented from time to time, a Memorandum ) and such Fund s subscription documents. This document is qualified in its entirety by all of the information set forth in the Memorandum, including without limitation all of the cautionary statements set forth in the front of the Memorandum and the Risk Factors section of the Memorandum.

26 [ 24 ] Guide to the Secondary Market Secondary Market Timeline SECONDARY DEAL VOLUME (M) (Yearly totals) Secondary Directs Secondary Partnerships 2002 Coller Capital raises the largest secondary fund as of that date, with $2.6 billion in commitments. SECONDARY FUNDRAISING* (M) (Yearly totals) Rest of World U.S. Totals 2007 Coller Capital raises a $4.5 billion fund, reclaiming the record for the largest fund that Lexington Partners took away from Coller in 2006 with its $3.8 billion vehicle California Public Employees Retirement System sells a legacy portfolio of fund stakes on the secondary market for about $1.5 billion to a syndicate that includes Lexington Partners, HarbourVest Partners, Pantheon and Oak Hill Investment Management State of Connecticut Retirement Plans and Trust Funds becomes one of the first pension funds to sell fund interests. The buyer is Coller Capital Stapled secondaries become a commonplace occurrence in the secondary industry. ($2,092) $131 $1,961 ($3,903) $2,952 $951 ($7,029) $354 ($8,422) $5,289 ($8,380) ($8,380) $1,403 $6,675 $6,977 $6,735 $3,133 $4,175 ($7,468) $733 ($6,609) $2,019 $4,204 $4,590 Totals rounded up to nearest million. *Includes only dedicated secondary funds Secondary sales of fund interests remain near the record highs set in 2004, thanks in part to large sales by Merrill Lynch, DPL and Dresdner Bank ($10,275) $2,355 $7,920 ($17,847) $8,464 $9,383 ($13,932) ($13,365) $1,935 $11,430 $7,622 $6,310 ($16,363) $2,654 $13,

27 Guide to the Secondary Market [ 25 ] 2010 AXA Private Equity announces the purchase of a $1.9 billion portfolio from Bank of America, in a signal that the floodgates have finally opened for large portfolio transactions An expected surge in secondary deal flow following the late 2008 economic downturn is slow to materialize due to a wide price gap between buyers and sellers Older funds approaching the end of their lives increasingly are in need of fresh capital to sustain investment, as evidenced by Behrman Capital and Willis Stein & Partners turning to the secondary markets to capitalize funds raised in 2000 and Lexington Partners breaks Goldman Sachs $5.5 billion fundraising record when it wraps up a $7 billion pool of capital for secondary deals. ($24,781) $1,611 ($25,950) ($26,333) $1, Regulators release the final draft of the Volcker rule, spawning a fresh wave of portfolio sales from banks. ($23,345) 2014 Twelve deals of more than $1 billion close in 2014, according to data from Greenhill Cogent. ($35,137) $5,167 ($23,911) ($18,252) ($20,928) $2,687 $12,404 $6,648 ($17,304) $7,033 $4,839 $4,552 $29,970 ($11,921) $1,596 ($10,816) $23,170 $24,815 ($11,516) ($9,172) $574 $18,241 $2,721 $5,498 $16,697 $16,878 $13,414 $13,929 $12,751 $10,326 $8,598 $8,095 $6, Sources: Lexington Partners, Dow Jones LP Source, Dow Jones Private Equity Analyst

28 [ 26 ] Guide to the Secondary Market Real Estate Secondary Volume Continues Growth Trajectory By HILLARY CANADA The real estate secondary market continued its exponential growth during 2014 as generous pricing drew sellers to the marketplace. The number of real estate secondary transactions grew to 92 in 2014, a 60% increase from the 57 deals tracked in 2013, according to data from secondary firm Landmark Partners. Similarly, the value of transactions in the sector grew by 30% during 2014 to $4.8 billion from $3.69 billion a year earlier. Real estate secondaries have been a laggard as it compares to private equity, said Landmark Partner Jamie Sunday. But he added that a growth spurt among private equity real estate funds starting around 2005 has helped expand the underlying asset base. And just as they do with private equity, limited partners turn to the secondary market to prune their portfolios. LPs may have questioned whether enough buyer s capital existed to justify bringing large portfolios to market, said Mr. Sunday. That attitude may be gradually changing in part because more capital is slowly making its way into the space. Strategic Partners Fund Solutions, the secondary platform Blackstone Group bought from Credit Suisse Group, as well as Carlyle Group s fund-of-funds Metropolitan Real Estate and Morgan Stanley Alternative Investment Partners were said to be raising or considering raising dedicated secondary pools, Private Equity News reported in Last year was a record year for real estate secondary fundraising, with three vehicles closing on a combined $2.3 billion, according to data provider Preqin Ltd. That was the highest annual total since 2010, when $2.2 billion Real Estate Secondary Deal Volume, $5,000M 4,000 3,000 $2,599.2 $2, ,000 $1,810.4 $1,247.3 $ ,000 $855.1 $590.1 $ Source: Landmark Partners $3, % $4,800.6 was raised by four funds, and a multifold increase from the $100 million raised in Some larger portfolios have started to trickle onto the market. New Jersey Division of Investment, for instance, sold a portfolio of 25 stakes for $925 million to NorthStar Realty Finance Corp. and Goldman Sachs Asset Management. According to a memo about the transaction, New Jersey was able to sell the portfolio, which included funds from managers including BlackRock Inc., CBRE Inc., TA Associates Realty and others, at par to the portfolio s underlying net asset value. After trading at an average discount of nearly 30% of net asset value in the years following the collapse of the housing market in 2008, real estate fund stakes were attracting much richer bids in 2014, according to data from intermediary Greenhill Cogent. During the first half of the year, real estate fund stakes attracted average high bids of 92% of NAV, according to the data. Discounts are falling, said Fabian Neuenschwander, vice president of the real estate secondaries business at Partners Group. A lot of people are taking the opportunity to sell interests into this market. Mr. Neuenschwander added, however, that buyers can still find good deals. You re buying into improving fundamentals, he said. U.S.- and European-focused funds continue to be the most heavily traded, making up a combined 85% of the market, but Asian real estate partnerships made up 11% of activity in 2014, up from 4% a year earlier, according to Landmark s data. Partners Group struck one of the largest deals in the region when it agreed to buy the interests of more than 30 LPs in a $1 billion China-focused fund. That deal involved shifting management of the vehicle, known as the Trophy Fund, from Winnington Capital to Venator Real Estate Capital Partners, Private Equity Analyst reported at the time. The deal bought extra time for the fund, the life span of which has been extended to 2017, and provided liquidity to LPs who had yet to see any returns prior to the deal. In a first quarter briefing, Greenhill Cogent predicted that 2015 real estate secondary volume is on a trajectory to easily eclipse 2014 volume as interest in selling fund stakes continues to grow. This will likely be prompted in part by a diversification of LPs eager to cull their portfolios. Over the last two to three years, the seller base has greatly expanded from the financial crisis, said Mr. Neuenschwander. More and more people see it as an option to get liquidity.

29 Guide to the Secondary Market [ 27 ] Secondary Buyers Prepare for Wave of Energy Fund Sales By ALEC MACFARLANE A handful of fund managers are looking to raise money to buy secondhand interests in energy-focused private equity funds, as a maturing of the market and a slide in oil prices creates attractive opportunities in the sector. Fueling Up for Energy Secondaries AlpInvest Partners, Adams Street Partners and HarbourVest Partners have each launched or are in the process of launching offerings that include secondary purchases of energy funds or assets as part of their investment strategies. We do [think it is an interesting time to invest], said Brett Gordon, a managing director at HarbourVest. If you think about what makes for attractive secondaries, first you need a lot of inventory, and there s been a lot of money raised in dedicated energy funds. With that inventory and the volatility, it s really created an interesting time for people who are considering investing and for people to bring deals to the marketplace. Mr. Gordon declined to comment on HarbourVest s fundraising. AlpInvest and Adams Street also declined to comment on fundraising. Secondary investors seek to capitalize on the huge amounts of money raised over the past decade by energyfocused private equity firms. About $276 billion was raised by 417 energy-focused private equity funds between 2005 and 2014, according to data provider Preqin Ltd., creating large amounts of future inventory for secondary buyers. The recent slide in oil prices is also expected to create opportunities for secondary managers, as investors that are overexposed to energy-focused funds and have seen their valuations suffer look to shed assets as part of efforts to rebalance their portfolios. So far, however, buyers have been in a wait and see mode, according to several industry participants. We have seen an uptick in sellers asking for pricing on energy funds, but few deals are getting inked, Robert McGrath, co-founder of Torontobased intermediary Setter Capital, said in an . Research conducted earlier this year by consultancy Wood Mackenzie said lower oil prices pose the biggest threat to oil and gas industry earnings and financial solidity since the financial crash of 2008, with Brent crude trading at around 30% below the 2014 average of $99 a barrel as of early May. Industry figures said the slide is likely to have a big impact on the valuations of private equity funds heavily invested in oil and gas services businesses, as clients pressured by pricing look to cut costs and reduce services. We are also seeing sellers looking at selling generalist private equity funds that have energy exposure such as Adams Street Partners Fundraising Plans: Adams Street is marketing an energyfocused fund of funds that will also target secondary deals as part of its strategy. AlpInvest Partners Fundraising Plans: AlpInvest is targeting $500 million for an energy-focused secondary fund and aims to hold a first closing by this summer, according to people familiar with the fund. Justine Gordon, who joined the firm in September from Guggenheim Partners, leads the new effort. HarbourVest Partners Fundraising Plans: HarbourVest hired Kevin Warn Schindel from OPTrust Private Markets Group to lead its real assets program. The firm expects to launch a real assets offering later this year with a large allocation to energy secondaries, according to a person familiar with the offering. Source: Dow Jones Private Equity News Blackstone [Group] and Warburg Pincus, wrote Setter Capital s Mr. McGrath. Buyers are still very keen to buy these types of funds, and aside from marked-to-market movements in the funds public holdings, pricing remains very full. Despite the opportunity, some industry figures have cautioned that while it may be a good time to invest in energy secondary deals, it could be a challenging time to raise energy-focused secondary funds. There are definitely some attractive opportunities in the oil and gas space because of the oil price and its impact on valuations of companies and assets, which have been otherwise quite high in the last couple of years, said Thomas Liaudet, a partner at secondary intermediary Campbell Lutyens. On the other hand, it might be more challenging for those managers raising capital because some [investors] might see this space as being slightly less attractive at the moment, and also might feel they re quite overweight to energy in general, given that they have invested a lot in the space in the past few years. Laura Kreutzer contributed to this article.

30 [ 28 ] Guide to the Secondary Market Buy-Side Broker Boom Brings Risks and Rewards to Secondary Market People are being pinged with so many different ideas that they re thinking about it more often, said Mr. McGrath. Setter, which got its start primarily as a buy-side broker, helped intermediate a sale of a portfolio of fund stakes by HarbourVest Partners to Goldman Sachs Group Inc., said people familiar with that deal. These days, the firm is involved in both buy-side and sell-side activities. The large number of intermediaries out there pitching prospective deals can sometimes confuse potential buyers, said an executive at one midsize secondary buyer. By LAURA KREUTZER Secondary deal volume hit record levels in 2014 and more secondary intermediaries than ever want a piece of the action. Secondary buyers and sellers said that in recent years they have seen explosive growth in the number of buy-side brokers, or intermediaries that act as guns for hire trying to drum up deals for private equity buyers. Thanks partly to lower barriers to entry, the proliferation of such groups has presented buyers and sellers with a fresh set of opportunities and risks. Unlike sell-side intermediaries, which typically get hired and compensated by sellers in a secondary transaction, buyside brokers tend to operate more like free agents. They may approach buyers to gauge their interest in specific fund names and then reach out to investors they know that have backed those funds to see if they are willing to sell. Firms such as Setter Capital, River Street Capital and Scalar Capital have engaged in buy-side broker activities. Some traditional sell-side brokers or advisers have brokered buy-side deals or are considering doing so. Setter said more than 300 individual agents have registered with the firm s SecondaryLink website, an online platform connecting potential buyers and sellers. Growth in the intermediary industry, including that of buyers brokers, has helped drive more secondary deal flow, said Peter McGrath, co-founder of Setter. The Toronto firm estimates about 57% of all secondary deal flow, which includes private equity, hedge funds, real estate and natural resource plays, that took place in 2014 involved an intermediary of some kind, according to the firm s midyear secondary deal report. We ll get calls from four or five different buy-side brokers telling me that they have an exclusive relationship with a seller, and often they obscure what the interests are, so I can t piece together that it s the exact same portfolio that another buy-side broker pitched me, this executive said. I may be talking to four buy-side brokers bidding against myself and have all four of them telling me that I owe them. The number of brokers pitching deals can also present complications for sellers, according to Benoît Verbrugghe, who heads the U.S. operations for French firm Ardian. If the seller gives the same portfolio to too many brokers, the process could be difficult to manage, said Mr. Verbrugghe. In the end, you still have to manage confidentiality and information about the funds and the GPs, so you need to make sure this type of approach is well managed. Buyers and sellers aren t the only ones taking risks, however. Newer buy-side brokers also can find themselves at the mercy of less scrupulous sellers, particularly if they don t negotiate a contract upfront. You definitely have more risk there because you don t have anyone that s mandated you, said Mr. McGrath. You run the risk of making nothing at the end of the day, even if you do connect the dots. Mr. McGrath added that as the market continues to mature, it will differentiate between established players and less experienced ones. A senior executive at one large secondary buyer said the recent growth of buy-side intermediaries has been driven in large part by ebullient returns from underlying private equity portfolios, which will not continue indefinitely. When there s a downturn, no one will return their phone calls and many of these guys will go away, the senior executive said.

31 Guide to the Secondary Market [ 29 ] Secondary Market Offers Seed Funds an Exit Option but Few May Use It By YULIYA CHERNOVA Seed-stage investors have long wrestled over when they should cash out of their positions in the start-ups they back, and secondary transactions in high-valuation private rounds now offer them potentially lucrative exit options. But it remains to be seen how many seed-stage fund managers will take advantage of them. Startups that got to late-stage rounds were showered by sizable capital investments at high valuations last year, and the deals only got larger in the beginning of In the first quarter of 2015, for example, the median amount invested in second venture capital rounds jumped 48% from a year ago, according to data provider Dow Jones VentureSource. Second round valuations in 2014 jumped about 44% over 2013 figures, and late-stage valuations doubled. This puts pressure on seed funds, which are often less than $100 million in size and are at risk of dilution as rounds get larger. At the same time, it s becoming increasingly acceptable for employees, founders and early investors to sell some of their shares in a late-stage round. These large late-stage rounds have taken the place of the IPO, and as such, I think there s an opportunity for seed funds to be selling part of their ownership, said Chris Douvos, managing director at fund-of-funds manager Venture Investment Associates. Today, the opportunity to sell in these later-stage rounds is another arrow in the quiver of the seed funds in terms of generating returns [and] returning cash to their limited partners. Mr. Douvos said the secondary market has become a portfolio management tool for seed funds and that some of the funds in which his firm is a limited partner have lightened up their positions in the highfliers. It s something that s going on, not with great frequency, but at the same time, it s an increasingly important part for people s liquidity strategy, Mr. Douvos said. The proportion of secondary sales volume done by investors rather than employees is hovering at low-single-digit percentages on SecondMarket, a platform that facilitates large secondary transactions, according to Anil Sharma, spokesman for the company. SecondMarket Holdings Inc. facilitated about $1.4 billion in secondary transactions last year, with most of the shares being sold by startup employees. Seed funds can see nice upticks in paper valuations as latestage rounds get done at stratospheric valuations. Those that hold onto shares hope that future rounds or initial public offerings would increase the value of their shares even more. But there are many reasons to sell at least some of the shares now, Mr. Kim said. On the one hand, it s unclear when some companies plan to reach an exit. There s more talk in the market about staying private longer or even indefinitely, raising questions as to when seed investors would see a return if they don t cash out in private rounds. The median time it took venture-backed companies to go from an initial venture capital round to IPO was 6.94 years in 2014, compared to just 5.6 years in 2005, according to Dow Jones VentureSource. Private companies that reached a valuation of greater than $1 billion in their most recent private rounds are even older than those that went public. The median time frame between this group s initial venture round and valuations topping the $1 billion mark hit 7.7 years as of April 1, according to Dow Jones VentureSource. As timelines stretch, seed investors risk both greater dilution and getting caught in a valuation downdraft if markets shift before they can exit. Mr. Douvos said that even as fund managers consider secondaries, they should keep in mind that a downturn in the market will reset the clock. In the fullness of time, everyone will be judged on the capital that they returned. There were a lot of high-flying venture firms during the bubble that had incredible paper positions that evaporated, Mr. Douvos said. Michael Kim, managing partner at Cendana Capital, a fund of seed funds, said he advises all of the fund managers in his portfolio to consider participating in secondary transactions. Mr. Kim said, however, that he sees more resistance than willingness on the part of seed funds to cash out early. There s some greed involved, Mr. Kim said. He added that he d like to see more secondary transactions. I think it s important for them to monetize and get some cash back to LPs. It hasn t happened as much as I thought it would, Mr. Kim said.

