151 Spectrum Equity Investors. 31 AXA Private Equity. 94 Draper Fisher Jurvetson 63 Quantum Energy Partners. 48 Oak Hill Capital Partners

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1 90 MBK Partners 253 Graham Partners 279 Ironbridge Capital 1 Goldman Sachs Principal Investment Area 39 Lindsay Goldberg 291 TSG Consumer Partners 52 One Equity Partners 201 Roark Capital Group 233 The Sentient Group 51 Ares Management 83 TowerBrook Capital Partners 54 Summit Partners 128 Mount Kellett Capital 200 Austin Ventures 11 Aquiline Capital Partners 53 CPP Investment Board 55 Barclays Private Equity 98 Francisco Partners 179 Sterling Partners 152 Yorktown Partners 3 Kohlberg Kravis Roberts 129 Unison Capital Partners 93 The Jordan Company 71 Stone Point Capital 94 Draper Fisher Jurvetson 63 Quantum Energy Partners 18 Clayton Dubilier & Rice 2 The Carlyle Group 21 Charterhouse Capital Partners21 Charterhouse Capital Partners 131 Vision Capital 133 The Gores Group 132 Energy Investors Funds 203 CapMan Private Equity 77 Triton Partners 67 HIG Capital 210 Code Hennessy & Simmons 97 GI Partners 56 Investcorp 282 Snow Phipps 282 Snow Phipps 32 JC Flowers & Co. 32 JC Flowers & Co. PEI Partners 65 Eurazeo 115 Platinum Equity Partners 65 Eurazeo115 Platinum Equity Partners 4 TPG 20 Bridgepoint 4 TPG Bridgepoint 281 Morgenthaler 260 Daiwa SMBC Capital 251 Nautic Partners 120 Accel Partners 95 Advantage Partners 177 Vector Capital 285 Palamon Capital Partners 215 Sterling Group 232 Primus Financial Holdings 300 Sofinnova Partners 232 Primus Financial Holdings 300 Sofinnova Partners 197 CITIC Capital 82 CCMP Capital 224 Vitruvian Partners 155 Insight Venture Partners 58 Sequoia Capital 155 Insight Venture Partners 58 Sequoia Capital 26 Teachers' Private Private Equity International Capital magazine s proprietary ranking of the largest 300 private equity firms in the world 57 Leonard Green & Partners 240 IDFC Private Equity 270 Angelo Gordon & Co. 57 Leonard Green & Partners240 IDFC Private Equity 140 AAC Capital Partners 70 EnCap Investments 181 Olympus Partners 116 Hony Capital 70 EnCap Investments 181 Olympus Partners 126 Charlesbank Capital Partners 166 Veronis Suhler Stevenson 185 Flexpoint Ford 209 Catterton Partners 225 Greylock Partners 276 Weston Presidio Capital 142 Credit Suisse Private Equity 250 Levine Leichtman Capital Partners 237 OrbiMed Advisors 249 Lee Equity Partners 237 OrbiMed Advisors 280 FountainVest Partners 124 Gavea Investimentos 76 Arcapita This report presents an overview 211 Pamodzi Investment Holdings 109 Clessidra of the SGR PEI Nordic 300, which Capital ranks private 109 Clessidra equity SGR firms 45 Onex Partners 36 around Nordic Capital 236 LLR Equity Partners the world by size, using Private 223 MidOcean Equity Partners 204 International s Bessemer Venture Partners unique, 215 Sterling Group apples-to-apples 103 GP Investments methodology. 204 Bessemer Venture Partners A 264 ECI Partners 143 CHAMP Private complete Equity 75 report Technology on the PEI Crossover 300 is Ventures featured in the 103 May GP 2010 Investments issue of 75 Private Technology Equity Crossover International, Ventures 102 Centerbridge 182 Archer Capital 144 The Riverside Company 228 Aisling Capital 182 Archer Capital available Capital Partners only to subscribers or for individual 101 purchase. Yucaipa Companies 101 Yucaipa Companies 11 First Reserve Corporation 89 Mid Europa Partners 242 HitecVision 143 CHAMP Private Equity 89 Mid Europa Partners 161 Diamond Castle Holdings 159 Great Hill Partners 137 AEA Investors 244 Pamlico Capital About the PEI Kayne and Anderson PEI Media Capital Advisors 25 TA Associates 79 HgCapital 119 Kleiner Perkins Caufield & Byers 259 North Bridge Venture Partners 228 Aisling Capital The PEI 300 firms are ranked based on the 59 Energy Capital Partners 127 Hopu amount Investment of Management private equity direct-investment capital each 199 Bregal Capital 231 Menlo Ventures have 12 Hellman raised or formed & Friedman over a roughly five-year 288 JMI Equity period 297 Brait Private beginning Equity 29 1 Riverstone January 2005 Holdings and ending Battery Ventures 286 Aurora Capital Group 154 KERN Partners 248 KSL Capital Partners 218 India Value Fund 263 Polaris Venture April Partners ABRY Partners 117 Irving Place Capital 293 Veritas Capital 267 Paine & Partners 66 Actis 64 New Enterprise Associates 150 Quadrangle Group 118 KRG Capital 227 Gilde 280 FountainVest Partners 34 BC Partners 44 Welsh Carson Anderson & Stowe 134 American Securities Capital Partners 189 Highland Capital Partners 22 Fortress Investment Group 222 Birch Hill Equity Partners 295 ICICI Ventures Private Equity International is the leading publication for the private equity industry. It is published 180 Mayfield Fund 60 MatlinPatterson Global Advisers 35 3i 296 Aureos monthly 46 Marfin by PEI Media, which provides market intelligence and events for professionals in the 298 Centre Partners Management 271 Greenbriar Equity Group 157 Elevation Partners 257 Mohr Davidow Ventures 69 Pacific Equity private Partners equity, real estate and infrastructure asset classes. 220 Lincolnshire Management 114 GTCR Golder Rauner 62 New Mountain Capital 264 ECI Partners 78 LS Power Group 122 Trilantic Capital Partners 289 Quintana Capital 81 ArcLight Capital Partners 164 Navis Capital Partners 136 Odyssey Investment Partners 165 Blue Ridge China For more information about the PEI 300, contact PEI Media Editor-in-Chief David Snow at 139 Pamplona Capital Management 99 Tenaska Capital Management 162 ChrysCapital 24 Oaktree Capital Management david.s@peimedia.com. 191 Kohlberg & Co. 146 Morgan Stanley Private Equity Asia 294 Bohai Industrial Investment Fund Management 245 Brazos Private Equity Partners 246 Canaan Partners 148 Global Investment House Partners 68 Candover 153 Energy Spectrum Partners 167 Duff Ackerman & Goodrich 72 Vestar Capital Partners 113 Unitas Capital 100 SAIF Partners 281 Morgenthaler 8 Bain Capital 255 Sentinel Capital Partners 42 AlpInvest Partners 217 Mercapital 6 CVC Capital Partners 169 Matrix Partners 138 Capital International 261 Cartesian Capital 33 Silver Lake 265 Water Street Healthcare Partners 202 New Silk Route Partners 37 HarbourVest Partners 130 Audax Group 197 CITIC Capital 229 August Capital 85 CDH Investments 91 Denham Capital Management 123 Oak Investment Partners 234 AnaCap Financial Partners 247 Huntsman Gay Global Capital 272 Ignition Partners 147 Baring Private Equity Asia 183 LCF Rothschild Group 168 Herkules Capital 195 IDG Ventures 19 Terra Firma Capital Partners 38 PAI Partners 73 Darby Overseas Investments 192 New Horizon Capital 287 Institutional Venture Partners 49 Sun Capital Partners 112 Affinity Equity Partners 262 Khosla Ventures 173 Waterland Private Equity Investments 273 Olympus Capital Holdings Asia 171 Cognetas 226 Exponent Private Equity 135 IK Investment Partners 61 Kelso & Co. 7 The Blackstone Group 110 TDR Capital Partners 107 Lime Rock Partners 84 Babson Capital 28 Thomas H. Lee Partners 172 ARC Financial Corp. 190 JLL Partners 284 Versant Ventures 196 Climate Change Capital 238 Clearwater Capital Partners 92 Citadel Capital 160 Norwest Venture Partners 188 Friedman Fleischer & Lowe 187 Essex Woodlands Health Ventures 239 Magnum Industrial Partners 74 Abraaj Capital 125 BAML Capital Partners 175 VantagePoint Venture Partners 176 EnerVest Management Partners 80 Altor Equity Partners 207 CITIC Private Equity Funds Management 258 Corsair Capital Partners 241 Electra Partners 212 Vista Equity Partners 256 Marlin Equity Partners 252 Hudson Clean Energy Partners 290 Sigma Partners 275 Wellspring Capital Management 151 Spectrum Equity Investors 48 Oak Hill Capital Partners 170 Norwest Equity Partners 156 Moelis Capital Partners 219 Lightspeed Venture Partners 269 Guggenheim Partners 213 Duke Street 51 Ares Management 201 Roark Capital Group 233 The Sentient Group 203 CapMan Private Equity 299 Graphite Capital Management 178 Genstar Capital 184 Baring Vostok Capital Partners 221 Greenhill Capital Partners 254 Frazier Healthcare Ventures 235 Clarus Ventures 206 ECP Investments 108 Montagu Private Equity 105 Court Square Capital Partners 278 Southern Cross Group 141 Investindustrial 174 Wind Point Partners 145 KPS Capital Partners 104 Berkshire Partners 205 Swicorp 