32 [ 30 ] Guide to the Secondary Market Secondary Funds Continue to Reap Rewards of Strong Exit Market For the private equity industry as a whole, disposals continued to dominate the headlines this past year, with firms posting a record $ billion in exits in 2014, compared with $ billion for the prior year, according to data provider Dealogic Ltd. Dealogic data includes only exits via mergers and acquisitions and not initial public offerings, and the total value includes only those with publicly disclosed financial terms. Meanwhile, secondary deal volume hit record levels, reaching $35.14 billion last year, according to secondary firm Lexington Partners, up from $23.35 billion the year before. By DAVID SMAGALLA Private equity firms generated record-setting exits in 2014 and secondary firms reaped the rewards, returning an increased volume of cash to investors over the past year, according to a sample of private equity performance data from several large pension funds. Various private equity strategies performed particularly well during 2014, according to industry performance benchmarks published by consultant Cambridge Associates. U.S. private equity funds benchmark return reached 18.09% for the one-year period ended Sept. 30, 2014, compared with 18.51% for U.S. buyout and growth equity funds and 24.46% for U.S. venture funds, which both went on an exit tear this last year. Secondary vehicles, though strong, still lagged their private equity brethren, providing a benchmark return of 14.7% for the one-year period. Select Secondary Fund Performance Data Name of Manager Fund/Vintage Year Fund Type Region California Public Employees Retirement System Coller Capital Coller International Partners IV LP/2002 LP Secondaries Global Coller Capital Coller International Partners V LP/2006 LP Secondaries Global Lexington Partners Lexington Middle Market Investors LP/2005 LP Secondaries U.S. W Capital Partners W Capital Partners LP/2003 Secondary Direct/Portfolio U.S. W Capital Partners W Capital Partners II LP/2007 Secondary Direct/Portfolio U.S. Montana Board of Investments Adams Street Partners Adams Street Global Oppty Secondary Fund/2003 LP Secondaries Global New Jersey State Investment Council Neuberger Berman NB Secondary Opportunities Fund II LP/2007 LP Secondaries U.S. Lexington Partners Lexington Capital Partners VI LP/2005 LP Secondaries Global Partners Group Partners Group Secondary 2006 LP/2006 LP Secondaries Global Partners Group Partners Group Secondary 2008 LP/2007 LP Secondaries Global New York State Common Retirement Fund VCFA Group VCFA Private Equity Partners IV LP/2003 LP Secondaries U.S. VCFA Group VCFA Venture Partners V LP/2006 LP Secondaries U.S. Oregon State Treasury Coller Capital Coller International Partners VI LP/2011 LP Secondaries Global Montauk TriGuard Montauk TriGuard Fund III LP/2005 LP Secondaries U.S. Montauk TriGuard Montauk TriGuard Fund IV LP/2008 LP Secondaries U.S. Montauk TriGuard Montauk TriGuard Fund V LP/2011 LP Secondaries U.S. University of Texas Investment Management Co. Pomona Capital Pomona Capital VI LP/2004 LP Secondaries U.S. The pension funds released disclaimers with the data, saying that IRRs don t accurately reflect the expected future returns of the partnership and may vary depending on how they are calculated. The early years of a partnership, and that their IRR calculations haven t been approved by general partners. *Calculated by Dow Jones Private Equity Analyst using the data provided by the pension funds.

33 Guide to the Secondary Market [ 31 ] Funds raised during the end of the last private equity boom period were some of the best at pumping out cash to their investors in One caveat to this report, which looks at a small number of secondary fund holdings from the 2002-vintage year forward, is that our sample is too small to draw any definitive conclusions about the state of the secondary market and doesn t include many smaller secondary funds, which typically don t receive capital from large public pension funds. Coller International Partners V LP, which closed in 2007 at $4.8 billion, continued to show its strength, returning $114.9 million on a $375 million commitment from the California Public Employees Retirement System for the year ended Sept. 30, 2014, according to a private equity performance report. Coller Capital has been busy over the past few years, scooping up various portfolios from banks and others looking to dispose of their private equity holdings, including most recently buying a portfolio of private equity fund stakes from Fleming Family & Partners, the manager that invests on behalf of the family of James Bond author Ian Fleming and other wealthy individuals. Another fund returning a substantial amount of money to investors was NB Secondary Opportunities Fund II LP, a 2007-vintage fund that closed on $1.7 billion. The fund returned $32.5 million for the year ended Dec. 31, 2014, to the New Jersey State Investment Council on a commitment of $100 million. Private Equity Performance Over Time 25% Q14 YTD U.S. Buyout & Growth Equity Funds U.S. Private Equity year year U.S. Venture Funds 5-year Secondary Funds 10-year Performance represents end-to-end pooled mean return, net to limited partners, as of Sept. 30, Source: Cambridge Associates 15-year S&P 500 Meanwhile, Montauk TriGuard, which specializes in niche secondary transactions, had the highest internal rate of return in our sample. The firm s 2008-vintage Montauk TriGuard Fund IV LP, which raised $332 million, managed to return $12.5 million in the year ended June 30, 2014, on a $75 million commitment by the Oregon State Treasury to the fund, garnering a 16.9% IRR. Montauk TriGuard focuses on small secondary transactions, as well as fund manager liquidity, tail-end portfolios and other specialty deals. Capital Capital Dist. in Year Committed (M) Contributed (M) Ended (M)* Dist. as of (M) Dist. as of (M) Net IRR as of (%) Net IRR as of (%) lrr Change 9/30/14 9/30/14 9/30/13 9/30/14 9/30/13 $100.0 $88.4 $8.3 $111.7 $ $375.0 $314.2 $114.9 $264.1 $ $50.0 $49.5 $6.2 $49.5 $ $25.0 $23.7 $0.0 $16.6 $ $141.1 $126.1 $11.9 $118.9 $ /30/14 9/30/14 9/30/13 9/30/14 9/30/13 $25.0 $19.7 $2.5 $25.3 $ /31/14 12/31/14 12/31/13 12/31/14 12/31/13 $100.0 $102.1 $32.5 $97.7 $65.2 N/A N/A N/A $50.0 $50.7 $7.8 $45.1 $37.3 N/A N/A N/A $54.5 $53.0 $7.1 $48.0 $40.9 N/A N/A N/A $76.3 $67.5 $15.3 $48.4 $33.0 N/A N/A N/A 3/31/14 3/31/14 3/31/13 3/31/14 3/31/13 $40.0 $38.0 $4.0 $36.1 $32.1 N/A N/A N/A $25.0 $23.3 $4.1 $19.9 $15.8 N/A N/A N/A 6/30/14 6/30/14 6/30/13 6/30/14 6/30/13 $100.0 $37.7 $5.8 $7.0 $1.2 N/A N/A N/A $50.0 $46.0 $1.9 $41.2 $ $75.0 $61.5 $12.5 $43.2 $ $75.0 $32.3 $7.7 $10.5 $2.8 N/A N/A N/A 2/28/15 2/28/15 2/28/14 2/28/15 2/28/14 $40.0 $35.6 $5.9 $31.3 $ pension funds also said the comparison of IRRs is difficult because the industry doesn t have standard valuation methods. Finally, the pension funds said that the IRRs aren t especially meaningful in the

34 BE SEEN IN ALL THE RIGHT PLACES. Private Equity Analyst VentureWire LBO Wire We reach a global audience of professionals. So should you. Advertise with Dow Jones and be seen. For more information contact: James Lindquist [email protected] 2014 Dow Jones & Company, Inc. All rights reserved.

35 Guide to the Secondary Market [ 33 ] Sponsored Article The Rise of Real Estate Secondaries By ANDREI BROUGHAM of Greenhill Cogent Until recently, stakes in buyout funds accounted for the majority of funds sold in the secondary market. Although still an important source of supply today, the prevalence of buyout funds which now represent just under half of all secondary sales by number has given way to other private equity strategies. As a result, limited partners now have the opportunity to use the market to provide liquidity for any part of their alternative asset portfolios. This was demonstrated in 2014 by a dramatic surge in real estate secondaries. Historically hampered by a small buyer universe and weak pricing, the secondary market for real estate funds used to be very thin. As recently as 2010, average pricing for such funds was less than 50% of net asset value, and many real estate funds marketed failed to receive bids, resulting in dwindling volumes. By 2014, the transaction volume of real estate secondaries surged to $4 billion globally, the highest level ever recorded. Even more striking, LPs were able to fetch a whopping 90% of NAV on average for their real estate portfolios, also a record. What explains this dramatic rise in volume and pricing for what was until recently considered a niche segment? Firstly, there has been a sharp influx of real estate buyers over the past four years, as investors have been drawn to the sector not just to diversify away from large-cap buyouts, but also to gain exposure to a fast-growing sector of alternatives. Secondly, because of the health of the commercial real estate market and a strengthening overall economy, real estate valuations have rebounded sharply since the financial crisis. According to data provider Preqin Ltd., real estate assets under management reached a record $742 billion as of 2014, and real estate funds saw an average increase in NAV for 17 straight quarters to June Real estate funds generated annualized returns of 16.7% over the past three years, with 93% of institutional investors stating that fund performance has met or exceeded expectations. As a result of the continued strong performance of real estate funds, the market for real estate secondaries is the deepest it has ever been. Specialized real estate investors and dedicated real estate secondary funds remain the most active buyers in the sector, and their number and fund sizes have continued to swell. Some of the larger groups have seen commitments to their funds nearly double in the past few years, and today these buyers collectively command about $7 billion in dry powder dedicated to real estate secondaries. Not captured by this figure, however, are the many funds of funds and typical LPs such as family offices and endowments who also have entered the market as serious buyers. The upshot of more buyers in the market has been record pricing. More than 50% of real estate funds transacted in 2014 attracted bids at 90% of NAV or higher, and 95% received bids at 80% of NAV or higher. The increasing number of buyers alone has raised competition within the asset class, but more importantly, the sector expertise introduced by specialized buyers has elevated the market s underwriting capabilities and narrowed previously wide bidask spreads. Specialized real estate investors remain the dominant buyer group in the market and have proven themselves willing to pay up for diversified real estate portfolios. As the market matures, newer entrants such as funds of funds and typical LPs are expected to begin competing more aggressively, as they benefit from a lower cost of capital and unique insight into funds and underlying assets. The composition of the market for real estate secondaries closely mirrors the primary fundraising market. Three-fifths of the real estate funds sold in the secondary market invest in North America, a third in Europe and the remainder in Asia and the rest of the world. Opportunistic and valueadded real estate funds are dominant, and each account for one-third of the total market supply. General partner-led transactions (such as fund recapitalizations) have become common place in the buyout space and eventually are expected to become more widely adopted by real estate managers looking to expand their time horizons or maximize the value of older funds. The rise of the secondary market has equipped LPs with a powerful liquidity tool that now encompasses all alternative asset fund strategies. The tremendous growth of real estate secondaries over the past few years is a testament to that. A burgeoning buyside with sector-specific expertise has brought increased competition, fresh dry powder and strong pricing to a previously illiquid alternatives strategy. Similar developments are taking place in other alternative asset strategies such as energy, infrastructure, credit and funds of funds, and the secondary market is primed to become even more diverse over time. Andrei Brougham is a vice president at Greenhill Cogent, the secondary advisory business of Greenhill & Co. Mr. Brougham is responsible for all aspects of client engagements and transaction execution, including the preparation of engagement materials, valuation analysis, due diligence, structuring, marketing and closing. Prior to joining Greenhill Cogent, Mr. Brougham was an investment banker with Dresdner Kleinwort in its mergers and acquisitions group, where he focused on transactions in the financial services sector. Mr. Brougham holds a B.A. in philosophy, politics and economics from the University of Oxford.

36 [ 34 ] Guide to the Secondary Market Secondary Market Buyer Listings 17Capital LLP 32 Grosvenor Gardens London SW1W 0DH U.K. Phone: Pierre-Antoine de Selancy, Managing Partner [email protected] Augustin Duhamel, Managing Partner [email protected] Robert de Corainville, Partner [email protected] Total assets under management 800 million (preferred equity funds) Funds being invested 17Capital Fund III Size 500 million Year closed Capital Fund II Size 208 million Year closed Capital Fund I Size 88 million Year closed 2010 Minimum investment 5 million Maximum investment 300 million Abbott Capital Management 1290 Ave. of the Americas, Ninth Floor New York, NY Phone: Martha Cassidy, Director [email protected] Meredith Rerisi, Managing Director [email protected] Len Pangburn, Principal [email protected] 2014 secondary capital invested $60 million Capital investment plans in 2015 $50 million-%75 million Transaction value of largest deal closed in 2014 $18 million Minimum investment $1 million Maximum investment $60 million Aberdeen SVG Private Equity 1735 Market St., 32nd Floor Philadelphia, PA Phone: Marc Bonavitacola, Head of US Private Equity [email protected] $650 million Minimum investment $5 million Maximum investment $25 million secondary direct activities? No Abu Dhabi Investment Authority 211 Corniche Road, P.O. Box 3600 Abu Dhabi, UAE Phone: Fax: Mohammed Anwer Farooqi, Head, Secondaries & Private Debt [email protected] Richard Chow, Portfolio Manager, Secondaries [email protected] Richard Holden, Portfolio Manager, Credit [email protected] Emilio Olmos, Portfolio Manager, Secondaries [email protected] Minimum investment $50 million Access Capital Partners 121 ave. des Champs Elysées Paris France Phone: Fax: IT Tower, Ave. Louise 480 Brussels 1050 Belgium Phone: Fax: Central Court, 25 Southampton Buildings London WC2A IAL U.K. Eteläesplanadi 12 Helsinki 130 Finland Phone: Fax: Ludwig-Ganghofer-Strasse 6 Grünwald Germany Phone: Fax: One Royal Plaza, Royal Ave. Guernsey GY1 2HL U.K. Phone: u TO REPORT ISSUES OR CONTENT CORRECTIONS to the information contained within the following guides, contact the Dow Jones Private Markets Research department at [email protected].

37 Guide to the Secondary Market [ 35 ] Select Buyers Also Investing in Secondary Directs Abbott Capital Management 34 Accretive Capital Partners 35 Adams Street Partners LLC 35 Alpha Associates AG 36 AlpInvest Partners 36 Apposite Capital 37 Arcano Capital 37 ARCIS Group 37 Ardian 37 Auda Private Equity LLC 38 Bowside Capital 39 Coller Capital 39 Committed Advisors 39 Commonfund 40 DB Private Equity 40 Fondinvest Capital 41 Fort Washington Capital Partners 41 Galgano Corporate Finance 41 Goldman Sachs Group Inc. 42 Greenspring Associates 42 Hamilton Lane 42 HarbourVest Partners LLC 42 Idinvest Partners 43 IKE Capital Group 44 Industry Ventures 44 J.P. Morgan Asset Management 44 Kensington Capital Partners Ltd. 45 Lexington Partners 45 LGT Capital Partners 46 MidCoast Capital LLC` 46 Montana Capital Partners 46 Morgan Stanley Alternative Investment Partners 48 Mustang Capital Partners 48 Neuberger Berman 48 Newbury Partners 49 NewQuest Capital Partners 49 Northern Trust 49 Northleaf Capital Partners 50 Pantheon 50 Partners Group 50 PEI Funds 51 Permal Capital Management LLC 51 Pomona Capital 52 Portfolio Advisors LLC 53 Shackleton Ventures Ltd. 54 Sobera Capital 54 Stafford Capital Partners 54 StepStone Group 55 Top Tier Capital Partners 56 VCFA Group 56 Vintage Investment Partners 57 Willowridge Partners Inc. 57 Dominique Peninon, Chairman Agnès Nahum, Managing Partner Philippe Poggioli, Managing Partner Alexandre Delos, Partner, Buyouts Mikko Moilanen, Partner, Buyouts Frédéric Evain, Partner, Buyouts Aymeric Paul, Partner, Infrastructure Martial Lauby, Partner, Private Debt & Mezzanine Cécile Croissant, Partner, Investor Relations & Communication Participation in syndicates? No Accretive Capital Partners 777 S. Flagler Drive, Suite 800 W. West Palm Beach, FL Phone: Fax: Edwin Wang, Senior Managing Director [email protected] Minimum investment $5 million Maximum investment $200 million+ Select institutional backers HarbourVest Partners ACG Capital 49 Ave. d Iéna Paris France Phone: Fax: [email protected] Adams Street Partners LLC One North Wacker Drive, Suite 2200 Chicago, IL Phone: Fax: [email protected] 75 Davies St., Fourth Floor London W1K 5JN U.K. Phone: Fax: North Bridge Road, #140-2 Raffles City Tower Singapore Singapore Phone: Fax: Jianguo Road, Level 24, Tower 3, China Central Place Beijing China Phone: Fax: Sand Hill Road, Suite 100 Menlo Park, CA Phone: Fax: Otemachi Chiyoda-Ku, Level 27 Tokyo Sankei Building Tokyo Japan Phone: Fax: Jason Gull, Partner & Head of Secondary Investments [email protected] Jeff Akers, Partner [email protected] Troy Barnett, Partner [email protected] Greg Holden, Partner [email protected] Pinal Nicum, Partner [email protected] Joe Goldrick, Principal [email protected] Charlie Denison, Principal [email protected]

38 [ 36 ] Guide to the Secondary Market $5,000 million 2013 secondary capital invested $206 million 2014 secondary capital invested $498 million Capital investment plans in 2015 $500 million Transaction value of largest deal closed in 2014 $80 million Funds being invested Adams Street Global Secondary Fund V LP Size $1,050 million Year closed 2013 Adams Street Partners 2013 Annual Global Program Size $146 million (Size of allocation for secondary transactions) Year closed 2013 Adams Street Partners 2013 Annual Global Program Size $164 million (Size of allocation for secondary transactions) Year closed 2014 Adams Street Partners 2013 Annual Global Program Size $144 million (Size of allocation for secondary transactions) Year closed 2015 Minimum investment $10 million Investment preferences Minimum $5 million Allianz Capital Partners GmbH Theresienstrasse 6-8 Munich Germany Phone: Fax: [email protected] 1633 Broadway New York, NY Phone: Marina View Singapore Singapore Phone: Andress Goh, Investment Manager [email protected] Minimum investment 20 million Maximum investment 100 million Alpha Associates AG Talstrasse 80 Zurich 8004 Switzerland Phone: Fax: [email protected] Emanuel Eftimiu, Investor Relations Associate [email protected] 168 million 2013 secondary capital invested 23.3 million Capital investment plans in million Transaction value of largest deal closed in million Funds being invested Alpha Russia & CIS LP Size $107 million Year closed 2009 Minimum investment 1 million Maximum investment 30 million Investment preferences Minimum 5 million Maximum 25 million Select institutional backers U.S. Foundations AlpInvest Partners 299 Park Ave., Floor 36 New York, NY Phone: Fax: [email protected] Jacthavenweg 118 Amsterdam 1081-KJ Netherlands Phone: Fax: Citibank Tower, 3 Garden Road Hong Kong, China Phone: Fax: Chris Perriello, Managing Director [email protected] $9,700 million 2013 secondary capital invested $1,500 million 2014 secondary capital invested $1,500 million Capital investment plans in 2015 $1,500 million Transaction value of largest deal closed in 2014 $750 million Funds being invested AlpInvest Secondary Program V Size $4,500 million Year closed 2013 Future fundraising plans AlpInvest Secondary Program V Size $5,000 million Anticipated close date 2016 Minimum investment $10 million Maximum investment $1,000 million Investment preferences Minimum $10 million Maximum $1,000 million Select institutional backers APG, PGGM, Horeca, Municipal Employees Retirement System of Michigan