14 General Atlantic 295 ICICI Ventures 149 ABRY Partners 97 GI Partners 169 Matrix Partners 290 Sigma Partners 288 JMI Equity 268 Enterprise Investors 43 EQT Partners 191 Kohlberg & Co. 43 EQT Partners 292 Silverfleet Capital 292 Silverfleet Capital 42 AlpInvest Partners 208 Baird Private Equity 230 Domain Associates 198 Pine Brook Road Partners PEI Media 2010 Copying without permission 277 from GIMV 194 PEI Astorg Media Partners is unlawful 158 Index Ventures 163 HSBC Private Equity (Asia) 274 Quad-C Management 283 EFG-Hermes Private Equity 266 Balderton Capital 23 Madison Dearborn Partners 31 AXA Private Equity 30 Cinven 268 Enterprise Investors Executive Summary 5 Apollo Global Management 9 Warburg Pincus 17 Providence Equity Partners 10 Apax Partners 27 Citi Alternative Investments 86 Crestview Partners 88 Lion Capital 121 LBO France 40 NGP Energy Capital Management 47 WL Ross & Co. 214 Foundation Capital 30 Cinven 67 HIG Capital 170 Norwest Equity Partners 156 Moelis Capital Partners 77 Triton Partners 210 Code Hennessy & Simmons 56 Investcorp 219 Lightspeed Venture Partners 10 Apax Partners 269 Guggenheim Partners 243 General Catalyst Partners 50 Doughty Hanson 13 Cerberus Capital Management 15 Advent International 41 Lone Star Funds

2 page 2 PEI 300 Executive Summary 2010 The PEI In this fourth annual ranking of the world s largest private equity firms you will find many familiar names and placements but also some notable shuffling in the ranks, reflective of a dramatically changed fundraising market as well as the rise of specialist and emerging markets strategies. Having launched in 2007, the PEI 300 has sized up private equity direct investment programmes during private equity s biggest boom as well as during the sharpest market decline in the history of the asset class. The stability of many of the names on this list across those years is owed largely to the long-term structure of private equity partnerships. Firms that raised a great amount of capital leading up to 2008, for example, have for the most part retained their standing in the market because much of that capital raised in better times remains under management. But the year 2009 represented a very weak fundraising market, indeed, and the falling tide lowered many boats. For the first time, the five-year fundraising total of the PEI 300 s top 50 has shrunk (see p. 58). That said, there is an impressive collection of upwardly mobile GPs and newcomers in the PEI 300, showing that demand for fresh private equity talent has remained strong even through the Great Recession. Going forward, expect to see a changing of the guard play out in slow motion as the strongest franchises gradually win commitment dollars away from firms whose best years lie in the past. CAPITAL RAISED OVER 2009 RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS ($M) RANK 1 Goldman Sachs Principal Investment Area New York $54, The Carlyle Group Washington DC $47, Kohlberg Kravis Roberts New York $47, TPG Fort Worth (Texas) $45, Apollo Global Management New York $34, CVC Capital Partners London $34, The Blackstone Group New York $31, Bain Capital Boston $29, Warburg Pincus New York $23, Apax Partners London $21, First Reserve Corporation Greenwich (Connecticut) $19, Advent International Boston $18, Hellman & Friedman San Francisco $17, Cerberus Capital Management New York $14, General Atlantic Greenwich (Connecticut) $14, Legend: Higher rank than 2009 Lower rank than 2009 Same rank as 2009 PEI 50 debut

3 2010 PEI 300 Executive Summary page 3 CAPITAL RAISED OVER 2009 RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS ($M) RANK 16 Permira London $12, Providence Equity Partners Providence (Rhode Island) $12, Clayton Dubilier & Rice New York $11, Terra Firma Capital Partners London $11, Bridgepoint London $11, Teachers Private Capital Toronto $10, Charterhouse Capital Partners London $10, Fortress Investment Group New York $10, Madison Dearborn Partners Chicago $10, Oaktree Capital Management Los Angeles $10, TA Associates Boston $10, Citi Alternative Investments New York $10, Thomas H. Lee Partners Boston $10, Riverstone Holdings New York $9, Cinven