39 Guide to the Secondary Market [ 37 ] Altius Associates 20 Grosvenor Place London SW1X 7HN U.K. Phone: Fax: [email protected] 6641 W. Broad St., Suite 402 Richmond, VA Phone: Fax: #41-03, OCBC Centre, 65 Chulia St. Singapore Singapore Phone: Fax: Elvire Perrin, Partner & Executive Director [email protected] Maximum investment $20 million Participation in syndicates? No Apposite Capital 1 Friday St., Bracken House London EC4M 9JA U.K. Phone: [email protected] Valerie Auffray, Investor Relations [email protected] David Porter, Managing Partner [email protected] Arcano Capital Lopez de Hoyos 42 Madrid Spain Phone: Fax: [email protected] 477 Madison Ave., Suite 1230 New York, NY Phone: Fax: Jose Luis del Rio, Managing Partner [email protected] Ricardo Miró Quesada, CIO [email protected] Gonzalo Eguiagaray, Investment Officer [email protected] 700 million 2014 secondary capital invested 50 million- 100 million Capital investment plans in million- 100 million Minimum investment $1 million Investment preferences Minimum $1 million ARCIS Group Piccadilly London W1J 9EJ U.K. Phone: Fax: rue Galilée Paris France Phone: Fax: Madison Ave., Suite 1602 New York, NY Phone: Fax: Henri Isnard, Managing Director [email protected] Mark Burch, Managing Director [email protected] Romain Bouché, Partner [email protected] 500 million 2013 secondary capital invested 30 million Funds being invested Fund II Size 91 million Year closed 1999 Fund III Size 175 million Year closed 2004 Fund IV Size 354 million Year closed 2008 Future fundraising plans Fund V Size 350 million Anticipated close date N/A Minimum investment 1 million Maximum investment 100 million Ardian 20 Place Vendôme Paris France Phone: Fax: [email protected] 1370 Ave. of the Americas New York, NY Phone: Grafton St. London W1S 4FE U.K. Phone: Bahnhofstrasse 20 Zurich 8001 Switzerland Phone: An der Welle 4 Frankfurt Germany Phone: No.1 Jian Guo Men Wai Ave., Unit 20-22, Level 47, China World Tower Beijing China Phone: Dominique Senequier, President Vincent Gombault, Head of Funds of Funds & Private Debt Benoit Verbrugghe, Head, U.S. Olivier Decanniere, Head, U.K. Franck Nguyen, Senior Managing Director, Funds of Funds

40 [ 38 ] Guide to the Secondary Market Mark Benedetti, Managing Director, Funds of Funds Vladimir Colas, Managing Director, Funds of Funds Ingmar Vallano, Managing Director, Funds of Funds Jan Philipp Schmitz, Managing Director, Funds of Funds $30,000 million Transaction value of largest deal closed in 2014 $2,380 million Funds being invested ASF VI Size $9,000 million Year closed 2014 ASF V Size $7,100 million Year closed 2011 AXA Early Secondary Fund V Size $700 million Year closed 2012 AXA Early Secondary Fund IV Size $700 million Year closed 2007 Minimum investment $100 million Maximum investment $3,000 million Participation in syndicates? No AssetMetrix GmbH Ottostrasse 1 Munich Germany Phone: Moritz Haarmann, Analyst Auda Private Equity LLC 888 Seventh Ave., Floor 41 New York, NY Phone: Fax: [email protected] Am Pilgerrain 17 Bad Homburg Germany Phone: Fax: One Exchange Square, 8 Connaught Place, Suite 1704, 17th Floor Hong Kong, China Phone: Fax: No West Nanjing Road, 15th Floor, Tower 2, Plaza 66, Suite 1578 Shanghai China Phone: Fax: Portland House, Bressenden Place London SW1E 5RS U.K. Phone: Fax: Tim Brody, Managing Director [email protected] Marissa Rocker, Senior Associate [email protected] 2013 secondary capital invested $124 million 2014 secondary capital invested $201 million Capital investment plans in 2015 $100 million Transaction value of largest deal closed in 2014 $27 million Funds being invested Auda Secondary Fund III LP Size $332 million Year closed 2013 Various Auda Vehicles (Secondary Allocation) Size $40 million Year closed Various Auldbrass Partners 410 Park Ave., Suite 1510 New York, NY Phone: [email protected] 224 S. Michigan, Suite 425 Chicago, IL Phone: Ahmad Ali, Managing Director [email protected] Howard Sanders, Managing Director [email protected] Christopher Salley, Managing Director [email protected] Minimum investment $1 million Maximum investment $50 million BEX Capital 22 rue de la Paix Paris France Phone: [email protected] Benjamin Revillon, Managing Partner [email protected] Mathieu Bonnet, Investment Manager [email protected] 100 million Minimum investment 0.5 million Maximum investment 30 million secondary direct activities? No BlackRock Private Equity Partners 40 E. 52nd St., Second Floor New York, NY Phone: Steven Baumgarten, Director, Investor Relations [email protected]

41 Guide to the Secondary Market [ 39 ] Bowside Capital 211 King St., Suite 204 Charleston, SC Phone: Fax: Christian Albert, Managing Partner [email protected] Funds being invested Bowside Capital Fund III LP Size $37.7 million Year closed 2014 Minimum investment $0.25 million Maximum investment $5 million Participation in syndicates? No Investment preferences Minimum $0.25 million Maximum $5 million California Public Employees Retirement System 400 Q St. Sacramento, CA Phone: [email protected] Wylie A. Tollette, Chief Operating Investment Officer California State Teachers Retirement System 100 Waterfront Place Sacramento, CA Phone: Fax: Christopher J. Ailman, CIO Capital Dynamics 645 Madison Ave., 19th Floor New York, NY Phone: Fax: Joseph Marks, Managing Director [email protected] $550 million 2013 secondary capital invested $50 million 2014 secondary capital invested $150 million Capital investment plans in 2015 $125 million Transaction value of largest deal closed in 2014 $92 million Minimum investment $5 million Maximum investment $100 million secondary direct activities? No CMS Fund Advisors LLC 308 E. Lancaster Ave., Suite 300 Wynnewood, PA Phone: Fax: [email protected] William A. Landman, CIO [email protected] Coller Capital 33 Cavendish Square London W1G 0TT U.K. Phone: Third Ave. New York, NY Phone: Two International Finance Centre, Level 19 Central Hong Kong, China Phone: Jeremy Coller, CIO [email protected] $9,500 million 2014 secondary capital invested $1,670 million Funds being invested Coller International Partners VI Size $5,500 million Year closed 2012 Coller International Partners V Size $4,800 million Year closed 2007 Coller International Partners IV Size $2,600 million Year closed 2002 Minimum investment $1 million Maximum investment $1,000 million Committed Advisors 9 rue Daru Paris France Phone: Daniel Benin, Managing Partner [email protected] Barthelemy de Beaupuy, Managing Partner [email protected] JB Stock, Partner [email protected] Guillaume Valdant, Partner [email protected] $800 million Funds being invested Committed Advisors Secondary Fund II Size $500 million Year closed 2014 Minimum investment $1 million Maximum investment $100 million

42 [ 40 ] Guide to the Secondary Market Investment preferences Minimum $1 million Maximum $100 million Commonfund 15 Old Danbury Road Wilton, CT Phone: No. 3 Xin Yuan South Road, 17th Floor, Ping An International, Financial Tower B Beijing China 1 Northumberland Ave., First Floor, Trafalgar Square London WC2N 5BW U.K. 1 Embarcadero Center, Suite 1160 San Francisco, CA Cari Lodge, Managing Director [email protected] Greg Jansen, Managing Director [email protected] Minimum investment No minimum Maximum investment $100 million Investment preferences Minimum No minimum Maximum $100 million Commonwealth of PA, Public School Employees Retirement System 5 North 5th St., Fourth Floor Harrisburg, PA Phone: Fax: [email protected] Charles Spiller, Managing Director [email protected] CPP Investment Board 1 Queen St. E., Suite 2500 Toronto M5C 2W5 Canada Phone: Portman Square, Second Floor London W1H 6LT U.K. Yann Robard, Managing Director, Head of Secondaries & Co-Investments [email protected] Neal Costello, Senior Principal [email protected] Giorgio Riva, Principal [email protected] $6,000 million 2013 secondary capital invested $600 million 2014 secondary capital invested $1,200 million Capital investment plans in 2015 $1,000 million Transaction value of largest deal closed in 2014 $450 million Minimum investment $20 million Maximum investment No limit secondary direct activities? No Cubera Private Equity Sveavägen 17, 12th Floor Stockholm Sweden Phone: Till Gutzen, Partner [email protected] secondary direct activities? No DB Private Equity Pinners Hall, 105/108 Old Broad St. London EC2N 1EN U.K. Phone: [email protected] 345 Park Ave. New York, NY Carlo Pirzio-Biroli, Co-Head, Private Equity Secondaries [email protected] Charles Smith, Co-Head, Private Equity Secondaries [email protected] Adam Graev, Managing Director, Head of Americas [email protected] Chi Cheung, Director, Head of Europe [email protected] Francesco Rigamonti, Director [email protected] Deirdre Davies, Director [email protected] $3,000 million 2014 secondary capital invested $487 million Transaction value of largest deal closed in 2014 $218 million Funds being invested DB SOF III Size $1,650 million Year closed 2014 Minimum investment $5 million Maximum investment $500 million

43 Guide to the Secondary Market [ 41 ] DuPont Capital Management One Righter Parkway, Suite 3200 Wilmington, DE Phone: Fax: Carmen Gigliotti, CFA, Senior Advisor [email protected] Equistone Partners Europe Condor House, St Paul s Churchyard London EC4M 8AL U.K. Phone: Fax: Bank House, Eight Cherry St., First Floor Birmingham B2 5AL U.K. Phone: Fax: Centre d affaires Paris-Trocadéro, 112 Ave. Kléber Paris France Phone: Fax: Simon Brown, CFO [email protected] F&C Investment Business Ltd. 80 George St. Edinburgh EH2 3BU U.K. Phone: [email protected] Richard Nairn, Director, Private Equity Funds [email protected] 150 million 2013 secondary capital invested 20 million 2014 secondary capital invested 30 million Minimum investment 0.5 million Maximum investment 10 million secondary direct activities? No Fondinvest Capital 33 rue de la Baume, Second Floor Paris France Phone: Fax: [email protected] Charles Soulignac, Managing Partner [email protected] 330 million Future fundraising plans Fondinvest X Size 500 million Anticipated close date Q3/Q Minimum investment 0.5 million Maximum investment 50 million Participation in syndicates? No Fort Washington Capital Partners 303 Broadway, Suite 1200 Cincinnati, OH Phone: Fax: Phil Johnson, Senior Investment Manager [email protected] Joe Woods, Managing Director, Head of Secondary Investments [email protected] Paul Cohn, Managing Director [email protected] $411 million 2013 secondary capital invested $32.6 million 2014 secondary capital invested $15.6 million Capital investment plans in 2015 $53.7 million Transaction value of largest deal closed in 2014 $68 million Funds being invested Fort Washington Private Equity Opportunities Fund III LP Size $150 million Year closed 2014 Fort Washington Private Equity Opportunities Fund II LP Size $93 million Year closed 2008 WSL Partners LP Size $60 million Year closed 2003 Minimum investment $5 million Maximum investment $25 million Select institutional backers Western & Southern Financial Group Galgano Corporate Finance via Santo Stefano 17 Bologna Italy Phone: Fax: Katia Mengozzi, CFO [email protected]

44 [ 42 ] Guide to the Secondary Market Goldman Sachs Group Inc. 200 West St. New York, NY Phone: [email protected] River Court, 120 Fleet St. London EC4A 2BE U.K. 555 California St. San Francisco, CA Cheung Kong Center, 2 Queen s Road, 68th Floor Hong Kong, China 295 Chipeta Way Salt Lake City, UT Rua Leopoldo Couto Magalhães Junior Sao Paulo Brazil Harold Hope, Managing Director [email protected] Michael Brandmeyer, Managing Director [email protected] Stephen Lessar, Managing Director [email protected] $18,000 million Minimum investment $1 million Maximum investment $1,000 million Greenspring Associates 100 Painters Mill, Suite 700 Owings Mills, MD Phone: [email protected] Hunter Somerville, Principal [email protected] Brooke Pollack, Associate [email protected] $150 million 2014 secondary capital invested $20 million Transaction value of largest deal closed in 2014 $6 million Funds being invested Greenspring Global Partners VI Size $399 million Year closed 2014 Greenspring Secondaries Fund I Size $87 million Year closed 2014 Future fundraising plans Greenspring Global Partners VII Size $450 million Anticipated close date 2015 Minimum investment $1 million Maximum investment $30 million Investment preferences Minimum $1 million Maximum $30 million Hamilton Lane One Presidential Blvd., Fourth Floor Bala Cynwyd, PA Phone: Fax: Great George St. London SW1P 3AE U.K. Phone: Fax: St Georges Building, 2 Ice House St., Room , 10th Floor Hong Kong, China Phone: Fax: Fifth Ave., Suite 401 New York, NY Phone: Fax: Tom Kerr, Managing Director [email protected] Ryan Cooney, Vice President [email protected] $2,400 million 2013 secondary capital invested $397 million 2014 secondary capital invested $480 million Capital investment plans in 2015 $600 million Minimum investment $10 million Maximum investment $300 million Investment preferences Minimum $5 million Maximum $300 million HarbourVest Partners LLC One Financial Center, 44th Floor Boston, MA Phone: Fax: [email protected] China World Tower, One Jianguomenwai Ave., Suite 5608, 56th Floor Beijing China Phone: Fax: Carrera 7 #113-43, Oficina #904, Edificio Samsung Bogotá, Colombia Phone: Citibank Tower, 3 Garden Road, Suite 1207 Central Hong Kong, China Phone: Fax: Berkeley Square House, Eighth Floor London W1J 6DB U.K. Phone: Fax: Marunouchi Building, 26th Floor, Marunouchi, Chiyoda-ku Tokyo Japan Phone: Fax:

45 Guide to the Secondary Market [ 43 ] Jeff Keay, Managing Director - Boston [email protected] Brett Gordon, Managing Director - Boston [email protected] Fred Maynard, Managing Director - Boston [email protected] Mike Pugatch, Managing Director - Boston [email protected] John Toomey, Managing Director - Boston [email protected] Kevin Warn Schindel, Managing Director - Boston [email protected] David Atterbury, Managing Director - London [email protected] Peter Wilson, Managing Director - London [email protected] Tim Flower, Managing Director - Hong Kong [email protected] Sally Shan, Managing Director - Beijing [email protected] Tatsuya Kubo, Managing Director - Tokyo [email protected] $15,000 million 2013 secondary capital invested $1,000 million 2014 secondary capital invested $1,800 million Capital investment plans in 2015 $1,500 million Transaction value of largest deal closed in 2014 $305 million Funds being invested Dover Street Investment Program Minimum investment $20 million Maximum investment $1,000 million+ Headlands Capital Management LLC One Ferry Building, Suite 255 San Francisco, CA Phone: [email protected] Headway Capital Partners LLP 25 Maddox St., Second Floor London W1S 2QN U.K. Phone: Fax: [email protected] Laura Shen Lefranc, Cofounder & Partner [email protected] Minimum investment 1 million Maximum investment 30 million Helmsman Capital 23 Hunter St., Suite 503 Sydney, NSW 2000 Australia Phone: Fax: [email protected] Ian Johnson, Managing Director [email protected] Henderson Global Investors 201 Bishopsgate London EC2M 2AE U.K. Phone: Fax: Jardine House, One Connaught Place, Suites Hong Kong, China Phone: Fax: Guy Pigache, Partner [email protected] Horsley Bridge Partners 505 Montgomery St., 21st Floor San Francisco, CA Phone: Fax: [email protected] Fred Berkowitz, Managing Director [email protected] Idinvest Partners 117 ave. des Champs Elysèes, Fifth Floor Paris France Phone: Fax: Christophe Simon, Partner [email protected] 600 million 2013 secondary capital invested 100 million 2014 secondary capital invested 100 million Funds being invested Idinvest Secondary Fund II Size 250 million Year closed 2013 Future fundraising plans Idinvest Secondary Fund III Size 500 million Anticipated close date 2015 Minimum investment 5 million Maximum investment 50 million Investment preferences Minimum 5 million Maximum 150 million

46 [ 44 ] Guide to the Secondary Market IKE Capital Group 100 Wilshire Blvd. Santa Monica, CA Simonetta Bonaventura, CMO [email protected] Industriens Pensionsforsikring A/S Noerre Farimagsgade 3 Copenhagen 1364 Denmark Phone: Fax: Soren Thinggaard Hansen, Head of Private Equity [email protected] Kasper Struve, Director, Private Investments [email protected] Christian Broenden, Director, Private Investments [email protected] $22 million 2013 secondary capital invested $12 million 2014 secondary capital invested $30 million Minimum investment $5 million Maximum investment $30 million secondary direct activities? No Industry Ventures 30 Hotaling Place, Third Floor San Francisco, CA Phone: [email protected] 204 South Union St. Alexandria, VA Lena McNulty, Investor Relations [email protected] $1,750 million Funds being invested Industry Ventures Fund VI Size $404 million Year closed 2011 Industry Ventures Partnership Holdings II Size $54 million Year closed 2011 Industry Ventures Secondary VII Size $425 million Year closed 2013 Industry Ventures Partnership Holdings III LP Size $170 million Year closed 2014 Invesco Institutional 1555 Peachtree St. NE, Suite 1800 Atlanta, GA Phone: Mary Frances Kelley, General Partner [email protected] Phillip M. Shaw, General Partner [email protected] Investment Fund for Foundations 170 N. Radnor Chester Rd., Suite 300 Radnor, PA Phone: Fax: [email protected] Stephen Vicinelli, Managing Director & Deputy CIO [email protected] Minimum investment $1 million Maximum investment $50 million J.P. Morgan Asset Management 320 Park Ave., 15th Floor New York, NY Phone: Fax: Amanda Wilson, Executive Director [email protected] Anthony Roscigno, Managing Director [email protected] Dana Haimoff, Managing Director [email protected] Irene Koh, Vice President [email protected] Jolimont Capital Pty Ltd. 133 Flinders Lane, Level One Melbourne, VIC 3000 Australia Phone: Fax: Charles Gillies, Managing Partner [email protected] Lex McArthur, Managing Partner [email protected] Teresa Engelhard, Managing Partner [email protected] Carol Sullivan, CFO [email protected] Minimum investment $3 million Maximum investment $10 million

47 Guide to the Secondary Market [ 45 ] Kensington Capital Partners Ltd. 95 St. Clair Ave. W., Suite 905 Toronto, ON M5P 1W6 Canada Phone: Fax: Peter Fink, Senior Vice President [email protected] 2013 secondary capital invested $410 million Funds being invested Kensington Private Equity Fund Size $80 million Year closed Evergreen Future fundraising plans Kensington Private Equity V Size $150 million Anticipated close date Q Minimum investment $5 million Maximum investment $30 million Investment preferences Minimum $5 million Maximum $50 million Landmark Partners 10 Mill Pond Lane Simsbury, CT Phone: Franklin St., 18th Floor Boston, MA Phone: Fifth Ave., 14th Floor New York, NY Phone: Jermyn St. London SW1Y 6LX U.K. Phone: Emily-Jane Finigan, Vice-President, Investor Relations & Business Development [email protected] Geoffrey Mullen, Managing Director, Investor Relations & Business Development [email protected] Chad Alfeld, Partner [email protected] $14,900 million Funds being invested Landmark Equity Partners XV Size $3,250 million Year closed 2014 Lexington Partners 660 Madison Ave., 23rd Floor New York, NY Phone: Fax: [email protected] 111 Huntington Ave., Suite 3020 Boston, MA Phone: Fax: Sand Hill Road, Building 1, Suite 220 Menlo Park, CA Phone: Fax: Berkeley St. London W1J 8HA U.K. Phone: Fax: /F York House, The Landmark, 15 Queen s Road Central Central Hong Kong, China Phone: Fax: Brent Nicklas, Managing Partner [email protected] Kirk Beaton, Partner [email protected] Duncan Chapman, Partner [email protected] Thomas Giannetti, Partner & CFO [email protected] Charles Grant, Partner [email protected] Rebecca John, Partner, Investor Relations [email protected] Tom Newby, Partner [email protected] Marshall Parke, Partner [email protected] Pål Ristvedt, Partner [email protected] John Rudge, Partner [email protected] Lee Tesconi, Partner [email protected] Wilson Warren, Partner [email protected] Victor Wu, Partner [email protected] Mark Andrew, Principal [email protected] Anthony Garton, Principal, Investor Relations [email protected] Timothy Huang, Principal [email protected] Jennifer Kheng, Principal [email protected] José Sosa del Valle, Principal [email protected] $29,200 million 2013 secondary capital invested $2,300 million 2014 secondary capital invested $6,400 million Transaction value of largest deal closed in 2014 $2,000 million Funds being invested Lexington Capital Partners VIII Size $10,100 million Year closed 2015 Lexington Middle Market Investors III Size $1,070 million Year closed 2014 Lexington Emerging Partners Size $150 million Year closed 2013 Minimum investment $1 million Maximum investment $2,000 million Select institutional backers Over 300 leading corporate and public pension funds, sovereign wealth funds, insurance companies, financial institutions, endowments, foundations and family offices from more than 30 countries.