London $9, AXA Private Equity Paris $9, JC Flowers & Co. New York $9, Silver Lake Menlo Park $9, BC Partners London $8, i London $8, Nordic Capital Stockholm $8, HarbourVest Partners Boston $7, PAI Partners Paris $7, Lindsay Goldberg New York $7, NGP Energy Capital Management Dallas $7, Lone Star Funds Dallas $7, AlpInvest Partners Amsterdam $7, EQT Partners Stockholm $7, Welsh Carson Anderson & Stowe New York $7, Onex Partners Toronto $7, Marfin Athens $6, WL Ross & Co. New York $6, Oak Hill Capital Partners Stamford (Connecticut) $6, Sun Capital Partners Boca Raton (Florida) $6, Abraaj Capital Dubai $6,458.8 Legend: Higher rank than 2009 Lower rank than 2009 Same rank as 2009 PEI 50 debut This is a revised 2010 ranking based on updated information we received following our press deadline N/A N/A Notes: Five years defined as 1 January 2005 to press time on 22 April 2010 Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund All currencies have been converted at a set of standard exchange rates

4 page 4 PEI 300 Executive Summary 2010 CAPITAL RAISED OVER RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS 51 Doughty Hanson London $6, Ares Management Los Angeles $6, One Equity Partners New York $6, CPP Investment Board Toronto $5, Summit Partners Boston $5, Barclays Private Equity London $5, Investcorp Manama (Bahrain) $5, Leonard Green & Partners Los Angeles $5, Sequoia Capital Menlo Park $5, Energy Capital Partners Short Hills (New Jersey) $5, MatlinPatterson Global Advisers New York $5, Kelso & Co. New York $5, New Mountain Capital New York $5, Quantum Energy Partners Houston $5, New Enterprise Associates Chevy Chase (Maryland) $5, Eurazeo Paris $4, Actis London $4, HIG Capital Miami $4, Candover London $4, Pacific Equity Partners Sydney $4, EnCap Investments Houston $4, Stone Point Capital Greenwich (Connecticut) $4, Vestar Capital Partners Boston $4, Darby Overseas Investments Washington DC $4, Technology Crossover Ventures Palo Alto $4, Arcapita Manama (Bahrain) $4, Triton Partners Frankfurt $4, LS Power Group New York $4, HgCapital London $4, Altor Equity Partners Stockholm $4, ArcLight Capital Partners Boston $4, CCMP Capital New York $4, TowerBrook Capital Partners New York $4, Babson Capital Boston $4, CDH Investments Beijing $4, Crestview Partners New York $3, Avista Capital Partners New York $3, Lion Capital London $3, Mid Europa Partners London $3, MBK Partners Seoul $3, Denham Capital Management Boston $3, Citadel Capital Cairo $3, The Jordan Company New York $3, Draper Fisher Jurvetson Menlo Park $3, Advantage Partners Tokyo $3, Kayne Anderson Capital Advisors Los Angeles $3, GI Partners Menlo Park $3, Francisco Partners San Francisco $3, Tenaska Capital Management Omaha (Nebraska) $3, SAIF Partners Hong Kong $3,227.1 Notes: Five years defined as 1 January 2005 to press time on 22 April 2010 Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund All currencies have been converted at a set of standard exchange rates

5 2010 PEI 300 Executive Summary page 5 CAPITAL RAISED OVER RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS ($M) 101 Yucaipa Companies Los Angeles $3, Centerbridge Capital Partners New York $3, GP Investments Sao Paulo $3, Berkshire Partners Boston $3, Court Square Capital Partners New York $3, Softbank Group Tokyo $3, Lime Rock Partners Westport (Connecticut) $3, Montagu Private Equity London $3, Clessidra SGR Milan $3, TDR Capital Partners London $2, Aquiline Capital Partners New York $2, Affinity Equity Partners Hong Kong $2, Unitas Capital Hong Kong $2, GTCR Golder Rauner Chicago $2, Platinum Equity Partners Los Angeles $2, Hony Capital Beijing $2, Irving Place New York $2, KRG Capital Denver $2, Kleiner Perkins Caufield & Byers Menlo Park $2, Accel Partners Menlo Park $2, LBO France Paris $2, Trilantic Capital Partners New York $2, Oak Investment Partners Westport (Connecticut) $2, Gavea Investimentos Rio de Janeiro $2, BAML Capital Partners Charlotte (North Carolina) $2, Charlesbank Capital Partners Boston $2, Hopu Investment Management Beijing $2, Mount Kellett Capital New York $2, Unison Capital Partners Tokyo $2, Audax Group New York $2, Vision Capital