48 [ 46 ] Guide to the Secondary Market LGT Capital Partners Schuetzenstrasse 6 Pfaeffikon 8808 Switzerland Phone: Fax: [email protected] 1133 Ave. of the Americas New York, NY Phone: Fax: Two Exchange Square, 8 Connaught Place, Suite 4203 Hong Kong, China Phone: Fax: Ivan Vercoutere, Managing Partner [email protected] Andre Aubert, Partner [email protected] Sascha Gruber, Partner [email protected] Brooke Zhou, Executive Director [email protected] $6,200 million 2013 secondary capital invested $452 million 2014 secondary capital invested $610 million Capital investment plans in 2015 $735 million Funds being invested Crown Global Secondaries III Size $2,000 million Year closed 2013 Minimum investment $5 million Maximum investment $750 million Investment preferences Minimum $5 million Maximum $300 million Liquid Realty Partners 199 E. Linda Mesa, Suite 10 Danville, CA Phone: [email protected] Scott Landress, CEO [email protected] Live Oak Capital 25 Highland Park Village, # Dallas, TX Phone: Fax: Harbert Mulherin, Managing Partner [email protected] Minimum investment $1 million Maximum investment $10 million MidCoast Capital LLC 259 N. Radnor-Chester Road, Suite 210 Radnor, PA Phone: Fax: Stephen Harris, Managing Principal [email protected] Michael Cuneo, Managing Principal [email protected] $10 million 2013 secondary capital invested $0.3 million 2014 secondary capital invested $0.1 million Capital investment plans in 2015 $1 million Transaction value of largest deal closed in 2014 $0.65 million Funds being invested Diversified Private Equity Investors II LP Size $3 million Year closed 1995 Diversified Private Equity Investors IV LP Size $3 million Year closed 2012 Future fundraising plans Diversified Private Equity Investors V LP Size $5 million Anticipated close date Q Minimum investment $0.1 million Maximum investment $4 million Investment preferences Minimum $0.05 million Maximum $6 million Select institutional backers TDH Capital Montana Capital Partners Haldenstrass 1 Baar 6340 Switzerland Phone: [email protected] Marco Wulff, Partner Christian Diller, Partner Minimum investment 1 million Maximum investment 30 million Investment preferences Minimum 1 million Maximum 30 million

49 April 2015 $10,100,000,000 Lexington Capital Partners VIII, L.P. THIS PARTNERSHIP HAS BEEN ESTABLISHED TO ACQUIRE A DIVERSIFIED PORTFOLIO OF PRIVATE EQUITY AND ALTERNATIVE INTERESTS IN THE GLOBAL SECONDARY MARKET. New York 660 Madison Avenue, New York, NY Boston 111 Huntington Avenue, Suite 3020, Boston, MA Menlo Park 3000 Sand Hill Road, 1-220, Menlo Park, CA London 50 Berkeley Street, London W1J 8HA Hong Kong 15/F York House, The Landmark, 15 Queen's Road Central, Central, Hong Kong [email protected]

50 [ 48 ] Guide to the Secondary Market Montauk TriGuard Management LLC 300 Spectrum Center Drive, Suite 880 Irvine, CA Phone: Fax: [email protected] Samuel Tang, Cofounder & Managing Partner [email protected] Ronn C. Cornelius, Cofounder & Managing Partner [email protected] Edgar J. Pfohl, Cofounder & Principal [email protected] Brian M. Smith, Cofounder & Principal [email protected] Minimum investment $1 million Maximum investment $60 million Morgan Stanley Alternative Investment Partners One Tower Bridge, 100 Front St. West Conshohocken, PA Phone: Nicole Wiley, Vice President [email protected] Jon Costello, Managing Director, Head of Secondaries team [email protected] $2,100 million 2013 secondary capital invested $310 million 2014 secondary capital invested $244 million Funds being invested AIP Global Secondary Opportunities Fund II Size $771 million Year closed 2013 AIP Private Markets Fund VI Size $811 million Year closed 2015 Minimum investment $5 million Maximum investment $25 million MSD Capital 645 Fifth Ave., 21st Floor New York, NY Phone: Fax: [email protected] Glen R. Fuhrman, Cofounder & Managing Partner John C. Phelan, Cofounder & Managing Partner Mustang Capital Partners 4643 S. Ulster St., Suite 700 Denver, CO Phone: Parker Brophy, Managing Director [email protected] Minimum investment <$1 million Maximum investment $200 million Natixis Global Asset Management 21 quai d Austerlitz Paris France Phone: Fax: Dominique Sabassier, CEO Minimum investment 1 million Maximum investment 10 million + Neuberger Berman 605 Third Ave., 22nd Floor New York, NY Phone: Brian Talbot, Managing Director [email protected] Tristram Perkins, Managing Director [email protected] Ethan Falkove, Managing Director [email protected] Ben Perl, Principal [email protected] $4,500 million 2013 secondary capital invested $200 million Funds being invested NB Secondary Opportunities Fund III LP Size $2,000 million Year closed 2013 NB Secondary Opportunities Fund II LP Size $1,700 million Year closed 2008 NB Secondary Opportunities Fund LP Size $800 million Year closed 2005 Minimum investment $1 million Maximum investment $1 million Investment preferences Minimum $5 million Maximum $1,000 million New Jersey State Investment Council 50 West State St., Ninth Floor Trenton, NJ Phone: Fax: Maneck Kotwal, Investment Officer [email protected]

51 Guide to the Secondary Market [ 49 ] Newbury Partners 100 First Stamford Place Stamford, CT Phone: Fax: Chris Jaroch, Managing Director [email protected] Warren Symon, Managing Director [email protected] $2,825 million 2013 secondary capital invested $300 million 2014 secondary capital invested $300 million Capital investment plans in 2015 $300 million Funds being invested Newbury Equity Partners III Size $1,100 million Year closed 2014 Minimum investment $1 million Maximum investment $250 million Investment preferences Minimum $1 million Maximum $250 million NewQuest Capital Partners Prosperity Tower, 39 Queen s Road Central, 29th Floor Central, Hong Kong Phone: Fax: [email protected] Bonnie Lo, Partner [email protected] $700 million 2013 secondary capital invested $50 million 2014 secondary capital invested $100 million Capital investment plans in 2015 $60 million Transaction value of largest deal closed in 2014 $100 million Funds being invested NewQuest Asia Fund I Size $400 million Year closed 2011 NewQuest Asia Fund II Size $326 million Year closed 2013 Minimum investment $15 million Maximum investment $50 million Investment preferences Minimum $15-20 million (single or two companies) Maximum $200 million+ Select institutional backers HarbourVest, LGT Capital Partners, Paul Capital, Axiom Asia Nordea Regeringsgatan 59, Third Floor Stockholm Sweden Phone: Fax: Eivind Lorgen, Head, Alternatives & Manager Selection NorgesInvestor Haakon VIIs Gate 6 Oslo 161 Norway Phone: Dylan Wolff, Managing Director [email protected] Minimum investment NOK0.1 million Maximum investment NOK10 million secondary direct activities? No Northern Trust 181 West Madison St., 12th Floor Chicago, IL Phone: alternative-investments/private-equity Adam Freda, Vice President [email protected] Nicholas Lawler, Second Vice President [email protected] $270 million 2013 secondary capital invested $21 million 2014 secondary capital invested $62 million Capital investment plans in 2015 $75 million Transaction value of largest deal closed in 2014 $20 million Funds being invested Private Equity Secondary Opportunities Fund Size $106 million Year closed 2013 Minimum investment $1 million Maximum investment $30 million

52 [ 50 ] Guide to the Secondary Market Northleaf Capital Partners 79 Wellington Street W., Sixth Floor, Box 120 Toronto, ON M5K 1N9 Canada Phone: Fax: [email protected] 14 Waterloo Place, Fourth Floor London SW1Y 4AR U.K. Phone: Fax: Sand Hill Road, Building 1, Suite 230 Menlo Park, CA Phone: Fax: Daniel Dupont, Managing Director [email protected] $1,000 million 2013 secondary capital invested $13 million 2014 secondary capital invested $130 million Capital investment plans in 2015 $250 million Transaction value of largest deal closed in 2014 $77 million Funds being invested Northleaf Secondary Partners Size $254 million Year closed 2013 Northleaf Global Private Equity VI Size $500 million Year closed 2013 Segregated Fund I Size $150 million Year closed 2014 Future fundraising plans Northleaf Secondary Partners II Size $300 million Anticipated close date 2016 Minimum investment $5 million Maximum investment $100 million Investment preferences Minimum $20 million Maximum $80 million Ontario Teachers Pension Plan 5650 Yonge St., Third Floor Toronto, ON M2M 4H5 Canada Phone: Fax: [email protected] Leconfield House, Curzon St. London W1J 5JA U.K. Phone: Ron Mock, President & CEO Pantheon Norfolk House, 31 St. James s Square London SW1Y 4JR U.K. Phone: Fax: [email protected] 1095 Ave. of the Americas, 32nd Floor New York, NY Phone: Fax: Transamerica Center, 600 Montgomery St., 23rd Floor San Francisco, CA Phone: Fax: Two Exchange Square, 8 Connaught Place, Suite , 30th Floor Hong Kong, China Phone: Fax: Elly Livingstone, Partner & Head of Secondaries [email protected] $5,507 million 2013 secondary capital invested $840 million 2014 secondary capital invested $1,000 million Funds being invested Pantheon Global Secondary Fund V Paragon Partners GmbH Leopoldstrasse 12 Munich Germany Phone: Fax: [email protected] Edin Hadzic, Cofounder & Managing Partner [email protected] Krischan von Moeller, Cofounder & Managing Partner [email protected] Nils Ludwig, Investment Director Minimum investment 50 million Maximum investment 200 million Participation in syndicates? No Select institutional backers Alpinvest, HarbourVest Partners Group Zugerstrasse 57 Baar-Zug 6341 Switzerland Phone: [email protected] Alexander von Wolffradt, Public Relations [email protected] 2013 secondary capital invested $2,700 million 2014 secondary capital invested $3,000 million Funds being invested Partners Group Secondary 2004 Size 430 million Year closed 2004 Partners Group Secondary 2006 Size 1,000 million Year closed 2006

53 Guide to the Secondary Market [ 51 ] Partners Group Secondary 2008 Size 2,500 million Year closed 2009 Partners Group Secondary 2011 Size 2,000 million Year closed 2012 Minimum investment $25 million Maximum investment $250 million Participation in syndicates? No Pathway Capital Management LP 2211 Michelson Drive, Ninth Floor Irvine, CA Phone: Division Road, Suite 305 West Warwick, RI Phone: Bedford St. London WC2E 9HE U.K. Phone: Two Exchange Square, 8 Connaught Place, Level 8 Hong Kong, China Phone: Pete Veravanich, Director [email protected] Participation in syndicates? No secondary direct activities? No Paul Capital 575 Market St., Suite 2500 San Francisco, CA Phone: Fax: [email protected] Philip Jensen, Partner & CFO [email protected] PEI Funds 505 Park Ave., Fourth Floor New York, NY Phone: Fax: [email protected] Gunnar Fremuth, Managing Director [email protected] David Parshall, Managing Director [email protected] Chuck Stetson, Managing Director [email protected] Ben Wilson, Managing Director [email protected] Edward Muradian, Controller [email protected] Minimum investment $1 million Maximum investment $50 million Performance Equity Management Two Pickwick Plaza, Suite 310 Greenwich, CT Phone: Fax: [email protected] Charles Froland, CEO & CIO [email protected] Permal Capital Management LLC The Prudential Tower, 800 Boylston St., Suite 1325 Boston, MA Phone: Fax: Third Ave., 27th Floor New York City, NY Phone: Fax: Mike D Agostino, Managing Director [email protected] Red Barrett, President & CEO [email protected] Robert DiGeronimo, Managing Director [email protected] Ben Marino, Managing Director, CFO & CCO [email protected] Adriaan Zur Muhlen, Managing Director [email protected] David Navins, Principal [email protected] Aaron Bright, Principal [email protected] $1,370.9 million 2013 secondary capital invested $86.7 million 2014 secondary capital invested $343.3 million Capital investment plans in 2015 $150 million Transaction value of largest deal closed in 2014 $93 million Future fundraising plans Permal Private Equity Opportunities V LP Size $450 million Anticipated close date 10/24/2015 Minimum investment $1 million Maximum investment $100 million PGGM Noordweg Noord 150 Zeist 3704 JG Netherlands Phone: Berend Schiphorst, Investment Manager [email protected] 2014 secondary capital invested 200 million Capital investment plans in million

54 [ 52 ] Guide to the Secondary Market Minimum investment 5 million Maximum investment 150 million secondary direct activities? No PineBridge Investments 399 Park Ave., Fourth Floor New York, NY Phone: Fax: glo_secondaries-marketinfo@ pinebridge.com Steven Costabile, Managing Director Minimum investment $10 million Maximum investment $1,000 million Pomona Capital 780 Third Ave., 46th Floor New York, NY Phone: Fax: [email protected] 15 Portland Place London W1B 1PT U.K. Phone: Fax: Entertainment Building, 30 Queen s Road Central, Suite 28A, 28th Floor Hong Kong, China Phone: Fax: Clarence St., Level 12 Sydney, NSW 2000 Australia Phone: Fran Janis, Senior Partner [email protected] Lorraine Hliboki, Partner [email protected] Oliver Gardey, Partner [email protected] Douglas Kelly, Partner [email protected] Jim Rorer, Partner [email protected] John Stephens, Managing Director [email protected] Vivian Flynn, Managing Director, Investor Relations [email protected] Funds being invested Pomona Capital VIII LP Size $1,700 million Year closed 2014 Minimum investment $25 million Maximum investment $100 million LOOK BEFORE YOU REAP Spotting opportunities in today s global markets is no easy task. Especially when there are dangers out there you never saw coming. Dow Jones Risk & Compliance is here to help. With an exclusive content set, market-leading tools and due diligence reports to help you assess and monitor high-risk situations. So you can seize the moment and the rewards. dowjones.com/risk Know What You re Getting Into Dow Jones & Company, Inc. All rights reserved. R&C_PE&VC_7.25x4.75-4C_QP.indd 1 10/14/14 11:57 AM

55 Guide to the Secondary Market [ 53 ] Portfolio Advisors LLC 9 Old Kings Highway S. Darien, CT Phone: Fax: Seefeldstrasse 35 Zurich 8008 Switzerland Phone: Fax: Alexandra House, 18 Chater Road, 33rd Floor Hong Kong, China Phone: Fax: Hugh Perloff, Managing Director [email protected] Ryan Butler, Managing Director [email protected] Patrick Gerbracht, Managing Director [email protected] $3,000 million 2013 secondary capital invested $700 million 2014 secondary capital invested $500 million Capital investment plans in 2015 $500 million Transaction value of largest deal closed in 2014 $100 million Funds being invested Portfolio Advisors Secondary Fund II LP Size $910 million Year closed 2013 Portfolio Advisors Real Estate Fund V LP Size $400 million Year closed 2014 Portfolio Advisors Asia Fund IV LP Size $200 million Year closed 2015 Portfolio Advisors Credit Strategies Fund LP Size $250 million Year closed 2015 Minimum investment $1 million Maximum investment $500 million Investment preferences Minimum $1 million Maximum $100 million Private Advisors LLC 901 E. Byrd St., Suite 1400 Richmond, VA Phone: Fax: W. 2nd St., Suite 940 Cleveland, OH Phone: Melissa Gregory Garrett, VP [email protected] Minimum investment $5 million Maximum investment $25 million RCP Advisors 100 N. Riverside Plaza, Suite 2400 Chicago, IL Phone: Fax: [email protected] Michael Feinglass, Principal, Sourcing [email protected] Minimum investment $3 million Maximum investment $30 million Rho Fund Investors 152 W. 57th St., Carnegie Hall Tower, 23rd Floor New York, NY Phone: Fax: [email protected] 525 University Ave., Suite 1350 Palo Alto, CA Phone: Fax: McGill College Ave., Suite 840 Montreal, QC H3A 3J6 Canada Phone: Fax: Robert Osterrieth, Partner Minimum investment $1 million Maximum investment $10 million Robeco Private Equity Coolsingel 120 Rotterdam 3011 AG Netherlands Phone: Fax: [email protected] 909 Third Ave., 32nd Floor New York, NY Phone: Fax: Josefstrasse 218 Zurich 8005 Switzerland Phone: Fax: Mikan van Zanten, Managing Director, Luxembourg [email protected] Minimum investment $5 million Maximum investment $50 million San Francisco Employees Retirement System 30 Van Ness Ave., Suite 3000 San Francisco, CA Phone: [email protected] Arthur Wang, Managing Director, Private Markets