London $2, Energy Investors Funds Boston $2, The Gores Group Los Angeles $2, American Securities Capital Partners New York $2, IK Investment Partners London $2, Odyssey Investment Partners New York $2, AEA Investors New York $2, Capital International London $2, Pamplona Capital Management New York $2, AAC Capital Partners Amsterdam $2, Investindustrial Milan $2, Credit Suisse Private Equity New York $2, CHAMP Private Equity Sydney $2, The Riverside Company New York $2, KPS Capital Partners New York $2, Morgan Stanley Private Equity Asia Hong Kong $2, Baring Private Equity Asia Hong Kong $2, Global Investment House Safat (Kuwait) $2, ABRY Partners Boston $2, Quadrangle Group New York $2,000.0

6 page 6 PEI 300 Executive Summary 2010 CAPITAL RAISED OVER RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS ($M) 151 Spectrum Equity Investors Menlo Park $2, Yorktown Partners New York $2, Energy Spectrum Partners Dallas $1, KERN Partners Calgary $1, Insight Venture Partners New York $1, Moelis Capital Partners Los Angeles $1, Elevation Partners Menlo Park $1, Index Ventures Geneva $1, Great Hill Partners Boston $1, Norwest Venture Partners Palo Alto $1, Diamond Castle Holdings New York $1, ChrysCapital New Delhi $1, HSBC Private Equity (Asia) Hong Kong $1, Navis Capital Partners Kuala Lumpur $1, Blue Ridge China Beijing $1, Veronis Suhler Stevenson New York $1, Duff Ackerman & Goodrich San Francisco $1, Herkules Capital Oslo $1, Matrix Partners Waltham $1, Norwest Equity Partners Minneapolis $1, Cognetas London $1, ARC Financial Corp. Calgary $1, Waterland Private Equity Investments Bussum (Netherlands) $1, Wind Point Partners Chicago $1, VantagePoint Venture Partners San Bruno (California) $1, EnerVest Management Partners Houston $1, Vector Capital San Francisco $1, Genstar Capital San Francisco $1, Sterling Partners Baltimore $1, Mayfield Fund Menlo Park $1, Olympus Partners Stamford (Connecticut) $1, Archer Capital Sydney $1, LCF Rothschild Group Paris $1, Baring Vostok Capital Partners Moscow $1, Flexpoint Ford Chicago $1, Battery Ventures Waltham (Massachusetts) $1, Essex Woodlands Health Ventures Palo Alto $1, Friedman Fleischer & Lowe San Francisco $1, Highland Capital Partners Lexington (Massachusetts) $1, JLL Partners New York $1, Kohlberg & Co. Mount Kisco (New York) $1, New Horizon Capital Beijing $1, Partners Venice $1, Astorg Partners Paris $1, IDG Ventures Boston $1, Climate Change Capital London $1, CITIC Capital Hong Kong $1, Pine Brook Road Partners New York $1, Bregal Capital London $1, Austin Ventures Austin (Texas) $1,425.0 Notes: Five years defined as 1 January 2005 to press time on 22 April 2010 Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund All currencies have been converted at a set of standard exchange rates

7 2010 PEI 300 Executive Summary page 7 CAPITAL RAISED OVER RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS ($M) 201 Roark Capital Group Atlanta $1, New Silk Route Partners New York $1, CapMan Private Equity Helsinki $1, Bessemer Venture Partners Larchmont (New York) $1, Swicorp Riyadh $1, ECP Investments Washington DC $1, CITIC Private Equity Funds Management Beijing $1, Baird Private Equity Chicago $1, Catterton Partners Greenwich (Connecticut) $1, Code Hennessy & Simmons Chicago $1, Pamodzi Investment Holdings Athol (South Africa) $1, Vista Equity Partners San Francisco $1, Duke Street London $1, Foundation Capital Menlo Park $1, Sterling Group Houston $1, Egeria Amsterdam $1, Mercapital Madrid $1, India Value Fund Mumbai $1, Lightspeed Venture Partners Menlo Park $1, Lincolnshire Management New York $1, Greenhill Capital Partners New York $1, Birch Hill Equity Partners Toronto $1, MidOcean Partners New York $1, Vitruvian Partners London $1, ICICI Ventures Mumbai $1, Greylock Partners San Mateo (California) $1, Exponent Private Equity London $1, Gilde Utrecht $1, Aisling Capital New York $1, August Capital Menlo Park $1, Domain Associates Princeton (New Jersey) $1, Menlo Ventures Menlo Park $1, Primus Financial Holdings Hong Kong $1, The Sentient Group Sydney $1, AnaCap Financial Partners London $1, Clarus Ventures Cambridge (Massachusetts) $1, LLR Equity Partners Philadelphia $1, OrbiMed Advisors New York $1, Clearwater Capital Partners New York $1, Magnum Industrial Partners Madrid $1, IDFC Private Equity Mumbai $1, Electra Partners London $1, HitecVision Stavanger (Norway) $1, General Catalyst Partners Boston $1, Pamlico Capital Charlotte (North Carolina) $1, Brazos Private Equity Partners Dallas $1, Canaan Partners Menlo Park $1, Huntsman Gay Global Capital Palo Alto $1, KSL Capital Partners Denver $1, Lee Equity Partners New York $1,100.0