56 [ 54 ] Guide to the Secondary Market SCM Strategic Capital Management Kasernenstrasse 77b Zurich 8004 Switzerland Phone: Fax: [email protected] China Building, 29 Queen s Road Central, 17th Floor Hong Kong, China Phone: Fax: , Rue Jean-Pierre Brasseur Luxembourg 1258 Luxembourg Phone: Ralph Aerni, CIO Shackleton Ventures Ltd Jewry St. Winchester SO23 8RZ U.K. Phone: [email protected] 41 Charlotte Square Edinburgh EH2 4HQ U.K. Phone: Hugh Stewart, Managing Partner [email protected] Funds being invested Shackleton Secondaries LP Size 20 million Shackleton Secondaries II LP Size 25 million SL Capital Partners 1 George St. Edinburgh EH2 2LL U.K. Phone: Fax: Beacon St., 34th Floor Boston, MA Phone: Fax: Patrick Knechtli, Partner [email protected] Graeme Gunn, Partner [email protected] Stewart Hay, Partner [email protected] 600 million Minimum investment 1 million Maximum investment 100 million secondary direct activities? No Sobera Capital Markgrafenstrasse 33 Berlin Germany Phone: Fax: [email protected] Johannes Rabini, Managing Partner [email protected] Stefan Beil, Managing Partner [email protected] 57 million 2013 secondary capital invested 22 million 2014 secondary capital invested 20 million Funds being invested TCF II Year closed 2007 Sobera Capital Fund I Year closed 2012 Sobera Capital Fund II Year closed 2013 Future fundraising plans Sobera Capital Fund III Size 100 million Anticipated close date Q Minimum investment 5 million Maximum investment 15 million Participation in syndicates? No Investment preferences Minimum 1 million Maximum 100 million Stafford Capital Partners 700 Larkspur Landing Circle, Suite 267 Larkspur, CA Phone: Old Bond St., Fourth Floor London W1S 4AW U.K. Phone: Gloucester St., Terrace 1, The Rocks Sydney, NSW 2000 Australia Phone: State St., Ninth Floor Boston, MA Phone: Jeffrey Reed, Partner [email protected] Matthew McPhee, Partner - Infrastructure [email protected] Tom Goodrich, Partner - Timber [email protected] Daniel Bowden, Partner - Private Equity, Australia [email protected] Lucy Nicholls, Partner - Private Equity, Europe [email protected]

57 Guide to the Secondary Market [ 55 ] $1,400 million Minimum investment $1 million Maximum investment $75 million StepStone Group 505 Fifth Ave., 17th Floor New York, NY Phone: Fax: [email protected] 4350 La Jolla Village Drive, Suite 800 San Diego, CA Phone: Fax: St James s St. London SW1A 1LD U.K. Phone: Fax: Beijing Kerry Centre, One Guang Hua Road, North Tower, 20th Floor, Suite Beijing, China Phone: Fax: Thomas Bradley, Partner [email protected] Mark Maruszewski, Partner [email protected] Michael McCabe, Partner [email protected] $2,500 million 2013 secondary capital invested $267 million 2014 secondary capital invested $350 million Funds being invested StepStone Secondary Opportunities Fund II Size $460 million Year closed 2013 StepStone Separately Managed Accounts Size $584 million Year closed StepStone International Investors IV Size 180 million Year closed 2013 Future fundraising plans StepStone Secondary Opportunities Fund III Size TBC Anticipated close date 2015 Minimum investment $1 million Maximum investment $200 million Investment preferences Minimum $1 million Maximum $200 million Stripes Group 402 W. 13th St., 11th Floor New York, NY Phone: Fax: [email protected] Jason Santiago, VP, Business Development [email protected] Minimum investment $10 million Maximum investment $35 million SunAmerica Asset Management LLC Harborside Financial Center, 3200 Plaza 5 Jersey City, NJ Phone: [email protected] Kara Murphy, CIO Susquehanna International Group 401 City Ave., Suite 220 Bala Cynwyd, PA Phone: Fax: Symmetry Investment Advisors Inc. 374 South Ave. Glencoe, IL Phone: Fax: [email protected] 143 Jasie Ln Santa Rosa, CA Phone: Larry Wonnacott, Principal [email protected] $20 million Minimum investment $0.1 million Maximum investment $20 million secondary direct activities? No

58 [ 56 ] Guide to the Secondary Market Telemus Capital Partners Two Towne Square, Suite 800 Southfield, MI Phone: Fax: Miller Ave., Suite 300 Ann Arbor, MI Phone: Fax: Gary Ran, Chairman & Partner [email protected] Top Tier Capital Partners 600 Montgomery St., Suite 480 San Francisco, CA Phone: Fax: Bedford Road, Suite 201C Pleasantville, NY Phone: Fax: Dan Townsend, Managing Director [email protected] David York, CEO, Managing Director [email protected] Garth Timoll, Principal [email protected] $1,000 million 2013 secondary capital invested $40 million 2014 secondary capital invested $50 million Capital investment plans in 2015 $100 million Transaction value of largest deal closed in 2014 $20 million Minimum investment $5 million Maximum investment $50 million Investment preferences Minimum $5 million Maximum $50 million Travelers Companies 485 Lexington Ave. New York, NY Phone: Scott Haniford, Managing Director [email protected] Triginta Capital GmbH Kreuzstrasse 34 Düsseldorf Germany Phone: Fax: [email protected] Markgrafenstrasse 33 Berlin Germany Phone: Fax: Peter Folle, Managing Partner Unigestion 8c Ave. de Champel, P.O. Box 387 Geneva 1211 Switzerland Phone: [email protected] 105 Piccadilly London W1J 7NJ U.K. Phone: Plaza 10, Harborside Financial Center, Suite 203 Jersey City, NJ Phone: Hanspeter Bader, Managing Director & CFA [email protected] Minimum investment 5 million Maximum investment 50 million VCFA Group 509 Madison Ave., Suite 1400 New York, NY Phone: Fax: Dayton Carr, Founder [email protected] Edward Hortick, Managing Director [email protected] Steven Taubman, Managing Director [email protected] David Tom, Managing Director [email protected] $730 million Funds being invested VCFA Venture Partners V LP Size $250 million Year closed 2006 VCFA Private Equity Partners IV LP Size $250 million Year closed 2004 Investment preferences Minimum $1 million Maximum $100 million VenCap International PLC King Charles House, Park End St. Oxford OX1 1JD U.K. Phone: Fax: [email protected] Tim Cruttenden, CEO [email protected] Minimum investment No minimum Participation in syndicates? No

59 Guide to the Secondary Market [ 57 ] Venture Investment Associates 88 Main St. Peapack, NJ Phone: [email protected] 228 Hamilton Ave., Third Floor Palo Alto, CA secondary direct activities? No Vintage Investment Partners 12 Abba Eban Ave., 10th Floor Herzliya Pituach, Israel Phone: Abe Finkelstein, General Partner [email protected] $350 million Transaction value of largest deal closed in 2014 $12 million Funds being invested Vintage VI Size $161 million Year closed 2013 Vintage VII Size $144 million Year closed 2014 Minimum investment $1 million Maximum investment No limit Investment preferences Minimum $1 million Maximum No maximum von Braun & Schreiber Private Equity Partners GmbH Ottostrasse 1 Munich Germany Phone: Fax: [email protected] Emmeram von Braun, Managing Director Minimum investment $1 million Maximum investment $50 million WealthCap Am Eisbach 3 Munich Germany Phone: Fax: [email protected] Willowridge Partners Inc. 122 E. 42nd St., 37th Floor New York, NY Phone: Fax: [email protected] Luisa Hunnewell, Manager [email protected] $900 million 2013 secondary capital invested $135 million 2014 secondary capital invested $140 million Capital investment plans in 2015 $145 million Transaction value of largest deal closed in 2014 $25 million Funds being invested Amberbrook VI LLC Size $400 million Year closed 2012 Minimum investment $0.5 million Maximum investment $40 million Investment preferences Minimum $0.5 million Maximum $80 million Wilshire Private Markets Group 1299 Ocean Ave., Suite 700 Santa Monica, CA Phone: Fax: [email protected] 23 Austin Friars London EC2N 2QP U.K. Phone: Fax: Amanda Ulczynski, VP [email protected] Winchester Capital Group Winchester House, 445 Orange St. New Haven, CT Phone: Fax: [email protected] 33 St. James s Square London SW1Y 4JS U.K. Phone: Fax: Ceasar Nicholas Anquillare, President & CEO

60 [ 58 ] Guide to the Secondary Market Secondary Direct Manager Listings Akkadian Ventures 3741 Buchanan St., Suite 3 San Francisco, CA Phone: Benjamin Black, Managing Director [email protected] $120 million 2013 secondary capital invested $25 million 2014 secondary capital invested $30 million Capital investment plans in 2015 $30 million Funds being invested Akkadian Ventures III Size $69 million Year closed 2014 Annex Capital Group LLC 599 Lexington Ave., 18th Floor New York, NY Phone: Fax: [email protected] Amant Dewan, Principal [email protected] Select portfolios acquired Original manager Citicorp Venture Capital Year acquired 2009 Transaction price $50 million Original manager Dresdner Bank Year acquired 2004 Transaction price $100 million Minimum $300 million Maximum $450 million Select institutional backers Coller Capital Cipio Partners Palais am Lenbachplatz, Ottostrasse 8 Munich Germany Phone: Fax: [email protected] 560 S. Winchester Blvd., Suite 500 San Jose, CA Phone: Fax: Tom S. Anthofer, Managing Partner [email protected] Werner Dreesbach, Managing Partner [email protected] Hans-Dieter Koch, Managing Partner & Director [email protected] Select portfolios acquired Original manager Corporate venture assets of Infineon Technologies Minimum $5 million Maximum $100 million+ DFJ Esprit Secondaries LLP 14 Buckingham Gate, London SW1E 6LB U.K. Phone: Fax: Olav Ostin, Managing Partner [email protected] Select portfolios acquired Original manager WestLB Year acquired 2004 Original manager Siemens Year acquired 2005 Original manager Cazenove Year acquired 2006 Transaction price 80 million Original manager Prelude Year acquired 2006 Transaction price 50 million Original manager 3i Group (unspecified) Year acquired 2009 Transaction price 170 million Select institutional backers Coller Capital, Greenpark Capital, HarbourVest, J.P. Morgan, LGT, Partners Group and StepStone Hermes GPE Lloyds Chambers, One Portsoken St. London E1 8HZ U.K. Phone: [email protected] Saker Nusseibeh, CEO & Head, Investment Institutional Venture Partners (IVP) 3000 Sand Hill Road, Building Two, Suite 250 Menlo Park, CA Phone: Fax: Front St. San Francisco, CA Phone: Fax: Gina Bauman, Vice President, Marketing [email protected] Lake Street Capital LLC 388 Market St., Suite 1300 San Francisco, CA Phone: [email protected] Gretchen Knoell, Managing Partner [email protected] Select institutional backers Pantheon and Pomona Capital

61 Guide to the Secondary Market [ 59 ] LLM Capital Partners LLC 265 Franklin St., 20th Floor Boston, MA Phone: Fax: [email protected] Sam Kenna, Principal [email protected] MCA Funds 5910 Mineral Point Road Madison, WI Phone: Allen Cantrell, President [email protected] Zak Doehla, Director, Investments [email protected] Millennium Technology Value Partners 32 Ave. of the Americas, 17th Floor New York, NY Phone: Fax: [email protected] Sam Schwerin, Managing Partner [email protected] Dan Burstein, Managing Partner [email protected] Dan Borok, Partner [email protected] Max Chee, Partner [email protected] Jon Glass, CFO [email protected] $1,100 million 2013 secondary capital invested $150 million Select portfolios acquired Original manager Dell Original manager Oppenheimer Original manager SAIC Original manager Alliance Funds being invested Millennium Technology Value Partners II Size $284 million Year closed 2010 Millennium Technology Value Partners LP Size $130 million Year closed 2006 Millennium Technology Value Partners (Co-Invest) Size $50 million Year closed 2012 Minimum $0.1 million Maximum $150 million START YOUR SEARCH ENGINES. Fueled by premium content from exclusive sources, Factiva delivers relevant search results and custom alerting tools to keep you ahead of the competition. It provides insight into business-critical information so you can make smarter decisions. Faster. Discover more at factiva.com Search Engine Amplified Unleash the Power of Search Dow Jones & Co. Inc. All rights reserved. DJ_Factiva_HP-horz-4C.indd 1 10/2/14 1:19 PM

62 [ 60 ] Guide to the Secondary Market Nova Capital Management Ltd. Cayzer House, 30 Buckingham Gate, First Floor London SW1E 6NN U.K. Phone: Fax: [email protected] 71 South Wacker Drive, Suite 1735 Chicago, IL Phone: Fax: David Williamson, Managing Partner [email protected] Tom Leader, Chief Investment Officer [email protected] Novirian Capital 100 First St., Suite 2200 San Francisco, CA Phone: [email protected] Pictet Asset Management SA Route des Acacias 60 Geneva 1211 Switzerland Phone: Protostar Partners LLC 13 West 54th St., Fourth Floor New York, NY Phone: Fax: Joseph Haviv, Managing Member [email protected] Helen Woo, Partner [email protected] $300 million Select portfolios acquired Original manager CIT Group Year acquired 2004 Original manager Blue Point Capital Year acquired 2008 Funds being invested Protostar Equity Partners II LP Year closed 2008 Minimum $100 million Maximum $500 million Industry preferences Industrial, Manufacturing, Consumer Products, Select Distribution Companies Rosetta Capital Ltd. 35 New Broad St. London EC2M 1NH U.K. Phone: Jonathan Hepple, Partner [email protected] Saints Capital 2020 Union St. San Francisco, CA Phone: [email protected] The Clubhouse, 50 Grosvenor Hill London W1K 3QT U.K. Phone: $1,400 million 2013 secondary capital invested $50 million smac partners GmbH Ottobrunner Strasse 41 Unterhaching/Munich Germany Phone: Fax: [email protected] Dietrich Ulmer, Managing Partner & Co-Founder [email protected] Stratim Capital 333 Bush St., Suite 2250 San Francisco, CA Phone: Craig Such, Partner [email protected] Zachary Abrams, Partner [email protected] $100 million 2013 secondary capital invested $25 million 2014 secondary capital invested $25 million Capital investment plans in 2015 $25 million Funds being invested SC-SPV Size $100 million Industry preferences Technology Verdane Capital Advisors Munkedamsveien 45F, Vika Atrium Oslo 250 Norway Phone: [email protected] Birger Jarlsgatan 32b Stockholm Sweden Phone: Rikhardinkatu 4 B Helsinki 130 Finland Phone: Frida Einarson, Director [email protected] Janne Holmia, Investment Manager [email protected] Jakob Gravdal, Senior Associate [email protected]

63 Guide to the Secondary Market [ 61 ] 700 million 2013 secondary capital invested 75 million 2014 secondary capital invested 55 million Capital investment plans in million Industry preferences ICT (e-commerce and software), Energy Technology, Industrials Select institutional backers AP3, CNP, EIF, Finnish Industry Investments, KLP, RealDania, amongst others Vision Capital LLP 54 Jermyn St. London SW1Y 6LX U.K. Phone: Fax: [email protected] Select portfolios acquired Original manager Terra Firma/Pension Insurance Corp. Year acquired 2007 Transaction price 250 million Original manager Northern Foods Year acquired 2007 Transaction price 160 million Original manager Bridgepoint Year acquired 2006 Minimum $100 million Maximum $1,000 million Select institutional backers Goldman Sachs Asset Management, Landmark Partners HarbourVest, CV Starr and GIC Special Investments Vorndran Mannheims Capital Advisors GmbH Graf-Adolf-Strasse 18 Dusseldorf Germany Phone: Fax: [email protected] Helmut Vorndran, CEO & Managing Partner [email protected] W Capital Partners 400 Park Ave., Ninth Floor New York, NY Phone: Fax: David Wachter, Managing Director [email protected] Steve Wertheimer, Managing Director [email protected] Bob Migliorino, Managing Director [email protected] Alison Killilea, Managing Director [email protected] Todd Miller, Managing Director [email protected] Katie Stitch, Principal [email protected] Blake Heston, Principal [email protected] Simon Harris, Vice President [email protected] Kyle Morgan, Vice President [email protected] $1,750 million 2013 secondary capital invested $150 million 2014 secondary capital invested $150 million Capital investment plans in 2015 $200 million Funds being invested W Capital Partners III LP Size $750 million Year closed 2013 Minimum $10 million Maximum $150 million yet2ventures 1105 N. Market St., Suite 1800 Wilmington, DE [email protected] 199 Wells Ave., Suite 102 Newton, MA One Little West 12th St. New York, NY Kathleen Sidell, Investor Relations [email protected] Tim McIntosh, Analyst [email protected] Maximum $50 million

64 [ 62 ] Guide to the Secondary Market Intermediary Firm Listings Accretive Capital Advisors 777 S. Flagler Drive, Suite 800 W. West Palm Beach, FL Phone: Fax: Edwin Wang, Senior Managing Director [email protected] Types of clients represented Banks/Financial Institutions Family Offices Endowments/Foundations Average size of assets managed by clients $1 billion + Average size of secondary deals represented Almeida Capital Ltd. Zetland House, 5-25 Scrutton St. London EC2A 4HJ U.K. Phone: Fax: [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented Under $10 million Argenthal & Co. 96 Kensington High St. London W8 4SG U.K. Phone: AXON Partners AG Bahnhofplatz, P.O. Box 4640 Zug 6304 Switzerland Phone: Buckingham Palace Road, Third Floor London SW1W 0SR U.K. Phone: Magdalena Nowak, Project Manager [email protected] Dominik Meyer, Managing Partner [email protected] Andrew Kellett, Managing Partner [email protected] Simon Wigg, Partner [email protected] Mark Engler, Partner [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients Under $10 million $1 billion + Average size of secondary deals represented Under $10 million Azla Advisors 845 Third Ave., Sixth Floor New York, NY Phone: Fax: [email protected] David Waxman, Managing Director [email protected] Types of clients represented Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds General Partners, Secondary Funds, Funds of Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented Under $10 million Breslin AG Stauffacherstrasse 45 Zurich 8004 Switzerland Phone: Fax: Am Pfarrhof 11 Frankfurt/Maintal Germany Phone: David Karabelnik, CEO [email protected]