8 page 8 PEI 300 Executive Summary 2010 CAPITAL RAISED OVER RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS ($M) 251 Levine Leichtman Capital Partners Beverly Hills $1, Nautic Partners Providence (Rhode Island) $1, Hudson Clean Energy Partners Teaneck (New Jersey) $1, Graham Partners Newtown Square (Pennsylvania) $1, Frazier Healthcare Ventures Seattle $1, Sentinel Capital Partners New York $1, Marlin Equity Partners Los Angeles $1, Mohr Davidow Ventures Menlo Park $1, Corsair Capital Partners New York $1, North Bridge Venture Partners Boston $1, Daiwa SMBC Capital Tokyo $1, Cartesian Capital New York $1, Khosla Ventures Menlo Park $1, Polaris Venture Partners Boston $1, ECI Partners London $1, Water Street Healthcare Partners Chicago $1, Balderton Capital London $1, Paine & Partners Foster City (California) $1, Enterprise Investors Warsaw $1, Guggenheim Partners Chicago $1, Angelo Gordon & Co. New York $1, Greenbriar Equity Group Rye (New York) $1, Ignition Partners Bellevue (Washington) $1, Olympus Capital Holdings Asia Hong Kong $1, Quad-C Management Charlottesville (Virginia) $1, Wellspring Capital Management New York $1, Weston Presidio Capital San Francisco $1, GIMV Antwerp (Belgium) $ Southern Cross Group Buenos Aires $ Ironbridge Capital Sydney $ FountainVest Partners Hong Kong $ Morgenthaler Menlo Park $ Snow Phipps New York $ EFG-Hermes Private Equity Cairo $ Versant Ventures Menlo Park $ Palamon Capital Partners London $ Aurora Capital Group Los Angeles $ Institutional Venture Partners Menlo Park $ JMI Equity Baltimore $ Quintana Capital Houston $ Sigma Partners Boston $ TSG Consumer Partners San Francisco $ Silverfleet Capital London $ Veritas Capital New York $ Bohai Industrial Investment Fund Management Tianjin (China) $ Aureos London $ Brait Private Equity Johannesburg $ Centre Partners Management New York $ Graphite Capital Management London $ Sofinnova Partners Paris $867.7 This is a revised 2010 ranking based on updated information we received following our press deadline

9 2010 PEI 300 Executive Summary page 9 Rules of the game What the PEI 300 does and does not measure As we ask each year would you believe that ranking 300 private equity firms by size is not an easy task? First one needs to define private equity and size. Then one needs to gather accurate capital-formation information on hundreds of firms in what is among the most opaque markets in the world. The result of this hard work is the PEI 300, an annual ranking conducted by Private Equity International. In compiling the rankings, we are certain that we missed some important details, but we are equally certain that we exhausted every available resource in sourcing the best information. Private equity remains a non-transparent asset class, but it is getting more transparent with each passing year. We therefore believe that the PEI 300 is the authoritative guide to the most important investment firms in the global private equity market. A firm s rank among the largest 300 private equity firms in the world is determined by how much private equity direct-investment capital that firm has raised over a roughly five-year window ending at our press date last month. WHAT IS THE PEI 300? The PEI 300 is a ranking of private equity firms globally by size. It is the only apples-to-apples comparison of dedicated, directinvestment private equity programmes. The rankings began in 2007 as the PEI 50 and was expanded to the PEI 300 in 2009 due to demand for more information about private equity firms globally. The PEI 300 is not a performance ranking, nor does it constitute investment recommendations. The PEI 300 includes private equity firms with varying structures and strategies around the world. While the list is mostly made up of private equity firms that manage private equity limited partnerships, it also includes firms with multiple strategies and business lines, and firms with publicly traded vehicles. However, only a defined type of private equity capital is counted in determining the PEI 300 rankings, as described below. The PEI 300 only measures capital raised or formed within a five-year window spanning from 1 January 2005 until 22 April Last year s rankings were also drawn from a 64-month window, but of course last year the window started on 1 January 2004 and ended on 15 April Where two firms have raised the same amount of capital over this time period, the higher PEI 300 rank goes to the firm with the largest active pool of capital raised since 2004 (i.e., the biggest single fund). If there is still a tie after taking into account size of single fund, we give greater weight to the firm that has raised the most capital most recently. In coming up with our key 2010 PEI 300 Five-Year Fundraising Total figures, upon which the PEI 300 rankings are based, we rely on the most accurate information available. We give highest priority to information that we receive from or confirm with the private equity firms themselves, always on background. When the private equity firms themselves confirm details, we still seek to trust but verify. Some details simply cannot be verified by us, and in these cases we defer to the honour system. In order to encourage cooperation from private equity firms that might make the PEI 300, we do not disclose which firms have aided us on background and which have not. Lacking confirmation of details from the firms themselves, we seek to corroborate information using any available resources, including the firms own websites, press releases, news reports, third-party databases, limited partner disclosures, etc. DEFINITIONS To help answer this question how much private equity capital has the firm raised since 1 January 2005? we needed to set some definitions: Private equity : The definition of private equity for the purposes of the PEI 300 means capital raised for a dedicated programme of investing directly into businesses. This includes equity capital for diversified private equity, buyouts, growth equity, venture capital, turnaround or control-oriented distressed investment capital, and mezzanine debt. Our rankings do not take into account funds of funds capital, capital raised for primarily real estate strategies, hedge fund capital, infrastructure and debt capital. Capital raised : This means capital definitively committed to a private equity direct investment programme. In the case of a fundraising, it means the fund has had a final or official interim close after 1 January We count the full amount of a fund if it has a close after this date. We also count the full amount of an interim close that has occurred recently, even if no official announcement has been made. We also count capital raised through other means, such as LP co-investment vehicles, deal-by-deal LP co-investment capital, publicly traded vehicles and earmarked annual contributions from a sponsoring entity, when we are able to access this information. Where capital is raised in partnership with an affiliated entity, we take into consideration the economic relationship between the two entities, as well as how the fundraising was marketed to investors. We count mezzanine debt raised by firms that are primarily engaged in private equity investing. We only count equity raised for these funds, not the leveraged buying power. Mezzanine debt frequently involves warrants for equity stakes, and has historically been counted alongside buyout capital by industry media and data services groups.

10 page 10 PEI 300 Executive Summary 2010 Capital stack The PEI 300 five-year fundraising bar chart #1 #10 #20 #30 #40 #50 #60 #70 #80 #90 #100 #110 #120 #130 #140 #150 #160 #170 #180 #190 #200 #210 #220 #230 #240 #250 #260 #270 #280 #290 #300 $0 $10 $20 $30 $40 $50 $60 Capital raised over last five years ($bn) Source: Private Equity International