65 Guide to the Secondary Market [ 63 ] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Corporates, Privates, High Net Worth Individuals Average size of assets managed by clients Under $10 million $1 billion + Average size of secondary deals represented Under $10 million Camelot Group LLC 45 Rockefeller Plaza, Suite 2000 New York, NY Phone: Fax: [email protected] Rue du Rhone 14, Fourth Floor Geneva 1204 Switzerland Phone: Fax: Otemachi First Square, 1-5-1, East Tower, Fourth Floor Tokyo Japan Phone: Fax: One International Finance Center, Suite Eight, 20th Floor, One Harbour View St. Central Hong Kong, China Phone: Fax: Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients Average size of secondary deals represented $1 billion + Campbell Lutyens & Co. Ltd. 3 Burlington Gardens London W1S 3EP U.K. Phone: Fax: [email protected] 1270 Ave. of the Americas, 29th Floor New York, NY Phone: Fax: One Connaught Place, Suite 819, Jardine House Hong Kong, China Phone: Fax: Andrew Sealey, Managing Partner [email protected] Thomas Liaudet, Partner [email protected] Immanuel Rubin, Partner [email protected] Ben Pearce, Principal [email protected] David Perrin, Senior Vice President [email protected] Nick Spencer, Senior Vice President [email protected] Ashrith Ramachandran, Senior Associate [email protected] Types of clients represented Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented $1 billion + Capstone Partners One Galleria Tower, Noel Road, Suite 1050 Dallas, TX Phone: [email protected] 77 Water St., Eighth Floor New York, NY Phone: Rue Juste-Olivier 9 Nyon 1260 Switzerland Phone: #11-11 F.E.S. Centre, 545 Orchard Road Singapore Singapore Steve Standbridge, Managing Partner [email protected] Giacomo Biondi Morra di Belforte, Managing Partner [email protected] Alexandre Schmitz, Partner, Head of Asia [email protected] Types of clients represented Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented Under $10 million

66 [ 64 ] Guide to the Secondary Market Continental Capital Partners 8 Wilfred St. London SW1E 6PL U.K. Phone: Roger Luscombe, Managing Partner [email protected] Types of clients represented Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients Average size of secondary deals represented Credit Suisse Group AG One Madison Ave. New York, NY Phone: One Cabot Square London E14 4OJ U.K. Phone: Mike Custar, Managing Director [email protected] Gordon Appell, Director [email protected] Chris Areson, Director [email protected] Jeremy Duksin, Director [email protected] Mark McDonald, Director [email protected] Jonathan Abecassis, Director [email protected] Types of clients represented Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Consultants/Asset Managers Average size of assets managed by clients $1 billion + Average size of secondary deals represented $1 billion + Evercore - Private Capital Advisory 55 E. 52nd St. New York, NY Phone: Stanhope Gate London W1K 1LN U.K. Phone: Nigel Dawn, Senior Managing Director [email protected] Nicolas Lanel, Managing Director [email protected] Types of clients represented Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Diversified Asset Managers, Corporate Pension Plans, Sovereign Wealth Funds, Conglomerates, Private Equity and Hedge Fund Managers Average size of assets managed by clients $1 billion + Average size of secondary deals represented $1 billion + GlobalFinance Möhlstrasse 10 Munich Germany Phone: Fax: [email protected] Claudia Blümhuber, Cofounder & Managing Director [email protected] Matthias Stanzel, Cofounder & CEO [email protected] Go4Venture Advisers LLP 48 Charles St., Berkeley Square London W1J 5EN U.K. Phone: Fax: [email protected] Jean-Michel Deligny, Managing Director [email protected] Types of clients represented Banks/Financial Institutions Venture Capital and Private Equity Funds Average size of assets managed by clients Average size of secondary deals represented Greenhill Cogent 2101 Cedar Springs Road, Suite 1200 Dallas, TX Phone: Fax: [email protected] 300 Park Ave. New York, NY Phone: Fax: Montgomery St., 33rd Floor San Francisco, CA Phone: Fax: Lansdowne House, 57 Berkeley Square London W1J 6ER U.K. Phone: Fax: Collyer Quay #37-06/10, Ocean Financial Centre Singapore Singapore Phone: Fax: Stephen Sloan, Managing Director [email protected] Chris Bonfield, Managing Director [email protected] Bernhard Engelien, Managing Director [email protected] Brenlen Jinkens, Managing Director [email protected] Todd Miller, Managing Director [email protected]

67 Guide to the Secondary Market [ 65 ] Brian Mooney, Managing Director [email protected] Bill Murphy, Managing Director [email protected] Dominik Woessner, Managing Director [email protected] Andy Nick, Principal [email protected] Scott Beckelman, Principal [email protected] Briac Houtteville, Principal [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Sovereign Wealth Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented Under $10 million $1 billion + Griffin Financial Group 607 Washington St. Reading, PA Phone: Madison Ave., 20th Floor New York, NY Phone: Paul Delaney, Senior Managing Director [email protected] Mitchell Fenimore, Senior Vice President [email protected] Types of clients represented Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented Under $10 million Harken Capital 101 Federal St., 19th Floor Boston, MA Phone: Lombard St., Suite 102 San Francisco, CA Phone: Nick Hatch, Managing Director, Head of Secondaries [email protected] Don Nelson, Managing Director [email protected] Fred Malloy, Managing Director [email protected] Scott Holley, Managing Director [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients Under $10 million $1 billion + Average size of secondary deals represented Under $10 million $1 billion + Houlihan Lokey 245 Park Ave., 20th Floor New York, NY Phone: [email protected] Paul Sanabria, Managing Director [email protected] Jeff Hammer, Managing Director [email protected] Types of clients represented Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented $1 billion + ICAP Corporates LLC Harborside Financial Center, 1100 Plaza Five Jersey City, NJ Phone: [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Sovereign Wealth Funds Average size of assets managed by clients Under $10 million $1 billion + Average size of secondary deals represented Under $10 million $1 billion +

68 [ 66 ] Guide to the Secondary Market Lazard 30 Rockefeller Plaza New York, NY Phone: Stratton St. London W1J 8LL U.K. Phone: South LaSalle St., 31st Floor Chicago, IL Phone: One Raffles Place, #11-01, Tower One Singapore Singapore Phone: Holcombe Green, Managing Director [email protected] William Riddle, Managing Director [email protected] Pablo de la Infiesta, Managing Director [email protected] Johanna Lottmann, Vice President [email protected] Ryan Binette, Vice President [email protected] Abhijit Mitra, Vice President [email protected] Nicholas Miles, Vice President [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Sovereign Wealth Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented $1 billion + Melville Capital LLC 50 Gerard St. Huntington, NY Phone: Fax: Robert Stark, President [email protected] Doug Himmel, Managing Director [email protected] Types of clients represented Wealthy Individuals Family Offices Endowments/Foundations Average size of assets managed by clients $1 billion + Average size of secondary deals represented Under $10 million MHT Secondary Advisors 2000 McKinney Ave., Suite 1200 Dallas, TX Phone: Fax: One Boston Place, 36th Floor Boston, MA Phone: Fax: James Lee, Principal [email protected] Shawn Terry, Managing Director [email protected] Mike McGill, Managing Director [email protected] Mark Young, Managing Director [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Insurance Companies, Private Equity Firms, Sovereign Wealth Funds, Asset Managers, Private Pension Funds Average size of assets managed by clients Average size of secondary deals represented Moelis & Co. 399 Park Ave., Fifth Floor New York, NY Phone: Fax: Daniel Tortora, Associate [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented $1 billion + NYPPEX 800 Westchester Ave., Suite 349-N Rye Brook, NY Phone: Fax: [email protected] Laurence Allen, Managing Member [email protected] Christopher Armstrong, Senior Vice President [email protected] Murat Bolat, Managing Director [email protected] Craig Blitz, Managing Director [email protected] Jeffrey Grendi, Senior Vice President [email protected] Stephen LaPerla, Managing Director [email protected] Rory Mabin, Senior Vice President [email protected]

69 Guide to the Secondary Market [ 67 ] Michael Orr, Managing Director [email protected] Robert Zimmel, Director [email protected] Michael Schunk, Director [email protected] Sonya Still, Director [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients Under $10 million $1 billion + Average size of secondary deals represented Under $10 million $1 billion + Paladin Market Advisors 7 Dey St., Suite 1503 New York, NY Phone: Fax: Kevin Monroe, Managing Director [email protected] Types of clients represented General Partners Average size of assets managed by clients Average size of secondary deals represented Under $10 million Palomar Capital Advisors Obere Zäune 10 Zurich 8001 Switzerland Phone: Fax: [email protected] Markus Kroll, Founder & Board Director [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented Under $10 million Park Hill Group LLC 345 Park Ave., 15th Floor New York, NY Phone: Fax: [email protected] 40 Berkeley Square London W1J 5AL U.K. Phone: Fax: West Madison St., Suite 3800 Chicago, IL Phone: Fax: California St., Suite 2880 San Francisco, CA Phone: Fax: Two International Finance Centre, 8 Finance St., Suite 901, Ninth Floor Hong Kong, China Phone: Fax: Dubai International Financial Centre, P.O. Box , Gate Village, Building 6, Levels 5 & 6, Sheikh Zayed Road Dubai, United Arab Emirates Phone: Fax: Lawrence Thuet, Senior Managing Director [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients Under $10 million $1 billion + Average size of secondary deals represented Under $10 million $1 billion + Probitas Partners 425 California St., Suite 2300 San Francisco, CA Phone: Fax: [email protected] 1120 Ave. of the Americas, Suite 1802 New York, NY Phone: One Berkeley St. London W1J 8DJ U.K. Phone: Nexxus Building, 41 Connaught Road, Level 15 Hong Kong, China Phone: Craig Marmer, Managing Director Types of clients represented Banks/Financial Institutions Endowments/Foundations Funds of Funds, General Partners Average size of assets managed by clients Average size of secondary deals represented

70 [ 68 ] Guide to the Secondary Market River Street Capital 39 Broadway, Suite 3300 New York, NY Phone: Helge Petermann, Managing Director [email protected] Types of clients represented Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented Under $10 million Secondcap Cavendish Court, Wigmore St. London W1U 1PF U.K. Phone: [email protected] Piazza Diaz, 5 Milan Italy Phone: Francois Gamblin, CEO [email protected] Anthony Marquié, Managing Director [email protected] Pierre Henri Carles, Director [email protected] James Hilton, Analyst [email protected] Suneel Sheoran, Analyst [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Secondary Specialists Funds of Funds, General Partners Average size of assets managed by clients $1 billion + Average size of secondary deals represented Under $10 million SecondMarket Inc. 636 Ave. of the Americas, Sixth Floor New York, NY Phone: Fax: [email protected] Bill Siegel, Interim CEO Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Sovereign Wealth Funds, Regional and Community Banks, Hedge Funds, Private Equity Funds, Mutual Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented Setter Capital Inc. 77 Bloor St. W., Suite 1220 Toronto, ON M5S 1M2 Canada Phone: Fax: Peter McGrath, Managing Director [email protected] Robert McGrath, Managing Director Philip Leishman, Vice President Gary Gill, Vice President Simren Desai, Vice President Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented Sixpoint Partners LLC 830 Third Ave., Eighth Floor New York, NY Phone: Fax: [email protected] One South Wacker Drive, Suite 3230 Chicago, IL Phone: Fax: Sansome Street, Suite 810 San Francisco, CA Phone: Fax: Eric Zoller, Cofounder & Partner Average size of secondary deals represented Somerset Capital Ltd. 7-8 Stratford Place London WC1C 1AY U.K. Phone: [email protected] Jim Miller, Managing Partner Marie Soong, Associate Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented

71 Guide to the Secondary Market [ 69 ] Stanwich Advisors One Dock St., Suite 600 Stamford, CT Phone: Fax: Bradley Critchell, Managing Director [email protected] Types of clients represented Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients $1 billion + Average size of secondary deals represented Triago One boulevard de la Madeleine Paris France Phone: Fax: [email protected] 499 Park Ave., 20th Floor New York, NY Phone: Fax: Dubai International Financial Center, Emirates Financial Towers, South Tower, Level 3, Office 325 Dubai, P.O. Box United Arab Emirates Phone: Mathieu Dréan, Managing Partner, COO [email protected] Nicolas de Nazelle, Managing Partner [email protected] Victor Quiroga, Partner [email protected] Virginie Bourel, Partner [email protected] Anna Chambers, Partner [email protected] Tina Sodhi, Partner [email protected] David Markson, Principal [email protected] Lisa Harrow, Principal [email protected] Diana Gatcan, Associate [email protected] Types of clients represented Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Funds of Funds, Asset Managers Average size of assets managed by clients $1 billion + Average size of secondary deals represented Under $10 million UBS Investment Bank 1285 Ave. of the Americas, 13th Floor New York, NY Phone: Fax: One Finsbury Ave. London EC2M 2PP U.K. Phone: Philip Tsai, Global Head of Secondary Market Advisory [email protected] Types of clients represented Wealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Average size of assets managed by clients Under $10 million $1 billion + Average size of secondary deals represented Under $10 million $1 billion +

72 [ 70 ] Guide to the Secondary Market Appendix A Investors That Have Backed Secondary Funds LP NAME LOCATION PHONE Abbey National Treasury Services PLC London Abu Dhabi Investment Authority Abu Dhabi AEGON USA Investment Management LLC Baltimore AFA Forsakring Stockholm Alameda County Employees Retirement Association Oakland, Calif AlpInvest Partners B.V. Amsterdam American Family Insurance Group Madison, Wis American Trading and Production Corp. Baltimore AP Fonden 3 Stockholm APG Asset Management Heerlen, Netherlands Argentum Fondsinvesteringer Bergen, Norway Arizona State Retirement System Phoenix Auda International LP New York AXA Equitable Life Insurance Co. New York BAE Systems Pensions Crawley, U.K Barclays Bank PLC London Boston Retirement System Boston Buckinghamshire Pension Fund Aylesbury, U.K C.V. Starr & Co. Inc. New York Caisse de dépôt et placement du Québec Montreal California Public Employees Retirement System Sacramento, Calif California State Teachers Retirement System Sacramento, Calif Canada Pension Plan Investment Board Toronto Charles A. Dana Foundation New York China Investment Corp. Beijing China s State Administration of Foreign Exchange Beijing Citi Capital Advisors Ltd. New York City Of Tallahassee Retirement System Tallahassee, Fla CNP Assurances Paris Columbia University New York Compagnia Di San Paolo Torino, Italy Connecticut Retirement Plans and Trust Funds Hartford, Conn Contra Costa County Employees Retirement Association Concord, Calif Cranbrook Educational Community Bloomfield Hills, Mich Danske Private Equity Copenhagen DeA Capital SpA Milan Department for Business, Innovation and Skills London DNB Livsforsikring ASA Bergen, Norway DuPont Pension Fund Wilmington, Del Employees Retirement System of Rhode Island Providence, R.I Employees Retirement System of Texas Austin, Texas European Bank for Reconstruction & Development London European Investment Fund Luxembourg F&C Investments London Finnish Industry Investment Ltd. Helsinki Fire & Police Pension Association of Colorado Greenwood Village, Colo Firemen s Annuity & Benefit Fund Chicago Chicago Flintshire County Council Pension Plan Mold, U.K Florida State Board of Administration Tallahassee, Fla Fondinvest Capital Paris Fresno County Employees Retirement Association Fresno, Calif

73 Guide to the Secondary Market [ 71 ] LP NAME LOCATION PHONE Friends Provident Foundation York, U.K GIC Private Ltd. Singapore Gjensidige Forsikring ASA Lysaker, Norway Golden LEAF Foundation Inc. Rocky Mount, N.C Greater Manchester Pension Fund Droylsden, U.K Groupama SA Paris Hafslund Pension Fund ASA Oslo Hamilton Lane Advisors Bala Cynwyd, Pa Hannover Rueckversicherung AG Hannover, Germany HarbourVest Partners LLC Boston Hartford Municipal Employees Retirement Fund Hartford, Conn Haverford College Haverford, Pa Health Care Foundation of Greater Kansas Kansas City, Mo Houston Firefighters Relief & Retirement Fund Houston Icahn School of Medicine at Mount Sinai New York Illinois Municipal Retirement Fund Oak Brook, Ill Illinois Student Assistance Commission Deerfield, Ill Ilmarinen Mutual Pension Insurance Co. Helsinki Indiana Public Retirement System Indianapolis Indiana State Teachers Retirement Fund Indianapolis Indiana University Foundation Bloomington, Ind International Finance Corp. Washington Invesco Private Capital New York Jasper Ridge Partners Menlo Park, Calif John S. and James L. Knight Foundation Miami Kentucky Retirement Systems Frankfort, Ky Kentucky Teachers Retirement System Frankfort, Ky KLP Forsikring Oslo Korea Development Bank Seoul Korea Finance Corp. Seoul Kuwait Financial Centre Sharq, Kuwait Liberty Mutual Boston London Pensions Fund Authority London Los Angeles City Employees Retirement System Los Angeles Los Angeles County Employees Retirement Association Pasadena, Calif Los Angeles Fire & Police Pensions Los Angeles Lothian Pension Fund Edinburgh Louisiana State Employees Retirement System Baton Rouge, La Lutheran Church-Missouri Synod St. Louis Mandatum Life Insurance Co. Ltd. Helsinki Maryland State Retirement and Pension System Baltimore Massachusetts Institute of Technology Investment Management Co. Cambridge, Mass Massachusetts Pension Reserves Investment Management Board Boston Merced County Employees Retirement Association Merced, Calif MetLife Inc. New York Michelin North America Inc. Greenville, S.C Minnesota State Board of Investment Saint Paul, Minn Montana Board of Investments Helena, Mont Municipal Employees Fund of Chicago Chicago Mutual of Omaha Insurance Co. Omaha, Neb National Pensions Reserve Fund Dublin Natixis Global Asset Management S.A. Paris Nebraska Investment Council Lincoln, Neb New Jersey State Investment Council Trenton, N.J New Mexico Educational Retirement Board Santa Fe, N.M New Mexico State Investment Council Santa Fe, N.M New York City Comptroller New York New York State Common Retirement Fund Albany, N.Y

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75 Guide to the Secondary Market [ 73 ] LP NAME LOCATION PHONE New York State Teachers Retirement System Albany, N.Y North Carolina Retirement System Raleigh, N.C Nottinghamshire County Pension Fund Nottingham, U.K Ohio Police & Fire Pension Fund Columbus, Ohio Ohio State University Columbus, Ohio Oklahoma Police Pension & Retirement System Oklahoma City Ontario Municipal Employees Retirement System Toronto Oregon Public Employees Retirement Fund Salem, Ore Oregon State Treasury Salem, Ore Overseas Asset Management (Cayman) Ltd. Grand Cayman, U.K Pacific Corporate Group La Jolla, Calif Paris Orleans SA Paris Partners Group AG Baar-Zug, Switzerland Pennsylvania Public School Employees Retirement System Harrisburg, Pa PenSam Farum, Denmark Phoenix Companies Inc. Hartford, Conn Public Employee Retirement System of Idaho Boise, Idaho Public Employees Retirement Association of New Mexico Santa Fe, N.M Public School and Education Employee Retirement Systems of Missouri Jefferson City, Mo Regents of the University of California Oakland, Calif RWB Private Capital Emissionshaus AG Oberhaching, Germany Salient Partners LP Houston San Bernardino County Employees Retirement Association San Bernardino, Calif San Diego County Employees Retirement Association San Diego San Francisco Employees Retirement System San Francisco San Jose Federated City Employees Retirement System San Jose, Calif Santa Barbara County Employees Retirement System Santa Barbara, Calif School Employees Retirement System of Ohio Columbus, Ohio Sitra Helsinki Sixth Swedish National Pension Fund Gothenburg, Sweden South Carolina Retirement System Investment Commission Columbia, S.C State of Wisconsin Investment Board Madison, Wis State Teachers Retirement System of Ohio Columbus, Ohio State Universities Retirement System of Illinois Champaign, Ill Storebrand Kapitalforvaltning (Alternative Investments) Lysaker, Norway Strathclyde Pension Fund Glasgow Suffolk County Council Pension Fund Ipswich, U.K SunAmerica Ventures Los Angeles TIAA-CREF Individual & Institutional Services LLC New York Tyne and Wear Pension Fund South Shields, U.K United Technologies Corp. Farmington, Conn Universities Superannuation Scheme Ltd. Liverpool, U.K University of Cincinnati Cincinnati University of Florida Foundation Gainesville, Fla University of Pittsburgh Pittsburgh University of Puget Sound Tacoma, Wash University of Texas Investment Management Co. Austin, Texas University of Toronto Asset Management Corp. Toronto University of Vermont Burlington, Vt University of Washington Seattle Van Leer Group Foundation Amstelveen, Netherlands Veritas Pension Insurance Turku, Finland Virginia Retirement System Richmond, Va Wesleyan University Endowment Middletown, Conn West Midlands Pension Fund Wolverhampton, U.K West Yorkshire Pension Fund Bradford, U.K YMCA Retirement Fund New York

76 [ 74 ] Guide to the Secondary Market Appendix B: Secondary Market Buyer Interests Sought Special Real Stakes Unfunded Venture LBO Mezz. situations estate in private or largely U.S. Non-U.S. funds funds funds funds funds cos. unfunded funds funds Other 17Capital LLP Abbott Capital Management Aberdeen SVG Private Equity Abu Dhabi Investment Authority Access Capital Partners Accretive Capital Partners ACG Capital Adams Street Partners LLC Allianz Capital Partners GmbH Alpha Associates AG AlpInvest Partners Altius Associates Apposite Capital Arcano Capital ARCIS Group Ardian Auda Private Equity LLC Auldbrass Partners BEX Capital Bowside Capital Capital Dynamics CMS Fund Advisors LLC Coller Capital Committed Advisors Commonfund CPP Investment Board Cubera Private Equity DB Private Equity DuPont Capital Management F&C Investment Business Ltd. Fondinvest Capital Fort Washington Capital Partners Galgano Corporate Finance Goldman Sachs Group Inc. Greenspring Associates Hamilton Lane HarbourVest Partners LLC Headway Capital Partners LLP Horsley Bridge Partners Idinvest Partners IKE Capital Group Industriens Pensionsforsikring A/S Investment Fund for Foundations J.P. Morgan Asset Management Jolimont Capital Pty Ltd.

77 Guide to the Secondary Market [ 75 ] Special Real Stakes Unfunded Venture LBO Mezz. situations estate in private or largely U.S. Non-U.S. funds funds funds funds funds cos. unfunded funds funds Other Kensington Capital Partners Ltd. Lexington Partners LGT Capital Partners Live Oak Capital MidCoast Capital LLC Montana Capital Partners Montauk TriGuard Management LLC Morgan Stanley Alternative Investment Partners Mustang Capital Partners Neuberger Berman Newbury Partners NewQuest Capital Partners NorgesInvestor Northern Trust Northleaf Capital Partners Pantheon Paragon Partners GmbH Partners Group Pathway Capital Management LP PEI Funds Permal Capital Management LLC PGGM PineBridge Investments Pomona Capital Portfolio Advisors LLC Private Advisors LLC RCP Advisors Rho Fund Investors Robeco Private Equity SL Capital Partners Sobera Capital Stafford Capital Partners StepStone Group Stripes Group Susquehanna International Group Symmetry Investment Advisors Inc. Top Tier Capital Partners Unigestion VCFA Group VenCap International PLC Venture Investment Associates Vintage Investment Partners von Braun & Schreiber Private Equity Partners GmbH Willowridge Partners Inc. Wilshire Private Markets Group

78 [ 76 ] Guide to the Secondary Market Appendix C: Secondary Market Buyer & Direct Manager Geographic Preferences 17Capital LLP Abbott Capital Management Adams Street Partners LLC Akkadian Ventures AlpInvest Partners Arcano Capital Ardian Auda Private Equity LLC BEX Capital Bowside Capital Coller Capital Committed Advisors Commonfund CPP Investment Board DB Private Equity Fondinvest Capital Fort Washington Capital Partners Galgano Corporate Finance Goldman Sachs Group Inc. Greenspring Associates Hamilton Lane HarbourVest Partners LLC IKE Capital Group J.P. Morgan Asset Management Kensington Capital Partners Ltd. Landmark Partners Lexington Partners LGT Capital Partners LLM Capital Partners LLC MidCoast Capital LLC Montana Capital Partners Morgan Stanley Alternative Investment Partners Mustang Capital Partners Newbury Partners NewQuest Capital Partners NorgesInvestor Northern Trust Northleaf Capital Partners Pathway Capital Management LP West. Cen./East. Asia (exc. Latin Middle U.S. U.K. Europe Europe Canada Australia Japan) Japan America East Other PEI Funds Permal Capital Management LLC Portfolio Advisors LLC Protostar Partners LLC

79 Guide to the Secondary Market [ 77 ] West. Cen./East. Asia (exc. Latin Middle U.S. U.K. Europe Europe Canada Australia Japan) Japan America East Other Sobera Capital Stafford Capital Partners Stratim Capital Top Tier Capital Partners VCFA Group Verdane Capital Advisors Vintage Investment Partners W Capital Partners Willowridge Partners Inc. yet2ventures

80 [ 78 ] Guide to the Secondary Market Appendix D: Secondary Market Intermediary Types of Clients Represented Wealthy Family Endowments/ Public Pension Individuals Banks Offices Foundations Funds Other Accretive Capital Advisors Almeida Capital Ltd. AXON Partners AG Azla Advisors Breslin AG Camelot Group LLC Campbell Lutyens & Co. Ltd. Capstone Partners Continental Capital Partners Credit Suisse Group AG Evercore - Private Capital Advisory Go4Venture Advisers LLP Greenhill Cogent Griffin Financial Group Harken Capital Houlihan Lokey ICAP Corporates LLC Lazard Melville Capital LLC MHT Secondary Advisors Moelis & Co. NYPPEX Paladin Market Advisors Palomar Capital Advisors Park Hill Group LLC Probitas Partners River Street Capital Secondcap SecondMarket Inc. Setter Capital Inc. Somerset Capital Ltd. Stanwich Advisors Triago UBS Investment Bank

81 Guide to the Secondary Market [ 79 ] Appendix E: Secondary Market Intermediary Average Size of Secondary Deals Represented Under $10M to $100M to $500M to $10M $99M $499M $999M $1B+ Accretive Capital Advisors Almeida Capital Ltd. AXON Partners AG Azla Advisors Breslin AG Camelot Group LLC Campbell Lutyens & Co. Ltd. Capstone Partners Continental Capital Partners Credit Suisse Group AG Evercore - Private Capital Advisory Go4Venture Advisers LLP Greenhill Cogent Griffin Financial Group Harken Capital Houlihan Lokey ICAP Corporates LLC Lazard Melville Capital LLC MHT Secondary Advisors Moelis & Co. NYPPEX Paladin Market Advisors Palomar Capital Advisors Park Hill Group LLC Probitas Partners River Street Capital Secondcap SecondMarket Inc. Setter Capital Inc. Sixpoint Partners LLC Somerset Capital Ltd. Stanwich Advisors Triago UBS Investment Bank

82 [ 80 ] Guide to the Secondary Market Index by Company Name 17Capital LLP 34 A Abbott Capital Management 34 Aberdeen SVG Private Equity 34 Abu Dhabi Investment Authority 34 Access Capital Partners 34 Accretive Capital Advisors 62 Accretive Capital Partners 35 ACG Capital 35 Adams Street Partners LLC 35 Akkadian Ventures 58 Allianz Capital Partners GmbH 36 Almeida Capital Ltd. 62 Alpha Associates AG 36 AlpInvest Partners 36 Altius Associates 37 Annex Capital Group LLC 58 Apposite Capital 37 Arcano Capital 37 ARCIS Group 37 Ardian 37 Argenthal & Co. 62 AssetMetrix GmbH 38 Auda Private Equity LLC 38 Auldbrass Partners 38 AXON Partners AG 62 Azla Advisors 62 B BEX Capital 38 Blackrock Private Equity Partners 38 Bowside Capital 39 Breslin AG 62 C California Public Employees Retirement System 39 California State Teachers Retirement System 39 Camelot Group LLC 63 Campbell Lutyens & Co. Ltd. 63 Capital Dynamics 39 Capstone Partners 63 Cipio Partners 58 CMS Fund Advisors LLC 39 Coller Capital 39 Committed Advisors 39 Commonfund 40 Commonwealth of PA, Public School Employees Retirement System 40 Continental Capital Partners 64 CPP Investment Board 40 Credit Suisse Group AG 64 Cubera Private Equity 40 D DB Private Equity 40 DFJ Esprit Secondaries LLP 58 DuPont Capital Management 41 E Equistone Partners Europe 41 Evercore - Private Capital Advisory 64 F F&C Investment Business Ltd. 41 Fondinvest Capital 41 Fort Washington Capital Partners 41 G Galgano Corporate Finance 41 GlobalFinance 64

83 Guide to the Secondary Market [ 81 ] Go4Venture Advisers LLP 64 Goldman Sachs Group Inc. 42 Greenhill Cogent 64 Greenspring Associates 42 Griffin Financial Group 65 H Hamilton Lane 42 HarbourVest Partners LLC 42 Harken Capital 65 Headlands Capital Management LLC 43 Headway Capital Partners LLP 43 Helmsman Capital 43 Henderson Global Investors 43 Hermes GPE 58 Horsley Bridge Partners 43 Houlihan Lokey 65 I ICAP Corporates LLC 65 Idinvest Partners 43 IKE Capital Group 44 Industriens Pensionsforsikring A/S 44 Industry Ventures 44 Institutional Venture Partners (IVP) 58 Invesco Institutional 44 Investment Fund for Foundations 44 J J.P. Morgan Asset Management 44 Jolimont Capital Pty Ltd. 44 K Kensington Capital Partners Ltd. 45 L Lake Street Capital LLC 58 Landmark Partners 45 Lazard 66 Lexington Partners 45 LGT Capital Partners 46 Liquid Realty Partners 46 Live Oak Capital 46 LLM Capital Partners LLC 59 M MCA Funds 59 Melville Capital LLC 66 MHT Secondary Advisors 66 MidCoast Capital LLC 46 Millennium Technology Value Partners 59 Moelis & Co. 66 Montana Capital Partners 46 Montauk TriGuard Management LLC 48 Morgan Stanley Alternative Investment Partners 48 MSD Capital 48 Mustang Capital Partners 48 N Natixis Global Asset Management 48 Neuberger Berman 48 New Jersey State Investment Council 48 Newbury Partners 49 NewQuest Capital Partners 49 Nordea 49 NorgesInvestor 49 Northern Trust 49 Northleaf Capital Partners 50 Nova Capital Management Ltd. 60 Novirian Capital 60 NYPPEX 66 O Ontario Teachers Pension Plan 50 P Paladin Market Advisors 67 Palomar Capital Advisors 67 Pantheon 50 Paragon Partners GmbH 50 Park Hill Group LLC 67 Partners Group 50 Pathway Capital Management LP 51

84 [ 82 ] Guide to the Secondary Market Paul Capital 51 PEI Funds 51 Performance Equity Management 51 Permal Capital Management LLC 51 PGGM 51 Pictet Asset Management SA 60 PineBridge Investments 52 Pomona Capital 52 Portfolio Advisors LLC 53 Private Advisors LLC 53 Probitas Partners 67 Protostar Partners LLC 60 R RCP Advisors 53 Rho Fund Investors 53 River Street Capital 68 Robeco Private Equity 53 Rosetta Capital Ltd. 60 S Saints Capital 60 San Francisco Employees Retirement System 53 SCM Strategic Capital Management 54 Secondcap 68 SecondMarket Inc. 68 Setter Capital Inc. 68 Shackleton Ventures Ltd. 54 Sixpoint Partners LLC 68 SL Capital Partners 54 smac partners GmbH 60 Sobera Capital 54 Susquehanna International Group 55 Symmetry Investment Advisors Inc. 55 T Telemus Capital Partners 56 Top Tier Capital Partners 56 Travelers Companies 56 Triago 69 Triginta Capital GmbH 56 U UBS Investment Bank 69 Unigestion 56 V VCFA Group 56 VenCap International PLC 56 Venture Investment Associates 57 Verdane Capital Advisors 60 Vintage Investment Partners 57 Vision Capital LLP 61 von Braun & Schreiber Private Equity Partners GmbH 57 Vorndran Mannheims Capital Advisors GmbH 61 W W Capital Partners 61 WealthCap 57 Willowridge Partners Inc. 57 Wilshire Private Markets Group 57 Winchester Capital Group 57 Y yet2ventures 61 Somerset Capital Ltd. 68 Stafford Capital Partners 54 Stanwich Advisors 69 StepStone Group 55 Stratim Capital 60 Stripes Group 55 SunAmerica Asset Management LLC 55

85 Guide to the Secondary Market [ 83 ] Index by Contact Name A Abecassis, Jonathan - Credit Suisse Group AG 64 Abrams, Zachary - Stratim Capital 60 Aerni, Ralph - SCM Strategic Capital Management 54 Ailman, Christopher J. - California State Teachers Retirement System 39 Akers, Jeff - Adams Street Partners LLC 35 Albert, Christian - Bowside Capital 39 Alfeld, Chad - Landmark Partners 45 Ali, Ahmad - Auldbrass Partners 38 Allen, Laurence - NYPPEX 66 Andrew, Mark - Lexington Partners 45 Anquillare, Ceasar Nicholas - Winchester Capital Group 57 Anthofer, Tom S. - Cipio Partners 58 Appell, Gordon - Credit Suisse Group AG 64 Areson, Chris - Credit Suisse Group AG 64 Armstrong, Christopher - NYPPEX 66 Atterbury, David - HarbourVest Partners LLC 42 Aubert, Andre - LGT Capital Partners 46 Auffray, Valerie - Apposite Capital 37 B Bader, Hanspeter - Unigestion 56 Barnett, Troy - Adams Street Partners LLC 35 Barrett, Red - Permal Capital Management LLC 51 Bauman, Gina - Institutional Venture Partners (IVP) 58 Baumgarten, Steven - BlackRock Private Equity Partners 38 Beaton, Kirk - Lexington Partners 45 Beckelman, Scott - Greenhill Cogent 64 Beil, Stefan - Sobera Capital 54 Benedetti, Mark - Ardian 37 Benin, Daniel - Committed Advisors 39 Berkowitz, Fred - Horsley Bridge Partners 43 Binette, Ryan - Lazard 66 Biondi Morra di Belforte, Giacomo - Capstone Partners 63 Black, Benjamin - Akkadian Ventures 58 Blitz, Craig - NYPPEX 66 Blümhuber, Claudia - GlobalFinance 64 Bolat, Murat - NYPPEX 66 Bonaventura, Simonetta - IKE Capital Group 44 Bonavitacola, Marc - Aberdeen SVG Private Equity 34 Bonfield, Chris - Greenhill Cogent 64 Bonnet, Mathieu - BEX Capital 38 Borok, Dan - Millennium Technology Value Partners 59 Bouché, Romain - ARCIS Group 37 Bourel, Virginie - Triago 69 Bowden, Daniel - Stafford Capital Partners 54 Bradley, Thomas - StepStone Group 55 Brandmeyer, Michael - Goldman Sachs Group Inc. 42 Bright, Aaron - Permal Capital Management LLC 51 Brody, Tim - Auda Private Equity LLC 38 Broenden, Christian - Industriens Pensionsforsikring A/S 44 Brophy, Parker - Mustang Capital Partners 48 Brown, Simon - Equistone Partners Europe 41 Burch, Mark - ARCIS Group 37 Burstein, Dan - Millennium Technology Value Partners 59 Butler, Ryan - Portfolio Advisors LLC 53 C Cantrell, Allen - MCA Funds 59 Carles, Pierre Henri - Secondcap 68 Carr, Dayton - VCFA Group 56 Cassidy, Martha - Abbott Capital Management 34 Chambers, Anna - Triago 69 Chapman, Duncan - Lexington Partners 45 Chee, Max - Millennium Technology Value Partners 59 Cheung, Chi - DB Private Equity 40 Chow, Richard - Abu Dhabi Investment Authority 34

86 [ 84 ] Guide to the Secondary Market Cohn, Paul - Fort Washington Capital Partners 41 Colas, Vladimir - Ardian 37 Coller, Jeremy - Coller Capital 39 Cooney, Ryan - Hamilton Lane 42 Cornelius, Ronn C. - Montauk TriGuard Management LLC 48 Costabile, Steven - PineBridge Investments 52 Costello, Jon - Morgan Stanley Alternative Investment Partners 48 Costello, Neal - CPP Investment Board 40 Critchell, Bradley - Stanwich Advisors 69 Croissant, Cécile - Access Capital Partners 34 Cruttenden, Tim - VenCap International PLC 56 Cuneo, Michael - MidCoast Capital LLC 46 Custar, Mike - Credit Suisse Group AG 64 D D Agostino, Mike - Permal Capital Management LLC 51 Davies, Deirdre - DB Private Equity 40 Dawn, Nigel - Evercore - Private Capital Advisory 64 de Beaupuy, Barthelemy - Committed Advisors 39 de Corainville, Robert - 17Capital LLP 34 de la Infiesta, Pablo - Lazard 66 de Nazelle, Nicolas - Triago 69 de Selancy, Pierre-Antoine - 17Capital LLP 34 Decanniere, Olivier - Ardian 37 del Rio, Jose Luis - Arcano Capital 37 Delaney, Paul - Griffin Financial Group 65 Deligny, Jean-Michel - Go4Venture Advisers LLP 64 Delos, Alexandre - Access Capital Partners 34 Denison, Charlie - Adams Street Partners LLC 35 Desai, Simren - Setter Capital Inc. 68 Dewan, Amant - Annex Capital Group LLC 58 DiGeronimo, Robert - Permal Capital Management LLC 51 Diller, Christian - Montana Capital Partners 46 Doehla, Zak - MCA Funds 59 Dréan, Mathieu - Triago 69 Dreesbach, Werner - Cipio Partners 58 Duhamel, Augustin - 17Capital LLP 34 Duksin, Jeremy - Credit Suisse Group AG 64 Dupont, Daniel - Northleaf Capital Partners 50 E Eftimiu, Emanuel - Alpha Associates AG 36 Eguiagaray, Gonzalo - Arcano Capital 37 Einarson, Frida - Verdane Capital Advisors 60 Engelhard, Teresa - Jolimont Capital Pty Ltd. 44 Engelien, Bernhard - Greenhill Cogent 64 Engler, Mark - AXON Partners AG 62 Evain, Frédéric - Access Capital Partners 34 Falkove, Ethan - Neuberger Berman 48 F Farooqi, Mohammed Anwer - Abu Dhabi Investment Authority 34 Feinglass, Michael - RCP Advisors 53 Fenimore, Mitchell - Griffin Financial Group 65 Finigan, Emily-Jane - Landmark Partners 45 Fink, Peter - Kensington Capital Partners Ltd. 45 Finkelstein, Abe - Vintage Investment Partners 57 Flower, Tim - HarbourVest Partners LLC 42 Flynn, Vivian - Pomona Capital 52 Folle, Peter - Triginta Capital GmbH 56 Freda, Adam - Northern Trust 49 Fremuth, Gunnar - PEI Funds 51 Froland, Charles - Performance Equity Management 51 Fuhrman, Glen R. - MSD Capital 48 G Gamblin, Francois - Secondcap 68 Gardey, Oliver - Pomona Capital 52 Garton, Anthony - Lexington Partners 45 Gatcan, Diana - Triago 69 Gerbracht, Patrick - Portfolio Advisors LLC 53 Giannetti, Thomas - Lexington Partners 45 Gigliotti, Carmen - DuPont Capital Management 41 Gill, Gary - Setter Capital Inc. 68 Gillies, Charles - Jolimont Capital Pty Ltd. 44 Glass, Jon - Millennium Technology Value Partners 59 Goh, Andress - Allianz Capital Partners GmbH 36 Goldrick, Joe - Adams Street Partners LLC 35 Gombault, Vincent - Ardian 37 Goodrich, Tom - Stafford Capital Partners 54

87 Guide to the Secondary Market [ 85 ] Gordon, Brett - HarbourVest Partners LLC 42 Graev, Adam - DB Private Equity 40 Grant, Charles - Lexington Partners 45 Gravdal, Jakob - Verdane Capital Advisors 60 Green, Holcombe - Lazard 66 Gregory Garrett, Melissa - Private Advisors LLC 53 Grendi, Jeffrey - NYPPEX 66 Gruber, Sascha - LGT Capital Partners 46 Gull, Jason - Adams Street Partners LLC 35 Gunn, Graeme - SL Capital Partners 54 Gutzen, Till - Cubera Private Equity 40 H Haarmann, Moritz - AssetMetrix GmbH 38 Hadzic, Edin - Paragon Partners GmbH 50 Haimoff, Dana - J.P. Morgan Asset Management 44 Hammer, Jeff - Houlihan Lokey 65 Haniford, Scott - Travelers Companies 56 Hansen, Soren Thinggaard - Industriens Pensionsforsikring A/S 44 Harris, Simon - W Capital Partners 61 Harris, Stephen - MidCoast Capital LLC 46 Harrow, Lisa - Triago 69 Hatch, Nick - Harken Capital 65 Haviv, Joseph - Protostar Partners LLC 60 Hay, Stewart - SL Capital Partners 54 Hepple, Jonathan - Rosetta Capital Ltd. 60 Heston, Blake - W Capital Partners 61 Hilton, James - Secondcap 68 Himmel, Doug - Melville Capital LLC 66 Hliboki, Lorraine - Pomona Capital 52 Holden, Greg - Adams Street Partners LLC 35 Holden, Richard - Abu Dhabi Investment Authority 34 Holley, Scott - Harken Capital 65 Holmia, Janne - Verdane Capital Advisors 60 Hope, Harold - Goldman Sachs Group Inc. 42 Hortick, Edward - VCFA Group 56 Houtteville, Briac - Greenhill Cogent 64 Huang, Timothy - Lexington Partners 45 Hunnewell, Luisa - Willowridge Partners Inc. 57 I Isnard, Henri - ARCIS Group 37 J Janis, Fran - Pomona Capital 52 Jansen, Greg - Commonfund 40 Jaroch, Chris - Newbury Partners 49 Jensen, Philip - Paul Capital 51 Jinkens, Brenlen - Greenhill Cogent 64 John, Rebecca - Lexington Partners 45 Johnson, Ian - Helmsman Capital 43 Johnson, Phil - Fort Washington Capital Partners 41 K Karabelnik, David - Breslin AG 62 Keay, Jeff - HarbourVest Partners LLC 42 Kellett, Andrew - AXON Partners AG 62 Kelley, Mary Frances - Invesco Institutional 44 Kelly, Douglas - Pomona Capital 52 Kenna, Sam - LLM Capital Partners LLC 59 Kerr, Tom - Hamilton Lane 42 Kheng, Jennifer - Lexington Partners 45 Killilea, Alison - W Capital Partners 61 Knechtli, Patrick - SL Capital Partners 54 Knoell, Gretchen - Lake Street Capital LLC 58 Koch, Hans-Dieter - Cipio Partners 58 Koh, Irene - J.P. Morgan Asset Management 44 Kotwal, Maneck - New Jersey State Investment Council 48 Kroll, Markus - Palomar Capital Advisors 67 Kubo, Tatsuya - HarbourVest Partners LLC 42 L Landman, William A. - CMS Fund Advisors LLC 39 Landress, Scott - Liquid Realty Partners 46 Lanel, Nicolas - Evercore - Private Capital Advisory 64 LaPerla, Stephen - NYPPEX 66 Lauby, Martial - Access Capital Partners 34 Lawler, Nicholas - Northern Trust 49 Leader, Tom - Nova Capital Management Ltd. 60 Lee, James - MHT Secondary Advisors 66

88 [ 86 ] Guide to the Secondary Market Leishman, Philip - Setter Capital Inc. 68 Lessar, Stephen - Goldman Sachs Group Inc. 42 Liaudet, Thomas - Campbell Lutyens & Co. Ltd. 63 Livingstone, Elly - Pantheon 50 Lo, Bonnie - NewQuest Capital Partners 49 Lodge, Cari - Commonfund 40 Lorgen, Eivind - Nordea 49 Lottmann, Johanna - Lazard 66 Ludwig, Nils - Paragon Partners GmbH 50 Luscombe, Roger - Continental Capital Partners 64 M Mabin, Rory - NYPPEX 66 Malloy, Fred - Harken Capital 65 Marino, Ben - Permal Capital Management LLC 51 Marks, Joseph - Capital Dynamics 39 Markson, David - Triago 69 Marmer, Craig - Probitas Partners 67 Marquié, Anthony - Secondcap 68 Maruszewski, Mark - StepStone Group 55 Maynard, Fred - HarbourVest Partners LLC 42 McArthur, Lex - Jolimont Capital Pty Ltd. 44 McCabe, Michael - StepStone Group 55 McDonald, Mark - Credit Suisse Group AG 64 McGill, Mike - MHT Secondary Advisors 66 McGrath, Peter - Setter Capital Inc. 68 McGrath, Robert - Setter Capital Inc. 68 McIntosh, Tim - yet2ventures 61 McNulty, Lena - Industry Ventures 44 McPhee, Matthew - Stafford Capital Partners 54 Mengozzi, Katia - Galgano Corporate Finance 41 Meyer, Dominik - AXON Partners AG 62 Migliorino, Bob - W Capital Partners 61 Miles, Nicholas - Lazard 66 Miller, Jim - Somerset Capital Ltd. 68 Miller, Todd - Greenhill Cogent 64 Miller, Todd - W Capital Partners 61 Miró Quesada, Ricardo - Arcano Capital 37 Mitra, Abhijit - Lazard 66 Mock, Ron - Ontario Teachers Pension Plan 50 Moilanen, Mikko - Access Capital Partners 34 Monroe, Kevin - Paladin Market Advisors 67 Mooney, Brian - Greenhill Cogent 64 Morgan, Kyle - W Capital Partners 61 Mulherin, Harbert - Live Oak Capital 46 Mullen, Geoffrey - Landmark Partners 45 Muradian, Edward - PEI Funds 51 Murphy, Bill - Greenhill Cogent 64 Murphy, Kara - SunAmerica Asset Management LLC 55 N Nahum, Agnès - Access Capital Partners 34 Nairn, Richard - F&C Investment Business Ltd. 41 Navins, David - Permal Capital Management LLC 51 Nelson, Don - Harken Capital 65 Newby, Tom - Lexington Partners 45 Nguyen, Franck - Ardian 37 Nicholls, Lucy - Stafford Capital Partners 54 Nick, Andy - Greenhill Cogent 64 Nicklas, Brent - Lexington Partners 45 Nicum, Pinal - Adams Street Partners LLC 35 Nowak, Magdalena - AXON Partners AG 62 Nusseibeh, Saker - Hermes GPE 58 O Olmos, Emilio - Abu Dhabi Investment Authority 34 Orr, Michael - NYPPEX 66 Osterrieth, Robert - Rho Fund Investors 53 Ostin, Olav - DFJ Esprit Secondaries LLP 58 P Pangburn, Len - Abbott Capital Management 34 Parke, Marshall - Lexington Partners 45 Parshall, David - PEI Funds 51 Paul, Aymeric - Access Capital Partners 34 Pearce, Ben - Campbell Lutyens & Co. Ltd. 63 Peninon, Dominique - Access Capital Partners 34 Perkins, Tristram - Neuberger Berman 48 Perl, Ben - Neuberger Berman 48

89 Guide to the Secondary Market [ 87 ] Perloff, Hugh - Portfolio Advisors LLC 53 Perriello, Chris - AlpInvest Partners 36 Perrin, Elvire - Altius Associates 37 Perrin, David - Campbell Lutyens & Co. Ltd. 63 Petermann, Helge - River Street Capital 68 Pfohl, Edgar J. - Montauk TriGuard Management LLC 48 Phelan, John C. - MSD Capital 48 Pigache, Guy - Henderson Global Investors 43 Pirzio-Biroli, Carlo - DB Private Equity 40 Poggioli, Philippe - Access Capital Partners 34 Pollack, Brooke - Greenspring Associates 42 Porter, David - Apposite Capital 37 Pugatch, Mike - HarbourVest Partners LLC 42 Q Quiroga, Victor - Triago 69 R Rabini, Johannes - Sobera Capital 54 Ramachandran, Ashrith - Campbell Lutyens & Co. Ltd. 63 Ran, Gary - Telemus Capital Partners 56 Reed, Jeffrey - Stafford Capital Partners 54 Rerisi, Meredith - Abbott Capital Management 34 Revillon, Benjamin - BEX Capital 38 Riddle, William - Lazard 66 Rigamonti, Francesco - DB Private Equity 40 Ristvedt, Pål - Lexington Partners 45 Riva, Giorgio - CPP Investment Board 40 Robard, Yann - CPP Investment Board 40 Rocker, Marissa - Auda Private Equity LLC 38 Rorer, Jim - Pomona Capital 52 Roscigno, Anthony - J.P. Morgan Asset Management 44 Rubin, Immanuel - Campbell Lutyens & Co. Ltd. 63 Rudge, John - Lexington Partners 45 S Sabassier, Dominique - Natixis Global Asset Management 48 Salley, Christopher - Auldbrass Partners 38 Sanabria, Paul - Houlihan Lokey 65 Sanders, Howard - Auldbrass Partners 38 Santiago, Jason - Stripes Group 55 Schiphorst, Berend - PGGM 51 Schmitz, Alexandre - Capstone Partners 63 Schmitz, Jan Philipp - Ardian 37 Schunk, Michael - NYPPEX 66 Schwerin, Sam - Millennium Technology Value Partners 59 Sealey, Andrew - Campbell Lutyens & Co. Ltd. 63 Senequier, Dominique - Ardian 37 Shan, Sally - HarbourVest Partners LLC 42 Shaw, Phillip M. - Invesco Institutional 44 Shen Lefranc, Laura - Headway Capital Partners LLP 43 Sheoran, Suneel - Secondcap 68 Sidell, Kathleen - yet2ventures 61 Siegel, Bill - SecondMarket Inc. 68 Simon, Christophe - Idinvest Partners 43 Sloan, Stephen - Greenhill Cogent 64 Smith, Brian M. - Montauk TriGuard Management LLC 48 Smith, Charles - DB Private Equity 40 Sodhi, Tina - Triago 69 Somerville, Hunter - Greenspring Associates 42 Soong, Marie - Somerset Capital Ltd. 68 Sosa del Valle, José - Lexington Partners 45 Soulignac, Charles - Fondinvest Capital 41 Spencer, Nick - Campbell Lutyens & Co. Ltd. 63 Spiller, Charles - Commonwealth of PA, Public School Employees Retirement System 40 Standbridge, Steve - Capstone Partners 63 Stanzel, Matthias - GlobalFinance 64 Stark, Robert - Melville Capital LLC 66 Stephens, John - Pomona Capital 52 Stetson, Chuck - PEI Funds 51 Stewart, Hugh - Shackleton Ventures Ltd. 54 Still, Sonya - NYPPEX 66 Stitch, Katie - W Capital Partners 61 Stock, JB - Committed Advisors 39 Struve, Kasper - Industriens Pensionsforsikring A/S 44 Such, Craig - Stratim Capital 60 Sullivan, Carol - Jolimont Capital Pty Ltd. 44 Symon, Warren - Newbury Partners 49

90 [ 88 ] Guide to the Secondary Market T Talbot, Brian - Neuberger Berman 48 Tang, Samuel - Montauk TriGuard Management LLC 48 Taubman, Steven - VCFA Group 56 Terry, Shawn - MHT Secondary Advisors 66 Tesconi, Lee - Lexington Partners 45 Thuet, Lawrence - Park Hill Group LLC 67 Timoll, Garth - Top Tier Capital Partners 56 Tollette, Wylie A. - California Public Employees Retirement System 39 Tom, David - VCFA Group 56 Toomey, John - HarbourVest Partners LLC 42 Tortora, Daniel - Moelis & Co. 66 Townsend, Dan - Top Tier Capital Partners 56 Tsai, Philip - UBS Investment Bank 69 U Ulczynski, Amanda - Wilshire Private Markets Group 57 Ulmer, Dietrich - smac partners GmbH 60 V Valdant, Guillaume - Committed Advisors 39 Vallano, Ingmar - Ardian 37 van Zanten, Mikan - Robeco Private Equity 53 Veravanich, Pete - Pathway Capital Management LP 51 Verbrugghe, Benoit - Ardian 37 Waxman, David - Azla Advisors 62 Wertheimer, Steve - W Capital Partners 61 Wigg, Simon - AXON Partners AG 62 Wiley, Nicole - Morgan Stanley Alternative Investment Partners 48 Williamson, David - Nova Capital Management Ltd. 60 Wilson, Amanda - J.P. Morgan Asset Management 44 Wilson, Ben - PEI Funds 51 Wilson, Peter - HarbourVest Partners LLC 42 Woessner, Dominik - Greenhill Cogent 64 Wolff, Dylan - NorgesInvestor 49 Wonnacott, Larry - Symmetry Investment Advisors Inc. 55 Woo, Helen - Protostar Partners LLC 60 Woods, Joe - Fort Washington Capital Partners 41 Wu, Victor - Lexington Partners 45 Wulff, Marco - Montana Capital Partners 46 Y York, David - Top Tier Capital Partners 56 Young, Mark - MHT Secondary Advisors 66 Z Zhou, Brooke - LGT Capital Partners 46 Zimmel, Robert - NYPPEX 66 Zoller, Eric - Sixpoint Partners LLC 68 Zur Muhlen, Adriaan - Permal Capital Management LLC 51 Vercoutere, Ivan - LGT Capital Partners 46 Vicinelli, Stephen - Investment Fund for Foundations 44 von Braun, Emmeram - von Braun & Schreiber Private Equity Partners GmbH 57 von Moeller, Krischan - Paragon Partners GmbH 50 von Wolffradt, Alexander - Partners Group 50 Vorndran, Helmut - Vorndran Mannheims Capital Advisors GmbH 61 W Wachter, David - W Capital Partners 61 Wang, Arthur - San Francisco Employees Retirement System 53 Wang, Edwin - Accretive Capital Partners/Advisors 35, 62 Warn Schindel, Kevin - HarbourVest Partners LLC 42 Warren, Wilson - Lexington Partners 45

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92 Cogent Partners is now part of Greenhill & Co., Inc. Cogent Partners, a leader in secondary market advisory, is now part of Greenhill & Co., Inc. Operating as Greenhill Cogent, we will continue to provide institutional investors and general partners with the same independent, unbiased strategic advice for managing their alternative assets portfolios that we have since our founding in Dallas New York San Francisco London Singapore